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Asia
The Hindu BusinessLine

KLF Nirmal signs cricketer Shreyanka Patil as brand ambassador for Karnataka

Shreyanka, who is representing India at the ICC Women’s T20 World Cup 2026, was chosen for her inspiring journey from grassroots cricket to the international stage. KLF Nirmal, a coconut hair oil brand, has signed woman cricketer Shreyanka Patil as its brand ambassador for Karnataka. As part of this association, KLF Nirmal has launched a special initiative to support aspiring young women cricketers from rural Karnataka. She is currently representing India in the ICC Women’s T20 World Cup 2026, being held in England and Wales. A media statement said that her journey from grassroots cricket to the international stage has made her a role model for countless young girls across the state. Quoting Ashik Jose, Marketing Manager at KLF Nirmal Industries Pvt Ltd, the statement said Shreyanka is a natural fit for the KLF Nirmal brand. “Her strong roots, determination, authenticity, and inspiring personality closely reflect the values that our brand stands for. She represents the aspirations of today’s young generation while staying connected to her origins. Through this partnership, we hope not only to strengthen our connection with consumers across Karnataka but also to inspire young girls to pursue their dreams with confidence,” Jose said. Shreyanka Patil said, “I am delighted to partner with KLF Nirmal, a brand that has earned the trust of families for generations. It is truly an honour to be associated with such a legacy brand and to represent KLF Nirmal in its upcoming campaign across Karnataka. I am excited to be part of this journey and look forward to connecting with consumers while contributing to the brand’s continued growth and success.” The campaign featuring Shreyanka Patil will be rolled out across television, digital, retail, and on-ground activations across Karnataka in the coming months, the statement added. 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.

KLF Nirmal signs cricketer Shreyanka Patil as brand ambassador for Karnataka
Europe
BBC Business

SpaceX says its worth $1.75tn as it nears stock market debut

Elon Musk's SpaceX has said it is even more valuable than anticipated as it approaches a public stock listing set for next week. In an filing with the US Securities and Exchange Commission detailing its plans for an initial public offering (IPO), SpaceX said its shares should go for $135 (£100) each, ratcheting up its own valuation of the firm to roughly $1.75tn. Setting an estimated price for its stock listing so far in advance is a rare move, and the amount represents a large increase in SpaceX's previous valuation of $1.25tn earlier this year. The revelation does not mean its shares will sell for the proposed price, as it will ultimately be decided by buyers. The price could go up or down. SpaceX, which builds space exploration rockets and infrastructure but also owns xAI and Starlink, revealing its estimated share price more than a week before its public debut is unusual. Companies typically only share an estimated sell price the day before they begin trading on the open market. SpaceX is expected to start trading on the Nasdaq stock index on 12 June, making its price estimate one of, if not the earliest price estimates, in stock market history. The company is aiming to raise $75bn, the most ever for an IPO. Should the company's shares sell at or above the expected $135 price, it will immediately become one of the most valuable companies in the world. And Musk, who controls more than 80% of SpaceX with his own stock holdings in the firm, could become a trillionaire. According to data from Dealogic, which conducts research on the capital markets, almost half of companies that have gone public in the last 30 years have seen their value decrease compared to when they listed. "There is no doubt the valuation is incredibly rich," Samuel Kerr, head of equity capital markets research at Mergermarket, said. He noted that SpaceX was pricing itself compared to its sales at a ratio that is higher than any other major company included in what investors refer to as the "Mag 7" - Alphabet, Amazon, Apple, Meta, Nvidia, Microsoft and Tesla, another of Musk's companies.

SpaceX says its worth $1.75tn as it nears stock market debut
Asia
The Hindu BusinessLine

