Business

China and the United States reached an agreement to cut tariffs on $60 billion worth of goods imported from each other. This reciprocal reduction was a key outcome of the second summit between President Xi Jinping and US President Donald Trump, hosted in Washington last week. Under the US-China Board of Trade, both countries recommended $30 billion in trade of non-sensitive goods for more favorable tariff treatment. The agreement involves China trimming duties on various US agricultural goods, including corn, wheat, sorghum, meat, dairy, and vegetable oils, while the US made reciprocal cuts on Chinese products.

A planned three-day nationwide bank strike in India was deferred after the Indian Banks’ Association (IBA) and the United Forum of Bank Unions (UFBU) reached understandings. The deferment followed a late-night meeting between the two parties, where the IBA agreed to form a high-level committee. This committee will work toward finding a solution regarding the demand for a five-day banking week. While the union body announced the decision, a former banker criticized the leadership, calling the deferment a 'surrender' and questioning the transparency of the decision. The planned disruption was set to occur from September 28 to 30.

The United States and China released lists of products for which they plan to reduce import tariffs against each other. This development followed President Donald Trump hosting his counterpart Xi Jinping in Washington. China's Ministry of Commerce stated that the tariff reductions on selected products will be implemented by the U. S. and China simultaneously, though no specific date was provided. The lists include items such as Christmas ornaments, lumber, and camels. The expected tariff relief is described as one of the most tangible outcomes of Xi Jinping's state visit to Washington.

Global stocks extended their decline on Tuesday, following a previous session selloff. This downturn coincided with U.S. Treasury yields climbing to levels not seen since 2007. One report noted that the jump in the 10-year Treasury yield above 5% marked an increase in pressure for US stocks. Investors were reportedly worried about these market movements.

The United Nations has warned that escalating tensions in Yemen pose a threat to global trade and navigation through the Red Sea. Concurrently, reports indicate indirect security cooperation involving Israel sharing intelligence on the Houthis with Saudi Arabia via U.S. intermediaries. Yemen itself has called upon the Security Council to condemn Houthi attacks. These developments highlight growing international concern over instability emanating from the region.

Senior officials from the Dubai Corporation for Tourism and Commerce Marketing (DCTCM) spoke about the state of Dubai's tourism sector during events like the 33rd edition of the Arabian Travel Market. Speaking to Gulf News, Hoor Al Khaja, senior vice president of international operations at DCTCM, noted that the industry demonstrated resilience despite recent challenges. Meanwhile, Issam Kazim, CEO of DCTCM, told Bloomberg TV that Dubai has become a 'mature' city. He observed that people now visit the region for holidays or residency, rather than merely as stopover destinations. Al Khaja attributed the sector’s performance to strong leadership and close coordination between public and private sectors.

Canada is reportedly taking steps to lessen its economic reliance on the United States. This effort comes as Canada faces mounting tariffs imposed by the U.S., according to one source. To address this, Carney is pitching Canada's economy to global investment titans. The need for attracting investment is described as crucial for Canada's economy. Furthermore, a separate report notes that the Gordie Howe International Bridge connects Windsor, Ontario in Canada, to Detroit, Michigan in the United States.

Monday, September 14, 2026, Ganesh Chaturthi prompted closures across various sectors of Indian life. Stock markets, including the NSE and BSE, declared a full trading holiday for the day. Furthermore, banks in several states, such as Maharashtra, Karnataka, Telangana, Tamil Nadu, Andhra Pradesh, Odisha, and Goa, are closed due to the festival. While stock exchange holidays maintain their own calendars, bank closures vary regionally based on religious events. Devotees observe the main puja during the Madhyahna Kaal period, which is considered auspicious for welcoming Lord Ganesha.

The 18th BRICS Summit took place in New Delhi, focusing on the group's transition from a slogan to a practical platform for global governance. Discussions covered expanding cooperation across trade, payment systems, transport, and strategic autonomy. During the summit, Indian diplomat Sidharth Babu was seen translating Chinese President Xi Jinping during an exchange involving Prime Minister Narendra Modi and Russian President Vladimir Putin. Russia used the event as an opportunity to deepen economic ties with non-Western powers and demonstrate engagement despite attempts at political isolation.

The 18th BRICS Summit concluded in New Delhi, according to reports. Following the end of the gathering, concerns were raised regarding India’s economic standing relative to other members of the bloc. Gaurav Gogoi, Deputy Leader of Congress in Lok Sabha, highlighted data concerning India's per capita income, global exports, and trade deficit. The summit itself was noted for its diverse membership, which includes countries with varied strategic interests and political systems. Observers suggested that the grouping’s strength lies in its ability to act as a bridge rather than forming another conventional geopolitical alliance.

