Latest Developments

Europe
BBC Business

UK vows to phase out Russian diesel and jet fuel imports by new year

The UK government has committed to banning imports of diesel and jet fuel made from Russian oil by 1 January 2027. The ban forms part of the government's package of sanctions on Moscow following the war with Ukraine. In May, the government said it would gradually phase out the use of diesel and jet fuel refined in third countries from Russian crude oil as it introduced new sanctions, saying extra flexibility was needed due to global oil supply issues. The move prompted criticism, with the EU warning it is "not the time to roll back sanctions" against Moscow. Trade Minister Chris Bryant said: "The end date is a clear signal that we continue to ratchet up maximum pressure on Russia." The temporary licence to import those products will be reviewed every two weeks, the government said. It is understood the review process means the licence could be revoked sooner than 1 January. "I made a commitment to the House of Commons that we would review the temporary general licence for diesel and jet fuel on a fortnightly basis and lift it as soon as practicable," Bryant said. "Today we're confirming that the government will include an end date of 1st January 2027 in the licence at the latest and that we will continue to keep the licence under continuous review." Global oil prices have been pushed up by the US and Israel conflict with Iran, as the effective halt of trade through the Strait of Hormuz has reduced global oil supplies. Before the conflict, the global oil benchmark Brent crude was trading around $70 a barrel, but is currently trading around $87 as a deal to end the conflict appears close. Foreign, Commonwealth and Development Office Minister Stephen Doughty said: "These new measures that strengthen our sanctions will stop refined oil made from Russian crude from entering the UK through third countries. "We are maximising pressure on Russia while maintaining stability at home, and we will continue to use every lever available to debilitate Putin's war machine and support Ukraine."

UK vows to phase out Russian diesel and jet fuel imports by new year
North America
CNBC Finance

As LIV Golf faces a Saudi funding cliff, CEO says to take PIF 'at their word'

LIV Golf CEO Scott O'Neil told CNBC Tuesday that as a funding cliff approaches, the organization has to trust Saudi Arabia's Public Investment Fund will back the golf venture through the rest of the season as it has promised. "I can say they've been terrific partners so far, and you have to take an incredible organization like PIF at their word," O'Neil said. "They've been very public about funding us through the season, so we are full steam ahead." PIF is set to pull its funding from the golf league at the end of 2026 schedule, CNBC reported in late April. PIF Chairman Yasir Al-Rumayyan also stepped down from his position as LIV Golf chairman. The organization began an investor roadshow last month, seeking to raise up to $350 million from stakeholders to continue its operations. But recent media reports suggested PIF could pull its money earlier than planned, raising doubts about whether the league could even finish out its season. When asked about those reports, O'Neil said the players, management and advisors are "locked in." Asked if he can guarantee that the four remaining tournaments on this year's schedule will take place, O'Neil said that what he "can guarantee is a heck of a return if you come invest in this business." He added that the organization now needs to be "disciplined and very, very value-creative" in order to be sustainable. "I think we have a very, very special opportunity to create tremendous value," O'Neil said. So far, O'Neil said, he's had five formal meetings to discuss interest in funding the organization, with 18 more planned for this week. He said the response has "been positive" and that he hopes to end the fundraising process this summer. "While we have incredible business momentum, what we don't have is a lot of time, so we're very urgently out there talking to those who are interested," he said. Get this delivered to your inbox, and more info about our products and services.

As LIV Golf faces a Saudi funding cliff, CEO says to take PIF 'at their word'
Asia
The Hindu BusinessLine

