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Asia-Pacific
The Straits Times

Alibaba shares rise after unveiling upgraded flagship AI model

People visiting the Alibaba booth during the World Artificial Intelligence Conference in Shanghai, on July 18. Alibaba said its Qwen3.8 Max model is second only to Anthropic’s Fable 5. Alibaba Group Holding shares rose as much as 5.4 per cent on July 20 after the company launched a preview version of its flagship Qwen3.8 Max model, describing it as second only to Anthropic’s Fable 5. The July 19 release came only days after start-up Moonshot AI unveiled a powerful new offering that has roiled markets and triggered concern in the US about China closing the gap on global leaders like Anthropic and OpenAI. Qwen3.8 Max has 2.4 trillion parameters, joining Moonshot’s Kimi K3 in the heavyweight class. With 2.8 trillion parameters, K3 rivals top offerings, and Alibaba is setting similarly high expectations. Developers can now access Qwen3.8 Max through Alibaba’s coding platforms, including Qoder. Alibaba plans to make the model open weight soon, expanding access beyond the preview release. Interest in these made-in-China artificial intelligence systems and models is so high that Moonshot was forced to pause taking on new subscriptions late on July 19 to manage overwhelming demand. While optimism around Alibaba is growing, other contenders in China’s hotly contested AI race have suffered a drop in the wake of the new Kimi release. Rival Zhipu declined nearly 30 per cent on July 17 and added a further 14 per cent to the losses on July 20, after being one of the star debut stocks in Hong Kong for much of 2026. Hangzhou-based Alibaba, China’s e-commerce leader and one of its biggest investors in AI, recently scored another victory after Beijing approved Apple Intelligence, the software suite for iPhones, iPads and other Apple gear, which will use Alibaba technology in the country. BLOOMBERG

Alibaba shares rise after unveiling upgraded flagship AI model
Asia
The Hindu BusinessLine

Q1 Results Today Live: JSW Steel profit doubles, Havells India profit declines, Oberoi Realty, The Federal Bank, Central Bank of India profit up, Reliance & Tata Tech to announce Q1 results

Business people using pen,tablet,notebook are planning a marketing plan to improve the quality of their sales in the future. | Photo Credit: Jirapong Manustrong Sensex settled 964.58 pts or 1.25% higher at 78,151.45; and Nifty 50 climbed 261.55 pts or 1.09% to 24,334.30. Oberoi Realty reports a 29% profit increase to ₹544 crore and total income rises to ₹1,361.69 crore in Q1. Poonawalla Fincorp reported standalone net profit for the quarter ended June 2026 at Rs 307.71 crore compared to Rs 62.60 crore in the same quarter last year. JSW Steel board approved the participation of the Company in the proposed initial public offering (“IPO”) of JSW One Platforms Limited (“JOPL”) as a Promoter Selling Shareholder by offering for sale, such number of equity shares of face value of Rs. 10 each of JOPL aggregating up to Rs. 811 Crore held by the Company (“Sale Shares”) in JOPL. JSW Steel on Friday said its consolidated net profit more than doubled to Rs 4,696 crore in the quarter ended June 30, supported by increase in revenues. Oberoi Realty reported consolidated net profit for the quarter ended June 2026 at Rs 543.51 crore as against Rs 421.25 crore in the same quarter last year. Navkar Corporation reported net profit for the quarter ended June 2026 at Rs 12.28 crore, compared to Rs 2.45 crore in the same quarter last year. JSW Steel reported standalone net profit for the quarter ended June 2026 at Rs 2,826 crore as against Rs 2,217 crore in the same quarter last year. Globus Spirits reported standalone net profit for the quarter ended June 2026 at Rs 27.55 crore compared to Rs 18.52 crore in the same quarter last year. Havells India’s standalone net profit for the quarter ended June 2026 declined 15.3% to Rs 298.43 crore as against Rs 352.34 crore in the same quarter last year. Revenue from operations in the first quarter stood at ₹6,518.19 crore as against ₹5,455.35 crore in the year-ago period

