Business
‘First Tranche Of Agreement By November’: Union Minister Piyush Goyal On US-India Trade Talks
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Piyush Goyal announced the first tranche of the India-US trade deal should be finalised by November 2025.
Commerce Minister Piyush Goyal (Image: PTI/File)
Union Minister Piyush Goyal on Thursday indicated that the first tranche of the agreement with the United States on a trade deal should be finalised by November 2025.
Speaking at a news conference in Patna, he said, “In February 2025, Prime Minister Narendra Modi and President Trump together instructed us that the ministers of both sides should make a good agreement by November 2025. The first part of that agreement, the first tranche, should be finalised by November 2025, and since March, discussions have been going on on this subject very seriously in a very good environment, progress is being made, and with the progress, both sides are satisfied.”
Earlier, US President Trump in a post on Truth Social had indicated that there was a thaw in the tug of war over tariffs imposed on India, saying that the two countries are continuing negotiations to address trade barriers.
“I am pleased to announce that India and the United States of America are continuing negotiations to address the Trade Barriers between our two nations. I look forward to speaking with my very good friend, Prime Minister Modi, in the upcoming weeks. I feel certain that there will be no difficulty in coming to a successful conclusion for both of our Great Countries!” he posted.
Trump’s remark came days after he called the India-US ties a “very special relationship” and affirmed that he and PM Modi would always be friends, asserting that there is “nothing to worry about”.
Prime Minister Narendra Modi then endorsed the US President’s remarks saying that trade talks between India and the United States would help “unlock the limitless potential” of the partnership.
In a post on X, PM Modi said, “India and the US are close friends and natural partners. I am confident that our trade negotiations will pave the way for unlocking the limitless potential of the India-US partnership. Our teams are working to conclude these discussions at the earliest. I am also looking forward to speaking with President Trump. We will work together to secure a brighter, more prosperous future for both our people.”
New Delhi is facing global uncertainties due to heightened economic tensions following the US imposition of a 50 per cent tariff on Indian imports, including an additional 25 per cent due to its purchase of Russian crude oil, which, according to Washington, fuels Moscow’s efforts in its conflict with Ukraine.
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September 11, 2025, 13:55 IST
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Business
UPS stock soars on third-quarter earnings beat, turnaround plan
A UPS worker pushes a cart in New York, US, on Monday, Oct. 27, 2025.
Michael Nagle | Bloomberg | Getty Images
United Parcel Service on Tuesday reported earnings that topped Wall Street’s estimates ahead of its busy holiday season.
Shares of the package delivery giant surged 10% in premarket trading.
Here’s how the company performed in its third quarter, compared with what Wall Street was expecting based on a survey of analysts by LSEG:
- Earnings per share: $1.74 adjusted vs. $1.30 expected
- Revenue: $21.4 billion vs. $20.83 billion expected
For the period ended Sept. 30, the company reported net income of $1.31 billion, or $1.55 per share, compared with $1.99 billion, or $1.80 per share, the year prior. Adjusting for one-time items, including costs of its transformation strategy, the company reported profit of $1.48 billion or $1.74 per share.
UPS estimates its fourth quarter revenue to be $24 billion with an operating margin of 11% to 11.5%.
The company also on Tuesday laid out details of its previously announced turnaround plan and said it cut its workforce by 34,000 jobs, greater than its previous estimate of 20,000, as part of its plan to trim down its work with Amazon, previously its largest customer.
UPS also initiated a sale-leaseback transaction in the third quarter for five properties as part of its broader strategy, which resulted in a $330 million pre-tax gain on sale in its supply chain solutions division. It said Tuesday that it has now closed daily operations at 93 leased and owned buildings through September as part of the initiative.
UPS said its turnaround plan has resulted in $2.2 billion in savings through the end of the third quarter, with an estimate of achieving $3.5 billion total year-over-year cost savings in 2025.
“We are executing the most significant strategic shift in our company’s history, and the changes we are implementing are designed to deliver long-term value for all stakeholders,” CEO Carol Tomé said. “With the holiday shipping season nearly upon us, we are positioned to run the most efficient peak in our history while providing industry-leading service to our customers for the eighth consecutive year.”
The courier’s strong results come as the parcel industry faces a volatile tariff environment and sluggish demand, in addition to impacts from the end of the de minimis loophole. Rival FedEx said last month that it incurred $150 million in headwinds from the global trade environment.
Business
PayPal signs deal with OpenAI to become the first payments wallet in ChatGPT
Alex Chriss, CEO of PayPal Inc.
Courtesy: PayPal
PayPal has signed a deal with OpenAI to have its digital wallet embedded into ChatGPT so users can pay for items found through the leading consumer AI tool, the company told CNBC exclusively.
The agreement, sealed over the weekend, means that starting next year, both sides of PayPal’s ecosystem can plug into ChatGPT: PayPal users can purchase items through the AI platform, and its merchants can sell on it, with their inventory listed there, according to PayPal CEO Alex Chriss.
“We’ve got hundreds of millions of loyal PayPal wallet holders who now will be able to click the ‘Buy with PayPal button’ on ChatGPT and have a safe and secure checkout experience,” Chriss said in an interview.
The move makes PayPal an early part of OpenAI’s efforts to broaden ChatGPT’s use for e-commerce. The thinking is that its 700 million-plus weekly users can lean on artificial intelligence to help them find items, similar to a human personal shopper. Last month, OpenAI said its users could buy from Shopify and Etsy merchants, and two weeks ago it announced an e-commerce deal with Walmart.
“It’s a whole new paradigm for shopping,” Chriss said. “It’s hard to imagine that agentic commerce isn’t going to be a big part of the future.”