SEBI, APMI discuss roadmap to boost India's PMS industry

Association of Portfolio Managers in India (APMI), the SEBI-registered industry body for portfolio managers and PMS distributors, discussed a roadmap for India's Portfolio Management Services (PMS) ecosystem, according to a statement by APMI. APMI monitors India's a significant share of India's ₹42 lakh crore PMS industry. SEBI, APMI hosted a APMI Leadership Conclave 2026 in Kolkata on Thursday to discuss next phase growth opportunities in the sector with regulators, portfolio managers, distributors, family offices and wealth management professionals. India's PMS sector caters to over 2.1 lakh investor accounts, which further indicates "the growing adoption of professionally managed and customised investment solutions among Indian investors." "The Association of Portfolio Managers in India (APMI), the representative body of SEBI-registered portfolio managers overseeing a significant share of India's ₹42 lakh crore PMS industry, hosted 'APMI Leadership Conclave 2026 in Kolkata,' bringing together regulators, portfolio managers, distributors, family offices and wealth management professionals to discuss the opportunities and priorities shaping the next phase of growth for the sector," the release said. The event, which was attended by more than 250 industry participants from across the PMS ecosystem, focused on "investor needs, regulatory developments, distribution expansion and the importance of building a more transparent, accessible and resilient PMS ecosystem." Additionally, a special session was conducted to discuss local investment landscape, business opportunities, operational challenges and expectations from both the industry body and regulators. "The Association has undertaken around 50 strategic initiatives since commencing operations in May 2022 - Feb, majorly contributing to India's PMS ecosystem," the release added. "These initiatives have focused on enhancing investor protection, promoting regulatory compliance, improving industry transparency, driving digital transformation, building professional capacity, and facilitating ease of doing business," the release said. Manoj Kumar, Executive Director, SEBI, said, "The PMS industry in India is at a defining inflection point. As investor aspirations evolve and demand for personalised wealth management solutions continues to grow, the industry has an opportunity to emerge as a significant pillar of India's investment ecosystem.” “This next phase of growth must be anchored in transparency, robust governance, and a steadfast commitment to investor protection. APMI has an important role to play in fostering industry-wide standardisation, enhancing data transparency, and strengthening the distribution ecosystem. Going forward, deeper penetration into Tier 2 and Tier 3 markets, greater investor awareness, responsible distribution practices, and sustained collaboration among stakeholders will be critical to building a resilient, trusted, and globally competitive PMS industry that supports long-term wealth creation," said Manoj Kumar. 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.

SEBI, APMI discuss roadmap to boost India's PMS industry
Asia
The Hindu BusinessLine

HDFC Life pegs claim settlement ratio at 99.7% in FY26

HDFC Life registered a claim settlement ratio of 99.7 per cent for individual death claims in FY26. “Timely and hassle-free settlement of every genuine claim will continue to be our priority,” said Sameer Yogishwar, Chief Operating Officer, HDFC Life. “We are continually enhancing our capabilities and using technology to create an easier, more seamless, and more effective claim settlement process to enable faster turnaround times,’’ he added. The company is leveraging digital workflows, automation, AI-led validation, and analytics to simplify claims assessment and processing. Claimants can now initiate and track claims digitally, upload documents online, and receive timely communication updates throughout the process. Digital claims journeys reduce dependency on physical visits and manual paperwork, which can be emotionally and operationally difficult during stressful situations. Under Project Inspire, HDFC Life is driving ZeroTouch Processing (ZTP), FastTrack processes, and realtime payment enablement in the claims domain. To ensure claimants have a hassle-free experience towards processing the claims, they can reach HDFC Life through the multiple channels available to them – from walking into their nearest HDFC Life branch, connecting with their agent, or even by logging into the company’s portal, the company said. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

HDFC Life pegs claim settlement ratio at 99.7% in FY26
Asia
The Hindu BusinessLine

Oval Fertility inks MoU with Merck

Oval Advanced Fertility Care and Merck Specialities, an Indian healthcare arm of Merck KGaA, entered into a Memorandum of Understanding (MoU) to strengthen clinical capabilities, to improve transparency and patient experience through technology and data-led approaches. “The partnership with Merck brings together shared values around transparency, clinical excellence, and putting the patient at the centre of every decision,” Veena Reddy, co-founder & director, Oval Fertility said in a release. Pratima Reddy, Managing Director, Merck Specialities, said, “Fertility care in India is evolving rapidly, with patients seeking greater transparency, a more seamless experience and stronger confidence in outcomes. Merck is well positioned to partner with progressive care providers to address these expectations through an integrated approach,” India’s IVF market, valued at approximately $2.35 billion in 2024, is projected to reach $5.03 billion by 2034, growing at a compound annual growth rate of 7.9 per cent, the release added. 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.