Q1 Results Today Live: JSW Steel profit doubles, Havells India profit declines, Oberoi Realty, The Federal Bank, Central Bank of India profit up, Reliance & Tata Tech to announce Q1 results
Europe
BBC Business

Thames Water lenders preparing legal challenge in event of Burnham nationalisation

Image source, EPABySimon JackBusiness editorPublished9 hours agoThe lenders to Thames Water are preparing a legal challenge in case a Burnham-led government attempts to nationalise the UK's biggest water company. Burnham - who takes over as PM on Monday - has previously said he wants to see "greater public control" of the water and energy sectors and has called for Thames Water to be nationalised. Its lenders had proposed a deal to write off nearly half of that and inject new cash in return for some leniency from future pollution fines, but this deal has previously been rejected by the government as being "weak" and bad for consumers and the environment. Sources close to the creditors have told the BBC that in the event of full nationalisation, they would pursue payment in full of the outstanding debts as has happened in previous cases, which could leave the government with a multi-billion-pound bill. Fears first emerged three years ago that Thames Water could collapse and on Thursday, the firm warned it has enough cash to last until the end of this year. Creditors insisted on Sunday that they were still working with officials and regulators to reach an agreement to rescue the company. A spokesperson for the Department for Environment, Food and Rural Affairs said the government was "prepared for any eventuality". "Thames Water customers have been let down for far too long, with 15 years of under-performance, increasing serious pollution, and customers left to pick up the bill," the spokesperson said. "The secretary of state has written to Ofwat to outline her early views that she is not convinced London and Valley Water's proposal is good enough for consumers or the environment." The lenders have offered to write off £9.4bn of Thames Water's near £20bn debt pile and put £3.35bn of cash into the company, but in return they want leniency from future pollution fines in order to turn the firm's fortunes around. Objecting to the proposal, Emma Reynolds said in June that she did not want a scenario where Thames Water customers had to "pick up the bill for the company's failures". At the time, she told reporters that the government "stands ready for all eventualities", including temporary nationalisation.

Thames Water lenders preparing legal challenge in event of Burnham nationalisation
Europe
BBC Business

White House teleprompter operator accused of making $100k off Trump speech bets

A White House teleprompter operator is being investigated over allegedly using inside information to place bets and make nearly $100,000 on US President Donald Trump's speeches. Gabriel Perez, who had worked at the White House since 2016, is accused of placing bets on words the president would use during major public addresses, including the State of the Union speech. The trades were made on Kalshi, a prediction markets platform where users can bet on real-world events. The firm confirmed it reported the activity to the Commodity Futures Trading Commission (CFTC), which regulates the platform. Kalshi froze Perez's account before any profits could be withdrawn, according to reports. The platform told the BBC its analysts noticed unusual betting on "mention markets" - contracts where users predict whether a speaker will use common terms, such as specific countries, economic words, or campaign slogans, in March. "The words of political leaders like Presidents and Fed chairs cause billions of dollars of movement in FX markets, oil futures, [and] the stock market," Kalshi said. Using account data, the company found the user was a federal employee operating White House teleprompters. Robert DeNault, Kalshi's head of enforcement, said the firm flagged the trades and had handed evidence to regulators. White House press secretary Karoline Leavitt said President Trump was aware of the teleprompter operator and that staffer was now on unpaid leave, before adding Perez would no longer work at the White House. When contacted by the BBC to confirm it was investigating, the CFTC said it could not "confirm or deny" any probe.

White House teleprompter operator accused of making $100k off Trump speech bets
Europe
BBC Business

