Latest Developments

Asia
The Hindu BusinessLine

IKEA India to quadruple sales by 2030 on the back of accelerated retail expansion, says CEO Patrik Antoni

IKEA India aims to quadruple its sales by 2030 and said it is witnessing strong double-digit growth as it accelerates its retail expansion plans. Earlier this year, the Swedish furniture and home furnishings major, which has invested over ₹10,500 crore in India so far, said it plans to more than double its investments by 2030. Patrik Antoni, CEO, IKEA India told businessline, “We are witnessing a solid double-digit growth trajectory with growth in sales and store visitations. India is a key growth market for us from the long-term perspective. We are quite bullish on the market with its large base of consumers, a growing economy and rapid urbanisation.” He added that the company intends to more than double its investments in India by 2030. “At the same time, we are aiming to quadruple our sales by 2030 to about ₹8,000 crore. This will mean our focus will be both on growing our existing stores as well as adding new stores. So we have said to have at least 25 new stores by 2030 and a strengthened e-commerce presence. We also intend to double the number of co-workers to 5,000 from the current 2,500, with a focus on skill development,” Antoni added. The company said while it’s focusing on expanding through large format stores, it also aims to become more accessible to Indian consumers through small and medium-sized stores. “Previously, we were expanding with larger store formats. But there has been a shift in consumer behaviour and they want us to be closer to them. So over the past two years, we have been executing the new expansion strategy, where we will continue to add larger format stores offering the full experience. At the same time, there will be more additions of small and medium-sized format stores to become more accessible,” he added. IKEA has also been ramping up its e-commerce presence in India. “Already, 30 per cent of our sales come from the e-commerce channel, which will increase. We see good traction when we connect the offline and online experiences. In markets where we already have an established presence, we are seeing the e-commerce channel growing faster due to an increase in brand awareness and brand knowledge after consumers experience the brand at stores,” Antoni noted. Meanwhile, the company is also ramping up sourcing and exports from India. “With our rapid expansion, we expect to significantly grow sourcing from India. Harmonisation of international and Indian standards has now happened to a large extent, which is a step in the right direction, and is crucial for us to grow export volumes from India,” he 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.

IKEA India to quadruple sales by 2030 on the back of accelerated retail expansion, says CEO Patrik Antoni
Europe
The Guardian

Delta says higher airfares expected to last despite drop in oil prices

Airlines across the board have had to pass on elevated fuel costs to customers or cut routes this year as the war in the Middle East drove oil prices up. Photograph: Kevin Carter/Getty ImagesView image in fullscreenAirlines across the board have had to pass on elevated fuel costs to customers or cut routes this year as the war in the Middle East drove oil prices up. Photograph: Kevin Carter/Getty ImagesAirline industryDelta says higher airfares expected to last despite drop in oil pricesCompany reports $1.4bn profit despite its highest quarterly fuel expense in history Delta Airlines saidelevated airfares are likely to last despite a recent drop in oil prices, reporting strong appetite for travel and record-high revenue in its quarterly results Friday. Though the company had its highest quarterly fuel expense in its history, demand has been high enough to pass along 60% of its extra fuel costs to consumers, Delta’s CEO, Ed Bastian, told CNBC, with plans to eventually pass along all elevated costs. “The demand for air travel is really strong, and as a result of that, we posted a $1.4bn profit,” Bastian told CNBC. Airlines across the board have had to pass on elevated fuel costs to customers or cut routes this year as the war in the Middle East drove oil prices up. While some Americans have been forced to cut or adjust their travel plans amid the higher fares, others appear unwilling to sacrifice their travel plans. AAA estimated that a record-high number of Americans drove or flew for their Independence Day holiday plans, despite high gas prices. Bastian said that he estimated that 60% of the airline industry’s profits this quarter would be coming from Delta, which holds 20% of the market share. Delta is the first airline to report its second quarter results; United Airlines and American Airlines will announce their earnings later this month. Bastian noted that Delta consumers are at the “top end” of the K-shaped economy, calling them “financially very healthy” with a “tremendous amount of wealth accumulation”. In its earnings report, Delta reported that its premium revenue grew 17% year-over-year, whereas its main cabin sales increased by just 8% over the same time frame. Earlier this week, the airline expanded its premium offerings, launching a “basic business” option that offers business class without expedited check-in or lounge access. “When you ask our consumers what is their main purpose and use of discretionary funds, they’ll say we want to participate in the experience economy, with air travel being the number one,” he said. “We want to go places. We want to see things.” Despite airfares that are up between 12 to 15% from last year, Bastian said airfares “continue to be a tremendous bargain”, amid overall inflationary pressures. He added that Delta flyers were still willing to spend on travel, citing the “post-Covid effect”. Despite the sharp in drop in global oil prices last month after the US announced a peace deal with Iran, oil and gas prices are creeping up again as the future of the ceasefire remains uncertain. The current national average for a gallon of gas is $3.88, which is cheaper than last month’s levels but still $0.71 higher than last year.

