The US Federal Reserve on Wednesday announced its first interest rate cut since the early days of the 2020 COVID-19 pandemic. The Fed slashed interest rates by 50 bps to a range between 4.75%-5%, from the 23-year high of 5.25%-5.50%. "The committee...judges that the risks to achieving its employment and inflation goals are roughly in balance," the post-meeting statement said.

US Fed slashes interest rates by 50 bps for the first time since 2020

Employees at Elon Musk's Tesla, SpaceX and X are largely donating to Kamala Harris while he is backing Donald Trump in the US Presidential elections. Tesla workers have donated $42,824 to Harris' campaign versus $24,840 to Trump's campaign, Reuters reported citing data from OpenSecrets. SpaceX and X employees have donated $34,526 and $13,213, respectively, to Harris.

Tesla, SpaceX staff donate to Harris as Musk backs Trump: Report

Boeing will temporarily furlough thousands of US executives, managers and employees after over 30,000 machinists went on strike last week. "We are planning for selected employees to take one week of furlough every four weeks on a rolling basis for the duration of the strike," CEO Kelly Ortberg said. Ortberg and other leaders will also "take a commensurate pay reduction".

Boeing to furlough thousands of US employees amid machinist strike

The government has raised the cap on refund amounts for small depositors of the Sahara Group Cooperative Societies to ₹50,000 from ₹10,000, PTI reported citing an official. "About ₹1,000 crore payment will be made in the next 10 days," the official said. The government has so far released ₹370 crore to over 4.29 lakh depositors through the CRCS-Sahara refund portal.

Refund cap for Sahara Group depositors raised to ₹50,000: Report

Net direct tax collection rose 16.12% to ₹9.95 lakh crore so far this fiscal, as per the latest government data. Gross direct tax collection rose 21.48% to ₹12.01 lakh crore, while refunds increased 56.49% to ₹2.05 lakh crore. The net personal income tax collection and corporate tax collection also jumped to ₹5.15 lakh crore and ₹4.52 lakh crore, respectively. 

Net direct tax collection rises 16% to ₹9.9 lakh cr so far in FY25

Indian public sector oil companies' dividend income worth around $900 million from their Russian investments is stuck in Russia, The Indian Express reported. The companies have been unable to transfer the amount to India amid sanctions on Russia over its invasion of Ukraine. The income reportedly belongs to ONGC Videsh, Oil India, Indian Oil Corporation and Bharat PetroResources.

Public sector oil firms' $900 mn dividend stuck in Russia: Report

NTPC Green Energy has filed draft papers to raise ₹10,000 crore through an initial public offering (IPO). The issue will comprise only fresh shares and no existing shareholder will sell any stake, the draft papers showed. The offering comes amid a booming IPO market in India, which has seen about 235 companies raise over $8.6 billion so far this year.

NTPC Green Energy files IPO papers to raise ₹10,000 crore

Livspace, a platform for home interiors and renovation, reached a revenue run rate of ₹1,500 crore ($179.1 million) in August, according to co-founder Ramakant Sharma. The business is growing at 8-10% quarter-on-quarter. With a 10% quarterly growth rate, Livspace's estimated revenue for FY25 would be over $210 million by March 2025.

Livspace hits $180 million revenue runrate in August 

Groww Creditserv, the non-banking financial company owned by investment platform Groww, had built a proprietary loan book of ₹965 crore ($115 million) as of June 2024, as per a report by credit rating agency ICRA. This is a notable bump from ₹731 crore ($87 million) as of March 2024. 

Satya Nadella-backed Groww NBFC expands loan book to $115 million

In 2017, Suhas and Sunita Ramegowda left their careers in Bengaluru to live a minimalist life in the Nilgiris. Seeing the livelihood struggles of local communities, they wanted to create a sustainable income source. In 2019, they founded Indian Yards Foundation, which led to the creation of The Good Doll in 2023, empowering rural communities.