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Europe
The Guardian

China’s BYD aims to be world’s biggest car firm within five years

BYD aims to sell 1.5m vehicles overseas this year. Photograph: Cheng Xin/Getty ImagesView image in fullscreenBYD aims to sell 1.5m vehicles overseas this year. Photograph: Cheng Xin/Getty ImagesAutomotive industryChina’s BYD aims to be world’s biggest car firm within five yearsEV maker aims to overtake Toyota, as it plans to spend £1.8bn to build five-minute flash chargers in Europe The Chinese car company BYD has said it aims to be the world’s biggest automaker within the next five years. Targeting Toyota’s long-held top spot, BYD’s founder and chair, Wang Chuanfu said he was confident it could overtake global rivals through rapid advances in battery technology and fast charging, as well as growing production overseas, including Europe. “BYD will truly become the number one automaker globally in terms of ​scale in five years,” he said at the company’s annual shareholder meeting in Shenzhen. Overnight the company announced plans to spend nearly £1.8bn in Europe to develop infrastructure for five-minute “flash charging” of its cars. The company, based in southern China, overtook Tesla last year as the world’s biggest EV maker by sales. In May it sold more than 160,000 vehicles abroad, up 80% from the year before. It aims to sell 1.5m vehicles overseas this year, up more than 40% from last year’s 1.05m. In 2025, Toyota retained its crown as the world’s top-selling carmaker with 11.3m vehicles, while BYD sold 4.8m. The company’s top international executive, Stella Li, separately told reporters in London that the company would start assembling cars at its new plant in Hungary in the fourth quarter of this year. She also said BYD had paused work on a plant ‌in Turkey while it focused on production in the EU, where locally assembled cars will help it beat tariffs Brussels introduced on Chinese electric vehicles (EVs) two years ago. “Hungary is the number one priority right now,” she told Reuters. “The ​second priority will be to focus on finding a second [production] ⁠facility in Europe.” BYD in Hungary recently faced allegations that EU employment laws were being breached, as it races to build its first European factory using Chinese migrant workers. It is also facing claims that excavated soil from the site of the factory in Szeged was dumped on to surrounding farmland, potentially contaminating it; local authorities ordered the destruction of affected crops.

China’s BYD aims to be world’s biggest car firm within five years
Europe
BBC Business

The furious dispute over what caused Air India flight 171 to crash

A year ago, Air India flight 171 crashed less than a minute after taking off from Ahmedabad airport in the western Indian state of Gujarat, en route for London. 260 people lost their lives. The official investigation that followed has sparked intense controversy, in India and beyond, with some questioning its integrity amid claims of conflicts of interest. It is not the first time such an investigation has proved contentious. So is it time for a different approach when investigating air crashes? It was a hot and dry afternoon on 12 June last year, when Flight 171 left the terminal at Sardar Vallabhbhai Patel Airport in Ahmedabad. Settling into their seats for the nine-and-a-half-hour journey to London were 230 passengers, 53 of them British citizens. Looking after them were 10 cabin crew. On the flight deck were Captain Sumeet Sabharwal, a pilot with decades of experience, and his younger colleague, first officer Clive Kunder. Just 32 seconds after take-off the plane crashed, killing all but one of those on board. Another 19 people on the ground were also killed. CCTV footage from the airport and a social media video show the aircraft taking-off in what looks like a normal fashion, but rather than gain height it appears to hang in the air, before gliding gently downwards. It disappears from view behind buildings and trees. Seconds later a huge cloud of flame and black smoke appears, and the magnitude of the disaster becomes apparent. What is not at all clear from the footage, however, is what actually caused the crash. Finding out why so many people died is the job of India's Aircraft Accident Investigation Bureau (AAIB), part of the country's Ministry of Civil Aviation. Under international law, as set out in Annex 13 of the Convention on International Civil Aviation, the country in which an accident occurs is directly responsible for the official investigation. Other parties, including the country where the aircraft or its engines were built, can also take an active part as "accredited representatives". In the case of AI171, that means the US National Transportation Safety Board (NTSB). The NTSB sent a delegation which included technical experts from Boeing, which made the plane itself and GE Aerospace, which built the engines, as well as the US aviation regulator, the Federal Aviation Administration. According to Annex 13, "the sole objective of the investigation of an accident or incident shall be the prevention of accidents or incidents. It is not the purpose of this activity to apportion blame or liability". For Boeing, a company already reeling from years of safety scandals, it is about the integrity of one of its premium products: the 787 Dreamliner, an aircraft with a hitherto impeccable safety record. Air India, a loss-making airline belonging to the Tata Group, can ill-afford to see its brand tarnished. Families of those who died, meanwhile, want to know what really happened to their loved ones. The final conclusions of the investigation have yet to be published, although more could become apparent in the coming days. But it has already generated intense controversy, which has exposed deeper questions about the way inquiries into major air incidents are carried out. So can national authorities be trusted to conduct investigations that critics say are vulnerable to perceptions of political pressure and corporate influence? In theory, the inquiry should be impartial and informative – a learning process focused solely on improving passenger safety. But in the case of AI171, the information revealed by the investigation so far has triggered a major backlash from safety campaigners, pilots' groups and lawyers acting for the bereaved relatives. A key factor in this has been the preliminary report issued by the AAIB a month after the accident. The 15-page document did not draw any conclusions about the causes of the crash, or make any recommendations.

