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Europe
BBC Business

Iran says deal with Oman on Strait of Hormuz is in final stages

Iran says it has reached an agreement with Oman on a route for shipping through the Strait of Hormuz. Foreign ministry spokesman Esmaeil Baqaei did not give any further details on the agreement, which he said was "in the final stages". Baqaei warned, however, that a deal with Oman would not guarantee safe navigation through the strait, arguing security remained impacted by the US blockade of Iran's ports. The US and Oman have not commented on the proposal. Since the US and Israel attacked Iran in February, Tehran has largely blocked the Strait of Hormuz through which about a fifth of the world's oil and liquefied natural gas usually passes. On Tuesday, US President Donald Trump warned that Iran would be "hit very hard" if the strait did not open "very soon". His comments came after senior US officials said talks had progressed to allow shipments to potentially resume later this week, though Iran has maintained that it is not negotiating with the US and has no plans to do so. Reopening the strait has been a key point in discussions between the two countries and mediators. In his statement, the Iranian foreign ministry spokesman said the "geographical coordinates of the route" had been agreed with Oman. "The factors making the Strait of Hormuz insecure still exist on the part of the United States, particularly the naval blockade and other aggressive and threatening actions against Iran and its interests," he said, according to Iran's official Irna news agency. Iran's Deputy Foreign Minister Kazem Gharibabadi later told Irna the new route would be temporary and could stay open from two to four months. He did not give further details. Oil prices edged lower on Thursday, with global benchmark Brent crude down by 0.3% at $79.24 (£58.84) in morning Asian trade. Energy prices have fluctuated wildly during the conflict as shipments through the key route for around 20% of the world's oil and liquefied natural gas (LNG) have been severely disrupted.

Iran says deal with Oman on Strait of Hormuz is in final stages
Asia
The Hindu BusinessLine

Think before you don’t renew your policy!

She was insured for 11 years with not a single hospitalisation claim but no premium discount in appreciation of a profitable customer was forthcoming. So, my friend did not renew her hospitalisation policy. Mistake. One because she did not have a fallback policy. But, more so because, in this policy, she had accumulated something. In fact, a goldmine of invisible benefits. The policy had accrued the maximum bonus sum insured possible due to all those claim-free years. That is, instead of a cash discount, she had been given extra insurance value for the same premium. She had also availed periodic free or subsidised master health check-ups through the years. And her time-bound exclusions were exclusions no more since the waiting periods were long over. In other words, the scope of her coverage had expanded over time as she persisted with the policy. We tend to value visible rewards. But rights and benefits accumulated over time, though invisible until you need them, can be far more valuable. Not for nothing is insurance called an intangible product. It is not just a money equation of premium and claims. Insurance Regulatory and Development Authority of India (IRDAI), the insurance sector regulator, has made this mandatory for standard hospitalisation policies without fresh medical tests. Accordingly, your insurance company cannot refuse renewal or hike your individual premium due to your health setbacks or claims provided you have paid your premiums on time and kept the policy active. Exceptions are cases such as proven fraud, intentional misrepresentation, false claims, moral hazard and so on. All these benefits and the real downside of difficulties in getting new policies as age advances makes a strong case for not throwing the baby out with the bathwater. I only wish this friend had called before her renewal or even during the grace period. She could have kept her coverage and her well-earned benefits intact. She did contact the insurer a couple of months later to renew but it was a no go. And that is as per hospitalisation policy norms. Misreading, or not reading, her policy was a mistake. A bigger misstep was letting it lapse and losing it all. Both she and her agent lost something of value.

