Latest Developments

Europe
The Guardian

Trump’s policy mayhem is making even the Maga faithful consider walking away

About 56% of respondents who identified as members of the Maga coalition said they were either having trouble meeting their debt payments or worried they would be struggling soon. Photograph: Mark Makela/Getty ImagesView image in fullscreenAbout 56% of respondents who identified as members of the Maga coalition said they were either having trouble meeting their debt payments or worried they would be struggling soon. Photograph: Mark Makela/Getty ImagesUS economyAnalysisTrump’s policy mayhem is making even the Maga faithful consider walking awayEduardo PorterEven voters who identify as foot soldiers of his political army are increasingly willing to blame Trump for their economic troubles The political consequences of Donald Trump’s policy mayhem are now coming into view: “Maga” America is getting pissed. It has been a sight to see how every one of the president’s policy initiatives has sabotaged some core constituency or other. From farmers and rural Americans to manufacturing workers and every American struggling to make ends meet, Trump has torched pretty much his entire political base. For all his efforts to rig the midterm elections in his favor, it’s as if he is daring the Maga faithful to drop him. And now, according to the most recent survey by Harris for the Guardian, even voters who identify as foot soldiers of the president’s political army are becoming impatient with the state of affairs, increasingly willing to blame the government for their economic troubles. About 56% of respondents who identified as members of the Maga coalition said they were either having trouble meeting their debt payments or worried they would be struggling soon. The same share admitted similar troubles meeting housing payments. Fifty-seven per cent said the same about affording healthcare costs. Fifty-eight per cent claimed the same about their utility bills, 61% about affording groceries, 63% about paying for gas. Many of these stressors stem from Trump’s policy preferences. Trump’s decision to end government subsidies is largely at fault for the rising cost of health insurance. The rise in energy costs and rebound of inflation since March are direct consequences of Iran’s throttling of the strait of Hormuz. Resurgent inflation interrupted the Federal Reserve’s campaign to ease monetary policy and interrupted the gradual decline in mortgage rates. Manufacturers have culled nearly 100,000 jobs since Trump took office, in part due to Trump’s tariffs. Farmers have been whacked by higher costs of energy, fertilizer and machinery. Rural Americans voted for Trump by a margin of 40 percentage points in November of 2024. According to the Harris poll for the Guardian, 49% of them now say their personal financial security is getting worse. That is even more than the 42% of Americans in rural areas who claimed their personal finances were deteriorating in the Harris poll taken in April last year, a few weeks after “liberation day”, when Trump imposed tariffs on everybody and sent financial markets around the world into a tailspin. Similarly, in the latest poll, 45% of Americans with less than a four-year college degree reported a worsening financial situation, up from 42% in April of 2025. These constituencies are at the core of the Maga movement. And they are losing patience with the justifications for Trump’s destructive policies: 54% of Maga faithful think the government is the most responsible for the rising prices of goods and services. Contrary to the repeated claims from the White House, 41% of them believe economists’ observation that American consumers bear most of the costs of Trump’s tariffs. Only 31% buy Trump’s argument that foreigners pick up the tab. Maga voters have not abandoned the president. By recent counts, 62% of rank-and-file Republicans identify as Maga, up from only 38% in September of 2022. 57% of them trust that the government considers the affordability crisis a top priority. And 69% believe the government is capable of fixing it. Still, misgivings are creeping in: just over a third of Maga faithful think the government has made it worse. Beyond the growing angst among Trump’s most loyal followers, what should most worry the president is the brewing discontent outside the borders of his base, which is still a minority of the overall electorate. If Maga Republicans are finding themselves at odds with their leader, other voters – including many Republicans – have an even more jaundiced view of his endeavors. The share of Republicans – Maga or not – who believe the economy is getting worse hit 38% in the latest Harris poll, up from 33% of Republicans surveyed in April last year. The share of Republicans who think the economy is getting better declined from a year ago, from 31% to 27%. The opinion of independent voters is probably the best barometer of where the electorate, on average, will land in the fall. Forty-four per cent think their financial security is deteriorating, almost three times the share who believe it is getting better.

