The abandonment means India continue to lead the five-match T20I series 2-1, while South Africa now have only one opportunity left to draw level. (PTI Photo)

The fourth T20I between India and South Africa in Lucknow was abandoned on Wednesday without a single ball being bowled after extremely poor visibility caused by a thick blanket of smog engulfed the Ekana Stadium. The washout has once again triggered debate over the BCCI’s decision to schedule international matches in north Indian cities during the peak winter months. Although the official reason cited was “excessive fog”, conditions inside the stadium told a different story, with smog severely restricting visibility. Air quality levels in Lucknow remained in the hazardous category throughout the day, with the AQI crossing 400, raising fresh concerns over player safety and welfare.

The match was scheduled to begin at 7 pm, but repeated inspections made it increasingly clear that conditions were unlikely to improve as the night progressed. Players eventually abandoned their warm-up by 7:30 pm and returned to their dressing rooms, while spectators who had turned up despite the cold slowly began leaving the stadium. After a sixth inspection, the game was officially called off at 9:30 pm. Indian all-rounder Hardik Pandya was seen wearing a surgical mask during the warm-up, underlining the severity of the pollution. BCCI vice-president and Uttar Pradesh Cricket Association strongman Rajeev Shukla also walked out for one of the inspections, though his visible disappointment after speaking with officials reflected the inevitability of the outcome. The abandoned fixture has put the spotlight on the venues chosen for the India-South Africa series, which was spread across cities such as New Chandigarh, Dharamsala, Lucknow, Ranchi, Raipur, Visakhapatnam, Cuttack, Ahmedabad, Guwahati and Kolkata during November and December. This is traditionally the time when pollution levels in cities like Lucknow, New Chandigarh and Dharamsala are at their worst. With no reserve day scheduled, both teams will now head to Ahmedabad for the fifth and final T20I on Friday, with India currently leading the series 2–1. While the BCCI follows a rotational policy when allocating venues, the situation has revived questions about planning. The board could have explored swapping venues with the upcoming white-ball series against New Zealand, which begins on January 11 and will be played largely across western and southern India, including Vadodara, Rajkot, Indore, Nagpur, Raipur, Visakhapatnam and Thiruvananthapuram, with Guwahati the only north-eastern stop. Weather-related disruptions have frequently impacted matches at north zone venues during winter. Just last week, the third T20I in Dharamsala was played in temperatures below 10 degrees Celsius. After that game, India spinner Varun Chakravarthy admitted the conditions were difficult to cope with. “I’ve never played at a ground this cold, so I did find it quite challenging,” he had said. On that day, the AQI in Dharamsala was rated ‘poor’, while New Chandigarh experienced ‘severe’ air quality during the second T20I. The repeated issues have led to questions about whether the BCCI’s operations team adequately factored in historical weather and pollution data, or considered alternative options such as afternoon start times that could have at least ensured play for fans in attendance.

The Trump administration is significantly expanding its 2025 US travel ban, adding 20 countries, primarily from Africa, to existing restrictions. This policy, effective January 1, 2026, cites national security and public safety concerns, including vulnerabilities in screening processes. The expansion targets countries with alleged corruption and unreliable documentation, impacting both full and partial entry bans.

US stocks were largely steady in early trade on Wednesday as oil prices rebounded from multi-year lows, with energy stocks lending support after President Donald Trump ordered a blockade of all sanctioned oil tankers into Venezuela, according to an AP report.The S&P 500 was up 0.1% in early trading, coming off three straight sessions of losses but still hovering near record highs. The Dow Jones Industrial Average rose 171 points, while the Nasdaq composite was flat. Shares of oil producers led gains as US crude climbed 1.4%, clawing back some losses after sliding to its lowest level since 2021 in the previous session.The move in oil followed Trump’s order to block sanctioned Venezuelan tankers, a step that came after US forces last week seized an oil tanker off Venezuela’s coast. The action marked an escalation in pressure on the Nicolás Maduro government amid a broader US military buildup in the region, AP reported.Asian and European markets traded mostly higher earlier in the day, supported by gains in technology stocks and the jump in crude prices. In Europe, Germany’s DAX rose 0.3%, France’s CAC 40 added 0.1%, and Britain’s FTSE 100 surged 1.4%.In Asia, Japan’s Nikkei 225 gained 0.3% as investors awaited a Bank of Japan decision on interest rates later this week. Expectations of a rate hike were bolstered by data showing Japan’s exports rose 6% in November from a year earlier, with shipments to the US increasing for the first time since March. A trade deal with the Trump administration that lowered proposed tariffs on Japanese goods also supported sentiment.Hong Kong’s Hang Seng climbed 0.9%, Shanghai’s Composite index jumped 1.2%, and South Korea’s Kospi advanced 1.4%, led by strong gains in chipmakers SK Hynix and Samsung Electronics. Australia’s benchmark index slipped 0.2%.On Tuesday, Wall Street saw mixed trading as economic data failed to provide clarity on the future path of US interest rates. The S&P 500 fell 0.2%, the Dow dropped 0.6%, while the Nasdaq edged up 0.2%. Reports showed the US unemployment rate at its weakest level since 2021, even as job creation exceeded expectations. Separate data pointed to stronger-than-expected retail revenue growth.Markets continue to weigh hopes that the Federal Reserve could begin cutting interest rates in 2026 against concerns over persistent inflation. Investors are now awaiting inflation data due on Thursday, which is expected to show consumer prices rising faster than policymakers would prefer.Oil prices, after sliding sharply on expectations of ample global supply, rebounded early Wednesday. US crude rose to about $56 a barrel, while Brent crude climbed to nearly $60. In currency markets, the dollar strengthened against the Japanese yen, while the euro slipped slightly against the US dollar.

