Latest Developments

North America
CNBC Finance

JPMorgan names Doug Petno and Troy Rohrbaugh co-presidents as longtime exec Marianne Lake exits

JPMorgan Chase on Thursday promoted two of its top executives into newly created co-president roles, marking the latest step in CEO Jamie Dimon's long-running succession planning while announcing the retirement of one of Dimon's most prominent potential successors. Doug Petno and Troy Rohrbaugh, who have jointly led the bank's commercial and investment banking division since early 2024, were named co-presidents of JPMorgan effective immediately, according to a regulatory filing. As part of the changes, Petno, 61, becomes the sole chief executive of the commercial and investment banking division, while Rohrbaugh, 56, will take over as CEO of the firm's consumer and community banking division, succeeding Marianne Lake. "The decision to elevate Doug and Troy to Co-Presidents and heads of the company's two largest businesses reflects the Board's confidence in their extraordinary leadership capabilities, business performance, relationships, experience and commitment to always doing the right thing," Dimon said in a statement. Lake, a 25-year veteran of JPMorgan who has been on the short list of potential Dimon successors since serving as CFO starting in 2013, decided to retire from the firm, according to the filing. The moves reshape the leadership team beneath Dimon, 70, who has repeatedly said the bank's board has multiple executives capable of eventually becoming CEO. By placing Petno and Rohrbaugh in charge of the firm's two biggest and most important operating businesses while also elevating them to co-presidents, JPMorgan gives both executives broader management experience at a crucial time. Dimon expects to remain CEO for roughly three more years, though that timeline could change, according to two people with knowledge of his thinking. The bank has said that after Dimon steps down, he will likely stay on as chairman to advise the new CEO. Before the latest changes, Petno had the edge over Rohrbaugh in the succession race, but that gap has closed, according to the two people, who declined to be identified speaking about the bank's plans. Either manager could take over for Dimon in the short term if needed, they said. While Petno takes over sole control of the key Wall Street and commercial banking group that he has co-led for a few years, Rohrbaugh will now learn consumer banking after a career in institutional trading and markets businesses, a key step to expanding his resume. Lake submitted her resignation after the board winnowed the successor shortlist to the two men, according to one of the people. The person told CNBC they expect Lake to find an executive role elsewhere. Dimon said that Lake, who took over as sole head of the consumer banking division in 2024, was "an outstanding partner and friend and has dedicated her career to championing our people and customers, building world-class businesses and delivering results, always with unquestioned integrity." In another sign of their freshly minted status atop the succession list, Petno and Rohrbaugh each received one-time restricted stock bonuses valued at $30 million.

JPMorgan names Doug Petno and Troy Rohrbaugh co-presidents as longtime exec Marianne Lake exits
Europe
BBC Business

Rogue builder left our roof leaking and spent £30K we gave him in Lanzarote

A heartbroken couple lost more than £30,000 to a rogue builder who left their new extension unfinished, with water pouring into their home. Alarms bells had been raised earlier when Shelley Sawkins, 75, called the tradesman, and realised he was in Lanzarote spending money she had given him. The builder, Christian Williams, 54, is currently serving a two-year prison sentence after admitting theft and three counts of fraud by false representation involving four families. In a Proceeds of Crime Act, external hearing earlier this month, Mold Crown Court heard Williams, trading as Chris Williams Construction, benefitted to £163,051.70 from his offending, but his assets meant he could only pay back £1. Williams had been posting photos on Facebook of holidays and days out at the races, while one of his victims, a dad of three, had to finish his two-storey extension himself. Shelley and husband Barry, 63, spent £50,000 getting the botched job at their bungalow in Buckley, Flintshire, fixed, almost £30,000 more than the initial quote of £21,000. About £30,000 went to Williams, and £20,000 to other builders fixing the mess he had left. But there are still major problems, including uneven flooring, and they are now desperate to move out of their home and into sheltered accommodation. "We paid the first instalment. The work started, and then just stopped," Shelley said. They had hoped work from Williams would make their lives easier, providing a spacious kitchen area. The first sign the job was not up to scratch was when one of the walls started to wobble when pushed. Then one night, after the roof had been worked on, rainwater began pouring into the house.

