Latest Developments

Asia
The Hindu BusinessLine

Dovetail eyes custody business; raise ₹100 crore to fund next growth phase

Independent asset servicing firm Dovetail is set to enter the custody business, a move that would complete its ambition of becoming a full-service platform for global investors accessing India. The company plans to apply for a custody licence within the next 30-45 days, betting on the growing opportunity in asset servicing as foreign and domestic investment flows into India continue to rise. The company already provides clearing, fund administration and platform solutions, and sees custody as the missing piece in its offering. With India’s market capitalisation projected to triple to $12 trillion over the next decade, Dovetail sees custodial services as a lucrative, volume‑driven opportunity. By offering a one‑stop shop—from fund setup and compliance to clearing and custody—the company aims to challenge entrenched banks and position itself as the go‑to gateway for global investors accessing India. To support this expansion, Dovetail has raised ₹100 crore from a venture capital fund, comprising ₹70 crore of fresh equity infusion and ₹30 crore through a promoter stake sale. The capital will be used to meet regulatory requirements for the custody business, strengthen the balance sheet and support expansion into new markets. “We will apply for the custody licence over the next 30-45 days. Regulatory capital requirements stand at ₹50 crore, with discussions to raise this to ₹75 crore. The fresh funds ensure we are well-prepared,” said co-founder Dev Sampat. Founded by former Kotak executives, Dovetail has built a business model independent of large banking groups. Its clearing business processes 15-16 lakh trades a day, with average notional derivative volumes of $64-65 billion. Beyond clearing, Dovetail administers mutual funds in GIFT City, manages around 40 funds out of Singapore, and has received approval for third-party fund management solutions. The company now plans to expand its administration business into new jurisdictions such as Mauritius and the UAE, while strengthening its presence in Singapore and Dubai’s DIFC. Mauritius, despite declining as a foreign portfolio investment hub, still accounts for 20 per cent of India’s FDI inflows, alongside Singapore’s 30 per cent. Capturing these flows with substance‑based operations and compliance expertise is central to Dovetail’s strategy. According to co-founder Mahesh Shekdar, the fundraise is not only about capital but also about strengthening the company’s credibility as it expands internationally. “We are profitable with a strong net worth, but institutional money brings validation and confidence as we enter more jurisdictions,” he said.

Dovetail eyes custody business; raise ₹100 crore to fund next growth phase
Asia
The Hindu BusinessLine

Rural demand drives commercial vehicle retail growth in June 2026; Tata Motors and M&M strengthen lead

Tata Motors retained its leadership with sales of 30,991 units in June 2026, up from 25,311 units a year earlier, registering growth of 22.4%. | Photo Credit: ANI India’s commercial vehicle (CV) industry reported healthy growth in June 2026, with retail sales rising 17 per cent year-on-year to 90,972 units from 77,836 units in June, 2025. Rural markets emerged as the key growth engine with a 22 per cent year-on-year growth, significantly outpacing the 13 per cent growth in urban areas as goods-movement activity strengthened across smaller towns and hinterland regions, according to Federation of Automobile Dealers Associations (FADA) research data. Dealers cited steady freight activity, e-commerce-linked movement and normalising supplies, FADA said. According to FADA data, the growth was led by Tata Motors and Mahindra & Mahindra, both of which strengthened their positions in the market, while some established players such as Ashok Leyland and VE Commercial Vehicles lost market share despite higher volumes. Tata Motors retained its leadership with sales of 30,991 units in June 2026, up from 25,311 units a year earlier, registering growth of 22.4 per cent. Its market share improved by around 2 percentage points, reinforcing its dominance in the CV segment, according to FADA data. Mahindra & Mahindra emerged as the second-largest player, reporting sales of 25,015 units compared with 20,483 units in June 2025, a growth of 22.1 per cent. Within this, Mahindra & Mahindra Ltd accounted for 23,241 units, while Mahindra Last Mile Mobility Ltd contributed 1,774 units. Ashok Leyland recorded sales of 15,337 units, up from 14,152 units a year ago, posting growth of 8.4 per cent. However, its market share declined. Its subsidiary Switch Mobility Automotive nearly doubled its volume to 308 units in June 2026 as against 159 in June 2025. The industry performance reflects strong demand for medium and heavy commercial vehicles, light commercial vehicles and last-mile mobility solutions, while competitive pressures remain intense for smaller OEMs and niche players, industry trackers said. Poonam Upadhyay, Director, Crisil Ratings, said the healthy year-on-year growth points to broad-based strength in demand across key sectors of the economy. Robust growth in Light CVs and Medium CVs reflects sustained momentum in logistics, regional transportation and passenger mobility, supported by economic activity and infrastructure development. Heavy CV growth was relatively moderate at 8 per cent, reflecting the sector’s continued shift towards higher-capacity vehicles that enable greater freight movement per vehicle and enhance fleet productivity, she said. 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.

