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Europe
BBC Business

World's largest chipmaker does not rule out price rises as costs increase

The world's largest chipmaker has told the BBC that inflation is pushing up the cost of doing business, and did not rule out price rises. Taiwan Semiconductor Manufacturing Company (TSMC) makes the most advanced chips designed by companies such as Nvidia, AMD and Apple, so any increase in pricing could ripple through to the cost of AI infrastructure, and potentially over time, the prices customers pay for their electronic devices. However, the firm's chief financial officer, Wendell Huang, said it would not introduce sudden "fourfold, fivefold" price rises. "We reflect our value," he said, pointing to its "technology leadership" and "manufacturing excellence". In an exclusive and wide-ranging interview, Huang also denied that the AI boom was a bubble and that the firm's global expansion was due to geopolitical pressure. The global chip industry and TSMC sit at the centre of escalating US-China trade tensions, with Washington pressing leading chipmakers to expand production in the US to secure critical supply chains. Taiwan, the US ally and self-governed island that Beijing claims, produces the majority of the world's most advanced chips, the tiny processors that sit inside smartphones, laptops and AI data centres. Chinese President Xi Jinping warned at a recent summit with US President Donald Trump that mishandling Taiwan could put the relationship between the two superpowers in an "extremely dangerous situation". The BBC travelled to Hsinchu Science Park, a dense cluster of fabrication plants or "fabs" south of the capital Taipei, for TSMC's annual shareholder meeting and for a rare interview with Huang. TSMC is expanding manufacturing in the US, Germany and Japan as well as in Taiwan itself, but Huang pushed back against the idea that this was a response to pressure from either Washington or Beijing. "We go out of Taiwan to build capacity based on customers' demand. The customers want us to go there. It's not the request of government," he said. But on the question of where the world's most advanced chips will be made, Huang was clear: the most cutting-edge production will remain in Taiwan. Moving the manufacturing ecosystem to the US, he said, would take "five or 10 years, or even longer" - a timeline that directly challenges the ambitions of US industrial policy, which has pushed TSMC to commit $165bn to its Arizona operations.

World's largest chipmaker does not rule out price rises as costs increase
Asia-Pacific
The Straits Times

Gold fever sends some vintage luxury watches to the melting furnace

An old luxury watch in a furnace to be melted down for gold at Hatton Garden Metals in London on June 10. LONDON – Omega’s Constellation watch has been flashed in campaigns, movies and at the Met Gala by film stars like George Clooney and Nicole Kidman, turning it into a symbol of luxury and glamour. But with gold prices near record highs struck in January, some such classic watches are being melted down as the value of their metal content outstrips their resale worth. Used models by the likes of Omega and LVMH’s TAG Heuer are most hit by the trend, according to Reuters interviews with over a dozen traders, industry experts, and investment advisers. British dealer Jon White of Gold Traders melted down an 18-carat late-1970s Constellation in excellent condition in May, one of dozens of mainstream luxury watches he has had scrapped in 2026 as demand for investment gold has risen. “Beautiful watch. But in reality, had the customer consigned that to auction, what would they have achieved?” White, who also manages an auction house, told Reuters. The gold content of the Constellation watch, one of many models produced by Swatch-owned Omega, was worth £5,750 (S$9,900), 35 per cent more than its estimated £4,000 to £4,500 auction value, White said. James Lamdin, founder of Watches of Switzerland’s second-hand unit Analog Shift, said melting was “primarily happening with contemporary pre-owned and also with older vintage watches that are not already collectable”. Spokespeople for Swatch and Rolex said they would not comment for this story. LVMH, Richemont, Patek Philippe and Audemars Piguet did not respond to requests for comment. Gold prices surged to a record US$5,600 an ounce in January as geopolitical concerns and trade worries pushed investors towards safe-haven precious metals. Gold now hovers around US$4,200 per ounce, almost double its 2024 average. “I find it very sad because obviously once something has been melted, it’s gone forever,” said Adrian Hailwood, a specialist in horological history. Molten gold from old jewellery, including luxury watches, being poured into a mould at Hatton Garden Metals in London on June 10.