Facing African hurdles, Indian rice exports value down 10% in FY26

A slack performance in the African region dragged Indian exports by over 10 per cent in value, though the overall volume was up 6.5 per cent in the 2025-26 financial year. Data from the Agricultural and Processed Food Products Export Development Authority (APEDA) showed that while a little over 15 million tonnes (mt) of non-basmati rice was exported, the value was down to $5.86 billion compared with $6.53 billion in 2024-25. Shipments, in particular, were lower to West, Central Africa and the ASEAN region, while they were up to South Asia, East Africa, West Asia and other South African countries. “A combination of factors was behind the slack shipments to the African region,” said New Delhi-based exporter Rajesh Paharia Jain. India’s policy uncertainty, foreign exchange shortages in African countries, stronger competition from Thailand, Vietnam and Pakistan, disruption in freight and weaker buyer sentiments due to huge inventories contributed to this, he said. S Chandrasekaran, a New Delhi-based trade analyst, said some of the African countries had bought huge quantities of rice during 2024-25 after India lifted the ban on rice exports in 2024. They were holding the stocks last fiscal. India curbed rice exports from 2022 after unseasonal rains and El Nino affected paddy production. Jain said countries such as Nigeria, Senegal, and Benin faced a severe shortage of US dollars, while some buyers sought trade in their local currencies. Indian exporters rejected it. “Delays in contracts and reduction in fresh purchase orders hurt Indian exports,” he said. The US Department of Agriculture (USDA), in its “Grain: World Markets and Trade” report this month, said India will continue to account for 40 per cent of global trade, with the Philippines, Vietnam, and China remaining the top importers. For the 2026-27 season (September 2026-August 2027), India is projected to exports 24.5 million tonnes (mt) of basmati and non-basmati rice. Though rice prices in the global market have rebounded to a two-year high, India is the most competitive at $350 a tonne for 5 per cent broken. It is at least $40 a tonne lower than Pakistan, $60 than Vietnam and $145 than Thailand for the same grade.

Facing African hurdles, Indian rice exports value down 10% in FY26
Europe
The Guardian

US consumer sentiment improves in June due to easing gas prices

The price of gasoline is displayed at a gas station near the highway in Encinitas, California, on 30 April 2026. Photograph: Mike Blake/ReutersView image in fullscreenThe price of gasoline is displayed at a gas station near the highway in Encinitas, California, on 30 April 2026. Photograph: Mike Blake/ReutersBusinessUS consumer sentiment improves in June due to easing gas pricesConsumer sentiment still remains at historically low levels amid Iran war and rising inflation, new survey shows Easing gas prices are making Americans feel better about their personal finances and the economy in June, but consumer sentiment remains at historically low levels amid ongoing conflict in the Middle East, according to new survey data from the University of Michigan. The latest numbers come as SpaceX marks its historic stock market debut, which has made Elon Musk the world’s first trillionaire. Yet many Americans still feel like they are struggling even as the stock market reaches record highs. Sentiment went up four points since mid-May, when Americans were paying an average of $4.50 a gallon at the pump, according to AAA. Average gas prices have since dropped to $4.10 a gallon – $1 more per gallon since a year ago. Despite the rise in the index, sentiment is still lower than it was during the Covid-19 pandemic, including the high periods of inflation after, and last year, when Donald Trump introduced a slate of new tariffs. “Views of the economy are still relatively dour,” said Joanne Hsu, director of the surveys of consumers at the University of Michigan. Consumers “feel burdened by the recent escalation in inflation and worry that higher inflation could remain stubborn going forward”, she added. New US economic data from earlier this week showed that inflation hit a three-year high in May, reaching over 4% for the first time since 2023. Gas prices, however, came down in May, leading to some relief for American consumers, according to Hsu. The recent uptick in consumer sentiment was widespread, seen across age groups, education levels and political parties. Lower-income groups, who are most sensitive to price fluctuations in gasoline, exhibited a particularly strong sentiment increase. Americans’ expectations of their personal finances also improved this month. Sinking sentiment on the economy is likely to play a crucial role in the midterm elections this November, which will be crucial in determining whether Republicans will retain control of Congress. A Times/Siena poll published in late May found that US voters felt poorly about the direction of the country and its economy, with nearly 76% rating today’s economic conditions as fair or poor. A little over half said that they didn’t think the war in Iran would be worth the costs, and nearly two-thirds, including 73% of independent respondents, believed that going into the Middle East conflict was the wrong decision. The economy and the rising cost of living has already proved to be a prominent campaigning issue: several candidates in key races have made it their marquee issue, including Graham Platner in Maine, James Talarico in Texas and Roy Cooper in North Carolina. Democrats have especially been trying to win back working-class voters, pushing forward a slate of former union leaders as candidates. The White House applauded the latest consumer sentiment figures and took credit for the economy’s resilience.

