Latest Developments

Asia
The Hindu BusinessLine

Markets stage comeback amid global sell-off, IT earnings boost

Markets defied a sharp global sell-off on Monday, staging a dramatic intraday comeback after opening deep in the red, as a robust earnings beat from the IT sector gave investors reason to buy the dip rather than flee. The Nifty 50 closed at 24,211.65, up just 4.75 points or 0.02 per cent, after recovering more than 250 points from its intraday low of 24,000.20. The BSE Sensex ended at 77,616.40, gaining 47 points or 0.06 per cent. The Nifty IT index was the session’s standout, surging 3.60 per cent, with TCS, Infosys, HCL Technologies, and Tech Mahindra among the top Nifty gainers. LTIMindtree reported a 17 per cent jump in profit and 18 per cent revenue growth over the weekend, extending the positive momentum from TCS’s recent results. With much of Asia crumbling — Seoul’s market fell 9 per cent and Tokyo dropped nearly 2 per cent following fresh US strikes on Iran and Iranian retaliations across four countries — India’s resilience stood out. “Monday’s session was more impressive than the flat close suggests... India ended flat. That is a statement,” said Sarvam Goel, Founder, Pocketful. The recovery, however, masked a difficult backdrop. Brent crude surged roughly 5 per cent to around $79.5 per barrel amid renewed fears of supply disruptions from West Asia. The US also revoked Iran’s oil export waiver, effective July 17 — a date markets will watch closely. Elevated crude weighed on the Indian rupee, which weakened 30 paise to close at 95.62 against the dollar, breaching the 96-mark intraday for the first time in 21 sessions, and emerging as the weakest performer among Asian currencies. On the sectoral front, gains were concentrated. IT, Media, and Consumer Durables outperformed, while FMCG, Metals, Cement, and Healthcare ended in the red, with FMCG the worst performer of the day. Grasim Industries and Tata Steel were among the key Nifty laggards. The broader market tracked the benchmarks — Nifty Midcap 100 edged up 0.01 per cent and Nifty Smallcap 100 gained 0.03 per cent, with both indices forming bullish candles after recovering from early lows. Notably, the Nifty Midcap 100 registered a fresh all-time high during the session. The market breadth was largely neutral, with the BSE advances-declines ratio at 1.13 and 236 stocks within the Nifty 500 universe closing in positive territory. The India VIX rose around 10 per cent, reflecting the underlying nervousness. The Q1 FY27 earnings season has so far provided some relief. “The initial batch of broader Q1 earnings has come in better than expected, suggesting that earnings downgrades for the quarter may be less severe than previously anticipated,” noted Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services. HCL Technologies was set to report results after market hours on Monday, with investor expectations high following back-to-back IT beats. The week ahead is dense with event risk. Over 140 companies are scheduled to report Q1 FY27 results, including Reliance Industries, HDFC Bank, ICICI Bank, Axis Bank, Wipro, and Tech Mahindra — together accounting for over 31 per cent of the Nifty 50’s weight. Domestically, India’s June CPI and WPI inflation data are due, alongside trade balance figures and foreign exchange reserves. Globally, US inflation numbers and Federal Reserve Chair Jerome Powell’s semi-annual testimony will be closely watched, as will China’s second-quarter GDP. Three IPOs targeting to collectively raise nearly ₹10,100 crore are also lined up in the primary market. 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.

Markets stage comeback amid global sell-off, IT earnings boost
Asia
The Hindu BusinessLine

