Latest Developments

Asia
The Hindu BusinessLine

TN Govt not in favour of greenfield airport at Parandur; all options to be explored: Minister

The Tamil Nadu government is unlikely to proceed with the proposed greenfield airport plan at Parandur as it involves destruction of wetlands, and will instead explore an alternative site for the project, State Minister for Energy, Resources and Law Nirmal Kumar, said on Thursday. Speaking to reporters at the Secretariat after the Governor’s address, the Minister reiterated the government’s opposition to the Parandur airport project in its current form. “Chief Minister C. Joseph Vijay’s first ground protest was against the greenfield airport at Parandur. We remain firm on our stand. We are not against development, but we will not destroy wetlands,” he said. The statement marks a significant shift from the previous government’s approach to the project. With the State government now indicating that it will look for an alternative location, the timeline and contours of Tamil Nadu’s long-term aviation infrastructure expansion are likely to be reassessed. The earlier DMK administration had accelerated land acquisition for the proposed airport in Kancheepuram district and secured over 2,500 acres of the 5,746 acres required. Compensation packages offered to landowners were substantially higher than prevailing market rates. The future of the second airport assumes importance as passenger traffic at Chennai airport continues to grow rapidly. The existing airport currently handles more than 2.2 crore passengers annually. Following the completion of ongoing modernisation and expansion works, its capacity is expected to increase to 3.5 crore passengers a year. The Parandur airport project had been envisaged as a major aviation hub with the capacity to handle up to 10 crore passengers annually. The plan includes two runways, terminal buildings, taxiways, apron facilities and a dedicated cargo terminal. 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.

TN Govt not in favour of greenfield airport at Parandur; all options to be explored: Minister
Europe
BBC Business

India's 'blue gold' starts a new drinks industry

His 10-acre farm in Kandukur is on the Deccan Plateau, which covers a large part of southern and central India. There he grows tomatoes, peanuts and corn. But in 2010 he was approached by traders looking for a very different crop - the cactus agave americana. For him and his fellow farmers the agave cactus was just a "stubborn, valueless weed" - planted as fencing to keep wild animals off their crops. But it is also part of the family of agave plants that feed the $15bn (£11bn) global market for tequila and mezcal. In Mexico, blue agave is farmed in the state of Jalisco to supply the tequila industry. Only plants from select areas of Jalisco can be used to make tequila. Unlike in Mexico, where vast plantations dominate the landscape, nobody grows agave commercially in India - at least not yet. Instead, Indian farmers and entrepreneurs collect and process agave that grows wild. For some, like Venkatesh, it's a welcome source of extra income - earning it the name "blue gold". These days Venkatesh ranges across an area of 100km (60 miles), co-ordinating villagers and farmers. "By combining the yields of multiple farms, I ensure a steady, high-volume supply that distilleries are willing to pay a premium for," he says. The most important part of the plant is the heart, known as the piña because it resembles a giant pineapple. Skilled workers reveal the heart by chopping off the spiky leaves. But getting the timing of the harvest right is crucial.

India's 'blue gold' starts a new drinks industry
Europe
BBC Business

My friends always want to split the bill equally, how do I say no?

One friend orders two cocktails. Another "just wants to try" that £16 truffle arancini starter. But you stuck religiously to tap water. So when the waiter places the card reader on the table at the end of the night, you are facing a social minefield. Even if you are sober enough to manage the mental arithmetic, you will be hard-pushed to overrule the jolly friend who shouts: "let's just divide it equally!" "When we eat out, we always just split the bill," says Ella, a communications assistant from Leeds. The 23-year-old says she never suggests to her friends they all just pay for what they've ordered as "it just feels awkward". Ella earns over £30,000 but some of her friends earn more and she finds it hard to say no if they want to go somewhere a bit fancy that she can't really afford. Instead she matches her order with theirs so she isn't left feeling short-changed. When that happens, rather than tell her friends how she feels, she scrabbles around for extra money. "I'm probably on the phone to my mother in secret asking to borrow that extra bit of cash," she says. Research from the Money and Pensions Service (MaPS) in 2025 found that only four in 10 adults do feel comfortable talking to friends about money, with women significantly less likely to feel okay discussing finances with friends (39%) compared to men (50%). Ella says money is almost never discussed within her friendship group. They have booked a four-night beach holiday costing around £680 each for flights and accommodation and they are using a bill-splitting app to log expenses before balancing everything at the end. "We never really consider if something is affordable or not," she says. "We all pay the same, no matter your salary." Rolling into the restaurant and announcing you won't be footing your friends' booze bill can make you feel like a bit of a buzzkill if others are planning to live it up. But experts suggest that is best way to tackle the problem: be open from the start. Laura Pomfret, chief executive of women's finance community Financielle, says people worry that speaking up will ruin the atmosphere. But friends often respond positively if you are honest about your financial situation, she says.

