Latest Developments

Asia
The Hindu BusinessLine

Markets defy global gloom; crude tops $85

Benchmarks closed sharply higher on Friday, shrugging off weak global cues as buying in banking, IT, and financial heavyweights drove a broad-based rally. The gains came even as escalating conflict between the United States and Iran pushed Brent crude above $85 a barrel and gold wobbled near $4,000 an ounce, keeping inflation concerns alive globally. The Nifty 50 rose 1.09 per cent, or 262 points, to settle at 24,334, while the Sensex advanced 1.25 per cent to close at 78,151. For the week, the Nifty ended 0.53 per cent higher, having found consistent support near the 24,000 level, its 20-day moving average. IT was the standout sectoral winner of the week, surging 4.2 per cent, lifted by better-than-expected results from Tech Mahindra. Private banks also gained on expectations that an RBI special overseas deposit scheme could pull in around $30 billion from NRIs, bolstering forex reserves. Pharma, metals, and realty were the week’s laggards. Broader markets underperformed Friday’s rally, with the Nifty Midcap 100 and Smallcap 100 declining 0.41 per cent and 0.21 per cent respectively, reflecting selective profit-booking outside the index heavyweights. “Markets staged a strong advance on Friday and gained over a percent despite weak global cues...the Nifty closed near the day’s high,” said Ajit Mishra, SVP Research at Religare Broking. On the currency front, the rupee traded largely flat at 96.26 against the dollar, gaining just around 4 paise on the day. Elevated crude prices and cautious foreign fund flows continue to weigh on the domestic currency, with the technical range pegged at 96.00–96.55. In commodities, crude dominated the global narrative. Brent is on course for a weekly gain of over 10 per cent, with tanker traffic through the Strait of Hormuz at two-month lows after six consecutive nights of US strikes on Iranian military infrastructure. Tehran has reportedly asked Yemen’s Houthi faction to prepare to shut the Bab el-Mandeb strait if Iranian infrastructure faces further strikes, raising the spectre of two simultaneous chokepoint closures. “With the ceasefire effectively in name only and escalation risk building on both fronts, the geopolitical risk premium embedded in prices looks unlikely to unwind soon,” noted Kaynat Chainwala, AVP Commodity Research at Kotak Securities. Gold, meanwhile, clawed back above $4,000 per ounce but remains down 3 per cent for the week. Silver is near its weakest since November 2025, off more than 10 per cent for the week. Fed commentary remained hawkish, with September rate hike odds on CME FedWatch rising to 53 per cent. Looking ahead, investor attention next week will be firmly on earnings. Results from Reliance Industries, HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank over the weekend are expected to set the tone for the Financials sector and define the broader market direction early next week. Siddhartha Khemka of Motilal Oswal expects “a gradual uptrend” driven by the earnings season, though crude at elevated levels and rupee weakness remain key risks to watch. 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.

Markets defy global gloom; crude tops $85
Asia
The Hindu BusinessLine

India’s whole cardamom exports triple in two years to cross $436 million in 2025-26

India's exports of whole cardamom more than tripled in value terms to $436.8 million in 2025-26 from $131.9 million in 2023-24, and its shipment volume more than doubled during the period, according to the Commerce Ministry data. The data showed that exports of whole cardamom stood at $436.8 million in 2025-26 against $201.2 million in 2024-25 and $131.9 million in 2023-24. In volume terms, outbound shipments increased to 16,399 tonne in 2025-26 from 7,674 tonne in the previous fiscal and 7,083 tonne in 2023-24. An official said the sharp rise in exports reflects growing global demand for premium spices, quality production and increasing preference among overseas buyers because of its aroma, quality and purity. The main export destinations for this cardamom include the UAE ($135.22 million), Saudi Arabia ($125.16 million), Bangladesh ($47.71 million), Iraq ($13.71 million), Kuwait ($20 million), and Malaysia ($8.48 million). Countries like the Netherlands, Australia, Bahrain, Canada, China, Egypt and Iran also import the spice from India. Cardamom cultivation in India is broadly divided into two main varieties: Small Cardamom (grown in the southern Western Ghats) and Large Cardamom (cultivated in the sub-Himalayan northeastern regions). The main small cardamom growing state in the country is Kerala (the largest producer accounting for over 56-58 per cent of the country's total supply). The key growing districts include Idukki, Wayanad, and Palakkad. It is followed by Karnataka (Coorg, Hassan, and Chikmagalur), and Tamil Nadu (Nilgiris, Palani, and Pulney hills). Large cardamom (often used in Ayurvedic medicines and hearty spice blends) is primarily grown in high-altitude and northeastern states such as Sikkim and Arunachal Pradesh. 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.

India’s whole cardamom exports triple in two years to cross $436 million in 2025-26
Europe
BBC Business

Burnham's 'Manchesterism' got him to No 10 - but will it work for the UK?

