Latest Developments

Europe
BBC Business

Oil prices slide after Pakistan announces deal between US and Iran

Oil prices fell in Asia on Monday after Pakistan, which has been mediating an end to the US-Iran war, announced a deal that President Donald Trump said would see the reopening of the key Strait of Hormuz shipping route. Brent crude, the global oil benchmark, was 4.8% lower at $83.18 (£61.89) a barrel, while US-traded oil was down 5.6% at $80.13. Pakistan's prime minister Shehbaz Sharif said an official signing ceremony would be held on Friday, 19 June in Switzerland. Iran's Deputy Foreign Minister Kazem Gharibabadi confirmed in a phone call on state TV that a deal with the US had been finalised, while Trump posted on social media "let the oil flow!". But Vandana Hari from energy markets analysis firm Vanda Insights said a lack of detail on what has been agreed "is likely to inject unease and uncertainty into the market." This could mean a week of uncertainty and volatility for the oil market, she added. The Strait of Hormuz had been effectively closed since shortly after the US and Israel launched airstrikes on Iran on 28 February. Tehran had threatened to attack vessels using the crucial waterway, through which around 20% of the world's oil and liquefied natural gas (LNG) normally passes. Global energy markets have been on a wild ride in recent months, with prices often rising or falling sharply in response to developments in the US-Israel war with Iran. Brent crude, which was trading at around $70 a barrel before the conflict started, peaked at about $120 during the war. Energy market experts have also warned that the movement of oil through the strait is unlikely to immediately return to pre-war levels. Andrew Lipow from consulting company Lipow Oil Associates said mines would first need to cleared from the waterway, which could take from a few weeks to up to six months.

Oil prices slide after Pakistan announces deal between US and Iran
North America
Yahoo Finance

Nasdaq, S&P 500, Dow Futures Climb While Oil Slides As US-Iran Deal Signals End To Hormuz Disruption: DJT, NFLX, GLXY, SPCX In Focus

U.S. stock futures climbed in the overnight session heading into Monday and oil prices fell lower after the U.S. and Iran reached a deal to reopen the Strait of Hormuz after months of conflict. Dow futures were trading up by 0.73%, S&P 500 futures climbed nearly 1%, while Nasdaq 100 futures traded 1.60% higher as of 8.46 p.m ET. The iShares 20+ Year Treasury Bond ETF (TLT) was also trading 0.59% higher amid ‘neutral’ sentiment at the time of writing. On Friday, all three benchmark indexes closed higher following a blockbuster debut of Elon Musk’s SpaceX. The Dow led the uptick, closing 0.70% higher after adding more than 350 points. The S&P 500 ended the session 0.50% higher and the Nasdaq was up 0.31% at close. The U.S. and Iran have confirmed that a peace framework to end the war has been reached, which will result in the reopening of the Strait of Hormuz after more than 16 weeks of being shut. “The Deal with the Islamic Republic of Iran is now complete. Congratulations to all!” said U.S. President Donald Trump on Sunday in a post on Truth Social. The president added that the Strait of Hormuz would be open and that “the immediate removal of the United States Naval blockade” would allow ships to pass through the critical waterways. “Ships of the World, start your engines. Let the oil flow!” he said. In a separate post, Trump said that the Strait would open on Friday following a signing of the deal. “This Great Deal will bring Peace and Security to the whole Region. Many presidents have tried to make Peace with Iran, and all have failed before me. The Leaders of the Region have, for the first time, found a President who can help them achieve real Peace. With the opening of the Strait upon the signing of the Deal on Friday, for purposes of mine removal, oil will flow on both ends again for the Region, and the World!” he said. Earlier in the day, Pakistani Prime Minister Shehbaz Sharif confirmed the deal in a post on X, saying, “Following intensive talks, we are pleased to announce that the Peace Deal between the United States of America and Islamic Republic of Iran has been REACHED. Both sides have declared the immediate and permanent termination of military operations on all fronts, including in Lebanon.” Sharif added that the official signing ceremony will be completed in Switzerland on June 19. “Markets have been waiting for this news for months, and the relief is already showing, with oil sliding and risk assets catching a bid,” Josh Gilbert, lead analyst for Asia Pacific and the Middle East at eToro Ltd, said to Bloomberg.