Delta says higher airfares expected to last despite drop in oil prices
Asia
The Hindu BusinessLine

Aprecomm acquires Airties to widen reach, provide better service

Digital connectivity solutions company Airties has signed a definitive agreement to acquire Aprecomm for an undisclosed amount. The acquisition will accelerate Airties’ geographic expansion, serve broadband operators in high-growth regions and enable it to leverage synergies across product portfolios, research and development. Pramod Gummaraj, CEO and Co-Founder of Aprecomm, said the company was built with the belief that every service provider should be able to deliver a far more intelligent and reliable broadband experience to its customers. This combination with the newly acquired asset gives the company a broader platform to take that vision further and extend impact across more markets globally, he added. Metin Taskin, CEO and Co-Founder of Airties, said Aprecomm is well positioned in growth markets such as India and Southeast Asia and the combined company now has an unmatched foundation to further accelerate expansion across Asia-Pacific and into South America, two markets where demand for intelligent connectivity is growing at an extraordinary pace. Headquartered in Bengaluru, Aprecomm has built a strong reputation for its intuitive, self-healing Wi-Fi and broadband network solutions for internet service providers. Through its AI-driven software services, Aprecomm helps internet service providers improve connectivity by delivering real-time insights and network optimisations, helping reduce operational costs and increase customer satisfaction. Aprecomm manages more than seven million homes and business locations and serves over 50 internet service providers worldwide. 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.

Aprecomm acquires Airties to widen reach, provide better service
Asia
The Hindu BusinessLine

30 tonnes of pineapples sold at Meghalaya Festival in Delhi

Over 30 tonnes of fresh Meghalaya pineapples were sold during the fourth Meghalaya Pineapple Festival in New Delhi last week. A media statement said that this quantity was almost double the 15.4 tonnes sold in 2025 and nearly four times the 7.7 tonnes recorded during the festival’s inaugural edition in 2023. The first edition in 2023 introduced Meghalaya’s premium pineapples to consumers in the national capital. By 2024, the festival had begun facilitating institutional partnerships. The 2025 edition expanded further with collaborations involving Reliance Fresh, Amazon Karigar and Blue Tokai Coffee Roasters, while also serving as the platform for launching the Meghalaya Agriculture Strategy 2028. Meghalaya produces over 1.4 lakh tonnes of pineapples annually across nearly 12,600 hectares, largely concentrated in Ri-Bhoi, Garo Hills and parts of the Khasi and Jaintia Hills. Cultivated under rain-fed conditions, the fruit is recognised for its exceptional sweetness, rich aroma, low acidity and a Brix value of 16-18, significantly higher than the national average. The statement said that Meghalaya adopted an integrated approach centred on farmer collectivisation, processing, branding and market development. Initiatives, including CM FARM+, MLAMP, the Meghalaya State Organic Mission, and interventions led by the Meghalaya State Agricultural Marketing Board (MSAMB) have worked in tandem to build an ecosystem that extends well beyond cultivation. This ecosystem now includes 40 PRIME (Promotion and Incubation of Market-Driven Enterprises) hubs, of which 12 are operational, supported by over 650 spoke facilities for aggregation, storage and primary processing. Community public-private partnership models have further strengthened local processing infrastructure, reducing post-harvest losses while creating opportunities for higher value realisation. Fresh pineapples sold through organised retail fetch approximately ₹22 per kilogram. Once processed into premium retail packs, churrasco pineapple, and export-grade frozen cubes, the same fruit can command prices of up to ₹1,500 per kg. According to the Government, farmers integrated into these value chains have recorded income gains of up to 80 per cent, it said. The Jirang Organic Agro Farmer Producer Company (FPC) in Ri-Bhoi district, which was established in 2017, brings together 433 farmers across 18 villages, nearly 75 per cent of whom are women. It supplies organised buyers including Lulu Group, Reliance Retail, Safal-Mother Dairy and Blinkit. The statement said its revenues have increased from ₹1.5 lakh during 2017-21 to over ₹1.17 crore in 2025, demonstrating how collective marketing and value addition can transform rural enterprises. Through initiatives led by MSAMB, more than 100 tonnes of Meghalaya pineapples have already been marketed through organised domestic and international channels. In June 2026, a 2-tonne consignment was flagged off for Lulu Retail in Dubai, it 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.