Chinese firm seeks compensation over British Steel nationalisation

Image source, PA MediaByRachel Clun, Business reporter and Meghan Owen, Business correspondentPublished1 hour agoThe former owner of British Steel has said it will pursue the British government for compensation after the loss-making firm was nationalised. The UK took control of the Scunthorpe steelworks a year ago after China's Jingye Group said it planned to close the site because it was not financially viable, and fully nationalised the plant on Thursday. In a statement on Sunday, Jingye said it will seek "full compensation through legal means to the very end" over the UK's move. A government spokesperson said draft compensation regulations due to be released in the autumn will set out a compensation process through which an independent assessor "would determine what, if any, is payable". Jingye bought the Lincolnshire steel plant in 2020, but in March last year the firm launched a consultation on its closure saying the plant was losing £700,000 a day. The government took control of British Steel operations in April 2025, but until this week it remained under Jingye's ownership which limited the government's ability to shape the firm's future. On Thursday the UK government said it was taking the firm into public hands in order to safeguard a "vital national capability", giving the government the power to decide the plant's future. The decision to nationalise British Steel has threatened to strain the relationship between London and Beijing just as Andy Burnham prepares to enter Downing Street as prime minister on Monday. China hit out at the nationalisation of British Steel on Friday, saying it "firmly opposes and is strongly dissatisfied with the British government's decision". China's commerce ministry said the move "seriously infringed" upon Jingye's rights and interests, and "severely undermined the confidence of Chinese companies investing in the UK". The statement added that Beijing would support Chinese firms to protect their rights, but did not detail what that might involve. A UK government spokesperson said on Friday that commercial negotiations with the Chinese steelmaker had failed to reach an agreement "that represented value to the taxpayer".

Chinese firm seeks compensation over British Steel nationalisation
Europe
The Guardian

US gas prices edge up again as US-Iran tensions heighten over strait of Hormuz

A driver pumps gas at an Exxon station on 10 July 2026 in Austin, Texas. Photograph: Brandon Bell/Getty ImagesView image in fullscreenA driver pumps gas at an Exxon station on 10 July 2026 in Austin, Texas. Photograph: Brandon Bell/Getty ImagesStrait of HormuzUS gas prices edge up again as US-Iran tensions heighten over strait of HormuzDiesel tops $5 a gallon as regular gas reaches almost $4, nearly a dollar and a quarter more than a year ago The average price of diesel fuel in the US has increased again to more than $5 a gallon, according to the AAA, and the average price of gas is almost $4, returning to their highs before the June memorandum of understanding between the US and Iran. It’s a reminder to consumers and truckers of the costs of the Iran war and the unpredictable rhetoric from both Washington and Tehran. A year ago today, the AAA says, the average price for a gallon of diesel was $3.72, almost a dollar and a quarter less than it is now. Earlier this week, Iran declared the strait of Hormuz shut, after both Iran and the US claimed to be the guarantors of safe passage through the strategic waterway. Then the US announced it was imposing a blockade on all ship traffic to or from Iranian ports. Diesel price hikes, the AAA says, lead to rising costs across the board. “The impact is universal,” said AAA spokesman Robert Sinclair Jr. “Everything gets to the retail consumer by diesel-burning truck.” The renewed diplomatic uncertainty and new US and Iranian airstrikes are driving prices higher both at the pump and on the international wholesale markets. The price of a barrel of oil stands at about $81. That’s still down from the highs during the most intense part of Trump’s war in Iran but wholesale prices recently have been driven by erratic news from the White House. On Monday, the president suddenly announced the US would take over the strait and charge 20% of the value of any cargo going though the waterway, but then dropped the plan. The AAA’s Sinclair said price hikes are happening because of the reality of production declines and the public commentary by the White House as well. Trump, he said, “puts in on [the] 20% [transit fee] and then it’s gone. So much of this is happening on whim that’s its really impossible. The markets respond to whim. This is a market subject to rumors and other kinds of activities rumor or imagined.”

US gas prices edge up again as US-Iran tensions heighten over strait of Hormuz
Europe
BBC Business

Is Burnham promising a new dawn for North Sea oil and gas?