Gold fever sends some vintage luxury watches to the melting furnace
North America
CNBC Economy

U.S. proposes fresh tariffs on 60 economies over forced labor trade practices

The Office of the U.S. Trade Representative has proposed additional tariffs of up to 12.5% on imports from 60 economies over their failure to ban goods made with forced labor, in a sweeping action that would hurt most trading partners, including China, the European Union and Japan. The determination, made under Section 301 of the Trade Act of 1974, found that all 60 countries have failed to impose or effectively enforce a prohibition on forced labor-related imports, creating what it called an "unlevel playing field" for American workers. USTR has proposed a 10% duty rate for economies that have adopted a full or partial prohibition on forced labor trade, and 12.5% for all other economies. The trade authority also proposed a separate textile mechanism that would allow for a certain volume of apparel and textile imports from some economies to enter the U.S. at reduced rates. Written comments for the proposal are due by July 6, with public hearings scheduled on July 7, according to the notice. "The failure of our most important trading partners to address the importation of goods made with forced labor is unacceptable. This creates a dynamic where American workers are forced to compete globally on an unlevel playing field," said U.S. Trade Representative Jamieson Greer. "We will no longer tolerate this disparity." The proposal comes after the U.S. Supreme Court struck down most of President Donald Trump's "Liberation Day" tariffs earlier this year, prompting him to to impose 10% global baseline duties under Section 122 — which are also set to expire in July. The Section 301 authorizes the president to impose levies to counter unfair foreign trade practices harming U.S. commerce. An EU spokesperson described the reasoning behind the latest barrage of U.S. tariffs as "unjustified." "On the EU side, we are on track to ensure implementation of our Joint Statement tariff commitments by the end of June," they added in comments reported by Reuters. While the Supreme Court setback helped slow down the tariff timeline, it has not "de-fanged" the president's agenda, said Nick Marro, principal at Economist Intelligence Unit, who expects the Trump administration to unleash further investigations and tariff announcements in preparation for renewed rounds of trade talks. The impact of proposed tariffs will, however, likely be softened by significant exemptions on goods including electronics and artificial intelligence-related products, Marro added. While the tariff rates under Section 301 may be further adjusted, any meaningful changes will reshape global supply chains by creating different economic incentives for firms, said Deborah Elms, head of trade policy at the Hinrich Foundation.

U.S. proposes fresh tariffs on 60 economies over forced labor trade practices
Europe
BBC Business

Illegal mini-marts to shut for up to 12 months under law change prompted by BBC

Illegal mini-marts, barbers and vape shops could be shut for up to a year under new powers announced by the government, following lengthy investigative reporting by BBC News into organised crime on British high streets. We have exposed drug gangs, child sexual exploitation, money laundering and immigration crime linked to shops selling illegal cigarettes, vapes and drugs. As the law stands in England and Wales, authorities can only close a shop for three months, with an option to extend closure to six months using anti-social behaviour legislation. The government's planned change will double the potential closure time. Making the announcement, Home Secretary Shabana Mahmood praised the BBC's reporting, saying that people felt high streets were being taken over by "organised crime [and] immigration criminality". The government was "not prepared to tolerate it", she said. This type of criminality "makes people lose faith, not just in their local area but in democracy, in what our country is, and we can't let that happen", she added. The Home Office says the extended closures will give investigators more time to gather evidence, pursue prosecutions and identify business owners, while preventing rogue operators from simply reopening and resuming illegal activity. The news has been welcomed by Trading Standards officers, who have repeatedly told us they lack the necessary powers to tackle the problem. "Closure orders are a key enforcement tool... for tackling 'dodgy shops'" says John Herriman, chief executive of the Chartered Trading Standards Institute (CTSI). There is "almost universal support" from his profession for the new measures, he adds. Other Trading Standards officers told us it would become less financially viable for unscrupulous business owners to simply sit out closure orders, and it would force landlords to pay more attention to who they are renting to. For nine months, we have repeatedly asked the home secretary for an interview to discuss what we had found. Last week, we were invited to join Mahmood on police raids of mini-marts on Soho Road in the Handsworth area of Birmingham - a high street bordering her own constituency.