30 tonnes of pineapples sold at Meghalaya Festival in Delhi
Asia
The Hindu BusinessLine

Cochin Shipyard bids for Bharat Container Shipping Line orders; eyes surge in domestic shipbuilding

Pinning its hopes on the Union Shipping Ministry’s demand aggregation initiative to centralise India’s shipbuilding requirements, Cochin Shipyard Limited (CSL) has submitted bids under the newly floated Bharat Container Shipping Line (BCSL) consortium to build various types of vessels, including tankers. Jose V.J., Director (Finance) of CSL, told businessline that the consortium was formed to reduce India’s dependence on foreign shipping lines and cut freight outgo, which currently stands at around $75 billion annually, largely paid to foreign-flagged vessels for crude oil imports. It is estimated that India would require around 430 ships over the next 10 years, involving an estimated investment of ₹2 lakh crore, he said. Against this backdrop, the Centre has launched the demand aggregation initiative to consolidate shipbuilding requirements of the four major PSU oil marketing companies, ONGC and SCI, with these ships to be built in India. The initiative is expected to benefit shipyards across the country. Jose, who is also holding additional charge as Chairman and Managing Director, said CSL is well positioned to capitalise on the opportunity with a ₹6,000-crore capex plan and its newly commissioned large dry dock facility. The Ministry’s initiative would strengthen the domestic shipbuilding ecosystem as also envisioned under the Maritime India Vision 2030 and the Maritime Amrit Kaal Vision 2047, which aim to elevate India from its current global shipbuilding market share of less than 1 per cent to the 10th position by 2030 and fifth by 2047. “We already have export orders worth ₹7,300 crore. With shipbuilding/repair facilities in Malpe, Mumbai, Kolkata, the Andaman and Nicobar Islands, and an upcoming facility at Vadinar, we are strategically positioned to undertake commercial shipbuilding and ship repair orders for both domestic and export markets,” he said. CSL also plans to establish a steel block fabrication facility near International Container Transshipment Terminal, Vallarpadam in Kochi with an investment of around ₹4,000 crore. The company is also investing in a 72-year-old European ship design firm –Conoship -- specialising in short-sea vessels, a move expected to strengthen CSL’s position as a preferred shipyard for overseas clients. In addition, CSL has formed a joint venture with HBL Engineering Limited, Hyderabad to develop marine battery systems. The venture aims to localise marine battery solutions and energy management systems for ships, which are currently imported. With an order book of ₹22,300 crore, CSL posted its highest-ever turnover of ₹5,022 crore in FY26 and a profit after tax of ₹717 crore. Backed by strong demand, the shipyard is targeting 12-15 per cent growth in the next fiscal. Jose added that the ongoing West Asia crisis has disrupted supply chains and increased logistics costs, as the shipbuilding industry relies heavily on imported components, including propulsion systems and engines.