My friends always want to split the bill equally, how do I say no?
North America
CNBC Economy

Long-term unemployment is surging in the U.S. There are hidden costs for workers and the economy

The 29-year-old had been employed consistently since he was a teen, first on a factory floor and most recently in medical sales. But the St. Petersburg, Florida, resident hasn't been able to start a new gig after losing his job shortly before the 2025 Thanksgiving holiday. Taylor has become part of a group of more than 1.8 million Americans classified as long-term unemployed — which the government defines as jobless for at least 27 weeks — in a given month this year. That figure is up about 45% from 2019 and 55% from 2023, a CNBC analysis of Bureau of Labor Statistics data found. "This can't go on much longer without some type of catastrophic change to my life," Taylor said. "That this era of my life could affect my long-term future — my family's future, my future children's future — is something that I go to sleep thinking about." Without a steady income, Taylor's retirement planning and long-term investing strategy has come to a "screeching halt." He's significantly cut back on spending for everything from food to social experiences to make ends meet. Taylor said he's applied to around 100 jobs and has completed several interviews to no avail. On a macro level, the growing number of Americans in this boat raises red flags about the strength of the labor market and overall economy. For the long-term unemployed, it can have ramifications on financial, emotional and family health that linger even after they reenter the workforce. "It tells us a lot about economic health," said Cory Stahle, an economist at job site Indeed. "It tells us about how good of a job the labor market is doing at absorbing people." The long-term unemployed account for roughly one out of every four jobless workers, according to the latest available U.S. government data. Friday's nonfarm payroll report will offer a fresh reading of the U.S. labor force's makeup. Reports released this week on job openings and private payrolls came in stronger than economists anticipated. Long-term unemployed workers' pay was approximately 32% lower after a decade than those who had not lost work, according to a working paper from the Boston Federal Reserve. Those who were unemployed for shorter periods took a 9% cut over the same time frame. Studies also show there may be a link between long-term unemployment and depression. A Pew Research report found that the long-term unemployed were over two times more likely to seek professional help for depression or other mental health challenges compared with those without work for under three months. "Other than the death of a family member or a close friend, this is one of the most devastating things that people face," said Carl Van Horn, director of the Heldrich Center for Workforce Development at Rutgers University. "It's a very serious health problem and an economic problem." Research also shows how unemployment — particularly over long stretches — can negatively impact families and communities. Parental job loss increases the chance that their child will repeat a grade by about 15%, a working paper found. A study of Wisconsin state data found workers displaced in their prime years are less likely to participate in social and community events. Communities with a larger percentage of long-term unemployed people have a higher rate of crime and violence, the Urban Institute reported.

Long-term unemployment is surging in the U.S. There are hidden costs for workers and the economy
Asia
The Hindu BusinessLine

Rupee likely to strengthen on US-Iran peace deal as oil prices tumble

The Indian rupee is likely to strengthen at Monday’s open after a US-Iran peace deal knocked oil prices lower and spurred hopes that dollar inflows will return to Asia’s third-largest economy. The rupee is expected to open in the ₹94.80-94.85 per dollar range, per traders, having settled at ₹95.11 on Friday. The rupee is set to surpass the highs it reached after the Reserve Bank of India’s policy announcement on June 5, which laid out a raft of measures to support the currency. Asian equities and currencies advanced, while the dollar index and US Treasury yields fell and oil prices tumbled after US President Donald Trump and Iran’s deputy foreign minister said they had reached a deal to end the war and reopen the Strait of Hormuz. Brent crude dived 4.5 per cent to $83.40, the lowest level in more than three months. The critical question for markets is the durability of the peace deal and, by extension, the sustainability of the drop in oil prices, a currency trader at a bank said. If crude remains anchored near $80, the pressure created by equity outflows is likely to moderate, reinforcing expectations that portfolio flows could return, the trader added. The more than three-month war between the United States and Iran has cast a long shadow over the rupee, weighing on foreign appetite for Indian assets, inflating the country’s import bill and dimming the growth outlook. Amid persistent pressure on the rupee, the RBI announced a raft of measures at its recent policy meeting to bring in dollar inflows, including the revival of a 2013-type window to mobilise funds from non-resident Indians. The RBI’s measures had already begun to build momentum behind the rupee, and the drop in oil prices could provide the complementary support needed, the currency trader 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.

