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Asia
The Hindu BusinessLine

Apple suffers worst rout since 2025 on disappointing outlook

Apple Inc. suffered its worst stock decline in 16 months after component shortages weighed on the company’s sales forecast, signaling that industrywide supply constraints are taking a bigger toll than anticipated. Revenue will rise 9 per cent to 11 per cent in the fiscal fourth quarter, which runs through September, the company said on a post-earnings conference call Thursday. Analysts had estimated growth of more than 12% in the period, which is likely to be the debut quarter for the next iPhone models. Apple has been struggling to secure enough computer processors and counter fast-rising memory costs, a situation that forced the company to raise prices on Macs and iPads last month. The supply crunch has also led to extended wait times on key computers like the Mac mini and Mac Studio. On the call, Chief Executive Officer Tim Cook said constraints would affect more Macs, iPhones and iPads in the current quarter. Currency fluctuations are hampering growth as well. The disappointing forecast sent Apple shares down 7.4 per cent to $308.91 in New York on Friday, their biggest single-day drop since April 3, 2025. Cook likened the memory cost issue to a “100-year flood,” while adding that the chip shortages were fueled by higher-than-expected demand for the iPhone and Mac. He specifically cited consumer interest in the iPhone 17 line and MacBook Neo, a new low-cost laptop. Apple also said services growth would decelerate in the September quarter. And it warned of an impact from regulatory changes to its App Store business model in the European Union and elsewhere. New legislation allows developers to collect subscription payments directly, bypassing Apple’s fee. Gaming revenue was softer than anticipated, too. In addition, the tech giant’s results showed weaker-than-expected revenue in China and from services during the June quarter. China sales amounted to $18.8 billion, short of the $19.6 billion estimated by some analysts. Revenue from services grew a disappointing 12 per cent to $30.7 billion, compared with a $31.4 billion projection. That business includes Apple Music, the App Store, iCloud subscriptions, streaming video and other digital offerings. The quarter serves as a swan song of sorts for Cook, who will hand the reins to hardware head John Ternus on Sept. 1. Cook, Apple’s leader since 2011, diversified the product lineup and increased annual sales to nearly half a trillion dollars. The stock had been up 23% this year heading into the results, outpacing many tech peers. Apple had temporarily reclaimed its title as the world’s most valuable company in recent days — overtaking Nvidia Corp. — in part because it was seen as a safe haven from runaway AI spending. After briefly approaching the $5 trillion mark this month, the company’s current market value is now $4.5 trillion. The iPhone, Apple’s biggest moneymaker, was a bright spot last quarter. The product’s revenue rose 22 per cent to $54.3 billion during the period, topping estimates of $53.6 billion. The numbers suggest that demand remains solid for the iPhone 17 series launched last September. The company also rolled out a new low-end 17e model in March.

Apple suffers worst rout since 2025 on disappointing outlook
North America
CNBC Finance

Cyclospora outbreak tests RFK Jr.'s promise to overhaul food system, rebuild trust in CDC

