funding disruptions

India's second-largest shareholder, the Asian Infrastructure Investment Bank (AIIB), has launched a $10 billion fund to aid member nations grappling with the Middle East conflict's economic fallout. This facility offers crucial support for energy and food security, alongside economic resilience, through fast-disbursing aid and liquidity for affected countries and businesses.

In a significant step towards revitalizing its economy, Pakistan has wrapped up vital discussions with the IMF, centering on fiscal strategies and essential reforms. The dialogues emphasized changes in the energy sector, restructuring of state-owned enterprises, and efforts to draw in private investment.

The US State Department is offering up to $15 million for information on financial networks linked to Iran's IRGC, targeting its illicit oil trade. This move, part of expanded sanctions, aims to disrupt funding for proxy groups and regional aggression. The US also sanctioned a network involved in selling Iranian oil and three IRGC officials.

Finance Minister Nirmala Sitharaman presented the Union Budget 2026-27 in Parliament on February 1, 2026 with a focus on driving economic growth and making India a developed country by 2047, under the Viksit Bharat vision.

California Governor Gavin Newsom has signed an executive order to study how to protect workers from AI-driven job displacement. The initiative will explore increased job training, new worker protections, and alternative economic models, including universal basic capital, to address potential labor disruptions across industries.

22.1 million excess deaths recorded globally between 2020 and 2023

Venture capitalist Chamath Palihapitiya warns major consulting firms like PwC and Accenture against close partnerships with AI companies such as OpenAI and Anthropic. He argues these collaborations strengthen AI firms while enabling them to become future competitors, potentially undermining the consulting businesses themselves.

Oprah Winfrey's $25 million, 30-year endowment to Morehouse College redefines educational philanthropy. Moving beyond mere tuition, this initiative fosters holistic development, including leadership training and global expeditions. This long-term investment cultivates character and creates lasting impact, empowering students for lifelong success and demonstrating the power of sustained support over one-off aid.

India's economy has faced significant challenges from global oil price surges over the past fifty years. From the 1973 Arab embargo to the recent Hormuz disruption, these shocks have impacted inflation and foreign exchange reserves. Policymakers have continuously adapted strategies to manage these crises, balancing economic stability with consumer needs.

Justice Secretary David Lammy unveiled plans to cut youth custody by 25%, inspired by his own experiences growing up in Tottenham. The reforms aim to reduce pre-trial detentions, introduce youth intervention courts, and enhance parental accountability. These measures seek to divert children from crime and prevent future offending by offering community sentences and specialized support.

The Indian rupee hit a record low of 96.70 against the US dollar on Tuesday, extending its losing streak to eight sessions. Rising crude oil prices, foreign fund outflows, and a strong dollar due to global risk aversion are key factors. Forex traders also cited supply-chain disruptions. The Reserve Bank of India's intervention and import restrictions might offer some support.

The Central Information Commission ruled the BCCI is not under the RTI Act, dismissing an appeal seeking information on its national representation and player selection. The CIC noted that increased government oversight could disrupt BCCI's finely balanced economic structure, citing its financial independence and market-driven operations, particularly the IPL's success.

Rajya Sabha member Kamal Haasan has urged the Tamil Nadu government to launch a state-owned OTT platform for Tamil content at subsidized rates. He also proposed a mandatory 8-week OTT window for films, abolition of local body entertainment tax, and a dedicated anti-piracy team to support the film industry.