Musk floats third party idea after ‘One Big Beautiful Bill' clears US Congress
The bill, set to be signed on Friday in a high-profile Independence Day ceremony, introduces massive new spending measures, including funding for Trump's expanded migrant deportation push.Musk, who previously played a key advisory role and championed cost-cutting through the Department of Government Efficiency, criticised the bill for its projected USD 3.3 trillion addition to the national deficit over the next decade.His opposition prompted a strong response from Trump, who made veiled threats to revoke federal subsidies granted to Musk's companies and even hinted at investigating his immigration status.- EndsTune InMust Watch
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Time of India
39 minutes ago
- Time of India
From Tesla to Thebes: How Elon Musk channels Epaminondas to challenge Trump's modern-day Sparta
Elon Musk wants the old rules gone. Early this morning, he posted: 'By a factor of 2 to 1, you want a new political party and you shall have it! Today, the America Party is formed to give you back your freedom.' The catalyst? Donald Trump 's so-called 'big, beautiful' tax-cut and spending plan, which Musk brands a fiscal nightmare. They were once allies Musk even ran Trump's Department of Government Efficiency, trimming spending and staff. That bromance is dead. Independence Day poll Musk's breakaway move wasn't exactly subtle. On Independence Day, he asked his followers on X: 'Independence Day is the perfect time to ask if you want independence from the two-party (some would say uniparty) system!' The answer came back clear. His new party was born by popular vote at least online. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2 Kapseln pro Tag! Am 3. Tag passt die Hose nicht mehr! Apotheke Regional Undo 'When it comes to bankrupting our country with waste and graft, we live in a one-party system, not a democracy,' Musk wrote. To him, America's two parties merge into one when it comes to reckless spending. Also Read: Elon Musk can't run for US Presidency, so who will? Inside the mystery of the America Party's future leader Live Events How Greece comes in This is where Epaminondas enters. The Theban general turned Greek politics upside down in 371 BC when he smashed the Spartans at Leuctra. Sparta was Europe's boogeyman then disciplined, ruthless, unbeatable. Until it wasn't. Epaminondas used a radical formation, hammering the Spartan right wing with concentrated force at one point instead of spreading his troops thin. The mighty Spartan shield wall cracked. Musk thinks US politics can crack the same way. 'The way we're going to crack the uniparty system is by using a variant of how Epaminondas shattered the myth of Spartan invincibility at Leuctra: Extremely concentrated force at a precise location on the battlefield,' he wrote. What this really means Forget sweeping presidential campaigns for now. Musk's strategy is small, sharp, surgical. He wants to target 6–8 House seats and 4 Senate seats in the 2026 midterms , mostly in tight swing districts. Flip those and you hold the balance of power. This is the Theban wedge modern edition. He's not pretending this will be easy. The Republican-Democrat grip on US politics has survived for 160 years. But Musk clearly thinks enough people want a real alternative. Also Read: Elon Musk announces he is launching new political party, the America Party, 'to give you back your freedom' The rift and the risks Trump is furious. He's threatened to pull billions in federal subsidies from Tesla and SpaceX . Investors are uneasy too Azoria Partners just froze a planned Tesla ETF, worried Musk's new hobby will distract him from cars and rockets. Azoria's CEO James Fishback demanded Tesla's board clarify whether their star CEO is now a full-time politician. Meanwhile, Republicans are sweating. They relied on Musk's donations. Now he's threatening to bankroll primary challenges against their loyalists. Asked what made him flip from Trump's biggest fan to open rival, Musk didn't mince words: 'Increasing the deficit from an already insane $2T under Biden to $2.5T. This will bankrupt the country.' When's the fight? He's aiming for November 2026. No presidential bid, no grand stage (yet). 'Next year,' Musk told an X user when asked about his election timeline. 'We'll start small, contesting key seats in 2026 to flip the balance, not 2028.' He added: 'The future strategy should certainly evolve, but it is worth noting that Thebes did actually dominate Greece for a decade following Leuctra.' A neat reminder that the underdog can take over if the first strike lands. The uniparty won't vanish overnight. Musk knows that. But by learning from a Greek general long dead, he thinks he can find the system's soft spots and drive a wedge right through them. There was no immediate comment from Trump or the White House on Musk's announcement. The feud with Trump, often described as one between the world's richest man and the world's most powerful, has led to several precipitous falls in Tesla's share price. The stock soared after Trump's November reelection and hit a high of more than $488 in December, before losing more than half of its value in April and closing last week out at $315.35. Despite Musk's deep pockets, breaking the Republican-Democratic duopoly will be a tall order, given that it has dominated American political life for more than 160 years, while Trump's approval ratings in polls in his second term have generally held firm above 40%, despite often divisive policies. If he pulls it off, America's next political map may look very different Spartan shield wall cracked open, with Thebes marching through the gap.