Nasdaq, S&P 500, Dow Futures Climb While Oil Slides As US-Iran Deal Signals End To Hormuz Disruption: DJT, NFLX, GLXY, SPCX In Focus
Europe
BBC Business

Millions of people can get discounts on their bills - here's how

Water, phone and broadband companies are willing to give millions of people discounted deals on their bills. Social tariffs - sometimes known as essential, or basic, tariffs - can reduce bills for people on various benefits. Generally, you only need to ask your supplier to get on one. Importantly, they are not price promotions designed to attract customers, but lower bills for the same service for those who would otherwise struggle to pay. Most people who have fallen behind on paying their bills are unaware this help is available, a major report has suggested. These tariffs vary between suppliers and the lower cost of them is often covered by higher bills for everyone else. Getting one does require you to get in touch with your supplier and provide some evidence - but that does not take very long. If your name is on the contract and you receive benefits such as universal credit, or pension credit, then companies may be able to give you a discounted deal. For broadband and phone contracts, regulator Ofcom has a list of social tariffs provided by suppliers. If yours is on the list, and you are eligible, then you can switch free of charge, and it won't cost to leave the contract either. For water bills, every supplier in England and Wales has a social tariff - but who is eligible and the level of support varies between them. The consumer group for water customers has a list. To apply, you generally need to provide some proof, such as details of the benefits you receive. Scottish Water does not offer a social tariff, but there are other options available. In Northern Ireland, people are helped through the Community Care Register.

Millions of people can get discounts on their bills - here's how
Europe
BBC Business

Is the convertible heading into the sunset?

Sophistication, freedom, rebellion or just the simple joy of taking to the open road with the wind in your hair. The convertible car used to represent all of these. But over the past two decades sales have collapsed, and its future seems deeply uncertain. So what's gone wrong? In the 1950s and 60s, owning a convertible showed you had style. They were what the celebrities of the era were seen in. When Hollywood deities Grace Kelly and Cary Grant were shown cruising along the French Riviera in a beautiful, sleek Sunbeam Alpine in To Catch a Thief, for example, they epitomised silver-screen elegance and savoir-faire. Later films like The Graduate and Thelma and Louise helped cement the open top car's position as a symbol of escapism and rebellion for new generations. For a while, convertibles were what people dreamed of buying, and manufacturers were happy to make them. Over the past 20 years, sales of new open-tops have fallen by nearly 90%, from 109,171 in 2005 to just 11,484 last year, according to the Society of Motor Manufacturers and Traders. That decline has coincided with a dramatic rise in Sports Utility Vehicles, or SUVs – large cars with at least a passing resemblance to four-wheel-drive off road vehicles. Last year they accounted for 59% of car sales across Europe, according to the research company Dataforce GmbH. SUVs certainly have the kind of celebrity endorsement convertibles used to enjoy. Big is also bling, and today upmarket models such as the Lamborghini Urus, the Mercedes-Benz G Wagon or the Bentley Bentayga are widely favoured by today's reality TV stars, footballers and music artists. What SUVs offer is some of the style and image of a convertible without the limitations an open top car creates, says Steve Fowler – a leading automotive journalist and founder of the car review website Carblah. "It's a simple fact of people wanting more practicality these days," he explains. "I always say SUVs are sports cars for people who can't have sports cars any more. They've got that kind of image that perhaps a convertible used to have. "And it's very difficult to put the kids, the dog, the bike, and everything else we have in our lives into a convertible." Whether it's down to the rise of the SUV or not, demand for open top cars has fallen – and that makes manufacturers reluctant to build them.

Is the convertible heading into the sunset?
Europe
The Guardian

‘Dreamers’ are losing their jobs waiting for renewals under Trump: ‘It feels like a personal attack’

A Dreamer, whose renewal was so delayed that he lost his job, sits in his home on 4 March. Photograph: Chicago Tribune/TNSView image in fullscreenA Dreamer, whose renewal was so delayed that he lost his job, sits in his home on 4 March. Photograph: Chicago Tribune/TNSUS immigration‘Dreamers’ are losing their jobs waiting for renewals under Trump: ‘It feels like a personal attack’The process to renew Daca immigration status used to take a few weeks – now it drags on for months It’s been six months since Claudia first applied to renew her US immigration status – a process that, for the last 14 years, would only take a few weeks. But now, the prolonged delay has put her life on hold. Claudia, who moved to the US when she was four, has maintained legal status as a “Dreamer” with the Deferred Action for Childhood Arrivals (Daca) program, which was created in 2012 to protect undocumented immigrants who came to the US as children from deportation. In December, Claudia submitted her Daca renewal, as she is required to do every two years. Under the Trump administration, a process that typically takes just a few weeks has dragged on for months. The delay has meant years of work she put into her education and starting a career are now at risk because of the lapse in her work authorization. “It feels like a personal attack,” said Claudia, who requested anonymity for fear of retaliation given her immigration status. “I renewed on time, completed my biometrics, followed every rule, but I’m still waiting to hear back.” Cesar, who requested anonymity due to his immigration status, has also been in a six-month limbo over his Daca renewal. After he lost his job in HR, he has been selling burritos on the street to make up for the lost income and has been sharing his story online. “I feel like I lose everything. We grew up here, we built a community here, and we built our lives here. I lost my dream job,” said Cesar, who moved to the US when he was four. “It’s been very hard, especially since I’m not making enough. I’m barely scraping by.” This article includes content provided by TikTok. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. To view this content, click 'Allow and continue'. The processing delays come at a time when Daca Dreamers are face growing hostility from the Trump administration. Hundreds of Daca holders have been arrested by federal immigration enforcement and several have been deported over the last year amid the White House’s broader immigration crackdown. Though the White House has said it is targeting immigrants with criminal records, a Guardian analysis from earlier this year found 77% of people who entered deportation proceedings in 2025 had no criminal conviction. More than 500,000 active Daca recipients reside in the US from nearly 200 different countries. To be eligible for the program, an individual must have entered and resided in the US before 15 June 2007, either in school or have a high school or equivalent degree, and no criminal record. Donald Trump attempted to eliminate the Daca program during his first term, but was ultimately blocked by the supreme court in 2020. Despite the ruling, litigation against Daca is ongoing and the administration has remained focused on targeting program recipients through new work restrictions and processing delays, immigration advocates said.

