Daily News
US Federal Reserve Cuts Rates: Third Consecutive Reduction in 2025
The US Federal Reserve cuts rates by 25 basis points on Wednesday, December 10, 2025. This decision brings the benchmark interest rate to 3.50%-3.75%. Furthermore, this marks the third consecutive rate cut since September 2025. Jerome Powell, the Fed Chairman, led the Federal Open Market Committee (FOMC) through this two-day policy meeting.
Voting and Decision Details
The voting showed some disagreement among Fed members. Specifically, nine out of 12 members supported the rate cut. However, two members wanted rates to stay unchanged. Meanwhile, one member pushed for a larger 50 basis point cut.
| Aspect | Details |
|---|---|
| Rate Cut | 25 basis points |
| New Rate Range | 3.50% – 3.75% |
| Votes in Favor | 9 out of 12 |
| Total Cuts in 2025 | 75 basis points |
Economic Concerns
Despite the rate cut, several challenges remain. First, inflation stays above the Fed’s 2% target. Additionally, the unemployment rate reached 4.4% in September. The country added only 119,000 jobs during that period. Consequently, the Fed faces pressure from both sides of its dual mandate.
Powell addressed concerns about future rate movements. He clearly stated that rate hikes are not on the table currently. Instead, the Fed will either hold rates steady or cut them further. This depends on the upcoming economic data in 2026.
What’s Next?
The Fed’s new projections suggest cautious optimism. Nevertheless, officials remain divided on the path forward. Some believe the current rate level is appropriate. Others think more cuts may be necessary. Moreover, the unemployment rate could reach 4.5% by the end of 2025.
The Fed also announced plans to buy short-term Treasury securities. This aims to maintain adequate reserve levels in the banking system. Therefore, this move supports overall financial stability.
Global Impact
This decision affects markets worldwide. For instance, India may see changes in foreign investment flows. A weaker US dollar could support emerging markets. However, if the Fed turns more cautious, capital flows might reverse.
US Federal Reserve cuts rates demonstrate the central bank’s commitment to balancing economic growth with price stability. Investors now await the first policy meeting of 2026. Until then, all eyes remain on inflation data and employment reports.
Daily News
ITR Refund Delays: Why Taxpayers Are Still Waiting and How to Check Status
Many taxpayers continue experiencing ITR refund delays months after the September 16 filing deadline. Although the Income Tax Department processed most refunds, thousands remain pending. Moreover, several factors contribute to these delays, ranging from bank account issues to data mismatches.
Common Reasons Behind Delays
Understanding why refunds get stuck helps taxpayers resolve issues faster. Here are the main causes:
| Issue | Impact |
|---|---|
| Wrong bank details | Refund cannot be credited |
| Aadhaar-PAN not linked | System blocks processing |
| Data mismatches | Triggers manual verification |
| Incorrect claims | Requires additional documents |
| Unvalidated bank account | Payment fails automatically |
Processing Timeline
Normally, the Income Tax Department credits refunds within 4-5 weeks after e-verification. However, this year stricter screening processes have extended waiting times. Furthermore, the Centralized Processing Centre in Bengaluru examines large refunds more carefully.
Ravi Agrawal, Chairman of the Central Board of Direct Taxation, explained that authorities analyze high-value claims flagged by the system. Additionally, they send notices to taxpayers requesting revised returns when needed.
How to Check Your Refund Status?
Follow these simple steps to track your refund status:
- Visit the income tax portal at eportal.incometax.gov.in
- Log in using your User ID and password
- Click on ‘e-File’ tab
- Select ‘Income Tax Returns’
- Choose ‘View Filed Returns’
- Click ‘View Details’ to see your refund status
The portal shows whether your refund is issued, under review, or pending additional information.
Key Problems and Solutions
Bank Account Issues: Double-check your account number and IFSC code. Also, ensure your bank account is pre-validated on the portal. Any mismatch between your PAN name and bank account name will block the refund.