Robert F. Kennedy Jr. took the helm of the U.S. Department of Health and Human Services last year promising to overhaul the U.S. food system and restore confidence in the agencies that oversee it. The secretary of the Department of Health and Human Services now faces one of his biggest tests yet, as the country tries to contain an outbreak – or potentially multiple outbreaks – of foodborne illness. Two months and thousands of cases of cyclosporiasis later, it looks like the nation's already fragile system is faltering. Experts have long said the U.S. is underprepared to rein in foodborne outbreaks. But after the Trump administration slashed key officials — from federal employees who investigate the source of illnesses to those who share information with the public — Kennedy appears to face an even more daunting task to contain the parasite and build trust in the administration's response. "It is difficult to quantify precisely, but it is clear that the cuts to federal funding over the past year or so have reduced our capacity to respond to outbreaks like this," said Craig Hedberg, co-director of the Minnesota Integrated Food Safety Center of Excellence. Kennedy earlier this week defended the handling of an outbreak of cyclosporiasis that has sickened at least 7,000 people in Michigan alone. (The official count from the Centers for Disease Control and Prevention, which has lagged behind state tallies, sits at nearly 4,200 cases). Kennedy said the ongoing outbreak of cyclosporiasis is "under control," contending criticisms that agency cuts have hampered the investigation are "invalid." The U.S. Food and Drug Administration and the Centers for Disease Control and Prevention have narrowed their focus to shredded iceberg lettuce from Taylor Farms, a produce supplier for a range of restaurants and grocers. The FDA over the weekend said lettuce from the company tested positive for cyclospora, the parasite that causes the explosive diarrhea. The agency later walked that back, saying it was a false positive. Donald Schaffner, chair of food science at Rutgers University, said he's never seen such a reversal before and called it a "pretty big screw up." Still, one former senior FDA food official said the agency was right to publicize the positive test because if it turned out to be a true positive, delaying the announcement could have caused more people to fall ill. And regardless of the test result, the agencies still see the lettuce as a likely culprit. The about face, and the confusion it created over whether regulators still suspected the Taylor Farms lettuce was tied to the outbreak, underscored the difficulty Kennedy faces in trying to restore public confidence. HHS spokesperson Emily Hilliard in a statement to CNBC said the FDA has been transparent with Taylor Farms throughout the investigation and the corrected lab result doesn't change the agency's findings. Former federal health officials and independent food safety experts say they see the cyclospora response as a prime example of a system that's long been underfunded and overstrained, leaving the U.S. vulnerable to these kinds of outbreaks. And they fear budget cuts, policy delays and personnel turnover are exacerbating an already delicate situation. In response, Hilliard said regulators have "mounted a robust, science-based response to this outbreak, working closely with health departments in all 50 states, rapidly identifying known sources, and ensuring Americans have the information they need to protect themselves." She added, "FDA and CDC continue working together to use every available public health tool to identify additional sources of the outbreak and inform swift public health action." Cyclospora is a parasite that's trickier to track than some other pathogens. Parasites don't grow outside the human body, making it harder to test for them and link cases to each other. Cyclospora tests are prone to false positives because the process for conducting them can sometimes make it look like there's a parasite in the sample when there's not, Schaffner said.

Cyclospora outbreak tests RFK Jr.'s promise to overhaul food system, rebuild trust in CDC
Europe
The Guardian

