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North America
CNBC Finance

Ford Q2 sales drop 10.3% due to F-Series supplier issue, falling EV demand

DETROIT — Ford Motor on Thursday reported a 10.3% decline in its second-quarter U.S. new vehicle sales as the company battled a supplier issue for its F-Series pickup trucks and a significant drop in all-electric vehicles. The Detroit automaker said its pure EV sales fell by 40.7% during the quarter compared with a year earlier. Sales of its F-Series trucks, including the F-150, slipped 11% as Ford began ramping up production after its top aluminum supplier restarted production following two fires late last year. "Although customer demand remains high, first-half F-Series sales reflect a retiming of commercial production following last year's aluminum supply shortages. Ford expects supply to recover more fully in the second half of the year," Ford said in a release. Ford sold 549,200 vehicles during the second quarter compared with 612,095 units a year earlier. While that's among the largest expected industry declines, the results slightly beat Cox Automotive's expectations for Ford sales to fall 11.5%. The automaker has sold 1 million vehicles year to date through June, down 9.6% from 1.1 million during the first half of last year. Ford noted that despite the declines, the F-Series remained America's top-selling truck. The company also estimates its U.S. retail market share to end the quarter was up 0.2 percentage point compared with a year earlier, to 12.3%. Ford's sales come a day after most major automakers reported second-quarter numbers that were better than expected, largely driven by increased demand for hybrid vehicles. Crosstown rival General Motors saw its sales fall 4.2%, however, as its EV sales dropped. Automotive data firm Motor Intelligence on Wednesday estimated U.S. industry sales for June were up 7.5% compared with a year ago, leading to a monthly adjusted selling pace of 16.67 million units, which was higher than many forecasters had expected. As of last week, Cox Automotive expected U.S. auto sales to be down 2.9% to 15.8 million vehicles, including a 3.4% decline in retail sales. That included a 16.1 adjusted selling rate forecast for June. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Ford Q2 sales drop 10.3% due to F-Series supplier issue, falling EV demand
Asia
The Hindu BusinessLine

Maharashtra starts ₹150-crore electric boat manufacturing hub for Mumbai Water Metro

India’s electric mobility push is expanding from roads to waterways, with Maharashtra government signing an agreement with Zoya Marine Services Pvt Ltd on Friday to establish a ₹150-crore electric boat manufacturing facility in Sindhudurg for the ₹6,067-crore Mumbai Water Metro. The first phase of the project is targeted to begin commercial passenger operations in December 2026, creating one of India’s first dedicated manufacturing ecosystems for urban electric ferries while supporting what could become the world’s largest urban water transport network. The agreement, signed at Mantralaya in the presence of Maharashtra’s Minister for Fisheries and Ports, Nitesh Rane, will see the company develop a state-of-the-art manufacturing facility over nearly 22 acres at Talawane in Sawantwadi taluka. The plant will manufacture advanced electric-hybrid passenger boats designed specifically for Mumbai’s water metro corridors, reducing long-term dependence on imported vessels while creating skilled employment and strengthening the state’s maritime manufacturing capabilities. The investment is backed by one of India’s most ambitious urban water transport projects. Approved by the Maharashtra government earlier this year, the Mumbai Water Metro will span up to 250 km in its initial phases, eventually expanding to a network of about 340 km of waterways connecting Mumbai, Thane, Navi Mumbai, Vasai and Panvel. The project is expected to comprise around 21 routes, up to 49 terminals and a fleet of more than 200 electric-hybrid ferries, making it one of the world’s largest urban water transport systems. “Our government is strategically steering the development of the Konkan region with a strong focus on ecological responsibility. Alongside sustainable maritime initiatives, we are promoting high-impact, eco-friendly tourism projects to create employment, strengthen the regional economy and build long-term, green growth,” Rane said. Rather than building the system from scratch, Maharashtra is leveraging the operating model pioneered by the Kochi Water Metro. Kochi Metro Rail Ltd (KMRL), which developed India’s first integrated urban water metro, prepared the project’s feasibility study and Detailed Project Report after winning a competitive bid from the Maharashtra Maritime Board. KMRL is also expected to support implementation to replicate metro-style operational standards, including integrated ticketing and passenger management systems. While domestic manufacturing capacity is being created, the State is simultaneously introducing advanced international technologies. Earlier this year, Maharashtra imported Sweden’s Candela P-12 electric hydrofoil ferry for evaluation. The vessel uses computer-controlled hydrofoils to lift its hull above the water, reducing drag and lowering energy consumption by as much as 80 per cent while cruising at speeds of 40-46 kmph. The State is also evaluating larger electric vessels from European shipbuilders for high-capacity routes. Officials are additionally exploring programmes that would help traditional boat operators convert existing diesel-powered boats into electric propulsion systems, extending the transition to cleaner marine mobility beyond the water metro fleet. For India’s electric mobility industry, the project represents the emergence of a new manufacturing segment. Beyond producing ferries, it is expected to create demand for marine battery systems, electric propulsion technologies, charging infrastructure, lightweight aluminium hulls, power electronics and digital navigation systems. As more cities evaluate water metro projects under the Centre’s draft National Water Metro Policy, the Sindhudurg facility could evolve into a manufacturing base serving a broader domestic market for electric boats, positioning Maharashtra at the centre of India’s emerging green marine mobility ecosystem. 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.