Rural demand drives commercial vehicle retail growth in June 2026; Tata Motors and M&M strengthen lead
Asia
The Hindu BusinessLine

GEMA refutes allegations of vehicle damage from ethanol-blended fuel

Dismissing claims that ethanol-blended fuel damages vehicle engines or drastically reduces mileage, Grain Ethanol Manufacturers Association (GEMA) President C K Jain has thrown down a gauntlet to critics, challenging them to prove their allegations. He also debunked the narrative that thousands of litres of water are wasted to produce a single litre of ethanol, labelling it a false claim. In reality, he noted that manufacturing one litre of ethanol requires just five litres of water. “Check for yourself if your vehicle or its engine has sustained any damage. If you believe it has been damaged [by ethanol-blended petrol], come to us. On the flip side, if there is no damage, you should still put out the right information. Even the authorized service centres of vehicle manufacturers have not reported any such incidents,” Jain told businessline. Having said that, Jain conceded that there was a three-five per cent drop in mileage, but other than that there were no major issues. “We know that majority of the vehicle owners are tax payers and losing 3-5 per cent in mileage is a concern for them, but that shouldn’t be a problem if you think of reducing pollution and save the country’s foreign exchange. So, it is a gain for them and not a loss,” he noted. Asked whether E20 petrol is costlier to produce than conventional petrol when international crude prices are around $70 a barrel, which even the government has acknowledged, Jain said prices would continue to rise if we depend on crude imports. “Our major import bill is crude. Do you think our future generation also keep depending on oil imports whether from West Asia or Russia? We have to think of alternatives and if they have oil wells, we have the land and farmers, so why not explore them. We should not compare what is costlier and what is not,” Jain explained. He said India has enough ethanol manufacturing capacity, which is already set up at 1,800 crore litres, while current consumption is around 1,200 crore litres only. Therefore, the capacity was more than the requirement. “Our aim should be maximum self reliance. So we have to try for 85 per cent of ethanol blending...100 per cent replacement (of crude oil) is not possible, but we can try for at least 25-30 per cent blending, which is possible,” he said. Disagreeing the reports of thousands of litres of water is wasted to generate one-litre of ethanol, Jain said, “When it (feedstock) comes to the factory, the conversion rate is five litre of water to a litre of ethanol, not in 1000s, and we are proceeding towards 3.5 litre of water to a litre of ethanol. Engineers are working on that. When you say 1000s, you are adding up from the time of irrigation to rain-fed, which is not correct,” Jain argued. He said 50 per cent of the irrigation of any crop is done through rain waters and rain water harvesting, so people should calculate through real terms. “Don’t you calculate your water intake daily from the number of glasses that you drink? What if you start calculating your body water intake from the water used in your sugar intake, your food preparation or even a bread that you eat? You cannot calculate like that,” Jain quipped.

