Latest Developments

North America
Yahoo Finance

SpaceX Closes Up 19% — Secures MSCI, FTSE Fast-Track Index Inclusion

After Elon Musk’s rocket manufacturing company SpaceX (SPCX) debuted on Nasdaq on Friday at a premium, major index providers FTSE Russell and MSCI added the company to key benchmarks. SPCX opened at around $150 on Friday — an 11% premium to the IPO price — and climbed as much as 30% higher in early trading, briefly pushing the company’s market capitalization above $2.2 trillion. The company closed its first day of trade up 19%. FTSE Russell published a formal index notice on Friday confirming the immediate addition of SpaceX to the Russell US Index Series under its fast-entry rules. The notice states that SpaceX satisfies the fast-entry criteria following its IPO and will be added to the Russell 1000, Russell Top 200, and other Russell US indexes effective after the market close on June 26, 2026. The addition follows FTSE Russell’s May 2026 rule change, which allows large new listings that qualify for the Russell Top 500 to enter indexes after just five trading days, instead of waiting for the next quarterly reconstitution. MSCI also said that it will add SpaceX to its standard and large-cap indexes, effective June 29. This is in alignment with MSCI’s announcement earlier this month that SpaceX is expected to “easily clear” its size and free-float thresholds for early inclusion of large IPOs into its global standard indexes. These coordinated additions by FTSE Russell and MSCI will create near-term demand from trillions of dollars in passive funds tracking the indexes. These decisions contrast sharply with S&P Dow Jones Indices, which declined to adjust its criteria and has ruled out SpaceX’s quick inclusion in the S&P 500. S&P maintains requirements for four consecutive quarters of GAAP profitability and a longer seasoning period — criteria SpaceX does not currently meet. However, the company is still expected to be fast-tracked into the Nasdaq-100, which allows newly listed companies that rank in the top 40 by market capitalization to join the index after just 15 trading days under its new rules. On Stocktwits, retail sentiment around SPCX trended within the ‘extremely bullish’ territory, coupled with ‘extremely high’ message volume.

SpaceX Closes Up 19% — Secures MSCI, FTSE Fast-Track Index Inclusion
Europe
BBC Business

UK economy contracts as Iran war impact felt

The UK's economy shrank slightly in April as the Iran war began to have an impact on businesses, official data has indicated. The economy contracted by 0.1% in the month, the Office for National Statistics (ONS) said, with some firms citing the conflict in the Middle East as having raised costs and affected turnover. April's contraction was the first monthly fall since August last year, but had been forecast by economists after stronger than expected growth in March. Analysts said that after a good start to the year the economy was set to slow over the next few months, and they expect the Bank of England to keep interest rates unchanged when it meets next week. In the three months to April - which is generally seen as a less volatile measure - the ONS said the economy grew by 0.7% compared with the previous three-month period. When the Iran war broke out it led to the effective closure of the Strait of Hormuz, a key shipping route for oil tankers, causing crude oil prices to surge. The price of a barrel of Brent crude, the international benchmark, has risen as high as $120 since the conflict began, but has fluctuated as hopes of an end to the war have risen and fallen. On Friday, the price sank to a three-month low of $86 on hopes that a resolution to the conflict could be close. The increase in oil prices since the start of the war has led to a rise in petrol and diesel prices in the UK. Household energy bills will also increase in the coming months with the energy price cap rising in July. Oil prices also have a wide-reaching effect on the cost of many goods and services. Yael Selfin, chief economist at KPMG UK, said that while the economy grew over the three months to April, "the contraction in April is more indicative of growth prospects for the economy going forward". The monthly figure, she said, "points to renewed fragility in the UK economy, with pressure on both consumers and businesses likely to persist over the coming months".

UK economy contracts as Iran war impact felt
Asia
The Hindu BusinessLine

NTA dismisses video claiming paper leak as 'fake', says NEET re-exam successfully held

