1.Air India upgrades 50% of fleet under $400 million retrofit programme

Air India announced that it has featured refurbished cabin interiors in more than 50 per cent of its fleet. This move is part of its $400 million retrofit programme of the airline to improve travel experience across both its narrow-body and wide-body aircraft. 

In its statement, the airline said, “As we await deliveries of new aircraft, our entire fleet of legacy single-aisle and twin-aisle aircraft is undergoing a comprehensive retrofit.”

New seats in a three-class cabin configuration — Business Class, India’s only Premium Economy, and an upgraded Economy Class— as well as new carpets, curtains, restrooms, and paint in the updated Air India branding are part of the aircraft upgrade plan. Notably, this upgradation programme is central to the TATA Group-owned airline’s five-year transformation plan.

2.JSW MG plans to raise $350m to Drive Expansion

JSW MG Motor India is looking to raise $300-350 million (₹2,500-2,980 crore) from institutional investors such as climate-focused private equity funds and sovereign wealth organisations to expand its model range and augment capacity, according to people aware of the discussions.

This will be the first round of external equity fundraising by India’s second-largest electric passenger carmaker, since the Sajjan Jindal-led JSW forged a $1.5 billion joint venture with SAIC-owned MG Motor India in March 2024.

The fundraise plans come against the backdrop of a turnaround in its financial health in FY24 and the success of the Windsor EV, a crossover utility vehicle. In less than a year of its launch, the Windsor has replaced the Tata Nexon EV as the largest selling model in the country, crossing sales of 20,000 units in six months.

3.New Maharashtra EV policy aims to strengthen charging infrastructure

Maharashtra, which ranks second among states in terms of electric vehicle (EV) sales, cleared the new EV Policy 2025, which targets to take the share of EV registrations to 30 per cent of new vehicle registrations by 2030. With an outlay of ₹1,995 crore, the new EV policy also targets to strengthen the charging infrastructure to boost adoption.

The EV policy 2021 had an outlay of around ₹930 crore. Maharashtra accounted for 12 per cent of total EV sales in India in 2024.

In a bid to encourage EV buying, the state government has also decided to make several key highways toll-free for EVs.

Charging infra has not kept pace with the growth in vehicle population, especially in densely populated cities like Mumbai. The idea is to expand the charging infra both within the city as well as on highways. “Memorandums of understanding will be signed with oil marketing companies (OMCs) to develop charging infra at petrol pumps. While each and every fuel station cannot have charging stations, we estimate at least 60-70 per cent of them can have. “

4.Indian refiners ramp up US crude imports ahead of May trade talks

Indian refiners are ramping up US oil purchases ahead of trade talks between the two nations next month. According to a Business Line report, about 11.2 million barrels of US crude are expected to arrive in India in June, the highest since last August. Due to lower demand from Singapore and China, weaker West Texas Intermediate (WTI) prices are driving the trend. Analysts say Asian buyers may also be using WTI imports as leverage in tariff negotiations. Indian Oil and Bharat Petroleum have bought at least 6 million barrels for June, with more purchases underway. The increased US imports are displacing West African supplies.

5.US stocks dragged down by weak earnings as economy stumbles

Wall Street stocks declined sharply after data showed the US economy contracted in the first quarter, deepening concerns about the economic impact from President Donald Trump's tariff policies.

The blue-chip S&P 500 sank more than 2 per cent in early trading in New York, threatening to break a six-day winning streak, before recovering to trade down 1.1 per cent on the day.

Wednesday’s moves came after data showed the US economy contracted for the first time since 2022, shrinking by an annualised 0.3 per cent over the first three months of this year as companies rushed to buy imported goods in anticipation of Donald Trump’s steep tariffs on most countries.

6.Meta has launched its standalone AI app to rival ChatGPT  

Meta Platforms Inc. released a new standalone artificial intelligence app on Tuesday in a bid to compete with other popular chatbots like OpenAI’s ChatGPT. The Meta AI app combines its AI helper with a social media feed.

The AI assistant, called Meta AI, is built on the back of the company’s large language model technology, called Llama, and had been available across the company’s various social apps, including Instagram, WhatsApp and Facebook. With the new standalone app, users can access Meta AI without going through Meta’s other products.

7.Not just in US, Asia’s biggest economies reported worsening manufacturing and industrial output, an early sign that US tariffs are starting to bite.

Chinese factory activity contracted in April, with a key indicator falling to its lowest level since late 2023, while Japanese industrial production and retail sales fell more than expected, prompting economists to cut their growth forecasts for Japan, the world’s fourth-largest economy.

US President Donald Trump’s move to partially ease auto tariffs will offer some respite to Tokyo, a major car exporter, but other industries in the region might not be so lucky: South Korean behemoth Samsung warned of coming hits to its semiconductor and smartphone business, with analysts attributing record Q1 profits to stockpiling ahead of duties taking effect.

8.Toyota and Alphabet’s Waymo will explore collaboration on autonomous-driving technology, a potential boost to the Japanese carmaker’s efforts to catch up to the cutting-edge systems offered by major rivals.

The companies, along with Toyota’s automotive-technology division Woven, will seek to develop a new autonomous driving platform.

9.The world’s first trial of a room-temperature vaccine began in the UK.

Existing vaccines need to be kept in refrigerators — and, in some cases, ultra-low-temperature freezers, a huge obstacle to getting them to where they are needed, especially in low-income countries with limited electricity supplies. A British biotech company said its technology can ensure existing vaccines are stable at room temperature.

The initial test is on a tetanus and diphtheria jab, but the company estimates that up to 60 other vaccines could use the same technique. If successful, the technology could transform vaccine availability and hugely reduce wastage: The World Health Organisation estimates that cold-chain issues mean 50% of doses are currently thrown away.

10.Fall of Saigon—50 Years Later

Vietnam is marking the 50th anniversary of the fall of Saigon today, commemorating the end of the Vietnam War. A military parade in Ho Chi Minh City—the former South Vietnamese capital of Saigon—is expected to draw more than 13,000 people, including delegations from several countries. US officials are not on the guest list, a mutual diplomatic decision despite improved relations in recent decades.

The anniversary marks the day North Vietnamese forces captured the city, ending nearly two decades of war and unifying the country under communist rule. Although American combat troops withdrew in 1973, thousands of personnel remained. On April 30, 1975, the US launched the largest helicopter evacuation in history—airlifting about 7,000 Americans and South Vietnamese civilians. The operation began with a coded broadcast of Bing Crosby’s “White Christmas” over Armed Forces Radio. The war's end also prompted a large migration: Today, more than 1.3 million Vietnamese immigrants live in the US.

At the war’s peak, about 543,400 US troops were stationed in the country. The US continues to honour Vietnam veterans through a 13-year commemoration set to conclude on Veterans Day.