Latest Developments

North America
CNBC Finance

Retailer Reformation closes flat in NYSE debut as CEO says company is 'ready to scale'

Women's clothing retailer Reformation began trading on the New York Stock Exchange on Thursday, with the stock ending the day essentially unchanged after pricing its IPO at $15. The company, which is trading under the ticker symbol "REF," is offering 14,062,500 shares, putting its IPO raise at $210.9 million. "Reformation is ready, and that is really the driving reason we've spent a lot of time working to build a business that redefines retail, really innovates on what the role of a brand is in the fashion space, and we've done a great job at that," CEO Hali Borenstein told CNBC on Thursday. "Today, we have a foundation that is ready to scale." It joins just a handful of consumer and retail companies that have gone public this year amid a slump in IPOs since the 2021 boom. Reformation went public the same day as sandwich chain Jersey Mike's, which also listed on the NYSE. According to its S-1 fact sheet, Reformation has seen 20 consecutive quarters of double-digit net revenue growth through the first quarter of 2026. Its net revenue for the full year 2025 came in at $507.1 million, and net income was $12.6 million, including the impact of President Donald Trump's tariffs. As of the first quarter of 2026, the company owns 70 stores across the U.S., UK, Canada and France. "We believe we will continue to benefit from operating within the highly fragmented fashion industry, and that we are well positioned to capitalize on growing global demand for sustainable fashion," the company wrote in its S-1 filing. Borenstein said Reformation's focus in its next phase of growth is to increase its distribution with more stores, accelerate its e-commerce business, invest in category diversification and expand overseas. She added that the retailer is seeing "really strong double-digit growth" across the U.S., with 70% of its revenue coming from outside of New York and California. Reformation also said it saw more than 1 million active customers across its direct-to-consumer channel in 2025. The majority of its customers, 70%, are aged between 25 and 50 years old. Borenstein told CNBC's "Morning Call" that the company's customer base is diverse, with 20% of new customers last year under the age of 25 and 20% over the age of 50. She added that the company's average consumer makes over $100,000 in a year, making it more insulated from macroeconomic pressures hitting other retailers.

Retailer Reformation closes flat in NYSE debut as CEO says company is 'ready to scale'
North America
CNBC Finance

UEFA threatens World Cup boycott over FIFA private equity investment plan

European soccer governing body UEFA said Thursday it will boycott FIFA competitions including the World Cup if the global organization goes through with its proposal to sell a stake to private investors. Following an emergency meeting, UEFA, which represents 55 of FIFA's 211 member associations, called it "irresponsible and indefensible" for FIFA leadership to bring forth such a proposal without seeking feedback from the countries that make up the organization. On Tuesday, FIFA announced a plan to sell a 20% stake in a new entity it calls FIFA Forward Enterprise that would take over all commercial and event operations. FIFA said FFE would raise up to $4.2 billion from third party investors. The move championed by FIFA President Gianni Infantino has drawn backlash across the sport. The proposed deal has also sparked fresh scrutiny of Infantino's relationship with President Donald Trump. Thrive Eternal, a private equity firm founded by Joshua Kushner, the brother of Trump's son-in-law Jared Kushner, is "expected to lead the proposed investor group for FFE," FIFA said when it announced the deal. In a statement, UEFA said its member nations would boycott FIFA competitions unless the organization canceled the plan for good. UEFA said "football's future cannot be dictated" by stakeholders seeking financial gain. "As a result of today's discussion, no UEFA national teams will participate in any FIFA competition for so long as these proposals remain alive, unless this proposal has been abandoned in its entirety and binding assurances have been given that FIFA will never again open its governance or competitions to private ownership," the statement read. Concacaf, which runs soccer in North and Central America and the Caribbean, said on Thursday that it also held an emergency meeting with its 41 member associations and rejected FIFA's proposal. "The discussion reinforced the need for greater transparency and proper governance," the organization said in a statement. In response to the fallout, Infantino appeared in a video on Wednesday reassuring fans that the "beautiful game, and sport they watch and love will not change." He added that the proposal is "a golden opportunity to turbocharge the development of the game globally." Infantino also said that the proposal is "simply a choice for our members" and not an obligation. 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.