Illegal mini-marts to shut for up to 12 months under law change prompted by BBC
Asia
The Hindu BusinessLine

Battery swapping 2.0: Policy to be reviewed as focus shifts to economic viability

A Honda battery won’t fit into a Battery Smart network. A Battery Smart battery won’t work at a SUN Mobility station. And a SUN battery can’t simply be swapped into a Yuma vehicle. Four years ago, that lack of compatibility threatened to derail India’s battery-swapping ambitions after Finance Minister Nirmala Sitharaman announced a national battery-swapping policy in the 2022 Union Budget. Today, despite the absence of a common standard, the industry has attracted more than $325 million (₹2,700 crore) in disclosed investment, built a network of over 3,000 stations and become large enough for the Ministry of Heavy Industries (MHI) to take a fresh look. “For a commercial vehicle operator, uptime is everything. Every minute spent waiting is a missed opportunity,” said Uday Narang, founder and chairman of Omega Seiki Mobility, which recently integrated its Rage+ cargo three-wheeler with Honda Power Pack Energy India’s e:Swap ecosystem. According to Narang, battery swapping allows drivers to return to the road within minutes, improving vehicle utilisation, operational flexibility and daily earnings. The same logic is now beginning to resonate in larger vehicle segments. Ashok Leyland is preparing a fresh push into battery swapping for heavy-duty electric trucks in ports and mining operations, where vehicles operate on fixed routes and cannot afford extended charging downtime. “The economics are particularly compelling in closed-loop operations where asset utilisation is critical,” said Alok Verma, President – Head of Strategy and President, International Operations at Ashok Leyland. Verma said the company already has a battery-swapping truck prototype under development and is revisiting the concept with Sun Mobility after an earlier pilot in Ahmedabad. Battery swapping, he added, forms part of Ashok Leyland’s broader effort to reduce upfront electric-truck costs through Battery-as-a-Service (BaaS), financing partnerships and ecosystem-led solutions. That commercial logic helps explain why policymakers are returning to a sector that looked stalled just a few years ago. The ministry’s renewed interest marks a notable shift from the original policy debate. In 2022, policymakers sought to create an interoperable ecosystem where batteries could move seamlessly across vehicles and networks. Automakers resisted, arguing that common battery specifications would limit vehicle design, compromise proprietary battery-management systems and create safety and liability challenges. The policy stalled before a comprehensive framework could emerge. Rather than waiting for a common standard, operators built closed-loop ecosystems around specific vehicle categories and fleet customers, proving that commercial users cared more about vehicle uptime than universal battery compatibility. Battery Smart scaled to more than 1,600 stations and crossed 100 million cumulative swaps, while SUN Mobility’s Indofast Swap Energy joint venture with Indian Oil Corporation expanded beyond two- and three-wheelers into buses, commercial fleets and heavy-duty truck pilots. Yuma Energy built a strong presence in urban delivery fleets. Data from the Bureau of Energy Efficiency and the Ministry of Power shows that India has more than 2,600 registered battery-swapping stations, while industry estimates place the operational ecosystem closer to 3,200 stations. What has changed since 2022 is not merely the scale of deployment but the policy question itself. Back then, the focus was on interoperability and standardisation. Today, policymakers are increasingly examining battery swapping through the lens of affordability. Industry executives say Battery-as-a-Service models, which separate battery ownership from vehicle ownership, can significantly reduce upfront EV acquisition costs. In commercial segments, operators estimate that removing the battery from the purchase equation can lower initial ownership costs by 30-40 per cent, addressing one of the biggest barriers to EV adoption without relying entirely on direct subsidies. The model has found acceptance among e-rickshaws, cargo three-wheelers and quick-commerce fleets, where charging downtime directly translates into lost earnings. A battery swap completed in under two minutes can keep a vehicle operating through multiple shifts, creating a compelling economic proposition.