Cochin Shipyard bids for Bharat Container Shipping Line orders; eyes surge in domestic shipbuilding
North America
CNBC Finance

Florida's Palm Beach airport renamed for Trump

The airport in West Palm Beach, Florida, has officially been renamed after President Donald Trump, the first time an airport has been named after a sitting U.S. president. Effective Thursday, the facility will be called President Donald J. Trump International Airport, the Federal Aviation Administration said. The airport — formerly Palm Beach International Airport — said in an FAQ posted online that "updates to signage, branding and public‑facing materials, will occur in phases." As part of the transition, the airport's FAA locational identifier will change from PBI to DJT. The International Air Transport Association code change is set to occur on Aug. 18. Major U.S. carriers including United Airlines and Delta Air Lines began putting the new airport code DJT on their booking pages on Thursday, though consumers searching for flights can still use the old PBI code to find the airport. More than a dozen airlines fly into the facility, including domestic leaders Delta, United, American Airlines and Southwest Airlines. The fresh branding comes after Florida Gov. Ron DeSantis signed a bill into law earlier this year to change the name of the airport. The move was later approved by the FAA. The state of Florida appropriated $2.75 million toward the project, according to the airport's FAQ, and the remaining costs for the transition will be funded through the local Department of Airports' operating budget and capital improvement program. "While we recognize that the required name change may be received in different ways by our passengers, we're grateful for your continued support through this transition period," the airport wrote in the FAQ. "While some things may evolve over time, our core focus remains the same: providing a safe, reliable and welcoming airport experience." The airport is near the president's Mar-a-Lago club in Palm Beach, Florida, and he flies in and out of it fairly often. The president's son Eric Trump said Trump Force One — the nickname for the private jet owned by the Trump Organization — would be the first plane to land at the newly renamed airport. "As a son, and someone who flies out of this airport nearly every day, I will forever be proud to see the initials 'DJT' on my boarding pass," he wrote on X.

Florida's Palm Beach airport renamed for Trump
Europe
BBC Business

New era for Gibraltar with removal of 118-year-old border controls with Spain

Every weekday morning, Shilpi Chotrani rides her bicycle from her home in the Spanish town of La Línea de la Concepción to Gibraltar. It's a short journey but it means crossing an international border. A British Overseas Territory of around 40,000 inhabitants, Gibraltar has a border control for those entering and leaving. That means that during the morning and afternoon rush hours, when around 15,000 Spaniards who work in the territory cross the frontier, there can be long, time-consuming queues. "The fact that there is a border between us is ridiculous," says Chotrani, who has a job in human resources in a Gibraltarian shipping and tourism company. "I don't think a fence should separate people from one place and another." Behind her, the 1,400-foot-tall Rock of Gibraltar is shrouded in early-morning cloud. Perched at the southern tip of mainland western Europe, it is just nine miles from Morocco, at a point where the Atlantic Ocean and the Mediterranean Sea meet. It is a place that has witnessed military battles, sovereignty disputes and a 13-year blockade imposed by Spain. But from 15 July it is scheduled to see a new development - the removal of the border, allowing freedom of movement between Spain and Gibraltar. This is part of a carefully negotiated agreement between the European Union and the UK following the latter's exit from the bloc. Sharing a land border with the EU meant that Gibraltar posed a unique challenge in the post-Brexit era. "This is going to be a great step forward, both for the Spanish side and the British side," says Chotrani. "All of those of us who live [in La Línea de la Concepción] think this is a great idea. This should have been done a long time ago." Gibraltar has one of the highest per capita incomes in the world. But La Línea de la Concepción and the nearby area is one of the most deprived parts of Spain. Unemployment, which is high across the southern Andalusia region, is close to 30% here. The removal of the border is therefore expected to have major economic benefits, facilitating the flow of people back and forth, and possibly going some way to redress the imbalance between the two territories. "This is something historic, we've had a border fence since 1908," says Juan Franco, the mayor of La Línea de la Concepción, who is keen to underline the local economic dependence on the British territory.

