Latest Developments

Asia
The Hindu BusinessLine

Heavy rain disrupts Mumbai flights; five arrivals diverted to other airports

Five flights arriving at Mumbai airport were diverted to other facilities till 3:30pm on Monday due to bad weather in the metropolis, officials said.In a statement, the Mumbai International Airport said IndiGo flights 6E 595 (Raipur - Mumbai) and 6E 1340 (Singapore - Mumbai) were diverted to Hyderabad, while Akasa Air QP 1110 (Delhi - Mumbai) was diverted to Ahmedabad. Air India's AI 2772 ( Kolkata - Mumbai) and Oman Air's WY 203 (Muscat - Mumbai) were diverted to Bengaluru and Vadodara airports, respectively, the private airport operator said in the statement.Mumbai and its adjoining areas have been witnessing very heavy rains since the past few days, throwing normal life out of gear. 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.

Heavy rain disrupts Mumbai flights; five arrivals diverted to other airports
Europe
BBC Business

Wegovy weight loss pill now available in UK - here's what you need to know

The once-a-day Wegovy weight loss pill is now available to buy privately from High Street and online pharmacies in the UK - but is not yet on the NHS. It contains the same ingredient - semaglutide - as the Wegovy weight loss injections but is still advised to be used alongside a healthy diet and increased physical activity. Aside from the obvious that one is in pill form and one is an injectable, both treatments work well and trials show they are similarly effective. But if you don't like the idea of using something daily or it doesn't suit your lifestyle to fast (not eat) eight hours before taking a pill each day, the injection may be more convenient. You can take the once-weekly jab any time of the day but it does need to be stored in the fridge. It's available to people with a BMI of 30 and above (generally considered obese) or a BMI of 27-30 (overweight) if they also have certain weight-related health conditions, such as type 2 diabetes or high blood pressure. And like the jab, a consultation - either online or face-to-face - is needed to make sure the pill is right for you. A number of online and high street pharmacies say they will have stocks soon to send out. Image source, Universal Images Group via Getty ImagesThe semaglutide in the jab and pill mimics the actions of a hormone called GLP-1 (glucagon-like-peptide-1), which is released from the intestine after people eat. It acts on receptors in the brain that control appetite, making people feel fuller, less hungry and crave food less. Very common side effects with both include stomach problems, like feeling sick, being sick (vomiting), constipation and diarrhoea. With the jab, you may get little bit of skin redness, itching or mild swelling where you inject.

Wegovy weight loss pill now available in UK - here's what you need to know
Europe
The Guardian

EasyJet suggests it will agree to £5.5bn takeover by US investment firm

EasyJet had rejected several takeover offers from Castlelake. Photograph: Lisi Niesner/ReutersView image in fullscreenEasyJet had rejected several takeover offers from Castlelake. Photograph: Lisi Niesner/ReuterseasyJetEasyJet suggests it will agree to £5.5bn takeover by US investment firmAgreement in principle with Castlelake follows several rejected offers and means UK’s biggest low-cost carrier will be taken private The airline easyJet has said it intends to accept a £5.5bn takeover offer by the US investment firm Castlelake that would take Britain’s biggest low-cost carrier private. The companies announced an agreement in principle on Sunday evening in a statement, and requested an extension to a deadline to complete the deal formally. The agreement came after weeks of negotiations and several rejected offers. The airline, a member of Britain’s FTSE 250 index of mid-sized companies, said it was minded to accept an offer at £6.90 a share. If the deal completes, it could be worth nearly £800m for easyJet’s founder, Stelios Haji-Ioannou, who still owns more than 15% of the company along with his family. EasyJet had rejected an offer of £6.50 a share 10 days earlier, saying it substantially undervalued the business. The first bid was worth £5.60 a share. The company’s shares were priced at £5.58 when stock markets closed on Friday, giving it a market value of £4.2bn. The last time easyJet’s shares traded above £6.90 was in early 2022, during the coronavirus pandemic, however some easyJet shareholders had told its chair, the former Royal Bank of Scotland chief executive Stephen Hester, to push for a price above £7. EasyJet had been deemed vulnerable to a takeover this year because of two profit warnings in the spring, and a difficult macroeconomic backdrop resulting from the fuel price surge caused by the US-Israeli war on Iran. The airline’s chief executive, Kenton Jarvis, in March reported falling bookings because of the war. It also faces stiff competition from the likes of the Irish carrier Ryanair, the biggest airline in Europe, Hungary’s Wizz Air and smaller British rival Jet2, which all operate in the low-cost market. Castlelake, based in Minneapolis, Minnesota, is a US private equity investor founded by the American banker Rory O’Neill. The company specialises in asset-based lending, including leasing planes to airlines. Some analysts have suggested that easyJet’s fleet could work with its leasing business, as well as potentially spinning off easyJet’s holidays arm. Castlelake has also previously had an interest in Scandinavian airline SAS. It is in the process of selling that stake, which it obtained via a debt restructuring, to Europe’s Air France-KLM. EasyJet, headquartered at Luton airport north of London, operates from 164 airports in 38 countries, employing 19,000 people. The companies did not say what plans Castlelake had for its workers.