Battery swapping 2.0: Policy to be reviewed as focus shifts to economic viability
Asia
The Hindu BusinessLine

Lord’s Mark Industries confirms conversion entitlement of 10.28 lakh shares

Lord’s Mark Industries, a diversified company with interest in healthcare, diagnostics, renewable energy besides printing and packaging, has resolved a legal dispute with Bennett Coleman and Co by formally confirming its entitlement to 10,28,483 equity shares at a conversion price of ₹158 per share. The dispute arose from BCCL’s petition under Section 9 of the Arbitration and Conciliation Act seeking interim reliefs relating to the conversion of warrants held under the Share Cum Warrant Subscription Agreement. The delay in conversion was due to LMIL’s ongoing merger and capital restructuring process, a complex but value-accretive exercise that involved the pre-packaged insolvency resolution of Kratos Energy and Infrastructure and its subsequent merger with LMIL, culminating in a BSE listing approval in May, said the company. The company formally confirmed the entitlement and committed to disclosing this to the Monitoring Committee overseeing the Resolution Plan’s implementation. The petition was subsequently withdrawn by BCCL, and the court disposed of the matter accordingly. “We will continue to undertake all necessary actions in accordance with applicable laws and our contractual obligations,” said the company in a statement. Pursuant to the amicable resolution reached between the parties, the petition filed before the Delhi High Court has been withdrawn, and the matter stands dismissed as withdrawn. 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.

Lord’s Mark Industries confirms conversion entitlement of 10.28 lakh shares
Asia
The Hindu BusinessLine

AI adoption in India outpaces global peers, boosting demand for observability: New Relic CEO

New Relic, the intelligent observability company, is betting heavily on India as both a strategic market and a talent hub, with the country leading its AI strategy, according to the company’s CEO. “India leads our AI strategy, which is broad. The software of the world is written here, which will continue. This is not just for Indian companies, but also GCCs. We want to be at the forefront in India because being successful here is a great way to capture the rest of the world,” Ashan Willy, CEO of New Relic, noted. He explained that there are two parts to the market for New Relic in India. The first is India as a market in itself, with many of the company’s customers being digital natives who are often ahead of the technology curve. “From a market standpoint, India is big, and we’re one of the leading observability players here,” Willy said. The second driver is the growing influence of GCCs, which are increasingly making observability decisions for US and European multinational companies. Observability has grown significantly over the past decade and is expected to become a $38 billion market by 2030, although Willy believes the market could become even larger as AI adoption accelerates. Among the sectors driving demand for New Relic are fintech, manufacturing, and retail, particularly quick commerce. However, Willy noted that the company’s customer base spans industries, making observability mostly horizontal. India’s quick commerce sector, in particular, presents a compelling use case for observability given the intense competition and reliance on seamless technology infrastructure. Willy noted that, unlike most global markets, Indian consumers have multiple alternatives available within minutes if a transaction fails. As a result, technology systems must work flawlessly across the entire delivery chain, making observability critical for ensuring uptime and customer experience. Moreover, growing concerns around hallucinations, prompt misuse, runaway token costs, and inaccurate responses are creating a significant opportunity for observability platforms. “With AI, we have seen a significant increase in the software being written. There are more production issues. Observability can give you an X-ray into what’s going on and help you fix it beforehand. It helps an organisation understand all the governance and compliance pieces of AI as well,” he said. Globally, North America remains a key market as enterprises continue to expand their digital operations. Europe, meanwhile, is beginning to move past regulatory hurdles that had slowed AI adoption, prompting more enterprises to invest in AI and observability.

AI adoption in India outpaces global peers, boosting demand for observability: New Relic CEO
North America
CNBC Finance