Rupee likely to strengthen on US-Iran peace deal as oil prices tumble
North America
CNBC Finance

Trump's 'big beautiful bill' has a 'double taxation' trap for top earners, tax experts say

The "one big beautiful bill" came with many tax benefits for top earners, despite limiting how much they can deduct. However, lawyers and accountants for the wealthy said they have discovered a surprise buried in the footnotes of a tax law guide released last week by Congress' policy staff that could amount to double taxation. The deduction cap is imposed on trusts and estates, the experts said, which was unexpected. Even if a trust gave all its income to its beneficiaries, it would have to pay taxes on a portion of that income, according to their interpretation of the document. While the consequences are steeper for trusts and estates of the ultra-wealthy, trusts with as little as $16,000 in income would also be subject to additional taxes, the experts said. "There is potentially an element of double taxation," said Dan Griffith, director of wealth strategy at Huntington Bank. "This is something that is going to affect somebody with a $400,000 special-needs trust. It's not just going to be something that $100 million dynasty trusts suffer with." Griffith said he is especially concerned about trusts that are obligated to distribute all their income. Trusts will either have to sell assets to pay the taxes, sacrificing future investment returns, or reduce their distributions to beneficiaries, he said. This provision creates a "mathematical nightmare" for tax lawyers and financial advisors, according to Justin Miller, national director of wealth planning at Evercore Wealth Management. Miller gave the example of a wealthy couple wishing to leave their estate to charity. "If I have to pay income taxes, that means I'm giving less money to charity because I'm giving money to the IRS. That means I now have to adjust my deduction even more because less money is going to charity," he said. "Did Congress really intend to create an algebraic formula?" Historically, trusts and estates have been able to deduct income given to beneficiaries, which is then taxed on the individual level. This distribution deduction is designed to make sure income is only taxed once. However, the new deduction limitation on top-earning individuals now applies to trusts and estates, according to a footnote in the Joint Committee on Taxation's recent tax explainer, better known as the Bluebook. The JCT is nonpartisan and serves to explain legislation. The One Big Beautiful Bill Act's limit on itemized deductions means that taxpayers in the top bracket only get a deduction benefit of 35 cents for every dollar, rather than 37 cents. It applies to charitable deductions, and experts say it has already influenced how top earners give. While the Bluebook is an interpretation of the OBBBA rather than law in and of itself, this provision is causing concern in the financial advisory community, according to Robert Keebler, a certified public accountant. For instance, he frequently sets up trusts for clients on their second marriages that will provide their surviving spouse with income but leave the remainder for children from the first marriage. Consider a trust that distributes all $370,000 of its net income to a widow, he said. Applying the deduction limit to trusts means that the trust can only deduct $350,000 from its distributable net income and $20,000 would be subject to taxes, even though the widow is taxed on the entire $370,000, according to Keebler. To pay the tax, the trust either has to dip into its corpus, reducing the children's future benefit, or get permission to give less to the spouse, which can require going to court.

Trump's 'big beautiful bill' has a 'double taxation' trap for top earners, tax experts say
North America
CNBC Finance

Harry's and Coterie owner Mammoth Brands has ambitions to be the next CPG giant

Mammoth Brands wants to take on traditional consumer packaged goods companies, armed with a portfolio of disruptors in the personal and baby care categories that have won over consumers and retailers alike. For the last decade, upstarts like those owned by Mammoth have challenged the relevance and longstanding dominance of legacy giants like Procter & Gamble, Unilever and Kimberly-Clark. The trend has also played out across packaged food and beverage companies, like Poppi and Olipop taking on Coca-Cola and PepsiCo. Consumers' loyalty no longer draws on just brand recognition. Newcomers can offer shoppers something different: better prices, higher quality or fewer ingredients that scare them. "A lot of these companies call these smaller brands 'ankle biters' — tells you exactly what you need to know about how they view the threat," said Nik Modi, co-head of global consumer and retailer research for RBC Capital Markets. "But I think that they're taking it a lot more seriously. I think it's gotten to a tipping point." With brands like Harry's razors, Lume Deodorant and Coterie diapers, Mammoth is reshaping the consumer goods landscape, and it has ambitious plans. "We're trying to build a leading modern [consumer packaged goods] company, like if Procter & Gamble and Unilever were getting built today," Mammoth co-founder and co-CEO Andy Katz-Mayfield told CNBC. In 2024, Mammoth saw revenue of $835 million and almost $100 million in adjusted earnings before interest, taxes, depreciation and amortization, according to a statement from the company. While legacy consumer giants still dwarf the company with their tens of billions of dollars in annual revenue, Mammoth said it has seen a greater than 20% revenue compound annual growth rate over the prior five years through 2024. Soon, a wider swath of investors could bet on the company's vision. Mammoth is weighing an initial public offering as soon as the second half of this year, according to a Bloomberg report. "Today, our private company, we make money, which is great, and we have opportunity to continue to invest in the brands in our portfolio," said Mammoth's other co-founder and co-CEO Jeff Raider. "We'll continue to evaluate the right capital structure for the business over time to enable us to achieve that long-term outcome." The early seeds of Mammoth began in 2013, when Katz-Mayfield and Raider founded Harry's. Katz-Mayfield came up with the idea for the startup based on his frustration with the status quo of buying $20 replacement razor blades. "I called up Jeff," Katz-Mayfield said. "We decided to build a men's grooming brand that was a really high quality product at great value, a better overall experience, online led, and I really do think that's really at the core of everything that guides Mammoth Brands." Katz-Mayfield and Raider had previously worked together at Charlesbank Capital Partners and Bain & Company. Before founding Harry's, Raider co-founded Warby Parker. Like the glasses startup, Harry's began online, becoming another disruptor during the era of direct-to-consumer brands. By 2016, it had gained enough customers to land on Target shelves.

