Latest Developments

Asia
The Hindu BusinessLine

PSU banks see sharp jump in green deposits FY26; deploy funds for clean transport, renewable energy

State-owned lenders witnessed a sharp surge in green deposit mobilisation in FY26 amid increased depositors’ awareness and the maturation of the Reserve Bank of India’s (RBI) Green Deposit Framework, introduced in 2023. According to PTI’s analysis of banks’ annual reports for 2025-26, eight state-owned lenders raised ₹3,733.11 crore in FY26 through green deposits, compared to ₹1,831.79 crore in the year-ago period. The rise in green deposits reflects a growing focus among banks and depositors towards sustainable finance, with lenders increasingly linking their fundraising efforts with environmentally responsible lending, analysts said. State Bank of India (SBI), the country’s largest lender, raised ₹317.39 crore through its green deposit products till March 2026, with outstanding green deposits recorded at ₹218 crore as on March 31, 2026. SBI garnered ₹189.08 crore through green deposits in FY26, with the entire amount being deployed in clean transportation, particularly in green cars or electric vehicles, as per the bank’s annual report for 2025-26. “The amount of green deposit raised has been utilised for financing the Green Car (EV) Loan portfolio,” SBI said in its annual report. The bank said its green car loan portfolio stood at ₹3,587 crore as of March 31, 2026. Green deposit proceeds have been channelled into this portfolio to align the bank’s liability mobilisation and asset deployment strategies. Bank of Baroda raised ₹1,164.44 crore in FY26, compared to ₹1,083.09 crore in FY25. The bank deployed the entire funds in renewable energy. The lender, meanwhile, reported a green deposit portfolio of ₹1,899.12 crore as on March 31, 2026, as per its annual report for FY26. “The entire proceeds of the green deposit portfolio have been deployed into the renewable energy and clean mobility sector,” Bank of Baroda said in its annual report. Other state-owned lenders too mostly deployed green deposit proceeds towards renewable energy projects, solar initiatives and clean transportation, according to disclosures made in their annual reports. The RBI issued the Framework for Acceptance of Green Deposits on April 11, 2023, which came into effect from June 1, 2023. The framework provides a mechanism for banks to raise deposits and deploy the proceeds towards financing eligible green activities and projects.

PSU banks see sharp jump in green deposits FY26; deploy funds for clean transport, renewable energy
North America
CNBC Finance

Broadway's $1.9 billion season is the latest sign of consumers splurging on experiences

Broadway just wrapped its highest-grossing season on record, offering another sign that consumers are willing to spend on experiences even as concerns about inflation and economic uncertainty linger. The 2025-2026 show season topped the prior year's record and generated nearly $1.91 billion in ticket sales, according to industry data from The Broadway League. "Even in a challenging economic environment, Broadway remained notably on par with last season, reflecting both the resilience of this industry and the connection audiences feel to these productions," said Jason Laks, president of The Broadway League, in a press release. Adjusting for the extra week that was included in the prior season, Broadway grosses this year rose 3.5%, attendance increased 1.8% and average ticket prices climbed 1.7%. This comes ahead of Sunday's Tony Awards, setting a high-stakes background for the industry's biggest night. The awards often lead to further ticket sales for winning shows. While consumers have pulled back in some discretionary categories, demand for live entertainment has remained remarkably strong — from concerts and sporting events to theater. The New York Fed's beige book has made explicit mentions of Broadway nearly a dozen times over the last two decades as an economic indicator, most recently in April saying "ticket sales remained strong." But Broadway's record year highlights a growing question: Have live performances become too expensive to balance rising production costs? The average Broadway ticket cost $131 this season. For a family of four attending a musical, tickets alone can easily exceed $500 before accounting for transportation, meals and other expenses. In many cases, premium seats cost significantly more. At higher rates, the total expenses start to rival a one-day trip to Disney World for a family of four. The industry's growth is increasingly being driven by high-priced plays featuring major celebrities rather than traditional blockbuster musicals. The 2025-2026 season opened 35 new productions: 12 musicals, 21 plays, and two specials. Existing intellectual property counts for three of the four nominated best new musicals, including an adaptation of the Apple TV series "Schmigadoon," the 1980s cult-classic film "Lost Boys" and a parody of the Oscar-winning film "Titanic," titled "Titanique." "Producers are becoming far more selective about the economics of a project," said Broadway producer Jim Kierstead. "There's greater emphasis on recognizable titles, built-in audiences, limited runs, strategic casting, and productions that can generate additional life beyond Broadway through touring, licensing, or international productions."