Oval Fertility inks MoU with Merck
Asia-Pacific
The Straits Times

Trump orders US customs to crack down on tariff cheats

A new US executive order would address issues like importers’ use of shell companies and schemes that route shipments through third countries to hide their true origin. WASHINGTON – US President Donald Trump signed an executive order designed to tighten customs enforcement, his latest move to ramp up protectionist trade policies. The policy Trump signed on June 3 directs Customs and Border Protection (CBP) officers to use new technology to ensure contraband and illegal goods are detected and blocked from entering the US, and that products brought in are accurately accounted for, according to a White House statement. “This executive order is really the result of many years of our front-line officers and our trade professionals seeing the tricks and abuse that the companies that were trying to cheat the system have been using,” CBP chief of staff James Kernochan said on a call with reporters after the order signing. Officials said the order would address issues that have plagued the customs agency’s ability to enforce trade policy, including importers’ use of shell companies and schemes that route shipments through a third country in order to hide the true origin of the goods. White House staff secretary Will Scharf said during the signing that the order is intended to provide CBP with more information about importers-of-record, or IORs, and that they correctly report what they are bringing in. Foreign companies that bring goods into the US will also face stricter compliance requirements. There was a record US$112 billion (S$143.8 billion) gap in 2025 between what China reported exporting to the US and what was declared to CBP, Bloomberg News previously reported. “Examples of non-compliance include undervaluing imports, withholding critical information about IORs and the goods being imported, and avoiding payment of duties through various arrangements and schemes,” the order said. The order also ramps up the use of artificial intelligence by the customs authorities. “We’re in the process of being able to – in real time – track every single ship and shipment that leaves every single port every day, process literally billions of bits of data, and determine with a high degree of probability, whether or not there’s some tariff evasion or possibly other problems like drugs (and) illegal contraband,” said White House trade adviser Peter Navarro on the call with reporters. He also stressed the potential to boost revenue collection from US importers. “We’re literally going to be able to pick up tens and tens of billions of dollars just in tariff evasion alone,” he said. Trump signed the order one day after his administration proposed new tariffs of at least 10 per cent on 60 economies accused of failing to crack down on imports produced using forced labour. Singapore, as one of those economies, could face a 12.5 per cent tariff.

Trump orders US customs to crack down on tariff cheats
Asia-Pacific
The Straits Times

ST Explains: What does Trump’s new tariff on ‘forced labour’ mean for Singapore trade?

Trump's proposed forced-labour tariff drew immediate criticism from major economies such as the EU and China, and experts expect lawsuits once it takes effect. SINGAPORE – Four months after losing his sweeping reciprocal tariffs to a court decision, US President Donald Trump has made his first move to replace them with trade levies he believes are less vulnerable to legal challenges. On June 2, Trump’s trade office in Washington issued a comprehensive 98-page report proposing double-digit tariffs on 60 countries – which represent about 99 per cent of all US imports – after an investigation initiated on March 12 showed they were not doing enough to restrict trade in goods produced by “forced labour”. The Office of the US Trade Representative (USTR) placed trading partners into two groups, depending on what it considered varying degrees of ineffective enforcement of rules on trade in “forced-labour goods” and whether they had already struck a trade deal with the Trump administration. The USTR said it would impose tariffs at the rate of 10 per cent on imports from Canada, the European Union, the UK, Indonesia, Mexico, Pakistan, Argentina, Bangladesh, Cambodia, El Salvador, Guatemala, Malaysia and Taiwan. The remaining 45 countries, which include Singapore, China and India, would face higher duties of 12.5 per cent. But nothing is settled yet. The tariff rates may change for some countries, including Singapore, as the proposed measure is subject to public comments and hearings before a USTR trade panel. This will start in July and may take weeks, if not months. There is also at least one more USTR investigation that could lead to another tariff measure – pertaining to excess manufacturing capacity – that remains pending. Despite the tariff tumult since 2025, Singapore has continued to clock strong growth in exports, thanks to the AI boom and increased trade with partners across Asia. For now, little would change for companies that count the US as an export market if and when the new tax relating to forced labour applies. The new measure will replace the 10 per cent global tariff – set to expire in late July – imposed soon after the Feb 20 Supreme Court ruling. That would raise the US effective tariff rate by just 0.5 per cent, according to experts. The effective tariff rate reflects the average tariff paid across all imported goods into a country.