GEMA refutes allegations of vehicle damage from ethanol-blended fuel
North America
CNBC Economy

North Sea oil and renewables: The UK’s next PM faces a defining energy policy decision

U.K. Prime Minister Keir Starmer's likely successor, Andy Burnham, could face an immediate test in office: whether to expand drilling for North Sea oil or double down on renewables, amid a global energy shock.U.S. President Donald Trump has poured gasoline on the debate, blaming Starmer's resignation this month on his "failed" energy policy.Trump's intervention comes as the Iran war has disrupted oil flows through the critically important Strait of Hormuz, one of the world's most important oil chokepoints.The squeeze in physical supply has intensified the U.K.'s energy security and independence debate, following the shock from Russia's war in Ukraine. Business leaders argue this is why domestic production matters. But the political divide remains.U.K. finance minister Rachel Reeves is understood to privately back new drilling.But Energy Secretary Ed Miliband, who could be in line to replace Reeves as finance minister under a new government, has argued the focus should instead be on clean energy.Two of the U.K.'s biggest trade unions, Unite the Nation and GMB, are campaigning for drilling, over concerns that preventing it would damage jobs in the sector.Burnham, who is set to become prime minister in July if he remains unchallenged by Labour Party colleagues, is under pressure to define his position quickly as markets react. At the center of the debate are the Rosebank and Jackdaw fields in Scottish waters, two major projects that could boost U.K. supply, but test climate goals. That is driving pressure in Scotland, where First Minister John Swinney told CNBC: "There is a changing balance that's got to be struck." "We are going to have to utilize oil and gas for some years to come. If there is uncertainty about the security of supply, or security of supply is undermined because of exorbitant cost of the effects of the conflict in Iran, these are material factors that have got to be borne in mind," he told CNBC. In a move symbolic of the U.K.'s energy transition, the Grangemouth oil refinery — once Scotland's largest — closed in April 2025, with the loss of hundreds of jobs. Swinney said that the refinery had been "a source of production of jet fuel, so we're now importing jet fuel because of a closure of a refinery." "We've now got uncertainty over jet fuel because of the conflict in the Middle East, and that will affect the ability of our economy to function," Swinney added. 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.

North Sea oil and renewables: The UK’s next PM faces a defining energy policy decision
North America
CNBC Finance

Automakers report mixed U.S. sales results as hybrid vehicles drive market

DETROIT — Second-quarter U.S. vehicle sales are turning into a tale of haves and have nots, as automakers that have hybrid models are outperforming those that don't amid high gas prices and a decline in demand for all-electric vehicles. Global hybrid leader Toyota Motor on Wednesday reported a 1.1% increase in its second-quarter sales, led by a roughly 20% increase in sales of electrified vehicles. Hyundai Motor, up 4% during the last quarter, reported a 67% increase in hybrids during the first half of the year, while Honda Motor reported that record electrified sales helped it notch an 8.4% increase in overall sales during the second quarter. Kia, up about 3%, also reported a 152% increase in hybrid sales during the second quarter. "Hybrids are definitely our growth engine right now," Hyundai and Genesis North America CEO Randy Parker said Wednesday during a call. "Hybrids are really, really taking off right now as consumers, I think, are prioritizing fuel efficiency and lower operating costs due to high gas prices." Gas prices are up more than 20% from the same period last year, according to AAA. Meanwhile, General Motors, which offers a broad EV lineup but only one hybrid, a low-volume Corvette, reported a 4.2% decline in second quarter sales. The juxtaposition of hybrids between GM, the top-selling automaker in the U.S., and No. 2 Toyota caused Cox Automotive last week to note that the Japanese automaker is closing its gap in sales with the Detroit carmaker. "At these rates, and what we're seeing right now in the selling rates, GM may be looking over their shoulder here when we get to the year's end, that Toyota could potentially overtake them as the top selling manufacturer here in the U.S. market," Charlie Chesbrough, senior economist and senior director of industry insights at Cox Automotive, said during a media event. Cox Automotive and J.D. Power expect second-quarter sales to be roughly level compared with a year earlier. Cox forecast industry sales to be off 0.5%, while JDP expected a 0.7% increase in vehicles sold. Automotive data firm Motor Intelligence on Wednesday estimated U.S. industry sales for June were up 7.5% compared to 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. Outliers in the second quarter include Chrysler parent Stellantis, which was up 5.9%, and Nissan Motor, up 9.6%. Both offer limited electrified models, including hybrids and/or EVs, but are in the midst of sales-focused turnaround plans.

