Latest Developments

India
The Hindu BusinessLine

Global Travel Meet begins in Kovalam with focus on South Kerala circuits

The three-day Global Travel Meet (GTM) 2026, the first major tourism and hospitality industry event since the UDF government assumed office, commenced at Kovalam, showcasing the unique tourism circuits of South Kerala to domestic and international buyers and sellers. Inaugurating the event, Kerala Transport Minister C.P. John said the government would address the long-pending demand for granting industry status to the tourism sector. He said that tourism contributes between 10 and 20 per cent of Kerala’s Gross State Domestic Product and continues to play a pivotal role in the State’s economy. “Kerala is steadily emerging as a leading leisure tourism destination in Asia. GTM 2026 will provide an excellent platform for tour operators and stakeholders to attract more visitors to South Kerala,” he said. Kandula Durgesh, Andhra Pradesh Minister for Tourism and Culture and the Guest of Honour, said such initiatives would strengthen the tourism marketing potential of South India and enhance regional collaboration. Suman Billa, Additional Secretary and Director General, India Tourism, said Kerala has achieved significant success in the Responsible Tourism segment. However, he stressed the need for the State to adopt a structured growth strategy, noting that its real competitors are not neighbouring States but international destinations such as Vietnam, Indonesia and Thailand. He suggested that Kerala move beyond traditional promotional campaigns and focus on enhancing competitiveness and developing globally scalable tourism destinations. Events such as GTM help democratise the tourism sector by creating opportunities for smaller industry players, he added. The B2B travel and trade exhibition is being jointly organised by the South Kerala Hoteliers Forum (SKHF), Thiruvananthapuram Chamber of Commerce and Industries (TCCI), Thavass Ventures and Metro Mart, in association with Kerala Tourism and India Tourism. Hosted across multiple venues in and around Thiruvananthapuram, the event provides a platform for exhibitors and buyers to forge business partnerships with key global travel and tourism stakeholders. More than 1,000 domestic and international buyers, along with 300 corporate buyers, are participating in the expo to generate new business leads, launch products, strengthen networks, enhance brand visibility and gain market insights. GTM 2026 also features a dedicated HoReCa (Hotels, Restaurants and Catering) Pavilion, showcasing products and solutions for the hospitality sector. The pavilion is designed as a focused platform for business networking, sourcing and collaboration. 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.

Global Travel Meet begins in Kovalam with focus on South Kerala circuits
India
The Hindu BusinessLine

Alt exits Mumbai office investment with 103% rate of return in nine months

Alt, a Bengaluru-based alternative investment platform, has exited its investment in GCorp Tech Park in Thane, Mumbai, delivering a pre-tax internal rate of return of 103 per cent and a 1.50x multiple on invested capital within nine months. The platform deployed ₹69.21 crore in equity in July 2025 across 170,000 square feet spanning three floors of the Grade-A+ commercial office asset. By April 2026, the investment was to a family office and real estate fund, generating a realised value of ₹104.03 crore and a gross pre-tax profit of ₹34.82 crore. The exit coincides with broader institutional interest in the same property. Property Share, India’s first SEBI-registered Small and Medium REIT, recently closed its second scheme — PropShare Titania — acquiring 4.4 lakh square feet of leasable area within the same GCorp Tech Park development. GCorp Tech Park is located on Ghodbunder Road, adjacent to a planned metro station. The building holds LEED Platinum, WELL Health-Safety, and BEE 5-Star certifications and counts Aditya Birla Group entities and Concentrix among its tenants. Alt CEO and Co-founder Kunal Moktan attributed the returns to a pricing gap between institutional and high-net-worth investor cap rates on prime commercial real estate. Property Share Co-founder Hashim Khan said the exit was executed as institutional demand for the asset had strengthened. Alt, which is Series-B funded with backing from Westbridge Capital, Lightspeed, Beenext and Pravega Ventures, manages over $300 million in assets across more than 350,000 users. The platform offers exposure to private credit, private real estate in India and the UK, and listed REITs across the US, Canada, the UK and India. Property Share, Alt’s fractional ownership platform founded in 2015, listed India’s first SM REIT — PropShare Platina — on the Bombay Stock Exchange in December 2024 and has since grown its AUM to approximately ₹1,000 crore across three listed schemes. 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.