The furious dispute over what caused Air India flight 171 to crash
Europe
BBC Business

Mike Ashley's Frasers offers £1.73bn to buy all of Hugo Boss

Businessman Mike Ashley's Frasers has made a takeover offer for German fashion brand Hugo Boss. The retail group already owns just over a quarter of Hugo Boss, having steadily built up the stake since 2020, but said on Wednesday it wanted to buy the rest of it for €1.98bn (£1.73bn). Hugo Boss said it would "thoroughly examine the offer and issue a reasoned statement". Frasers, formerly known as Sports Direct, owns House of Fraser, Game, Jack Wills, Evans Cycles and many other brands. It is also the largest shareholder in Boohoo but has had a frosty relationship with the firm. Frasers has built a reputation for swooping in to buy retail brands which have fallen into administration, but its gradual increase in ownership of profit-making Hugo Boss over several years is a different approach. Because it has grown its shareholding so much, Frasers is now close to the 30% ownership level that German law requires it to make an offer for the whole company. The deal would value Hugo Boss at €38 a share, higher than the €36.5 it closed at on Wednesday. Frasers said that it expected the takeover to be completed by the end of this year, providing it passes all the legal checks. Hugo Boss said the "unsolicited" offer had "not been coordinated with the company", adding that it would "inform its shareholders and the public about further developments and next steps". Frasers said on Wednesday that it had "a strong track record in making strategic investments". It said it was "a long-term investor" in Hugo Boss and that it "remains supportive" of its chair and chief executive. It has not had as friendly a relationship with Debenhams, which is still formally named Boohoo.

Mike Ashley's Frasers offers £1.73bn to buy all of Hugo Boss
Asia
The Hindu BusinessLine

Sensex today | Stock Market Live: Sensex, Nifty open higher as lower crude prices boost market sentiment