New era for Gibraltar with removal of 118-year-old border controls with Spain
Europe
BBC Business

10 years of Pokémon Go and the millions still trying to catch 'em all

Image source, AP Images for Scopely ExploreByLaura CressTechnology reporterPublished3 hours agoPokémon fans have spent the past three decades trying to catch 'em all - and since the beginning this hunt has often taken place outside the home. The popular series started out on Nintendo's portable Game Boy console in 1996, and has found modern success on people's phones. The mobile app Pokémon Go, which is now celebrating its 10th anniversary, uses GPS and augmented reality to let players find and catch virtual monsters in real-world locations. It has been downloaded more than a billion times across iOS and Android devices, with millions still logging on each day. And Michael Steranka, vice president of product at the game's publisher Scopely, says the Pokémon Go experience has always been about bringing people together. "Pokémon Go will always start with community - we think we're only scratching the surface here," he said. "We often receive wedding invites from players who met through Pokémon Go... because it's been such an integral part of their relationship." But Pokémon Go's connection with its players appears to have prevailed, as hundreds of gamers gathered in New York's Times Square on Thursday to battle a giant Mewtwo - a reference to the game's original trailer published over a decade ago, external. When it was released in 2016, Pokémon Go quickly became one of the biggest mobile game launches in history. The technology overlays digital creatures onto a live view of the real world through a smartphone's camera, making it appear as though they're standing in front of the player. It sparked a craze where people flocked to places like parks, waterfronts and shopping malls in the hope of catching Pokémon. "By allowing you to take your mobile phone out into the world to discover virtual creatures, Pokémon Go helped realise the millennial dream of becoming a Pokémon Trainer," said Matthew Reynolds, editor of Pokémon news website One More Catch, external.

10 years of Pokémon Go and the millions still trying to catch 'em all
Asia
The Hindu BusinessLine

Honda eyes sub-4 metre SUV, EV push to drive growth

Honda Cars India is preparing to enter India’s highly competitive sub-4 metre SUV segment in 2028 as part of a broader strategy to regain market share. This reflects the structural shift in India’s passenger vehicle market, where compact SUVs have emerged as the fastest-growing category, Kunal Behl, Vice-President, Sales and Marketing, Honda Cars India Ltd, told businessline.. “The sub-4 metre space was missing from our portfolio. It is important for us to be present in both SUV segments,” he said. Hatchbacks have been shrinking at a compound annual growth rate (CAGR) of around 4 per cent over the past five years, while sub-4 metre has grown by more than 20 per cent annually, he added. The proposed compact SUV will be offered with multiple power train options, although Honda has not disclosed whether these will include petrol, hybrid or battery electric variants. Behl said Honda is also accelerating its electrification roadmap with plans for its first India-developed Battery Electric Vehicle SUV to be launched in the second half of the current financial year. Honda plans to offer petrol, hybrid and battery electric vehicles based on customer preferences while continuing to stay away from diesel, he said. On fresh manufacturing investments, Behl said the company’s Tapukara facility in Rajasthan, with an installed annual capacity of 1.8 lakh units, is currently operating at 60-70 per cent utilisation and caters to both domestic and export markets. The Japanese auto major will focus on improving utilisation through an expanded product portfolio before committing to additional capacity, he said. “As demand grows, we will evaluate expansion options, but the first objective is to utilise the existing plant better,” Behl said, adding that the company is evaluating multiple expansion options without specifying a utilisation threshold for fresh investments. Honda has lined up six launches during the current calendar year, including the new electric SUV. The broader product offensive is aimed at boosting plant utilisation and strengthening the company’s position in India’s evolving passenger vehicle market, said Behl. Tamil Nadu contributes nearly 12 per cent of the overall domestic sales for Honda. While the State ranks sixth nationally in passenger vehicle sales, it is Honda’s largest market, driven by a higher preference for petrol-powered and automatic transmission vehicles. The company has a warehouse for spare parts in the State but no immediate plans for manufacturing. 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.

Honda eyes sub-4 metre SUV, EV push to drive growth