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Asia-Pacific
The Straits Times

Chinese car sales are booming almost everywhere – just not at home

Car sales in China fell by a fifth to 1.47 million vehicles in July, marking the 10th straight month of decline. BEIJING – China’s car industry is on a tear overseas, storming markets from Europe to South-east Asia and heaping pressure on long-established automakers like Toyota Motor and Volkswagen. But it is a different story at home, where car sales have been in steady decline since late 2025, as weak consumer demand and years of intense price competition have left the world’s biggest auto market glutted with excess capacity. While major Chinese car companies like BYD, Geely and Chery have long aspired to become global heavyweights, the industry’s rapid expansion is now driven as much by economic necessity as by ambition, analysts and industry insiders say. Faced with lacklustre domestic demand, China’s automakers have an increasingly powerful incentive to accelerate a push overseas that was already well under way. That will only add to the squeeze on European and Japanese rivals already struggling to compete with China’s technologically advanced, low-cost electric vehicles (EVs). “Chinese automakers have excess manufacturing capacity, highly competitive supply chains, increasingly sophisticated products and a strong economic incentive to find growth outside China,” said Bill Russo, chief executive of Shanghai-based advisory firm Automobility. Going global “is becoming a strategic necessity” for leading Chinese carmakers, he added. Car sales in China fell by a fifth to 1.47 million vehicles in July from a year earlier, marking the 10th straight month of decline, data from the China Passenger Car Association showed on Aug 11. Although the data includes non-Chinese brands produced in China, the trend of double-digit falls at home and double-digit export growth holds up among domestic automakers. Cui Dongshu, the head of the passenger car association, attributed the latest weakness to elevated fuel prices that hurt demand for gasoline-powered vehicles and persistent softness in the entry-level sedan segment. More broadly, the car industry reflects the dynamics now playing out in the world’s second-largest economy. Booming factories and exports are propping up growth, while a weak property market and ailing consumer spending are curbing domestic demand.

Chinese car sales are booming almost everywhere – just not at home
Europe
BBC Business

Nvidia gets $500bn from major investors to develop AI infrastructure

Image source, ReutersImage caption, Nvidia CEO Jensen Huang has seen his company's value soar amid the AI boom in tech. Nvidia has teamed up with some of Wall Street's largest banks and investors to raise $500bn (£370bn) in capital for artificial intelligence (AI) infrastructure. The chipmaker said it had struck deals with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR, and that the investors were for the first time treating AI hardware and infrastructure, often referred to as "compute", as an asset class. "In AI, compute is revenue", Jensen Huang, chief executive of Nvidia, said. "We are bringing the world's leading long-term capital providers together to independently underwrite AI infrastructure." The financing will go towards Nvidia's own projects and those being built by its partners. Infrastructure projects backed by this fund will likely include the construction of new data centres to house, operate, and cool miles of stacked computer chips that process AI data and actions. It will also back new factories to manufacture the AI chips needed to power these systems and increase their availability to buyers. "Compute has become a critical infrastructure asset", Joe Bae and Scott Nuttall, co-chief executives of KKR, said in a joint statement. "As we've scaled our approach to digital infrastructure, we've learned that delivery, not ambition, is the hard part." Essentially every major technology and AI company uses Nvidia's computer chips, or graphics processing units (GPUs), to power their services, AI platforms and AI chatbots. Such companies have collectively spent over $1tn, external in just three years on AI projects and infrastructure, with much more spending expected. And their demand for Nvidia's chips and services has driven the stock market value of the company up five fold in three years. In a statement on Monday, Huang referred to Nvidia's role as a chip-maker as the company's beginning. "Today, we are helping create a new class of productive, investable infrastructure: AI factories," he said.

Nvidia gets $500bn from major investors to develop AI infrastructure
Europe
The Guardian

HCA workers push for higher pay and more staffing amid billions in profits: ‘I’m struggling’