‘Dreamers’ are losing their jobs waiting for renewals under Trump: ‘It feels like a personal attack’
India
The Hindu BusinessLine

Rupee likely to strengthen on US-Iran peace deal as oil prices tumble

The Indian rupee is likely to strengthen at Monday’s open after a US-Iran peace deal knocked oil prices lower and spurred hopes that dollar inflows will return to Asia’s third-largest economy. The rupee is expected to open in the ₹94.80-94.85 per dollar range, per traders, having settled at ₹95.11 on Friday. The rupee is set to surpass the highs it reached after the Reserve Bank of India’s policy announcement on June 5, which laid out a raft of measures to support the currency. Asian equities and currencies advanced, while the dollar index and US Treasury yields fell and oil prices tumbled after US President Donald Trump and Iran’s deputy foreign minister said they had reached a deal to end the war and reopen the Strait of Hormuz. Brent crude dived 4.5 per cent to $83.40, the lowest level in more than three months. The critical question for markets is the durability of the peace deal and, by extension, the sustainability of the drop in oil prices, a currency trader at a bank said. If crude remains anchored near $80, the pressure created by equity outflows is likely to moderate, reinforcing expectations that portfolio flows could return, the trader added. The more than three-month war between the United States and Iran has cast a long shadow over the rupee, weighing on foreign appetite for Indian assets, inflating the country’s import bill and dimming the growth outlook. Amid persistent pressure on the rupee, the RBI announced a raft of measures at its recent policy meeting to bring in dollar inflows, including the revival of a 2013-type window to mobilise funds from non-resident Indians. The RBI’s measures had already begun to build momentum behind the rupee, and the drop in oil prices could provide the complementary support needed, the currency trader 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.

Rupee likely to strengthen on US-Iran peace deal as oil prices tumble
India
The Hindu BusinessLine

Indian AI startups pitch for funds from venture capitalists in US: Anirudh Arun

More Indian startups in the artificial intelligence sector are raising funds from the US where investors have taken note of a good rate of return on investments and the Government of India’s drive to develop advanced technologies both for the domestic and international markets, an AI startup said. “We are seeing an increasing number of Indian AI companies pitching for funds in San Francisco, where venture capitalists and equity investors have been closely monitoring the potential of innovations created in India,” said Anirudh Arun, CEO and Founder of Agentic Universe, a Bangalore-based AI company focused on banking, finance services and insurance (BFSI) products. He has also called for more support from Indian venture capitalists, especially to help Indian startups raise funds and go global. “Our applications are appreciated in the global markets, and investing in India also offers investors a good rate of return,” he highlighted. Arun pointed out that the Indian government-initiated AI Mission, incentives, and campaigns like “Make for the World” strongly support innovations created in India for both large domestic and international markets. Agentic Universe, among leading Indian startups working on AI applications, is expected to complete $10 million second fund raising by end of this year for scaling its capacity. “We are already running out of cloud capacity, and the new fund is to scale infrastructure for global enterprises,” said 23-year-old Arun who has spent three years on building his startup on USD165,000 raised as seed money in 2023. “We are trailing demand amidst growing markets driven by technology upgrades and AI-adoption by enterprises,” said the Manipal University minted technologist who sees Indian tech groups increasing collaborations with Silicon Valley and American funds. “Our domestic and global markets are set for double-digit growths while we are accelerating AI development programs to cope with demands,” he said of AI business prospects given the latest AI applications will be transforming the global economy in the coming decade. Speaking at SuperAI 2026 over the weekend, Arun believes the current geopolitical issues are short-term and MNCs will use the most advanced technologies to accelerate plans to rebuild global economies despite the West Asia conflict. Over 700+ startups applied, 10 pitched, five made it to the final at the exhibition and conference held June 10-11 attended by 10,000 trade visitors. 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.

