Latest Developments

Asia
The Hindu BusinessLine

Broker’s call: Aptus Value (Buy)

We open a 30D positive CW on Aptus, expecting sharp acceleration in disbursement growth, contained stress pool, and stable spreads. Disbursement growth is estimated to re-accelerate sharply to 34 per cent y-o-y (vs. 18/11/3 per cent in Q4/Q3/Q2). Q-o-Q AUM growth is expected to breach 4.5 per cent, driven by higher ATS, accelerated branch rollouts, and strengthening network productivity. YoY AUM growth is anticipated to step up to 21.5 per cent, improving line-of-sight to the guided corridor of 22–24 per cent. Despite seasonality, GS3/1+ DPD are expected to edge up 13–15bps/40–45bps Q-o-Q to 1.65/6.65 per cent. Credit costs are expected to remain firmly within the guided band of 0.5 per cent (plus or minus 10bps. With yields and cost of borrowing holding up, spreads are expected to remain relatively stable. With its niche segment focus and strong internal processes, Aptus has delivered strong, profitable growth for a long period. It has among the highest ROA/ROE (despite low leverage) in the AHFC space driven by high NIM and a lowcost operating model. Credit cost has also been low across market cycles. However, incrementally it is facing increased competition in its core geographies, which could impact margins and consequently return ratios going forward. Key risks: Franchise expansion, salary increments/incentive provisioning in Q1 expected to keep opex/assets elevated. 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.

Broker’s call: Aptus Value (Buy)
Asia
The Hindu BusinessLine

Tech Mahindra collaborates with Perplexity to boost sales with AI

The initiative is aimed at strengthening sales effectiveness, enabling informed decision-making and delivering more personalised customer experiences. | Photo Credit: Dado Ruvic Technology consulting and digital solutions provider Tech Mahindra has partnered with global AI company Perplexity to integrate AI-powered intelligence into its sales operations, according to a company statement. Under the partnership, Tech Mahindra will deploy Perplexity Enterprise Pro to provide its sales teams with faster access to trusted, source-backed insights, enabling them to better understand customer needs, improve engagement and deliver greater business value. According to the release, the AI-powered platform will help sales teams quickly access reliable information, reduce research time, improve productivity and enhance customer interactions throughout the sales cycle. "By equipping sales teams with intelligent tools that support faster decision-making and deeper customer understanding, Tech Mahindra will improve sales performance while delivering more personalised and meaningful experiences for customers," the release added. The initiative is aimed at strengthening sales effectiveness, enabling informed decision-making and delivering more personalised customer experiences. Mohit Joshi, CEO & MD, Tech Mahindra, said, "AI is transforming how enterprises engage with customers, make decisions, and create value. By integrating Perplexity Enterprise Pro into our sales processes, we are empowering our teams with trusted, real-time intelligence that helps them better understand customer priorities, engage with greater context, and deliver more impactful solutions. Tech Mahindra's partnership with Perplexity reinforces our commitment to leveraging AI across the enterprise to enhance customer experiences, improve sales effectiveness, and accelerate business transformation." By integrating AI into its sales and customer engagement processes, the company aims to become more agile, data-driven and customer-focused, while helping clients accelerate their digital transformation, the release said. On the other hand, Aravind Srinivas, CEO and Co-founder, Perplexity, said, "Tech Mahindra brings deep enterprise expertise and a strong delivery presence across the world. Putting Perplexity Enterprise Pro in their sales teams' hands gives them fast, source-backed answers when it matters most to clients." 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.

