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Europe
The Guardian

South Korean stock market at three-month low as AI sell-off intensifies

Analysts attributed the sell-off to renewed worries over AI investment spending. Photograph: Ying Tang/NurPhoto/ShutterstockView image in fullscreenAnalysts attributed the sell-off to renewed worries over AI investment spending. Photograph: Ying Tang/NurPhoto/ShutterstockStock marketsSouth Korean stock market at three-month low as AI sell-off intensifiesSamsung and SK Hynix fall by more than 10% amid renewed fears over AI spending and Chinese competition The sell-off in AI stocks has intensified, driving South Korea’s stock market down to its lowest level in three months. Investors continued to ditch chip stocks on Tuesday, amid rising concerns about the huge amount of borrowing among AI companies to fund their datacentre expansion plans. The South Korean semiconductor companies SK Hynix and Samsung Electronics fell by more than 10%, dragging the country’s Kospi share index down by 11.5% to its lowest point since mid-April. US chip stocks extended their recent losses when Wall Street opened on Tuesday, with Intel, Advanced Micro Devices, Sandisk, Western Digital Corp and Seagate Technology all down by more than 4%. The Nasdaq 100 index of leading tech stocks fell by as much as 1.8% at one point, briefly taken into market correction territory with stocks more than 10% below their early June record high. They later rebounded to settle roughly flat on the day. Apple bucked the trend, rising to briefly become the second ever company to pass the $5tn (£3.76tn) valuation mark as investors losing confidence in AI stocks sought a safe haven. Analysts attributed the tech sell-off to renewed worries over AI investment spending, and competition from cheaper Chinese companies, after a report by The Information that China had begun mass production of homegrown deep ultraviolet (DUV) chip-making tools. “We believe the market was likely spooked by the progress of China’s chip-making equipment capabilities, and was worried that this progress would threaten the competitive position of global chip making and chip equipment leaders,” said Jing Jie Yu, an equity analyst at Morningstar, adding that the sell-off was “largely a kneejerk reaction and overdone”. On Monday, shares in the Chinese memory chip maker CXMT rose by 466% when it floated on the Shanghai stock exchange, underlining China’s drive to create its own AI supply chain. Investors may also be growing jittery about the “circular funding” at the heart of the AI industry, through which artificial intelligence firms finance one another. On Monday, the Wall Street Journal reported that Nvidia was in discussions with OpenAI about providing $250bn (£188bn) for a massive datacentre project in Ohio. Backing from Nvidia, which has an investment grade credit rating, could make it less expensive to raise funding for the project.

South Korean stock market at three-month low as AI sell-off intensifies
Europe
BBC Business

Burnham says nuclear sub investment will protect UK and boost jobs

Speaking ahead of a visit to Barrow-in-Furness, where four new Dreadnought-class submarines are being built, the prime minister said: "Security is not only about what we build, it is about who builds it, and who benefits from it." The project to replace existing nuclear submarines will receive £8.4bn to support progress towards getting the new vessels ready for service. Conservative shadow defence secretary James Cartlidge welcomed progress on the submarine programme but accused Burnham of "failing to commit" to fully funding defence. Burnham has said he wants to honour the UK's commitments on defence spending - including meeting a Nato target of spending 3.5% of national income by 2035. Both he and his new Chancellor, John Healey, face the tricky task of finding the extra money needed to fulfil the pledge. The Dreadnought-class submarines will replace the UK's four Vanguard-class vessels that have been in operation since 1992, carrying Trident missiles to provide a nuclear deterrent. Those Vanguard submarines are due to be retired in the 2030s, with the Dreadnoughts entering service at the same time. The project has taken 20 years to get to this stage and was first announced in 2006 by the then Labour Prime Minister, Tony Blair. A decade later, in 2016, MPs formally approved building the new submarines. Thursday's announcement of £8.4bn marks the start of what has been called the fourth phase of the project. The spending was already planned, and was included in the Defence Investment Plan, published in the final days of Sir Keir Starmer's government. The plan set out £63.6bn over the next four years for what is called the Defence Nuclear Enterprise. The bulk of the money (£47bn) will go on keeping the nuclear submarines in operation, continuing with the Dreadnoughts, starting work on what might replace them in 30 years' time, and constructing several other new submarines and upgrading the UK's naval docks and manufacturing facilities.

