Latest Developments

Asia
The Hindu BusinessLine

SBI, MS Strategic, BoB and insurers may cut stake sale in NSE IPO

Several major shareholders of the National Stock Exchange (NSE) have sharply reduced the number of shares they plan to sell in the exchange’s initial public offering (IPO), bringing the offer size down to around 12.4 crore shares from 14.89 crore proposed earlier, according to people aware of the development. The revised offer would represent around 5.1-5.2 per cent of NSE’s equity, compared with 6 per cent earlier. State Bank of India (SBI), the largest selling shareholder, has cut its proposed sale to 1.597 crore shares from 2.475 crore. SBI Capital Markets will sell 87.8 lakh shares, but this represents a transfer of part of the SBI group’s earlier allocation and does not increase the overall offer. MS Strategic (Mauritius) has reduced its offer to 1.10 crore shares from 1.60 crore, while Bank of Baroda will sell 76.9 lakh shares against 1.099 crore earlier. Stock Holding Corporation of India has cut its proposed sale to 61.9 lakh shares from 1.089 crore, while General Insurance Corporation of India will offer 61.9 lakh shares against 1.066 crore earlier. National Insurance Company will sell 40 lakh shares against 60 lakh earlier, Mahag Investments 30 lakh against 50 lakh, and Indian Bank 15 lakh against 24.8 lakh. The reductions come as shareholders reassess the valuation they could receive through the IPO at the lower-than-earlier expected price band. NSE shares have been trading above ₹2,000 in the unlisted market. At the indicative price band of ₹1,700-1,785 a share, the IPO would be worth around ₹21,500-22,600 crore, well below the nearly ₹30,000 crore issue size estimated earlier. The revised red herring prospectus (RHP) is expected to be filed with the Securities and Exchange Board of India (SEBI) by Thursday evening, the people said. The IPO is entirely an offer for sale by existing shareholders, with no fresh shares being issued by NSE. The exchange had originally planned to sell 14.89 crore shares, equivalent to about 6 per cent of its equity. 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.

SBI, MS Strategic, BoB and insurers may cut stake sale in NSE IPO
Europe
BBC Business

US diesel prices hit an all-time-high

Image source, Getty ImagesByMitchell LabiakBusiness reporterPublished4 September 2026, 10:58 BSTUpdated 1 hour agoDrivers in the US are paying more than ever for diesel at the pump as the US-Israel war with Iran continues to hit Americans' wallets. In the US, diesel is mostly used by commercial vehicles, such as trucks, trains, boats, buses, farming vehicles and construction vehicles. The average price for one gallon of diesel in the US has hit $5.85, compared to an average of $3.71 a year ago and above the previous high following Russia's full-scale invasion of Ukraine, according to the American Automobile Association (AAA). Fuel prices have soared since the Iran conflict began at the end of February, reflecting the surge in wholesale oil prices. In response to rising fuel costs, US President Donald Trump recently pledged to "substantially lower Gas Prices for all Americans" through an oil deal with Venezuela. In January, the former leader of Venezuela, Nicolás Maduro, was seized by US special forces following a raid authorised by President Trump. The latest agreement, announced on Saturday, calls for the development of 17 strategic oil fields with a proven potential of 65 billion barrels, as well as "an investment of more than $100bn (£73.9bn) and more than $209bn in taxes" for Venezuela, according to Interim Venuzuela President Delcy Rodríguez. The US government will retain 55% control of a joint venture with an "experienced private operator in Venezuela", a US official told the BBC's US partner CBS News. But some analysts have reacted with scepticism, including questioning whether the deal would address long-running obstacles that have deterred investment in Venezuela's oil industry. Oil is a key ingredient in car fuel and supplies have been limited by Iran responding to the war by effectively closing the Strait of Hormuz, a narrow waterway south of the country through which a fifth of the world's oil is transported. Rocketing pump prices have angered US voters ahead of the crucial midterm elections in November. According to recent Reuters/Ipsos polling, Trump's approval rating has fallen to 33%, ​with just 31% of Americans approving of the conflict.