Broadway's $1.9 billion season is the latest sign of consumers splurging on experiences
Asia
The Hindu BusinessLine

Broker’s Call: Computer Age Management Services (Buy)

We highlight CAMS as an excellent way to play the capital markets theme since non-MF businesses have reached harvest phase and will drive strong EBITDA growth the MF business will revert to normalised performance this year; and the margin outlook is positive. The share of non-MF businesses in overall revenue has risen from 13.1 per cent in FY24 to 14.4 per cent in FY26 The share of Alternates business has also inched up to 2.9 per cent. The outlook for the combined non-MF business is very healthy. MF revenue growth declined to 5 per cent in FY26. The normalised ratio of MF revenue growth to AUM growth declined to 26 per cent. This should not repeat in FY27. This was on account of weakness in equity markets. Employee cost growth declined to 6 per cent in FY26 due to employee count control. The company intends to improve its performance of employee count control in FY27, which will be aided by the re-architecture being carried out. The market share for CAMS in total MF industry AUM has remained broadly stable at 67.6 per cent in FY265. The market share in MF industry equity AUM has also remained broadly stable at 66.4 per cent. The market share for CAMS in live SIPs has increased to 64.2 per cent in FY26. 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.

Broker’s Call: Computer Age Management Services (Buy)
North America
CNBC Finance

Boeing to start 737 Max production on new assembly line July 6, CEO says

"We're adding another production line, it's really a carbon copy of what you see here in Renton," Ortberg said. "We'll be loading our first airplane on July 6, so just about a month from now, we'll be bringing that [fourth] line alive." The new 737 Max final assembly line in Everett, Washington, will serve as a catalyst for increasing Max production to 52 jets per month — a pace that's expected to begin next year. Boeing is currently building 47 Maxes per month after ramping output from 42 a month earlier this year. While Boeing wants to build and deliver more 737 Max planes, its production is capped by the Federal Aviation Administration, which put limits on its manufacturing after a door plug blew out on an Alaska Airlines plane in January 2024. That incident prompted lengthy reviews of safety and quality issues in the manufacturing process at Boeing. "We're trying to reset that track record, and I think we've done a good job as we've come back up here in the last 18 months and increased rate, and we've done it differently," Ortberg said. "We've made sure that we're not moving until the production system is stable. We're not pushing work down the production line like we were before. So I think that gives us all optimism." Ortberg and Boeing leadership have set a long-term goal for Max production of 63 per month, if the supply chain can support the increase. The new assembly line will start with production of the 737 Max 10, a stretch version of the single aisle plane that is expected to be certified by the FAA before the end of the year, clearing the way for the first 737 Max 10 deliveries. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Boeing to start 737 Max production on new assembly line July 6, CEO says
North America
CNBC Economy

Inflation hits 3.2% in the euro zone as Iran war pushes energy costs higher

Euro zone inflation rose to an estimated 3.2% in May, driven by double-digit energy price growth, official data showed on Tuesday. The print, which was in line with forecasts in a Reuters poll of economists, is expected to lock in expectations of an interest rate hike at next week's European Central Bank meeting. Energy costs represented the highest annual rate of inflation in May, according to the flash data, with prices rising by 10.9% — a slight rise from the euro zone's 10.8% energy price growth recorded the previous month. Services inflation rose to 3.5% from 3% in April, while food, alcohol and tobacco prices cooled to 2% from 2.4% the previous month. Inflation rates also varied drastically between individual markets. Germany, Europe's biggest economy, saw annual inflation fall to 2.7% in May from 2.9% in April. But Greece and Lithuania's annual inflation rates rose above 5% last month. In France, annual inflation rose from 2.5% in April to 2.8% in May. Tuesday's print showed inflation in Europe is continuing to rise above the European Central Bank's 2% target as oil and gas prices remain elevated in the wake of the U.S.-Iran war. Inflation in the euro zone jumped to 3% in April, up from 2.6% in March. Prior to the outbreak of the conflict in Iran, inflation in the euro area had dipped below the 2% threshold. Europe is particularly vulnerable to energy shocks as a major net energy importer. Markets are currently pricing in a 94% chance of the ECB hiking its key interest rate by 25 basis points at its meeting later this month, according to LSEG data. Following the data release, the euro was flat against the dollar at around $1.164. The yield on Germany's 10-year bund, broadly seen as a benchmark for the euro zone, fell by 6 basis points. Carsten Brzeski, global head of macro at ING, said in a note on Tuesday morning that the May inflation data paves the way for an ECB rate hike next week. "A week ahead of the next ECB meeting, this is the expected uptick in inflation that will motivate the central bank to decide on an 'insurance' hike," he said.