Indigenous Saras Mk II flight tests scheduled for late 2027-28

(file picture) Saras Mk II, pitched in a highly specialised and historically competitive segment of the 19-seater twin-turboprop commuter as well as utility class which till now is being served by ageing indigenous Dornier 228, will complete the certification by mid 2031. | Photo Credit: MURALI KUMAR K Away from the public glare on the production of Tejas LCA Mk1A and fifth generation Advanced Medium Combat Aircraft (AMCA), Council of Scientific and Industrial Research – National Aerospace Laboratories (CSIR-NAL) is quietly developing indigenous passenger aircraft Saras Mk II, with the first flight tests scheduled in the last quarter of 2027-28. Saras Mk II, pitched in a highly specialised and historically competitive segment of the 19-seater twin-turboprop commuter as well as utility class which till now is being served by ageing indigenous Dornier 228, will complete the certification by mid 2031. Post that, the aircraft will be ready for operations. To start with, the order book for acquisition of the Saras Mk II appears encouraging to the CSI-NAL officials. The Indian Air Force (IAF) will be the first launch customer of the Saras Mk II, as it has provided letter of intent (LOI) for fifteen aircraft, the CSIR-NAL officials told businessline. “The IAF has also orally indicated requirement of additional 30 Saras which they would commit after the certification of the aircraft. A parliamentary committee recommended two aircrafts per state, which comes to nearly 60. Adding to that, a private company provided enquiry of requirement for an air ambulance. Therefore, the total approximately comes to 105 aircraft which is the basis for revenue generation calculation,” officials revealed. As of now it has 50 percent indigenous content (IC) in terms of the cost of aircraft, the CSIR-NAL officials told businessline. Airframe, major assemblies and required jigs and tooling will be developed indigenously, they explained. Likewise, complete design, development qualification of integrated avionics and flight control system comprising stall warning and protection system (SWPS), brake management system, environment control system, utility services and management system and health monitoring system too will be harvested from within the country, officials stated. “This constitutes 50 per cent of the total aircraft cost. It is aimed to increase the IC with separate indigenisation programmes with the support from the government,” officials noted. On the other hand, the import content is confined to engines(Pratt and Whitney Canada PT6A-67A turbo-prop) ,propeller, fuel system components, navigation sensors, raw material and alloys. A few critical components in systems like pressure manifold for brake by wire, civil approved inertial reference system are also being acquired from abroad. According to officials, the modular Line-Replaceable Units (LRUs), such as radios and computers, are not available domestically and are ITAR-controlled. ITAR is a set of US government regulations restricting the import and export of defense-related products, services, and data. State-owned Hindustan Aeronautics Ltd (HAL), which is the licence manufacturer of Dornier 228, is the production partner for Saras Mk II project. HAL Kanpur will be setting up a production line, and would be responsible for sales and after sales and maintenance and repair operations of the aircraft. HAL is also helping the programme in design and development of landing, wheels and brake and setting up of the fuel system test rig, officials in the leading aerospace company and CSIR stated.

Indigenous Saras Mk II flight tests scheduled for late 2027-28
Europe
BBC Business

Airbnb data identifies illegal social home sublets

Local councils and Airbnb have begun sharing data to identify the illegal subletting of social homes on the short-term rental platform. The scheme, coordinated by the Cabinet Office's fraud team, external, allows councils to cross-check social housing records against Airbnb listings in an effort to tackle what the government calls "social housing fraud." It is suspected nearly 6,000 social homes in England are illegally sublet on short-term rental platforms, according to the Tenancy Fraud Forum, a not-for profit organisation. Early results suggest 470 cases of social housing fraud have been identified so far across participating local authorities, with offenders facing penalties including eviction, fines and up to two years in prison. However, some campaign groups say tackling illegal subletting will have "very little impact on the acute housing crisis." According to the Cabinet Office, whether a tenant can sublet a room depends on the terms of their individual tenancy agreement and may require the council's permission, but subletting an entire social housing property is an offence. Fraudsters could include people who have more than one home or are living abroad. The government estimates on average, each case costs taxpayers around £78,300 - a figure which could include paying for temporary accommodation for genuine applicants, the legal costs to recover property, and rent foregone during the void period between tenancies. The Tenancy Fraud forum estimates at least 1,000 social homes are illegally advertised for short term lets on Airbnb in London over a period of a year, but if other platforms are included, this number is likely to be far greater. BBC London has spoken to residents who are convinced illegal holiday lets are operating in their buildings. They describe lockboxes appearing outside flats, a constant stream of unfamiliar people arriving with suitcases, and in some cases antisocial behaviour. Geraldine Girardi has lived in a mixed-tenure Notting Hill Genesis block in King's Cross for 26 years. A leaseholder and member of the Social Housing Action Campaign, she believes one social housing flat has been illegally sublet as short-term accommodation.