Image source, PA MediaByKevin KeaneScotland energy correspondentPublished19 July 2026, 08:58 BSTUpdated 1 hour agoThe final weekend before Andy Burnham enters Downing Street is being dominated by suggestions he'll announce plans for new drilling in the North Sea. On Saturday, the BBC reported the in-coming prime minister would stick to the party's 2024 manifesto pledge to issue no new oil and gas licences but would honour existing ones. That line has been confirmed as the hours count down to the Burnham premiership. Speaking on Sunday with Laura Kuenssberg, Labour's deputy leader Lucy Powell said Burnham would stick to the party's manifesto commitments, but there would be a "change of emphasis" on North Sea oil and gas. "We've been really clear that the way to achieve in the long term energy security and lower bills is by ensuring that we do have our own homegrown, clean, much cheaper energy," she said. "But we've been absolutely clear that North Sea gas and oil is an important part of that transition. "It's an important part of the mix, and I think what Andy's talking about is taking a more pragmatic approach and working with the industry to make sure that it can contribute to that [energy] transition and to the mix that is needed over the long term." Just how all this is squared up will, hopefully, become clear in the coming days and weeks. There is one thing we can be confident about now - the new prime minister won't be confirming approval for the controversial Rosebank and Jackdaw fields on day one in the job. The operators of those fields were given the go-ahead by the previous Conservative government but those decisions are having to be reconsidered because of a successful legal challenge. Environmental groups Greenpeace and Uplift argued that ministers had not considered the full climate impact from burning fossil fuels which the fields would produce. Despite both sites having production facilities in place, a lengthy process is still underway by the Offshore Petroleum Regulator for Environment and Decommissioning (Opred).

Is Burnham promising a new dawn for North Sea oil and gas?
Europe
The Guardian

How Trump’s ‘original oil guy’ boosted US-Israel ties and played down risks of Iran war

Harold Hamm, co-founder and chairman of Continental Resources, speaks in Gyeongju, South Korea, in October last year. Photograph: SeongJoon Cho/Bloomberg/Getty ImagesView image in fullscreenHarold Hamm, co-founder and chairman of Continental Resources, speaks in Gyeongju, South Korea, in October last year. Photograph: SeongJoon Cho/Bloomberg/Getty ImagesUS newsHow Trump’s ‘original oil guy’ boosted US-Israel ties and played down risks of Iran warFracking billionaire Harold Hamm is co-chair of a non-profit that has aggressively pushed for US energy dominance Tycoon Harold Hamm is one of the US’s most successful oilmen, the son of Oklahoma sharecroppers who hit it rich as a “wildcatter” and pioneered fracking techniques that drove the shale boom in 2008 that reversed declining US oil production. Donald Trump describes him as a “long time” friend and is said to have called him his “original oil guy” behind closed doors. The Continental Resources founder has also faced scrutiny from climate advocates and groups and some Democratic lawmakers over his influence on Trump and role in pushing him to go all in on planet-heating fossil fuels and gut climate rules. While Hamm was a key figure behind the lifting of the 40-year-old US crude oil export ban in 2015, a lucrative move for his company, in recent years advocates have mostly tracked Hamm’s influence at home. For instance, the 80-year-old helped organize the infamous Mar-a-Lago private fundraiser in 2024 at which Trump is reported to have asked oil executives for $1bn to help him get back into the White House. Hamm has donated more than $2m to Trump’s three presidential campaigns and an untold amount to help finance his new ballroom project. But less attention has been paid to Hamm’s hardline views on Israel, Iran and US energy markets, which Trump echoed while justifying the war on Iran he launched in February and to downplay its impact on US oil and gasoline prices. Hamm has been warning for years that Iran poses a threat to Israel and the US, championing the importance of US oil production in the context of the Middle East, while helping strengthen US ties with Israel. In a 2018 essay he co-wrote for the National Review, Hamm argued that “Iran perpetuates the virulent rhetoric that has fueled” antisemitism and that “Iran must pay for its constant attempts to destabilize the Middle East.” In the essay he also predicted the US would be “capable of providing enough oil to help stabilize the global market, no matter what happens in countries such as Iran” and that “[n]o longer is it the case that the flow of oil to the United States will be stifled if the Strait of Hormuz is shut down.” Central to Hamm’s foreign policy push has been the Council for a Secure America (CSA), a Reagan-era non-profit he relaunched in 2012 and of which he remains co-chair. View image in fullscreenVessels in the strait of Hormuz near the beach of Bandar Abbas, Iran, on 30 June 2026. Photograph: Amirhosein Khorgooi/ISNA/ReutersThe New York City-based non-profit, which declared Iran a “looming existential threat” in its founding mission statement is made up of US oil executives, former Israeli officials and former White House officials, including an intellectual architect of the Iraq war. CSA’s founding statement also argues: “America can be energy dominant, and when that takes place, our national security will be strengthened, freeing ourselves of foreign energy dependence.” Registered as a public charity, CSA is legally barred from devoting a substantial part of its activities to lobbying or from campaigning for a candidate. It has described its purpose as educating “key audiences on the importance of domestic energy production and technologies to American and Israeli mutual national security interests”. CSA’s annual reports show that in the 30 months between Hamas’s 7 October 2023 attack on Israel and the start of the US-Israeli war on Iran, the council held at least 300 briefings with lawmakers of both parties and their staff.