Maharashtra starts ₹150-crore electric boat manufacturing hub for Mumbai Water Metro
Europe
BBC Business

Backlash after China bubble tea firm ordered to pay Louis Vuitton $1.5m

Chinese media reported last week that a court in the eastern Jiangsu province ruled that the Shenzhen-based tea company had copied Louis Vuitton's iconic four-petal flower monogram trademark. The decision has divided the public online in China, with a hashtag linked to the case drawing more than 400 million views and tens of thousands of comments. On Thursday, a court in Suzhou, just east of Shanghai, ordered Molly Tea to stop using of the logo, issue a public apology and to pay damages to Louis Vuitton, according to Chinese state media China Daily. The outlet also said that Molly Tea and its affiliated firms had applied for multiple trademarks that were rejected by the China National Intellectual Property Administration. Only the trademark containing the Chinese characters for "Molly Tea" was successfully registered, China Daily reported. Many Chinese social media users have defended the design of Molly Tea's logo, noting how many designs used in Western luxury brands have been inspired by Chinese artefacts. One commenter on the Weibo platform wrote in Mandarin that he will "drink a cup of Molly Tea daily" to show his support for the company. "Give me a break. They're just taking advantage of the fact that our ancestors didn't file for patents," the commenter wrote. One user on RedNote, another Chinese social media platform, said: "Such basic geometric shapes have been used everywhere throughout history, not just China." A Weibo user said that those who back Molly Tea's design should "study law first", arguing that there is no dispute as Louis Vuitton had already registered the trademark. Another said Louis Vuitton is justified in defending its intellectual property and that other brands do not have the right to imitate it, regardless of their industry.

Backlash after China bubble tea firm ordered to pay Louis Vuitton $1.5m
Europe
BBC Business

Wegovy weight loss pill now available in UK - here's what you need to know

The once-a-day Wegovy weight loss pill is now available to buy privately from High Street and online pharmacies in the UK - but is not yet on the NHS. It contains the same ingredient - semaglutide - as the Wegovy weight loss injections but is still advised to be used alongside a healthy diet and increased physical activity. Aside from the obvious that one is in pill form and one is an injectable, both treatments work well and trials show they are similarly effective. But if you don't like the idea of using something daily or it doesn't suit your lifestyle to fast (not eat) eight hours before taking a pill each day, the injection may be more convenient. You can take the once-weekly jab any time of the day but it does need to be stored in the fridge. It's available to people with a BMI of 30 and above (generally considered obese) or a BMI of 27-30 (overweight) if they also have certain weight-related health conditions, such as type 2 diabetes or high blood pressure. And like the jab, a consultation - either online or face-to-face - is needed to make sure the pill is right for you. A number of online and high street pharmacies say they will have stocks soon to send out. Image source, Universal Images Group via Getty ImagesThe semaglutide in the jab and pill mimics the actions of a hormone called GLP-1 (glucagon-like-peptide-1), which is released from the intestine after people eat. It acts on receptors in the brain that control appetite, making people feel fuller, less hungry and crave food less. Very common side effects with both include stomach problems, like feeling sick, being sick (vomiting), constipation and diarrhoea. With the jab, you may get little bit of skin redness, itching or mild swelling where you inject.