UEFA threatens World Cup boycott over FIFA private equity investment plan
Asia
The Hindu BusinessLine

Q1 Results Today Live: Vodafone Idea, Bosch, Lloyds Metals, Bharat Forge, Gland Pharma, Zee Entertainment, Hindustan Copper, KEC International to announce Q1 results, Sky Gold, Dynamatic Tech, Quality Power, Anant Raj shares gain after Q1, Kaynes Tech, Ola, Oswal Pumps, Jamna Auto, Apollo Micro shares in red

Two investors are working together with analyzing the stock data graphs in the paper and viewing the data on the laptop screen. istock photo for BL | Photo Credit: wutwhanfoto The company reported a revenue growth of 38.2% YoY to Rs.19,405mn (+1.6% QoQ), ahead of estimates, supported by continued scale-up in operations and contribution from acquisitions. Gross margins for the quarter expanded by 108bps YoY to 11.4%, resulting in an OPM expansion of 144bps YoY (49bps QoQ) to 5.0%. *This marks another quarter of sustained margin improvement, reflecting better operating leverage and an improving business mix.* - Mrs Bectors reported a better-than-expected Q1FY27 performance, with healthy growth across both biscuits and bakery. - The biscuit business delivered strong growth, supported by a recovery in exports, while the bakery business continued to benefit from improving QSR/B2B demand. - Going ahead, distribution expansion, increased brand investments and premiumisation are expected to drive domestic growth, with the company targeting 40,000 incremental billed outlets. Revenue: Rs 5.1bn, +13% y/y; led by 14% y/y growth in Europe and 32% y/y growth in America revenue. EBITDA: Rs 370mn, +3% y/y; Margins: 7.2%; -71bps y/y; Margins deteriorated further due to high RM cost and poor margins at overseas subsidiaries EBITDA: Rs 292mn, -16% y/y; Margin: 10%; -290bps y/y; margins deteriorated due to high RM cost. Sensex opened flat at 78,501.59 and traded 72.66 pts or 0.09% positive at 78,571.83 at 9.17 am; Nifty 50 was up 12.85 pts or 0.05% at 24,583.50 after opening at 24,581.25. 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.

Q1 Results Today Live: Vodafone Idea, Bosch, Lloyds Metals, Bharat Forge, Gland Pharma, Zee Entertainment, Hindustan Copper, KEC International to announce Q1 results, Sky Gold, Dynamatic Tech, Quality Power, Anant Raj shares gain after Q1, Kaynes Tech, Ola, Oswal Pumps, Jamna Auto, Apollo Micro shares in red
Asia
The Hindu BusinessLine

Lok Sabha to take up introduction of four key bills, including Tribunals Reforms Bill today

The Lok Sabha is scheduled to take up the introduction of several key bills on Monday, including the Tribunals Reforms Bill, 2026, the Mines and Minerals (Development and Regulation) Amendment Bill, 2026, the Kerala (Alteration of Name) Bill, 2026, and the National Co-operative Development Corporation (Amendment) Bill, 2026. As per the list of business, the Tribunals Reforms Bill, 2026, will be introduced by Union Minister Arjun Ram Meghwal. The Bill seeks to improve the functioning of tribunals and ensure transparency and uniformity in the appointment and service conditions of tribunal members. It also proposes setting up a National Tribunals Commission. The House will also take up the Mines and Minerals (Development and Regulation) Amendment Bill, 2026. Union Minister G Kishan Reddy will move for leave to introduce the Bill, which seeks to further amend the Mines and Minerals (Development and Regulation) Act, 1957. Union Home Minister Amit Shah is scheduled to introduce the Kerala (Alteration of Name) Bill, 2026, which seeks to change the name of the state of Kerala. He will also move to introduce the National Co-operative Development Corporation (Amendment) Bill, 2026, which seeks to amend the National Co-operative Development Corporation Act, 1962. The House will also receive reports from several standing committees, including those on Finance, Railways, Housing and Urban Affairs, and Social Justice and Empowerment. The Finance Committee will present reports on issues including the role of the Competition Commission of India in the digital economy, the performance of the National Statistical Commission and demands for grants for 2026-27. The Railways Committee will present reports on freight earnings and Dedicated Freight Corridors, as well as demands for grants for the Railways Ministry. It will also table a statement on government action regarding recommendations related to the construction and maintenance of rail tunnels and bridges. 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.