Stock market crash and escape. Stocks market index to change direction. Investment growth. Businessman pulls up the red arrow graph. | Photo Credit: Yellow Man Sensex Today, Nifty 50 | Stock Market Live Updates - Find here all the live updates related to Sensex, Nifty, BSE, NSE, share prices and Indian stock markets for 16th June 2026. Indian stock markets opened higher on Tuesday, extending a two-session rally as optimism over a preliminary US-Iran peace agreement pushed crude oil prices lower and improved investor sentiment. The benchmark indices started the session in positive territory, with the Sensex rising 296 points to 76,560.37, while the Nifty advanced 75 points to 23,929.55. The fall in oil prices is positive for India, one of the world’s largest crude importers, as it could ease inflation pressures, support the rupee and improve the trade deficit. The Nifty 50 has recovered after facing pressure from elevated oil prices and foreign outflows since the Iran conflict began. Recent RBI measures and renewed foreign investor buying have also improved market sentiment. Analysts said easing geopolitical risks and moderation in selling pressure could support the ongoing market recovery. Sensex gained 253.56 pts or 0.33% to trade at 76,517.89 at 9.16 am after opening at 76,526.77 from the previous close of 76,264.33. TCS on DXC Tech litigation: United States Supreme Court has denied petition for a writ of certiorari to review the judgment of the United States Court of Appeals for the Fifth Circuit on June 15, 2026. The Company has already provided USD150 million in relation to this matter in the books of accounts in accordance with applicable accounting standards and will make necessary provision now for the incremental amount of USD70 million towards damages, interest and legal cost, as a one-time exceptional expense, in Q1 FY2027. While investor attention remains focused on the Nifty 50 and Nifty 500, the Nifty500 Multicap 50:25:25 TRI has quietly emerged as a standout performer, delivering superior returns with lower drawdowns. This analysis highlights how this underappreciated benchmark has outperformed major indices during recent market volatility and shows how the category has attracted steady inflows through funds such as the Bajaj Finserv Multicap Fund, despite being overshadowed by trendier equity categories. Arvind SmartSpaces adds new horizontal development project in Metal, South Ahmedabad with a top-line potential of ~Rs. 180 crore. Mini Diamonds (India) has secured a significant domestic order of Rs 16.25 Crore from a Mumbai based client for supply of cut and polished natural diamonds.

Sensex today | Stock Market Live: Sensex, Nifty open higher as lower crude prices boost market sentiment
North America
CNBC Economy

U.S., Iran intensify attacks as ceasefire frays, peace talks stall

Iran struck Kuwait International Airport early Wednesday, killing one person and injuring others, Kuwait's Ministry of Foreign Affairs said. The attack, which Iran's Islamic Revolutionary Guard Corps reportedly denied responsibility for, is the latest blow to an already weakened ceasefire agreement that has been repeatedly undermined by military action in recent days. While the Trump administration says the ceasefire remains in place, attacks have escalated as the war proceeds into its fourth month. President Donald Trump did not answer directly when asked at the White House on Wednesday afternoon if the ceasefire was still on in light of the Kuwait attack. "You know, there's a reason for everything," Trump said. "And we hit them pretty hard the night before, and actually last night." He added, "A ceasefire there is much different than a ceasefire in other parts of the world." The Kuwaiti foreign affairs ministry in a translated statement Wednesday morning condemned "the brutal and ongoing Iranian attacks using ballistic missiles and drones" against "civilian and vital facilities," including the latest strike on the airport. The IRGC claimed the attack was caused by a U.S. military systems error, Iran's state-affiliated news outlet Tasnim reported, citing a spokesman for the military branch. One day earlier, U.S. Central Command said it defeated multiple Iranian ballistic missiles and drones, and launched "self-defense strikes" on Qeshm Island in the Persian Gulf, in response to "attempted attacks" by Tehran. Iran had launched "several" ballistic missiles toward regional neighbors, though none hit their intended targets, CENTCOM said in a statement. Two Iranian missiles fired at Kuwait fell short or broke apart en route, and three missiles launched at Bahrain were immediately intercepted by U.S. and Bahrain air defense forces, it said. The U.S. also shot down three one-way attack drones launched by Iran toward civilian mariners that were transiting regional waters, according to CENTCOM. No U.S. personnel were harmed, the statement said. The U.S. and Iran appear locked in a volatile stalemate, as ongoing efforts to reach a peace deal have been punctuated by public diplomatic disputes and military action.

