Latest Developments

Europe
BBC Business

This farmer wanted to quit the cocaine industry - he couldn't

When Perea stopped growing coca - the raw material used to make cocaine - he vowed never to plant it again. He uprooted the green bushes on his small farm in a remote corner of the province of Meta in Colombia, reachable only by river, and replaced them with legal crops like cassava and plantain. Perea was one of thousands who joined a government-run crop substitution programme aimed at helping farmers abandon coca. But much of the promised assistance never arrived, and a lack of roads and recurring floods made it difficult to sell his produce. "It's a tragedy," says Perea. "But when you have children and no work, what choice do you have? If no help ever arrives, you go back to growing it." The coca leaf is an ancestral crop traditionally used by indigenous communities in teas and medicines. But today most of it is processed into cocaine. An estimated 70% of the global supply of the illegal drug comes from Colombia. "Coca has some major advantages over other crops," says Lucas Marín Llanes, a Colombian researcher who focuses on the coca economy and substitution strategies. "Harvests are quick - farmers can get three or four a year - it's easier to transport, and farmers know what price they'll get." Research Marín has worked on shows coca cultivation can also boost local economies, increasing municipal GDP by as much as 10% in some areas between 2014 and 2019. Substitution programmes were designed to help Colombian coca farmers move away from the crop and build legal livelihoods. Yet today the planting of coca is at record levels at more than 250,000 hectares - and many Colombians in substitution programmes say they have been let down. Elena Hernández moved to the coca-growing region of Guaviare during the boom of the 1990s, lured by better pay. "There was more money back then - you could see it everywhere," she says. "I managed to save and buy a small house."

This farmer wanted to quit the cocaine industry - he couldn't
Europe
BBC Business

Trump Media to sell early access to key social posts

Trump Media & Technology Group, which owns Truth Social, is launching a paid service to give Wall Street firms high-speed access to its most influential posts. Launching on 1 August, instant updates will be delivered from key accounts, it said. US President Donald Trump currently has the most followers on the platform. The company behind the app hopes it will create a steady new source of money for the firm which is currently loss-making. It is likely to be aimed at financial traders who want to see market-moving news fast. Trump’s social media posts often cause sudden swings in global markets, especially when he writes about trade and tariffs. For firms, a delay of even seconds can be costly. Until now, banks and traders had to monitor the app manually. The new system will send posts directly to paying clients. "Markets already move on Truth Social posts", said Kevin McGurn, the interim boss of Trump Media, adding that the service will create a steady profit. The new commercial data feed, named Truth API, promises to deliver posts to paying institutional clients in "milliseconds". The company, which launched its social media app in 2022, said some firms have been copying its data for months without permission. McGurn warned that Trump Media will soon block these methods, forcing firms to buy the official feed instead. Trump could benefit substantially from the move. Since his family remains the majority shareholder in the company, the president stands to profit directly from selling expedited access to his own public statements. The BBC has contacted Trump Media and the White House for comment on whether or not the president's posts will be included in the paid feed. While other social media networks already sell data, the move highlights the unique overlap between Trump’s private businesses and his public role as president.

Trump Media to sell early access to key social posts
Asia
The Hindu BusinessLine

Customer data from Bank of Baroda leaked online

​Customer data from state-run Bank of Baroda, ‌along with internal documents, has been leaked on ​the dark web, according to ⁠a source familiar with the matter and a cybersecurity researcher. The lender said in a statement on ‌Monday that it had started a forensic investigation and was working with ‌relevant authorities after initial containment measures were ‌implemented. The ⁠breach involved a compromised employee email ⁠account, which resulted in “unauthorised access to certain data”, the Mumbai-based bank said. “The bank’s core banking systems were not accessed ​and continue to remain ‌secure,” it added. The leaked data includes customer details, identification documents, loan papers and internal audit records, said cybersecurity researcher Srikanth L, ‌founder of Cashless Consumer. The Reserve Bank of India and India’s cybersecurity regulator ⁠CERT-In did not immediately respond to requests for comment. The leak comes amid growing concerns ‌over cybersecurity risks facing large companies and financial institutions that store vast amounts of customer and business data. The data appeared on a dark web site on Saturday night and was advertised as a cache containing more ‌than 700 gigabytes of information, based on metadata analysis ​of the site, Srikanth said. In June, a cyberattack on Apple supplier Tata Electronics led ⁠to component design and specification documents linked ⁠to Apple and Tesla being leaked on the dark web. Earlier this month, ransomware ‌group World Leaks posted files on the dark web related to India’s largest ​nuclear plant. 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.