US diesel prices hit an all-time-high
North America
CNBC Finance

Toyota's hybrid RAV4 is in demand as dealers wait for more supply

Toyota Motor has a rare problem for an automaker: There is so much demand for its new RAV4 and the inventory is so limited that dealers only have a few days' supply. "It is really unusual to see cars fly off the dealers' lots like this," said Jessica Caldwell, head of product insight at Edmunds. "It is not something that exists in that very practical, very suburban, small-midsize crossover segment." At Colonial Toyota in Milford, Connecticut, the lack of RAV4s has left owner Bobby Crabtree with several open spots for new vehicles at his dealership. "This lot can handle another 250 vehicles, so I am probably about a third full of that capacity," Crabtree said as he looked out at scores of new and used Toyotas. Not all of those open spaces would be filled with new RAV4s during normal times, but there certainly would be more, he said. Toyota's RAV4 has been a red-hot model over the past several years, with almost 480,000 sold in the U.S. last year. It was the third best-selling model in the country in 2025 behind the Ford F-150 and Chevrolet Silverado, two full-size pickups that have been top sellers for years, according to Cox Automotive. When Toyota announced it would be rolling out new versions of the RAV4, two things stood out. First, the crossover utility vehicle would only be sold as a hybrid. Second, production would be limited at first and then steadily increase. In other words, there would not be the normal allotment of new RAV4s at dealerships. That has not stopped buyers like Nancy and Ira Berman of Danbury, Connecticut. When they ordered their RAV4 in March, they knew they would be waiting a while before they got their new SUV. "The wait was a slight annoyance," said Nancy Berman. "It didn't stop us from going and doing this because we do have our other Toyotas to drive." For Toyota, the shift to an all-hybrid RAV4 lineup comes as more buyers are pivoting to those types of cars due to gas prices that remain elevated. In 2026, more than 18% of the vehicles sold in the U.S. have been hybrids, according to J.D. Power, still well behind the 75% of vehicles with internal combustion engines but above the 7% of pure electric vehicles. With dealers unable to stock their lots with new RAV4s and customers being told they will have to wait weeks or perhaps even months for a vehicle, it raises the question of whether Toyota could lose sales. So far, Toyota's U.S. sales in 2026 are still up 0.3% through July. Given the appeal of the RAV4, Caldwell said the impact of dealers having a limited supply is likely limited. "There are other vehicles within the Toyota lineup that consumers can go to," Caldwell said. "Toyota has a lot of brand loyalty, people who buy a Toyota usually stay with Toyota for many years not just one vehicle purchase but several."

Toyota's hybrid RAV4 is in demand as dealers wait for more supply
North America
CNBC Finance

OneRail launches AI platform with Nvidia for retailers to make faster delivery decisions

Logistics company OneRail is launching a platform using Nvidia's artificial intelligence software to help retailers make faster decisions on the most efficient delivery options at scale, CNBC has learned. The new platform, called OmniStar, allows retailers to use AI to evaluate all of their delivery options and identify the best one for each individual order, using OneRail's proprietary data. The last-mile delivery company told CNBC the new platform will allow smaller companies to deliver at scale and improve margins to compete with the retail giants of the world, including Amazon and Walmart. As e-commerce grows, retailers have had to keep up with surging demand and invest in nimble supply chains to optimize their efficiency. But those manual processes are often fragmented across the retailer and the logistics businesses. "If you don't have the ability to make lightning-fast decisions, you're giving up margin," OneRail CEO Bill Catania told CNBC. "Last-mile fulfillment is expensive." Where choosing the best routing for a package may have previously taken 20 minutes, OneRail said its platform can do it in two and a half minutes leveraging AI. That time saved means retailers can operate larger, faster and more precise supply chains, Catania said. "That's where the artificial intelligence comes in. It's making those kinds of decisions extremely rapidly, and so to do that, that's where the Nvidia hardware and the software comes in and really makes this thing work at scale," said David Daeschler, the head of AI at OneRail. Daeschler said the company began partnering with Nvidia three years ago to explore ways to incorporate AI into the logistics process. "The result is a real-time decision layer that can route an order to the right carrier and delivery mode at the right cost, rather than relying on static rules or manual planning," said Azita Martin, Nvidia's vice president and general manager of retail and consumer packaged goods. Catania said OneRail's proprietary data, which includes a network of more than 12 million drivers and over 1,000 logistics partners, is being used to train the AI on the most efficient routes and delivery options. "It's for the benefit of them and us: We operate more efficiently. They save money and provide a better customer experience," Daeschler said. The company told CNBC its platform has already been deployed with some customers, including a large tire distributor that saw OmniStar save the company a run rate of $40 million over three years because it's able to use its resources more efficiently.