The National Testing Agency (NTA) on Sunday termed as fake a video being circulated on social media claiming that the NEET-UG 2026 paper was leaked. In a statement on X, the agency said the exam was conducted successfully under comprehensive security and surveillance. "NTA's attention has been drawn to a fabricated video being circulated on social media regarding NEET (UG) 2026. The video is fake and the claims it makes are false," the statement said. The agency said manufacturing and deliberately circulating such misinformation to defraud or alarm students was a "serious offence." "NTA, with the support of I4C and law-enforcement agencies, is taking action against those responsible for originating this content," the agency said. The NTA appealed to students, parents and the public to rely only on the official website and the agency's verified social media handles for information and not to amplify such material. More than 20 lakh medical aspirants took a second shot at the NEET re-exam on Sunday after the original test was cancelled due to paper leaks, an issue that became a hot potato for the government and triggered a popular protest movement. Abhishek Singh, the Director General of the National Testing Agency (NTA), which has been receiving flak following the paper leak, said a "whole-of-government" approach helped it to conduct the mammoth exercise in record time. In a statement, NTA said more than 20 lakh candidates appeared for the NEET (UG) 2026 re-examination across 5,440 centres in India and 14 centres abroad. The exam was conducted in 13 languages, including Hindi and English. "This was not the NTA acting alone. It was Team Bharat - a chain of people across the country who showed up so that, for each candidate, the only thing that mattered that morning was the paper in front of them," the agency said. "In all, around 7 lakh officials - police teams, observers and examination staff - were mobilised across India to conduct this examination, and it was done in a record 37 days. NTA is especially grateful to the experts from academic institutions across the country who gave their personal time to help prepare multiple sets of question papers," the NTA said. Union Education Minister Dharmendra Pradhan reviewed arrangements for the smooth conduct of the re-examination at the NTA headquarters in Delhi's Okhla. "NTA apprised the minister of the logistical and technical arrangements put in place for the efficient and transparent conduct of the examination," the Ministry of Education said.

NTA dismisses video claiming paper leak as 'fake', says NEET re-exam successfully held
Asia
The Hindu BusinessLine

RBI overhauls Lead Bank Scheme after review, issues new guidelines

The Reserve Bank of India (RBI) has issued revised guidelines for the Lead Bank Scheme (LBS), aimed at strengthening district-level credit planning, improving coordination among stakeholders and deepening financial inclusion across the country. The central bank said it had undertaken a "comprehensive review" of the scheme and issued revised guidelines after examining public feedback received on the draft framework released earlier this year. "The revised Circular on the Lead Bank Scheme (LBS) has been issued today," RBI said in a release issued on June 19. The central bank added that "feedback received on the draft circular has been examined and necessary modifications have been suitably incorporated in the final guidelines." According to the revised circular, the Lead Bank Scheme aims at coordinating the activities of banks, governments and development agencies to boost credit flow and expand access to financial services. The RBI said the scheme seeks to achieve two key objectives: "enhancing flow of credit to priority sectors for achieving inclusive growth" and "deepening financial inclusion through improved access and usage of financial services. "The revised framework gives a clearer structure to the scheme and defines the responsibilities of Lead Banks, Lead District Managers (LDMs), State Level Bankers' Committees (SLBCs) and other stakeholders. The RBI said a Lead Bank in every district will coordinate efforts of banks, government agencies and other institutions "to improve credit flow to the priority sectors and promote financial inclusion in the district. "Under the new guidelines, every Lead Bank will appoint a Lead District Manager to "exclusively oversee and coordinate the implementation" of the scheme in the district. The RBI has also introduced a three-tier structure comprising Block Level Bankers' Committees, District Consultative Committees and State Level Bankers' Committees to strengthen coordination between banks and government agencies. The central bank said district-level committees will prepare and review District Credit Plans and help resolve operational issues related to implementation. The revised guidelines supersede earlier instructions issued by the RBI on the scheme. "A comprehensive review of the LBS has been undertaken and the revised guidelines on the subject are enclosed. These supersede all earlier instructions issued by the Reserve Bank on the subject," the RBI said in the circular. The Lead Bank Scheme was introduced by the RBI in December 1969 to facilitate coordination among banks and development agencies and promote the flow of credit to priority sectors and rural areas.

RBI overhauls Lead Bank Scheme after review, issues new guidelines
North America
CNBC Economy

Wholesale prices rose 1.1% in May, more than expected, on surge in energy

Wholesale prices rose more than expected in May, indicating that pipeline inflationary pressures are percolating higher, the Bureau of Labor Statistics reported Thursday. The producer price index, a measure of final demand costs, increased a seasonally adjusted 1.1% on the month, putting the 12-month wholesale inflation rate at 6.5%. Economists surveyed by Dow Jones had been looking for a monthly move of 0.7%. The annual headline inflation rate was the highest since November 2022. The monthly gain matched the April increase. However, excluding food and energy, the so-called core PPI accelerated 0.4%, compared with the consensus view of 0.5%, indicating that rising fuel prices are causing much of the inflationary burden. Taking out food, energy and trade services, the PPI accelerated 0.8%, the biggest one-month move since March 2022. On a 12-month basis, the core excluding trade services rose 5.1%, the most since October 2022. Most of the acceleration in the PPI — nearly 80% — came from a 2.8% surge in final demand goods prices, the biggest increase ever in a data series going back to December 2009. In turn, 80% of that rise came from a 10.7% jump in energy. Gasoline prices rose 23.4% at the wholesale level, the BLS said. Another significant contributor, on the services side, came from portfolio management fees, which increased 4.8% during a strong May for the stock market. The report comes a day after the BLS reported that headline consumer price inflation surged to 4.2% in May, boosted largely by a surge in energy prices due to the Iran war. However, monthly readings indicated a less severe shock, with core prices rising just 0.2%, putting the 12-month reading at 2.9%. Still, the current state of inflation is likely to keep the Federal Reserve on the sidelines for the foreseeable future. The central bank's Federal Open Market Committee releases its next interest rate decision Wednesday, and market pricing is indicating a near 100% probability of a hold. Beyond that, traders are pricing in no chance of a cut through the year and a better than 60% probability that the next move will be a hike, likely coming in December. Earlier in the day, the European Central Bank voted to raise benchmark rates by a quarter percentage point in an effort to head off the inflation surge. Few if any Fed officials have expressed an interest in similar tightening, instead advocating a patient approach to see whether the energy supply shock wears off and inflation heads back to the U.S. central bank's 2% target. Correction: This article has been updated to correct that wholesale prices rose more than expected in May. An earlier version mischaracterized the comparison.