Customer data from Bank of Baroda leaked online
Asia
The Hindu BusinessLine

Tamil Nadu tops road accidents, Uttar Pradesh remains deadliest State

Tamil Nadu continued to report the highest number of road accidents in the country in 2025, while Uttar Pradesh remained the deadliest State in terms of road accident fatalities, highlighting the contrasting road safety challenges faced by the two States, according to data tabled in the Lok Sabha by the Ministry of Road Transport and Highways. Tamil Nadu recorded 71,387 road accidents and 18,505 fatalities in 2025, compared with 49,671 accidents and 27,550 fatalities in Uttar Pradesh. While Tamil Nadu witnessed nearly 22,000 more accidents than Uttar Pradesh, the latter reported over 9,000 more deaths, indicating that crashes in Uttar Pradesh are far more likely to turn fatal. The data also show that the gap between accidents and fatalities is much wider in Tamil Nadu than in Uttar Pradesh. In 2025, Tamil Nadu recorded 3.86 accidents for every road fatality, compared with 1.80 accidents per fatality in Uttar Pradesh. Bal Malkit Singh, Advisor and former President of the All India Motor Transport Congress, said the figures reflect two distinct road safety challenges. Tamil Nadu’s high accident volume coupled with a lower fatality ratio suggests relatively better road infrastructure, trauma care and emergency response, even though behavioural issues continue to result in a large number of crashes. Uttar Pradesh, on the other hand, appears to face a higher severity of crashes, which could indicate high-speed highway collisions, inadequate road engineering and gaps in emergency medical response. “Tamil Nadu’s data point to a high-volume, relatively low-impact crash environment. With 3.86 accidents for every fatality, a larger proportion of reported crashes are survivable. This suggests that while driving behaviour and traffic density contribute to frequent accidents, the State’s road infrastructure, median protection, lighting and post-crash emergency response are comparatively better at preventing those crashes from turning fatal,” Singh said. Tamil Nadu’s priority should be to reduce the sheer volume of crashes through better traffic management, stricter enforcement against speeding and lane indiscipline, and sustained behavioural change campaigns. Uttar Pradesh needs to strengthen highway engineering, improve enforcement on high-speed corridors and significantly upgrade trauma care and emergency medical response to improve survival during the “golden hour,” he said. A researcher who works on road safety attributed Tamil Nadu’s high accident numbers largely to driving behaviour and the sheer volume of vehicles on its roads. He said comprehensive reporting of all crashes, including those involving minor injuries, is essential for understanding local conditions and planning targeted interventions. Better crash reporting in Tamil Nadu, he added, has enabled authorities to undertake more evidence-based road safety measures. Nationally, road accidents increased from 4.61 lakh in 2022 to 5.14 lakh in 2025, an increase of 52,897 accidents or 11.5 per cent. Road accident fatalities rose from 1.68 lakh to 1.83 lakh, an increase of 14,632 deaths or 8.7 per cent, indicating that road safety continues to be a major public policy challenge. 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.