Rogue builder left our roof leaking and spent £30K we gave him in Lanzarote
Asia
The Hindu BusinessLine

Oberoi Realty records bookings of over ₹8,000 crore in its Gurugram luxury project

Oberoi Realty has registered gross bookings of around ₹8,109 crore at Three Sixty North, its first luxury residential development in the National Capital Region (NCR). The project has recorded bookings for around 13.52 lakh sq. ft. of RERA carpet area (23.10 lakh sq. ft. of saleable area), marking a significant milestone in Oberoi Realty’s expansion into North India, it said in a stock exchange filing. Last Monday, the company launched the first phase of its luxury residential project in Gurugram’s Sector 58 comprising 832 units across six towers. Oberoi Realty is investing ₹6,000 crore in the project that will include 3-4 BHK, duplexes and penthouses measuring 5500-13,000 square feet, with prices ranging from ₹18 crore and above. The total revenue potential of the project in its two phases is around ₹16,000 crore, company Chairman Vikas Oberoi 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.

Oberoi Realty records bookings of over ₹8,000 crore in its Gurugram luxury project
Europe
The Guardian

Key Fed inflation gauge rises to three-year high in May after gas prices peaked

A driver fills up his vehicle at a gas station in Wiggins, Colorado, in May. Photograph: Kevin Mohatt/ReutersView image in fullscreenA driver fills up his vehicle at a gas station in Wiggins, Colorado, in May. Photograph: Kevin Mohatt/ReutersUS economyKey Fed inflation gauge rises to three-year high in May after gas prices peakedConsumer prices rose 4.1% in May from a year earlier – a sign rising costs could pose problem for Trump in midterms The Federal Reserve’s preferred inflation gauge rose to a new three-year high in May as gas prices peaked, a sign rising costs could pose political problems for Donald Trump and his political party as midterm elections near. Consumer prices rose 4.1% in May from a year earlier, the US commerce department said Thursday, the largest annual increase since April 2023. On a monthly basis, inflation was 0.4% last month, matching April’s increase and down from 0.7% in March. The increase was largely driven by more expensive gas, as well as pricier semiconductors and other computer equipment that are in high demand for the AI buildout. Rising prices have caused the inflation-fighters at the Federal Reserve to keep their key rate unchanged this year, a reversal from January when they had penciled in two cuts. Some economists forecast the central bank could lift rates this year instead. New Fed chair Kevin Warsh last week underscored the central bank’s determination to drive inflation back to its 2% target, but he gave no sign of what steps the Fed might take. Some economists, however, now expect the central bank to increase rates this year. Those expectations upended US markets this week, hammering fast-growing sectors like tech. Oil and gas prices have fallen substantially since the US president agreed to a peace deal with Iran, but the conflict lifted gas prices to nearly $4.50 a gallon on average nationwide last month. They have since fallen back to $3.92 as of Thursday, according to AAA, but that’s more than 20% above prices at this time last year as the driving season gets underway. Thursday’s report also showed that consumer spending rose at a solid pace. Adjusted for inflation, spending rose 0.3% from April to May. And incomes, adjusted for inflation, rose for the first time in four months, picking up 0.3%, which could bolster consumer spending in the coming months. Inflation has been above the Fed’s 2% target for more than five years, leaving many Americans more gloomy about the future. Mark Vitner, chief economist at Piedmont Crescent Capital, points out that inflation hadn’t topped 2.5% for nearly a decade before the pandemic, likely making the inflation spikes since then even harder to accept for most households. Thursday’s report covers the personal consumption expenditures (PCE) price index, a lesser-known measure compared to the consumer price index, which was released earlier this month and showed a similarly large increase. The Fed prefers the PCE index because it puts less weight on housing and also reflects changes in how Americans shop when prices rise, such as when consumers buy cheaper off-brand items.