Burnham says nuclear sub investment will protect UK and boost jobs
Asia
The Hindu BusinessLine

E20 petrol can reduce fuel economy by 2-6 pc: Nitin Gadkari

Petrol blended with 20 per cent ethanol (E20) can reduce fuel economy by 2 to 6 per cent depending on the vehicle category and vintage, Road Transport and Highways Minister Nitin Gadkari informed Parliament on Thursday. The Union Minister, however, argued that tests for engine durability on a dynamometer and on-road vehicle tests have not shown any failures due to E20. In a written reply to the Lok Sabha, Gadkari said E20 fuel provides better acceleration, improved ride quality and approximately 30 per cent lower carbon emissions compared to E10 fuel. He said the study comprised of standard testing as per the respective certification requirements & customized test protocols developed along with the Original Equipment Manufacturers (OEMs). "The fuel efficiency of vehicles may be reduced by 2 to 6 per cent depending on the vehicle category and vintage. The tests for engine durability on a dynamometer and vehicle tests on road have not shown any failures due to E20," the minister said. The rollout of E20 petrol (80 per cent petrol, 20 per cent ethanol) has drawn criticism from opposition parties and some consumer groups, who have raised concerns about its impact on older vehicles not specifically designed for 20 per cent ethanol blends. Critics have questioned whether all vehicles are fully compatible with E20, flagged the possibility of reduced fuel efficiency and higher maintenance costs, and sought clarity on liability if engine or fuel-system problems arise. The government has maintained that the transition has been phased and backed by extensive testing, while automobile manufacturers have said they continue to honour warranty claims for vehicles using E20 fuel. Opposition parties have repeatedly sought greater transparency on vehicle compatibility and consumer safeguards. The minister explained that the Ethanol blended petrol (EBP) programme has been implemented through a phased, scientifically validated and consultative process involving NITI Aayog, automobile manufacturers, Oil Marketing Companies (OMCs), Automotive Research Association of India (ARAI), Society of Indian Automobile Manufacturers (SIAM), Indian Institute of Petroleum (IIP) and other technical institutions. In India, he said the ethanol blended petrol (EBP) programme commenced with a pilot in 2001, E5 was introduced in 2006, and although blending remained around 1.53 per cent in 2013-14, it has since been increased progressively in a calibrated manner after creating the necessary production capacity, infrastructure and regulatory framework. According to him, E15+ blended petrol has been in widespread use for over three-and-a- a-half years and E19-E20 fuel for over two-and-a-half years. Gadkari noted that more than 20 crore two-wheelers and over 3 crore petrol cars have been operating on these blends without any verified evidence of widespread engine failure or vehicle breakdown attributable to ethanol blending.

E20 petrol can reduce fuel economy by 2-6 pc: Nitin Gadkari
Asia
The Hindu BusinessLine

India issues new guidelines for private space firms, sets 1-in-10,000 casualty rate

The Indian National Space Promotion and Authorisation Centre (IN-SPACe) in its new guidelines has stated that private space companies must limit the casualty risk of any planned space object re-entry to less than 1 in 10,000. IN-SPACe, the single-window agency for all space-sector activities undertaken by private entities, has also mandated that any Indian entity planning the re-entry of a space object, whether within or outside Indian territory, needs its authorisation. The new guidelines, 'Norms, Guidelines and Procedures for Implementation of Indian Space Policy-2023 in respect of Authorisation for Undertaking Planned Re-entry of Space Objects', were issued on July 23 and made public on Wednesday. "Non-Indian entities intending to undertake 'Planned Re-entry' of their Space Object within Indian territory shall seek IN-SPACe authorisation only through Indian incorporated entities," said the new guidelines. It stated that companies must carry out re-entry activities at their own risk and peril and must not expose the Indian government to any liability. Therefore, companies should obtain adequate insurance, including mandatory third-party liability insurance, to cover all such risks and eventualities if IN-SPACe prescribes or requires it at the time of authorisation. It also stated that companies must specifically declare their intention to re-enter their space object when seeking authorisation, if a re-entry is planned. It stated that if a company decides to conduct a re-entry after the launch without prior flagging, it must apply for authorisation six months before the manoeuvre. 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.

India issues new guidelines for private space firms, sets 1-in-10,000 casualty rate
Asia
The Hindu BusinessLine

Ethanol manufacturing: The ₹1,000 crore rice scam explained | Trending Commodity Picks | EP 108

An alleged rice diversion scam linked to India’s ethanol programme has triggered investigations across Madhya Pradesh and Uttar Pradesh. How was subsidised rice meant for ethanol production allegedly diverted, and why is there a dispute over the scam’s actual value? This video explains the allegations, the ongoing SIT probe, government action, and what it means for the ethanol sector. 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.