Tamil Nadu tops road accidents, Uttar Pradesh remains deadliest State
Asia
The Hindu BusinessLine

MINISO Expands Its IP-Driven Retail Concept with the Opening of Macau's First MINISO LAND

MACAU , July 27, 2026 /PRNewswire/ -- On July 18, 2026, Macau's first MINISO LAND officially opened at Shoppes at Venetian, marking the debut of MINISO's highest-tier store format in the market. The new store, the brand's largest in Macau, brings together an enhanced product offering and immersive IP experience, serving as a vibrant one-stop destination for both shopping and entertainment. Located at the iconic retail destination Shoppes at Venetian, MINISO LAND Macau benefits from the mall's diverse retail offering and flow of international visitors. The opening enables the brand to reach a broader mix of local consumers and international travelers, offering a new destination where visitors can discover products, engage with their favorite IPs and enjoy immersive experiences. Spanning over 400m² on the third floor of Shoppes at Venetian, the new MINISO LAND features more than 1,200 SKUs across a wide range of categories, including collectibles and blind boxes, plush toys, stationery and lifestyle products, offering consumers a one-stop destination for IP-inspired shopping and experiences. Bringing together more than 30 beloved IP collections, MINISO LAND Macau creates an immersive destination where fans can discover their favorite characters through themed displays, exclusive collections and interactive experiences. As a key destination for the brand's latest IP collaborations and product launches in Macau, the store offers consumers early access to fresh collections and exclusive experiences. Current highlights include the YOYO and Disney and Pixar's Toy Story 5 Collection, the YOYO Tilted Head Series S2, and the Monchhichi Fun Coffee Farm Series—one of the most anticipated IP launches among local consumers—with more exciting IP launches to come. As one of MINISO's signature IP theme park-style store formats, MINISO LAND Macau features bold colors, large-scale themed installations and immersive product displays that bring together retail, entertainment and IP experiences. Dedicated YOYO-themed displays and interactive photo spots create opportunities for consumers to engage with MINISO's growing portfolio of proprietary characters. Complementing these are dedicated zones featuring globally beloved franchises, including Disney, Harry Potter, Sanrio, Pokémon, One Piece, Crayon Shinchan and Chiikawa, creating a vibrant destination for fans of all ages. The launch of Macau's first MINISO LAND represents the latest step in MINISO's efforts to expand its immersive IP-driven retail concept globally. As a key tourism hub connecting the Greater Bay Area with international markets, Macau's diverse mix of families, young consumers and international visitors makes it an ideal location for the brand's immersive retail offering. To celebrate the opening, MINISO LAND hosted a series of special activities throughout the day, including fan interactions with an influencer with over one million followers serving as one-day store manager, massive themed IP experiences, and limited-edition opening giveaways. An opening ceremony marked the official debut of the store, drawing enthusiastic crowds of local consumers and tourists eager to explore Macau's first MINISO LAND and its newest IP collections. The opening of Macau's first MINISO LAND marks another milestone in MINISO's ongoing exploration of innovative retail formats. By bringing its signature IP theme park-style experience to more markets, MINISO continues to create engaging spaces where consumers can discover products, connect with beloved characters and enjoy memorable experiences. MINISO Group is a global lifestyle brand offering a variety of design-led lifestyle products. The Company serves consumers primarily through its large network of MINISO stores, and promotes a relaxing, treasure-hunting and engaging shopping experience full of delightful surprises that appeals to all demographics. Aesthetically pleasing design, quality and affordability are at the core of every product in MINISO's wide product portfolio, and the Company continually and frequently rolls out products with these qualities. Since the opening of its first store in China in 2013, the Company has built its flagship brand "MINISO" as a globally recognized retail brand. “This is a company press release that is not part of editorial content. No journalist of The Hindubusinessline was involved in the publication of this release.” 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.

MINISO Expands Its IP-Driven Retail Concept with the Opening of Macau's First MINISO LAND
Asia
The Hindu BusinessLine

Should investors subscribe to Lohia Corp’s IPO?