Trump’s policy mayhem is making even the Maga faithful consider walking away
Asia
The Hindu BusinessLine

Why, at 42.79%, record RE penetration is as much a cause for worry as cheer

At 12:29 hours on July 13, India achieved a record that went almost unnoticed. Wind and solar together accounted for 42.79 per cent of the electricity being generated in the country at that instant — the highest ever share of variable renewable energy (VRE) in the grid. Wind and solar together were generating electricity at a rate of 103.7 GW, another record. (GW measures the rate at which energy is generated, much like the horsepower rating of a water pump indicates how much water it can move at any instant.) Wind and solar had touched their individual milestones earlier. Wind’s share in generation reached a record 17.13 per cent on July 12, while solar’s highest penetration was 39.1 per cent on March 3. The record renewable energy penetration on July 13, even if for a short duration, illustrates how far India has come in clean energy. Today, VRE capacity (wind plus solar), at 219.6 GW, accounts for 40 per cent of the total installed power capacity of 548.85 GW. The high penetration of VRE is indeed a cause for celebration; equally, it is a warning to grid operators. VRE is good news for energy decarbonisation, but a headache for grid operators. If the output from wind and solar suddenly falls because the wind has dropped or clouds have rolled in, then another source — typically coal, hydro or storage — must step in almost immediately. Electricity generation and demand must be balanced every second, otherwise the grid itself comes under stress. The obvious answer is ‘storage’. Batteries can absorb surplus solar electricity during the afternoon and feed it into the grid after sunset, when demand is high and solar generation stops. Recognising this need, India has begun awarding large battery energy storage projects. But storage alone cannot carry the burden. An oversized battery capacity built for storing the maximum generation is economically unwise. That is why coal, ironically, has become an important enabler of renewable energy. India’s coal stations were designed to run steadily as baseload generators. The Central Electricity Authority (CEA) has laid down a roadmap for making coal plants more flexible, ultimately enabling many units to tune down, within minutes, their operations to as low as 40 per cent of their rated capacity. In practice, however, much of the fleet remains stuck at a minimum operating level of around 55 per cent. Running plants at lower loads reduces efficiency, increases wear and tear, and raises maintenance costs, which the generators are loath to bear. A renewable-rich grid, however, demands flexibility. The engineering solutions are largely known. The need of the hour are market instruments that help pay for flexibility. Today’s electricity market largely rewards generators for the number of units they produce. Tomorrow’s grid will increasingly need mechanisms that reward flexibility and reliability. Capacity markets — a concept that’s just being introduced in India — compensate generators or storage providers for being available when the system needs them, even if only occasionally. They reward the ability to provide firm power whenever required. Such market instruments recognise that, in a renewable-rich grid, availability can be as valuable as generation itself. Former GRID-INDIA chairman SR Narasimhan, commenting on the July 13 milestone, has argued that higher renewable penetration must be accompanied by greater grid discipline. GRID-INDIA has petitioned the Central Electricity Regulatory Commission (CERC) for powers to disconnect renewable generators that repeatedly fail to comply with grid regulations. Renewable generators are mandated to equip their plants with low-voltage and high-voltage ride-through (LVRT and HVRT) capability — tools that strengthen grid resilience by enabling the generators to remain connected and support the grid during temporary voltage disturbances, instead of disconnecting and worsening the problem. The commission is yet to grant the permission — perhaps because there is a pushback from the generators. Narasimhan also urges the CEA to announce the “long-overdue” fresh (revamped) Technical Standards for Connectivity to the Grid Regulations.

Why, at 42.79%, record RE penetration is as much a cause for worry as cheer
Asia-Pacific
The Straits Times

DBS crosses $200 billion in market capitalisation as earnings optimism drives Singapore bank rally

SINGAPORE – Shares of Singapore’s three local banks have surged to record levels over the past week, helping lift the Straits Times Index (STI) to a fresh high and pushing DBS above $200 billion in market capitalisation on July 13 – making it the first Singapore-listed company to cross that threshold. Analysts told The Business Times that the rally could have more room to run, buoyed by increasing investor optimism ahead of the lenders’ second-quarter results due in early August. A clearer earnings outlook as well as improvements in the interest rate environment likely drove the share price rally over the past week, with potential for further increases if the banks provide positive guidance when they post their results, they added. “We are entering an environment where we believe Singdollar rates will be supportive of improving net interest income alongside continued strength in non-interest income,” said Jayden Vantarakis, head of Asean equity research at Macquarie Capital. At the close on July 13, DBS was up 0.5 per cent at $70.79, OCBC had risen 0.2 per cent to $27.48, and UOB was down 0.9 per cent at $43.98. The rally in the three banks – which together account for more than 50 per cent of the STI’s total weight – has also pushed the benchmark index to new highs. The STI was nearly flat on July 13, but still inched up 0.02 per cent to a fresh record of 5,470.34 points. Vantarakis noted that US dollar strength as a result of higher American interest rates is positive for Singapore dollar rates, and this environment of modest rate increases will support wealth flows and asset quality. He also sees potential for further rerating in the sector, supported by growth in both net interest income and non-interest income, while the Singdollar remains a preferred currency amid broad strength in the greenback. Furthermore, the banks stand to benefit from strong credit growth and wealth management fees, said Thilan Wickramasinghe, head of Singapore research and regional head of financials at Maybank Securities. Over the past week, continued market uncertainty surrounding some regional markets as well as conflict in the Middle East are likely driving safe-haven liquidity towards the Singapore banks, he added. He said these have resulted in a clearer earnings outlook for the banks, creating more opportunities for the banks to return capital to shareholders. But the magnitude of any benefit from higher rates may be capped, said Morningstar equity analyst Kathy Chan.

