Latest Developments

Asia
The Hindu BusinessLine

Asian shares rise on tech, oil slips after OPEC: Markets wrap

Asian shares advanced and US equity-index futures held onto Friday’s gains as technology stocks extended their rebound. Oil edged lower. MSCI’s Asia Pacific Index climbed 0.5 per cent, with more than two shares rising for every one that declined in the gauge. The Kospi Index advanced 2.2 per cent, ahead of this week’s $29 billion US listing for SK Hynix Inc. Elsewhere, equity-index futures for Wall Street gauges held their gains from Friday, when the US markets were shut for a holiday. Futures for the S&P 500 Index rose 0.5 per cent, while those for the Nasdaq 100 climbed 1.4 per cent. Oil slipped as energy flows through the Strait of Hormuz persisted and OPEC+ signalled higher supplies. Brent slipped 0.3 per cent to $71.88 a barrel as shipping through the US-protected corridor in the waterway showed signs of recovering. OPEC+ members also backed another modest rise in collective quotas for next month. Markets entered the second half of the year on a cautious footing as investors weigh the fallout from the Iran war’s energy shock and whether the AI-driven rally can be sustained. Following last week’s recovery from a two-day rout in chipmakers, attention has shifted to earnings season for signs that massive spending on AI infrastructure is translating into profits. “Tech stocks and tech-heavy indices in the US and Asia have entered a period of consolidation ahead of the Q2 earnings season,” said Tony Sycamore, an analyst at IG Markets in Sydney. In other corners of the market, gold gave up its initial gains to trade around $4,175 an ounce. Silver rose 0.4 per cent to about $62.66 an ounce. Meanwhile, Goldman Sachs Group Inc. revised its yen forecast to 165 per dollar in a year’s time from 155 previously. The Japanese currency traded at 161.45 to the greenback in early Asian trading, while the dollar was steady. “The broader macro backdrop of higher-for-longer US yields, low recession risk, lingering fiscal concerns, and only gradual BOJ hikes strongly argues for continued depreciation pressure on the currency,” strategists including Kamakshya Trivedi wrote in a note. In forex, the won is also in focus. The Korean currency was steady after rebounding late Friday from its weakest level against the dollar since 2009 after a person familiar with the matter said the nation’s officials were preparing for currency flows related to SK Hynix’s offering of American depositary receipts. The move to 24-hour trading for the currency is the centerpiece of Seoul’s years-long push to improve foreign investors’ access to local markets and bolster the case for an upgrade to MSCI Inc.’s developed-market index. Treasuries were steady as cash trading resumed following Friday’s holiday. The US bond market faces a test of investor demand for longer-dated maturities this week, with auctions of 10- and 30-year Treasuries highlighting an otherwise light week for economic events.

Asian shares rise on tech, oil slips after OPEC: Markets wrap
North America
CNBC Finance

Luxury spending now driven by experiences and 'inheritourism'

Luxury spending is expected to rebound this year, driven mainly by experiences rather than luxury goods, according to a new study. After two years of declines, luxury goods sales are expected to grow between 1% and 4% in 2026, according to a report from Bain & Co. and Altagamma. Personal luxury goods sales are projected to reach between 365 billion euros and 373 billion euros (US$413.6 billion and US$422.7 billion) this year. The tensions in the Middle East continue to dampen sales. Dubai, United Arab Emirates, was one of the fastest-growing luxury markets in the world before the Iran war but relies heavily on tourism and has yet to show signs of recovery. The report said that if the Middle East stabilizes and demand in China strengthens, luxury goods sales could post growth this year. The U.S. is now the leading country for luxury goods growth for the first time since 2021, according to the report. It said that growth in the U.S. is being driven in large part by aspirational consumers. At the same time, the priorities and spending of wealthy consumers around the world are shifting. The report said travel, events and dining experiences are becoming more important than buying status goods for show. While luxury goods sales are expected to grow between 1% and 4%, experiences are on track for growth of between 3% and 7% this year, the report said. Bookings in dining, leisure and entertainment are up around 30% this year. "What we're seeing across experiential luxury this year is resilience concentrated in the categories that offer something money can't easily replicate: time, access and meaning," said Claudia D'Arpizio, a senior partner at Bain & Co. "Luxury is increasingly about how people live rather than what they own." Trips to nontraditional and less crowded destinations are growing. "Immersive wayfaring," or bespoke, slow-travel experiences rooted in discoveries and traditions, are also growing more popular. Travel to nontraditional locations is up 20%, according to the report. The report also cites the rise in "inheritourism," in which wealthy families travel together and Gen Zers adopt the travel tastes and preferences of their parents. Cruises in particular are drawing many first-time buyers along with repeat customers. Fine dining and gourmet food are being driven by a "less-but-better" mindset, and fine arts are returning to growth. "Consumers aren't simply spending more; they're spending differently, in pursuit of moments that feel personal and authentic," D'Arpizio said. 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.

