Top of the Morning : China’s Rare Earths Retaliation | FIR against OYO | Tata Capital IPO

To get your dose of daily business news, tune into Mint Top of the Morning on Mint Podcasts available on all audio streaming platforms.This is Nelson John, and I'll bring you the top business and tech stories, let's get started.Global Tech Tensions Rise as China Tightens Rare Earth ExportsThe US-China trade war just escalated—with China targeting the backbone of modern tech. In response to US tariffs, Beijing has tightened export controls on rare earth elements like dysprosium, terbium, and gadolinium—crucial for EVs, semiconductors, fighter jets, and smartphones. These materials, now subject to longer permit delays, could disrupt US giants like Tesla, Lockheed Martin, Apple, and Honeywell. With China supplying nearly 90% of the world’s rare earths and the US having only one mine, this move is a strategic blow. Experts warn it could fast-track Western efforts to diversify supply chains—but that’s a long road. In this tech chess game, China just moved its queen.Gold Shines, But Buyers Back Off Amid Sky-High PricesEven India’s wedding season can’t compete with gold’s record prices. After a 6% weekly surge and a 30% year-on-year spike, gold demand has dropped by as much as 50%, say jewellers. At ₹93,375 per 10g, many are holding off until Akshaya Tritiya on April 30. What’s fueling the spike? Fears of a global slowdown, a possible trade war, falling bond yields, and the dollar’s instability have investors flocking to gold. While sales volumes are down, jewellers are seeing stable revenues due to higher prices. But as one industry voice puts it: “Buyers are in wait-and-watch mode.”Health Insurance Set for a Speed Boost in IndiaNo more endless waits for claim approvals—if the Centre’s plan works. The government wants health insurers to approve cashless claims within an hour, and settle final claims in three hours. The move, backed by Irdai, aims to reduce stress for patients and bring more people under insurance coverage by 2047. With 25 million claims still unsettled as of March 2024, faster processing is critical. But challenges remain—rising medical costs, inconsistent hospital paperwork, and coordination issues across TPAs and insurers. A new regulator, standardized forms, and digital platforms like NHCX are in the pipeline. Experts say this could restore consumer trust—if it’s enforced well.Tata Capital IPO: A Big Leap for the Tata LegacyAfter two decades, the Tata Group is back in the IPO game—this time with Tata Capital. In a confidential SEBI filing, Tata Capital gears up for a ₹15,000–₹18,000 crore IPO, marking only the group’s third listing in 25 years, after TCS and Tata Tech. Once a shaky lender plagued by bad infra loans, Tata Capital has transformed under N. Chandrasekaran and Rajiv Sabharwal, now boasting a ₹1.5 trillion loan book and a sharp retail focus. The RBI had set a September 2025 deadline for big NBFCs to list. As it preps for the market debut, all eyes are on whether Tata Capital can bring its legacy of trust into a hyper-competitive fintech world.FIR Filed Against OYO for Inflating Hotel RevenuesOYO is in hot water again—this time over alleged fraud. Jaipur’s Samskara Resort has filed a police complaint accusing the hospitality startup of inflating its revenues and forging data, leading to a ₹2.66 crore GST notice. The resort claims OYO reported fake bookings worth ₹22.22 crore—years before any agreement existed—while actual revenue was just ₹10.95 lakh. The FIR names OYO founder Ritesh Agarwal and includes charges of cheating and criminal conspiracy. Industry insiders say Samskara isn’t alone—nearly 20 hotels have faced similar tax notices. OYO hasn’t responded yet, and the case could have wider implications for India’s travel-tech sector.