DBS crosses $200 billion in market capitalisation as earnings optimism drives Singapore bank rally
North America
CNBC Finance

Stellantis to sell small Fiat Topolino EV for $13,995 in U.S.

DETROIT — Chrysler parent Stellantis on Tuesday said it has opened ordering for its small Fiat Topolino electric vehicle in the U.S., starting at $13,995. While the Topolino resembles a small car such as the Fiat 500, the EV is actually a quadricycle that functions more like a golf cart. Stellantis said the Topolino is capable of going 19 mph, with an electric range of up to 46 miles. A low-speed vehicle conversion kit can boost the top speed to 25 mph to make it street legal on roads with speed limits of 35 mph or less, according to the trans-Atlantic automaker. A Stellantis spokeswoman said there will be no charge for the conversion kit but confirmed a mandatory destination fee will add $990 to the base price, bringing the customer price to $14,985. The Topolino, which translates to "little mouse" in Italian, is produced in Morocco. The company said it will be available in limited quantities this year as a hardtop model with doors or as the Dolce Vita soft-top convertible model with a rope instead of doors. "Topolino represents a new chapter for the brand in the U.S. — defined not just by size, but by purpose," Fiat brand CEO Olivier François said in a release. "With Topolino, we bring a feeling, a lifestyle, a reminder that mobility can be joyful, expressive and beautifully simple." Stellantis, which also owns American brands such as Jeep and Dodge, late last year confirmed it would bring the vehicle from Italy to the U.S., less than a week after President Donald Trump praised small "Kei" cars from Japan during a meeting at the White House with Stellantis CEO Antonio Filosa and other automotive leaders. "They're very small. They're really cute," Trump said at the December meeting. "And I said, 'How would that do in this country?' And everyone seems to think 'good,' but you're not allowed to build them." It's not illegal to produce such cars in America, but they have to meet American safety standards, speed requirements and other regulations. Small cars such as Fiats have historically not sold well in the U.S. In its first full year in the U.S. in 2012, Fiat sold 43,772 vehicles domestically. Those sales dwindled to roughly 1,300 Fiat vehicles sold last year in the U.S. The Stellantis spokeswoman at that time said Fiat's announcement was unrelated to Trump's comments and that the automaker had been has been gauging customer interest for the Topolino at U.S. events such as auto shows. Get this delivered to your inbox, and more info about our products and services.

Stellantis to sell small Fiat Topolino EV for $13,995 in U.S.
Europe
BBC Business

Pressure builds on Europe's biggest port to be greener

Standing on a grassy verge in the Hook of Holland, I'm overlooking the Port of Rotterdam. At the delta of the Rhine and Meuse in the Netherlands, on land largely reclaimed from the North Sea, it's the biggest port for freight, external in Europe. By some measures, Rotterdam alone handles almost as much cargo as all UK ports combined. The horizon is dominated by cranes, bulk carriers and container stacks – the visible parts of a vast energy and chemicals hub. Five refineries, including Shell's largest in Europe, process hundreds of thousands of barrels of crude oil a day, while a tight cluster of chemical plants feeds factories across the continent. According to research by CE Delft, the fossil fuels flowing through the port are ultimately linked to around 600 megatonnes of CO2 a year – many times more than the CO2 output of the Netherlands' biggest airport, Schiphol. That scale has made Rotterdam a test case for a difficult question: can a port built on fossil fuels ever truly become green? A lawsuit brought by environmental group Advocates for the Future argues that the Port of Rotterdam Authority is not doing enough to phase out fossil-based energy, and wants a concrete plan to wind down the coal, oil and gas flows whose emissions dwarf those of most countries. Rotterdam's own industrial cluster currently emits about 29 million tonnes of CO2 a year – roughly half of the Netherlands' domestic emissions, says Mark van Dijk, head of external relations at the Port of Rotterdam Authority. That's the equivalent of tens of thousands of return flights from Amsterdam to Los Angeles. "It's not good," admits van Dijk. The Port Authority has a plan to cut the emissions of its own activities and encourage businesses on the site to be greener. It has set targets to cut its own direct and purchased energy emissions by 90% between 2019 and 2030.