How ‘Backrooms’ producer Peter Chernin thinks Hollywood needs to change

Over the past week, one conversation has dominated Hollywood executive lunches and studio staff meetings: What's the next "Backrooms"? The industry is scrambling to figure out how to replicate the phenomenon of "Obsession" and "Backrooms," low-budget psychological horror films directed by YouTube creators that have dominated the box office over the past two weeks. But "Backrooms" producer Peter Chernin, whose production company cofinanced the film, said he thinks the rush to sign deals with YouTube creators is a "big mistake." "It's no different than making sequels. It's jumping on an existing bandwagon," Chernin said in an interview. "I guarantee you 80% will be failures. It involves no originality, it involves no innovation. Your job is to innovate, and your job is to look for fresh IP [intellectual property] and fresh voices. It's not to just jump on a bandwagon." Chernin has a unique background spanning traditional Hollywood as well as the YouTube creator space. He ran Fox's movie and TV divisions from 1996 to 2009, overseeing box office juggernauts including "Titanic" and "Avatar." Chernin went on to found a private equity firm, The Chernin Group, in 2010, which backed a number of companies in the creator economy space, including Fullscreen and Tumblr. In 2022 he cofounded North Road, a global content studio. Its Chernin Entertainment division coproduced and cofinanced "Backrooms" with independent film studio A24. "We are consistently looking for what's new, what's interesting, and where the world is going," Chernin said. "I think that YouTube background gave us unique insights into doing this movie." "Backrooms," with a budget of just $10 million, has found particular success with younger audiences who were familiar with director Kane Parson's YouTube series, which inspired the film. In the film's first weekend in theaters, 86% of ticket buyers were under the age of 35, according to an audience survey by Comscore Movies and Screen Engine PostTrak. "Backrooms" crossed $100 million at the domestic box office in just six days, becoming the highest-grossing domestic film ever for A24. Basing a movie on established IP is a familiar strategy in Hollywood, where superheroes, popular book series or even toys like Barbie have proven to be a reliable way to draw audiences. Since 2010, most of the top performing domestic releases have been based on established IP, but box office experts warn audiences are getting franchise fatigue, and some high-profile sequels have fallen flat. While "Backrooms" and Parsons had an established fanbase, building a movie on YouTube content is unusual. Chernin said the concept feels authentic and fresh on the big screen, making it distinct from decades-old franchises. "Hollywood has been guilty of being a little bit cynical and essentially creating a brand management sort of manufacturing process, consistently feeding audiences a diet of sequels," Chernin said. "One of the things that really resonated is that this feels like a movie with young people's IP. What it says more than anything is that audiences are looking for freshness. They're looking for something that feels unique and original."

How ‘Backrooms’ producer Peter Chernin thinks Hollywood needs to change
Europe
BBC Business

How to enjoy the World Cup - and keep your boss on side

With the 2026 FIFA World Cup about to get under way, many fans in England and Scotland are honing their strategy to balance late kick-offs with work the next morning. Matches are happening across the US, Canada and Mexico, with England's group games starting at 2100 and 2200 BST and Scotland's even later at 2300 and 0200. Some football fans have already strategically booked annual leave around potential knockout fixtures. Others are hoping to negotiate flexible working - later starts or working from home after late-night matches. Scotland fan Cameron Rae has already booked the Monday after the Haiti game off work so he can attend a Tartan Army fan zone at his local town hall, complete with a bar and DJ running until 4am. Pubs will be allowed to stay open until 01:00 BST for England or Scotland matches in the knockout stages that kick off between 17:00 and 21:00 and until 02:00 for kick-offs between 21:00 and 22:00. Rae says: "I booked the Monday off a while ago. I work in a garage and we're open as normal, so I probably wouldn't get away with flexible working." Fellow Scotland fan Krys Kujawa, a business analyst, thinks he can survive the late-nights without needing days off work - just about. "Haiti is early Sunday morning so there's still all of Sunday to recover," he says. "Morocco is late Friday night so you can just stay up and sleep in on Saturday. Brazil is the difficult one - that's coffee-your-way-through-work territory." In Scotland, there will be a one-off national Bank Holiday on 15 June to celebrate the national team playing in its first World Cup since 1998. All NHS Scotland staff and Scottish government employees are entitled to the day off. Local councils can choose to opt in or out and private businesses are not legally obligated to close or grant the extra holiday. Kujawa says he would have "preferred the Bank Holiday after the Brazil match" as it's a "bit of a buzzkill" knowing you have to go to work the next morning. Unions and employment experts have warned businesses to prepare for a spike in so-called "World Cup sickies". BrightHR, which monitors absences across more than one million UK employees, predicts at least 1.5 million workers will call in sick during the tournament, resulting in more than 2.3 million additional sickness absences.

How to enjoy the World Cup - and keep your boss on side