Alt exits Mumbai office investment with 103% rate of return in nine months
India
The Hindu BusinessLine

Titan, Kalyan Jewellers, Thangamayil, Vedanta, Hindustan Zinc in focus for second session after silver import curbs

Shares of listed jewellery makers and metal companies remained in focus for the last two trading sessions after the government tightened silver import regulations by making Directorate General of Foreign Trade (DGFT) authorisation mandatory for eligible importers. Jewellery stocks saw mixed movement on Thursday after most of them dipped in the previous trading session. Shares of Titan Company rose 2 per cent to ₹4,178 on the NSE, while Kalyan Jewellers gained nearly 3 per cent to ₹362.55. Thangamayil Jewellery surged to a 52-week high of ₹5,219.70, about 9 per cent higher than its previous close of ₹4,795. The government, through a notification issued on Tuesday, said silver imports by RBI-nominated agencies, DGFT-authorised entities and qualified jewellers importing through the India International Bullion Exchange (IIBX) will now require a valid import licence from the DGFT. The notification stated that imports of silver, including silver plated with gold or platinum, in unwrought, semi-manufactured or powder form, and containing 99.9 per cent or more silver by weight, will be permitted only against a valid import authorisation. Market participants are tracking the impact of the tighter norms on bullion availability, import flows and procurement costs for jewellers and industrial users of silver. Among metal stocks, Hindalco Industries shares declined 1 per cent to ₹1,124.70, while Vedanta fell to ₹327.65 on the NSE. National Aluminium Company shares dropped 4.55 per cent to ₹417 from the previous close of ₹436.90. Hindustan Zinc traded flat at ₹610. Other metal and mining companies, including SAIL, Jindal Steel, JSW Steel, NMDC and Lloyds Metals, remained in focus amid expectations that stricter import controls could influence domestic precious metals trade and related industrial activity. 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.

Titan, Kalyan Jewellers, Thangamayil, Vedanta, Hindustan Zinc in focus for second session after silver import curbs
India
The Hindu BusinessLine

PMK slams Centre for decreasing TN's allocation under 125-day employment guarantee scheme

PMK leader Dr Anbumani Ramadoss on Thursday lashed out at the Centre for its decision to cut Tamil Nadu's allocation for the 125-day employment guarantee scheme, which is to be implemented from next month. Pointing out that since 2006, the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) has been implemented to build rural infrastructure and provide livelihoods to the poor, the PMK leader said that the central government has made various changes to that scheme and has now introduced the 125-day employment plan, effective from July 1. "The Tamil Nadu government must not accept this decision that robs the state of its rights," the former union minister said in a statement here. The Parliament in December 2025 passed the Viksit Bharat Guarantee for Rozgar and Ajeevika Mission (Gramin) (VB-G RAM G) Bill, which replaces the MGNREGA and has a provision for 125 days of wage employment for rural workers. According to the government, the VB-G RAM G scheme aims to establish a rural development framework aligned with the national vision of 'Viksit Bharat 2047'. "Although the scheme has been allocated ₹95,692 crore nationwide, the draft allocation sent to the Tamil Nadu government shows that the state has been allotted only ₹3,923 crore," Anbumani claimed. "Tamil Nadu’s share of the total allocation for the 125-day scheme is a mere 4.09 per cent," he said, adding, "In earlier years the state received more than 10 per cent of allocations for the scheme, and reducing it now to 4.09 per cent is unacceptable." Anbumani said that under the 100-day employment guarantee scheme, Tamil Nadu received ₹12,136.33 crore in 2023–24, ₹7,587.58 crore in 2024–25, and ₹7,702.89 crore last year. "Critics have said even those amounts were insufficient for the state’s needs," he added. Stating that with the current central allocation for the 125-day scheme, Tamil Nadu will not be able to provide even 12 days of work per year to those who registered for employment under the programme, he said, "It is unjust to promise 125 days of work annually while allocating funds that will cover only a fraction of that commitment." Demanding that the Tamil Nadu government should not accept this method of fund allocation that undermines state rights, Anbumani said, "Instead, it should insist that allocations be made based on actual need as before, and demand that at least 10 per cent of the scheme’s total funds be earmarked for Tamil Nadu". 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.