Luxury spending now driven by experiences and 'inheritourism'
North America
CNBC Finance

GM reveals 2027 GMC Sierra pickup with new V-8 engines, redesigned styling

DETROIT – General Motors revealed its 2027 GMC Sierra 1500 pickup truck lineup on Thursday with new V-8 engine options and redesigned interior and exterior styling. The new GMC trucks are crucial to the automaker's sales and earnings, especially the highly profitable Denali luxury models and off-road AT4 models that represent roughly half of the vehicle's current sales, according to GM. Such models feature unique parts, accessories and amenities to boost pricing and profits for the company. GM said Thursday it's narrowing its model lineup for the next-generation Sierra to the Pro, Elevation, AT4, AT4X, Denali and Denali Ultimate. It's removing the mid-level SLE and SLT trims, which currently start at about $51,500 and $57,900, respectively. GM said pricing details as well as performance specifications will be released closer to when the vehicles go on sale late this year. Starting prices for the current Sierra 1500 lineup ranges from roughly $41,000 for an entry-level Pro to more than $86,000 for a Denali Ultimate. "With the next-generation Sierra 1500, we're bringing together a new generation of Small Block V8 power, precise off-road capability, and our most immersive cabin experience to date," said Michael MacPhee, vice president of GM's GMC and Buick brands, in a release. "The next-generation Sierra is the truck all others will be measured against." The new trucks come a week after the Detroit automaker unveiled updates to its Chevrolet Silverado 1500 pickup trucks, which are mechanical siblings to the GMC models. Most noticeably the GMC pickups are styled far differently than their Chevy brethren, including taking styling cues from the brand's all-electric Sierra pickup truck and featuring a new interior. The interior cabin comes with more storage, a sliding center console and a folding table or work surface — all made possible by moving the gear shifter from the center console to behind the steering wheel. It also features new technologies and more than 60 inches of available screens, including an 11.5-inch passenger-side screen that includes media and entertainment functions. Other significant changes are found under the hood. Like the Silverado models, the GMC pickups will include a new generation of the automaker's small block V-8 gas engines, available in 5.7-liter and 6.6-liter options. In addition to the V-8 engines, the GMC trucks will offer two six-cylinder engines, including a GM-exclusive diesel variant. GM's U.S. sales through the first half of this year are forecast to decline by roughly 7%, according to Cox Automotive. The overall market is expected to see sales fall roughly 3%, Cox said Wednesday. GM reported first-quarter sales were down 9.7% compared with a year earlier, with its GMC brand about level. Sales of the Sierra 1500 were down about 2% to nearly 51,900 units, while larger, heavy-duty models were off about 8% to roughly 24,500 units. Sales of the electric Sierra were up 3%, but remained under 1,300 units.

GM reveals 2027 GMC Sierra pickup with new V-8 engines, redesigned styling
Asia
The Hindu BusinessLine

Mumbai Weather & Rains Live: Red alert for parts of Maharashtra; 13 killed in last 3-4 days, says minister

Mumbai weather today, Mumbai rains live news updates: The India Meteorological Department (IMD) on Monday issued a ‘red’ alert for Mumbai, Thane and Raigad districts, forecasting heavy to very heavy rainfall accompanied by strong winds and appealed to people to avoid unnecessary travel. The MeT office upgraded the warning from ‘orange’ to ‘red’ alert in the morning after observing changes in weather conditions. It also predicted occasional strong winds gusting up to 70-80 kmph over the region. The neighbouring Palghar district has been placed under an ‘orange’ alert, with a forecast of heavy to very heavy rainfall at a few places and occasional strong winds of 70-80 kmph. Disaster Management Minister Girish Mahajan said Mumbai and neighbouring Palghar and Raigad districts have witnessed a record-breaking rainfall, and 13 persons were killed in rain-related incidents in the last three to four days. The rains have also caused widespread waterlogging, rail and road traffic disruption and the uprooting of hundreds of trees. Five flights headed to Mumbai were diverted due to heavy rain and bad weather as relentless rainfall continued to disrupt airport operations and normal life. Heavy rain disrupts Western Railway services, stranding over 20 long-distance trains and affecting 40+ train operations in Mumbai. Heavy rains in Chhattisgarh cause river flooding and disrupt life; IMD warns of continued extreme rainfall. Heavy rain and severe waterlogging paralysed Western Railway operations on Monday, leaving more than 20 long-distance trains stranded across various stations in Mumbai and south Gujarat, as tracks remained submerged. As more than 40 train services were affected by cancellations, diversions, and delays, railway authorities scrambled to assist stranded passengers and worked to restore connectivity on the Mumbai-Ahmedabad trunk route. According to Western Railway officials, train services were severely hampered by waterlogging, particularly between the Vasai Road-Virar and Saphale-Palghar sections. As of 1.50 pm, at least 22 long-distance trains were being regulated at various stations, including Virar, Vangaon, Palghar, Dahanu Road, and Valsad, they said.