Lok Sabha to take up introduction of four key bills, including Tribunals Reforms Bill today
Asia
The Hindu BusinessLine

What is Unitree and why are China’s humanoid robot makers racing to list?

Chinese robot ‌maker Unitree has priced its Shanghai initial public offering ​at 150.8 yuan per share, with subscriptions to start on ⁠Monday, as it seeks to raise 6.1 billion yuan ($904 million) in a deal that would see it become the first mainland-listed humanoid robot manufacturer. Below are ‌some facts about Unitree, and why it is leading several Chinese robotics companies towards public listings. Founded in ‌2016 by engineer Wang Xingxing, Hangzhou-based Unitree first became known ‌for ⁠relatively inexpensive quadruped robots — or robot dogs. Its G1, H1 and ⁠R1 humanoids have gone on to attract global attention through viral demonstrations showing them running, dancing and performing martial arts. The company competes with Tesla, Boston Dynamics and a ​growing field of Chinese start-ups seeking ‌to build machines that can eventually work in factories and homes. Unitree's revenue rose more than fourfold to nearly 1.7 billion yuan in 2025. Unlike many humanoid startups, it is profitable, reporting adjusted net ‌profit of about 600 million yuan. Its overseas revenue accounted ​for more than 40% of sales during each of the reporting periods disclosed in its prospectus. Unitree ⁠has shown that China can manufacture sophisticated robots at prices far below many overseas competitors, drawing on the country's extensive supply chains for motors, ‌sensors, batteries and other components. It has also become a symbol of Beijing's drive to dominate embodied intelligence, an emerging field that combines AI models with machines capable of navigating and interacting with the physical world. But its commercial success does not yet prove humanoids can replace workers. Current demand mostly stems from universities and government-backed projects using robots ‌for education, research and demonstrations. Humanoids still struggle with reliability, dexterity and performing varied tasks ​for long periods without human intervention. Developing humanoids requires heavy spending on engineers, robot-training data, ⁠AI models and manufacturing capacity — years before demand from factories or households is ⁠certain. Therefore, public markets offer companies the capital to keep developing their technology while government support and investor interest remain strong. Leju ‌Robotics, which makes the Kuavo humanoid, filed an application in May to list on Shenzhen's ChiNext market. Shanghai-based AgiBot, another leading humanoid ​producer, began preparations for a Hong Kong IPO in July. 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.

What is Unitree and why are China’s humanoid robot makers racing to list?
North America
CNBC Finance

How NBCUniversal's deal with YouTube could jump-start the next chapter of the streaming wars