Airbnb data identifies illegal social home sublets
Europe
BBC Business

Australia dock workers call for 28-hour week in AI talks

Australian dock workers are demanding a 28-hour work week with no loss of pay as the use of artificial intelligence (AI) and automation expands across the country's ports. The AI push is being led by port logistics giant DP World, which the Maritime Union of Australia (MUA) said has put workers' jobs "in the crosshairs". The union said: "If DP World wants AI and automation, then they must pay the social dividend. The new technology doesn't have to cost our members their jobs or put their livelihoods at risk just so a terminal operator can boost profits." DP World, which is based in Dubai, is increasingly testing AI tools to manage employees and work schedules in its operations, according to a study by the Centre For International Corporate Tax Accountability and Research, which was commissioned by the MUA. The automation programme is part of a pattern of pushing AI into operations "without genuine consultation" and that it threatens up to a thousand jobs or more than 60% of the dock and maintenance workforce, the study said. The company has also proposed the use of AI-assisted remote-control cranes and driverless vehicles, it added. The technology "should be used to improve workers' lives, not destroy them," the union said in a statement on 3 July as it called for a 28-hour work week. DP World dock workers are believed to currently work around 32 to 35 hours a week, depending on their location, according to the Australian Financial Review, which first reported the negotiations. The state-owned DP World is one of the world's largest port operators and is ultimately controlled by Dubai's ruler, Sheikh Mohammed bin Rashid Al Maktoum. In Australia, it moves millions of shipping containers each year through its ports in Sydney, Melbourne and other parts of the country. With operations in 84 countries and more than 126,000 employees around the world, the firm handles around a tenth of global container traffic.

Australia dock workers call for 28-hour week in AI talks
Europe
BBC Business

One million more UK homeowners set to face higher mortgages

Image source, Getty ImagesByKevin PeacheyCost of living correspondentPublished7 July 2026, 11:30 BSTUpdated 24 minutes agoA million more homeowners face higher mortgage bills than the Bank of England had previously expected due to the impact of the Iran war. Just over five million homeowners should expect their monthly mortgage repayments to increase by the end of 2028, according to Bank forecasts. However, the Bank's Financial Stability Report said the hit would not be as hard as seen in recent years. A typical owner-occupier rolling off a fixed rate in the next two years is likely to face an increase of £45 on their monthly mortgage bill, the Bank said, external. That compares to a typical rise of £120 for those getting a new deal between the end of 2022 and end of 2024. However, 750,000 homeowners who are paying less than 3% interest on their current deal would be rolling off these products this year and would see an average increase of £170 per month in repayments, the Bank said. The interest rate on this kind of mortgage does not change until the deal expires, usually after two or five years, and a new one is chosen to replace it. More than two million borrowers on a two-year fixed deal expiring by the end of 2028 were projected to remortgage close to their existing rate and see little change in repayments, the Bank said. However, these borrowers were now unlikely to see repayments fall over coming years, as had been forecast prior to the Iran conflict. A modern browser with JavaScript and a stable internet connection is required to view this interactive. The information you provided on your monthly payments would not be sufficient to pay off your mortgage within the number of years given. This calculator does not constitute financial advice. It is based on a standard mortgage repayment formula dependent on the mortgage size and length and a fixed interest rate. It should be used as a guide only and does not represent the suitability, eligibility or availability of mortgage offers for users. For exact figures, users will need to approach an official mortgage lender. The Iran war led to the closure of the key Strait of Hormuz shipping lane, typically responsible for around a fifth of global energy supplies.