Mumbai Weather & Rains Live: Red alert for parts of Maharashtra; 13 killed in last 3-4 days, says minister
Asia
The Hindu BusinessLine

WhatsApp gets more time to respond to Centre over username feature

Meta-owned WhatsApp has been given three more days to respond to the Centre’s notice over its proposed username feature and has assured the government that it will not roll out the feature in India until consultations are completed. | Photo Credit: Dado Ruvic Meta-owned WhatsApp has been granted more time to submit its response on the contentious ‘username’ feature and assured the government that it will not roll it out in India until discussions are complete, according to sources. The popular messaging platform has been given three more days to file its reply to the government notice on the controversial feature as it sought more time to submit its response, sources told PTI. The username feature essentially allows people on the messaging platform to communicate without sharing their phone numbers. Last Wednesday, the Centre issued a notice to Meta questioning the planned username feature on WhatsApp, flagging concerns that it could materially increase online fraud, phishing, digital arrest scams, and impersonation attacks. It directed the platform to pause the feature until consultations on the issue are completed “to the satisfaction of the Government”. Sources said WhatsApp has been given three more days to submit its reply to the IT Ministry. The original deadline for submission was Friday. According to sources, the platform has also assured the government that it will not roll out the feature till the discussions are complete. A team from Meta met officials in the IT Ministry last Friday, following the notice summoning them. In the notice, the Centre had asked Meta to explain why action shouldn’t be initiated under the IT Act and rules over WhatsApp’s new feature that may increase cybercrimes. The government also reminded Meta that WhatsApp, as a significant social media intermediary, is bound by due diligence obligations under the IT Act and rules. A WhatsApp spokesperson, last week, said that the ability to use a username is not yet live and will roll out slowly later this year.

WhatsApp gets more time to respond to Centre over username feature
Asia
The Hindu BusinessLine

Vayona Energy begins blade manufacturing operations at its Nellore facility in AP

Vayona Energy commenced blade manufacturing operations at its Nellore facility in Andhra Pradesh. The company is also set to scale-up manufacturing capacity and enhance operational capabilities at the blade facility to support future growth. The Nellore facility is poised to become a key manufacturing hub, supporting Vayona’s growth ambitions, advancing its technology roadmap, and reinforcing its commitment to the ‘Make in India’ mission. “The expansion of the Nellore facility strengthens our manufacturing footprint and demonstrates our long-term commitment to building world-class, locally integrated capabilities in India,’’ Prashant Jain, Executive Vice Chairman, Vayona Energy said in a release on Monday. Pritesh Vinay, Chief Executive Officer, Vayona Energy said: “The Nellore blade plant, together with our Mamandur nacelle facility, is a decisive step in building a fully integrated world class manufacturing base in India, for current as well as next generation of products.’’ Vayona’s manufacturing footprint in India will enable the company to accelerate delivery timelines, strengthen supply chain resilience, and support India’s transition towards sustainable energy solutions, the release added. The upgraded facility will produce blades for Vayona’s 3X platform and future-generation products. Investments will be phased through 2027, covering molds and supporting infrastructure required for blade manufacturing. The plant is expected to create around 1,500 jobs, supporting local economic growth and reinforcing the regional manufacturing 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. 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.