HCA Sunrise hospital workers protesting in Las Vegas, Nevada, on 6 August 2026. Photograph: Jason Karsh, SEIU Local 1107View image in fullscreenHCA Sunrise hospital workers protesting in Las Vegas, Nevada, on 6 August 2026. Photograph: Jason Karsh, SEIU Local 1107US unionsHCA workers push for higher pay and more staffing amid billions in profits: ‘I’m struggling’Largest for-profit hospital system and operator in the US reported $6.8bn in profits, while employees find it difficult to make ends meet Union workers with HCA Healthcare, the largest for-profit hospital system and operator in the US, are holding picket protests across the country as they push for pay and staffing increases in a new contract. The hospital system has over 300,000 employees in the US and the UK, with 22,000 US workers represented by the Service Employees International Union (SEIU) who are in contract negotiations with HCA. Workers are asking for a pathway to a $25 an hour minimum wage, improved wage scales and raises that match the increased cost of living, along with benefits including paid vacation, sick time and bolstered work protections. Esther Reyes, a single mother of three children, has worked as an environmental services technician at the HCA-owned Las Palmas hospital in El Paso, Texas, for the past two years, and said she constantly struggles to make ends meet on her $16.80 an hour salary. “Sometimes I need to decide, maybe this month I pay the water bill, then another pay for gas, but most of the time I’m not able to pay for everything,” Reyes said. Ahead of contract negotiations, Reyes and her coworkers in El Paso are set to hold an informational picket outside the hospital this week, with picket protests planned at over a dozen HCA hospitals in California, Texas, Nevada, and Florida. Reyes explained prices have been going up but salarieshave remained stagnant, and it’s a constant battle figuring out how to cover basic necessities. “I’m struggling. I struggle a lot. If they gave us the raise we want, it would be a huge blessing,” Reyes added. “I work for my family. I work for my kids. If I don’t get enough for everything, how am I supposed to cover all they need?” HCA reported $6.8bn in profits in 2025, a 17.8% increase from 2024. In early 2026, the company authorized a $10bn stock buyback program. Sam Hazen, the HCA CEO, received more than $26.5m in total compensation in 2025, 420 times more than the median compensation for HCA employees at $62,955. “We also see HCA’s profit reports, and that they are having great returns, and their profit is increasing. Meanwhile, the people doing the work are not being compensated appropriately,” said Jody Domineck, a pediatric nurse with over 20 years at HCA Sunrise hospital and medical center in Las Vegas, the largest hospital in the state, and secretary-treasurer of SEIU Local 1107. “Our work is how they’re making billions. We are just asking for fair compensation.” Domineck noted that despite the increased profit, the hospitals continue to face staffing shortages that impact both workers and patients. “There’s been multiple studies that show that the more patients you have, the higher the risk is to all patients,” said Domineck, who joined her coworkers to hold a rally around their contract demands outside the hospital on 6 August.

HCA workers push for higher pay and more staffing amid billions in profits: ‘I’m struggling’
Europe
The Guardian

US judge drops criminal charges against Indian billionaire Gautam Adani

Gautam Adani attends the 51st Gems and Jewellery awards in Jaipur, India, on 30 November 2024. Photograph: ReutersView image in fullscreenGautam Adani attends the 51st Gems and Jewellery awards in Jaipur, India, on 30 November 2024. Photograph: ReutersUS newsUS judge drops criminal charges against Indian billionaire Gautam AdaniJustice department says it decided to abandon fraud and bribery case in which Adani Group has denied wrongdoing A US judge on ⁠Monday dismissed criminal charges against the Indian ⁠billionaire Gautam Adani, after ​the justice department said it had decided to abandon the fraud and bribery case. The Brooklyn-based district judge Nicholas Garaufis’s decision to grant federal prosecutors’ rare attempt to ⁠toss the case came after he inquired into their reasons for doing so, including by asking Adani whether anything was promised in exchange for the dropping of the case. In November 2024, before ⁠the charges were unsealed, Adani had promised to invest $10bn in the United States. Adani was charged in 2024 with agreeing ​to bribe Indian government officials so a subsidiary of ‌his Adani Group could win approval ‌to develop a solar energy plant, then misleading US investors by providing reassuring information about his company’s anti-corruption practices. Adani Group ‌has consistently denied wrongdoing. Adani himself has not appeared in US court to respond to the charges. On 18 May, the justice department announced it would no longer pursue the case. That marked the latest instance in which federal prosecutors had sought to drop a high-profile white-collar criminal prosecution during Donald Trump’s second term in the White House. Legal experts say US judges have little discretion to compel prosecutors to continue with criminal cases they no longer wish ‌to pursue, but the charges cannot be formally dismissed without a judge’s approval. Garaufis asked the justice department to justify its decision to drop the charges, writing that its “bland and conclusory” announcement did ​not give him enough information. In a 4 July court filing, Trent McCotter, a senior justice department official, said the case was primarily foreign, hard to prove and inconsistent with the agency’s current priorities. In the filing, McCotter also denied as false what he called media stories suggesting he sought to dismiss the case in part because of a promise by Adani to ⁠invest money in the United States. In response, Garaufis asked Adani whether he was “aware of any agreement ​exchanging anything for the dismissal of ​the indictment”. In a sworn declaration filed in ​court on 15 July, Adani said he was not aware of any such agreement. He acknowledged ​having previously promised to invest $10bn in the US ​and said his lawyers told ​the justice department in meetings that the pledge “might be part of a resolution of these matters”. Robert Giuffra, a lawyer for Adani, said in a 15 July court filing that the justice department had told him that it would not consider the Adani Group’s willingness to invest in the US as part of any resolution.