Tech Mahindra collaborates with Perplexity to boost sales with AI
Asia
The Hindu BusinessLine

GIFT IFSC to get ‘One KYC’ system as IFSCA plans unified client onboarding framework

The International Financial Services Centres Authority (IFSCA) is moving to introduce a ‘One KYC’ framework across GIFT IFSC, allowing investors and clients to complete their Know Your Customer (KYC) process only once and use the same verified records to access multiple financial services within GIFT City. To operationalise the framework, the regulator has proposed mandatory integration of all regulated entities with KYC Registration Agencies (KRAs), creating a centralised KYC repository that can be accessed across banks, brokerages, insurers, fund managers and other financial institutions operating in the IFSC. “One of the main objectives of IFSCA is to promote ease of doing business for conducting financial services and attracting global capital into India. It is extremely important to ease the onboarding and KYC process for clients,” IFSCA Chairman K Rajaraman told the businessline. He said financial institutions operating in GIFT IFSC had repeatedly sought a solution that would eliminate multiple KYC submissions. “If a client has completed KYC with one regulated entity in IFSC, she should not be required to complete KYC again for onboarding with any other regulated entity in the IFSC,” he added. Under the proposal, every client will be assigned a unique identification number by a KRA, enabling regulated entities to retrieve and verify existing KYC records instead of asking customers to repeatedly submit the same documents. The regulator said the move is intended to simplify client onboarding while reducing duplication in compliance processes. In a consultation paper issued on June 26, IFSCA proposed that all regulated entities in the IFSC integrate with at least one KRA registered with the authority for uploading, storing, retrieving and updating client KYC records. The regulator has already granted registration to one KRA and is in the process of approving another. Rajaraman said the KRA framework has been designed broadly along the lines of the system regulated by SEBI in domestic markets but with a wider scope. “In the IFSC, the KRA covers the entire spectrum of financial services, including securities markets, banking, insurance and pensions,” he said. Unlike domestic India, where different sectors have separate onboarding processes, the IFSC framework seeks to provide a common KYC infrastructure across financial services. Rajaraman described the KRA as functioning “more like a utility infrastructure layer” for regulated entities, allowing them to securely access verified client records while improving customer convenience. The regulator also plans to make the IFSC framework interoperable with India’s Central KYC Registry (CKYCR). According to Rajaraman, the Ministry of Finance is working on a notification that will integrate IFSC KRAs with CKYCR, while the government is pursuing its broader “One KYC” vision across India’s financial sector. “KRA systems will work as an intermediary layer in IFSC, synchronising KYC data with CKYCR, which is India’s universal KYC repository,” he said. The rollout will be implemented in phases. Regulated entities will be required to integrate with at least one KRA within two months of the circular coming into force. From September 1, 2026, all new clients onboarded in the IFSC must be linked to a KRA, while KYC records of all existing active clients will have to be uploaded by October 30, 2026. Looking ahead, Rajaraman said IFSCA’s objective is to make onboarding increasingly digital. “In the next few years, we aim to become fully digital, subject to the legal framework permitting it,” he said, adding that achieving interoperability with other jurisdictions would depend on data privacy laws and cross-border regulatory cooperation. Public comments on the consultation paper have been invited until July 16. 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.

GIFT IFSC to get ‘One KYC’ system as IFSCA plans unified client onboarding framework
Europe
BBC Business

South East Water announces new chief executive

South East Water (SEW) has announced a new chief executive designate after its previous boss resigned. The heavily criticised water company said that John Halsall will take over from David Hinton, pending regulatory approval. Halsall has previously worked for Thames Water, South West Water and Network Rail. The announcement comes as SEW remains under fire for repeated water supply failures in Kent and Sussex and grapples with major infrastructure issues. Halsall said that his priorities were "responding to customers' immediate concerns" and delivering on short term improvements. In the longer term, Halsall said that he would deliver the company's largest ever investment programme of £2.1bn to "improve reliability and resilience". He added: "I look forward to working with our customers, community partners, regulators and colleagues to rebuild trust in South East Water, drive the improvements the business needs to deliver and make the changes people want to see." Reacting to the appointment of Halsall, Tunbridge Wells MP Mike Martin said: "Bringing in leadership from outside the organisation is the right decision. fter years of managed decline, fresh leadership and ideas are urgently needed. Tens of thousands of SEW customers lost water supply or had low pressure in incidents in November, December, January and May. Regulator Ofwat recently proposed fining the firm £22m over issues affecting 286,000 people in Kent and Sussex between 2020 and 2023. Halsall's predecessor Hinton – who earned £400,000 and was awarded a £115,000 bonus last year – will leave SEW after a handover period. SEW raised its prices by an average of 7% from April, bringing the average yearly bill to £324.