OneRail launches AI platform with Nvidia for retailers to make faster delivery decisions
Asia
The Economic Times

10 smallcap stocks zoom up to 235% in 1 year; 8 turn multibaggers! Own any?

The stock market’s strongest performers can often reveal where investor interest and momentum have been concentrated. Here are 10 stocks that have delivered notable gains over the past year, with each recording a rise of more than 96%. Do you own any? (This article has been written by Veer Sharma, who is not a SEBI-registered Research Analyst or an Investment Adviser. Veer Sharma and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here

10 smallcap stocks zoom up to 235% in 1 year; 8 turn multibaggers! Own any?
Europe
BBC Business

Volkswagen board approves plan to cut another 50,000 jobs

Image source, EPA-EFE/REX/ShutterstockByOsmond ChiaBusiness reporterPublished4 September 2026, 01:18 BSTUpdated 2 hours agoThe board of German car giant Volkswagen has approved a plan to cut another 50,000 jobs as part of a sweeping turnaround programme. It brings the total number of roles the company plans to shed by 2030 to 100,000. The group - which includes Audi, Porsche, Skoda as well as the VW brand - said in March that it would cut 50,000 roles by the end of the decade. The move is a "strong signal" for the future of the firm, which is "taking responsibility for our entire workforce", VW's chief executive Oliver Blume said in a statement on Thursday. The Beetle-maker has been hit by a drop in profits due to falling sales and fierce competition, especially from Chinese brands. VW will also prioritise the "most compelling vehicles" and make more of each model, which will help lower costs, it said. A "fundamental adjustment of the global workforce capability is necessary" to safeguard the competitiveness of the company, which faces shifting demand and technological change. It added "a Group-wide workforce adjustment of approximately 50,000 positions - including management roles - will be necessary." The company is also considering the future of its Emden, Zwickau, Hanover and Neckarsulm plants, where it has said production capacity exceeds demand. As of 2025, VW employed more than 660,000 people worldwide. Its brands also include Seat, Bentley and Lamborghini. Christianne Benner - the president of Europe's largest industrial union IG Metall and deputy chair of VW's Supervisory Board - said the carmaker had "fought hard for good solutions" to address a "crisis situation". VW's profits have fallen sharply in recent years, hit by falling sales in China, which was once one of its biggest markets. Sales have also fallen in the US, partly due to the impact of tariffs on car imports that were introduced by President Donald Trump's administration.

Volkswagen board approves plan to cut another 50,000 jobs
North America
CNBC Economy

Fed Chairman Warsh expresses concern about inflation, advocates for 'quieter' central bank

Federal Reserve Chairman Kevin Warsh expressed concern Friday about elevated inflation while hinting that interest rates could need to move higher if more progress isn't made on easing price pressures. Warsh's closely watched remarks at the Fed's annual symposium in Jackson Hole, Wyoming, avoided committing either to forward guidance — or verbal cues about the Fed's intentions — or reaction function, the economic signals that would warrant an adjustment in rates. However, he did acknowledge that inflation is running hot, saying, "while this summer's [inflation] readings were better than expected, they do not tell me that underlying trends have meaningfully improved." "We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do. That's our job, our mandate and our charge to keep," he added. Stock market indexes climbed after digesting the speech, delivered at 10 a.m. ET, while Treasury yields moved substantially higher. The policy-sensitive 2-year note soared nearly 8 basis points, or 0.08 percentage point, to 4.31%, its highest since late July. Traders also raised the probability for a rate hike at the September policy meeting to 55.7%, or about 20 percentage points higher than a day ago, according to the CME Group's FedWatch tool. Warsh "opened the door to a Fed rate hike. A hike probably won't come in September, but it will by October or December," said Heather Long, chief economist at Navy Federal Credit Union. "Warsh explicitly said this summer's encouraging inflation readings don't indicate 'meaningful' improvement on inflation. Bond markets reacted swiftly by pricing in a hike." Warsh noted that "market prices show confidence that we will deliver price stability. And I can assure you they're right." Aside from the inflation concerns, which he said should be the Fed's primary focus, Warsh largely expressed confidence in the economy which he said "appears to have strengthened." As he has done previously, the chairman cited benefits from artificial intelligence and said business and consumer spending has held up well. While acknowledging a slowdown in hiring, he attributed that to a flattening labor supply. Warsh also used the speech to outline his philosophy on policymaking while carefully sidestepping any signals on what he thinks should be done to achieve the Fed's dual mandate of low inflation and full employment. "I stand here today committed to a discipline, not to a decision," Warsh said in prepared remarks for a group that includes his fellow policymakers on the Federal Open Market Committee as well as economists and media members.