Data Mismatches: Inconsistencies between Form 26AS, Annual Information Statement (AIS), and Form 16 trigger manual reviews. Therefore, verify all documents match before filing. If you find errors, submit feedback through the portal or file a corrected return.
Multiple Income Sources: Taxpayers with stock market activities or foreign income face longer verification times. Consequently, these cases require more detailed examination.
What to Do If Your Refund Is Stuck?
If your refund hasn’t arrived within five weeks, take these steps. First, check your email for notices from the Income Tax Department. Next, review the portal for any discrepancy messages. Then, raise a grievance ticket if necessary. Finally, ensure your PAN remains active and linked to Aadhaar.
Tax experts believe ITR refund delays stem from enhanced verification procedures rather than system failures. As the backlog clears, processing times should improve gradually.
Daily News
UK Court Sentences Afghan Teenager Who Brutally Raped a 15-Year-Old British Schoolgirl
Daily News
Social Media Ban for Children Under 16: Australia Leads Global Reform
Australia launched its groundbreaking social media ban for children under 16 on Wednesday, December 10, 2025. This world-first legislation requires major platforms to remove accounts belonging to users under 16 years old. Moreover, Prime Minister Anthony Albanese described this move as families taking back power from tech giants.
Affected Platforms and Penalties
Ten major platforms now face strict age restrictions. Consequently, these companies must verify user ages and remove underage accounts. Otherwise, they risk massive fines.
| Banned Platforms | Maximum Fine |
|---|---|
| Facebook, Instagram | AU$49.5 million |
| TikTok, Snapchat | ($32.9 million USD) |
| X (Twitter), YouTube | Per platform |
| Reddit, Twitch, Kick, Threads | If non-compliant |
However, several platforms remain exempt from the ban. These include Roblox, Discord, WhatsApp, YouTube Kids, and Messenger. Additionally, the government considers these platforms “low risk” for children.
The federal government’s long social media ban for children under 16 is now in effect.
Here are are the platforms and apps that children can and cannot access in Australia from today.
Keep up to date with today’s headlines: https://t.co/LEXwrNsd4b pic.twitter.com/K1nkAjSSxM
— SBS News (@SBSNews) December 9, 2025
How Age Verification Works?
Different platforms use various methods to verify ages. For instance, TikTok combines technology with human moderation. Similarly, Snapchat tracks user behavior alongside birth dates. Furthermore, Meta uses facial recognition through a tool called Yoti. Meanwhile, Reddit employs age prediction models.
If platforms mistakenly identify someone as underage, users can appeal. Therefore, they must provide government IDs or undergo facial recognition checks to prove their age.
Implementation Challenges
Despite the law’s intentions, some children have already found workarounds. Specifically, reports show kids drawing facial hair to fool age verification systems. Additionally, older siblings help younger users bypass restrictions. Nevertheless, Communications Minister Anika Wells warned these tactics won’t work forever.
“These platforms have so much data on users,” Wells explained. “Even if children avoid detection today, platforms will eventually catch them through routine checks.”
Already, TikTok has deactivated over 200,000 Australian accounts. Still, enforcement remains challenging during these early stages.
Public Response
Public opinion strongly supports this reform. Indeed, polls show two-thirds of Australian voters back the ban. Furthermore, parents whose children suffered from online harm praised the legislation. Wayne Holdsworth, whose son died from an online sextortion scam, called it an important start.
However, not everyone celebrates the change. Simone Clements explained how the ban affects her 15-year-old twins, who work as entertainers. Their social media presence serves as their portfolio and income source. Therefore, the ban creates financial consequences for young performers.
Global Influence
Several countries now closely watch Australia’s experiment. Notably, Malaysia, Denmark, and Norway plan to introduce similar bans. Meanwhile, the European Union is considering adopting comparable regulations.
eSafety Commissioner Julie Inman Grant will monitor platform compliance. She plans to release preliminary results before Christmas. After that, a legal review will take place approximately 2 years later.
The social media ban for children under 16 represents a bold step toward protecting young Australians online. While implementation challenges exist, supporters believe this reform will change lives worldwide.
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