South East Water announces new chief executive
Europe
BBC Business

Five ways the Iran peace deal could affect you and your money

The outbreak of the US-Israel war with Iran in February caused shock waves across the global economy. The region plays a key role in global oil and gas supplies, and the closure of the key Strait of Hormuz shipping corridor, has driven up prices on a wide range of things from energy bills to air fares. On 18 June, Iran and the US signed a deal aimed at bringing an end to the war, with the Strait set to reopen. But negotiations on some of the thorniest issues - including Iran's nuclear programme - will be deferred for 60 days, raising questions about how long this agreement will last. The war caused an immediate rise in motor fuel prices, as production and transport of oil in the Middle East slowed or stopped entirely. Prices at the pump have started to drift lower in recent weeks on rising hopes for a peace deal. As of Thursday in the UK, petrol cost an average of 154.72p per litre, while diesel was an average 174.30p per litre, according to RAC Fuel Watch data. In the US, the latest data shows that average gasoline prices stood at $4.05 (£3.05) per gallon, up from $2.94 per gallon before the war started, while diesel had risen from $3.81 to $5.06 over the same period. Simon Williams, head of policy at the RAC, said the recent fall in global oil and wholesale petrol prices "if sustained - will "in time lead to much lower prices at the pumps". But he said: "The big question is how fast will this happen, and whether the fall in pump prices happens as swiftly as the rise drivers had to endure through March and April did." UK gas prices almost doubled at the beginning of the conflict, sparking fears of higher energy bills across the country. Gas is used directly in millions of homes for heating and hot water; it was also used to generate about 27% of our electricity last year. The benchmark UK gas price was below 80p a therm before the Iran war began but was trading at around 157p by 19 March. Now it's back down at 98p per therm.

Five ways the Iran peace deal could affect you and your money
Asia
The Hindu BusinessLine

Tamil Nadu: Seaweed blankets Thoothukudi's eastern shores

Large quantities of seaweed have washed ashore along the eastern coastal areas of Thoothukudi district. The seaweed, which is commonly found in the sea, has drawn the attention of the public after accumulating along the shoreline. Speaking about the phenomenon, local fishermen said that it is a common natural occurrence for seaweed to be washed ashore by waves during periods of strong winds. They added that there is no cause for concern, as this is a regular seasonal event. Seaweed wash-ups have been seen along the Thoothukudi coastline on more than one occasion in recent months. Earlier on June 17, red seaweed washed ashore along the coastal stretches adjoining the Thoothukudi Harbour Beach, creating a striking natural spectacle that has drawn the attention of tourists and residents. According to marine enthusiasts, the seaweed, which naturally grows in the Gulf of Mannar marine ecosystem, was believed to have been carried to the shore due to changing ocean currents and seasonal wind patterns. In view of the changing ocean and wind patterns, the Indian Meteorological Department (IMD) has warned of a surging of waves on June 29. The IMD has advised fishermen working at the coast to have "utmost vigilance" and that the public carry out recreational activities with due care. The waves were forecasted to be just over 1 metre in height and repeating in the range of 15 to 17 seconds. "Swell Surge Alert for the coast of THOOTHUKKUDI,TAMIL NADU from Periyathalai To Vembar. Swell waves in the range of 15.0 - 17.0 sec period with 1.2 - 1.3 m height are forecasted during 17:30 hours on 2806-2026 to 14:30 hours on 29-06-2026. It advised that there is a possibility of surging of waves, boats to ply with utmost vigilance, recreation with due care," Chennai's Regional Meteorological Department said. In a similar incident in May, large quantities of seaweed washed ashore along the coast of Thoothukudi raised concerns among local fishing communities, who attributed the unusual phenomenon to climate change, rising sea temperatures, and shifting sea currents. Sharing their traditional knowledge of seasonal sea behaviour, fishermen said the changing wave patterns and disturbances in the marine ecosystem indicate a noticeable alteration in the natural coastal environment."Large quantities of seaweed were washed ashore along the coastal areas of Thoothukudi. It is said that this situation has occurred due to climate change, rising sea temperatures, and changes in sea currents and wave patterns. In some places, changes have also been observed in the natural marine environment. Such occurrences are common during Full Moon and New Moon periods in certain months of the year," a fisherman 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.