One million more UK homeowners set to face higher mortgages
Europe
BBC Business

Hundreds of jobs at risk as John Lewis plans to cut some services

Image source, Bloomberg via Getty ImagesByMitchell LabiakBusiness reporterPublished2 hours agoAround 200 John Lewis staff could lose their jobs as the retailer looks to close its in-store money exchange services and dedicated gift wrapping areas. No final decision has been made but the job cuts will happen in the autumn if the redundancy plans it is consulting on are approved. John Lewis said the decision to close its in-store bureaux de change was due to falling demand and that it would move gift-wrapping services from a specialised area to its tills. A spokesperson said it would support affected staff "throughout the consultation process and support redeployment where possible". They added: "As we focus on modernising this proposition to meet our customers' changing needs, we're proposing to close our in-store foreign exchange bureaus as well as our gift wrapping service. "As a result, we're regretfully consulting with partners who currently deliver these services." The retailer said customers were increasingly ordering foreign currency online and collecting it in store. It also said some other customers were choosing instead to use their credit cards or digital payments while abroad. It added that the changes to its gift wrapping services would make it more accessible. The money exchange closure will affect 30 shops while the gift wrapping services closure will affect 25 shops. The retailer has been going through many changes under its chair. Jason Tarry, who took over in 2024 after a tough few years that saw it cut jobs and close several stores It closed its housebuilding arm in February, in a move which also led to some job losses. And, in March, the retailer said it would be awarding its staff a bonus for the first time in four years as its profits and sales improved. The bonus had been scrapped during the Covid pandemic, marking the first time this had happened since 1953.

Hundreds of jobs at risk as John Lewis plans to cut some services
Europe
The Guardian

Half of Americans struggle to afford groceries and gas, exclusive poll finds

A driver refuels a vehicle with regular gasoline at a Chevron gas station in San Francisco, California, on 2 July. Photograph: David Paul Morris/Bloomberg via Getty ImagesView image in fullscreenA driver refuels a vehicle with regular gasoline at a Chevron gas station in San Francisco, California, on 2 July. Photograph: David Paul Morris/Bloomberg via Getty ImagesUS economyHalf of Americans struggle to afford groceries and gas, exclusive poll findsAbout 57% of polled Americans also believe economy is worsening in grim portrait of cost of living crisis, according to Harris survey for the Guardian Ninety-five per cent of Americans believe the US is suffering an affordability crisis, as many report trouble with the rising cost of groceries and gas, according to an exclusive new poll conducted for the Guardian. The survey, conducted by Harris Poll, paints a bleak picture of how people feel about the US economy amid the war in Iran and ahead of the key midterm elections this fall. Despite stable employment and record-high stock markets, more Americans believe the overall economy is getting worse (57%) than in February (46%), when the poll was last conducted and before the war in the Middle East sent gas prices soaring. Fewer people today also believe the economy is getting better (16%, compared with 28% in February) and more say their financial security has gotten worse. The affordability struggle crosses party lines: about half of all Democrats, Republicans and independents say they are having trouble affording everyday necessities like gas and groceries. Two-thirds of Americans – including 49% of Republicans – said they have little faith that the federal government will improve the cost-of-living crisis they face. Though Republicans have been far more optimistic about the economy than Democrats and independents under Donald Trump’s second term, the war in Iran seems to have soured those in the president’s base. While 49% of Republicans said the economy was getting better in February, just 27% said the same in the new poll. Meanwhile, 38% of Republicans say the economy is now getting worse compared with 22% who said the same in February. Even rural Americans, a strong base for Republicans, are feeling more pessimistic: 64% say the economy is getting worse, compared with 46% who said the same in February. Rural Americans were also the most likely to say that good job opportunities have disappeared over the past year and that tariffs have negatively affected American manufacturing jobs in the past year. Cratering economic sentiment may cause problems for the Republican party, which is trying to maintain a narrow control of Congress in the upcoming midterm elections. Even as his party has tried to appeal to working-class voters, Trump has offered up a whiplash reaction to the affordability issue, simultaneously denying that it exists while also trying to exert his power to bring down prices. Though Brent crude, the global benchmark for oil prices, has fallen sharply since the US and Iran signed a peace deal in June, US gas prices at the pump have been slow to go down to prewar levels. After dismissing high gas prices, Trump and his treasury secretary demanded that oil and gas companies lower their prices ahead of the 250th anniversary of America’s Independence. He also recently derailed a bipartisan housing bill aimed at tackling the US’s affordable housing shortage as a “minor importance” compared with other priorities, including unproven claims of voter fraud.