Think before you don’t renew your policy!
North America
CNBC Finance

CVS blows past estimates, hikes guidance as insurance unit continues to improve

CVS Health on Wednesday blew past second-quarter earnings and revenue estimates and raised its 2026 guidance, as its insurance unit Aetna shows signs of recovery. CVS, which operates the nation's largest pharmacy chain, sees full-year adjusted profit coming in between $7.90 and $8.10 per share. That's up from a previous guidance of $7.30 to $7.50 per share. The company also expects revenue of at least $414 billion in 2026, up from its prior outlook of at least $405 billion. In a release, CVS said the higher profit guidance reflects increases in its insurance and retail pharmacy segment, but noted that the company is maintaining a "cautious view" for the rest of the year amid high medical costs and potential challenges in the broader economy. All three of the healthcare giant's business segments – insurance, pharmacy and health services —surpassed Wall Street's revenue expectations. But Aetna's results have been top of mind for investors, who have watched high medical costs in privately run Medicare plans batter several major health insurers for the last two years. The results indicated continued progress in CVS' broader turnaround plan, which has involved cutting $2 billion in costs, closing underperforming stores, shuffling leadership and reducing costs within Medicare Advantage plans. CVS' report also adds to a solid second quarter for the broader health insurance sector. Also on Wednesday, CVS announced a new collaboration with Eli Lilly that will make its obesity injection Zepbound and new weight loss pill Foundayo accessible to eligible patients on the CVS Health app. That offering, which will be available by early in the fourth quarter, will include both patients with insurance coverage and those paying out of pocket. The company posted net income of $2.98 billion, or $2.31 per share, for the second quarter. That compares with net income of $1.02 billion, or 80 cents per share, for the same period a year ago. Excluding certain items, such as restructuring charges and capital losses, adjusted earnings were $2.58 per share for the quarter. CVS booked sales of $106.10 billion for the second quarter, up about 7% from the same period a year ago, as all three of its business segments showed growth. Insurers have grappled with higher-than-expected medical costs as more Medicare Advantage patients return to hospitals for procedures they delayed during the pandemic. Medical costs remain high, but Aetna and other insurers appear to be becoming better equipped to manage the trend, as many cut membership and benefits for patients and exit unprofitable markets. Aetna's medical benefit ratio — a measure of total medical expenses paid relative to premiums collected — decreased from the prior year to 87.4% from 89.9%. A lower ratio typically indicates that a company collected more in premiums than it paid out in benefits, resulting in higher profitability.

CVS blows past estimates, hikes guidance as insurance unit continues to improve
North America
CNBC Finance

Eli Lilly easily tops quarterly estimates, raises outlook as Zepbound and Mounjaro sales surge

Eli Lilly on Wednesday reported second-quarter earnings and revenue that blew past estimates and hiked its full-year sales outlook, as demand for its blockbuster weight loss drug Zepbound and diabetes treatment Mounjaro surged again. The pharmaceutical giant now expects 2026 revenue to come in between $85 billion and $87 billion, up from a previous guidance of $82 billion to $85 billion. Lilly projects its full-year adjusted profit to be between $35.50 and $36.50 per share, which compares with a previous outlook of $35.50 to $37 per share. The company said it raised the underlying profit guidance by $2.78 per share at the midpoint, but noted that it is offset by $3.03 per share in charges tied to deals in the quarter. Fueled by a massive financial windfall from its obesity and diabetes drugs, Lilly is executing a historic M&A spending spree. The company most recently struck a deal to buy a psychedelics drugmaker in July, and also announced plans to buy three vaccine makers in May. Resilient demand for Zepbound and Mounjaro has helped fuel several strong quarters for Lilly despite lower prices for the medications in the U.S. Mounjaro's worldwide revenue rose 91% to $9.94 billion for the quarter, including U.S. sales of $4.8 billion. That surpassed the $8.99 billion in worldwide sales and $4.44 billion in U.S. revenue that analysts were expecting for the quarter, according to StreetAccount. Mounjaro notably saw strength internationally, with sales outside the U.S. jumping 172%. Zepbound, which entered the market roughly three years ago, posted $4.93 billion in U.S. revenue for the second quarter. That's up 44% from the year-earlier period, as demand for the drug also rose while realized prices dropped, in part due to previously announced cash-pay discounts. Analysts were expecting $4.69 billion in U.S. sales for Zepbound, according to StreetAccount. Lilly's newly launched obesity pill, Foundayo, which won U.S. approval in April, took in $98 million in sales for the second quarter. Analyst estimates compiled by FactSet as of Wednesday forecasted nearly $103 million in sales. It marks the first earnings report that includes revenue from the GLP-1 pill, which is competing head-to-head with a rival oral drug from Novo Nordisk that rolled out a few months ahead. Revenue in the U.S. climbed 33% to $14.4 billion. Lilly said it saw a 37% increase in volume — or the number of prescriptions or units sold — for its products, primarily for Mounjaro and Zepbound. That was partially offset by lower realized prices of those same medications. Notably, revenue outside the U.S. jumped 80% to $8.6 billion, propelled by a 113% surge in volume and partly offset by a 36% drop in realized prices. Lower prices largely came from Mounjaro's addition to China's state-run health insurance coverage for Type 2 diabetes.

