Winter in India: The IMD has forecast heavy rainfall in parts of Tamil Nadu, Kerala and Karnataka, with a low-pressure area likely to form over the southeast Bay of Bengal around October 13. The Southwest Monsoon is expected to withdraw from the entire country by mid-October, as the Northeast Monsoon sets in over south Peninsular India. India recorded a 72% rainfall deficit during October 1-7.

Raytheon has secured a significant contract with the US military valued at $6.3 billion. This contract focuses on producing and maintaining Standard Missile-3 Block IB interceptors for missile defense. The award is part of efforts to rebuild military stockpiles depleted due to various conflicts. Additionally, Raytheon has previously received another substantial contract for Standard Missile-6 interceptors.

On Thursday, the US sanctioned two Mumbai-based firms and five individuals involved in Iranian petroleum trade. These firms allegedly facilitated imports from Iran. Individuals linked to these companies are blocked from conducting transactions. The sanctions are part of Operation Economic Outcast aimed at curbing Iranian revenue streams. The US also authorized temporary wind-down transactions for Samudra Marine Services until October 23.

Hurricane Isaias is predicted to become a dangerous storm as it approaches the Gulf Coast. Preparations are underway, including evacuations and securing boats in coastal areas. The hurricane could bring severe weather, including high winds and heavy rainfall, affecting multiple states. Oil production is also being impacted significantly due to shut down operations in the Gulf. Communities are urged to prepare as conditions are expected to rapidly deteriorate.

PepsiCo plans to raise prices on certain snack foods and beverages due to increased costs. The price increase will be in the single-digit percentage range, although it remains lower than earlier this year. Consumption patterns indicate demand in their international market, contributing to a revenue rise of 5.6%. However, the North American beverage business continues to struggle, leading to adjusted earnings expectations.

Donald Trump presented Elon Musk with the top US science medal on Thursday, as the rocket tycoon fully returned to the president's orbit after an explosive bust-up. Trump and Musk gave an amiable if awkward performance on Thursday, with president patting the tycoon on the back and giving him a wooden case containing his medal.

Meta has implemented an immediate ban on advertisements from ByteDance across its platforms in multiple countries. This decision affects various locations including the US, Canada, and Japan. The ban also targets related third-party advertisements referencing TikTok and other ByteDance services. In response to this rivalry, Meta asserts that it will continue competing on quality and user experience. TikTok has yet to publicly comment on Meta's advertising ban and actions.

The GST Council recently approved substantial reforms to simplify the indirect tax structure and improve compliance. These changes include raising prosecution thresholds and decriminalising several offences, signifying a major shift in GST law. Finance Minister Nirmala Sitharaman outlined plans for these reforms to take effect from April 1 next year. Experts believe these measures will enhance business operations and support economic growth.

China is running the most systematic effort of any outside power to learn from the drone war in Ukraine, with military and defence-industry analysts typically writing up new battlefield techniques within about four months, according to a new analysis. But it usually took a year or more before those lessons showed up publicly in People’s Liberation Army (PLA) training, equipment or force structure, Lilly Min-Chen Lee and Kateryna Bondar wrote in a commentary published on October 7 by the...