How Trump’s ‘original oil guy’ boosted US-Israel ties and played down risks of Iran war
Europe
The Guardian

Democrats allege Trump administration stalled US-Canada bridge opening as a favor to billionaire donor

The Gordie Howe international bridge, will link Detroit, Michigan, with Windsor, Ontario. Photograph: Dax Melmer/ReutersView image in fullscreenThe Gordie Howe international bridge, will link Detroit, Michigan, with Windsor, Ontario. Photograph: Dax Melmer/ReutersBusinessDemocrats allege Trump administration stalled US-Canada bridge opening as a favor to billionaire donorDelay seen as move to protect interests of Matthew Moroun, the owner of nearby Ambassador Bridge and a Trump donor The Trump administration for months blocked a $4.7bn publicly owned bridge between Detroit and Windsor, Ontario, a move critics allege is a quid pro quo for a billionaire Donald Trump donor. A ribbon-cutting ceremony for the Gordie Howe international bridge connecting Detroit and Windsor was initially scheduled for early June but was abruptly cancelled amid dispute between US and Canadian officials. On 10 July, Canada announced it reached a deal with the US, and the bridge will open on 27 July. The delay was heavily scrutinized by Democrats, including Rashida Tlaib, a US representative, who said the Trump administration blocked the bridge’s opening as a favor to a donor who owns a nearby bridge. Canada paid for the Howe’s construction, and it will be jointly owned and operated by Michigan and the Canadian government. It was first set to open earlier this year after eight years of construction. The new deal requires US government approval if toll fees are lowered below regional averages, according to media reports. Previously, the Canadian government set toll prices, but the Trump administration seemed set on protecting a nearby bridge owned by Matthew Moroun, a son of the late transportation and real estate scion Manuel Moroun. The younger Moroun owns the nearby Ambassador Bridge, which is North America’s busiest international crossing, and has for decades fiercely opposed plans for the new bridge because he stands to lose business. As many as 3m trucks cross the Detroit River via the Ambassador bridge annually, and Moroun collects up to $100 on each. But the 93-year-old bridge is often heavily congested with truck traffic that causes extremely long delays that slow and frustrate businesses conducting international trade. The delays have gotten so bad that many truckers and others use a nearby tunnel, or a bridge in Port Huron an hour to the north. The bridge has also been cited for safety violations in recent decades and its narrow lanes are considered a danger for first responders. The Howe was envisioned as a symbol of the US and Canada’s close bond, but instead has become a representation of US foreign relations dysfunction. Moroun has capitalized; over the last two decades, his family has mounted multi-prong attacks against the new plans, and is a prolific campaign donor at the state and federal level. Moroun donated $1m to a Trump political action committee (Pac) in January, and in February received a meeting with Howard Lutnick, the US commerce secretary. Hours later, Trump on Truth Social threatened not to open the Howe. June’s deadlines for an opening passed. The appearance of a political favor has drawn bi-partisan criticism and an investigation from the House oversight committee members Robert Garcia and Tlaib, whose district includes south-west Detroit, where both bridges sit. A letter the Congress members sent to Moroun accuses him of trying to “derail the project”.

Democrats allege Trump administration stalled US-Canada bridge opening as a favor to billionaire donor