Eli Lilly easily tops quarterly estimates, raises outlook as Zepbound and Mounjaro sales surge
Asia
The Hindu BusinessLine

Delhi airport to increase annual passenger handling capacity to 125 million

Delhi airport plans to increase its annual passenger handling capacity to 125 million from the current level of 106 million under the proposed ten-year master plan, according to a source. As part of the expansion under the master plan, DIAL also proposes to build Pier E at Terminal 3 (T3) with a capacity of 10 million by April 2030. For now, no decision has been firmed up on having Terminal 4 or building the Automatic Passenger Mover (APM). IGIA, also the country's biggest airport, has three terminals -- T1, T2 and T3 -- and international flight operations are only from T3. The source told PTI that the master plan for 10 years till 2036 will be finalised after consultations with the stakeholders. In the first phase, the proposal is to increase the annual passenger handling capacity to 116 million by April 2030. The capacity will be further raised to 125 million by 2032, the source said. At present, the airport has an annual passenger handling capacity of 106 million spread across the three terminals. The capacity is 42 million, 14 million and 50 million at T1, T2 and T3, respectively. At T3, there is domestic capacity of 19 million and international capacity of 31 million. Currently, T3 has four piers -- Pier A and B for international operations while C and D are for domestic operations. Pier C has now been converted for international operations. Generally, a pier at an airport is a long and narrow structure or transfer facility from the main terminal building and allows passengers to use aerobridges to enter an aircraft. While there are no immediate plans, a 7.5-kilometre right of way will be earmarked for the APM (Automated People Mover) system in the master plan, the source said. The earlier plan was to build an elevated cum at-grade system at the airport on the design, build, finance, operate and transfer model to provide seamless connectivity for passengers between T1 and the two other terminals.

Delhi airport to increase annual passenger handling capacity to 125 million
Asia
The Hindu BusinessLine

US Market Outlook: Wall Street hold higher

The Dow Jones Industrial Average, S&P 500 and the NASDAQ Composite index manged to stay afloat. The Dow Jones dipped slightly and was down 0.56 per cent for the week. The S&P 500 and the NASDAQ Composite indices closed the week marginally higher by 0.36 per cent and 0.14 per cent respectively. The short-term picture remains positive. As mentioned last week, the US benchmark indices have room to rise further from here. The near-term picture is slightly weak. The Dow Jones has resistance in the 54,200-54,400 region. A fall to 53,300 or even 53,000 looks possible in a week or two. However, a fall below 53,000 is unlikely. A bounce from the 53,300-53,000 support zone can take the Dow Jones higher to 54,000 again. An eventual break above 54,400 will then clear the way for the rise to 56,000 and even 58,000. As mentioned last week, a decisive break below 53,000 is needed to negate the bullish view and drag the Dow Jones down to 50,000. The index is inching up. Immediate support is at 7,700. That keeps intact our bullish view of seeing 8,000 on the upside. The price action thereafter is going to be crucial. A decisive break above 8,000 is needed to get an extended rise to 8,400-8,450. On the contrary, if the index reverses lower from 8,000, a fall to 7,600-7,500. The short-term picture will turn negative only if the index declines below 7,500. The index is holding higher and there is no major change in the view. We see limited upside from here. A test of 27,000 is possible in the near-term. An extended rise to 28,000 is also a possibility that cannot be ruled out. We expect the NASDAQ Composite index to reverse lower from around 28,000 and fall back to 26,000 or even lower. We reiterate that more caution is needed as the index goes up from here rather than being overly bullish. The dollar index (99.65) was stuck between 99.40 and 100.10 for the second consecutive week. So, there is no change in the view and we are repeating what was said last week. Support is in the 99.20-99 region. We expect the downside to be limited to 99. A decisive break above 100.10 can give a breather. It can then take the dollar index higher to 100.50-101. The index will come under more selling pressure if it breaks below 99. If that happens, a fall to 98 can be seen. It is still a wait and watch situation. The US 10Yr Treasury Yield (4.69 per cent) has been oscillating between 4.6 per cent and 4.75 per cent for more than three weeks now. A breakout on either side of 4.6-4.75 per cent will determine the next move. A break above 4.75 per cent can take it up to 4.8 per cent. A decisive break above 4.8 per cent will then boost the momentum. Such a break can take the US 10Yr Treasury Yield up to 5 per cent over the medium term.