Key Fed inflation gauge rises to three-year high in May after gas prices peaked
Asia
The Hindu BusinessLine

India’s EV firms raise nearly ₹3,800 crore as investor interest accelerate

India’s automobile sector is attracting fresh capital amid resilient vehicle demand, with companies raising nearly ₹3,800 crore through four major fundraising deals in recent months, according to an Equirus Capital report. The fundraising activity spans original equipment manufacturers (OEMs), electric vehicle startups and mobility operators, reflecting broad-based investor interest across the automotive value chain as companies invest in manufacturing capacity, fleet expansion and balance-sheet strengthening. Craftsman Automation led the fundraising activity, raising around ₹2,000 crore through a Qualified Institutional Placement (QIP), with the proceeds earmarked largely for debt reduction and capacity expansion. Ola Electric Mobility mobilised nearly ₹780 crore through a QIP to strengthen its balance sheet, expand manufacturing and support future growth initiatives. Bengaluru-based EV manufacturer Simple Energy raised around ₹250 crore through a Series B funding round to scale production, while JBM Ecolife Mobility secured approximately ₹750 crore in strategic funding to expand its operational electric bus fleet from around 3,400 buses to nearly 5,000 buses over the next 12 months. Investment activity extended beyond fundraising. Rane (Madras) entered into an agreement to acquire Hindustan Composites’ friction business for around ₹370 crore, while Sona BLW Precision Forgings approved around ₹63 crore of capital expenditure to diversify into the manufacturing of robotics components, highlighting continued investment across the broader mobility ecosystem. The report highlighted continued progress in India’s transition to electric mobility. Policy support for the transition has also continued to strengthen. The Delhi Government notified the Delhi Electric Vehicles Policy 2026, which envisages an investment plan of around ₹15,000 crore to accelerate EV adoption through fiscal incentives and phased electrification targets. According to Equirus, the combination of sustained fundraising, strategic acquisitions, resilient domestic demand and rising EV adoption provides a supportive backdrop for the automobile sector’s medium- to long-term growth, with auto ancillary companies continuing to account for a significant share of overall deal activity. 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.

India’s EV firms raise nearly ₹3,800 crore as investor interest accelerate
North America
CNBC Finance

FedEx posts strong earnings results in last quarter with freight business

FedEx on Tuesday reported earnings that beat Wall Street expectations on the top and bottom lines. The earnings report marked the last quarter that includes the company's freight business, which spun off into a separate publicly traded company called FedEx Freight on June 1. The company said FedEx Freight paid a cash dividend of roughly $4.1 billion to FedEx Corporation in connection with the spinoff. For the period ended May 31, FedEx reported FedEx Express revenue of $21.57 billion, beating StreetAccount estimates of $20.75 billion. The company reported a 3% year-over-year increase in domestic volume and a 3% increase in U.S. priority volume. In the fourth fiscal quarter, FedEx reported net income of $1.6 billion, or $6.60 per share, compared with $1.65 billion, or $6.88 per share, in the year-ago period. Adjusting for one-time costs, including the spin-off and retirement plan adjustments, the company reported earnings per share of $6.31. For the full fiscal year, FedEx reported revenue of $94.7 billion, up from $87.9 billion the year prior. "The momentum you're seeing across our business is proof that our strategy is working," CEO Raj Subramaniam said on a call with analysts. "It's translating to favorable financial outcomes, including very strong free cash flow and FY '26 results that far exceeded our initial FY '26 outlook." The company also said it will now change its fiscal year end from May 31 to Dec. 31, effective earlier this month. For the full year, FedEx said it expects 11% year-over-year revenue growth and adjusted diluted earnings per share of between $16.90 to $18.10. FedEx saw fuel costs rise from $864 million last year to $1.43 billion this year, marking a 66% jump. Company executives said on the call with analysts that FedEx has not seen an impact to demand due to fuel prices. 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.

