India proposes slashing taxes on small cars as Modi reform spurs stock market
India aims to slash taxes on small cars and insurance premiums as part of a sweeping reform of its goods and services tax (GST), a government source said on Monday, as Prime Minister Narendra Modi's plan sparked a rally in stock markets, Reuters reported.
Modi's administration revealed plans of the biggest tax overhaul since 2017 over the weekend, and consumer, auto and insurance companies are likely to emerge as the biggest winners when product prices drop from October, once the reform is approved.
The federal government has suggested lowering GST on small petrol and diesel cars to 18% from the current 28%, said the source who is directly involved in the matter. The GST on health and life insurance premiums may also be lowered to 5% or even zero from 18% currently, the same source said.
Indian markets climbed on Monday, with the benchmark Nifty index trading 1.3% higher, on course for its best day in three months. Auto stocks also rallied, according to Reuters.
Myanmar to hold first phase of general election on December 28
Myanmar will begin its first general election since the 2021 coup on December 28, Reuters reported.
Authorities said the vote will take place in multiple phases through December and January due to security concerns.
No additional details were provided on the initial phase.
German foreign minister urges more pressure on Russia before Trump–Zelenskiy meeting
German Foreign Minister Johann Wadephul on Monday urged stronger pressure on Russia and increased support for Ukraine, saying it was key to securing a “just and lasting peace.”
Speaking in Tokyo, Wadephul stressed that Ukraine must receive firm security guarantees to defend itself even after any ceasefire. His remarks came as President Donald Trump prepares to host Ukrainian President Volodymyr Zelenskiy, German Chancellor Friedrich Merz, and other European leaders in Washington, following Trump’s recent talks with Russian President Vladimir Putin in Alaska, according to Reuters.
On Sunday, Merz, French President Emmanuel Macron, and British Prime Minister Keir Starmer met with Zelenskiy to strengthen Kyiv’s position. They backed US discussions on security guarantees but insisted that Ukraine be included in territorial negotiations and that its remaining territory be protected.
Hong Kong democrat Jimmy Lai given heart monitor for final stretch of marathon trial
Hong Kong pro-democracy businessman Jimmy Lai, 77, appeared in court for the start of his final submissions in a national security trial after experiencing heart palpitations. Lai, founder of the closed Apple Daily, faces charges of colluding with foreign forces and publishing seditious material, which he denies. Reuters reported.
He was provided medication and a heart monitor, with a medical expert confirming he is fit for court. Supporters expressed concern over his health after nearly 1,700 days in solitary confinement.
According to Reuters, western governments, including the US and Australia, have called for his release and criticized Hong Kong’s national security laws, while authorities insist Lai is receiving a fair trial.