The IPO of capital goods player Lohia Corp is open for subscription until July 27 (Monday). It is entirely an offer for sale of shares worth about ₹1,100 crore. Promoters (20.4 per cent) and a few public shareholders (4.1 per cent) are set to offload stake totalling to 24.5 per cent. Promoters’ stake is expected to reduce to 75.2 per cent after the public issue, from the current 95.6 per cent. At the ceiling of the price band, the company is valued at a market cap of almost ₹4,500 crore or 22x trailing earnings. Given the company’s better growth and financial metrics among its capital goods peers (as identified in the RHP; doesn’t have a directly comparable peer in the listed space), the valuation does appear cheap. Peers include the likes of LMW (129x P/E), Jyoti CNC (54x) and Rajoo Engineers (20x) trading in a P/E range of 20-120x. However, in the light of risk factors detailed here and given the bearing that challenging geopolitics has on markets currently, we recommend investors to give this IPO a pass for now. Lohia Corp is a supplier of machines, operating within the broader technical textiles market. Technical textiles are engineered fabrics and have wide applications in packing materials, seatbelts, conveyor belts, tarpaulins, zippers, umbrella cloth, PPE kits, fire suits, bulletproof vests and others. The size of the technical textiles market is estimated at around $250 billion. Within this, the woven Raffia market accounts for about 30 per cent, estimated at about $74 billion. Raffia is a plastic resin-based fabric made from Polypropylene (PP) or High-Density Polyethylene (HDPE) used in the production of woven sacks (used in cement, fertiliser, food grain packaging) and FIBCs (flexible intermediate bulk containers). The material is known for its lightweight, durable and recyclable properties. By application, the global woven Raffia market is concentrated 84 per cent in packaging and the rest in non-packaging purposes such as tarpaulins, ropes, twines, roof underlayment and pond liners. By end-use industry, cement tops at 36 per cent, followed by food, agri produce, chemicals & fertilisers, and infrastructure at 26 per cent, 21 per cent, 7 per cent and 5 per cent, respectively. Lohia Corp is in the business of supplying machinery to the companies that operate in the above businesses. It is the second largest player globally in the woven Raffia machines market valued at about $1 billion, with a market share of 15 per cent. It is the market leader in India with a 41 per cent share. The company manufactures a wide range of machines right from those that extrude Raffia tapes from PP/ HDPE pellets, all the way to looms, print (printing logos, etc.) and recycle plastic waste back to pellets. In FY26, Lohia Corp derived 58 per cent of revenue from India and the rest from overseas markets. On an average (over FY24-26), revenue is equally split between domestic and overseas. Over FY24-26, Lohia Corp’s revenue and net profit have grown at CAGRs of 21 per cent and 159 per cent, respectively. Gross margin has been in a narrow 43-44 per cent range, but EBITDA margin has gone up from 9 per cent in FY24 to 19.5 per cent in FY26, evidently due to operating leverage. Similarly, PAT margin has expanded from 2.5 per cent to 11.7 per cent. Per the RHP, net debt to equity is 0.2x. However, on including the liquid mutual funds into cash, the company becomes net debt-free. It has generated positive free cash flows in all three fiscals presented. Overall capacity utilisation is at about 50 per cent. Fixed assets turnover ratio has increased from 2.9x to 4.4x and RoCE from 10.5 per cent to 40.9 per cent between FY24 and FY26. Order-book stands at ₹1,359 crore, as of FY26, at about 80 per cent of FY26 revenue. One, Lohia Corp is a leader in a market, which is not particularly large. The woven Raffia machines market valued at $1.06 billion, as of 2025, is projected to grow to $1.37 billion by 2030, barely compounding at 5.3 per cent (per the RHP). Two, the woven Raffia market is highly cyclical, mimicking the pace of broader economic activity. Almost 95 per cent of the market is concentrated in industries such as cement, agriculture, fertilisers and infrastructure which are vulnerable to economic slowdowns. Prospects for Lohia Corp will largely depend on capex cycles in the end-use industries and the long-expected useful life of the machines it supplies also do not help generate replacement demand. As said above, though the woven Raffia machinery market is forecast to reach $1.37 billion by 2030, it will still be at the same level as it was at the end of 2021 — $1.38 billion. Adjusting for inflation, the market would have barely grown in a decade, by 2030.

