🔎 Corporate Espionage or Spy Thriller?

Good morning and Happy Friday. A lot happened during this short work week. We hope this NL helped keep you up to date! See you next week 🫡  

In the meantime, have a restful weekend when it arrives 🤍 

- Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

• 🔎 Corporate Espionage or Spy Thriller?

• 💰️ Trump’s tariffs shake up tech

• 🗞️ Bite-sized summaries

  • 🤔 Where’s the innovation?

  • 🛢️ Too much oil, too little demand

• 🧑‍🍳 What else is cookin’?

• 🍿 Entertainment, Entertainment, Entertainment

MARKETS

🇮🇳 India

• Indian markets ended lower amid global turmoil from US tariff announcements. Losses in IT and auto sectors weighed on indices, while healthcare and power stocks provided some support.

🌍️ International

• US markets plunged significantly following President Trump's announcement of sweeping tariffs. The sell-off was driven by fears of a global recession and sharp declines in tech stocks.

HR TECH

🔎 Corporate Espionage or Spy Thriller?

If you thought corporate espionage was just the stuff of movies, think again. The HR tech world is ablaze after Rippling released an affidavit from a former employee, Keith O’Brien, admitting he spied on the company—for its biggest competitor, Deel. And the details? They read like a Hollywood script.

O’Brien, hired by Rippling in 2023, testified that after failing to land a job at Deel, he was recruited by Deel’s CEO, Alex Bouaziz, and his father, Deel’s CFO. Their offer? €5,000 a month (with crypto bonuses) in exchange for confidential intel on Rippling’s sales leads, product strategy, and top talent. Using Slack and Google Drive searches, O’Brien fed Deel key business secrets—until Rippling set up a clever trap.

The bait? A fake Slack channel called “d-defectors,” which Rippling suggested contained damaging information about Deel. O’Brien searched it, Deel panicked, and the jig was up. When confronted, O’Brien tried to wipe his phone, even going as far as smashing an old device with an axe before dumping it down a drain.

In a desperate bid to escape repercussions, O’Brien said Deel associates suggested he flee to Dubai due to extradition laws. They even encouraged him to falsely claim he was a whistleblower exposing Rippling’s ties to Russian sanctions. But ultimately, overwhelmed with anxiety, O’Brien flipped—cooperating with Rippling’s legal team instead.

Deel has denied wrongdoing, calling the allegations a distraction from Rippling’s own troubles. Meanwhile, Rippling’s legal team insists they have a “smoking gun.” The HR tech rivalry just turned into a full-blown corporate thriller.

Who needs Netflix when Silicon Valley delivers stories like this?

Read more: Economic Times

MARKETS

💰️ Trump’s Tariffs Shake Up Tech

Trump’s latest economic bombshell—a sweeping 10% tariff on all US imports, with steeper levies on select nations—has sent shockwaves through global markets. India, in particular, is reeling under a 27% tariff, a hit that could reshape its booming tech exports.

Here’s how the tech industry is bracing for impact:

Apple’s Call:

• Apple, which exports $8-9 billion worth of iPhones from India to the US, now faces a brutal choice: absorb the extra costs, pass them on to customers, or scale back Indian production.

• With a 27% tariff in play, that $1,000 iPhone could get even pricier.

Electronics take a hit, but there's a silver lining:

• India’s electronics exports—especially smartphones—are now subject to higher duties, dealing a blow to brands like Samsung and Apple.

• However, with China facing up to 79% in tariffs, India might gain a competitive edge in the long run.

IT stocks in freefall:

• Even though India's IT sector wasn’t directly targeted, investor panic sent stocks of Infosys, Tech Mahindra, and TCS tumbling by up to 9%.

• With an already sluggish quarter, Indian IT firms could face further slowdowns as global clients tighten their budgets.

E-commerce’s loophole closed:

• Trump has also axed the “de minimis” rule, which allowed duty-free imports of goods under $800 from China.

• This move slams e-commerce giants like Temu, Shein, and JD.com, whose stocks took a hit overnight.

With fears of inflation, retaliatory tariffs, and a looming recession, Trump’s “Liberation Day” tariffs are sending ripples across the tech landscape.

The question now: will companies adapt, or will consumers bear the brunt of these economic war games?

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

🤔 Where’s the innovation? - Union Minister Piyush Goyal criticized luxury brands started by billionaires’ children, saying fancy cookies and vegan labels don’t qualify as true startups. Speaking at Startup Mahakumbh 2025, he urged Indian entrepreneurs to focus on deep-tech, manufacturing, and large-scale problem-solving instead of profit-driven consumer products. Goyal questioned whether India should settle for gig work and premium branding while countries like China advance in deep-tech and electric mobility. He called for startups that drive real innovation and global impact, asking, “Do we just want to run shops, or do we want to build something world-class?”

🛢️ Too much oil, too little demand - The global oil market is facing an unusual problem—too much supply. ONGC Chairman Arun Singh revealed that producers have 9 million barrels per day in spare capacity, yet demand remains weak due to economic slowdowns and the rise of alternative fuels. While OPEC+ has kept millions of barrels off the market to support prices, global consumption isn’t growing as it once did. China’s EV boom and sluggish economy have further dampened demand. Despite this, India must keep exploring, as it remains heavily reliant on imports. Singh predicts the current surplus could persist unless producers cut output.

HEADLINES

🧑‍🍳 What else is cookin’?

What’s happening in India (and around the world 🌍️)

• Trump tariffs wipe out $2 trillion from US stock market.

• Amazon’s last-minute bid for TikTok comes as a US ban on the platform is set to take effect Saturday.

• UFC signs wide-ranging sponsorship deal with Meta, bringing Mark Zuckerberg closer to Dana White.

• Israeli military will expand its operations and seize 'large areas' of Gaza, defense minister says.

CULTURE

🍿 Entertainment, Entertainment, Entertainment

• Panchayat 4: makers confirm a new season with a new promo.

• Reese Witherspoon announces Legally Blonde prequel Elle - first look out now.

• IPL 2025: KKR beat SRH by 80 runs 🔥 Leaderboard here.