Wegovy weight loss pill now available in UK - here's what you need to know
North America
CNBC Finance

U.S. auto industry faces increased uncertainty without extension of USMCA trade deal

The U.S. automotive industry is entering a new phase of uncertainty as the Trump administration said the USMCA trade agreement between the United States, Mexico and Canada will not be extended by Wednesday, triggering what could be a yearslong review process or an expiration of the pact if no deal is reached by 2036. The United States-Mexico-Canada Agreement, which replaced the North American Free Trade Agreement, was established during President Donald Trump's first term in 2020, but the administration has soured on the deal that governs roughly $2 trillion annually in goods and services between the three countries. The auto industry represented about 18% of America's trading with its neighboring countries last year, according to industry data, making it one of the key sectors in the discussions. Automakers and others watching the talks are concerned that reopening the deal could create additional trade uncertainty that leads to lower investments and fewer jobs. "If we let this go on for a very long time, it's very painful for everyone," said Diego Marroquín Bitar, a fellow at the Washington, D.C.-based think tank Center for Strategic and International Studies. "That's the last thing that the region needs." There's also concern that the U.S. could pull out of the deal amid aggressive negotiation tactics by the Trump administration involving tariffs, trade and other issues. The United States, Mexico and Canada could have agreed to a 16-year extension by Wednesday but will go to an annual review process instead. U.S. Trade Representative Jamieson Greer in May said the U.S. wants to strengthen North American rules of origin "in a way that enhances U.S. content in these goods" to boost domestic manufacturing. Bitar also said the Trump administration's public discussions have been wide-ranging, touching on nontrade issues such as immigration, crime and other connections, which could make this round of talks more challenging than when USMCA was established. "Everything is on the table. Not just the trade issues," Bitar said. "The more things on the table, the longer it takes to negotiate and the more uncertainty it will generate." The U.S. automotive industry has already dealt with a lot of uncertainty this decade, from pandemic production stoppages and supply chain shortages to ongoing changes to tariffs and other regulations. Now it's bracing for the reopening of USMCA talks. It's not clear whether vehicles that meet compliance measures for the U.S. would continue to face tariffs, which Trump has used aggressively during his presidency as leverage in negotiations and to promote domestic production. "All chips are on the table," Aakash Arora, an automotive expert, partner and managing director at Boston Consulting Group, told CNBC. "But what is clear across all scenarios being discussed is No. 1: higher content from the U.S."

U.S. auto industry faces increased uncertainty without extension of USMCA trade deal
North America
CNBC Economy

World Cup could boost the June jobs report by 40,000, Goldman estimates

The June jobs report on Thursday could be more robust than expected due to a strong kick from the World Cup, according to Goldman Sachs. Nonfarm payrolls are projected to post a gain of 115,000, according to the Dow Jones consensus from economists surveyed, which would be a step down from the sturdy 172,000 growth in May. But Goldman said private data from Homebase, a small business payroll firm, suggests that the "Beautiful Game" has had at least a modest impact on hiring, contributing about 40,000 positions last month. The firm's latest report indicates that while the pace of hiring in June looks down overall, the 11 World Cup hosting cities saw a decline of 1.2% from a year ago, while other cities were off 3.5%. Moreover, Homebase's data showed hospitality hiring up 9.5%, a possible World Cup-related boost. "Our historical analysis suggests that the World Cup could boost payroll growth by 40k in June, and that its impact should be concentrated in the leisure and hospitality, professional and business services, and trade and transportation sectors," Goldman economists Ronnie Walker and Jessica Rindels said in a note. Consequently, Goldman expects total nonfarm payroll growth of 140,000, which would still fall below the pace of the prior month but significantly better than the 20,000 jobs lost in June 2025. Goldman also said the count could be higher because prior June payrolls have showed an upward bias on the first of the three estimates. The initial June count was revised lower in each of the past four years. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

World Cup could boost the June jobs report by 40,000, Goldman estimates
Asia
The Hindu BusinessLine