Tamil Nadu: Seaweed blankets Thoothukudi's eastern shores
Europe
BBC Business

Toy Story 5 sees franchise's biggest ever opening weekend

Disney's Toy Story 5 racked up the animated franchise's best ever opening weekend, with ticket sales of more than $300m (£227m) globally. Released on 19 June, the fifth installment of the Toy Story saga follows Woody, Jessie and Buzz Lightyear as they face their toughest rival yet - a tablet computer. Its strong box office performance is a return to form for Disney and Pixar after a series of challenges in recent years. It is estimated to be this year's second-biggest opening weekend globally, after The Super Mario Galaxy Movie. That film is currently the highest grossing film of the year, taking in more than $1bn. With an estimated production budget of $250m, it will need to make at least twice that amount to cover the additional costs of marketing and other expenses. Disney's Pixar films have historically recouped their budgets - often comfortably - with many titles bringing in three times as much as they cost to make and promote. A handful of its films - especially sequels like The Incredibles 2 and Inside Out 2 - have crossed the $1bn mark. But some of the storied studio's more recent titles, like the alien adventure Elio and Toy Story spin-off Lightyear, have bombed at the box office. The Mandalorian and Grogu, Disney's latest big-budget Star Wars spin-off, has yet to double its $165m cost. Overall box office revenues have declined since the Covid-19 pandemic, as studios struggled to draw people back to cinemas as the industry has seen a shift towards streaming services like Netflix and Disney+. Big-budget blockbusters in particular have suffered, with many films underperforming at the box office. Still, the Toy Story series is one of Pixar's most lucrative franchises, having raked in more than $3bn at the global box office since audiences were introduced to Woody and Buzz in 1995.

Toy Story 5 sees franchise's biggest ever opening weekend
Europe
The Guardian

Fed governor Lisa Cook faced $1.3m in legal and security fees after Trump’s bid to fire her

Lisa Cook walks outside the US supreme court in Washington DC on 21 January 2026. Photograph: Nathan Howard/ReutersView image in fullscreenLisa Cook walks outside the US supreme court in Washington DC on 21 January 2026. Photograph: Nathan Howard/ReutersFederal ReserveFed governor Lisa Cook faced $1.3m in legal and security fees after Trump’s bid to fire herCook is at the center of a supreme court case focused on whether Trump’s firing of her from the Fed board was legal The Federal Reserve governor Lisa Cook faced more than $1.3m in legal and security fees after coming under attack from the Trump administration, according to ethics disclosures that were filed on Wednesday. The White House targeted Cook last summer as Donald Trump ramped up his unprecedented campaign to push the Fed to cut interest rates. Bill Pulte, the director of the Federal Housing Finance Agency who is set to become acting US intelligence chief on Friday, accused Cook of mortgage fraud. On social media, Pulte accused Cook of misleading lenders by listing a second home as her primary residence, which would get her a better mortgage rate. Cook was appointed by Joe Biden in 2022, becoming the first Black woman to serve on the Federal Open Market Committee (FOMC). Her term is set to end in 2038. Trump fired Cook from her role on the FOMC, where she was one of 12 voting members who set interest rates eight times a year. Cook denied the accusations, accusing the administration of “cherrypicking” discrepancies to remove Cook for political reasons. A federal court temporarily reinstated Cook, though her firing is still the center of a case before the US supreme court, which has yet to rule on whether the firing was legal. In a hearing in January, justices seemed skeptical over the brusque way Trump fired Cook. The filing shows that two non-profit organizations, State Democracy Defenders Fund and Contina Impact reimbursed Cook for more than $1m for legal and security services. The supreme court case will ultimately test how the high court views the Fed’s independence from the White House. Congress created the bank in 1913 with a unique structure that protects it from being influenced by politics, including not receiving funding from Congress and long terms for appointed officials. The decision on Cook’s supreme court case, which is expected to be released before the end of June, will settle how much protection the Fed will have from the White House’s wrath. Economists widely agree that an independent central bank uninfluenced by politics is essential for maintaining a stable economy. While past presidents have refrained from vocally criticizing the Fed, Trump in his second term has been unafraid of voicing his fury toward the Fed for not lowering interest rates.

