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North America
CNBC Finance

GM to launch proprietary in-vehicle AI system later this year

DETROIT — General Motors plans to launch a proprietary in-vehicle artificial intelligence system that's better tailored for its customers later this year. The new GM AI assistant is expected to be more integrated with the vehicle as well as its capabilities and telematics information than the company's recently launched Gemini AI assistant from Google, according to Anna Santos, GM director of product management of voice and AI/machine learning. "Later this year, we'll be launching a more deeply integrated native AI assistant that combines conversational AI with GM vehicle knowledge and OnStar intelligence to create those capabilities that go beyond what a general purpose assistant can do," she told CNBC. GM last year announced the Gemini AI bot would launch this year in millions of 2022 model-year vehicles and newer, followed by a GM AI assist, but did not provide additional details on the technology. Santos said the new GM assistant, which she declined to disclose a name for, will be able to better "understand the vehicle, the drive and our customers' needs, and make everyday ownership simpler." With Gemini, customers can speak naturally without memorizing commands or repeating context. It also is beginning to offer "live sessions" in which the bot will speak conversationally or play games such as trivia or 20 questions. It also can control some aspects of GM vehicles, such as temperature and radio controls, but in general operates as it would through a phone. "This is the beginning of a broader AI journey for us," Santos said. "There's a limit to what an AI that's just sort of sitting at the top level of the vehicle can do." The Detroit automaker is working with an unnamed large language model provider on its technology to assist GM and its owners with predictive maintenance, vehicle telemetry and other more auto-focused features. That also could include commands such as "kids setting" that would tailor music, seats, heating/cooling and door lock controls for children. "It's data that's going to be proprietary to GM, and our goal is to make sure that we're bringing the right technology forward to enable us to build the deep vehicle expertise that we want to be able to bring to the AI assistant," Santos said. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

GM to launch proprietary in-vehicle AI system later this year
North America
CNBC Economy

China's factory activity unexpectedly contracts in July on demand slump, typhoons

China's factory activity unexpectedly contracted in July for the first time since February, as domestic orders slumped and typhoons disrupted production, while part of the front-loading momentum began to unwind, piling pressure on Beijing to boost domestic demand. The official manufacturing purchasing managers' index fell to 49.2 from 50.3 in June, National Bureau of Statistics data showed Friday, dropping below the 50-point threshold that separates expansion from contraction. Economists' median forecast had pegged PMI at 50. The gauge — the weakest since February — ended a four-month run at or above 50, a stretch propped up by exporters rushing shipments ahead of U.S. tariff increases. The headline figure was dragged down by the new orders sub-index, which fell to 48.5, the lowest in 38 months, according to official data accessed via Wind. "Domestic weakness appears largely to blame – while the export orders index softened a bit," said Julian Evans-Pritchard, head of China economics at Capital Economics, who expects local governments to follow through on Beijing's policy support pledges to prop up domestic demand. The sub-index for factory-gate prices extended its decline after a brief war-driven energy spike earlier this year, signaling producer price weakness. Weakness spread well beyond manufacturing. The construction PMI slumped to a record low of 47.0, the services gauge fell to its weakest since the initial Covid-19 lockdowns, and the composite PMI dropped to 49.3, the lowest since the pandemic ended in 2022, Wind data showed. A statistics bureau spokesperson attributed part of the PMI weakness to a recent spate of typhoons that halted work on many projects. Amid downbeat readings, indices tracking firms' expectations for future output held up well across all the official PMIs in July, including an improvement in the construction sector. "Firms believe the latest deterioration in activity will prove short-lived, perhaps because they anticipate a stronger tailwind from fiscal policy over the rest of the year," said Evans-Pritchard. The print lands a day after the country's top policymakers acknowledged "difficulties and challenges facing the economy" at its mid-year meeting, pledging to accelerate fiscal spending and roll out "incremental policies" to shore up growth in the second half. China's economy in the second quarter expanded 4.3% from a year earlier, the slowest pace in more than three years, missing the lower end of the full-year target of 4.5% to 5%. Exports have been one of the economy's few reliable growth engines this year — and that engine is now showing signs of strain. "U.S.-bound shipments fell outright for the first time in several months," according to a survey conducted by China Beige Book.