US Market Outlook: Wall Street hold higher
Europe
The Guardian

Trump team pushes to block court order giving BBC access to financial records

BBC Broadcasting House, London. Photograph: UCG/Universal Images Group/Getty ImagesView image in fullscreenBBC Broadcasting House, London. Photograph: UCG/Universal Images Group/Getty ImagesDonald TrumpTrump team pushes to block court order giving BBC access to financial recordsPresident has sued the broadcaster for $10bn, claiming a documentary on 2021 Capitol attack led to financial harm Donald Trump’s legal team is making an 11th-hour attempt to block a court order that would grant the BBC access to the president’s financial records, as part of his multibillion-dollar lawsuit against the British broadcaster. Trump claims that the BBC’s 2024 documentary on the January 6 attacks have damaged the president’s business interests. In July, a Miami-based judge ruled that the president would have to start handing over detailed financial records to the BBC by 6 August. The records would reveal details into the hundreds of businesses owned by the US president’s family trust. Trump’s attorneys asked the court on Wednesday to temporarily pause the enforcement of the court order, arguing the BBC had demanded a “shockingly broad amount of information based on clearly political motivations”. Trump’s lawyers also asked the court to amend their initial lawsuit to instead focus on the “reputation harm” that was caused by the documentary, which would keep necessary disclosures “proportional to the needs of the case”, the lawyers said. While it is unclear what Trump’s net worth is, recent financial disclosures showed that he had made more than $2.2bn during his first year back in office. The lawsuit against the BBC is one of Trump’s several recent attempts to wage legal battles against media outlets that publish critical coverage of him. On Wednesday, Trump’s attorneys tried to argue that a $10bn defamation suit brought against the Wall Street Journal should go to a trial after it reported on a “bawdy” letter the president reportedly included in a birthday book for the disgraced financier Jeffrey Epstein in 2003. Trump’s justice department also issued and then recalled subpoenas to New York Times journalists after the paper reported on security concerns with the Air Force One presidential jet. Trump’s initial lawsuit concerns a scene in the BBC documentary, entitled Trump, A Second Chance, that spliced lines from a speech the president made on 6 January 2021. The clip made it appear like Trump directly urged his supporters to attack the US Capitol. The BBC has apologized for the edit but argued the defamation claims have no merit. Trump recently claimed that the BBC “used AI” to insert words into his speech, which the network has categorically denied.

Trump team pushes to block court order giving BBC access to financial records
Asia
The Economic Times

PPFAS Mutual Fund among 6 MFs holding over Rs 10,000 crore in cash in July

Mutual funds increased their cash holdings by over Rs 7,856 crore to Rs 1.90 lakh crore in July, recovering from a 19-month low of Rs 1.83 lakh crore in June, according to ACE MF data. Cash holdings as a percentage of total assets were 4.6% in the same period. Here is a detailed breakup (Source: ACE MF) PPFAS Mutual Fund had the highest cash reserves in its portfolio, at Rs 25,291 crore in July, accounting for 16.32% of the total AUM. The fund house has three equity-oriented funds.Parag Parikh Flexi Cap Fund had the highest cash allocation of Rs 24,793 crore, followed by Parag Parikh ELSS Tax Saver Fund and Parag Parikh Large Cap Fund which had Rs 490 crore and Rs 7 crore cash respectively in July. SBI Mutual Fund, the largest fund house by AUM, had a cash allocation at Rs 24,415 crore, or 3.08% of its total assets. The equity AUM was Rs 7.69 lakh crore. HDFC Mutual Fund had a cash allocation in its portfolio of Rs 23,173 crore which was 4.60% of the total AUM. The equity AUM was Rs 4.81 lakh crore. ICICI Prudential Mutual Fund had a cash allocation of Rs 21,159 crore which was 3.69% of the total AUM. The equity AUM was Rs 5.52 lakh crore. Quant Mutual Fund had a cash allocation of Rs 14,739 crore which was 16.16% of the total AUM. The equity AUM was Rs 76,450 crore Axis Mutual Fund had a cash allocation of Rs 12,089 crore which was 5.82% of the total AUM. The equity AUM was Rs 1.95 lakh crore. Fund managers typically keep a portion of their portfolio in cash to meet redemption requests or deploy in the market when attractive opportunities arise.

PPFAS Mutual Fund among 6 MFs holding over Rs 10,000 crore in cash in July
Asia
The Economic Times

9 penny stocks surge up to 325% in 2026 so far; 3 turn multibaggers. Did you own any?

So far in calendar year 2026, 9 penny stocks have risen sharply, delivering returns ranging from 25% to 325%. Notably, three of these stocks have turned into multibaggers. These standout performers were identified based on specific criteria: a market capitalisation of less than Rs 1,000 crore, a share price below Rs 20, and a recent average trading volume of at least 5 lakh shares. This approach focuses on identifying low-priced, actively traded micro-cap stocks showing strong upward momentum. (Data Source: ACE Equity).Penny stocks often attract attention due to their low entry price and the potential for explosive growth. But while the rewards can be impressive, the risks are equally high. These stocks typically carry low liquidity, high volatility, and limited financial transparency. Investors should proceed with caution —success in penny stocks requires not just luck, but a clear strategy and strong risk management.

9 penny stocks surge up to 325% in 2026 so far; 3 turn multibaggers. Did you own any?