FedEx posts strong earnings results in last quarter with freight business
Asia
The Hindu BusinessLine

IIFCL mobilises ₹1,848 cr via bonds, strengthens resource base for infra financing

India Infrastructure Finance Company on Sunday said it has raised ₹1,848 crore by issuing non-convertible debentures (NCDs) to fund infra projects in the country. The issue attracted an overwhelming response from investors, attracting bids worth ₹3,048 crore, representing nearly 6 times the base issue size of ₹500 crore, India Infrastructure Finance Company Ltd (IIFCL) said in a statement. Finally, IIFCL decided to retain ₹1,848 crore with a coupon of 7.25 per cent per annum. The bonds have a maturity of 4 years, 11 months and 2 days. The successful issuance reflects the strong confidence of institutional investors in IIFCL's sound financial position, prudent governance practices and its strategic role as the government's dedicated infrastructure financing institution, it said. The Board of IIFCL has approved an ambitious resource mobilisation programme of ₹34,200 crore for 2026-27 to support the growing financing requirements of India's infrastructure sector, it said, adding that the programme envisages a diversified funding strategy comprising domestic bonds, capital market instruments and external commercial borrowings (ECBs). In line with the policy framework of the government and the Reserve Bank of India, IIFCL said it is also evaluating opportunities to raise funds through ECBs. The recent measures announced by the Reserve Bank of India, including the concessional USD-INR swap facility for eligible ECBs, are expected to enhance the attractiveness of overseas borrowings by reducing hedging costs, thereby providing an additional avenue for accessing competitively priced long-term capital, it said. As part of this strategy, it said, IIFCL plans to access international markets to raise about $1.30 billion in the next 2-3 months through External Commercial Borrowings and other debt instruments. The company also expects to raise an additional $1 billion through overseas borrowings, subject to the necessary approvals from the government and other regulatory authorities, it noted. Commenting on the successful fund raise, IIFCL Managing Director Rohit Rishi said the overwhelming response to its first bond issuance of the financial year reflects the confidence of the investor community in the company's financial strength, prudent resource management and developmental mandate. "With an approved resource mobilisation programme of $34,200 crore for 2026-27, we are committed to maintaining a diversified funding mix through domestic and international markets to ensure the availability of long-term, competitively priced resources for financing India's infrastructure growth," he said. The proceeds of the present issue, together with funds proposed to be raised during the year, will support infrastructure projects across transportation, renewable energy, power, urban infrastructure, logistics, digital infrastructure, water and sanitation, social infrastructure, nuclear energy and other priority sectors in line with the government's vision of Viksit Bharat 2047, it added.

IIFCL mobilises ₹1,848 cr via bonds, strengthens resource base for infra financing
Asia
The Hindu BusinessLine

Adani Defence breaks ground for ₹2,500 cr complex for medium- & long-range missile systems in Madhya Pradesh

Adani Defence & Aerospace on Sunday broke ground for a ₹2,500-crore integrated manufacturing ecosystem for medium- and long-range missile systems at Shivpuri in Madhya Pradesh, which the company said will be South Asia’s largest private-sector missile manufacturing complex. The integrated facility will manufacture medium- and long-range missile systems while also producing critical inputs such as composite propellants, TNT and explosive-grade materials under one roof—a first for India’s private sector, according to the company. The project, which is expected to be completed over the next three years, will create around 5,000 direct and indirect jobs while supporting more than 50 MSMEs that will form part of the specialised defence manufacturing supply chain. “We have gathered here today for a landmark occasion – laying the foundation of South Asia’s largest private-sector missile ecosystem. This facility will bring raw materials and mission-ready missiles under one roof—a historic first outside the public sector,” Jeet Adani, Director at Adani Airport Holdings Ltd, said at the groundbreaking ceremony in Madhya Pradesh. Calling Shivpuri the company’s “next giant leap” in defence manufacturing, Jeet Adani said the group is working closely with the Defence Research and Development Organisation (DRDO) and the Indian armed forces to deepen indigenous capabilities and reduce dependence on imported weapon systems. “Shivpuri is the next giant leap in that journey as we bring a full-range, integrated missile ecosystem to manufacture medium- and long-range missile systems, replacing foreign dependency with domestic power. But we are going deeper than just assembly. We are establishing composite propellant manufacturing as well as TNT and explosive-grade material production,” he said. The Shivpuri project expands Adani Defence & Aerospace’s manufacturing footprint, which currently spans facilities in Kanpur, Gwalior and Hyderabad. The Kanpur facility, spread over 500 acres, is being developed as South Asia’s largest integrated ammunition manufacturing complex, producing small-, medium- and large-calibre ammunition for the armed forces, paramilitary forces, police and export markets. The Hyderabad Aerospace Park houses India’s first private-sector final assembly line for military-grade unmanned systems and a private-sector surface-to-air missile (SAM) complex, while the Gwalior facility manufactures a range of small arms for domestic and international markets. Jeet Adani said the Gwalior complex has already delivered 2,000 indigenously manufactured Prahar Light Machine Guns (LMGs) to the Indian Armed Forces, completing the order 11 months ahead of schedule. According to the FY26 annual report of Adani Enterprises Ltd, Adani Defence & Aerospace has expanded its portfolio across small arms, ammunition, unmanned aerial vehicles (UAVs), counter-drone systems, missiles and aircraft services, supported by AI- and machine learning-driven technologies. The company said its Arka MANPADS, SkyStriker and Agnikaa loitering munitions, along with the Drishti-10 UAV, were deployed during Operation Sindoor. Beyond manufacturing, the company has established a defence R&D centre in Delhi focused on artillery systems, unmanned platforms and missile technologies. It has also expanded into aircraft maintenance, repair and overhaul (MRO) and flight training through the acquisitions of Air Works, Indamer Technics and Flight Simulation Technique Centre (FSTC). The event on Sunday was attended by Union Communications Minister Jyotiraditya Scindia, Madhya Pradesh Chief Minister Mohan Yadav, Adani Ports and SEZ Managing Director Karan Adani and senior executives of the Adani Group. 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.