Automakers report mixed U.S. sales results as hybrid vehicles drive market
Europe
The Guardian

Trump refuses to renew US-Canada-Mexico trade pact he once championed

Shipping containers at the Port of Tacoma in Tacoma, Washington, on 4 March 2025. Photograph: Bloomberg/Getty ImagesView image in fullscreenShipping containers at the Port of Tacoma in Tacoma, Washington, on 4 March 2025. Photograph: Bloomberg/Getty ImagesDonald TrumpTrump refuses to renew US-Canada-Mexico trade pact he once championedTrump and US officials opted to keep USMCA alive on short leash of annual reviews rather than longer term renewal Donald Trump has refused to renew the North American trade pact he once championed as his signature deal, opting instead to keep it alive on a short leash of annual reviews rather than committing to another 16 years. Wednesday was the deadline built into the United States-Mexico-Canada Agreement (USMCA) for the three countries to jointly decide its fate, which is set to expire in 2036. After virtual talks between officials from all three governments, the US trade representative’s office confirmed that Washington had walked away from renewing the deal on its existing terms, pointing to persistent US trade deficits with both neighbors. The refusal does not kill the pact outright, however. USMCA stays in force while negotiations continue, but it will now face a review every year rather than once every six, as originally designed. A senior administration official, briefing reporters on a call announcing the decision, said Trump had “chose not to rubber stamp a USMCA renewal without addressing existing issues”. The official added: “So in other words, the United States did not agree to renew the USMCA in its current form. So, as a result, the USMCA is not renewed.” In a statement, Jamieson Greer, the US trade representative, said the US would “continue to engage with Mexico and Canada to address the Agreement’s shortcomings”. At a press conference on Wednesday, Mexico’s economy minister, Marcelo Ebrard, said his government wants to address the issues raised by the US on foreign dependence. “There is no difference that I can identify ​between Mexico, the United States and Canada that is so big that ​we cannot resolve it,” he said, according to Reuters. Trump has routinely criticized the USMCA as of late, and last month threatened to abandon it. “We don’t need anything that Canada has. We don’t need anything that Mexico has, but they need everything that we have. And they have to treat us better,” he told reporters in the Oval Office. But Trump struck the deal himself in 2020, during his first term, as an updated version of the 1992 North American Free Trade Agreement (Nafta). At the time, the US president even described the USMCA as the “fairest, most balanced, and beneficial trade agreement we have ever signed into law”.

Trump refuses to renew US-Canada-Mexico trade pact he once championed
North America
Yahoo Finance

Dow, Nasdaq and S&P stock futures point higher as uneasy Iran truce holds

Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists. Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth. We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors. The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies. Proactive has always been a forward looking and enthusiastic technology adopter. Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows. Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation. US stock futures rose on Monday after reports that Washington and Tehran had agreed to halt the tit-for-tat attacks that broke out over the weekend, allowing peace talks to continue. Nasdaq 100 futures climbed 1.2%, while S&P 500 futures added 0.8%, following sharp losses for both indices last week. The proxy for the Dow Jones Industrial Average, less exposed to technology names, put on roughly 0.4%. Markets had entered the holiday-shortened week on edge after the US launched strikes on Iranian military targets, escalating tensions in the Middle East and reviving concerns over global energy supplies. Oil prices rose early on but pared their gains as investors weighed the risk of further disruption to crude supplies.

Dow, Nasdaq and S&P stock futures point higher as uneasy Iran truce holds
Europe
BBC Business