The mutual fund industry in India reached a milestone in November, with total assets under management rising to Rs 80.80 lakh crore, marking a 18.7 per cent year-over-year growth from Rs 68.08 lakh crore. It added over Rs 12.7 lakh crore to its asset base in the past year, according to Franklin Templeton’s “Mutual Fund Industry Dashboard” report released for November.Monthly SIP flows surged to Rs 29,445 crore in November, up 16 per cent year-on-year, representing a doubling of SIP flows in less than three years. Average SIP ticket size expanded to Rs 2,939 per month compared to Rs 2,476 annually, indicating participation is broadening to higher-income segments. Aggregate SIP flows over the past 12 months reached Rs 3.30 lakh crore, up 27 percent from Rs 2.59 lakh crore in the comparable prior period.Meanwhile the industry also marked 5.84 crore unique investor accounts in November, while adding 66 lakh new investors over the past year. This expansion signifies a reach beyond traditional metropolitan bases, with new account registrations climbing to 57.14 lakh in the same month compared to 49.47 lakh a year earlier.Equity-oriented funds continue to receive the largest share at 60.2 per cent of industry AUM, or approximately Rs 58.26 lakh crore. Within equity funds, SIPs have become increasingly prominent, representing 28.4 percent of total equity AUM, up from 27.5 percent a year ago. Equity net sales have maintained positive momentum for 57 consecutive months, nearly five uninterrupted years. Additionally, passive fund investments grew 24.3 per cent year-on-year to Rs 13.72 lakh crore, with their share rising from 16 per cent to 17 per cent of total AUM, marking a structural shift toward low-cost, index-based strategies.In addition to the top-15 (B30) cities, smaller metropolitan and tier-2 centers now account for 35 per cent of industry AUM, compared to just 26 per cent in September 2020. This shift indicates mutual funds are penetrating deeper into India’s semi-urban populations, significantly expanding the investor base. Notably, Haryana and Rajasthan led state-level growth, marking increase of 23.74 per cent and 22.31 per cent respectively.The mutual fund industry’s relative importance in finance has been increasing, with MF AUM now representing 33.3 per cent of bank deposits, up from 31.2 per cent a year ago. Individual investors, combining retail and high-net-worth categories, accounted for 60 per cent of total industry AUM, with assets growing at a 23 per cent compound annual growth rate over the past decade. Domestic institutional investors generated net inflows of Rs 7.4 lakh crore over the past 12 months, while foreign portfolio investors recorded net outflows of Rs 2.9 lakh crore, showing the industry’s dependence on robust domestic capital flows.Global mutual fund markets’ steady expansionThe global mutual fund market reached $85 trillion in regulated open-end funds during the third quarter of 2025, reflecting 13 percent year-on-year growth. North and South America together hold a 57 per cent share of global assets, while Europe accounts for 32 percent and the Asia-Pacific region comprises 11 per cent.In the US, the mutual fund and ETF sector has more than doubled, growing at a 10 percent compound annual growth rate over the past decade. Passive funds now represent 52 percent of total AUM, up from just 24 percent in 2015. This structural shift toward passive investing reflects a global trend toward low-cost, index-based investment strategies that continues to reshape the international financial landscape.