Ethanol manufacturing: The ₹1,000 crore rice scam explained | Trending Commodity Picks | EP 108
North America
Yahoo Finance

Nasdaq, S&P 500, Dow Futures Rise As Iran Pause Eases Oil Fears Ahead Of Big Tech Earnings, Fed Meeting: ORCL, NVDA, VG, DEL In Focus

U.S. stock futures moved higher in overnight trading on Sunday after the United States and Iran paused military strikes over the weekend, sending oil prices sharply lower. Investors also turned their attention to a busy week ahead, with earnings from four “Magnificent Seven” companies and the Federal Reserve’s July policy meeting expected to drive market sentiment. U.S. stock markets ended mixed on Friday, with the Nasdaq Composite declining 0.64% at close, while the S&P 500 and the Dow Jones Industrial Average closed up 0.05% and 0.46% higher, respectively. All three major indexes clocked declines as the conflict between the U.S. and Iran increased oil prices and dragged markets lower. The Nasdaq led the declines, falling more than 2% last week, while the S&P 500 and Dow indexes fell about 0.61% and 0.38%, respectively. While the Nasdaq and S&P 500 declined for a second consecutive week, the Dow notched a third streak of declines. Investors will be watching capital spending plans closely as concerns over heavy AI spending resurfaced after Alphabet Inc.'s (GOOG, GOOGL) results last week, stoking concerns about whether the increasing spending can translate into meaningful growth. The earnings updates could also set the tone for semiconductor stocks, which have been among the biggest beneficiaries of the AI investment boom. For context, the VanEck Semiconductor ETF (SMH) and the iShares Semiconductor ETF (SOXX) have gained two out of four weeks this quarter. Meanwhile, oil prices are on the decline overnight following a week of steep climbs, with Brent crude prices topping $100 a barrel last week. Over the weekend, Iran has reportedly said it will pause its own ​attacks against the U.S. as long as the American military does the same. U.S. Ambassador to the United Nations Mike Waltz told the media on Sunday that U.S. President Donald Trump has decided to pause U.S. strikes on Iran to provide additional time for diplomatic efforts. Brett Erickson, managing principal at Obsidian Risk Advisors, however, warned on X that “Trump in no way is indicating that he’s close to accepting reality and agreeing to a deal that is realistic AND seeing it through. There is a huge difference between ‘not recklessly escalating’ and ‘making the necessary concessions to end the war’.” Meanwhile, on the economic front, personal consumption expenditures price index for June, and second-quarter gross domestic product growth are expected from the Bureau of Economic Analysis. Additionally, the Federal Reserve is scheduled to meet later this week to decide on its July policy. According to the CME FedWatch tool, the probability of a rate hike in the session is at 36.3%, up from 12.8% a week ago. Oracle Corp. (ORCL): Shares of the hyperscaler jumped onto the retail radar amid reports that Nvidia Corp. (NVDA) is in conversation to provide a roughly $250 billion backstop for OpenAI as part of a massive data-center project. Oracle has a major AI infrastructure partnership with OpenAI.

Nasdaq, S&P 500, Dow Futures Rise As Iran Pause Eases Oil Fears Ahead Of Big Tech Earnings, Fed Meeting: ORCL, NVDA, VG, DEL In Focus
Europe
BBC Business

Shein swings to $99m loss as Trump tariffs hit sales

Image source, In Pictures via Getty ImagesByPeter HoskinsBusiness reporterPublished1 hour agoShein says it swung to a quarterly loss as its sales slowed after US President Donald Trump removed an import duty exemption on small packages. It also comes as uncertainty remains over the tit-for-tat US-China tariffs wars, which is currently paused. The fast-fashion giant, which has its headquarters in Singapore but was founded in China, said it lost $99m (£74.1m) in the first three months of the year, compared with a net income of $395m a year earlier. The announcement is part of the firm's preparations ahead of its stock market debut in Hong Kong, although the filing did not give any details on the size, timetable or pricing of the planned initial public offering (IPO). "In response to the increased duties and taxes, we are pursuing a wide range of options, including increasing our prices in the US market to offset a portion of the increased costs," Shein said in the filing. The company also said the Iran war had hit demand, increased costs and caused delays of deliveries in some markets. The first-quarter figures also partly reflected a paper loss of $328m due to an accounting change for special investor shares. The shares can be turned into ordinary stock later, and their value can change before a listing. The filing showed that in the year to the end of March 2026 Shein had 281 million active customers - a rise of more than 16% on a year earlier - who placed a total of more than one billion orders. On 10 July, the China Securities Regulatory Commission (CSRC) gave Shein approval for a Hong Kong share sale after failed attempts to list in New York and London. The figures show the impact of a Trump-signed executive order to end a global tariff exemption that had been used by US shoppers of low-cost goods. That order, which came into effect on 29 August 2025, broadened an earlier presidential action which specifically targeted cheap products from China and Hong Kong to cover the rest of the world. The so-called de minimis exemption had allowed goods valued at $800 or less to enter the US without paying any tariffs. US consumers relied on the exemption to buy cheap goods from online commerce sites like Shein and Temu.