Ganesh Chaturthi is a 10-day Hindu festival celebrating Lord Ganesha's birth. The festivities involve installing idols at homes and public pandals, offering prayers, and organizing cultural programs. In New Delhi, the Ganapati Sthapana puja is scheduled for September 14 between 11:02 am and 1:31 pm, while Mumbai will observe the auspicious muhurat from 11:20 am to 1:48 pm. The festival concludes with Ganesh Visarjan on Anant Chaturdashi, September 25, when idols are immersed in rivers, lakes or the sea.

Traders are anticipating that the US Federal Reserve may raise interest rates this week, potentially by 25 basis points on Wednesday. This expectation is driven by hotter-than-expected US inflation data and energy-induced inflationary risks stemming from the ongoing Iran war. Escalating tensions in the Gulf region have caused oil prices to rise; for instance, Brent crude settled at $104.50 per barrel on Friday. Furthermore, Saudi Arabia's Energy Ministry announced the shutdown of the East-West Pipeline after it sustained several attacks. The UAE Central Bank is also expected to mirror any decision made by the Fed.

The UK government is planning to acquire Specialty Steel UK, a specialist steel manufacturer that liquidated in August 2025. The company previously supplied the auto, aero and defence industries and was once part of Liberty Steel, owned by Sanjeev Gupta. Business minister Jonathan Reynolds stated the move was necessary because the government could not allow the future of the company and its more than 1,300 jobs to be decided by default. While the government is moving towards public ownership, it noted that any purchase would be subject to due diligence and funding from existing budgets. Furthermore, reports indicate a Norwegian firm named Blastr had previously been in talks regarding an acquisition.

The United States imposed new Iran-related sanctions on Russia's VTB Bank Public Joint Stock Company on Monday. The action, according to the Treasury Department, accuses the bank of involvement in Iranian sanctions evasion as Washington increases economic pressure on Tehran. This move builds upon previous sanctions against VTB, which were implemented in 2022 following Moscow’s full-scale invasion of Ukraine. A statement from the Treasury Department stated that under Operation Economic Outcast, the department will continue to target those providing material, technological, or financial support allowing the Iranian regime to sustain its enterprise.

Greenpanel, a wood-panel industry leader, launched its new brand anthem, ‘Hum Hain Greenpanel’, on September 14 in New Delhi. The anthem is described as celebrating the spirit, strength, and determination that have shaped the organization's journey. It reflects the people, values, and shared purpose of the company. According to sources, the song highlights the collective spirit and partnerships involved in Greenpanel’s growth and evolution. Mr. Arvind Joshi, CMO for Greenpanel, commented on the launch, stating that ‘Hum Hain Greenpanel’ is a celebration of who they are.

The BRICS leaders adopted a 45-page declaration during the first day of their annual summit in New Delhi. The document, which addresses conflict resolution, multilateralism, and trade, contains 17 paragraphs focused on tariffs, sanctions, WTO reform, supply chains, and intra-BRICS commerce. While avoiding naming specific countries, the declaration's language targets various international policies. Specifically, it calls for restoring the WTO’s two-tier dispute-settlement mechanism and expresses concern over inconsistent trade restrictions, including indiscriminate tariff increases and protectionism under environmental objectives.

At the 18th BRICS Summit in New Delhi, the nations unanimously adopted the comprehensive New Delhi Declaration. The declaration addressed several global issues, including advocating for a two-state solution to the Israeli-Palestinian conflict. Furthermore, the joint statement expressed serious concerns regarding the rise of unilateral and non-tariff measures that distort trade. While the document stressed peaceful resolution through dialogue, negotiations reportedly involved differences on contentious issues, which India led consultations to bridge.

The Reserve Bank of India (RBI) rejected an application from Tata Sons seeking to deregister as a core investment company. This decision, communicated in a letter on Saturday, means the holding company cannot avoid a mandatory stock market listing. The RBI regulates non-bank lenders and requires companies with assets exceeding 1 trillion rupees or those accessing public funds to list. Sources stated that this rejection sets the stage for Tata Sons to become publicly traded. Until now, Tata Sons had remained unlisted.

OpenAI CEO Sam Altman announced that the company would not pursue a public listing in 2026, citing mounting fears over the potentially catastrophic risks of rapidly advancing artificial intelligence. This decision comes amid growing calls from US lawmakers for new rules to govern AI systems. Anthropic CEO Dario Amodei warned that swarms of rogue AI agents could take over the internet in as little as six months. These warnings follow reports of OpenAI-Hugging Face rogue agent incidents and concerns about technology risks, prompting industry leaders to address safety measures.

A critical BRICS summit opened in New Delhi, with discussions dominated by global tensions, tariffs, and geopolitical rifts. During the event, Prime Minister Narendra Modi held bilateral meetings that focused on strengthening ties between India and other nations. Specifically, leaders from Ethiopia and Malaysia expressed interest in deepening defence cooperation with India. These discussions covered joint personnel training, procurement of defense equipment, investment, and emerging technologies. The meetings highlight India's efforts to expand its defence partnerships and exports among countries in the Global South.