Russia has begun selling physical gold from its central bank reserves for the first time in 25 years, as the government seeks to plug a widening budget deficit driven by sustained military expenditure, according to a report by Berlin-based news outlet bne IntelliNews.Regulatory data show that between 2022 and 2025, Russia sold gold and foreign currency worth over RUB 15 trillion ($150 billion), followed by an additional RUB 3.5 trillion ($35 billion) in just the first two months of 2026, the report noted. In January alone, the Central Bank of Russia sold 300,000 ounces of gold, followed by another 200,000 ounces in February.The move marks a significant shift in reserve management. Earlier, gold transactions were largely notional, involving transfers between the Ministry of Finance and the central bank without physical movement of bullion. In recent months, however, the central bank has started selling actual gold bars into the market.As a result, Russia’s gold holdings have declined to 74.3 million ounces, the lowest level in four years. The disposal of 14 tonnes in January and February is the largest two-month sale since the second quarter of 2002, when 58 tonnes were offloaded in a single tranche.The sales come as Russia’s fiscal position comes under increasing strain. The government ended 2025 with a budget deficit of 2.6 per cent of GDP, compared to an initial projection of 0.5 per cent, Berlin-based bne IntelliNews report noted. Economists estimate the actual deficit could be closer to 3.4 per cent, with some payments deferred to 2026 to limit the reported gap.Pressure on the budget has intensified as oil prices weakened in the second half of the year and US sanctions tightened, reducing the contribution of oil and gas tax revenues to about 20 per cent of total revenues — roughly half of pre-war levels.The decision to sell gold has also been influenced by the sharp rise in bullion prices to above $5,000 per ounce. This surge has pushed Russia’s international reserves to over $809 billion as of February 28, including around $300 billion of assets frozen in the West, according to the Central Bank of Russia. Of this, gold reserves alone are valued at about $384 billion.Russia currently holds more than 2,000 tonnes of gold, making it the world’s fifth-largest sovereign holder, according to World Gold Council data. The country had built up these reserves over the years to reduce dependence on dollar-denominated assets, especially after sanctions imposed following the annexation of Crimea in 2014 and further tightened after the invasion of Ukraine in 2022.Since 2022, the Ministry of Finance has relied on multiple funding channels to manage budget pressures. These include drawing from the National Welfare Fund, which still holds around RUB 4 trillion, increasing issuance of domestic OFZ treasury bonds, and raising value-added tax rates, which account for about 40 per cent of government revenues.The shift to selling physical gold suggests that Russia is now tapping its liquid reserve buffers more directly, underlining the growing fiscal strain as the conflict in Ukraine continues into its fourth year.

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Microsoft has told managers across its cloud unit and North American sales teams to stop hiring anyone who doesn’t already have a job offer in hand, The Information reported, citing three employees with direct knowledge. The move comes as the company scrambles to rein in costs and shore up margins before its fiscal year closes in June—a period during which it’s also burning through billions on AI infrastructure.

The AI teams get a pass, everyone else, not so much

The freeze isn’t company-wide. Teams building Microsoft’s Copilot AI tools are still actively hiring, which tells you where the company’s priorities lie. But for divisions outside that AI orbit, the belt-tightening is real. This follows a sweeping overhaul of Microsoft’s HR organisation reported by Business Insider earlier this week, with Chief People Officer Amy Coleman restructuring her team to prioritise speed and adaptability. Chief Diversity Officer Lindsay-Rae McIntyre is also departing the company on March 31.

$80 billion in AI spending, and Wall Street wants receipts

Microsoft pledged $80 billion in capital expenditure for fiscal year 2025—most of it directed at AI infrastructure. But that spending hasn’t come cheap on the balance sheet. The company reported slower cloud growth in the October–December quarter alongside record capital expenditure, a pairing that rattled investors. Earlier this year, Microsoft shed roughly $440 billion in market cap as doubts around AI profitability mounted.The company had about 228,000 employees globally as of June 2025. Its last major layoff round came in July, when it cut roughly 9,000 roles—about 4% of its workforce. The Xbox division bore the brunt, with Microsoft cancelling games like Perfect Dark and Everwild, and shutting down The Initiative studio. Two months before that, around 6,000 employees were let go in a round framed around operational efficiency.