Fed governor Lisa Cook faced $1.3m in legal and security fees after Trump’s bid to fire her
Asia
The Hindu BusinessLine

Pakistan’s loss is India’s gain: Basmati rice export to Afghanistan likely to surge

Indian and Afghan traders are expected to meet next month to work out modalities for expanding direct trade in Basmati rice, following preliminary discussions between officials of the two countries held last week under the facilitation of the PHD Chamber of Commerce and Industry. The initiative comes at a time when Afghanistan is looking to diversify its sourcing of Basmati rice. The country consumes nearly 0.5 million tonnes of Basmati annually and has traditionally relied on supplies from Pakistan, aided by the advantage of a shared land border. However, the current tensions between Afghanistan and Pakistan have prompted Kabul to explore alternative supply channels, including direct imports from India, according to industry sources. Officials familiar with the discussions said representatives from the Afghan diplomatic mission in New Delhi participated in the meeting and expressed interest in increasing procurement of Indian Basmati. Afghanistan currently sources some Indian-origin Basmati indirectly through traders in Dubai and Iran, a route that adds to costs. “Afghan officials believe direct sourcing from India can make supplies more economical and reliable,” an industry source who attended the meeting said. One option under discussion is delivery of rice through Iran's Bandar Abbas port, subject to agreement between the two governments. Industry representatives said the proposed July meeting between exporters and importers will focus on issues such as logistics, payment mechanisms and possible barter arrangements. India imports substantial quantities of dry fruits from Afghanistan, opening up the possibility of structured trade settlements. A key challenge, however, remains the absence of formal diplomatic relations between New Delhi and the Taliban-led administration in Kabul. “Without an established diplomatic framework, uncertainties will continue to surround any trade arrangement. Exporters also need assurance on payments before committing to larger volumes,” the source said, adding that Indian exporters remain cautious about travelling to Afghanistan despite requests from Afghan authorities for a trade delegation. India's Basmati exports to Afghanistan have remained modest over the years. Shipments first began in 2005-06, when about 63 tonnes were exported. After a brief hiatus, exports resumed in 2010-11 and have continued at relatively low levels since then. The highest export volume was recorded in 2020-21, when India shipped 19,440 tonnes of Basmati rice worth ₹108.9 crore. In April 2026, exports stood at 979 tonnes valued at ₹7.74 crore, with average realisation of around ₹79 per kg. The move assumes significance at a time when India is seeking to expand markets for Basmati rice. The country exported 6.52 million tonnes of the aromatic grain in 2025-26, up from 6.07 million tonnes a year earlier. However, export earnings declined to $5.67 billion from $5.94 billion due to lower prices, with average realisation falling to around ₹77 per kg. Trade sources said a successful arrangement with Afghanistan could help India gain a foothold in a market that has historically been dominated by Pakistani suppliers. While Pakistan exported about 0.8 million tonnes of Basmati rice in 2024-25, industry officials estimate that a significant portion of rice shipped to Afghanistan under non-Basmati categories also contains blends of aromatic varieties.

Pakistan’s loss is India’s gain: Basmati rice export to Afghanistan likely to surge