US judge drops criminal charges against Indian billionaire Gautam Adani
Europe
BBC Business

Mars Bar from 1991 found – and it's 56% bigger than today's

Image source, Victoria GordonImage caption, Now and then... the 1991 Mars Bar alongside one from today A 35-year-old Mars Bar has been found during a house clearance – and the discovery has gone viral amid claims it highlights the effect of "shrinkflation". The chocolate bar with a best-before date of 1991 was found during a clear-out of a house in Scunthorpe. Victoria Gordon, who runs the cleaning service, posted a photo on social media of the 62.5g bar alongside one of today's Mars Bars, which is 40g. "It was nearly as big as my hand, which was kind of why I noticed it," she said. Speaking on BBC Radio Lincolnshire, Gordon said: "We were clearing out a hoarder's house and everything we were rooting through was decades old. "This Mars Bar stood out to me because as I picked it up it was nearly the whole length of my hand. The manufacturer also owns several other chocolate brands including Celebrations chocolate tubs, Galaxy, Hotel Chocolat, M&Ms and Maltesers. It also owns non-chocolate brands including Dreamies, Hubba Bubba, Pedigree and Whiskas. The company was founded in 1883 by Frank C Mars, from Minnesota, with his mother Elva teaching him how to hand-dip chocolate. Mars Bars were first made by hand in Slough, Berkshire in 1932 and are still made in the town. A Mars spokesperson said: "Over the last 35 years, we have made a number of updates to our bar sizes and pack formats to reflect consumer demand, alongside considering wider external factors such as manufacturing costs and the price of cocoa."

Mars Bar from 1991 found – and it's 56% bigger than today's
Europe
The Guardian

Nvidia links with Wall Street firms for $500bn AI financing deal

Nvidia counts Google, Amazon, Microsoft and Facebook owner Meta among its customers. Photograph: Dado Ruvić/ReutersView image in fullscreenNvidia counts Google, Amazon, Microsoft and Facebook owner Meta among its customers. Photograph: Dado Ruvić/ReutersNvidiaNvidia links with Wall Street firms for $500bn AI financing dealApollo, BlackRock, Goldman Sachs and KKR among those working with chipmaker to fund infrastructure Nvidia ⁠has struck a deal with six large Wall Street firms to raise ⁠more than $500bn (£370bn) to fund the datacentres, chip factories and power stations needed to fuel the artificial intelligence boom. The Nvidia chief executive, Jensen Huang, said on X that it marked “a major milestone for Nvidia and the AI industry”, as he posted a photo of himself smiling and giving a thumbs up alongside finance bosses involved in the deal, including the head of Goldman Sachs, David Solomon. He confirmed that Nvidia, which has a market value of $5.3tn, had signed memorandums of understanding with Goldman, Apollo, BlackRock, Blackstone, Brookfield and KKR to offer funding for what the industry calls “compute”, referring to hardware such as datacentres and chips that are used to run train and build AI. “Many great AI companies, enterprises and AI clouds have demand for compute but do not yet have access to financing at the scale or cost required to build quickly,” Huang said, adding that the funding “will make AI factories more accessible to the companies, industries and nations building the future”. The move highlights how rising demand ⁠for AI computing capacity is drawing institutional investors, as governments, companies and ​startups race to build out ‌datacentres. Big tech companies have signalled that spending on AI ‌was likely to surpass $730bn this year. However, there have been concerns over the link between high valuations of tech companies and the need for vast investments to support their ambitions. Last month, the Bank of England warned that AI developments could pose a risk to financial stability, particularly if the companies who take on debt end fail to deliver sustainable profits, or face big disruptions. “The pace of investment is unprecedented historically,” the Bank of England said in its financial stability report in July, noting that AI companies were increasingly taking on debt “to support investment in infrastructure”. “If the scale of AI debt financing grows as expected over the coming years, an adverse shock to AI companies that results in losses or affects their ability to service debt could more materially affect global financing conditions,” it said, suggesting that it could lead to a credit crunch in which it would be harder and more expensive for businesses and households to secure loans. The Bank also warned banks and private credit firms to consider they may not be getting the full picture about the risks they were taking in relation to the AI industry. “Given the different funding sources from which AI companies are drawing, and different levels of transparency in those arrangements, it may be difficult for financial firms to be aware of the full extent of their direct and indirect exposures to the AI ecosystem and AI companies,” policymakers said. “This could increase the risk that exposures to developments in AI are greater than anticipated, or not fully reflected in firms’ risk management.” Nvidia said the funding arrangements would “create dedicated pools of ⁠capital at significant scale at attractive rates” for its customers. The ​company did ​not disclose the financial terms, ​investment commitments by individual firms or a timetable for ​deploying the planned $500bn. “Every industrial revolution has been built on infrastructure: electricity, transportation, communications and computing, with every build-out enabled by external financing,” Huang said. “AI factories are the infrastructure of the intelligence era.”