NBCUniversal's announcement this week that it's struck a content deal with YouTube Premium could jump-start a new chapter of the streaming wars — one that could be titled, "Aggregation." Under the agreement, which starts early next year, YouTube Premium subscribers in the U.S. will get Peacock Premium baked into their subscription. Peacock content, including wildly popular shows like "Love Island USA" and the Real Housewives franchise, will be available directly via YouTube — as will NBC's portfolio of live sports like the NFL and NBA. At launch, YouTube Premium's $15.99-per-month price won't change. Customers will get Peacock Premium content for no additional charge. YouTube Premium — the platform's subscription, ad-free video product — is separate from YouTube TV, its bundle of live TV networks. The company says there are 125 million global users of YouTube Premium. It doesn't break out U.S. subscribers. The deal cements a new strategy for NBCUniversal — agreeing to a streaming wholesale deal with a distribution partner that ingests Peacock content. NBCU did a similar deal with Apple TV late last year, but that bundle required customers to opt into the offering, at a cost of $14.99 per month as opposed to $12.99 per month just for Apple TV. The YouTube deal allows its existing subscriber base to get access to all Peacock content instantly without paying any more money. NBCU's decision to allow Peacock content to appear on other streaming services could serve as a template for other media companies. "Other strategies are a little more walled gardens," Comcast co-CEO Mike Cavanagh said during the company's earnings conference call last week, referring to other media companies. "Our approach is to build great businesses that serve our own platforms, but look for opportunities to partner." The point of the deal for NBCU, which is set be to spun off as a separate publicly traded company from Comcast next year, is to get Peacock in front of more eyeballs. There's a large, younger audience that spends most of its "TV" time on YouTube. Now these people can stumble upon NBCU programming in their viewing ecosystem of choice — translating into more advertising revenue. For YouTube, the deal means a more robust subscription offering in Premium. This may help YouTube in its quest to buy more live sports rights. The company lost out to Netflix to stream several live NFL games earlier this year. Still, it remains to be seen how quickly NBCU will strike deals with other platforms. The risk in striking these sorts of deals is the potential to cannibalize a company's own subscriber base by making the content available elsewhere. NBCU executives felt YouTube offered the right deal economics to assuage those concerns, according to people familiar with the matter. The NBCU-YouTube deal could help set a precedent for future streaming distribution deals. Both Netflix and Disney are considering striking wholesale deals with other media companies to bring fresh content onto their streaming services, according to public comments and media reports.

How NBCUniversal's deal with YouTube could jump-start the next chapter of the streaming wars
Europe
BBC Business

US and Japan take action to prop up yen in rare joint move

Japan and the US have confirmed that they jointly intervened last week to halt a slide in the yen after it weakened to a fresh 40-year low. The joint intervention is the first since 2011, when both countries took coordinated action to weaken the yen after the devastating earthquake and tsunami that hit eastern Japan. Both Japan's finance ministry and US Treasury Secretary Scott Bessent have said that they will not hesitate to conduct joint interventions in the future. It highlights both countries' efforts to prevent a sell-off in the yen and Japanese government bonds from having an impact on the global economy, including potentially helping to push up borrowing costs for Washington. "The United States agreed to participate in the coordinated intervention because it serves its national interests by offering the prospect of significant benefits at a low cost," Shigeto Nagai, head of Japan economics at Oxford Economics told the BBC. The two countries are expected to continue to intervene "intermittently in a coordinated manner for some time", he added. "Even if the actual amount of intervention is not particularly large, the prolonged sense of vigilance regarding intervention will be effective in deterring speculators." The yen is historically weak mainly due to Japan having much lower central bank interest rates than other major economies like the US. That makes the Japanese currency less attractive to international investors. The Bank of Japan last raised interest rates in June, as it increased its main rate to 1% - the highest level since September 1995. In comparison, the US Federal Reserve's benchmark rate is in a range of 3.50% to 3.75%. Japan also faces a decades-long slide in its working-age population, low productivity and a heavy reliance on energy imports that are priced in US dollars. On Monday, Japan's finance ministry said Friday's intervention with the US Treasury Department "countered excessive volatility and disorderly movements in the Japanese yen in recent months". The "coordinated foreign exchange actions countered disorderly yen movements," Bessent said in a social media post.

US and Japan take action to prop up yen in rare joint move
North America
CNBC Finance

Cyclospora outbreak tied to Taco Bell will steal the spotlight from Yum Brands' earnings