Pressure builds on Europe's biggest port to be greener
Asia-Pacific
The Straits Times

Malaysia tops S-E Asia’s IPO market in first half of 2026, Singapore comes in second

The listings in Malaysia raised $1.68 billion, while those in Singapore raised $1.12 billion. SINGAPORE – Malaysia emerged as the top market for initial public offerings (IPOs) in South-east Asia in the first half of 2026, with 36 listings, while Singapore trailed with five debuts, a Deloitte report released on July 13 showed. The listings in Malaysia raised US$1.3 billion (S$1.68 billion), while those in Singapore raised US$868 million. It still marks an improvement for Singapore, which saw only one IPO in the first half of 2025. There have been signs of rejuvenation in Singapore’s capital markets, after the Monetary Authority of Singapore and Singapore Exchange (SGX) made efforts in 2025 to boost liquidity and encourage investor interest. In February 2025, Singapore’s central bank launched the Equity Market Development Programme, which is a $6.5 billion initiative designed to boost investor participation beyond large-cap stocks. Deloitte South-east Asia capital markets services leader Tay Hwee Ling noted that Singapore’s performance reflects growing investor confidence and strong support for these recent market reforms. In total, South-east Asia saw 47 IPOs across the region in the first half of 2026, raising more than US$3.07 billion in proceeds. While there were 53 IPOs in the first half of 2025, the proceeds amounted to only US$1.41 billion. Tay said: “Deloitte’s report highlights a resilient South-east Asian IPO market that continues to attract larger and higher-quality listings despite a moderation in overall IPO volumes.” The report noted that the market demonstrated a significant shift towards larger transactions. Compared with the first half of 2025, IPO proceeds in 2026 increased by 117 per cent, and the average IPO deal size grew from US$26 million to US$65 million – representing an increase of about 2½ times.

Malaysia tops S-E Asia’s IPO market in first half of 2026, Singapore comes in second
Asia
The Hindu BusinessLine

HCL working at fast pace to double Malanjkhand Copper Project capacity in MP by 2030: CMD

Newly appointed Hindustan Copper Ltd (HCL) Chairman and Managing Director Anupam Mishra on Saturday said the company was working at a fast pace to double the annual production capacity of its Malanjkhand Copper Project (MCP) in Madhya Pradesh's Balaghat district from 2.5 million tonnes to 5 million tonnes by 2030. In his first visit to the project after taking charge as HCL's CMD earlier this month, Mishra told PTI that the Miniratna Category-I public sector undertaking had also planned phased capital expenditure to raise its overall production capacity to 12.2 million tonnes by 2030. "Our focus will be on completing the capital expenditure (capex) plan to achieve the production target of 12.2 million tonnes by 2030. Engineering in-charges and corporate teams will closely monitor every project and its key milestones so that any bottlenecks can be removed in time," he said. HCL's current mine ore production capacity stands at around four million tonnes per annum. Referring to global demand for copper outstripping supply, Mishra said HCL was working in mission mode on industrial development and technological advancement to ensure that mineral shortages did not hamper India's goal of becoming a developed nation. He said the Malanjkhand Copper Project, with an annual production capacity of 2.5 million tonnes, contributed nearly 70 per cent of HCL's total output. "The company is implementing a plan to increase the project's capacity from 2.5 million tonnes to 5 million tonnes by 2030. Work on different expansion projects is progressing satisfactorily. These include new production and service shafts, winders, a concentrator plant and a paste-fill plant," he said. Mishra said the company was also expediting plans to enhance production capacities at its other projects, including the Khetri Copper Complex in Rajasthan's Khetrinagar and the Indian Copper Complex at Ghatsila in Jharkhand, to achieve the overall production target. During his three-day visit, Mishra inspected the underground mine, concentrator plant, paste-fill plant, tailings dam and expansion work at the Malanjkhand project. Mishra succeeded Sanjiv Kumar Singh, who retired on June 30. Before joining HCL, he served as Director (Marketing) at Fertilisers and Chemicals Travancore Ltd. 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.