China's factory activity unexpectedly contracts in July on demand slump, typhoons
Asia
The Hindu BusinessLine

Eye on FCNR-B deposits: Bank of India plans to raise up to $1 bn via Medium-Term Note programme

On FCNR-B deposits of less than $100 thousand and $100 thousand and above, the bank is offering interest rates ranging from 6.00 per cent to 6.25 per cent and 6.25 per cent to 6.50 per cent depending on the tenor Bank of India (BoI) is planning to raise up to $1 billion via a Medium-Term Note (MTN) Programme in the backdrop of Non-Resident Indians seeking leverage facilitiesf to place fresh Foreign Currency Non-Resident-Bank (FCNR-B) deposits under the RBI’s limited period concessional swap window. Between June 5, 2026, and July 30, 2026, the public sector bank mobilised $207.46 million via FCNR-B deposits of 3-5 years tenor, per data shared by the finance ministry in the Lok Sabha. On FCNR-B deposits of less than $100 thousand and $100 thousand and above, the bank is offering interest rates ranging from 6 per cent to 6.25 per cent and 6.25 per cent to 6.50 per cent, respectively, depending on the tenor. BoI, in a regulatory filing, said that the aforementioned foreign currency fund raising will be in multiple tranches up to the end of December 2026 through the issuance of 3- to 5-year USD bonds. The issuance of bonds will be conducted through its BOI GIFT (Gujarat International Finance Tec) city branch. BoI said its Board of Directors is scheduled to meet on August 14, 2026, to consider and approve the raising of foreign currency fund through establishment of a MTN Programme. During FY26, BoI raised ₹2,500 crore by way of Tier II bonds (Series XVIII) on December 12, 2025. It also mopped up ₹10,000 crore by issue of Long Term Infrastructure Bonds for a tenor of 10 years on December 26, 2025. 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.

Eye on FCNR-B deposits: Bank of India plans to raise up to $1 bn via Medium-Term Note programme
Asia
The Hindu BusinessLine

Benchmarks flatline for third day as crude keeps bulls at bay

Markets closed virtually unchanged on Monday, extending a stalemate that has now stretched across three consecutive sessions, as rising crude oil prices and West Asia uncertainty overshadowed relief from softer-than-expected US jobs data. “Markets traded volatile on Monday and ended almost unchanged as investors balanced easing concerns over the global interest-rate outlook against renewed pressure from crude oil prices and geopolitical uncertainties,” said Ajit Mishra, SVP Research at Religare Broking. The Nifty 50 gained just 13 points, or 0.05 per cent, to settle at 24,583.80, while the Sensex edged up 43 points, or 0.06 per cent, to close at 78,542.44. NSE cash-market volumes were 2 per cent higher than the previous session. Market breadth remained slightly negative, with 263 of the Nifty 500 stocks closing in the red and the BSE advance-decline ratio settling at 1. Sector performance was sharply divided. Nifty Realty led gains with a 1.35 per cent advance, followed by Private Banks, up 0.5 per cent, and Consumer Durables, which added 0.4 per cent. PSU Banks bore the brunt of the selling, tumbling 1.67 per cent, dragged down by SBI emerging as the session’s biggest Nifty loser. Oil & Gas fell 0.37 per cent and Infrastructure shed 0.40 per cent. Among individual Nifty constituents, Titan, Tata Consumer Products and Bajaj Finance topped the gainers, while Eternal and ITC also closed lower. The broader market delivered a mixed showing. The Nifty Midcap 100 gained 0.62 per cent, while the Nifty Smallcap 100 slipped 0.27 per cent. Both indices, however, continue to hover near their respective all-time highs. Notably, the daily Average True Range on the Nifty has contracted to 208 points, its lowest since January 2026, underscoring the sharp compression in volatility. The rupee started the week on the back foot, depreciating 9 paise to close near 95.30 against the US dollar, weighed down by a stronger greenback and elevated commodity prices. Technically, spot USDINR is seen edging toward 95.60, with support at 94.90, according to HDFC Securities. Crude oil remained the overriding concern. Brent rose roughly 1.3 per cent to around $84.6 a barrel, while WTI climbed over 2 per cent to near $79, as Iran conditioned any reopening of the Strait of Hormuz on the US lifting sanctions and its naval blockade. Elevated energy prices carry direct implications for India’s inflation trajectory, the rupee and the current account deficit. Domestic crude futures advanced to approximately ₹7,500.

Benchmarks flatline for third day as crude keeps bulls at bay
North America
CNBC Finance

Chipotle hikes same-store sales forecast, says cyclospora fears hit sales in late July