Indian AI startups pitch for funds from venture capitalists in US: Anirudh Arun
North America
CNBC Finance

JetBlue bets big on Fort Lauderdale, from a new airport lounge to an international gateway

JetBlue Airways is already the biggest airline in Fort Lauderdale, Florida, and it wants to get even bigger. "Lauderdale has been a star for us," JetBlue President Marty St. George said this month about Fort Lauderdale-Hollywood International Airport. Capitalizing on growth at the Broward County airport is key for JetBlue as it revamps its network and rolls out more high-end options like a domestic first-class cabin to return to profitability. Its last profitable quarter was two years ago. JetBlue was looking to expand in Fort Lauderdale even before Spirit Airlines, the South Florida-based discounter that was No. 1 at the airport, collapsed on May 2 under the weight of debt and years of snowballing problems. JetBlue is now the top carrier with 36% market share by capacity at the airport, according to a Cirium tally of 2026 capacity, up from about 24% a year earlier. From May to June of this year, JetBlue added 5% more capacity, while big competitors pulled back in the Florida offseason, according to Cirium. The carrier has about 106 flights scheduled a day for this year on average, up from about 68 a day last year, Cirium data shows. Just hours after Spirit's collapse, JetBlue and other airlines laid out their own travel plans, adding flights to fill the void at Fort Lauderdale. JetBlue raised its revenue forecast for the year on June 1, citing strong demand. "I'm feeling very, very bullish about how customers have responded to JetBlue's growth," St. George said. JetBlue says it's planning for even more growth as additional gates become available after Spirit's demise. Some of those gates are still tied up in bankruptcy court. JetBlue's plan is to operate about 150 daily flights at Fort Lauderdale in the peak winter months, which include Presidents Day weekend and some school breaks, a schedule that will put it on par with JetBlue's Boston Logan International Airport hub, its largest after New York. The plan includes more international destinations leaving from Fort Lauderdale and a focus on premium air travel.

JetBlue bets big on Fort Lauderdale, from a new airport lounge to an international gateway
India
The Hindu BusinessLine

Officials survey farms around Tata iPhone parts plant after water pollution warning

Under the lens. The Tata Electronics plant in Hosur, Tamil Nadu, which makes Apple iPhone components Indian ​officials stepped up government checks on farmland surrounding Apple supplier ⁠Tata’s iPhone parts factory near Bengaluru on Monday, after Reuters reported state authorities found discharge from the plant had contaminated groundwater. Tata Electronics is central to Apple’s push to diversify iPhone ‌making beyond China. The plant facing scrutiny is located in Hosur, 25 miles south of tech hub Bengaluru, and makes back ‌panels and other components for iPhones. Tamil Nadu’s pollution ⁠body has warned Tata of a forced shutdown unless it explains ⁠why the body’s inspections between December 2025 and May 2026 found that wastewater discharge was affecting open wells in adjacent agricultural lands, Reuters reported on Saturday. Tata says its independent analysis determined ​it was in compliance with regulatory ‌norms and it was “committed to responsible business practices and protection of the environment and local communities.” Reuters reporters on Monday saw a team of three district administration officials, who oversee agricultural land issues, surveying the fields, walking ‌behind the Tata factory with farmers who had expressed concerns about ​alleged water odour and contamination due to discharge from the factory. “We are here to assess the situation,” district official N. Velu ⁠told Reuters, declining to elaborate. One farmer near the Tata plant, P. Pushparaj, told Reuters on Monday he had filed a complaint with authorities after observing ‌discharge from the plant was “dirty and had a bad smell”, adding he suspected it affected his crops. Tata and Apple did not immediately respond to Reuters queries. Reuters is first to report on Monday’s government scrutiny. The state pollution control body has said Tata discharged wastewater into a rainwater harvesting ‌pond inside its facility and that the pond overflowed to contaminate “groundwater in the open wells ​located in the adjacent agricultural lands”. The Tata notice adds to a series of issues that have dogged Apple’s India supply chain. ⁠A fire at Tata’s Hosur plant in September 2024 halted iPhone component production ⁠briefly, while a fire in September 2023 at former supplier Pegatron’s iPhone plant shut production for days. In 2024, a Reuters investigation found ‌that major Apple supplier Foxconn systematically excluded married women from iPhone assembly jobs at one of its plants in India, although the company said ​at the time that it complied with all laws.

Officials survey farms around Tata iPhone parts plant after water pollution warning