India Gazette
40 minutes ago
- India Gazette
Pharma firms likely to post 11% growth in sales, EBITDA in Q1FY26: Report
New Delhi [India], July 6 (ANI): Pharmaceutical firms are expected to post 11 per cent year-on-year growth in both sales and EBITDA for the first quarter of Financial Year 2026 (Q1FY26), driven by sustained momentum across most markets, according to a report by Kotak Institutional Equities. However, the report added that the muted domestic demand in April and March may slightly offset gains. The hospitals segment is projected to see robust 17 per cent year-on-year growth in both sales and EBITDA, supported by increased footfalls, new bed additions, and a modest rise in ARPOB. In diagnostics, volume growth, better mix, and M&A activity are expected to contribute to a 14 per cent YoY sales increase across the coverage. 'For pharma companies, we expect continued traction across most markets to drive 11%/11% yoy growth in overall sales/EBITDA in 1QFY26,' the report added. India's pharmaceutical market for FY 2023-24 is valued at USD 50 billion with domestic consumption valued at USD 23.5 billion and export valued at USD 26.5 billion. The domestic pharma industry is considered to be the world's third largest by volume and 14th in terms of value of production. With an extremely diversified product base covering generic drugs, bulk drugs, over-the-counter drugs, vaccines, biosimilars, and biologics, the Indian pharmaceutical industry has a strong presence at the global level. According to National Accounts Statistics 2024, published by the Ministry of Statistics and Programme Implementation, total output for industry i.e. Pharmaceuticals, medicinal and botanical products is Rs. 4,56,246 crores for FY 2022-23 at constant prices, of which value added is Rs 1,75,583 crores. As per government data 9,25,811 number of persons are engaged in Pharmaceuticals, medicinal and botanical products industry during FY 2022-23. Research & Development (R&D) and innovation in Pharma Sector is done by number of institutions and organizations under various scientific Ministries/Departments. The Department of Pharmaceuticals has set up seven National Institutes of Pharmaceutical Education & Research (NIPERs) as institutes of national importance, which besides imparting postgraduate and doctorate education, conduct high end research in various pharma specializations. Further, Department has framed a 'National Policy on Research & Development and Innovation in Pharma-MedTech Sector in India' to encourage R&D in pharmaceuticals and medical devices. The policy also creates an ecosystem for innovation in the sector in order for India to become leader in drug discovery and innovative medical devices through incubating an entrepreneurial environment to build a robust ecosystem to ensure the holistic development of R&D and Innovation. (ANI)
India Gazette
40 minutes ago
- India Gazette
India's forex reserves rebound by $4.8 bn to $702.78 bn after previous week's dip
New Delhi [India], July 6 (ANI): India's foreign exchange reserves (forex) witnessed an uptick of USD 4.8 billion to USD 702.78 billion for the week ending June 27, after a decline in the previous week, official data released by the Reserve Bank of India showed. In the week ending 20 June, forex stood at USD 697.93 billion, down by USD 1.02 billion from the previous week. In the week ending June 27, the major component of the forex reserves, the foreign currency assets, increased by USD 5.75 billion to USD 594.82 billion, the RBI data shows. The Gold reserves, however, witnessed a dip of USD 1.23 billion, standing at USD 84.5 billion, the weekly data revealed. Central banks worldwide increasingly accumulating safe-haven gold in their foreign exchange reserves kitty, and India is no exception. The share of gold maintained by the Reserve Bank of India (RBI) in its foreign exchange reserves has almost doubled since 2021, till recently. In 2023, India added around USD 58 billion to its foreign exchange reserves, contrasting with a cumulative decline of USD 71 billion in 2022. In 2024, the reserves rose by a little over USD 20 billion, touching an all-time high of USD 704.885 billion in end-September 2024. India's foreign exchange reserves (Forex) are sufficient to meet 11 months of the country's imports and about 96 per cent of external debt, said Governor Sanjay Malhotra while announcing the outcome of the Monetary Policy Committee (MPC) decisions. The RBI governor expressed confidence, stating that India's external sector is resilient and key external sector vulnerability indicators are improving. Foreign exchange reserves, or FX reserves, are assets held by a nation's central bank or monetary authority, primarily in reserve currencies such as the US Dollar, with smaller portions in the Euro, Japanese Yen, and Pound Sterling. The RBI often intervenes by managing liquidity, including selling dollars, to prevent steep Rupee depreciation. The RBI strategically buys dollars when the Rupee is strong and sells when it weakens. (ANI)