Half of Americans struggle to afford groceries and gas, exclusive poll finds
Asia-Pacific
The Straits Times

IRAS nabs 279 high-income earners over sham arrangements to pay less tax

The taxman said 279 high-income earners were caught for sham arrangements to avoid paying more tax. SINGAPORE – The taxman has caught 279 high-income earners to date for using sham arrangements such as setting up private companies to receive their income to avoid paying more tax. Out of this group, the Inland Revenue Authority of Singapore (IRAS) probed 124 cases from 2021 to 2025 and clawed back $49 million in additional tax. All but one of these cases involved taxpayers extracting profits as tax-exempt dividends or interest-free shareholder loans. Unlike tax evasion, which is a crime involving hiding and falsifying income, tax avoidance by channelling funds through various arrangements is not an offence, but these moves can result in additional taxes and surcharges being levied if there is no real purpose for these transactions other than paying less tax. Cases involving such taxpayers were highlighted recently when the High Court dismissed the bid of three doctors to challenge the decision of IRAS to levy more taxes on their total incomes. Some of these errant taxpayers thought they could avoid the higher personal tax rate – 24 per cent for those with income exceeding $1 million – by channelling the bulk of their earnings to their companies because corporate profits are taxed at just 17 per cent here. After-tax profits can be declared as dividends and paid to shareholders, who do not have to pay personal income tax on them. These private outfits paid even less corporate taxes in reality because companies enjoy various concessions aimed at spurring growth and entrepreneurship. But instead of using profits to expand business and hire more employees, these high-income earners merely used the structure to channel “tax-exempt” dividends and even non-genuine “shareholders’ loans” to themselves. To deal with these taxpayers, IRAS took action under Section 33 of the Income Tax Act, which empowers it to disregard or vary any contrived arrangement and claw back the taxes that should have been paid. In the recent dispute, the doctors challenged IRAS’ decision to conduct further tax assessments on their dividends and shareholders’ loans they paid to themselves from 2013 to 2018 through various private companies they had set up.

IRAS nabs 279 high-income earners over sham arrangements to pay less tax
Europe
BBC Business

From mouthwash to hair dye: How weight-loss jabs are changing shopping habits

ByDaniel Thomas, Phil Leake, Jess Carr, Katherine Gaynor and Zoe Bartholomew, BBC NewsWeight-loss medications have surged in popularity over the last few years, with more than two million people in the UK now using them. But while drugs like Wegovy and Mounjaro have helped people reduce their weight, they also seem to be reshaping some users' spending habits. Below, the BBC looks at some of the latest research on the trend, using graphics to illustrate the findings. Mounjaro and Wegovy - the UK's most popular weight-loss medications - work by mimicking a natural hormone, GLP-1, which regulates hunger, and those who use then say they find their appetite is reduced. In June, market research company Worldpanel by Numerator published a study looking at how this affects grocery spending among UK users. The research was based on survey responses and observed purchase data from more than 11,000 households in February. A key finding was that households with at least one GLP-1 user spent on average £418 less on groceries in the year after they began their medication, compared with non-users. It chimes with a peer-reviewed study from Cornell University, external published last year, which found that US households with at least one member using weight-loss drugs spent 5% less on groceries within six months of starting the medication, with that rising to 8% among higher income families. People also cut back on buying some items and started spending more on others when taking weight-loss medications, Worldpanel found. As the chart above shows, the control group reported spending less on chocolate and pastries and more on fruit and protein-rich foods like prawns - a likely result of feeling fuller for longer and being less prone to eat out of boredom. They also consumed less alcohol. But they bought more chewing gum, mouthwash and hair dyes - products that counter common GLP-1 side effects like thinning hair and bad breath. Nishita Pattni, a senior consultant at Worldpanel by Numerator, told the BBC that weight-loss jabs weren't "simply reducing spending" but "reshaping it". "This isn't simply a story of shrinking demand. It's also a story of shifting demand."

From mouthwash to hair dye: How weight-loss jabs are changing shopping habits