U.S., Iran intensify attacks as ceasefire frays, peace talks stall
Europe
BBC Business

UK pint prices up 36% since last World Cup – here's why

The price of a pint in UK pubs has risen sharply since the last World Cup, outpacing inflation. So what's behind the increase – and where is the money going? With millions of England and Scotland fans expected to flock to pubs over the next six weeks, many may be wondering why beer prices have climbed so steeply since Harry Kane led England out at Qatar 2022. On average, the price of a pint has risen by about £1.50 – an increase of 36% – over the past four years. By comparison, overall inflation over the same period was around 16%. Nathan Freeman, landlord of a sports bar in Bristol, said: "Everything going into the pint has gone up, to be honest with you." Nathan and his brother Ronnie Freeman run the Industry bar on Gloucester Road in Bristol. Four years ago, it was packed with fans watching England play at the World Cup in Qatar. "It's a big deal for us," Nathan said. "The place will be rammed, the bar will be busy, we just need England to put on a good run for us – quarter-finals at least." But since Gareth Southgate coached his last match in 2024 - this time after the European Championships - the Freemans' business has faced a series of rising costs. Recovering from the Covid pandemic, the brothers then faced the spike in energy bills from the Russian invasion of Ukraine. Then the Chancellor put up national insurance contributions on their staff, widening the net to capture virtually every part-time bar worker. "Every hurdle we've jumped, there's been something else round the corner waiting for us," Nathan explained. Like a striker attempting to weave around defenders in the box, the brothers have had to dodge and weave to stay upright and it has meant some tough decisions.

UK pint prices up 36% since last World Cup – here's why
Europe
BBC Business

SpaceX's stock market blast-off could be Musk's biggest gamble yet

It's 07:25 am, 13 October 2024, at Starbase, near Boca Chica on the Texas side of the US/Mexico border, and on the launch pad stands the biggest rocket ever made. Its engines fire and it climbs into the skies over the Gulf of Mexico to cheers and screams in the SpaceX control room. But the launch is not the main event. What goes up must come down – and how it comes down will become a milestone in space exploration. Seven minutes later, the massive rocket booster that blasted the craft towards space starts falling back to Earth – until its engines reignite as planned. It slows its descent and guides itself with pinpoint precision so it can be captured by a clasp called Mechazilla, or "the chopsticks", by engineers who have achieved something that's never been done before. Amid the whoops and high-fives in SpaceX's control room, Elon Musk tells his millions of social media followers that this is a "big step towards making life multiplanetary" - a reusable rocket that will slash the costs of launching things into orbit, to the Moon and one day to Mars. A company with a futuristic vision, led by what some would call a maverick unconventional genius, SpaceX and Musk have drawn comparisons with Tony Stark, leader of Stark Industries and also known as Iron Man of the Marvel Comics Universe. On 12 June, trading will begin in a chunk of shares in a company that, up to now, only Musk and a select group of rich private institutions have been able or invited to own. It is perhaps little wonder that more than one UK stockbroker has told the BBC that there has been "a surge" in interest in signing up for the chance to buy shares in this exciting company, controlled by a talismanic individual, that has captured the world's imagination. UK retail investors are likely to be allocated around £1.5bn worth of shares and one of the UK's leading investing platforms hopes this could encourage a new generation of investors. Simon Belsham, Chief Client Officer at Hargreaves Lansdown said: "While we recognise this IPO might not be right for everyone, it's an exciting moment for many of our clients. We're expecting this might be a first foray into investing for many." Even if you don't apply directly to buy shares, if you have retirement savings invested in shares - as almost everyone with a pension plan does - then it is very likely you will soon be a part-owner of a company, whether you like it or not, that sits at the crossroads between technology and geopolitics and, as Musk would have it, the very future of the human race. The chance for normal Earthlings to buy shares in SpaceX is one of the most important moments in the history of stock markets and is close at hand – and one that will almost certainly make Elon Musk the world's first ever trillionaire. On the first few pages of the prospectus – or sales brochure – for SpaceX shares is this modest mission statement: "To build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe and to extend the light of consciousness to the stars." But SpaceX isn't just about rockets – it's not even mainly about rockets. It's a bet on the future of artificial intelligence (AI). And the success or failure of its imminent partial sale to the public is an important test of the hitherto unbridled investor optimism – and some people's dismay - that AI will hoover up large parts of the world economy.