Bibles, Home Alone and perfume: Six takeaways from Trump's 2025 finances

Image source, Getty ImagesByDearbail Jordan and Emer Moreau, Business reportersPublished1 July 2026Nearly 1,000 pages detailing US President Donald Trump's financial information have been released, showing how much he made and what he invested in during his first year back in the White House. We've combed through it all, so you don't have to, and found six of the most interesting bits among the sea of numbers. Trump's annual financial disclosure report for 2025, released by the US Office of Government Ethics, runs to 927 pages. That's less than Tolstoy's War and Peace but more - much, much more - than Vice-President JD Vance's report which is a mere 17 pages. Both surpass Joe Biden's disclosure for 2024, his last year in office, which ran to just 11 pages. 2. Merch pays It pays to put your name on products, especially if your name happens to be Donald J Trump. The US president made several millions of dollars from adding his distinctive signature to a wide range of merchandise, including his coffee-table book, Save America, which generated $1.8m (£1.38m) last year. The Trump-embossed Bible made $208,000, while his branded trainers and fragrances - including the Victory 47 perfume for women, which retails for $249 a pop - brought in $67,000. Maga musicians added around $36,000 to Trump's coffers last year by buying the "American Eagle" limited edition guitar. America's First Lady Melania Trump made $10.7m from her eponymous documentary, which was produced by Amazon. She was credited as a producer on the film, as well as being its subject. Amazon spent $40m making the film which followed her in the run-up to Trump's second inauguration. It generated $7m at the box office according to the figures for 2025. Melania Trump also made $6m from the sale of a non-fungible tokens - a type of cryptocurrency - and $520,000 from her book, also entitled Melania.

Bibles, Home Alone and perfume: Six takeaways from Trump's 2025 finances
Asia
The Hindu BusinessLine

How integrated digital ecosystems are transforming India’s agricultural value chain

For years, the agricultural sector has been talking about digital transformation. Today, the conversation has evolved. The next phase of India’s agricultural growth will not be driven by another app, another marketplace, or another technology platform. It will be shaped by connected ecosystems that enable every stakeholder in the value chain to make faster, smarter, and more informed decisions. India is already laying the foundation for this future. Initiatives such as the Digital Agriculture Mission, Agri-Stack, and the Krishi Decision Support System are creating the country’s Digital Public Infrastructure for agriculture, bringing together farmer identities, crop data, geospatial intelligence, and AI-driven advisory into a unified framework. While these national initiatives are building the digital backbone, the real impact will come from how the private ecosystem builds on top of it. This is where agri-commerce is undergoing a fundamental shift from disconnected transactions to intelligent interactions. Every order placed by an agri-retailer has the potential to generate demand signals for manufacturers, optimise inventory planning, improve logistics efficiency, unlock working capital, and create richer market intelligence. Commerce is no longer just about selling products. It is becoming a source of intelligence that benefits the entire ecosystem. Agri-retailers are no longer operating as conventional input sellers. They are evolving into digitally enabled business partners who advise farmers, manage inventory more efficiently, access credit digitally, discover new products, and serve as the last-mile link between manufacturers and farming communities. This evolution is redefining the role of the retailer. The future retailer will not compete on proximity alone. They will compete on access to insights, product availability, service quality, and speed. Digital platforms are enabling retailers to make data-backed decisions on what to stock, when to replenish inventory, and how to better serve the cropping patterns of their local markets. For manufacturers, this creates an entirely new opportunity. Instead of relying solely on historical sales trends, they can understand emerging demand patterns in near real time, identify regional opportunities earlier, improve forecasting accuracy, and strengthen engagement with retailers through more targeted product availability and marketing initiatives. Artificial intelligence is accelerating this shift even further. Across agriculture, AI is increasingly being used to combine weather intelligence, crop information, transaction data, and market trends to generate recommendations that are specific to a farmer’s geography and cropping cycle. However, technology alone does not create value. Data becomes meaningful only when it flows across stakeholders. The real competitive advantage will belong to organisations that can connect manufacturers, retailers, logistics, finance, and advisory into one integrated experience rather than offering isolated digital solutions. That philosophy has shaped the journey of nurture.retail. Our objective has never been limited to creating an online ordering platform. We are building a digital ecosystem that simplifies business for agri-retailers while strengthening collaboration across the agricultural value chain. From providing access to a wide portfolio of trusted brands and exclusive products to enabling faster deliveries, digital credit, and marketing opportunities, every capability is designed to help retailers grow their business while ensuring farmers receive timely access to genuine agricultural inputs. As India’s agricultural ecosystem becomes increasingly data-driven, retailers will emerge as one of the most influential participants in this transformation. Positioned closest to the farmer while remaining deeply connected to manufacturers and supply chains, they are uniquely placed to convert digital intelligence into real-world impact. India’s next agricultural revolution will not be defined by who builds the biggest platform. It will be defined by who builds the strongest ecosystem.

How integrated digital ecosystems are transforming India’s agricultural value chain