This isn’t Microsoft’s first cost-cutting move this year

Even before the current freeze, Microsoft had been pulling back. In January 2025, it froze hiring across its US consulting division, slashed marketing budgets by 35%, and pushed employees to swap travel for remote meetings. The consulting arm’s $1.9 billion in revenue made it a relatively painless target next to the company’s cloud and productivity juggernauts.The pattern is hard to miss. Microsoft is funnelling billions into AI while trimming headcount and discretionary spending almost everywhere else. How long that trade-off holds depends entirely on when those AI bets start generating returns.

The Indian Premier League (IPL) 2026 season kicked off with a high-octane clash as the defending champions, Royal Challengers Bengaluru (RCB), took on Sunrisers Hyderabad (SRH) at the iconic M. Chinnaswamy Stadium on Saturday, March 28. While the atmosphere was electric with the ‘home team celebrating their status as reigning kings, a somber undertone touched the opening proceedings. As Rajat Patidar led his side onto the field after winning the toss and electing to bowl, fans quickly noticed the RCB players sporting black armbands, a poignant gesture that transcended the boundaries of the sport.

Why RCB players are wearing black armbands against Sunrisers Hyderabad?

The reason behind the black armbands is deeply emotional and serves as a tribute to the tragic events of June 4, 2025. Following RCB’s historic maiden IPL title win last year, the city of Bengaluru erupted in unprecedented celebrations. Unfortunately, the sheer magnitude of the crowds led to a fatal stampede outside the M. Chinnaswamy Stadium, claiming the lives of 11 devoted fans.

To honor these individuals, the RCB management and players decided to make their 2026 season opener a day of remembrance. Earlier in the day, the team performed their pre-match warm-ups wearing jerseys emblazoned with the number 11. During the match itself, the black armbands served as a visible mark of respect. Furthermore, the franchise has made a permanent gesture by leaving 11 seats vacant in the stadium, ensuring that those fans remain a symbolic part of the RCB family forever. Captain Patidar noted at the toss that while they are eyeing a second star on their jersey, they carry the memory of their supporters in their hearts.

Also READ: IPL 2026: SRH coach Daniel Vettori shares big update on Pat Cummins ahead of RCB clash

Starting XIs and tactical shifts from both sides in the season opener

The 2026 opener also marked a new era of leadership for both franchises. With Pat Cummins sidelined due to a lumbar bone stress injury, Ishan Kishan stepped up as the interim captain for SRH, fresh off a stellar T20 World Cup campaign. For RCB, Patidar officially began his full-time captaincy stint, looking to replicate the magic of 2025.

The match highlights a significant homecoming for Bhuvneshwar Kumar and Philip Salt in RCB colors, while SRH showed faith in young talent like Salil Arora, whom Kishan described as one to watch. Despite the missing frontline pacers like Josh Hazlewood (RCB) and Cummins (SRH), the clash remains a heavyweight battle on a fresh Chinnaswamy track.

Playing XIs of both teams

Royal Challengers Bengaluru: Virat Kohli, Philip Salt, Rajat Patidar (c), Jitesh Sharma (wk), Tim David, Romario Shepherd, Krunal Pandya, Bhuvneshwar Kumar, Abhinandan Singh, Jacob Duffy, Suyash Sharma.

Sunrisers Hyderabad: Abhishek Sharma, Travis Head, Ishan Kishan (wk/c), Heinrich Klaasen, Aniket Verma, Nitish Kumar Reddy, Salil Arora, Harsh Dubey, Harshal Patel, Jaydev Unadkat, Eshan Malinga.

Also READ: Salaries of all team captains participating in IPL 2026