Trump imposes fresh tariffs on UK, EU and dozens of other trading partners

Donald Trump speaking at a rally in Marietta, Georgia, on Wednesday. Photograph: Bloomberg/Getty ImagesView image in fullscreenDonald Trump speaking at a rally in Marietta, Georgia, on Wednesday. Photograph: Bloomberg/Getty ImagesTrump tariffsTrump imposes fresh tariffs on UK, EU and dozens of other trading partnersNew tariffs will replace 10% global duty and come after US supreme court declared many of the earlier levies illegal Donald Trump has imposed a fresh round of tariffs on more than 80 countries to replace a 10% global duty that was due to expire, provoking a wave of criticism and protests from US allies and major trading partners. In the latest attempt to instate aggressive trade policies despite challenges from the US supreme court, the president has imposed tariffs of between 10% and 12.5% on dozens of countries, including the UK, Mexico, Canada, Australia, India, China and the 27 countries that make up the European Union. It in effect replaces the blanket 10% tariff that Trump imposed in February, right after the supreme court declared many of his earlier tariffs were illegal. The newest levies, announced late on Thursday by the US trade representative, Jamieson Greer, would fall under section 301 of the Trade Act of 1974, which is aimed against countries that engage in forced labor. Trump had said his administration would investigate unfair trading practices to impose permanent tariffs as soon as the February supreme court decision was announced. “The United States has had a forced labor import ban for nearly a century, and rigorously enforces it; it’s well past time for our trading partners to do the same,” Greer said in a statement. “I am encouraged by the trading partners who have moved quickly to adopt forced labor import prohibitions, and look forward to ensuring their effective enforcement.” View image in fullscreenDuring a heated exchange before US senators on Wednesday, Jamieson Greer appeared to claim Trump’s policies had not driven prices higher. Photograph: Annabelle Gordon/ReutersAustralia and Brazil described the new tariffs as unjustified and said they would seek to have them removed, while Norway’s foreign minister said there was no basis for the new tariffs. The EU foreign policy chief, Kaja Kallas, said the bloc would seek ​clarification from Washington, adding that it had honoured commitments under a transatlantic trade agreement reached last year and viewed ⁠the new tariffs as a shock. Canada, one of America’s largest trading partners, immediately responded that it “should not be targeted”, adding it was a leader against the practice of importing goods produced with forced labor. “If the intent is truly to address forced labour, the focus should be a coordinated approach through a multilateral mechanism,” Matthew Holmes, executive vice-president of the Canadian chamber of commerce, said in a statement. “The timing of this is somewhat suspect as previous rounds of tariffs sunset.” Trump had long viewed tariffs – border taxes levied on imports – as a core tool to protect American jobs and manufacturing, reduce trade deficits and reverse what he sees as “unfair” practices by US trading partners. Tariff, he has said many times, is “the most beautiful word in the dictionary”. View image in fullscreenTrump during his ‘liberation day’ tariff announcement in April 2025. Photograph: Kent Nishimura/EPAOnly Congress has the authority under the constitution to levy taxes. But last April, on what he declared was “liberation day”, Trump announced a baseline 10% tariff under the International Emergency Economic Powers Act, a trade law that grants the president the authority to regulate international transactions during a national emergency. That policy, however, suffered a damaging blow in February when the US supreme court ruled 6-3 that the ability to enact tariffs during peacetime still belongs to Congress. Trump immediately announced another 10% tariff regime under another trade law that had never been used before, which limited the tariffs to a period of 150 days. Those tariffs expired a minute past midnight on Friday morning US eastern time. The latest round of tariffs invoke section 301, which has long proved controversial and so far been used sparingly, according to a Brookings analysis of the law in March.

Trump imposes fresh tariffs on UK, EU and dozens of other trading partners
Europe
BBC Business

US imposes tariffs on dozens of trade partners over 'forced labour' imports

Image source, Getty ImagesByMichael Race, Francisco Velasquez, Reporting fromNew York, Jemma Crew and Osmond ChiaPublished23 July 2026Updated 1 hour agoThe US is imposing new tariffs on 60 trading partners, accounting for the vast majority of its imports, over claims they failed to properly stop forced labour. The duties, ranging from 10% to 12.5%, target key economic partners – including the UK, China, the European Union, Canada, Japan and India. They come into effect on Friday, as a temporary 10% tax on foreign goods introduced earlier this year expires. The move is the latest escalation in the global trade war reignited by US President Donald Trump when he returned to office last year. The US Supreme Court ruled earlier this year that many of the tariffs imposed globally under emergency powers were illegally enacted. Last month, the White House proposed 10%-12.5% duties on imports from dozens of countries over concerns they were not doing enough to tackle forced labour. On Thursday, US Trade Representative Jamieson Greer, acting under Trump's direction, said those duties would now take effect. "Today's action will begin to correct what is both a human rights abuse and distortive trade practice to improve the welfare of workers everywhere," his statement said. Greer invoked Section 301 of the Trade Act of 1974, which governs US trade enforcement of practices that burden or restrict American commerce. Earlier this week, the Trump administration invoked a different statute, Section 338 of the Tariff Act of 1930, to impose 50% tariffs on products from Canada. On Thursday, the Office of the US Trade Representative said the latest tariffs were being imposed on partners "for their failure to impose and effectively enforce a prohibition on the importation of goods produced with forced labour". The new duties apply to the top 60 US trade partners covering 99.4% of US imports, it added. The office said Trump had made adoption of a ban on imports produced with forced labour a "critical" part of reciprocal trade agreements with other nations.