US consumer sentiment improves in June due to easing gas prices
Asia
The Hindu BusinessLine

Uttar Pradesh’s exports to BRICS nations cross $5.36 billion during FY2025-26: Chaudhary

Uttar Pradesh is strengthening trade, technology and investment ties with BRICS nations, with the state's total exports to BRICS member and partner countries crossing $5.36 billion during the financial year 2025-26, the state government said on Friday. Addressing the BRICS MSME Forum held in Agra, UP MSME Minister Bhupendra Singh Chaudhary said the state has been exporting machinery, garments, leather, carpets and precious stones to several countries. According to a state government statement, out of the total exports, goods worth about USD 3.938 billion were exported to BRICS member countries, while exports worth $1.429 billion went to partner nations. Chaudhary said Uttar Pradesh's MSME sector has emerged as a major pillar of employment, innovation and economic growth, with around 96 lakh MSME units operating in the state and providing employment to about 1.65 crore people. He said the state's One District One Product (ODOP) scheme has helped connect local talent and traditional crafts with global markets. Under the ODOP scheme, more than 20,000 people have been provided margin money assistance of around Rs 897 crore, generating 3.16 lakh employment opportunities, the statement said. The minister also highlighted the Vishwakarma Shram Samman Yojana, under which over 4.41 lakh traditional artisans have been provided modern toolkits and training. The government said the state has also launched the Chief Minister Youth Entrepreneur Development Campaign to encourage self-employment among the youth. Under the scheme, interest-free loans without guarantee are being provided with a target of setting up 10 lakh new micro units over 10 years. It added that MSME parks are being developed in the state under the PLEDGE scheme, with parks already approved in 12 districts to provide a better industrial 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.

Uttar Pradesh’s exports to BRICS nations cross $5.36 billion during FY2025-26: Chaudhary
North America
CNBC Finance

Rivian is betting on its R2 EV to turn the automaker into a household name like Tesla

The company founder moves quickly from the EV's suspension and software systems to different models of the R2 that will soon begin to reach American consumers, including a roughly $45,000 entry-level model that Rivian said Tuesday is being pulled ahead from late 2027 to next summer. But there's an anxiousness in Scaringe's voice as he talks to employees and media at the R2 launch event in western Utah and prepares to release the vehicle, starting Tuesday for current reservation holders, to the world. Scaringe founded the EV maker in 2009. He has grown Rivian into a company with a $22 billion market cap that ranked highest in Consumer Reports' most recent customer satisfaction survey, but lowest in predictive industry reliability due to consumer-reported problems with its early vehicles. That's unusual for an automotive brand. Typically, the more problems a brand has, the lower its customer satisfactions rank — but not Rivian. It's a testament to the brand Scaringe, a 43-year-old automotive enthusiast and tech entrepreneur, has built. That kind of customer satisfaction is also harder to maintain as a brand grows, which is Rivian's goal with the R2. The new SUV is meant to transform Rivian from a niche EV manufacturer that sells luxury vehicles — largely in California and states where electric vehicles sell well — to a more mainstream brand that can not only compete against U.S. EV leader Tesla but with broader mainstream automotive brands such as Jeep and Subaru. "Its goal is for it to be a high-volume product," Scaringe told CNBC. "Certainly, we're going to draw on some Tesla customers, but the market of non-Tesla customers is many, many times larger." Wall Street analysts have described the R2 as Rivian's make-or-break moment, comparable to Tesla moving from its pricey, first-generation EVs to the mainstream Model 3 and Model Y that currently dominate the U.S. market. "When you build a company from scratch, everything is make or break. There is no company if things don't work," he said. "Saying that it's 'make or break,' it's like, of course, it is." Shares of Rivian were down by about 5% during intraday trading Tuesday following the new timing announcement for the entry-level model as well as expert reviews being released for the R2, which were largely positive. Rivian is also hoping to achieve its main goal with the R2: profitability. The EV maker lost $3.6 billion last year, while only delivering 42,247 vehicles. After promising investors it would be profitable on an adjusted basis by 2027, Rivian earlier this year withdrew that target without disclosing a new time frame to achieve the milestone. That comes as its automotive segment lost about $6,000 per vehicle it delivered during the first quarter of this year.