Adani Defence breaks ground for ₹2,500 cr complex for medium- & long-range missile systems in Madhya Pradesh
Asia
The Hindu BusinessLine

Monsoon reloads as depression threatens to drench North-West India next

Massive parcels of brooding thunderclouds storms into Central and North-West India on Sunday afternoon signalling exceptionally heavy rainfall as a causative monsoon depression churned in the Bay of Bengal. | Photo Credit: www.meteologix.com/in The monsoon has shifted into a higher gear with the season’s first depression forming over the north-west Bay of Bengal, promising a prolonged spell of heavy to very heavy rain across Odisha, West Bengal and adjoining Chhattisgarh before spreading its influence deep into Central India, West India and North-West India. On Sunday afternoon, the India Meteorological Department (IMD) located the depression about 50 km south-southeast of Balasore, 60 km north-east of Chandbali, and 60 km south-southwest of Digha, unchanged from morning. Its proximity to the coast may limit further intensification, but not its rain-making power. If anything, the opposite may happen. The system is expected to move slowly, allowing it to draw a steady stream of moisture from the Bay and continuously feed the monsoon trough. That should keep the rain engine running through the week. The IMD expects the depression to cross the north Odisha coast between Chandbali and Digha, close to Balasore, on Monday. Weather models indicate the system may gradually weaken inland before interacting with an approaching western disturbance. The rare east-west coupling is likely to unleash another round of heavy rain over already waterlogged parts of West Madhya Pradesh, Gujarat and the Konkan, including Mumbai, early this week. The pounding is expected to last until Thursday, by when the monsoon is likely to complete its advance over remaining parts of Rajasthan, covering the entire country. The rain revival has already made a dramatic dent in the seasonal shortfall. The rainfall deficit over the monsoon core zone of Central India has shrunk by nearly 17 percentage points in less than a week to 23 per cent below normal, while the all-India deficit has narrowed by 13 percentage points to 27 per cent below normal. The gap is expected to close further before stabilising. Beyond this week, the rain belt is forecast to shift north towards the Himalayan foothills, allowing deficits to build again over parts of Central India as rainfall there tapers off. The IMD said conditions remain favourable for the monsoon to advance into remaining parts of Haryana and Punjab and more areas of Rajasthan, including West Rajasthan, over next three days. Thereafter, rainfall is expected to ease across much of Peninsular India and the west coast, while focus shifts to the North-East, Bihar, Uttar Pradesh, Uttarakhand, Himachal Pradesh and Jammu-Kashmir-Ladakh, leaving Central India with only scattered, incidental showers. 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.

Monsoon reloads as depression threatens to drench North-West India next