Department Financial News

Donald Trump's close ally Elon Musk stint with the government may probably end soon. The world’s richest person’s government service hitting its legal limit in the coming weeks, meaning Musk will reportedly step down as Department of Government Efficiency (DOGE) chief by the end of May. “He’s got a big company to run … at some point he’s going to be going back,” Donald Trump told reporters on Monday. “I’d keep him as long as I could keep him,” the president added. Amid this, US Vice President JD Vance said Musk will continue to be a «friend and adviser» to the Trump administration- even after his stint at DOGE is up. ALSO READ: Real reason why Trump's 'first buddy' Elon Musk is quitting DOGE in four months

India's finished steel imports from China, South Korea and Japan hit a record high in the first 10 months of the previous financial year which ended on March 31, government data showed. The new rules under the «Domestically Manufactured Iron And Steel Products Policy 2025» mandates all ministries, departments and agencies under the Indian government to prioritise locally manufactured iron and steel products.

In the July 2024 Union budget, a new category was added to an already humongous list of payments that attract tax deduction at source, or TDS: the payment of salary, remuneration, bonus, commission, and interest by a partnership firm to its partners.

The employee, who had spent three years working in such an organization both before and after completing his MBA, highlighted several key challenges that hinder career growth and overall job satisfaction in such environments. One of the foremost issues he pointed out was the rigid hierarchical structure. According to him, no matter how prestigious one's educational background might be or how extensive their work experience is, rising to the top echelons of leadership within a family-run company is nearly impossible. The uppermost positions, he observed, were invariably reserved for members of the owning family, making it difficult for outsiders to break through into senior leadership roles.

Factory orders rose 0.6% after an upwardly revised 1.8% rebound in January, the Commerce Department's Census Bureau said on Wednesday. Economists polled by Reuters had forecast factory orders would climb 0.5% after a previously reported 1.7% advance in January. Factory orders gained 1.5% on a year-on-year basis in February. Manufacturing, which accounts for 10.2% of the economy, could be crippled by President Donald Trump's barrage of tariffs since returning to the White House in January. Trump promised to announce global reciprocal tariffs on Wednesday, which he has dubbed «Liberation Day.» He sees tariffs as a tool to raise revenue to offset his promised tax cuts and to revive a long-declining U.S. industrial base. Economists disagree and view the import duties as harmful. An Institute for Supply Management report on Tuesday showed its manufacturing PMI slipped back into contraction territory in March after two straight months of expansion, with businesses overwhelmingly expressing concerns about tariffs. Domestic manufacturers rely heavily on imported raw materials. The import taxes are expected to increase production costs, which are passed on to buyers of the finished products. Companies could also lay off workers to protect profit margins. Commercial aircraft orders slipped 5.0%. Orders for motor vehicles, parts and trailers increased 1.9%. Transportation equipment orders advanced 1.5%. Orders for computers and electronic products were unchanged, while those for electrical equipment, appliances and components rebounded 1.9%.

Subscribe to enjoy similar stories. New Delhi: As India braces for a hotter-than-normal summer, the railway ministry is set to increase the availability of rail rakes for coal transportation in FY26. The average number of rakes deployed is expected to rise to 470 daily from last year’s440 rakes, said two people in the know of the matter.

Elon Musk who is now working in the US Justice Department previously bragged about hacking and distributing pirated software, according to archived copies of his former websites reviewed by Reuters. Christopher Stanley, a 33-year-old engineer who has worked at both Musk's social media company X and space-launch company SpaceX, is a senior advisor in the Deputy Attorney General's office, according to a former Justice Department official and a staff directory listing reviewed by Reuters. Stanley was assigned there while working for Musk's Department of Government Efficiency that President Donald Trump set up to slash the federal bureaucracy. Musk has said no «organization has been more transparent» than DOGE, but there's been little public information on the responsibilities and background of its staff.

US Defense Secretary Pete Hegseth is under scrutiny again. Amid the fallout over the Signalgate group chat between top US national security officials that inadvertently added a veteran US journalist, Hegseth is under fire again for reportedly bringing his wife to two meetings with foreign military officials. In a purported video, Jennifer Hegseth could be seen in a video following her husband into a meeting in Brussels with allies to strategize over Ukraine, reported the Wall Street Journal. Jennifer Hegseth's presence caused «surprise», but the meeting went on without objections, the report stated. ALSO READ: Double trouble for Pete Hegseth? US Defense Secretary under fire for another controversy amid chat leak row

IDFC FIRST Bank on Wednesday said it has been authorised by Central Pension Accounting Office (CPAO) to disburse pensions on its behalf. This allows the bank to disburse pensions to central government pensioners including, All India Service Officers, former Members of Parliament, retired Judges of High Courts and Supreme Court, former Presidents and Vice Presidents of India, and officials of Civil Ministries and Departments (other than Railways, Posts, Telecom and Defence), the lender said in a release. «Pensioners can now receive their pension directly in their IDFC FIRST Bank savings account,» it said. From a technical point of view, the integration between the CPAO, GoI and IDFC FIRST Bank is complete and is ready for such pension disbursements, IDFC FIRST Bank said.