Holding steady

Last week, we had said that the Nifty 50 and Sensex are looking bullish with an inverted head and shoulder pattern formation. This pattern has failed. The sharp fall on Wednesday, after the US announced that the ceasefire was over, played the spoil sport. Although the pattern has failed, the broader picture remains positive. The recovery towards the end of the week indicates the presence of buyers in the market at lower levels. The Sensex and Nifty which were down about 2 per cent mid-week have recovered and closed the week marginally lower by 0.25 per cent each. As such, the development on the US-Iran war front has not changed anything on our overall bullish outlook. The Foreign Portfolio Investors (FPIs) continue to buy Indian equities. The equity segment saw a net inflow of about $1.59 billion in July so far. There has been an inflow of about $3 billion in the last four weeks. Are the FPIs coming back? We need to wait and watch. If the FPIs increase their pace of purchase, then the Sensex and Nifty can scale new highs in the coming months. Short-term view: The support at 23,800 continues to hold well. That keeps the bias positive. Immediate resistance is at 24,350. A break above it can strengthen the momentum. Such a break can take the Nifty up to 24,800 in the short term. Failure to breach 24,350 can drag the Nifty down to 24,000-23,900. In that case, Nifty can remain in a range of 23,800-24,350 for some time. The short-term picture will turn negative only if the index declines below 23,800. If that happens, a fall to 23,500 and even lower can be seen. Medium-term view: The broader 22,000-26,500 range is intact. Within that, Nifty is moving up and is expected to rise towards 26,500, the upper end of the range. A break above 24,800 will clear the way for this rise. The long-term picture remains positive to get a bullish breakout above 26,500 eventually. Such a break can take the Nifty higher to 28,000 and even 30,000 in the long term. Short-term view: Except for the high volatility, the Nifty Bank index oscillated well within its 56,500-58,900 range. The near-term picture continues to remain unclear. We have to wait for a breakout on either side of 56,500-58,900 to get clarity on the next move. The bias is positive. So, we see higher chances for the index to breach 58,900 and rise to 60,500-61,500 in the short term. The outlook will turn negative only if the index declines below 56,500. In that case, 56,000 or even 55,000 can be seen on the downside. Medium-term view: The overall bullish picture is intact. Key resistance to watch will be 61,500. A break above it will clear the way for a rise to 65,000 in the medium term. From a long-term perspective, there is potential for the Nifty Bank index to target 68,000-69,000.

Holding steady
Asia
The Hindu BusinessLine

How Bangladesh’s first nuclear power plant could reshape its energy future

The Rooppur Nuclear Power Plant in Bangladesh, a $12.65-billion project, is expected to strengthen the country’s energy security, reduce dependence on imported fossil fuels and support long-term economic growth. (a file photo) On the banks of the Padma river in western Bangladesh, local tourists are posing for selfies in front of the four massive, ivory-colored cooling towers at the country’s first nuclear power plant. Once fully completed in 2028, the two Russian-designed reactors at the Rooppur facility will be able to supply as much as 15% of the country’s electricity. The project is an audacious bet that nuclear power can meet the needs of an industrializing economy without breaking the bank, and other developing nations across the world will be watching closely. Atomic power has undergone a renaissance over the last few years. While safety risks and heavy cost overruns saw the world sour on nuclear, especially after the Fukushima disaster in Japan in 2011, those concerns are now being surpassed by the need to decarbonize and meet a surge in power demand from artificial intelligence and the electrification of transport fleets. For developing nations like Bangladesh, atomic energy is less about data centers and more to do with weaning their economies off fossil fuels and reducing their vulnerability to external shocks like the Iran war. With oil and gas exports from the Persian Gulf upended by the conflict, long lines at filling stations became routine, homes in the countryside had to cope with hours of daily blackouts, and factory output suffered. “The recent geopolitical conflicts — Iran and Russia-Ukraine — have shown that a scarcity of resources hurts poorer countries more than rich ones,” said R. Srikanth, who heads the energy, environment and climate change program at the National Institute of Advanced Studies in Bengaluru in India. “That strengthens the case for nuclear in emerging economies.” The 2.4 gigawatt project has been more than a decade in the making, a period marked by a series of upheavals including the Covid-19 pandemic, the Russian invasion of Ukraine and the Iran war. Those events are an endorsement of Bangladesh’s strategy of reducing its heavy reliance on imported fossil fuels, but they’ve also pushed Rooppur beyond its original timeline of commissioning the first unit by 2023. The project has been inherited by Prime Minister Tarique Rahman, who came to power in elections in February, and chimes with his government’s efforts to revive growth after years of dictatorship came to an end in 2024. The first reactor is now expected to become fully operational by the start of 2027, with the second one to follow a year later, according to Md. Zahedul Hassan, managing director at Nuclear Power Plant Co. Bangladesh Ltd., the facility’s operator. Like other developing economies, though, Bangladesh has found that nuclear projects come with expanding costs. Under the main contract with Russian state-owned company Rosatom, the plant will cost around $12.65 billion, including the first few years’ fuel, according to the World Nuclear Association. But in local-currency terms, that cost has now increased by almost a quarter since the project was approved a decade ago, thanks to a sharp weakening of the Bangladeshi taka against the dollar. “The delay has had a massive financial implication for Bangladesh,” said Md. Shafiqul Islam, a professor of nuclear engineering at Dhaka University. “A timely completion would have not only avoided this massive cost escalation but would have also helped us trim our fossil fuel import bill.” Plant operator Hassan, while declining to give details on the estimated cost of generation, is adamant that it will be value for money for the country.