ByFaisal IslamEconomics editorIt was just five months ago when Andy Burnham retreated to his mayor's office in Manchester, having been blocked by Labour's ruling executive from standing for parliament. When I met him there a few weeks later, he told me he planned to deal with his disappointment with some ambitious plans for his city region. Burnham told me he wanted to appeal directly to Fifa to host the final of the women's football World Cup in 2035 Manchester instead of Wembley. "Imagine how electrifying that is for any girl growing up in the north of England," he said. He said he was also joining forces with other mayors for a "Great Northern" Olympic bid across the north of England, and a plan was also afoot to host the Ryder Cup in Bolton. Sports bodies needed "re-educating" about the rest of the country, he said. Manchester has already poached the Brit Awards from London after half a century in the capital. Big, bold gestures like these tell part of the story of what has happened in the city. Burnham's civic ambition is a byproduct of Manchester's status as the fastest-growing city economy in the country. As Burnham prepares to become prime minister, will he be able to apply the same model to the whole of the nation? Even before Burnham returned to parliament in June, there has been talk of Manchesterism as a political-economic philosophy that offers a programme for national transformation, rooted in a critique of a currently unresponsive, over-centralised British state. The city has a long history of blending the freest of free markets with a strong social spirit. Manchester's cotton traders championed free trade and liberal economics, at the same time as the emergence of the co-operative movement, the trade unions and the Suffragettes. Even the Manchester Ship Canal, the emblem of monopoly-breaking free trade, required local government intervention backed by the workers. But for an understanding of contemporary Manchester, you need to go back to the summer of 1996. Andy Burnham had left the north-west of England by then. He told me how when he first looked for a local media job after graduating in the early 1990s, all he could get was a role as an unpaid reporter on the Middleton Guardian. "I had to do what so many people of my generation, born in the 60s or 70s in the north-west of England had to do to get on in life," he said. "We had to go south." By 1996, Burnham was an MP's researcher. That year, back in Manchester, the IRA detonated the largest bomb in the UK since World War Two, devastating the city centre,

Burnham's 'Manchesterism' got him to No 10 - but will it work for the UK?
Europe
BBC Business

The financial winners and losers from the World Cup

Image source, ReutersByMichael RaceBusiness reporter, Reporting fromNew YorkPublished4 hours agoThis World Cup has been bigger than any tournament before it. More countries taking part and more matches means more eyeballs on the action - as well as more opportunities to make money. As the planet's footballing stars create historic moments on the pitch, billions of dollars are being generated off it. The amount of money world football's governing body Fifa makes from the World Cup is astronomical. It generated a record $7.6bn (£5.6bn) from Qatar 2022 and is expected to top that in US, Canada and Mexico 2026, especially with the expanded 48-team tournament. Marion Laboure, senior strategist at Deutsche Bank Research, says Fifa is "without question" the main winner with its revenues over the four-year cycle period approaching $13bn. Fifa's income comes from the sale of broadcasting, licensing and hospitality rights, sponsorship deals and ticket sales. "Fifa also moved into the secondary market with its official resale marketplace, taking a 15% fee from both buyer and seller," adds Laboure. We should expect more of this in tournaments to come, with Fifa considering expanding the tournament yet again to 64 teams, which could include the likes of China and India - and the billions more viewers that come with it. Image source, Getty ImagesFans - losersWhile fans may have achieved lifelong dreams, financially speaking, this tournament has been tough. The vast sums being forked out to pay for the tickets alone and criticism of Fifa's dynamic pricing strategy, which raises prices when demand is high, have been well-documented. Even US President Donald Trump admitted he "wouldn't pay" when asked about the potential $1,000 ticket price for his country's tournament opener against Paraguay. Tickets for the final at New Jersey's MetLife Stadium were officially offered at $32,970, while some resale tickets have been listed for more than $2m.