Luthra brothers (File photo)

NEW DELHI: A Goa court on Wednesday sent Saurav Luthra and Gaurav Luthra to 5-day police custody in connection with the devastating fire at an Arpora club venue. The Luthra brothers are the owners of the Birch by Romeo Lane nightclub, which was engulfed in fire that claimed 25 lives.The brothers were produced before the Mapusa Judicial Magistrate First Class (JMFC) court after being brought back to Goa from Thailand. The court remanded them to police custody to allow investigators to question them about the circumstances leading to the blaze and alleged safety lapses at the club.

Before being produced in court, the duo underwent multiple medical examinations. After landing at Manohar International Airport, Mopa, around 10.45 am under police escort, they were first taken to a primary health centre in Siolim and later to the District Hospital in Mapusa for health check-ups.On court directions, they were again sent for a fresh medical examination before being presented before JMFC Puja Sardesai, who ordered five days of police custody.The fire broke out on December 6 around 11.45 pm during a crowded event at the nightclub, when electric firecrackers allegedly struck the wooden ceiling, triggering a massive blaze. 25 people, including tourists and staff, lost their lives, while several others were injured.According to the police, the brothers fled India within hours of the incident. They left for Thailand on December 7, even as rescue operations were under way and a criminal case was registered against them at the Anjuna police station. Goa Police subsequently launched a nationwide and international manhunt, issuing a lookout circular and seeking an Interpol Blue Notice.After their passports were suspended by the ministry of external affairs, Thai authorities detained the brothers in Phuket for illegal stay. They were later deported to India on emergency travel documents issued by the Indian embassy. The duo landed at Delhi’s Indira Gandhi International Airport on Tuesday, where they were arrested by Goa Police and produced before a Delhi court, which granted a 48-hour transit remand.Police have booked them under various provisions of the Bharatiya Nyaya Sanhita, including culpable homicide not amounting to murder and negligence.Investigators have also arrested several others linked to the nightclub’s operations and are probing allegations that the venue was operating with expired licences and without mandatory safety clearances.

Indian employees can expect a moderate but steady rise in pay packets in 2026, as companies recalibrate compensation strategies to balance cost pressures, talent retention and productivity in a rapidly evolving workplace, PTI reported citing a survey.Average salaries in India are projected to rise by 9 per cent in 2026, with organisations placing sharper emphasis on short-term incentives, performance-linked rewards and skills-based pay frameworks, according to Mercer’s Total Remuneration Survey 2026.The survey, which analysed compensation trends across more than 8,000 roles in over 1,500 companies, suggests that Indian employers are moving away from uniform annual increments towards more differentiated, outcome-driven reward structures.“Our survey shows most organisations in India will continue to plan pay increases in line with balancing cost pressures and talent retention,” said Malathi KS, Rewards Consulting Leader India at Mercer.“Alongside this, there is a growing emphasis on skills-based organisation architecture, talent assessments to better align workforce capabilities with evolving business needs and pay programmes to drive desired outcomes,” she added.The report highlights a renewed focus on short-term incentives such as bonuses, reflecting companies’ preference for linking compensation more closely with near-term performance, productivity and business priorities.As firms respond to digital transformation, AI adoption, and the rising scarcity of specialised skills, reward strategies are increasingly being redesigned to support agility, transparency and workforce resilience.“These shifts present Indian organisations with significant opportunities to strengthen workforce engagement and shape a more agile and inclusive workplace,” Malathi KS said.Mercer noted that the implementation of newly approved labour codes is also influencing compensation planning, with tighter social security coverage and preventive healthcare provisions shaping employer cost structures.To manage rising costs, some organisations are revisiting the proportion of employees eligible for increments, while simultaneously investing in skills development and targeted rewards for high performers.“This is a time for leaders to review their priorities and build stronger cultures embedded in a high-performance ethos,” said Mansee Singhal, Mercer’s Career Business Leader, India.“Making empowerment and accountability go hand in hand, and fostering a fit-for-purpose value proposition, will be critical,” she added.Sectors to watchHigh-Tech (product and consulting) and the automotive industry are expected to see the highest salary increases in 2026, at 9.3 per cent and 9.5 per cent, respectively.The IT, ITES and Global Capability Centres (GCCs) sector continues to lead in offering innovative benefits and progressive employee policies, reflecting its focus on well-being, engagement and future-ready talent.Mercer, a business of Marsh McLennan, is a global consulting firm that advises organisations on workforce strategy, rewards, health and retirement outcomes.