How Bangladesh’s first nuclear power plant could reshape its energy future
Asia
The Hindu BusinessLine

India’s auto retail sector aims for 3 crore sales amid financing overhaul

India’s auto retail industry is on track to cross the three-crore annual vehicle sales milestone this fiscal year, underpinning a vehicle finance market estimated at around ₹2.65 lakh crore and a motor insurance industry nearing ₹1.25 lakh crore. As the financial ecosystem expands, automobile dealers are urging banks, NBFCs and insurers to adopt dealer-centric credit models, real-time funding dashboards and integrated digital platforms to improve working capital, reduce settlement delays and enhance customer experience. The issues came into sharp focus at the Federation of Automobile Dealers Associations’ (FADA) fifth Banking & Insurance Summit on Friday, where FADA President C.S. Vighneshwar joined senior executives, including Abhinav Garg of AU Small Finance Bank, Baneswar Banerjee of Mahindra & Mahindra Financial Services, Puneet Dhawan of Tata Capital, Rohit Chhabra of ICICI Lombard General Insurance, Gurpreet Singh of New India Assurance, Neelakanta M of IFFCO Tokio General Insurance and Suraj Vasudev of SBI General Insurance, to deliberate on the next phase of automotive retail finance and insurance. The discussions reflected a broader shift in India’s automotive retail ecosystem. While the first phase of digitisation focused on faster loan approvals, digital documentation and claims processing, experts at the FADA banking and insurance summit said, “the next phase will centre on connected financial infrastructure that improves dealer liquidity, shortens cash cycles and gives retailers real-time visibility across financing and insurance operations”. The discussions highlighted measurable gains across the ecosystem. Insurance claim turnaround has reduced from nearly two months to a matter of days, FADA’s finance satisfaction score has improved to 841 from 786, and retail funding penetration has reached around 80 per cent. Dealers, however, said the next phase must focus on dealer-centric underwriting, real-time financial visibility and seamless digital integration. “Insurance and finance are perhaps the two most important partners we work with. One covers the risk of the vehicle, while the other facilitates vehicle ownership. We also use this platform to highlight dealers’ common pain points,“ said C.S. Vighneshwar, President, FADA. Calling finance “the oxygen of our business,“ Dr Sachin Sharma, Governing Council Member, FADA, said faster financing remains critical even as technology transforms the retail ecosystem. Panelists said AI-led underwriting, e-KYC, digital bank statement analysis and automated document verification have reduced many loan approvals from days to minutes, with automated systems increasingly enabling approvals even outside traditional banking hours. A key theme at the summit was the need to move beyond OEM-linked lending models. Dealers argued that funding should increasingly reflect a dealership’s own financial strength, profitability and repayment record, rather than the brand it represents. “Everybody should be scored based on dealer performance, financial strength and track record. It should not be purely from the OEM lens,“ said Baneswar Banerjee, Head of Automotive Loans, Mahindra & Mahindra Financial Services, reflecting the broader consensus that dealer-level credit assessment would improve access to working capital and create a more transparent funding framework. Participants also backed integrated dealer portals offering real-time visibility into inventory funding, credit limits, interest costs and transaction history, replacing periodic statements with connected digital platforms. “Dealers will definitely get a dealer portal where they can raise queries and access real-time information,“ said Puneet Dhawan, Business Head – Medium & Commercial Vehicle Finance, Tata Capital, indicating such capabilities could be rolled out as lenders move towards one-to-many digital integration. Insurance executives said digital claim intimation, e-surveys, automated documentation and AI-enabled workflows have significantly improved claims processing. However, a recent FADA survey found 65 per cent of dealers still cited survey appointments and claim approval turnaround as major pain points. Rohit Chhabra, Head of Motor Insurance & Extended Warranty, ICICI Lombard General Insurance, said that greater visibility across every stage of the claims process would improve transparency for both dealers and customers. 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.

India’s auto retail sector aims for 3 crore sales amid financing overhaul