Wholesale prices rose 1.1% in May, more than expected, on surge in energy
North America
CNBC Finance

Elections advertising spend for 2026 expected to reach record high, outpacing presidential years

The 2026 midterm election cycle could surpass the 2024 presidential cycle to reach record advertising spend for any U.S. election, according to a new report from advertising intelligence company AdImpact. This year's races are projected to reach $11.6 billion in ad spend, making it the most expensive cycle ever and eclipsing the $11.2 billion spent on ads for the 2024 election between now-President Donald Trump and former Vice President Kamala Harris, AdImpact estimates. The new projection is a $795 million increase from a previous projection made last year. The midterm cycle is set to be more intense than previous cycles, with Republicans controlling both chambers of Congress. The 2022 midterm cycle drew $8.9 billion in ad spend, according to AdImpact. If the projection holds, the 2026 ad spend would be 30% higher than the last midterm election. "From record-setting races and surging party committee war chests to a competitive landscape that continues to expand, all indicators point to 2026 being the most expensive political advertising cycle in history," the report read. AdImpact said it expects $5.6 billion to be spent on broadcast, $1.4 billion on cable, $2.6 billion on connected TV and $1.68 billion on digital. Advertising remains a key revenue driver for media companies, with sports, live events and news attracting the most spending. Elections, particularly those that are hotly contested or in battleground states, often bring in some of the highest ad revenue for the owners of local broadcast stations across the country. Broadcast TV remains one of the largest forces in political advertising, according to the report, comprising nearly half of the total cycle spending and driven almost entirely by state races. States seeing the largest spend overall include California, Texas, Michigan and Ohio. Michigan, Ohio and Texas all feature competitive Senate races, while California has an expensive governor's race. AdImpact estimated that through June 1, political ad spending has reached $4 billon, a 46% increase over the same point in the 2024 presidential election cycle. "Much of that surge is driven by a concentrated set of high-profile, high-dollar contests that materialized earlier in the cycle than is typical," the report read. Politicians are also relying more heavily on digital spending across platforms like Facebook, Google, Snapchat and X, expected to spend $1.6 billion in that category during the cycle, according to AdImpact. Within the election categories, the Senate has seen a notable increase in projected political spend, expected to draw nearly $3.4 billion, with one of the most expensive races being Texas' Senate primary, the report said. Republicans hold 53 U.S. Senate seats compared with Democrats' 45. The Senate's two independents caucus with Democrats.

Elections advertising spend for 2026 expected to reach record high, outpacing presidential years
North America
CNBC Finance

SpaceX soon-to-be millionaires are set to spend big on luxury homes, watches and private jet travel