Vayona Energy begins blade manufacturing operations at its Nellore facility in AP
Asia
The Hindu BusinessLine

Heavy rain disrupts Mumbai flights; five arrivals diverted to other airports

Five flights arriving at Mumbai airport were diverted to other facilities till 3:30pm on Monday due to bad weather in the metropolis, officials said.In a statement, the Mumbai International Airport said IndiGo flights 6E 595 (Raipur - Mumbai) and 6E 1340 (Singapore - Mumbai) were diverted to Hyderabad, while Akasa Air QP 1110 (Delhi - Mumbai) was diverted to Ahmedabad. Air India's AI 2772 ( Kolkata - Mumbai) and Oman Air's WY 203 (Muscat - Mumbai) were diverted to Bengaluru and Vadodara airports, respectively, the private airport operator said in the statement.Mumbai and its adjoining areas have been witnessing very heavy rains since the past few days, throwing normal life out of gear. 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.

Heavy rain disrupts Mumbai flights; five arrivals diverted to other airports
Europe
BBC Business

British American Tobacco to cut 9,000 jobs

Image source, ReutersByEmer MoreauBusiness reporterPublished29 June 2026, 10:53 BSTUpdated 55 minutes agoBritish American Tobacco (BAT) is to cut nearly a fifth of its global workforce as part of a major cost-cutting drive. The tobacco giant, which makes Lucky Strike and Dunhill cigarettes, is cutting 5,500 roles and outsourcing 3,500 more. The company had said earlier this year that it was planning savings to make it "more digital and AI-focused". BAT did not say which locations would be hit by the job cuts, but said the US was not affected. The company currently employs about 47,000 people globally. It says the cost cuts are expected to save about £600m a year by 2028. Traditional cigarette sales are shrinking as smokers increasingly switch to vapes and nicotine pouches. BAT is shifting its focus to smoking alternatives such as its Vuse vapes and Velo nicotine pouches to drive growth, but its sales and profit margins have been sluggish in recent years. Sales in the US — its biggest market — have also been hit by the cost of living, as smokers swap for cheaper brands. Additionally, the company is battling rising duties and stricter regulations in some markets. American regulators have taken a tough stance on approving licences for new products such as vapes, delaying launches. BAT says this has fuelled an influx of illegal Chinese products, weighing on its sales and market share. BAT said the job cuts, which have already started, are set to be completed by the end of this year. Chief executive Tadeu Marroco said the cuts would make the company "more agile, cost disciplined and technology enabled".

British American Tobacco to cut 9,000 jobs
Europe
The Guardian

British American Tobacco to slash 9,000 jobs as it turns to AI

There will be no cuts in British American Tobacco’s business in the US, where it operates under its subsidiary Reynolds American. Photograph: Jason Alden/Newscast/PAView image in fullscreenThere will be no cuts in British American Tobacco’s business in the US, where it operates under its subsidiary Reynolds American. Photograph: Jason Alden/Newscast/PABritish American TobaccoBritish American Tobacco to slash 9,000 jobs as it turns to AIDunhill maker to cut about a fifth of workforce, aiming to reduce costs and become more ‘technology enabled’ British American Tobacco (BAT) will cut about a fifth of its 47,000-strong workforce this year, as the cigarette-maker looks for ways to push down costs and become more “technology enabled”. BAT, which is one of the biggest tobacco groups in the world, has announced it will cut 5,500 jobs by the end of the year and outsource a further 3,500, affecting a ⁠total of 9,000 employees. The FTSE 100 company is grappling with falling demand for traditional cigarettes and pressure to invest in nicotine alternatives. The company said the cuts were part of a “transformation programme” expected to create £600m of annual cost savings by the end of 2028. The BAT chief executive, Tadeu Marroco, said the company was “building a future-ready organisation” that was “more agile, cost disciplined and technology enabled”. He added: “These changes affect many of our colleagues, and we are focused on supporting them through this transition with care and respect, as we position the business for the future.” There will be no cuts in its business in the US, where it operates under its subsidiary Reynolds American. Last year, BAT partnered with the technology consultancy Accenture to outsource some of its work, which Marroco said at the time would give the tobacco company access to its “advanced AI solutions”. Some jobs in the UK, Poland, Romania, Costa Rica, Mexico, Singapore and Malaysia have been absorbed by Accenture since the deal, BAT said. In February, the BAT interim finance chief, Javed Iqbal, told the Financial Times that plans to simplify the company would make it “more digital and AI-focused”. BAT, which makes Dunhill and Peter Stuyvesant cigarettes, has also been shutting down some of its traditional cigarette manufacturing. In January, it announced it would close its eighth largest factory, located in South Africa, because of competition from illicit trade. The group has predicted that global cigarette industry volumes will fall by about 2.5% this year.

British American Tobacco to slash 9,000 jobs as it turns to AI