The financial winners and losers from the World Cup
Europe
The Guardian

US refunds $81bn in Trump tariffs after supreme court ruled them illegal

Donald Trump pitched the tariffs as a catch-all fix for the US economy. Photograph: Carlos Barría/ReutersView image in fullscreenDonald Trump pitched the tariffs as a catch-all fix for the US economy. Photograph: Carlos Barría/ReutersTrump tariffsUS refunds $81bn in Trump tariffs after supreme court ruled them illegal Government has been forced to pay back duties to companies that imported goods into the US that were hit by Trump’s tariffs The US government has already paid back tens of billions of dollars in tariffs it collected before the supreme court ruled them illegal, according to budget figures released on Monday. Tariffs – taxes on imported goods – have been a key part of Donald Trump’s economic plan since he took office again last year. In February the supreme court shut down a big chunk of the extra tariffs Trump had ordered, forcing the government to return money to the companies that had paid them. According to the budget data, the US has paid out $81bn (£61bn) in tariff refunds so far this fiscal year, which started in October 2025, compared with $5bn during the same period last year. A Treasury department official said the spike was almost entirely because of the supreme court decision, with most of the refunds happening in May and June. Trump had pitched the tariffs as a catch-all fix for the economy, bringing factories back to the US, getting better trade deals and closing the deficit in the federal budget. But the deficit, which had become a little smaller last year thanks to the tariff income, is now growing again. It hit $1.367tn in the first nine months of the fiscal year, up 2%. The US spent more than $1tn just on paying interest on its debt, up 14%, and military spending climbed 5% because of the war in the Middle East. The US administration’s current temporary 10% global tariff is due to expire on 24 July, but the White House is preparing new duties over what it sees as lax enforcement of anti-forced labour laws and excess industrial capacity. The latest proposal could affect leading partners including the UK, Japan, India, Taiwan and China, and would enable Trump to skirt previous court-imposed limits on his protectionist agenda. The new tariff rates are expected to be between 10% and 12.5%. The US has also threatened to impose fresh levies of 25% on Brazil. Last month Trump also threatened a 100% tariff on European countries, including the UK, that pursue a tax on the biggest US tech companies.

US refunds $81bn in Trump tariffs after supreme court ruled them illegal
Asia-Pacific
The Straits Times

Beyond attracting MNCs, Singapore to grow next generation of global business champions

EDB executive vice-president Choo Heng Tong said it is working with venture capital and private equity firms to back high-growth companies. SINGAPORE – Looking beyond its longstanding strategy of attracting multinational corporations, Singapore is ramping up efforts to nurture more companies into global industry leaders. Speaking at a business conference organised by NUS Business School on July 16, Economic Development Board (EDB) executive vice-president Choo Heng Tong said the globally leading companies of tomorrow “are not just currently established multinationals”. “Founders like you who are here today will also build them,” he said in his keynote address at the event, which brought together 400 business founders, global investors and NUS alumni. EDB is working closely with venture capital and private equity firms to identify, anchor and support high-growth companies with the potential to lead their industries globally, taking what Choo described as a long-term approach because “building a world-class company takes time”. This stems from recommendations by the Economic Strategy Review committees, whose final report in June, following a year-long review of Singapore’s economic strategy, concluded that Singapore must move faster to adapt to a fundamentally changed global environment. Choo noted that the review identified two interlinked pillars for Singapore’s next phase of growth: nurturing a new generation of globally leading companies, particularly in technology and innovation sectors such as artificial intelligence, and sustaining a vibrant entrepreneurial ecosystem. Held at Sands Expo and Convention Centre, the half-day global entrepreneurship conference presented ideas on how business leaders can start cross-border ventures and go global, as well as the state of the macroeconomic environment. Singapore is not immune to the geopolitical and regulatory uncertainty reshaping the global business landscape, Choo said. But it offers three things that matter most to founders as they build their businesses globally: a reliable, trusted track record; connectivity to Asia’s fast-growing market; and a Government that invests in the innovation ecosystem as a partner. “The world is more uncertain than it has been in decades. But for founders who are prepared, that uncertainty also presents new opportunities.” Choo noted that Singapore has diplomatic relationships with 150 countries and has one of the most extensive free trade networks, with 29 free trade agreements.

Beyond attracting MNCs, Singapore to grow next generation of global business champions
Europe
BBC Business

SpaceX share price drops below stock market debut

SpaceX's share price has dropped below its stock market debut just over a month ago, falling sharply from a post-float peak. The price for a single share in Elon Musk's rocket, satellite and artificial intelligence (AI) company fell to $132.62 (£98.24) on Wednesday, below its initial listing of $135 in June. SpaceX's initial public offering (IPO) made Musk the world's first trillionaire. Compared to its on-the-day high so far, the stock price is now down 41%. If the price holds, or falls further, it will mean that those who purchased stock around the time of its flotation will stand to lose money on their investment. Even amid a tumultuous few weeks for tech stocks, SpaceX has taken a particular hit. Compared to a 0.2% fall on the wider Nasdaq index, where SpaceX's shares are listed, the company's stock price fell more than 2% on Wednesday. SpaceX stock has been volatile since it began trading on the public stock market a little over one month ago. After an initial investor frenzy that saw the company valued at more than Amazon and Microsoft, the price of its shares has drifted downward. Earlier this year, SpaceX acquired Musk's AI start-up xAI, recently renamed SpaceXAI, marking it's first foray into an AI-focused business. XAI is best known for the controversial chatbot Grok, but through that acquisition, SpaceX now leases data centre capacity to other tech companies. The company's main business is the manufacture and launch of rockets and telecommunications satellites called Starlink. When Starlink said it was cutting prices in the Memphis, Tennessee area amid local concerns over a massive data centre project, SpaceX shares fell by 8%.