Should investors subscribe to Lohia Corp’s IPO?
Asia
The Hindu BusinessLine

Indo-MIM IPO: Should investors subscribe?

Indo-MIM manufactures precision engineering components using metal injection molding (MIM) technology. The company supplies components to automotive, defence, medical, consumer and aerospace industries. The IPO will be open till July 27. It comprises a fresh issue of ₹500 crore and OFS of ₹3,312 crore at the upper end of the price band; at this price, the company is valued at around ₹24,000 crore (44.6 times FY26 earnings). The company has reported a revenue of ₹4,193 crore in FY26 and a PAT of ₹533 crore with a strong growth of 21 per cent/37 per cent CAGR in FY24-26 owing to the expanding scope of MIM-molded parts in end-user industries. It is likely to sustain good growth in the medium term as well. But with premium valuations factoring in the high growth and macroeconomic uncertainty at elevated levels, we recommend investors skip the IPO and wait for a better entry point post listing. MIM is the process used to produce metal components which are high on complexity and volume required. This is in comparison to forging or stamping (high volume, low complexity), or machining (low volume, high complexity), or casting which is midway on complexity. The MIM process involves using thermoplastic binder and metal powders as feedstock. The feedstock is heated under high pressure and injected into a component mold. The binder is removed in a controlled manner, and the component further undergoes sintering for further processing. The MIM process scores over other methods on account of high geometric complexity, high volumes and low wastage. But it is limited to small components (less than 100 gram), which is a limiting factor. As per the RHP, the company has a global market share of 6.8 per cent in CY25 and is a market leader in MIM technology. It served 1,100 customers across the reported segments in FY26, of which around 90 per cent are repeat customers. In FY26, 77 per cent of revenues are from exports. The company has 15 plants, of which six are in India, six are in the US, two are in the UK and one in Mexico. As stated, with revenue CAGR of 21 per cent in the last two years, Indo-MIM should be able to sustain the strong growth as it is driven by new customer and existing customer expansion. The company generates nearly 10 per cent of revenues every year from new customers. As per the company, the new customers’ revenue contribution grows as the portfolio expands and through the years. The company reported supplying 6,400 components in FY26, which is twice the supply in FY21-22, as per the company. Indo-MIM’s ability to convert a higher number of components to MIM platform from others (forging, machining or casting) is gaining traction and will be the primary driver for the company. It also offers casting, machining and 3D-printing. These are services to complement the MIM platform. The 3D-printing platform is gaining traction, as this allows the company to reduce the pre-validation time (usually three-six months for a new component) to just a week. The company has acquired the 3D-printing infrastructure, which also involves de-binding and sintering, common to MIM platform and relies on company expertise. Consumer products account for 11 per cent of FY26 revenues, and with Indo-MIM exploring relationships with Chinese electronics companies, it could be a strong driver for the company to access the industry. Indo-MIM reported strong EBITDA margins of 25 per cent in FY26, which declined 140 bps from the previous two-year average (FY24-25). This was owing to product mix changes and raw material cost inflation. The company has a capacity utilisation of 30-40 per cent across its 15 plants. As it improves the volume of operations, the scope for margin expansion also improves, driven by the operating leverage. The other lever for margin improvement is backward integration. The company manufactures steel powder that it uses along with the binder in the MIM process. It will also be manufacturing iron powder, which is also a raw material for binders. This should increase the use of raw materials developed in-house from 40 per cent to 60-70 per cent and support margins. Indo-MIM has a net-debt to EBITDA of 0.6 times in March 2026 or net debt of ₹620 crore. From the fresh proceeds of ₹500 crore, the company plans to repay ₹400 crore of debt, which will lower the interest cost, post-IPO. Indo-MIM has also completed the three minor acquisitions (acquisition price of $10-15 million) in the last three years to expand the customer profile (aerospace, medical devices and 3D-printing).