US imposes tariffs on dozens of trade partners over 'forced labour' imports
Asia
The Hindu BusinessLine

Indian Railways records 9% growth in freight loading, higher passenger traffic in July

Indian Railways recorded a 9% year-on-year increase in freight loading to 141.3 million tonnes in July 2026, driven by higher movement of iron ore, coal, fertilisers and food grains. Indian Railways recorded a 9 per cent year-on-year growth in freight loading in July 2026, handling 141.3 million tonnes compared with 129.7 million tonnes in the corresponding month last year, according to the Ministry of Railways. The ministry said the growth reflected sustained demand across key sectors of the economy and continued efforts to improve freight logistics and operational efficiency. Loading of major commodities recorded strong growth during the month. Iron ore loading increased 22.2 per cent year-on-year, while fertilizer loading rose 12 per cent. Food grains and coal loading each grew 11.5 per cent, while loading of balance other goods increased 12.1 per cent. The rise in coal demand from thermal power plants also led Indian Railways to step up domestic coal supplies to power plants by 20 per cent in July compared with the same month last year. The ministry said the increased movement of key commodities supported industry, agriculture and energy security. Higher freight volumes also translated into stronger revenue generation. Indian Railways recorded incremental freight revenue of Rs 1,137 crore over July 2025, representing an 8 per cent increase. Among zonal railways, East Central Railway and Eastern Railway recorded the highest freight revenue growth at 33 per cent each. West Central Railway reported a 23 per cent increase, while South Eastern Railway registered 10.33 per cent growth. Passenger traffic also continued to expand during July. Indian Railways carried 63.35 crore passengers during the month, compared with 62.19 crore in July 2025. The ministry said passenger traffic increased across both suburban and non-suburban segments, reflecting growing preference for rail travel. The latest performance comes as Indian Railways continues to focus on strengthening freight logistics, expanding rail capacity and improving passenger services. The ministry said sustained improvements in operational efficiency, capacity augmentation and customer-centric initiatives would help strengthen the rail network’s role in supporting economic growth, energy security and mobility across the country. The increase in freight movement, particularly of iron ore, coal, fertilizers and food grains, underscores the continued importance of the rail network in transporting critical commodities and supporting industrial and agricultural activity. 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.

Indian Railways records 9% growth in freight loading, higher passenger traffic in July
Asia
The Hindu BusinessLine

Chennai will need second airport within 5-10 years, says CII Southern Region's Ravichandran

Chennai will need a second airport over the next five to 10 years to support the city's economic growth and its emergence as a major global manufacturing hub, P Ravichandran, Deputy Chairman, CII Southern Region, said. Ravichandran said the existing Chennai airport is currently capable of serving the city's requirements and that improving its efficiency could help extend its capacity. However, he stressed that a second airport would become necessary in the medium term, with the choice of location best left to the government. "Any airport is an economic engine," Ravichandran said, adding that Chennai's requirements extend beyond passenger traffic as the city is increasingly becoming an important manufacturing centre for the global economy. He highlighted Tamil Nadu's growing role in electronics manufacturing, noting that around 50 per cent of Apple iPhones are made in the state. A significant share of electronic goods and components produced in the region is transported by air, making air cargo infrastructure an important consideration in planning Chennai's future airport capacity, he said. According to Ravichandran, cargo infrastructure should be given equal, if not greater, importance while considering a second airport. He suggested that planners should examine whether passenger and cargo operations can be separated or whether dedicated terminals can be developed to enable seamless movement of goods from industrial parks to cargo facilities. The CII Southern Region Deputy Chairman said planning should take a 25-year view and consider the broader airport network around Chennai. He pointed to airports in Puducherry and Nellore, which are located around 140-150 km from Chennai, and said the government needs to take a strategic approach while determining the requirements and timeline for a second airport. Ravichandran also urged stakeholders to give the Tamil Nadu government time to evaluate alternatives following the opposition to the proposed Parandur airport project. He said it would be unfair to blame the Chief Minister at this stage and expressed confidence that the government, supported by its bureaucracy, would come up with an appropriate solution.He clarified that CII does not seek to recommend a specific location for the airport. Instead, its focus is on ensuring that the facility functions as an "economic engine", enabling manufacturers to ship goods quickly and ensuring business travellers can access, commute through and operate from the airport with ease. 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.