EasyJet suggests it will agree to £5.5bn takeover by US investment firm
Asia-Pacific
The Straits Times

Singapore retail sales grow for fourth straight month but at slower pace

The estimated total retail sales value in Singapore in May stood at $4.5 billion. SINGAPORE – Consumers continued to spend more in May than they did a year earlier, extending retail sales growth to a fourth straight month, although the pace of growth slowed from April and spending weakened from the previous month. Retail sales rose 3 per cent year on year to an estimated $4.5 billion in May, down from the 5.4 per cent growth recorded in April, according to data released by the Singapore Department of Statistics (SingStat) on July 6. The slower pace of growth comes after retail sales accelerated in April, although consumer spending remained supported by Singapore’s resilient labour market, DBS Bank senior economist Chua Han Teng told The Straits Times. “Still-resilient and healthy labour market conditions, as reflected in low unemployment and continued household income growth, supported retail sales despite uncertainty stemming from the Middle East conflict during the second quarter,” he said. Excluding motor vehicles, parts and accessories, retail sales grew 3.7 per cent year on year, moderating from the 4.5 per cent increase recorded in April. On a month-on-month basis, retail sales in May were weaker than in April, falling 2.3 per cent after accounting for seasonal factors. Excluding motor vehicles, parts and accessories, May sales declined 1.8 per cent from April. Online transactions accounted for 15.1 per cent of total retail sales, up from 14.7 per cent in April. Most retail industries posted year-on-year growth, led by recreational goods, where sales jumped 23.6 per cent. Watch and jewellery sales rose 11.7 per cent, while petrol service stations recorded a 9.5 per cent increase, mainly because of higher petrol prices. Chua said that stronger sales of recreational goods as well as watches and jewellery reflected resilient consumer spending despite broader economic uncertainty during the second quarter. The increase at petrol service stations marked the third consecutive month of growth, although he expects the pace to moderate as oil prices ease following the cooling of US-Iran tensions since mid-June. “Growth should moderate as petrol prices ease following the de-escalation of US-Iran tensions since mid-June,” he said.

Singapore retail sales grow for fourth straight month but at slower pace
Asia-Pacific
The Straits Times

No more US Fed hints: How Warsh could change the way Singapore analysts read markets