Chipotle Mexican Grill on Wednesday raised its same-store sales growth forecast for the year after topping analysts' quarterly earnings and revenue expectations. The restaurant company is now projecting that its same-store sales will increase by a low single digit percentage in 2026, higher than its previous outlook of flat same-store sales for the full year. After a shaky 2025, Chipotle is successfully luring customers back — even with spiking gas prices and other higher costs pressuring dining budgets. "We're seeing encouraging progress because we're focused on the right growth drivers—bringing meaningful menu innovation to our guests, deepening engagement through Chipotle Rewards, elevating hospitality in every restaurant, and expanding opportunities to serve more group occasions," CEO Scott Boatwright said in a statement. The report came amid heightened scrutiny of food safety at chains serving fresh lettuce due to the U.S. cyclospora outbreak. Company executives on a call with analysts said that Chipotle "maintains a very robust food safety program." The company said its lettuce is sourced from California and is not impacted by the outbreak. Still, Chipotle said the cyclospora outbreak had about a 2 percentage point impact on sales in the second half of July, which it incorporated into its guidance. Chipotle reported second-quarter net income of $403.5 million, or 32 cents per share, down from $436.1 million, or 32 cents per share, a year earlier. Excluding impairment and restructuring costs and other items, the company earned 33 cents per share. Same-store sales rose 2.2%, lifted by a 1% increase in traffic to restaurants. Total check size inched up 1.2% compared with the year-ago period. On a call with analysts, Boatwright said the company's performance was driven by strength in its seasonal Chipotle Honey Chicken and recently introduced cilantro lime sauce, as well as its rewards program. Boatwright also said Chipotle's menu innovation had an "outsized impact" on it winning over both younger consumers and lower-income diners. "We believe Chipotle continues to offer one of the strongest value propositions in the industry," Boatwright said on the call. During the quarter, Chipotle opened 100 new locations and one international restaurant operated by a partner.

Chipotle hikes same-store sales forecast, says cyclospora fears hit sales in late July
North America
CNBC Finance

Carvana stock falls as auto retailer’s 2026 earnings guidance misses Wall Street’s expectations

Shares of Carvana fell drastically during after-hours trading Wednesday after the company reported full-year guidance that failed to meet some of Wall Street's expectations for the auto retailer. Carvana's stock fell by more than 20% shortly after the company reported its second-quarter results and guiding for earnings of between $2.7 billion and $3 billion this year. The stock recovered some of those losses, but was still trading down roughly 10% before the company's earnings call with analysts at 5:30 p.m. ET. The guidance was lower than analyst expectations, which included forecasts of $3 billion to $3.2 billion from Deutsche Bank and $4.45 billion from Morgan Stanley. While topping Wall Street's EPS and revenue estimates during the second quarter, Carvana's total gross profit per unit, which is closely watched by investors, was down by roughly 6% and below some analyst expectations. The guidance means the company expects a relatively flat second half of the year compared with the first six months, with between $1.3 billion and $1.6 billion in adjusted earnings during the second half of this year. Such results would easily top Carvana's record $2.2 billion in adjusted earnings from 2025. The new guidance follows the company reporting $1.4 billion in adjusted earnings before interest, taxes, depreciation and amortization during the first half of this year, including a record $769 million during the second quarter that slightly topped LSEG estimates. Carvana's second-quarter results included net income of $513 million, up $205 million from a year earlier and a 38% increase in vehicle sales to 197,325 units from April through June. The company did not break out its sales of used versus new vehicles, which Carvana has been expanding into through Stellantis franchised dealerships. Carvana said it expects a sequential increase in retail units sold in the third quarter compared to the second quarter, which the company said marked its 10th straight quarter of being "the fastest-growing and most profitable automotive retailer - achieving both by large margins." "Q2 2026 was Carvana's 10th consecutive quarter of industry-leading growth and profitability, and it was made possible by the foundations we laid in the 10 years prior," Carvana CEO Ernie Garcia said in a release. "We built an experience customers love, our model gets better as we get bigger, and our execution is the key driver of our progress from here." Garcia in a quarterly letter to shareholders said the company remains on track to selling 3 million cars per year and achieving a 13.5% adjusted EBITDA margin by 2030 to 2035. The company's adjusted margin during the second quarter was 10.4%, down 2 percentage points from a year earlier as it pushes its expansion efforts.

Carvana stock falls as auto retailer’s 2026 earnings guidance misses Wall Street’s expectations
Europe
BBC Business

Half price rail travel extended to 18-year-olds

Image source, Getty ImagesByJennifer MeierhansBusiness reporterPublished4 hours agoEighteen-year-olds will be able to buy half price train tickets for most services when railcard rules are changed later this month, the Department for Transport (DfT) has announced. It's an extension of the 16-17 Saver railcard which currently expires when the holder turns 18. From 17 August, they will be valid for a full year from the date of purchase. It means 17-year-olds will be able to buy the railcard up until the day before they turn 18, making it valid until the day before they turn 19. The existing rule meant more than 70,000 students each year were an average of £175 worse off than those in the same academic year who hadn't yet had their 18th birthday, the DfT said. The 16-17 Saver Railcard costs £35 per year and entitles the holder to 50% off most train fares. Rail minister Lord Hendy claimed this "common sense change" is "exactly what passengers should expect from the railway". He said the change would "lower the cost of travel at a critical time for teenagers, whether they're pursuing further education, vocational pathways or getting their footing in the jobs market". Jacqueline Starr, chief executive of industry body the Rail Delivery Group, said the change demonstrates the sector's commitment to "offering better value fares and delivering a more joined-up railway". Kaynat Ahmad, vice president for further education at the National Union of Students, described the railcard as "essential for young people reliant on trains to get to college, work or training". Eighteen-year-olds were already entitled to a 16-25 Railcard, but that only entitles them to a third off the cost of travel. The announcement comes after the government said the cap on most single bus fares in England will be cut from £3 to £2 next year. Get in touchWill you use a 16-17 railcard when you're 18 and how much money will it save you?