PMK slams Centre for decreasing TN's allocation under 125-day employment guarantee scheme
India
The Hindu BusinessLine

India’s spice exports dip 6% in FY26 to $4.43 billion on weak demand for chilli, cumin

Chilli, the largest product in the spices export basket both in terms of volumes and value, was down by 4 and 12% respectively on reduced off-take from key buyers such as China and Bangladesh. Weak overseas demand for key spice products such as chilli and cumin have pulled down the Indian spices exports during financial year ended March 2026. Indian spices registered a 6 per cent decline in exports at $4.43 billion during 2025-26 over corresponding last year’s $4.72 billion. In volumes, the spices shipments were down 4 per cent at 17.34 lakh tonnes over corresponding last year’s 17.99 lakh tonnes. However, in rupee terms the decline was 2 per cent at ₹39,140 crore over previous year’s ₹39,994 crore. Chilli, the largest product in the spices export basket both in terms of volumes and value, was down by 4 and 12 per cent respectively on reduced off-take from key buyers such as China and Bangladesh. Chilli exports in value was down 12 per cent at $1.17 billion over previous year’s $1.34 billion. Cumin exports were down 14 per cent in volumes at 1.96 lakh tonnes over previous year’s 2.29 lakh tonnes. In value, the cumin shipments were down 28 per cent at $524.22 million from previous year’s $732 million. Spice oils and oleoresin exports were also down by 1 per cent at $528.73 million over previous year’s $535 million. Turmeric shipments were down 4 per cent at $327 million over previous year’s $341 million. Pepper exports, despite a 5 per cent drop in volumes, were up 11 per cent in value on higher realisations at $137.84 million over previous year’s $124.5 million. Other spices products that saw an increase during the year include cardamom, ginger, tamarind, coriander and curry powder and paste. Small cardamom exports were up 124 per cent at $413 million on higher volumes over previous year’s $184 million. Small cardamom export volumes also registered a 124 per cent growth at 15,050 tonne over previous year’s 6,728 tonne. Large cardamom exports saw an increase of 31 per cent at $35.52 million over previous year’s $27.02 million. Tamarind exports grew 42 per cent to $50.77 million over prevoius year’s $35.78 million. Currypowder and paste exports were up 5 per cent at $259.98 million over previous year’s $247.59 million. Exports of mint products registered a 15 per cent decline at $354 million over previous year’s $417 million.

India’s spice exports dip 6% in FY26 to $4.43 billion on weak demand for chilli, cumin
Asia-Pacific
Channel NewsAsia

Indian police arrest hotel owner after deadly fire

NEW DELHI: Indian police have arrested the owner of a New Delhi hotel where a fire killed 21 people, as investigators probe safety failures. Police said owner Lavkesh Bajaj was arrested late on Wednesday (Jun 3), hours after the blaze gutted the building, killing at least nine Indians and several foreigners. Two foreigners have so far been identified - one a citizen of Liberia and another from Mozambique. Building fires in India are common due to a lack of firefighting equipment and routine disregard for safety regulations. People trapped on upper floors were seen jumping onto mattresses below as fire ripped through the Flourish Stay hotel in a densely packed neighbourhood of the city. Several residents were taken to hospital suffering from severe burns, as well as fractured bones after leaping onto the street. In a separate fire on Thursday morning, at least four people died in an intensive care ward in a hospital in Muzaffarpur in the eastern state of Bihar, district government official Subrat Kumar Sen said.

Indian police arrest hotel owner after deadly fire
North America
CNBC

Sellers are pulling homes off the market at the fastest pace since 2020

More frustrated home sellers were giving up, right in the midst of the all-important spring market, according to new data. Nationwide, 5.8% of all home listings were pulled off the market in April, according to Redfin, a real estate brokerage. That ties with December for the highest share of homes delisted since March 2020, when the pandemic hit and the housing market froze. Delistings in April were up 3.8% compared with March. The increase comes as higher mortgage rates, elevated gas prices and weaker consumer confidence take their toll on housing demand. Sellers are no longer in the driver's seat and aren't getting the prices they want. Atlanta saw the highest share of homes come off the market in April, with 1 in 10 delisted. San Jose, California, followed with roughly 9% pulled, then Los Angeles (7.8%), Dallas (7.8%) and Seattle (7.7%). Mortgage rates had been falling at the start of this year, with the 30-year fixed briefly touching the 5% range at the end of February, according to Mortgage News Daily. They then jumped sharply when the war with Iran started and have remained elevated since then. "Buyers know they have negotiating power, often offering under the asking price and completing inspections, but some sellers just won't budge," said Patricia Ammann, a Redfin agent, in a release. Home prices have been easing, but are still higher than they were a year ago and have even begun to strengthen more recently. "Markets that depend more heavily on traditional mortgage financing and rate-sensitive buyers are seeing prices stay relatively flat," said Selma Hepp, chief economist at Cotality, in a release. "Overall, fewer markets posted year-over-year price declines in April than in prior months, pointing to continued stabilization across the housing market." CNBC's Property Play with Diana Olick covers new and evolving opportunities for the real estate investor, delivered weekly to your inbox. Signed contracts on existing homes, so-called pending sales, did rise very slightly in April, up 1.4% from March, according to the National Association of Realtors. That is likely due to higher inventory, which was up nearly 6% from March. Listings in some parts of the country are starting to pile up, as new ones come on the market and other ones sit. Homes are sitting on the market longer, causing some buyers to simply give up as the all-important spring season draws to a close. Some homeowners who pulled their homes off the market over the past year relisted them in April, according to Redfin, hoping to take advantage of the spring market, despite higher mortgage rates. The report found 2.5% of the homes on the market in April were relistings, tied with the prior two months for the highest share since mid-2020 when there was a sudden surge in housing demand.