SpaceX share price drops below stock market debut
Europe
BBC Business

China hits out at British Steel nationalisation

Image source, Getty ImagesByPeter HoskinsBusiness reporterPublished1 hour agoChina has hit out at the nationalisation of British Steel, saying it "firmly opposes and is strongly dissatisfied with the British government's decision". On Thursday, the UK government said that taking the loss-making firm into public hands would protect jobs and safeguard a "vital national capability". The UK took control of British Steel's operations in Scunthorpe last year, though it was still owned by China's Jingye Group, limiting the government's ability to steer its future. China's commerce ministry said on Friday that the moves "seriously infringed upon Jingye's legitimate rights and interests and severely undermined the confidence of Chinese companies investing in the UK". It also called on Britain to "faithfully fulfil" its obligations under the China–UK Bilateral Investment Treaty. "Disregarding Jingye's significant contribution to the UK economy and society, the British side forcibly took control of the company in the name of national security," the ministry said. The statement added that Beijing would monitor developments closely and support Chinese firms to protect their rights, but did not specify what protecting Chinese companies' rights might involve. The decision to nationalise British Steel threatens to strain the relationship between London and Beijing just as Andy Burnham is set to become the prime minister on Monday. The incoming PM will have to weigh his approach to the issue with the economic benefits of ties with the world's second largest economy. The nationalisation came after Parliament on Wednesday passed legislation allowing the government to bring the steel industry into public ownership under circumstances where it met a public interest test. Jingye is seeking compensation, having previously said the business was losing £700,000 a day. The BBC has been unable to get a response from Jingye itself to Thursday's announcement. By taking British Steel into public ownership the government now has the power and freedom to decide on the future of the plant, while keeping the blast furnaces going.

China hits out at British Steel nationalisation
Europe
The Guardian

Kalshi to offer betting on drug trial results and FDA regulatory decisions

An advertisement for prediction market platform Kalshi in Washington DC. Photograph: Allison Robbert/APView image in fullscreenAn advertisement for prediction market platform Kalshi in Washington DC. Photograph: Allison Robbert/APTechnologyKalshi to offer betting on drug trial results and FDA regulatory decisionsMove comes as prediction platforms rapidly gain popularity and offer opportunities to bet on virtually anything Kalshi is expanding its wagers to include bets on drug trial results, an expansion into new predictions territory as platforms continue to rapidly gain popularity and offer opportunities to bet on virtually anything. The betting platform said the expansion into clinical trials and FDA regulatory decisions would help surface information on drug trials that otherwise go unreported. A publicly listed contract on a drug trial would produce a “continuously updated, public probability that reflects the weight of the evidence, rather than the preferred message of the trial sponsor”, the company said. “Drug development is one of the most important and most information-constrained industries on earth,” Kalshi’s CEO, Tarek Mansour, said in a statement. “The data that determines which drugs advance and which don’t is largely locked away from the people who need it most. Surfacing information is what Kalshi is for, and we are committed to doing it right: compliance-first, carefully scoped, and built for the long term.” The launch is described as a pilot program, and was announced as a partnership with the artificial intelligence firm AppliedXL. Critics have said prediction platforms such as Kalshi are at risk of market manipulation and insider trading. Federal regulators told CBS News on Friday that Donald Trump’s longtime teleprompter operator made tens of thousands of dollars on bets around the president’s speeches. Last month, the Department of Justice launched an investigation into George Santos, the former Republican congressman from New York, over whether he engaged in insider trading by betting on his own attendance at the State of the Union address. And in April, several congressional candidates were fined for betting on the outcomes of their own races. As a safeguard, Kalshi said it would require employment verification to prevent insider trading, as it does with its other markets. It also said it will only list contracts after enrollment in a drug trial closes, to avoid interfering with recruitment or physician referrals. Kalshi also released a 44-page white paper on the “state and future” of drug development prediction markets, which included quotes from several leaders of healthcare companies, including the founder of 23andMe, Anne Wojcicki, who wrote that the clinical trial process was opaque and difficult to understand for most people. “Most patients don’t know about the choices available in clinical trials or which programs are most promising,” Wojcicki wrote. “The opportunity to have an open, transparent dataset about trial probabilities is extremely promising and empowering for people.” Earlier this week, filings with the US Commodity Futures Trading Commission revealed Kalshi was also making plans to offer contracts to users who wanted to bet on flight cancellations – the percentage of flights cancelled at a specific airport over a given timeframe. The contracts would be based on data from FlightAware, a flight tracking company, with information from the US Department of Transportation as a backup, Kalshi said in the filing.

Kalshi to offer betting on drug trial results and FDA regulatory decisions