Inflation hits 3.2% in the euro zone as Iran war pushes energy costs higher
Europe
BBC Business

Trump to meet AI leaders to discuss US investment in their companies

US President Donald Trump is planning to meet the bosses of some of the country's most notable artificial intelligence (AI) companies to discuss the government taking a financial stake in their future. Speaking on Air Force One, Trump said the goal of the US government investing in AI companies was to "create almost a partnership with the American public". He expects to meet leaders of major AI companies at the White House - likely next week. Although the president did not name specific companies, the biggest companies in the US working on AI are Google, Microsoft, OpenAI, SpaceX and Anthropic - the latter two of which are expected to go public in the coming weeks. A spokesman for Microsoft declined to comment. Representatives of the other four companies did not respond to requests for comment. Trump compared the prospective investment in AI to the US government last year taking a 10% stake in Intel, a company that makes computer chips. He claimed the US has already made money on that investment. Part of the US investing directing in AI companies, however, would be to improve Americans' views of the technology, which have grown increasingly negative. "We're talking about it,"Trump said, referring to conversations with AI leaders "where the American people can benefit from the success of AI, the American people will like it better". Sam Altman, chief executive of OpenAI, this week travelled to Washington DC and met Senator Bernie Sanders. Sanders recently said he intended to propose a sort of sovereign wealth fund in which the US would take a 50% stake in AI companies. Asked about Sanders' plan, President Trump insisted he had been considering the US investing in AI companies for a year, but did not dismiss the senator's notion. "Where economics are concerned, we have things that aren't that far apart," Trump said.

Trump to meet AI leaders to discuss US investment in their companies
Asia
The Hindu BusinessLine

MoD’s in-principle approval for ₹500 cr National Military Drone Technology Hub at IIT Kanpur

The Ministry of Defence (MoD) has granted in-principle approval for a ₹500 crore National Military DroneTechnology Hub at IIT Kanpur, offering a full stack capability from design, test and certify military payloads, data links, ground stations and counter-drone systems. The Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) -- the primary nodal agency for Uttar Pradesh Defence Industrial Corridor (UP DIC) -- drafted a proposal which was subsequently submitted by the UP government to the MoD on May 29, 2026, requesting early sanction and nomination of a National Military Drone Technology Hub at IIT Kanpur Centre of Excellence (CoE). This was done on the directions of UP Chief Minister Yogi Adityanath who reviewed the progress on April 10, this year, to give a boost to the IIT Kanpur earlier designated as a CoE with a total outlay of ₹20.3 crore, of which ₹15.3 crore was funded by the State, as per state government officials. “This Hub makes UPDIC a global benchmark in unmanned systems and gives our forces a decisive tech edge. UP will now lead India’s military drone innovation,” said a senior state government officer. The CoE is already operational as an integrated hub for R&D, testing, training and startup incubation in drone technologies. It will drive civil–military fusion model, scaling up dual-use drone technologies developed under Drone Shakti for defence applications. Also, utilise nodes of the Uttar Pradesh Defence Industrial Corridor (Aligarh, Agra, Jhansi, Kanpur, Lucknow, Chitrakoot) for distributed manufacturing and MRO (Maintenance, Repair, Overhaul), with IIT Kanpur CoE leading R&D and standardisation. The Army Design Bureau (ADB) has been designated as the single point of contact for coordination. A Monitoring Committee has been constituted under Additional Secretary & DG (Acquisition), Department of Defence, and the first review meeting was held on June 3 where IIT Kanpur was requested to submit a revised proposal by the end of this month adopting a whole-of-nation approach, said officials. The move is aimed at establishing Uttar Pradesh as a national hub for defence drone technologies and strengthen the UP Defence Industrial Corridor ecosystem through enhancement of advanced manufacturing, R&D, startup ecosystem and high-skilled employment, the officials stated. For close coordination with MoD, Army Design Bureau and IIT Kanpur, the UP government -- as suggested by MoD -- is going to nominate a nodal officer for streamlined inter-departmental coordination. Officials stated that the Hub will accelerate indigenisation under Make-1 and Make-2 categories and cut-down import dependence in critical drone sub-systems. 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.