PayPal is attempting to position itself as a payments backbone for the coming era of agentic AI shopping, announcing recent deals with Google and artificial intelligence firm Perplexity. The fintech firm issued a release on its OpenAI deal Tuesday.
The company will also manage merchant routing, payment validation and other behind-the-scenes aspects of payment processing for PayPal sellers on ChatGPT, so individual merchants don’t have to sign up with OpenAI, the firm said.
Chriss touted the fact that both consumers and merchants have been verified by the fintech firm, reducing the risk of fraud for either group. Users can pull funds from linked bank accounts or credit cards, or stored balances, to pay for purchases, and they’ll get protections, package tracking and dispute resolution.
“It’s not just that a transaction can happen,” Chriss said. “It’s that this is a trusted set of merchants, the largest merchant network in the world from PayPal, that are verified, with the largest set of verified consumers in a consumer wallet.”
PayPal also said it is expanding the use of OpenAI’s enterprise AI products for its employees to speed up product cycles.
Business
Car headlights to be reviewed after drivers complain of being ‘blinded’ at night
Katy Austin,Transport correspondent and
Lucy Hooker,Business Reporter
EPACriticism from drivers over the dazzle from oncoming headlights has prompted the government to take a closer look at the design of cars and headlamps on UK roads.
Drivers say LED headlamps, which are increasingly common in new vehicles, are causing them problems and making it harder to drive at night
Research into the issue on behalf of the Department for Transport (DfT) has still not been published, but the BBC has learned that the government now plans to launch a new assessment of the causes and remedies.
New measures will be included in the government’s upcoming Road Safety Strategy, reflecting what is becoming an increasingly fraught issue for road users.
Both Ruth Goldsworthy and Sally Burt say bright headlights make it harder for them to get to their weekly SO Sound choir meetings in Totton, in Hampshire.
“Some of the lights are so bright you are blinded by them, for seconds,” says Ruth.
The beam from LED headlights is whiter, more focused and brighter than the more diffuse light from halogen lamps fitted in older cars.
“I’m not sure where to look, I look into the gutter,” says Sally. They are both relieved if someone else offers to drive.
Evening driving becomes a bigger problem as the winter evenings draw in, and especially after the clocks change, which means more people are driving in the dark.
The problem is worse for older people, whose eyes take around nine seconds to recover from glare, compared to one second for a 16-year-old, according to road safety consultant, Rob Heard.
“In severe cases, we might need to stop until our sight can recuperate,” he said.
A survey from the RAC motoring organisation found that more than a third of drivers were nervous about getting behind the wheel as the evenings get darker. Three quarters of respondents said driving was getting more difficult due to brighter lights.

The RAC’s senior policy officer, Rod Dennis, said so far little progress has been made on tackling glare, with regulations governing headlights dating back to 1989.
A Department for Transport spokesperson said: “We know headlight glare is frustrating for many drivers, especially as the evenings get darker.”
What to do in the face of brighter headlamps:
- Ensure your windscreen is clean
- Wear glasses and keep them clean
- Avoid looking straight ahead, instead focus on the edge of the road
- Do not wear night sunglasses sold for night-driving, as they reduce overall light and won’t reduce glare.
Source: College of Optometrists
New research
The results of last winter’s government commissioned research into the “causes and impact of glare” have been delayed since the summer but are now expected in the next few weeks, the DfT said.
They will inform the upcoming Road Safety Strategy, which is also expected to tighten rules on drink-driving and eye-sight tests for older drivers.
The BBC understands the government is commissioning new research into the role of vehicle design in causing glare, and possible solutions, which will feed into international discussion of the issue.
Getty ImagesOne already well-understood source of glare is drivers retrofitting their vehicles, replacing old halogen bulbs with LEDs.
The housing for halogen bulbs is not compatible with LED bulbs, and a retrofitted car will not pass its annual MOT check-up.
As part of the government’s new approach the Driver and Vehicle Standards Agency has “stepped up surveillance” to stop the sale of illegal retrofit headlamp bulbs, the DfT said.
Seeing better
Cars sold with LED lights can improve road safety, Thomas Broberg, senior adviser for safety at Volvo told the BBC.
“Headlights have become brighter over the years to help drivers see better,” he said.
However, avoiding dazzle was “equally important”, he said.
“I would say poor aiming of the headlights and also the road shape are the major factors for glare,” he said.
For larger vehicles, such as SUVs, where lamps are higher off the ground, there is a requirement for the beam to point more sharply downwards, to protect oncoming drivers. But the angle can be affected by how many passengers it is carrying.
Some new cars with “adaptive features” adjust the lamps automatically if there is a change in load, but cars without that will need manual adjusting, Mr Broberg said.
Some new cars also have automatic headlamp dipping, which lowers the lights when an oncoming vehicle is detected.
Getty Images/Stephen Robinson PicturesHowever, Daniel Harriman-McCartney, clinical advisor at the College of Optometrists, said automatic dimming features can be “slow to kick in”.
“If it only works when the car is closer than it needs to be, or doesn’t work for cyclists, that can be a problem,” he said.
He is seeing an increasing number of patients concerned about headlamp glare, he added.
Dazzling headlights are cited as a factor in around 250 accidents a year, but there is no evidence that brighter lights are causing more collisions than previously, the RAC concedes.
Instead, worried drivers may simply be “taking the risk off the road” by not driving at night, with a big social impact, the RAC’s Mr Dennis warned.
He would like to see action that “strikes a balance”.
“We don’t want to go back to worse headlights. It is about what is bright enough.”
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