Poonam Gupta of NCAER was appointed as Reserve Bank of India's Deputy Governor, in place of Michael Patra. Poonam Gupta is a Lead Economist for India at the World Bank.

Elon Musk's days as a senior White House adviser may be coming to an end — along with his government-slashing Department of Government Efficiency. After the tech mogul said that he would step down as DOGE chief by the end of May, US President Donald Trump has hinted that his 'first buddy' Musk may quit his role as a senior White House adviser leading the DOGE and will likely to go back to running his several companies full time. President Trump Monday said he wants to keep Elon Musk at the White House for as long as he is willing to oversee the DOGE but suggested the billionaire tech entrepreneur's time could be nearing an end. ALSO READ: 'Did Biden do news conferences like this?': Trump calls friend Kid Rock ‘Bob’ during rapper’s bizarre appearance

Subscribe to enjoy similar stories. The Maharashtra government has increased ready reckoner (RR) rates for FY26 after a gap of two years. RR rates, also known as circle rates, are the state government's estimates of the minimum property prices in an area.

The State Department said it was green-lighting a sale that includes 20 F-16 jets and related equipment to the Philippines, a treaty-bound ally of the United States. The sale would «improve the security of a strategic partner that continues to be an important force for political stability, peace and economic progress in Southeast Asia,» a State Department statement said. It would also boost «the Philippine Air Force's ability to conduct maritime domain awareness» and «enhance its suppression of enemy air defenses,» the statement said. The news follows months of escalating confrontations between the Philippines and China in the South China Sea, which Beijing claims almost in its entirety despite an international ruling that its assertion has no merit.

The US State Department said in a statement that «today's action is a part of President Trump's maximum pressure campaign on the Iranian regime to disrupt efforts by the US-sanctioned Iran-based Qods Aviation Industries to procure equipment for Iran's military-industrial complex and UAV program.» «The United States will use all available means to expose and disrupt Iran's growing UAV and missile development programs and weapons proliferation, which destabilize the Middle East and beyond,» the statement added. Further, the State Department said that they will «continue to act» against the complex schemes Iran uses in third countries to conceal its acquisition and its transfers of sensitive technology. According to the US State Department, Iran uses this technology and the proceeds from arms sales to bolster its military industrial base to build missiles and UAVs, which are used against fellow countries, as well as exported to Russia, terrorist proxy groups around the Middle East, and to other actors of concern

Swiggy shares will be in focus on Wednesday after the food and grocery delivery firm received an assessment order from the Income Tax Department for unpaid dues of Rs 158.25 crore. The tax demand pertains to the fiscal year 2022, during which Swiggy did not pay tax on cancellation charges paid to merchants and interest income from an income tax refund, the company said.

Tata Consumer, Swiggy, Godavari Power, Tata Motors, Indian Bank among others will be in focus due to various news developments. Vaibhav Global Vaibhav Global received a draft assessment order of Rs 205 crore for assessment year 2022-23 from Income Tax Department.

Subscribe to enjoy similar stories. In India, CDSL Ventures Ltd (CVL) is granted recognition by Sebi to act as an accreditation agency for investors. The person will have to carry out the accreditation process on his own, visit the CVL portal, and submit proof of identity, such as PAN, Aadhaar card or passport.

transnational repression" and acts that threaten to further erode the city's autonomy, drawing condemnation from the territory's government Tuesday. The six officials included Justice Secretary Paul Lam, security office director Dong Jingwei and police commissioner Raymond Siu. The sanctions are expected to further escalate tensions between Washington and Beijing, who are already locked in friction over trade tariffs and other issues like Taiwan. «Beijing and Hong Kong officials have used Hong Kong national security laws extraterritorially to intimidate, silence, and harass 19 pro-democracy activists who were forced to flee overseas, including a US citizen and four other US residents,» the US State Department said. The statement dated Monday said the six officials sanctioned were linked to entities or actions that engaged in coercing, arresting, detaining or imprisoning individuals under the authority of the city's security law, or implementing the law. The other three affected officials were Sonny Au, the secretary-general for the city's committee for safeguarding national security, and Dick Wong and Margaret Chiu, both assistant commissioners of the police.

The United States sanctioned six Chinese and Hong Kong officials who it alleged were involved in “transnational repression” and acts that threaten to further erode the southern Chinese city’s autonomy

Prospective petitioners with selected beneficiaries have been notified and are now eligible to file H-1B cap-subject petitions. The status of each registration can be checked in the registrants’ online accounts, USCIS said in a statement. The filing period for FY 2026 H-1B cap-subject petitions begins on April 1, 2025. Only those with selected beneficiaries and a valid registration may submit petitions. Applications must be filed at the correct location or online through my.uscis.gov within the designated filing window, which will last at least 90 days.