MoD’s in-principle approval for ₹500 cr National Military Drone Technology Hub at IIT Kanpur
Asia
The Hindu BusinessLine

Brokers’ call: Motilal Oswal (Buy)

Motilal Oswal Financial Services (MOFSL) is a diversified Indian financial services group with businesses spanning wealth management, asset management and capital markets. MOFSL looks well positioned to capitalise on India’s structural financialisation, with exposure to high-growth AUM pools from wealth and asset management. We believe industry tailwinds remain robust and forecast mutual funds’ AUM to grow at an 18 per cent CAGR by FY30E, with a 20%-plus CAGR (FY30E) for HNI wealth and alternatives. The firm is transitioning to an AUM-led, annuity-driven model, where growth is linked to client assets rather than transaction volumes. For FY26-29E, we expect AUM to expand at a 21 per cent CAGR, driving a 19 per cent revenue CAGR. We believe the market underappreciates MOFSL’s shift to higher quality, recurring wealth and distribution earnings, reducing broking cyclicality and driving a 22 per cent earnings CAGR over FY26-29E. We believe historical multiples are of less relevance due to the evolving business model and increasing share of fee-based income. Our valuation is anchored to higher multiples for asset-light businesses (AMC about 28x, private wealth around 25x, wealth 18x) and a relatively lower multiple for capital markets (14x) on FY28E earnings. Based on our PEG ratio analysis, we think the stock offers attractive risk-reward, trading at 15x one-year forward PE, slightly above its three-year average. We initiate coverage at Buy. 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.

Brokers’ call: Motilal Oswal (Buy)
Asia
The Hindu BusinessLine

Novartis brings in its advanced-prostrate-cancer drug to India

Swiss drugmaker Novartis has launched its advanced-prostrate-cancer drug Pluvicto in India. The development comes about four months after the parent company had announced its exit from its listed entity in India. According to Novartis India, Pluvicto (lutetium (177Lu) vipivotide tetraxetan) was the country’s first “regulatory authority approved” radioligand therapy for patients with Prostate-Specific Membrane Antigen (PSMA)-positive prostate cancer. A precision drug, it is designed to target prostate cancer cells, minimizing exposure to healthy tissues, the company said, without disclosing the medicne’s price. Prostate cancer is among India’s top three cancers affecting urban men, the company said, with nearly 250,000 cases every year, it added. “Approximately 50 percent of diagnosed patients present at a metastatic stage, where treatment becomes significantly more complex due to poorer prognosis, treatment-related side effects, and challenges in treatment sequencing,” the company said. Amitabh Dube, Novartis India’s Country President and Managing Director, said in a statement, “In India, a large proportion of prostate cancer patients continue to be diagnosed only after the disease has progressed to a metastatic stage, limiting treatment options and impacting quality of life. With the launch of Pluvicto, we are bringing a globally recognized radioligand therapy platform to India at a time when the need for precision oncology solutions is increasing rapidly.” India’s nuclear medicine ecosystem has expanded over the past decade and presently includes more than 250 nuclear medicine centres across the country, he said. “Novartis plans to collaborate with healthcare institutions, oncologists, nuclear medicine specialists, and hospital partners to support treatment readiness and multidisciplinary care pathways for eligible patients,” he said. The product would be made available through select hospitals and nuclear medicine centres across India as part of Novartis’ partnership-led approach for bringing radioligand therapies to India, he added. Judith Love, Novartis Region Head Asia Pacific Middle East Africa, said, the introduction of Pluvicto marked a step in bringing globally approved innovation to patients who need more targeted treatment options. Earlier in February, Novartis AG had said it was selling its entire 70.68 per cent stake in Novartis India Ltd (NIL) to the ChrysCapital group for ₹1,446 crore – a development that came two years after the parent company first indicated that the India listed entity was under review. The company had then indicated it would be present in India through Novartis Healthcare Private Limited, a wholly owned, unlisted subsidiary through which it has been bringing its innovative products into India. In 2024, Novartis Chief Executive Vas Narasimhan had said the company had completed its “strategic transformation into a pure-play innovative medicines company”, focused on cardiovascular-renal-metabolic, immunology, neuroscience and oncology; with the US, China, Germany and Japan identified as geographies of growth. 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.

Novartis brings in its advanced-prostrate-cancer drug to India