Business
Trump calls on Fed Governor to resign ‘now’ over fraud claims
US President Donald Trump has said a top official at the Federal Reserve “must resign, now!!!” over unproven allegations of mortgage fraud, as he continues to seek more influence over the US central bank.
The housing finance regulator, Bill Pulte, who is also a Trump ally, has accused Federal Reserve Governor Lisa Cook of falsifying documents and property records in a bid to get more favourable loan terms.
Trump has expressed anger at the Fed and publicly pondered firing its chairman, Jerome Powell, as he pushes it to lower interest rates.
He has also accused other officials of mortgage fraud, including New York Attorney General Letitia James, who won a civil fraud case against him last year.
In a letter addressed to Attorney General Pam Bondi – and posted on X – Pulte alleged that Cook falsified documents for properties in Michigan and Georgia saying they her primary residence, potentially amounting to criminal mortgage fraud.
His post included what appears to be Cook’s signature, but otherwise provided no evidence to support his claims.
Pulte called the letter a “criminal referral” and urged the justice department to investigate.
While no investigation has yet been announced, Trump swiftly took to his Truth Social social media platform to urge Cook to resign.
Cook, who was appointed by Trump’s predecessor, Democrat Joe Biden, in 2022, has yet to publicly address the allegations. The Federal Reserve’s seven governors decide the bank’s monetary policy, lowering and raising a benchmark interest rate and using other measures to address inflation and unemployment.
The justice department and Fed both declined to comment on the allegations or Trump’s comment.
The BBC has also reached out to the White House.
Pulte, who was appointed by Trump in March, has been a vocal critic of Powell’s and has repeatedly echoed Trump’s call for the Fed to lower interest rates.
Trump frequently refers to Powell as being “too late”, saying interest rates should have already been lowered this year.
Alongside calling for Cook to resign, Trump is seeking to influence the Fed through other avenues, including frequently discussing possible nominees for the chairmanship once Powell’s term ends next year.
Earlier this month, another Fed Governor, Adriana Kugler, resigned, paving the way for Trump to nominate economic adviser Stephen Miran to the board. Miran must still be confirmed by the Senate. If Cook resigned, Trump would have another opening to fill.H
He has also attacked Powell over the cost of building renovations at the Fed’s headquarters in Washington DC, at times suggesting that cost overruns and potential mismanagement of the project are “sort of” a fireable offence.
Powell is expected to address an economics summit in Jackson Hole, Wyoming, on Friday, where he could give clues about the Fed’s plans for interest rates in the near-future. He said earlier this year that the central bank had decided against cutting them after Trump announced his ambitious tariff plans, to see how the new taxes affected businesses and consumers.
The next Fed meeting will take place in mid-September, when many economists expect it to cut rates.
Business
Gross GST collections for November stand at over Rs 1.70 lakh crore; up 0.7 per cent – The Times of India
GST collections: The Gross Goods and Services Tax (GST) collections for the month of November came in at over Rs 1.70 lakh crore. This is a rise of 0.7%, according to official data.SBI Research in a report in November had estimated that the gross domestic GST collections may come around Rs 1.49 lakh crore for November 25 (returns of October 25 but filed in Nov’25), a YoY growth of 6.8%.“Coupled with Rs 51,000 crore of IGST and cess on Import, the November GST collections thus could cross Rs 2.0 lakh crore, driven by the peak festive season demand led by lower GST rate and increased compliance while most of states experience positive gains,” SBI Research had said.This story is being updated
New Delhi: Several crucial deadlines have been extended in December 2025, including ITR for tax audit cases, ITR filing and PAN and Aadhaar linking. These deadlines will be crucial in ensuring that your financial affairs operate smoothly in the months ahead.
Here is a quick rundown of the important deadlines for December to help you stay compliant and avoid last-minute hassles.
ITR deadline for tax audit cases
The Central Board of Direct Taxes has extended the due date of furnishing of return of income under sub-Section (1) of Section 139 of the Act for the Assessment Year 2025-26 which is October 31, 2025 in the case of assessees referred in clause (a) of Explanation 2 to sub-Section (1) of Section 139 of the Act, to December 10, 2025.
Belated ITR filing deadline
A belated ITR filing happens when an ITR is submitted after the original due date which is permitted by Section 139(4) of the Income Tax Act. Filing a belated return helps you meet your tax obligations, but it involves penalties. You can only file a belated return for FY 2024–25 until December 31, 2025. However, there will be a late fee and interest charged.
PAN and Aadhaar linking deadline
The Income Tax Department has extended the deadline to link their PAN with Aadhaar card to December 31, 2025 for anyone who acquired their PAN using an Aadhaar enrolment ID before October 1, 2024. If you miss this deadline your PAN will become inoperative which will have an impact on your banking transactions, income tax return filing and other financial investments.
Business
Stock Market Live Updates: Sensex, Nifty Hit Record Highs; Bank Nifty Climbs 60,000 For The First Time
Stock Market News Live Updates: Indian equity benchmarks opened with a strong gap-up on Monday, December 1, touching fresh record highs, buoyed by a sharp acceleration in Q2FY26 GDP growth to a six-quarter peak of 8.2%. Positive cues from Asian markets further lifted investor sentiment.
The BSE Sensex was trading at 85,994, up 288 points or 0.34%, after touching an all-time high of 86,159 in early deals. The Nifty 50 stood at 26,290, higher by 87 points or 0.33%, after scaling a record intraday high of 26,325.8.
Broader markets also saw gains, with the Midcap index rising 0.27% and the Smallcap index advancing 0.52%.
On the sectoral front, the Nifty Bank hit a historic milestone by crossing the 60,000 mark for the first time, gaining 0.4% to touch a fresh peak of 60,114.05.
Meanwhile, the Metal and PSU Bank indices climbed 0.8% each in early trade.
Global cues
Asia-Pacific markets were mostly lower on Monday as traders assessed fresh Chinese manufacturing data and increasingly priced in the likelihood of a US Federal Reserve rate cut later this month.
According to the CME FedWatch Tool, markets are now assigning an 87.4 per cent probability to a rate cut at the Fed’s December 10 meeting.
China’s factory activity unexpectedly slipped back into contraction in November, with the RatingDog China General Manufacturing PMI by S&P Global easing to 49.9, below expectations of 50.5, as weak domestic demand persisted.
Japan’s Nikkei 225 slipped 1.6 per cent, while the broader Topix declined 0.86 per cent. In South Korea, the Kospi dropped 0.30 per cent and Australia’s S&P/ASX 200 was down 0.31 per cent.
US stock futures were steady in early Asian trade after a positive week on Wall Street. On Friday, in a shortened post-Thanksgiving session, the Nasdaq Composite climbed 0.65 per cent to 23,365.69, its fifth consecutive day of gains.
The S&P 500 rose 0.54 per cent to 6,849.09, while the Dow Jones Industrial Average added 289.30 points, or 0.61 per cent, to close at 47,716.42.
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