NEW DELHI: The Bharatiya Janata Party (BJP) on Wednesday criticised Lok Sabha leader of opposition Rahul Gandhi for his remarks on India’s manufacturing sector during his visit to Germany, accusing him of “insulting India from foreign soil” at a time when Parliament is in session. BJP MP Sambit Patra said the LoP carries a “huge responsibility” and needs to behave in a “responsible manner”, especially while travelling abroad. “LoP has a huge responsibility. The LoP has to behave in a really responsible manner, especially when the LoP is on foreign soil. Parliament is in session here, several Bills are being discussed in the House and Rahul Gandhi is in Germany to address the Indian diaspora.” Patra said.Referring to Rahul Gandhi’s visit to the BMW factory in Munich, Patra alleged that the Congress leader praised German manufacturing while portraying India in a bad light. “Today, we saw Rahul Gandhi visiting BMW factory in Munich and there, he appreciated their manufacturing and said that he is sad that manufacturing is poor in India,” Patra said. The Puri MP rejected Rahul’s claims of Indian manufacturing being in a fragile state and declining, citing data. “Insofar as manufacturing is concerned, IIP (index of industrial production) is on a positive growth trend. In 2025 manufacturing in the country has grown at a record 5.4 per cent. Also right now our GDP is growing at 8.2 per cent, we’re among the fastest growing GDPs in the world, in which around 17 per cent contribution is of manufacturing,” he further added, “Rahul and responsibility can never move together. Whenever he visits abroad, he insults Parliament and India.”Earlier in the day Congress on X posted a video of Rahul Gandhi visiting the automobile major BMW’s headquarters in Munich. The post added that he inspected several cars and motorcycles at the plant. “He was pleased to see TVS’s 450cc motorcycle, developed in partnership with BMW—a proud moment to witness Indian engineering on display,” the post read.In the same post, Rahul reiterated his criticism of the Centre’s manufacturing policy. Congress quoted him saying, “Manufacturing is the backbone of strong economies. Sadly, in India, manufacturing is declining. For us to accelerate growth, we need to produce more – build meaningful manufacturing ecosystems, and create high-quality jobs at scale.” In a video shared by the party, Gandhi said, “India needs to start producing. Production is the key for the success of any country. And our manufacturing is declining which actually should be going up.”Rahul Gandhi is currently in Germany as part of an outreach programme and is scheduled to address the Indian diaspora in Berlin on December 17.

India’s Aadhaar database has not suffered any breach since its inception, the government told Parliament, underscoring that a multi-layered technology framework continues to safeguard the personal data of over 134 crore Aadhaar holders, ANI reported.In a statement placed in the Lok Sabha, the Ministry of Electronics and Information Technology said the Unique Identification Authority of India (UIDAI) follows a “defence-in-depth” security architecture to protect citizens’ biometric and demographic information stored in the central database.“Till date, no breach of Aadhaar card holders’ data has occurred from the UIDAI database,” the ministry said in a press release issued on Wednesday, asserting that Aadhaar data remains fully secure.

Union Minister of State for Electronics and Information Technology Jitin Prasada submitted the details in Parliament on December 17, 2025, outlining the safeguards deployed to prevent unauthorised access and cyber threats.According to the government, UIDAI uses advanced encryption technologies to secure data both during transmission and while at rest, ensuring that sensitive personal information remains protected at all times.The Aadhaar ecosystem is supported by multiple layers of security controls, combined with continuous monitoring and periodic system audits to verify that protections remain effective. UIDAI also conducts regular security assessments to identify and address potential vulnerabilities.Highlighting international validation of these systems, the ministry said UIDAI’s Information Security Management System is certified under ISO 27001:2022 by STQC. “UIDAI is also certified ISO/IEC 27701:2019 (Privacy Information Management System),” the release said.Further, UIDAI has been declared a protected system, with the National Critical Information Infrastructure Protection Centre (NCIIPC) providing continuous cybersecurity advisories to strengthen its security posture, the government added.In addition to internal safeguards, an independent agency periodically audits compliance with security protocols. These audits include Static Application Security Testing (SAST) and Dynamic Application Security Testing (DAST) to detect application-level risks.Aadhaar remains the world’s largest biometric identity system, with about 134 crore active users. The platform has completed more than 16,000 crore authentication transactions, forming a critical backbone for delivery of government services and welfare schemes across the country, the ministry said.