Indo-MIM IPO: Should investors subscribe?
North America
CNBC Economy

India's inflation accelerates to 4.38% in June, exceeding forecasts

India's consumer price inflation rose to 4.38% in June, up from 3.93% in May as the U.S.-Iran war ‌and a weak monsoon raised food and fuel prices, adding to cost pressures. The headline inflation number was above economists' expectations for a 4.30% rise, according to a Reuters poll. The year-on-year inflation rate based on the All India Consumer Food Price Index (CFPI) for the month of June was 5.32%, India's Ministry of Statistics and Program Implementation said in a Monday release. Transport inflation rose 4.3% in June, quicker than the ​1.75% rise in May, it said. Last month, India's central bank kept interest rates unchanged but said it expects inflation to rise and growth to temper in the financial year ending March 2027. The Reserve Bank of India forecasts inflation to shoot up to 5.1% as consumers pay higher fuel prices and the country faces a risk of crop shortages caused by weather-related disruptions from El Niño this year. It pegged core inflation at 4.7% for the same period. After a brief ceasefire between Iran and the U.S. in June, hostilities between the two sides resumed last week. Global oil prices have risen as the U.S. and Iran contest for control of the Strait of Hormuz, one of the most important trade routes for global energy supplies. India, the world's fastest-growing major economy, is among the countries most vulnerable to the supply disruptions caused by the Iran war. The South Asian country imports nearly 85% of its fuel needs and relies on the Strait of Hormuz for about 50% of its crude imports, 60% of its liquefied natural gas, and almost all of its liquefied petroleum gas supplies. The South Asian country is also facing the risk of El Niño this year. Despite the copious downpour that led to flooding across many parts of the country in the last two weeks, India still faces the prospect of a deficient monsoon this year. "Following a parched June, the monsoon advanced rapidly, reducing the all-India rainfall deficit from 40% to 15% as of July 8," S&P Global-owned Indian research and rating firm Crisil said in a report on Friday. But the India Meteorological Department (IMD) has forecast July rainfall will come in at 6% below the long-period average. These swings between rainfall scarcity and surplus "can be as disruptive to agriculture as a weak monsoon itself," as it influences sowing decisions, crop health and ultimately rural incomes, Crisil said.

India's inflation accelerates to 4.38% in June, exceeding forecasts
Europe
BBC Business

White House teleprompter operator accused of making $100k off Trump speech bets

A White House teleprompter operator is being investigated over allegedly using inside information to place bets and make nearly $100,000 on US President Donald Trump's speeches. Gabriel Perez, who had worked at the White House since 2016, is accused of placing bets on words the president would use during major public addresses, including the State of the Union speech. The trades were made on Kalshi, a prediction markets platform where users can bet on real-world events. The firm confirmed it reported the activity to the Commodity Futures Trading Commission (CFTC), which regulates the platform. Kalshi froze Perez's account before any profits could be withdrawn, according to reports. The platform told the BBC its analysts noticed unusual betting on "mention markets" - contracts where users predict whether a speaker will use common terms, such as specific countries, economic words, or campaign slogans, in March. "The words of political leaders like Presidents and Fed chairs cause billions of dollars of movement in FX markets, oil futures, [and] the stock market," Kalshi said. Using account data, the company found the user was a federal employee operating White House teleprompters. Robert DeNault, Kalshi's head of enforcement, said the firm flagged the trades and had handed evidence to regulators. White House press secretary Karoline Leavitt said President Trump was aware of the teleprompter operator and that staffer was now on unpaid leave, before adding Perez would no longer work at the White House. When contacted by the BBC to confirm it was investigating, the CFTC said it could not "confirm or deny" any probe.

White House teleprompter operator accused of making $100k off Trump speech bets