Half price rail travel extended to 18-year-olds
Europe
BBC Business

Zinc dresses and ice creams - how to survive a heatwave wedding

Aimie Seale is one of hundreds of brides whose weddings landed in the middle of a heatwave this summer. She had chosen a July weekend in the hope of avoiding any wet weather. Instead, she faced 30C heat with her ceremony in a sweltering West Yorkshire church, predominantly made of glass. "It was just unbearably hot," says Aimie. "I remember looking at my husband at one point, and he was just dripping with sweat, so everybody kept passing him tissues halfway through the service." Aimie and her now-husband Ryan had to book an emergency marquee to offer extra shade and an ice-cream van to keep their guests cool. An additional cost on an already expensive day, with the average wedding in the UK costing more than £20,000., external But this last-minute battle to cope with the heat is only going to get worse. Half of the years between 2015 and 2024 saw temperatures above 35C - up from one in ten - as climate change increases the risk of heatwaves. Zoe Burke, head of brand at wedding planning app, Bridebook, says the behavioural data - what people are talking about online - shows this is an issue couples are increasingly concerned about. "On platforms, like Reddit, people are discussing what they are going to do to navigate the heatwave," she says. Searches by brides for fans were up five times last summer compared with what they had been in 2019, she says. Sourcing some additional fans might feel like a relatively minor cost overall, but for those hosting, catering and supplying weddings, the financial impact of coping with this summer's heatwaves has spiralled. "It has affected the industry massively. You are talking into the thousands [of pounds] for businesses," says Michelle Miles, board adviser to the UK Wedding Association and founder of the Sustainable Wedding Alliance. One of the biggest costs wedding venues are facing is the equipment and energy costs of trying to keep a space and food cool, she says.

Zinc dresses and ice creams - how to survive a heatwave wedding
North America
CNBC Finance

Jersey Mike's stock falls 6% in public market debut after pricing shares at $23

Shares of Jersey Mike's closed down about 6% during trading on Thursday afternoon after the company made its public market debut on the New York Stock Exchange under the ticker "JMKE." The stock opened at $21 per share, below its initial public offering pricing of $23 per share, at the midpoint of the expected range of $21 to $25 per share. Jersey Mike's sold 43.5 million shares, raising about $1 billion and valuing the company at $7.3 billion. With those proceeds, the chain is now among the largest-ever initial fundraises for a restaurant IPO. Jersey Mike's has nearly 3,300 locations, making it the second-largest hoagie sandwich chain in the U.S. behind Subway. It's now the largest public chain in the category. The company reported net income of $55 million on total revenue of $724 million last year. Its same-store sales increased 3% over the same period. The metric tracks sales growth at restaurants open at least a year. Broadly, diners are eating out less often or seeking deals to save money, and the restaurant industry has seen traffic and sales soften. But Jersey Mike's has largely bucked the trend, and its high average unit volumes and asset-light franchise model made the stock attractive to investors. CEO Charlie Morrison told CNBC that Jersey Mike's customer base typically skews "a little higher income," insulating the chain from some of the pullback in consumer spending. "We're seeing the consumer come back," Morrison said. "We've seen positive transition growth. In fact, most of our same-store sales growth this year to date has been driven primarily by transaction growth." Jersey Mike's successful IPO is a positive harbinger for other consumer companies looking to go public. Rival restaurant company Inspire Brands, which counts Dunkin' and Jimmy John's among its brands, has confidentially filed for an initial public offering and could easily snatch Jersey Mike's title for biggest-ever restaurant IPO. Clothing company Reformation made its public market debut on Thursday; the retailer priced shares at $15, on the low end of its expected range of $15 to $17. Its shares closed up less than 1%. Jersey Mike's founder, Peter Cancro, began working at a Jersey Shore sandwich shop at age 14 in 1971. Four years later, he pulled together enough money to buy Mike's Subs. Cancro later changed the name and began franchising the chain. Today, franchisees operate 99.2% of Jersey Mike's locations. In late 2024, Jersey Mike's announced that Blackstone had bought a majority stake reportedly valued at around $8 billion including debt.

Jersey Mike's stock falls 6% in public market debut after pricing shares at $23