ST Explains: What does Trump’s new tariff on ‘forced labour’ mean for Singapore trade?
Europe
The Guardian

Ex-Federal Reserve chair Jerome Powell sounds alarm over political interference

Jerome Powell in Boston, Massachusetts on Sunday. Photograph: Brian Snyder/ReutersView image in fullscreenJerome Powell in Boston, Massachusetts on Sunday. Photograph: Brian Snyder/ReutersJerome PowellEx-Federal Reserve chair Jerome Powell sounds alarm over political interferencePowell says central bank has been facing ‘stress test’ under Trump, as supreme court weighs decision on Fed governor that president tried to fire Jerome Powell, the former chair of the Federal Reserve, has warned that a single act of political interference in monetary policy could permanently destroy public trust in the central bank. As Donald Trump’s administration continues to test the Fed’s longstanding independence, Powell said in a speech on Sunday night that the institution was in the midst of a “stress test”. Powell, who was accepting the 2026 John F Kennedy Profile in Courage award in Boston, stepped down as Fed chair last month, and was succeeded by Kevin Warsh, but remains on its board of governors. Legal protections insulating monetary policy from politics “have served the public well” across administrations of both parties, Powell argued in his acceptance speech. “If any administration finds a way to remove Fed officials over policy differences,” he added, “then future administrations will do so as well”. He spoke as the supreme court weighs a highly anticipated decision on the fate of the Fed governor Lisa Cook, whom Trump attempted to fire last August. Powell did not mention Trump, or Cook, by name. “The public would lose faith that the central bank will make decisions based only on what’s best for all Americans,” Powell said. “The Fed’s credibility would be lost.” The JFK Library Foundation’s award committee said it was honoring Powell for withstanding “years of personal attacks and threats from the highest levels of government”, noting that he “refused to let political forces dictate monetary policy”. Fed decisions were made “based only on our best economic analysis of what would most benefit the people we serve”, Powell said on Sunday. “We do not take into account the fortunes of any political party or politician.” Powell repeatedly defied the US president’s demands for drastic interest rate cuts. Trump’s subsequent attempt to exert greater control over the Fed set the stage for a constitutional showdown that has unsettled global markets for months. Last August Trump announced he was removing Cook, citing what he described as “deceitful and potentially criminal conduct” relating to mortgage transactions, marking the first time in the Fed’s history that a sitting president had attempted to remove a Fed governor. Cook denied any wrongdoing and refused to leave. A federal district judge blocked the firing in September, concluding that Cook’s alleged conduct could not constitute lawful “cause” for dismissal because it occurred before she took office. When the case reached the supreme court in January, both conservative and liberal justices signaled skepticism towards the administration’s position, indicating they were unlikely to grant its request to lift the injunction while litigation continued. A final ruling is expected before the court rises for summer, typically in late June.

Ex-Federal Reserve chair Jerome Powell sounds alarm over political interference
North America
CNBC

Audemars Piguet's watch prices remain stable after controversial Swatch collab

When the famed luxury watch brand Audemars Piguet announced a collaboration with Swatch last month, some Audemars collectors feared the worst. Rapper DDG said he would sell his $180,000 Audemars Piguet if the collaboration grew too big and cheapened the brand. Members of the self-appointed horology community warned that one of the "Holy Trinity" of watch brands, famed for innovative complications, or features, and designs, had gone plastic. Yet a few weeks after the launch of the AP-Swatch Royal Pop collection, AP prices have held steady on the secondary market. Despite predictions of a collapse in Audemars Piguet's brand value and exclusivity, experts say AP is still AP. "There has been no discernible impact on AP prices from the launch," said Hamza Masood, head of partnerships at WatchCharts, which tracks secondary values for all major AP models. It's early, of course, but Masood said Royal Pop, the collection of brightly colored watches on lanyards, is part of AP's longer-term strategy of attracting the next generation of collectors. AP's signature Royal Oak watches typically retail for more than $50,000 and have a multiyear waiting list. Royal Pop makes the brand accessible to younger buyers and more women. "Fundamentally, everybody recognizes that this does not really eat into AP equity in any real, meaningful way," Masood said. "The product is not diluting the Royal Oak collector experience, because it's not even designed to be a wristwatch." After a speculative bubble in luxury watches during the pandemic, the luxury watch market plunged in 2022 and is only now starting to stabilize. WatchCharts' AP Index — comprising the top 30 models from the brand — is down about 40% from its peak in 2022. Rolex and Patek Philippe, the other two of the "Big Three" luxury watchmakers, are also down from their peaks. In the first quarter, AP's secondary prices were up 2%, compared with an increase of 1.7% for Rolex and 3% for Patek, according to WatchCharts. AP's inventory is aging more than that of its peers, suggesting a larger mismatch between demand and supply. "AP has [so far] not seen the same level of market recovery as the other two members of the Big Three," Masood said. Still, he said the Royal Pop gave AP something even money can rarely buy: cultural buzz on social media and digital news. The burst of attention will spark interest among teens and 20-somethings, who one day will be able to afford a Royal Oak.

Audemars Piguet's watch prices remain stable after controversial Swatch collab