HCL working at fast pace to double Malanjkhand Copper Project capacity in MP by 2030: CMD
Asia
The Hindu BusinessLine

Q1 Results Today Live: Kotak Mahindra, YES Bank drive Q1 with 23%, 34% profit jump; ICICI up 16%, HDFC and IDBI post 5% growth

HDFC Bank on Saturday reported a 5 per cent increase in standalone net profit to ₹19,060 crore for the June quarter. HDFC Bank's Q1 profit rises 5% to ₹19,060 crore, despite a decline in total income and improved asset quality. YES Bank reported that its standalone net profit rose 34 per cent year-on-year to ₹1,071 crore in the June quarter, compared to ₹801 crore in the corresponding period last year, driven by strong deposit growth and pick up in lending. YES Bank's net profit rises 34% with improved asset quality and strong loan growth, reflecting robust financial health. IDBI Bank reported a net profit of ₹2,115 crore for the first quarter of FY 2026-27, a 5 per cent increase year-on-year and 9 per cent sequentially, as the Mumbai-based lender continued to improve asset quality and grow its loan book. Net Interest Income rose 10 per cent year-on-year to ₹3,486 crore, though it declined 9 per cent from the previous quarter. Net Interest Margin stood at 3.61 per cent. Operating profit for the quarter was ₹2,168 crore. Loan growth was the standout metric. Net advances grew 22 per cent year-on-year to ₹2,58,968 crore as of June 30, 2026, while total deposits rose 10 per cent to ₹3,25,757 crore. Total business crossed ₹5.84 lakh crore, up 15 per cent over the same period last year. The bank’s retail-to-corporate loan mix stood at 70:30. Asset quality continued to improve. Gross NPA ratio fell to 2.30 per cent from 2.93 per cent a year ago, and Net NPA declined to 0.16 per cent from 0.21 per cent. Provision Coverage Ratio remained strong at 99.31 per cent, a level the bank has maintained since September 2023. Capital adequacy strengthened to 26.92 per cent, up 153 basis points year-on-year, with Tier 1 Capital at 26.38 per cent. Return on Assets stood at 1.89 per cent, up 14 basis points quarter-on-quarter. On the cost side, Cost of Deposits eased to 4.59 per cent from 4.84 per cent a year earlier, and Cost of Funds declined 30 basis points year-on-year to 4.68 per cent. During the quarter, IDBI Bank received the APY Annual Award of Ultimate Achiever from the Ministry of Finance for Atal Pension Yojana enrolment, launched a nationwide hackathon called IDBI Innovate 2026, and was recognised at the Internal Audit Excellence Awards 2026 for its AI-enabled audit system. HDFC Bank on Saturday reported a standalone profit after tax of ₹190.6 billion for the first quarter of FY27, up 5 per cent year-on-year, as strong loan and deposit growth offset a sharp decline in non-interest income.

Q1 Results Today Live: Kotak Mahindra, YES Bank drive Q1 with 23%, 34% profit jump; ICICI up 16%, HDFC and IDBI post 5% growth
Asia
The Hindu BusinessLine

HDFC Bank profit rises 5% to ₹19,060 crore in Q1

HDFC Bank on Saturday reported a 5 per cent increase in standalone net profit to ₹19,060 crore for the June quarter. The country's biggest private sector lender had earned a net profit of ₹18,155 crore in the year-ago period. However, the total income of the bank in the quarter under review dropped to ₹92,184 crore from ₹99,200 crore in the same period a year ago, HDFC Bank said in a regulatory filing. The lender's interest income increased to ₹79,363 crore from ₹77,470 crore in the same quarter a year ago. During the period, operating profit of the bank declined to ₹28,169 crore, as compared to ₹35,734 crore in the same quarter a year ago. Net interest income grew 7 per cent to ₹33,530 crore from ₹31,440 crore for the June quarter, it said. Net interest margin was at 3.26 per cent on total assets, and 3 per cent based on interest earning assets. The bank's asset quality exhibited improvement with gross non-performing assets (NPAs) declined to 1.17 per cent of gross advances at the end of the June quarter, from 1.4 per cent a year ago. Similarly, net NPAs, or bad loans, declined to 0.41 per cent, as against 0.47 per cent in the year-ago period. As a result, provisions and contingencies for bad loans declined massively to ₹3,060 crore during the first quarter, as compared to ₹14,442 crore in the same period a year ago. Capital adequacy ratio of the bank moderated to 19.57 per cent from 19.88 per cent at the end of first quarter of the previous financial year. The consolidated profit after tax of the HDFC Bank Group for the June quarter was ₹19,245 crore as against ₹16,258 crore in the same period a year ago, registering an 18 per cent growth.

HDFC Bank profit rises 5% to ₹19,060 crore in Q1