Rivian is betting on its R2 EV to turn the automaker into a household name like Tesla
Europe
The Guardian

Sam Bankman-Fried loses bid to appeal against fraud conviction in FTX case

FTX founder Sam Bankman-Fried leaves federal court on 26 July 2023, in New York. Photograph: Mary Altaffer/APView image in fullscreenFTX founder Sam Bankman-Fried leaves federal court on 26 July 2023, in New York. Photograph: Mary Altaffer/APSam Bankman-FriedSam Bankman-Fried loses bid to appeal against fraud conviction in FTX caseDecision to not overturn fallen crypto mogul’s 25-year prison sentence was handed down by three-judge panel Sam Bankman-Fried on Friday lost his bid to overturn his fraud conviction and 25-year prison sentence over the collapse of the FTX cryptocurrency exchange he founded. The decision was handed down by a three-judge panel of the New York-based second US circuit court of appeals. Bankman-Fried, who had been one of the cryptocurrency sector’s most influential figures and a multibillionaire before FTX’s spectacular collapse in 2022, was found guilty on seven felony charges by a federal jury in Manhattan in 2023. Prosecutors with the Manhattan US attorney’s office, which prosecuted the case, said he stole $8bn from FTX customers in what they termed a “fraud of epic proportions”. Bankman-Fried had pleaded not guilty to the two counts of fraud and five counts of conspiracy that he faced. At his trial, he admitted to making mistakes running FTX, but testified that he never stole funds. In appealing against the conviction, Bankman-Fried’s defense lawyers argued that US district judge Lewis Kaplan, who oversaw the trial, improperly prevented Bankman-Fried from introducing evidence to back up his belief that FTX had enough funds to cover customer withdrawals. Prosecutors countered that evidence at trial, including testimony from three of Bankman-Fried’s former deputies, overwhelmingly proved his guilt. Those former employees, who pleaded guilty and agreed to cooperate with prosecutors, testified that he directed them to raid FTX customer funds to plug losses at Alameda Research, Bankman-Fried’s crypto-focused hedge fund. At his March 2024 sentencing hearing, Kaplan said Bankman-Fried knew his actions were wrong but “made a very bad bet about the likelihood of getting caught”. Bankman-Fried is being held at a low-security federal prison near Santa Barbara, California. He is eligible for release in 2044. Bankman-Fried was a rising star in the rough-and-tumble crypto industry who burnished his reputation with lavish philanthropic and political donations.

Sam Bankman-Fried loses bid to appeal against fraud conviction in FTX case
Asia
The Hindu BusinessLine

IT stocks crash: Accenture’s weak outlook sparks sell-off in Infosys, TCS, Wipro

Domestic IT stocks witnessed a sharp sell-off on Friday after Accenture cut its FY26 revenue growth guidance and flagged a challenging demand environment, raising concerns over the near-term outlook for technology spending globally. The Nifty IT index plunged more than 6 per cent to a fresh 52-week low of 26,634.50, before settling at 27,426.85 (down 3.65 per cent), making it the worst-performing sectoral index. The decline followed Accenture’s weaker-than-expected quarterly results and reduced full-year revenue growth guidance of 3-4 per cent, compared with 3-5 per cent earlier. The weakness was broad-based, with all major IT stocks trading in the red, only except OFSS. Infosys tumbled 7 per cent to end at ₹1,051.40 after hitting a 52-week low of ₹1,030, while Tata Consultancy Services (TCS) declined 3.55 per cent to ₹2,125 after hitting a 52-week low of ₹2,059.90. Wipro fell 4.3 per cent to a 52-week low of ₹174.89 before settling at ₹180.80. Investor sentiment turned negative after Accenture lowered its FY26 constant-currency revenue growth guidance to 3-4 per cent from 3-5 per cent earlier. The company also reduced its commercial business growth outlook to 4-5 per cent from 4-6 per cent. The earnings disappointment triggered a sharp reaction globally. Accenture shares plunged 18 per cent in the US overnight, marking their steepest single-day decline on record. Cognizant fell 11 per cent, while Capgemini declined nearly 9 per cent. Infosys ADRs dropped nearly 10 per cent and Wipro ADRs fell 3.6 per cent. Shashwat Singh, Fundamental Analyst at Bajaj Broking, said the sell-off in Indian IT stocks was a direct reaction to Accenture’s guidance cut. “Accenture has indicated that clients remain cautious on discretionary technology spending. Since Indian IT companies depend on the same global pipeline for technology projects, the guidance revision acts as a warning signal for the sector and has triggered investor selling,” Singh said. Morgan Stanley said Accenture’s results pointed to a difficult macroeconomic environment that could extend into the next quarter. The brokerage noted that management commentary highlighted delayed decision-making by clients and the impact of geopolitical tensions, particularly in West Asia. According to Morgan Stanley, the indirect impact of geopolitical uncertainty is being felt across geographies and industry verticals, increasing the risk of weaker FY27 guidance from Indian IT companies. The brokerage also said the impact could vary across companies depending on their exposure to affected sectors and regions. Nomura expects the impact of West Asia-related uncertainty to spill over into Q1FY27 and possibly Q2FY27, as clients remain cautious on technology spending. CLSA attributed the softer outlook to macroeconomic challenges rather than AI disruption, noting that companies dependent on discretionary spending, such as Infosys and Wipro, could face greater pressure.