Under the leadership of new Federal Reserve chairman Kevin Warsh, the US central bank aims to adopt a less predictable communication style, making it harder for Wall Street to guess future interest rate moves. SINGAPORE – Since the US Federal Reserve shifted to a less transparent policy approach, CMC Markets sales trader Eugene Koh has been paying much closer attention to key macroeconomic indicators, such as non-farm payrolls and inflation, to gauge the direction of monetary policy. “These indicators provide valuable insight into how the Fed may approach monetary policy going forward,” said Koh. One interesting change following the Fed shift is that market reactions have become much more nuanced, he added. For example, a weaker-than-expected non-farm payrolls report – a key measure of US employment growth – would traditionally be viewed as bearish, as it signals a slowing economy. However, in the current environment, traders also consider whether softer economic data could increase the likelihood of future rate cuts, which can support equities and other risk assets, he noted. “As a result, the key question is no longer just whether the data is good or bad, but what it means for the Fed’s next move.” Koh’s comments come after new Fed chairman Kevin Warsh abolished forward guidance. Under his leadership, the US central bank aims to adopt a less predictable communication style, making it harder for Wall Street to guess future interest rate moves. The Fed kept interest rates steady at 3.5 per cent to 3.75 per cent during Warsh’s first policy meeting in June, driven by persistent inflation. Before Warsh assumed the role, the Fed practised “forward guidance”. This meant it communicated its expectations for the economy and the likely path of interest rates. Warsh, however, argues that this excessive communication creates an environment where the market expects too much from the Fed and can lead investors to treat its projections as firm commitments rather than conditional guidance. “Clients are increasingly seeking guidance on how economic releases and Fed expectations could affect their portfolios, so staying on top of these developments helps me better translate market moves into client takeaways, and makes it an even more important part of my day-to-day workflow,” he said. Analysts said the absence of forward guidance will likely put significant additional weight on key economic data in shaping market expectations of Fed policy, especially inflation data.

No more US Fed hints: How Warsh could change the way Singapore analysts read markets
Europe
BBC Business

EasyJet reaches 'agreement in principle' over potential takeover

Image source, Getty ImagesByJemma Crew, Business reporter and Marc Ashdown, Business correspondentPublished5 July 2026EasyJet has reached an agreement in principle with a US investment firm over a potential takeover offer worth around £5.2 billion. The low-cost Luton-based airline had previously rejected four takeover offers from Castlelake, which owns a stake of about 2.14% in EasyJet through the funds it manages. It said those offers had been worth £6.50, £5.60, £6 and £6.25 a share, and has previously accused Castlelake of trying to buy it "on the cheap". On Sunday EasyJet's board of directors and Castlelake said they had reached an agreement in principle on a proposal put forward on 4 July, worth £6.90 per share. This does not mean a deal has been confirmed. Castlelake now needs to get regulatory clearances and the approvals required for the transaction to go ahead. One significant regulatory hurdle is that EasyJet is a European company, so by EU rules it needs to be 51% owned by a European company. Castlelake is a US firm, although it has previously outlined how it would endeavour to comply with this rule. It has until 17:00 BST on 3 August to either announce a firm intention to make an offer or say it does not intend to do so. EasyJet's board on Sunday said the financial terms of the proposed offer "are at a value that the Board would be minded to recommend to easyJet shareholders", should a firm offer be made. EasyJet is one of Europe's largest airlines. It employs more than 19,000 people, and flies around 1,200 routes across 35 European countries. It has previously said its share price had been "temporarily depressed" - partly due to the impact of the US-Israel war with Iran on the travel sector. EasyJet shares closed on Friday at £5.58 each. Before news of the first bid emerged in June, EasyJet's stock had fallen by more than 30% in the past year.

EasyJet reaches 'agreement in principle' over potential takeover
Asia
The Hindu BusinessLine