Chennai will need second airport within 5-10 years, says CII Southern Region's Ravichandran
Asia
The Hindu BusinessLine

Evren signs 750 MW renewable energy PPA with NTPC

Brookfield-backed Evren has signed a 750 MW power purchase agreement (PPA) with NTPC for solar, wind and battery energy storage projects in Andhra Pradesh and Rajasthan. Evren on Monday said it has signed a 750 MW power purchase agreement (PPA) with state-owned power giant NTPC, comprising solar, wind, and battery energy storage projects in Andhra Pradesh and Rajasthan. This agreement marks a significant milestone in the company’s growth journey and is among the largest renewable energy projects secured by capacity in India, the company said in a statement. The project, once operational, will generate 2.5 billion units of clean energy annually and mitigate 1.8 million tonnes of carbon dioxide emissions every year, it added. Suman Kumar, CEO of Evren, said, "Securing this 750 MW PPA reflects the scale, quality, and execution capabilities Evren has built over time. With an 11 GW pipeline portfolio, including over 3.5 GW under construction across solar, wind and battery energy storage, we are well positioned to deliver reliable, sustainable power at scale and serve as a long-term partner to customers". Evren is a renewable energy platform backed by Brookfield focused on developing, owning, and operating utility-scale solar, wind, and energy storage assets in India. 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.

Evren signs 750 MW renewable energy PPA with NTPC
Europe
BBC Business

Would you choose £50,000 over the chance of £1m?

Image source, Getty ImagesByKevin PeacheyCost of living correspondentPublished4 hours agoYou have the choice of instantly receiving £50,000 or flipping a coin for a 50/50 chance of £1m. The vast majority decide on taking the £50k, according to a survey of thousands of people by YouGov. Women voted 82% in favour of the guaranteed cash. The poll has sparked a debate about why Brits appear more risk-averse than people in the US. So why are the results so clear-cut, and what are the financial and psychological factors at play? Sadly, there is little chance of ever having such a choice, but there are some interesting lessons for how we manage our money nonetheless. Nearly three-quarters (73%) of the 4,600 adults asked in the survey said they would take the £50,000 now. Just over a fifth (21%) went for the chance of £1m and, 6% of those asked sat on the fence and simply couldn't decide. The gender split in the results is striking. Some 82% of women opted for the £50,000, compared with 63% of men. Lots of people might opt for the £50,000 guarantee, deciding that it is a life-changing amount of money in itself. After all, it is £10,000 more than the median average earnings for full-time workers in the UK for an entire year, according to official statistics, external. But younger people generally earn less and yet, according to this survey, external, those aged 18 to 24 are more willing to take the bet on £1m than any other age group. Some 28% go for the coin flip, compared with just 11% among the over-65s - their grandparents' generation.

Would you choose £50,000 over the chance of £1m?
Asia
The Hindu BusinessLine

DBS hires ex-Standard Chartered banker to lead India wealth team

DBS Group Holdings Ltd. has hired Nitin Chengappa, a former Standard Chartered Plc banker, to head its wealth management business in India as it bets on rising demand for tailored products from the country’s newly rich. Chengappa joined the lender in July and reports to Ambuj Chandna, who heads DBS’s consumer banking business in India, said people familiar with the matter who requested not to be identified as the appointment has not been publicly announced. DBS Bank India confirmed to Bloomberg News that Chengappa had joined the firm as managing director and head of Treasuries Business and Wealth Management but didn’t provide further details. Chengappa spent nearly a decade at Standard Chartered in India where he last worked as head of affluent distribution and branch network, according to his LinkedIn profile. Previously, he spent more than a decade at HSBC Holdings Plc, among others. Wealth management has emerged as a key growth area in India, with the rise in rich individuals and families prompting the likes of HSBC and domestic firms to expand aggressively in the country. India is among the world’s fastest-growing wealth markets, with about 917,000 millionaires and just under 200 billionaires, according to UBS. DBS has been positive about growth in India and willing to commit capital to the market. It entered India’s buoyant equity capital market this year, marking a push into one of the world’s busiest venues for share sales. It took over Lakshmi Vilas Bank Ltd. in 2020, the first time Indian authorities turned to a foreign lender to bail out a struggling local rival. 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.

DBS hires ex-Standard Chartered banker to lead India wealth team