Yum Brands is expected to report its second-quarter earnings before the bell on Thursday, but executives will likely face more questions about how the cyclosporiasis outbreak tied to Taco Bell is hitting its business during the current reporting period. Since the Food and Drug Administration first linked the parasitic outbreak to lettuce served by Taco Bell, daily traffic to the chain's locations has plunged by double digits, according to Placer.ai data. Shares of Yum have fallen 5% over the same period, dragging the company's market value down to about $42 billion. The outbreak has sickened at least 1,947 people, with 98 hospitalizations and no deaths reported as of Friday, according to the Centers for Disease Control and Prevention. Federal health agencies have named iceberg lettuce supplied by Taylor Farms as the likely culprit. For Yum, Taco Bell's plummeting traffic is a bigger deal than just a brand struggling. The restaurant giant counts Taco Bell as one of its "twin growth engines," counting on it to power its earnings and revenue along with KFC's international business. The Mexican-inspired chain has long been the gem of Yum's portfolio, with a passionate fan base and strong same-store sales growth every quarter, even as diners have become more value conscious. Besides Taco Bell and KFC, Yum owns Habit Burger & Grill. While KFC's international business is booming, its domestic sales have slipped so much that the company no longer breaks out the fried chicken chain's U.S. sales. Habit Burger & Grill, a more recent acquisition, is much smaller with fewer than 400 locations, and is rarely spoken about on the company's earnings calls. Yum also recently divested Pizza Hut, a key piece of its portfolio that had also been struggling for more than a decade. The divestiture means even more attention is on Taco Bell, at the exact wrong moment. For the second quarter, Wall Street is projecting that Yum will report earnings of $1.58 per share on revenue of $2.2 billion, based on a survey of analysts by LSEG. Taco Bell is expected to report same-store sales growth of 7% for the quarter, which ended more than a month before the FDA linked the chain to the outbreak. But Wall Street now expects that Taco Bell and its parent company will see a tougher stretch in the back half of the year. "We think the recent outbreak likely has minimal impact on Taco Bell's Q2 results, though debate around impact on Q3 and beyond is the key driver of the stock recently," RBC Capital Markets analyst Logan Reich wrote in a note to clients on July 21. "We lower our Q3 and Q4 [Taco Bell] estimates as a result, however given the recent selloff in shares, this may create an opportunity to the degree that consumer confidence in TB's food safety is not materially impaired beyond this outbreak." Between June 30 and Tuesday, seven industry analysts revised their expectations for Yum's full-year earnings per share downward, according to a Factset survey of consensus estimates.

Cyclospora outbreak tied to Taco Bell will steal the spotlight from Yum Brands' earnings
Europe
BBC Business

The change that may help you get a mortgage as a first-time buyer

Image source, Getty ImagesByKevin PeacheyCost of living correspondentPublished4 hours agoIf you're working towards buying your first home you might feel like everything is stacked against you - but recent changes could help you get a mortgage. It hard to save for a deposit when the cost of living is so high, the average house price is nearly £300,000, external and interest rates on new mortgages are rising. However, a rule change and more flexible lending mean first-time buyers can now borrow up to six, or at the most, seven times what you earn in a year. This means mortgages will be within reach for more people but it is a shift that comes with some risk so here's what you need to know. Reckless mortgage lending was blamed for the financial crisis of 2008, which brought some banks to their knees and saw people lose their homes. In 2014, the business secretary of the time, Vince Cable, said he was appalled that some mortgage providers were lending five times a mortgage applicant's income, suggesting a stable level was up to 3.5 times. But house prices have risen significantly since, outstripping wage rises most of the time. So a bigger loan has become the only option for many potential buyers. Regulation limited how much lenders were able to lend - technically, only 15% of their new mortgages could be at higher than 4.5 times loan-to-income. Many of the big lenders played it very safe meaning they didn't get close to the limit. But those rules have been relaxed, external over the last year. Many lenders are offering bigger loans compared with your income, with niche lenders and building societies at the highest end. "The greater flexibility could mean that first time buyers that felt ownership was still out of reach may find that the amount they can borrow has changed markedly in a relatively short time," says David Hollingworth, of mortgage broker L&C. The idea of taking a big income stretch is not going to be for everyone, says Aaron Strutt, of broker Trinity Financial. "But it is tempting for many because it gives them the option to get out of renting or living with parents," he adds.

The change that may help you get a mortgage as a first-time buyer