IT stocks crash: Accenture’s weak outlook sparks sell-off in Infosys, TCS, Wipro
Asia
The Hindu BusinessLine

Mukesh Ambani hands next value-creation chapter to Ambani heirs

Mukesh Ambani on Friday used Reliance Industries’ 49th Annual General Meeting to unveil more than just the long-awaited Jio Platforms IPO. In what may be the clearest signal yet of the conglomerate’s succession roadmap, the Reliance chairman announced that Akash Ambani, Isha Ambani and Anant Ambani would lead the Jio listing process, effectively placing the group’s next generation at the centre of its future value-creation agenda. The announcement accompanied the approval of Jio Platforms’ draft red herring prospectus (DRHP) for a proposed initial public offering comprising a fresh issue of up to 27 crore equity shares. Calling the offering Reliance’s “most important value-creation milestone” this year, Ambani said the listing would unlock significant value for shareholders and demonstrate that India can build technology companies of global scale, capability and value. “The Jio IPO is the most important value creation milestone for Reliance this year and is expected to unlock significant value for Reliance shareholders while offering an attractive investment opportunity to new investors,” Ambani told shareholders. The bigger message from the AGM, however, extended well beyond the IPO. Reliance used the platform to showcase how the company is evolving from an energy-to-consumer conglomerate into a technology-driven enterprise built around digital connectivity, artificial intelligence, retail, advanced manufacturing and next-generation infrastructure. Ambani said Jio, which completes 10 years this year, and Reliance Retail, which marks its twentieth anniversary, have emerged as the group’s defining growth engines. “Jio completes 10 years of stellar success. Reliance Retail completes 20 years as a trailblazer. In both businesses, we remain the unbeatable Number One,” he said. “When a patriotic, high-performance company consistently serves the aspirations of nearly 1.5 billion Indians, there is no limit to what it can achieve.” The chairman said Reliance delivered record revenue, record EBITDA and record net profit in FY26 despite what he described as one of the most volatile and uncertain global environments in decades. The financial performance reflects a broader shift underway within the conglomerate. Ambani said Jio and Reliance Retail now contribute nearly half of the group’s EBITDA, underscoring the growing importance of consumer and technology-led businesses within Reliance’s portfolio. The company also highlighted the unprecedented scale of its investment programme. Capital expenditure in FY26 stood at ₹1,44,271 crore ($15.2 billion), taking cumulative investments over the last five years to ₹6,48,428 crore (more than $68 billion). According to Ambani, Reliance alone accounted for nearly one-third of the total capital expenditure undertaken by India’s top 50 corporates during the period. Reliance also remained India’s largest contributor to the national exchequer. Ambani said the company paid ₹2,16,472 crore ($22.8 billion) in taxes and duties during FY26, while cumulative contributions over the past five years crossed ₹9.78 lakh crore, or more than $100 billion. Corporate social responsibility spending stood at ₹2,248 crore during the year, the highest by any Indian company. Positioning Reliance within a rapidly changing geopolitical landscape, Ambani said the past six years had been among the most volatile and uncertain in several decades. He credited India with navigating the turbulence with competence and wisdom and said the country was well placed to emerge stronger in an increasingly multipolar world.

Mukesh Ambani hands next value-creation chapter to Ambani heirs