Nvidia links with Wall Street firms for $500bn AI financing deal
Asia
The Hindu BusinessLine

Mahindra bets on SML acquisition; eyes 10-12% CV market share by FY31

Mahindra & Mahindra is betting that its acquisition of SML Isuzu will provide the scale, portfolio breadth and service reach needed to accelerate growth in India’s above-3.5-tonne commercial-vehicle market, with the seven-product Blazo i-TRK marking the first major product move since the deal. The financial ambition is to more than double combined truck-and-bus revenue from close to ₹6,000 crore now to ₹12,500 crore by FY31, Vinod Sahay, President, Trucks & Buses; Executive Chairman, SML Mahindra; and member of the Mahindra Group Executive Board, told businessline. “Many of the scale challenges which were headwinds for us start becoming our tailwind,” Sahay said, pointing to benefits across sourcing, product development, manufacturing and distribution as the two businesses come together. The businesses had combined FY26 revenue of about ₹5,827 crore — ₹2,989 crore from Mahindra Truck and Bus Division (MTBD) and about ₹2,838 crore from SML. They sold 9,389 vehicles in Q1 FY27, up 11 per cent year-on-year, with a combined truck-and-bus market share of 7.8 per cent. Mahindra aims to raise its share of the above-3.5-tonne market to 10-12 per cent by FY31, from around 6 per cent when the SML acquisition was announced, and cross 20 per cent by FY36. M&M acquired 58.96 per cent of SML Isuzu for ₹555 crore in August 2025 and has since approved the transfer of MTBD to SML Mahindra for ₹525 crore. The transaction, which will place the group’s truck-and-bus operations under a focused entity, is targeted for completion by January 31, 2027, subject to approvals. SML brings strength in buses and light and intermediate commercial vehicles, while Mahindra contributes heavy trucks along with technology, sourcing and product-development capabilities. Sahay expects the combination to lower sourcing costs, improve value engineering and reduce duplicated product-development expenditure. Platforms and aggregates can be shared, while manufacturing can be optimised across SML’s Ropar and Mahindra’s Chakan facilities. Mahindra intends to retain both brands, initially using cross-badging to plug portfolio gaps before progressively sharing platforms and aggregates. Service reach has effectively doubled as the brands can support each other’s products, addressing a key constraint Mahindra faced in expanding its heavy-truck business. The combined network has about 200 dealers and 650 touchpoints. Mahindra plans to add 20-25 dealerships and 50-60 service stations over the next 18 months. The Q1 sales mix shows both SML’s contribution and Mahindra’s remaining challenge. Passenger-carrier volumes rose 20 per cent to 5,939 units, helped by SML’s bus franchise, while cargo volumes slipped 1 per cent to 3,450.

Mahindra bets on SML acquisition; eyes 10-12% CV market share by FY31
North America
CNBC Finance

Hollywood is cranking out billion-dollar movies again. 'Spider-Man' just joined the ranks