SpaceX's stock market blast-off could be Musk's biggest gamble yet
North America
CNBC Economy

Private payrolls grew by 122,000 in May, stronger than expected, ADP reports

Private hiring expanded at a brisk pace in May, providing further indication of a stable labor market, ADP reported Wednesday. The payrolls processing firm said companies added 122,000 workers for the month, up from 105,000 in April and better than the Dow Jones consensus estimate for 110,000. May marked the strongest month since January 2025. April's total was revised down by 4,000. Unlike prior months, where job growth was concentrated in healthcare and a few other sectors, gains were more broad-based. Eight of the 10 sectors ADP tracks saw gains, and hiring was spread evenly both by company size and geography. Education and health services again led with 57,000 hires, but trade, transportation and utilities added 36,000, professional and business services contributed 11,000, and construction and leisure and hospitality both rose by 8,000. Information services lost 9,000, a possible impact from artificial intelligence growth, while natural resources and mining also reported a loss, down 3,000. "Hiring was more broad-based in May than we've seen in the last few years," said ADP's chief economist, Nela Richardson. "The labor market continues to show sustained momentum going into the summer hiring season." Companies with fewer than 50 employees led with 67,000 new hires while those with 500 or more added 40,000 and medium-sized firms contributed 17,000. On salary, annual pay rose 4.4% for those staying in their jobs, the same as April, while job-switchers saw pay growth edge down to 6.5%. Stock market futures were mixed following the release while Treasury yields were higher. The report comes two days ahead of the Bureau of Labor Statistics' release of nonfarm payrolls for May. The Wall Street consensus is for growth of 80,000 after April's 115,000, with the unemployment rate steady at 4.3%. Federal Reserve officials will be watching the jobs numbers closely ahead of their June 16-17 policy meeting. Markets are pricing in a virtual certainty that the central bank will hold its benchmark interest rate in a range between 3.5%-3.75%. Get this delivered to your inbox, and more info about our products and services.

Private payrolls grew by 122,000 in May, stronger than expected, ADP reports
Europe
BBC Business

Bill debt soars but many don't know help is available

Billions of pounds are owed to water, broadband, and energy companies by customers - the majority of whom are unaware that support is available. More than £7bn in bills and charges was owed by March last year, the UK's spending watchdog said, but estimates suggest that total has grown since. One pensioner told the BBC the credit on her energy meter often ran out three or four days before she received her pension, but she said her energy supplier had been helpful after she let them know she was struggling. Most people did not know repayment plans and cheaper social tariffs were available to those in debt, the National Audit Office (NAO) said. Only a third of eligible broadband customers and 39% of water customers who were struggling to pay their bills were aware of social tariffs, the NAO added. These are generally discounted packages on essential bills, such as water, energy and broadband, often available to people on benefits or who are struggling to pay. They can vary between suppliers. The NAO said energy customers on repayment plans owed £1,000 less on average than those in debt who were without. "Regulators have made progress to support consumers, but they're not keeping up with the pressure now facing millions of households," said Gareth Davies, head of the NAO. "With debt rising sharply, it's more important than ever to make regulation work so that people know what support is available and can contact essential providers when they need to." Its report looked at the work of the three regulators in these sectors – Ofgem, Ofcom, and Ofwat. The watchdog said household energy debt had jumped following Russia's invasion of Ukraine, rising by 118% since 2021. It said regulators could still improve how they identified vulnerable customers and promoted the support available.

Bill debt soars but many don't know help is available