Harry's and Coterie owner Mammoth Brands has ambitions to be the next CPG giant
Europe
BBC Business

'A little goes a long way': New York's candy stores sweeten economic gloom

With US consumer confidence at historic lows, it's a tough time for retailers across the country. But in and around New York City one niche sector is expanding – candy stores. Mitchell Cohen, the third-generation owner of Economy Candy, on Manhattan's Lower East Side, has a theory – people will still buy candy (or sweets, as they are called in British English) – when economic times are difficult. "The dollar isn't going as far these days," he says. "Inflation, uncertainty, all that, but there's always candy." The business, the oldest sweet shop in New York, first opened its doors in 1937, towards the end of the Great Depression. Initially it was a hat and shoe repair store, with candies sold from a cart out front as an extra earning stream. But people couldn't afford to get things repaired, Cohen says. So his grandfather entirely pivoted to what was still selling – the affordable sweet treats. Eighty-nine years later, Economy Candy is still going strong. While the most recent official data shows that US retail sales are still growing, up 4.9% in April from the same month last year, US consumer sentiment hit a new all-time low in May, according to one closely-watched report. Echoing the thoughts of Mitchell Cohen, Kate Bolger says that as candy has a low price point "everyone can partake" despite people feeling the economic pinch. Next month she is due to open The Village Confectionery, a candy store in Sleepy Hollow, the Hudson Valley town 28 miles north of New York City that is best known as being the setting of the 19th Century horror short story The Legend of Sleepy Hollow. Bolger, who previously worked as a movie producer, says that while consumers may be putting off making big, expensive purchases, they can still treat themselves to a piece of candy. It is an extension of the so-called "lipstick effect" economic theory that was popularised in the early 2000s, whereby people who couldn't afford to buy something really expensive would buy a little luxury item instead. Back in New York City, an upmarket candy store company called BonBon now has five shops across Manhattan and Brooklyn, and another in the Hamptons on Long Island that opened last summer.

'A little goes a long way': New York's candy stores sweeten economic gloom
Europe
BBC Business

I'd have vetoed foreign sale of UK tech giant, says Business Secretary

Business Secretary Peter Kyle says he would have intervened to block the sale of UK microchip company ARM Holdings had he been in government at the time. The firm, at one time considered the crown jewel of UK tech, was bought by Japanese company Softbank in 2016 before being listed in New York in 2023. Kyle told the BBC ARM Holdings could have been biggest firm on the London Stock Exchange if it had stayed, and that "it would be 40% of the way there to the trillion-dollar company I think our country needs". His comments come as the government sets out how it would back British technology companies, as US tech giants SpaceX, Anthropic and OpenAI prepare for blockbuster share sales in New York. Cambridge based Arm Holdings had been listed on the London Stock Exchange until it was bought by Softbank 10 years ago for £24 billion ($32 billion). It is now listed on the New York Stock Exchange and is worth £285 billion ($380 billion). Kyle also said he "regretted" that UK based pioneering AI company Deep Mind was acquired by Google in 2014, saying that although it continues to operate in the UK, "the wealth that it has created is going elsewhere". Kyle was speaking during London Tech Week as the government announced a number of initiatives designed to attract and keep fast growing technology companies in the UK. "Now, what I don't want to do is be interventionist in a way that I'm just using the powers I have to block: what I do want to do is create the circumstances where they do not want to leave in the first place," he added. The Business Secretary said the government was prepared to make bigger investments of taxpayer money in promising companies and create a cross-government concierge service to help companies get the skills, finance and support they need. "I've upped the risk threshold," Kyle said. "There are two risks. The first is that we get so slowed down by caution and anxiety about AI that we don't embrace and shape it. The other risk is that we embrace and shape it and get some things wrong – I choose to take the latter." The government has recently announced substantial investments of public money in energy software company Kraken, self-driving firm Wayve and a UK tech focused investment fund Playground Global. But while tech firms may be enjoying the government's help and generosity, Kyle admits that other sectors are struggling. Particularly in hospitality, which has seen sharp rises in the national living wage and employers' national insurance contributions.

I'd have vetoed foreign sale of UK tech giant, says Business Secretary