The theatrical industry welcomed its fourth billion-dollar film of 2026 this week as Sony and Marvel's "Spider-Man: Brand New Day" surpassed the coveted benchmark. It joins the three-comma ranks alongside Universal's "The Super Mario Galaxy Movie," Lionsgate's "Michael" and Disney and Pixar's "Toy Story 5." The group should soon be joined by Universal's "The Odyssey," which has tallied $912 million globally through Sunday and is set to play in theaters through at least mid-September. Box office analysts expect Warner Bros.' "Dune: Part Three" and Disney and Marvel's "Avengers: Doomsday" to also reach the billion-dollar figure later this year. As it stands, this is the highest number of billion-dollar film releases in a single year since the Covid pandemic shuttered movie theaters and halted production six years ago. In 2019, nine films pulled in at least $1 billion at the box office. Seven of those films were Disney titles. Its co-production of "Spider-Man: Far From Home," in partnership with Sony, and Warner Bros.' "Joker" completed the list. On Wednesday, Disney touted the success of "Toy Story 5" as helping to propel its studios division during its most recent quarter even as the live-action "Moana" and "Star Wars: The Mandalorian and Grogu" films fell short of expectations. Of course, modern blockbusters are benefitting more from higher-priced tickets both for standard screenings and premium large format showings. Imax, Dolby Cinemas, ScreenX and 4DX have all reported record ticket sales because of films like "The Odyssey" and "Spider-Man: Brand New Day." In 2025, more than 16% of tickets sold for domestic showtimes were for these PLFs, according to data from EntTelligence. That's up from 15% in 2024 and 13.8% in 2023. These premium tickets can cost upward of $25 or more in places like New York City or Los Angeles, but average around $18.22 a piece nationally, EntTelligence reports. That's up 8% from 2023. Standard movie tickets, too, are getting pricier. In 2019, the average movie ticket cost a little more than $9, according to data from Cinema United. Now, the average is closer to $13.50, EntTelligence reports. Still, the hauls are a promising signal for a film industry that's still chasing 2019 levels, even with the benefit of higher prices. The domestic annual box office is currently on pace to cross $10 billion for the first time in seven years. Through Monday, the year-to-date haul stands at $6.2 billion, down 11% from 2019. "The billion-dollar club has always been treated as a special box office milestone," said Shawn Robbins, director of analytics at Fandango and founder of Box Office Theory. "It's also one that's become more challenging to achieve since the pandemic." "The sheer number of films crossing this threshold can be a good indicator of a banner year," he added.

Hollywood is cranking out billion-dollar movies again. 'Spider-Man' just joined the ranks
Asia
The Hindu BusinessLine

Best of monsoon may be behind us despite fresh depression over Bay

European Centre for Medium-Range Weather Forecasts sees the footprint (in orange shade) of rainfall deficit growing from August-end to early September over most of India. The west coast and Central India may return the worst figures. | Photo Credit: charts.ecmwf.int The monsoon is holding firm over East and North-East India, with parts of North-West India also likely to see relatively good activity through August-end. Elsewhere, however, rainfall may remain subdued, allowing deficits to likely widen steadily. The outlook is that a depression will form in quick succession over the north-west Bay of Bengal and adjoining coasts on Monday. Its location and projected track could confine the bulk of its rains to adjoining East and North-East India. Even this regional spell may fade by the end of August, leaving the country increasingly exposed to a widening rainfall deficit, according to the European Centre for Medium-Range Weather Forecasts (ECMWF). On Monday, the India Meteorological Department (IMD) located the depression near Kolkata, about 80 km west-south-west of Satkhira (Bangladesh), 160 km south-east of Bankura (West Bengal), and 180 km north-east of Baleshwar (Odisha). It is very likely to move to West Bengal, Jharkhand and Bihar until Tuesday. Isolated extremely heavy rainfall was forecast for Odisha and West Bengal on Monday and for Jharkhand on Tuesday. Isolated heavy rainfall is likely over Arunachal Pradesh on Tuesday and for three days from Thursday, and over Assam, Meghalaya, Nagaland, Manipur, Mizoram, and Tripura for seven days from Tuesday. The Himalayan foothills and adjoining West Uttar Pradesh, Delhi, Haryana and Chandigarh may also witness varying amounts of rainfall. Meanwhile, the lean rainfall trend could persist through September as El Niño strengthens its influence on the monsoon, per the ECMWF outlook. In effect, India may already have seen the best of this year’s monsoon, with withdrawal expected to begin from North-West India around mid-September. The all-India deficit stood at 13 per cent on Sunday and is expected to deepen through September. East and North-East India, the worst-hit, is running a 27 per cent deficit, followed by the South Peninsula at 21 per cent. North-West India has a 12 per cent deficit, while Central India remains relatively comfortable at just 1 per cent. Among individual meteorological subdivisions, Arunachal Pradesh has the largest shortfall at 39 per cent, closely followed by Assam and Meghalaya at 38 per cent each. Punjab and Coastal Andhra Pradesh are both 36 per cent below normal, while Rayalaseema is at 35 per cent. Of these deficit-hit regions, the best prospect for meaningful additional rain through the rest of August remains concentrated in East and North-East. For much of the country, monsoon may now be entering its leaner final stretch. Still, the Bay may witness the formation of at least one more low-pressure system before the month is out. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Best of monsoon may be behind us despite fresh depression over Bay