Sellers are pulling homes off the market at the fastest pace since 2020
Asia-Pacific
The Straits Times

From nicknames to masked names: How to know if you’re paying the right person on PayNow from June 6

SINGAPORE – From June 6, PayNow users will no longer be able to use or see custom nicknames when sending or receiving money via the money-transfer platform. The move has prompted mixed reactions from the public: Some welcome the added protection against impersonation scams, while others – particularly freelancers and home-based business owners who rely on recognisable aliases – say it may confuse their customers. Here’s what you need to know about the upcoming change, why it is happening, and how it affects you. If you belong to the 30 per cent of PayNow users who are currently using a nickname, your payers will no longer see your nickname in the transactions from June 6. Instead, the name registered with your bank account will be partially displayed, with selected letters replaced with “X”. If you belong to the other 70 per cent who use your full name, your payers will see your partially masked name from June 6. In short, to combat scams, said the Association of Banks in Singapore (ABS). Scammers have been exploiting customisable nicknames to impersonate legitimate businesses, government agencies or even friends and family members to trick victims into transferring money. Dropping the nickname feature removes one avenue scammers can use to deceive victims. ABS said the logic for the display name has factored in industry best practices, consumer feedback, and is centrally applied to provide consistency. The display format was also designed to strike a balance between offering privacy and giving users sufficient confidence that they are transferring money to the intended recipient. ABS also explained that “X” was chosen to hide certain letters because it has a visual resemblance to a cross-out mark, which generally represents something concealed or missing. No action is required. The change will be applied automatically to all retail PayNow users.

From nicknames to masked names: How to know if you’re paying the right person on PayNow from June 6
North America
CNBC

Morgan Stanley will soon open its trillion-dollar wealth management funnel to AI agents

Morgan Stanley will soon open a key wealth management funnel to artificial intelligence agents from thousands of corporations, CNBC has learned exclusively. It's one of the earliest instances of a major Wall Street bank opening its platforms to external AI tools. The move will allow clients' autonomous agents to pull data and insights directly from the firm's stock administration platforms, ShareWorks and Equity Edge, bypassing the traditional software interfaces built for human users, according to Mark Mitchell, chief product officer of Morgan Stanley at Work. In April, Morgan Stanley executives attributed $1.2 trillion in assets gathered to its workplace strategy. "The way we see it, in a future state, our corporate clients will not be logging into ShareWorks or Equity Edge," Mitchell said. Instead, they'll be "using agentic AI-powered tools on their desktops within the four walls of their companies, interacting with our platforms in a purely agentic way," he said. The bank has already granted a handful of clients early agentic access and plans to open it up to the firm's 3,400 administration clients by next year, Mitchell said. It's the latest sign that Wall Street is preparing for a future where AI agents handle tasks now performed by software users. Rivals including JPMorgan Chase and Goldman Sachs are using AI agents internally for things like writing code, but have yet to publicly announce steps to allow external agents to connect directly to their firms' systems. Morgan Stanley has taken the staid business of managing stock compensation plans for corporations and turned it into a crucial funnel for the firm's wealth management division, which is the world's largest at $7.35 trillion in client assets. The firm acquired Solium Capital in 2019 and E-Trade in 2020, creating a business that it says caters to almost half of the companies in the S&P 500 and eight of the 10 biggest unicorn startups. The key insight it had was that by administering employee stock plans, Morgan Stanley can convert workers into advisory clients as their wealth grows. The bank's AI pitch to corporate clients is straightforward: Fast-growing technology and biotech companies want to administer increasingly complex stock plans without adding head count in support roles like human resources, said Mitchell. At these companies, AI agents can handle aspects of the job without adding human employees, he said.

Morgan Stanley will soon open its trillion-dollar wealth management funnel to AI agents