The SpaceX IPO is expected to mint thousands of new millionaires and multiple new billionaires. While current and former employees won't be able to sell their shares right away, some are already planning how to spend their windfall. That newfound wealth could have a ripple effect across the luxury property markets near SpaceX's office hubs and boost spending on watches, private jet charters and other status symbols, experts told CNBC. Real estate agent Gerard Bisignano said he has recently received inquiries from several longtime SpaceX employees looking for homes in the South Bay area of California. They range in age from their mid-30s to early 40s, he said. "They seem to be in a state of disbelief themselves that they're suddenly going to be able to, in some examples, buy a home for their parents. They're going to have all this discretionary income that they can really do what they want," said Bisignano, a partner at Vista Sotheby's. SpaceX's California office is a short drive away from the wealthy coastal communities of Manhattan Beach, Redondo Beach, Hermosa Beach and Palos Verdes Estates. Bisignano said he expects many SpaceX employees to snap up high-end homes in the area. He noted there was a similar buying spree in the neighborhoods around the Facebook headquarters after that company's initial public offering in 2012, with home values there jumping 21%. Bisignano said he also anticipates an influx in interest for second homes in other scenic California locales like Mammoth Lakes, Palm Springs and Tahoe. Texas real estate agent Gary Dolch said he's seeing similar interest from SpaceX employees in the greater Austin area, with SpaceX's Bastrop campus located roughly 30 miles from downtown Austin. Some plan to buy soon after taking a margin loan, while others are waiting for the IPO lockup period to end, he said. Prospective homebuyers' tastes run the gamut from luxury condos on Lake Austin or Lake Travis to 1,000-acre ranches farther from the city, Dolch said. He added that he's optimistic that the IPO will boost the luxury market in Austin, which has softened over past three to four years. "It feels like we're on the verge of the next wave in Austin's expansion fueled by this tech run," he said. The newly wealthy rarely stop their spending spree at a dream home, Bisignano said. He expects buyers to vie for homes with four-car garages to fit their brand new Ferraris. And while sports cars are a popular choice, luxury watches are a more practical status symbol for every day use. Paul Altieri, founder and CEO of Bob's Watches, said a watch is often the first luxury purchase after a major liquidity event. He said customers usually opt for Rolexes as they are instantly recognizable. Models like the Daytona, GMT-Master II and Submariner are most popular, he added.

SpaceX soon-to-be millionaires are set to spend big on luxury homes, watches and private jet travel
Europe
BBC Business

Millions of people can get discounts on their bills - here's how

Water, phone and broadband companies are willing to give millions of people discounted deals on their bills. Social tariffs - sometimes known as essential, or basic, tariffs - can reduce bills for people on various benefits. Generally, you only need to ask your supplier to get on one. Importantly, they are not price promotions designed to attract customers, but lower bills for the same service for those who would otherwise struggle to pay. Most people who have fallen behind on paying their bills are unaware this help is available, a major report has suggested. These tariffs vary between suppliers and the lower cost of them is often covered by higher bills for everyone else. Getting one does require you to get in touch with your supplier and provide some evidence - but that does not take very long. If your name is on the contract and you receive benefits such as universal credit, or pension credit, then companies may be able to give you a discounted deal. For broadband and phone contracts, regulator Ofcom has a list of social tariffs provided by suppliers. If yours is on the list, and you are eligible, then you can switch free of charge, and it won't cost to leave the contract either. For water bills, every supplier in England and Wales has a social tariff - but who is eligible and the level of support varies between them. The consumer group for water customers has a list. To apply, you generally need to provide some proof, such as details of the benefits you receive. Scottish Water does not offer a social tariff, but there are other options available. In Northern Ireland, people are helped through the Community Care Register.

Millions of people can get discounts on their bills - here's how
Europe
BBC Business

Is the convertible heading into the sunset?

Sophistication, freedom, rebellion or just the simple joy of taking to the open road with the wind in your hair. The convertible car used to represent all of these. But over the past two decades sales have collapsed, and its future seems deeply uncertain. So what's gone wrong? In the 1950s and 60s, owning a convertible showed you had style. They were what the celebrities of the era were seen in. When Hollywood deities Grace Kelly and Cary Grant were shown cruising along the French Riviera in a beautiful, sleek Sunbeam Alpine in To Catch a Thief, for example, they epitomised silver-screen elegance and savoir-faire. Later films like The Graduate and Thelma and Louise helped cement the open top car's position as a symbol of escapism and rebellion for new generations. For a while, convertibles were what people dreamed of buying, and manufacturers were happy to make them. Over the past 20 years, sales of new open-tops have fallen by nearly 90%, from 109,171 in 2005 to just 11,484 last year, according to the Society of Motor Manufacturers and Traders. That decline has coincided with a dramatic rise in Sports Utility Vehicles, or SUVs – large cars with at least a passing resemblance to four-wheel-drive off road vehicles. Last year they accounted for 59% of car sales across Europe, according to the research company Dataforce GmbH. SUVs certainly have the kind of celebrity endorsement convertibles used to enjoy. Big is also bling, and today upmarket models such as the Lamborghini Urus, the Mercedes-Benz G Wagon or the Bentley Bentayga are widely favoured by today's reality TV stars, footballers and music artists. What SUVs offer is some of the style and image of a convertible without the limitations an open top car creates, says Steve Fowler – a leading automotive journalist and founder of the car review website Carblah. "It's a simple fact of people wanting more practicality these days," he explains. "I always say SUVs are sports cars for people who can't have sports cars any more. They've got that kind of image that perhaps a convertible used to have. "And it's very difficult to put the kids, the dog, the bike, and everything else we have in our lives into a convertible." Whether it's down to the rise of the SUV or not, demand for open top cars has fallen – and that makes manufacturers reluctant to build them.

Is the convertible heading into the sunset?