Fed Chairman Warsh expresses concern about inflation, advocates for 'quieter' central bank
North America
CNBC Finance

Manhattan's luxury rental market is booming, with units reaching $100,000 a month

A surge in wealthy renters is driving Manhattan rents to new records, according to brokers. Median rents in Manhattan reached an all-time high of $5,000 a month in July, according to the Real Deal Report, authored by Jonathan Miller, director of markets for Street Matrix. The average rent jumped 15% compared with a year ago, to $6,306. Wealthy renters are driving most of the growth. The average price for luxury rentals — the top 10% of the market — jumped 35% over the past year, to $17,464 a month, according to the Real Deal Report. Luxury rentals are now fetching an average of $121 per square foot. Typically, renters are those who can't yet afford to buy. In today's market, ultra-wealthy New Yorkers who have plenty of cash to buy are choosing to rent. A record low supply of high-end properties for sale has led many to wait in a rental until they find their dream home. Others are spooked by falling or flat prices for Manhattan resales, which make apartments less attractive as investments. "These are people who can easily afford $20 million, $50 million trophy homes," said Laura Klein of Bespoke Real Estate, who recently brokered a rental for a penthouse in Chelsea for $177,000 a month. "There is so little inventory. And they don't want to compromise." Other brokers said New York's new pied-a-terre tax on high-value second homes has caused many wealthy would-be buyers to rent instead. "The sharp increase in rentals following the pied-a-terre tax announcement suggests that some prospective purchasers may already be choosing flexibility over ownership," said Pam Liebman, president and CEO of The Corcoran Group. The rush of wealthy New Yorkers into the rental market has created a new market for mega-rentals. The number of apartments renting for more than $50,000 a month so far this year has more than doubled compared with 2025, while the number renting for more than $100,000 a month is up sevenfold, according to The Real Deal. Klein said none of the ultra-high-end rentals are publicly listed and are instead offered quietly to wealthy clients through a small network of high-end brokers. She currently has a rental for $175,000 a month in Tribeca, as well as one for $95,000 a month on the Upper East Side. "The $100,000-a-month number is almost normal now," Klein said. "These are renters who want turnkey, unique, trophy properties." She said owners of the luxury rentals don't need the income but are opportunistic given demand. "They say to me, 'If the number is right, I'll rent.' These are properties that if they were on the market would be listed for tens of millions" of dollars, she said.

Manhattan's luxury rental market is booming, with units reaching $100,000 a month
North America
CNBC Economy

India’s economy expands 7.8% in fiscal first quarter, beating estimates

India's economy grew by 7.8% in the quarter to the end of June, mainly driven by strong performance of the financial, real estate, information technology and professional services sectors. The reading is comfortably above a Reuters poll of expectations for 7.1% growth and follows 7.8% growth in the previous quarter. While agriculture and allied sectors reported tepid growth, the performance of manufacturing and services sectors sharply improved in the June quarter, India's Ministry of Statistics and Program Implementation said in a release on Monday. The Iran war has not impacted India's growth as feared, Aastha Gudwani, India chief economist at Barclays, told CNBC's Inside India earlier. Of the 20 high-frequency indicators tracked by Barclays, only seven put the April-to-June quarter average growth rate slower than the Jan-March quarter, she explained, adding that consumer demand has stayed "robust." Manufacturing and service sectors, automobile sales and loan growth are also holding up really well, she added. Earlier in the month, India's central bank warned that even as the country's economy had remained "resilient" amid geopolitical uncertainty, growth was expected to slow over this financial year. The Reserve Bank of India had estimated that India's economy would grow by 7.0% in the three months ending June and 6.7% during the financial year ending March 2027. The central bank expects "the turbulent global economic environment" to have an impact on domestic economic activity as energy prices and supply chain pressures remain "elevated and uncertain." The El Niño conditions could lead to a deficient and uneven south-west monsoon and pose risks to India's farm sector and rural demand, the central bank said earlier this month. The impact of high energy prices is already being felt in India, with the country's inflation climbing steadily for nine straight months to 4.45% in July. Yet the RBI, unlike some of its Asian peers, did not hike interest rates in its August policy. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

India’s economy expands 7.8% in fiscal first quarter, beating estimates