The UAE approved amendments to corporate tax, VAT, and company laws, clarifying tax credits, easing VAT rules, and updating corporate structures/Representative Image

The UAE has introduced a set of significant legislative changes covering corporate tax, value added tax (VAT), and the Commercial Companies Law. These amendments aim to make business operations simpler, reduce regulatory ambiguities, and strengthen the country’s business friendly framework, giving companies clearer guidance on taxation and corporate structures.The corporate tax amendments provide detailed guidance on calculating and settling tax liabilities when credits, incentives, or reliefs apply. Liabilities will be settled in a specific order: first, withholding tax credits; then, foreign tax credits; followed by any other Cabinet approved incentives or reliefs. Any remaining corporate tax must be paid. Taxpayers are also allowed to claim payments for unused tax credits, provided they adhere to specified timelines and procedures. These measures remove previous uncertainties and ensure consistent and transparent application of the corporate tax framework, which applies a standard 9 percent rate to companies with profits above Dh375,000 ($102,110), while profits below this threshold remain tax free.On the VAT side, Federal Decree Law No. 16 of 2025, effective January 1, 2026, simplifies tax procedures while maintaining compliance with international standards. Businesses will no longer need to issue self-invoices under the reverse charge mechanism if supporting documentation is kept. In addition, a five-year time limit is introduced for submitting claims to recover excess refundable VAT after reconciliation, providing clear timelines for businesses to manage tax recoveries.The amendments to the Commercial Companies Law expand flexibility and competitiveness in corporate structures. The law introduces the non-profit company, allowing organizations to reinvest net profits to achieve their objectives without distributing profits to shareholders. It also permits more complex capital structures, including multiple classes of shares with different rights for voting, profit distribution, redemption, and liquidation, as outlined in a company’s articles of incorporation or bylaws.Together, these updates reinforce the UAE’s commitment to creating a transparent, efficient, and predictable regulatory environment. By clarifying tax procedures, streamlining compliance, and enabling more flexible corporate structures, the country strengthens its position as a preferred destination for businesses and investors alike.

This is Apple’s first such evaluation of having specific chips assembled and packaged within India. (AI image)

Apple iPhone chips may soon be assembled in India with the tech giant in early discussions with Indian chip manufacturers regarding the assembly and packaging of components for the iPhone. This development could represent a significant advancement for suppliers in Apple’s technology supply chain.According to an ET report, initial discussions have happened between representatives of CG Semi, owned by the Murugappa Group, which is setting up an outsourced semiconductor assembly and test (OSAT) facility in Sanand, Gujarat.CG Semi’s Rs 7,600-crore OSAT facility has support from both central and state governments and is being established in partnership with Renesas and Stars Microelectronics.The investment spans across five years for developing two advanced facilities — G1 and G2. G1, which was launched on August 28, will function at a maximum capacity of approximately 0.5 million units daily. The facility is capable of managing complete chip assembly, packaging, testing and post-test operations.CG Semi confirmed plans to begin commercial operations in calendar year 2026, in accordance with its commitment to the India Semiconductor Mission.

Apple’s chip plans for India

This is Apple’s first such evaluation of having specific chips assembled and packaged within India. “The companies are in the very initial stages of discussion,” according to one source quoted by the financial daily. “It is not clear what chips will be packaged out of the Sanand facility at this stage, but it will likely be display chips.”The source indicated that this could present a significant challenge for CG Semi, as advancing discussions would require meeting Apple’s strict quality requirements. “Apple is already in talks with several companies for a number of other supply chain functions, and very few will end up on their supplier list,” the source said.

Bytes of Apple

A potential agreement would mean a notable advancement for India’s developing semiconductor sector, following Intel’s recent collaboration with Tata Electronics. The December 8 agreement outlines plans to look at manufacturing and packaging of Intel products for domestic markets at Tata Electronics’ forthcoming fab and OSAT facilities.The firms indicated they would consider joint efforts in advanced packaging within India. The packaging process serves essential functions, including component protection and performance enhancement.Industry analysts note that Apple’s iPhone display panels are sourced from leading OLED manufacturers: Samsung Display Corp, LG Display and BOE. The display driver integrated circuit (DDIC) providers for these manufacturers include Samsung, Novatek, Himax and LX Semicon, who rely predominantly on facilities based in South Korea, Taiwan or China for chip production and packaging operations.“As India evolves into a crucial component of the global electronics supply chain, Apple could gain from increased stability and variety by potentially collaborating with an Indian chip manufacturer,” said Prabhu Ram, vice president, industry research group, CyberMedia Research. “The main challenge—and opportunity—for CG Semi will be meeting Apple’s stringent quality standards, attaining consistent yields and steering deep OSAT process expertise at scale.“