Tests

• The Sensex dropped over 200 points and the Nifty tested the 23,600 level on Friday as Indian stock markets opened lower. • Market volatility was driven by rising oil prices and investor concerns regarding Iran potentially closing the Strait of Hormuz. • Bajaj Finance and Bajaj Finserv led the declines, while IT stocks such as TCS and Tech Mahindra bucked the trend with gains of 1-2%.

• The White House has informed leading US AI companies that open-weight models developed by Chinese rivals will be exempt from government testing. • This decision is part of the Trump administration's newly established AI safety framework designed to oversee the development of advanced artificial intelligence. • The move is significant as it creates a potential gap in safety oversight between domestic US models and those released by Chinese competitors.

• Michigan Democrats will hold primary elections on August 4 to select a candidate for a key US Senate seat. • The contest features a clash between progressive former public health official Abdul El-Sayed and centrist representative Haley Stevens, who is backed by party leadership. • The race highlights a strategic divide within the Democratic party between progressive policy goals, such as Medicare for All, and centrist political approaches.

Opposition parties say nationwide protests that forced resignation of education secretary are beginning to dent BJP supportIndia’s ruling Bharatiya Janata party has suffered a byelection defeat in a seat it had held for three decades following the Cockroach movement student protests that have shaken Narendra Modi’s government.Prashant Kishor, a high profile electoral strategist turned politician, scored a breakthrough win for his fledgling Jan Suraaj (Good Governance) party in the Bankipur constituency in Patna, the capital of the eastern state of Bihar. Continue reading...

• Deadly protests have erupted in Pakistan-administered Kashmir over the allocation of 12 refugee seats, leading to calls for election boycotts and staggered voting. • The Jammu and Kashmir Awareness Campaign (JAAC) claims these seats allow external political parties to influence the local government and divert essential development funds. • On June 5, authorities designated the JAAC as a "proscribed organisation" and implemented a region-wide internet and mobile service blackout lasting until June 20.

• Hangzhou-based AI firm DeepSeek is recruiting developers to test "harness" frameworks, which enable large language models to function as autonomous agents capable of executing multi-step code and complex workflows. • The initiative follows the commercial success of Anthropic’s Claude Code and includes strategic hires like Cui, a former software engineer at Jane Street and co-founder of TSY Capital. • This move escalates the ongoing AI price and technology war between Chinese firms and U.S. rivals, as the industry shifts toward "agentic AI" that can act independently.

• India has increased its semiconductor demand forecast to $150 billion by 2030, signaling a massive push for domestic chip infrastructure. • In the AI and tech sector, MediaTek is investing $5 billion in AI chips, while investor Chamath Palihapitiya has secured $135 million in funding. • Global attention has turned toward escalating exam protests in India, highlighting a growing national employment crisis.