Shein swings to $99m loss as Trump tariffs hit sales
Europe
BBC Business

I dropped out of university and built five beauty businesses. Here's how I did it

The name Marcia Kilgore might not be instantly recognisable but her Beauty Pie brand is known the world over for being an industry game-changer with its online-only subscription model. Before founding Beauty Pie in 2016, Kilgore had built other brands including luxury day spa Bliss, make-up and skincare range Soap & Glory and footwear brand FitFlop. Here the 57-year-old serial entrepreneur shares her story and the five secrets to success she learned along the way. Kilgore didn't always know she wanted to be an entrepreneur but growing up she saw first-hand the stress that financial insecurity could cause. "I remember deciding at eight-years-old that when I was my parents' age, I would never want to be stressed about my electric bill," she says. That desire shaped her approach to work and risk. "I knew that working for other people wouldn't necessarily give me the freedom I wanted and at least when you are an entrepreneur, the risk is your own." She didn't begin with a grand business plan - she moved from Canada to New York to study at Columbia University and her tuition plan fell through so she had to get a job to support herself. "You can't sit around thinking: 'What am I going to do? You have to survive. I knew I had to use the skills I had to support myself and then I would figure it out." She started working as a personal trainer and taking beauty classes in the evening. "What ended up transpiring was that I was quite good at the beauty industry job," she says and eventually she dropped out of university to pursue a career in it. Working in her salon, Kilgore says she was involved in every aspect of the business from the laundry, to performing treatments and training staff. She says that practical experience was invaluable when she later opened Bliss Spa in London in the 1990s.

I dropped out of university and built five beauty businesses. Here's how I did it
North America
CNBC Finance

Audi continues U.S. product push with three-row Q9 SUV

It is the first so-named vehicle for Audi and the latest in a product push aimed at the heart of the American market, where the brand has struggled over the past several quarters. The three-row Q9 and a high-performance SQ9 variant will together be the brand's flagship U.S. model, joining two other SUVs Audi has already unveiled this year — the compact Q3 and midsize Q7 SUVs, which were revealed in March and June, respectively. Filip Brabec, Audi of America senior vice president of product management, said the Q9 was made primarily with the U.S. consumer in mind. The consideration extended to the six and eight-cylinder engines and large cupholders. "If you look at our recent introductions, whether it is the Q3, whether it is this car, it really plays right into the center of what's happening in America," Brabec said at the vehicle reveal in New York on Tuesday. "SUVs keep growing. It's over 80% of the of the premium space, and we have absolute top contenders in each and every part of those segments." The Q9 starts at $89,095 and the SQ9 at $119,395, competing in one of the most profitable, but crowded segments in the U.S. market. "It represents the most lavish luxury car that we have in this space," Brabec said. The vehicle is 209 inches long end to end and 86.8 inches wide when measuring from the outer edges of the sideview mirrors. It's slightly longer than both the Mercedes GLS and the BMW X7 and is large enough to fit adults in the third row. In a press conference before the reveal, Brabec said the Q9 focused on three key areas: performance, space and technology. Both versions have powertrains selected to suit American tastes. The Q9 comes with a 2.9-liter V6 engine with 429 horsepower and a 4.9 second 0-60 mph acceleration time, according to Audi. The sportier SQ9 is powered by a 4.0 liter V8 with 591 horsepower, 590 foot-pounds of torque, and a 3.8 second 0-60 mph time. It also has a number of new features, including "matrix adaptive beam" headlights, which have been available in Europe and elsewhere for roughly a decade but have only recently been allowed in the U.S., according to the company. The lights are made of a cluster of tiny LEDS which can shape headlight beams in ways that reduce or eliminate glare for oncoming drivers, according to Audi. The Q9 also comes with a ChatGPT-powered voice assistant and a driver assist system that offers a hands-free function. It also has the largest moonroof Audi as ever put on a vehicle. "This one's going to have some real decadent features, I would almost say, like power opening doors and crazy interior materials, even by Audi standards," said Karl Brauer, executive analyst for iSeeCars.

Audi continues U.S. product push with three-row Q9 SUV