Oil, gas tankers cross Hormuz via Oman-Side route after u-turns

Oil and gas shipping along a US-protected corridor in the Strait of Hormuz showed signs of recovering Sunday, a day after a batch of vessels performed unexplained U-turns and detours in the vital energy corridor. Six oil and gas freighters were observed navigating on a route that cleaves close to Oman’s coast. Those are only what’s observable, with many ships known to sail through with their transponders off to avoid digital detection. Western navies continue to say that, while traffic continues, the threat risk is “substantial” and that the center of the strait has been mined. Two other small tankers exited the Persian Gulf by sailing closer to Iran. The oil market is fixated on what’s moving through Hormuz and how, a task that’s become tougher because of ships trying to avoid the attentions of Iran’s military as they come and go. Over Friday and Saturday, at least eight vessels were seen U-turning as they sailed through along the Omani route. Four of them subsequently went on to sail northward toward the Iranian route, and exited the strait. Of the U-turners, at least one fuel tanker appeared to be making a fresh attempt to transit on Sunday, sailing past the tip of Oman’s Musandam peninsula. Another products tanker transited along the same route earlier, openly signaling its intentions, and is now broadcasting a location in the Gulf of Oman. Others are opting to cross in the dark, popping up once clear of the waterway. One Suezmax crude carrier appeared in the Gulf of Oman on Sunday after last broadcasting from within the Persian Gulf on Saturday. There was no immediate explanation for the ships that turned back on Friday and Saturday, though Iran has repeatedly said that vessels should only transit the strait through the route designated and authorized by the Islamic Republic. Naval liaison groups have yet to comment on the abrupt U-turns, although the Joint Maritime Intelligence Center repeated on Sunday that Iranian forces continue to harass shipping. On Saturday, 19 vessels crossed the Strait of Hormuz in either direction, but only one openly signaled its inbound transit along the Omani coast, Kpler data show. That compares with Friday’s count of 13 along the route. This tally includes only observed transits, and figures may change as more dark crossings — made without transponders switched on — are verified. For much of the war, several ships attempting to leave the Persian Gulf through Hormuz have reported warnings by Iranian forces over radio communications, saying that they should not proceed without getting Tehran’s permission. Iran has fired on some of the vessels that sailed on. Tanker companies have been struggling with the stop-start reopening of Hormuz. Their willingness to take on the risk of crossing the narrow waterway is crucial for the normalization of the oil market, still recovering from a historic four-month crisis. 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.

Oil, gas tankers cross Hormuz via Oman-Side route after u-turns
Asia
The Hindu BusinessLine

Asian shares rise on tech, oil slips after OPEC: Markets wrap

Asian shares advanced and US equity-index futures held onto Friday’s gains as technology stocks extended their rebound. Oil edged lower. MSCI’s Asia Pacific Index climbed 0.5 per cent, with more than two shares rising for every one that declined in the gauge. The Kospi Index advanced 2.2 per cent, ahead of this week’s $29 billion US listing for SK Hynix Inc. Elsewhere, equity-index futures for Wall Street gauges held their gains from Friday, when the US markets were shut for a holiday. Futures for the S&P 500 Index rose 0.5 per cent, while those for the Nasdaq 100 climbed 1.4 per cent. Oil slipped as energy flows through the Strait of Hormuz persisted and OPEC+ signalled higher supplies. Brent slipped 0.3 per cent to $71.88 a barrel as shipping through the US-protected corridor in the waterway showed signs of recovering. OPEC+ members also backed another modest rise in collective quotas for next month. Markets entered the second half of the year on a cautious footing as investors weigh the fallout from the Iran war’s energy shock and whether the AI-driven rally can be sustained. Following last week’s recovery from a two-day rout in chipmakers, attention has shifted to earnings season for signs that massive spending on AI infrastructure is translating into profits. “Tech stocks and tech-heavy indices in the US and Asia have entered a period of consolidation ahead of the Q2 earnings season,” said Tony Sycamore, an analyst at IG Markets in Sydney. In other corners of the market, gold gave up its initial gains to trade around $4,175 an ounce. Silver rose 0.4 per cent to about $62.66 an ounce. Meanwhile, Goldman Sachs Group Inc. revised its yen forecast to 165 per dollar in a year’s time from 155 previously. The Japanese currency traded at 161.45 to the greenback in early Asian trading, while the dollar was steady. “The broader macro backdrop of higher-for-longer US yields, low recession risk, lingering fiscal concerns, and only gradual BOJ hikes strongly argues for continued depreciation pressure on the currency,” strategists including Kamakshya Trivedi wrote in a note. In forex, the won is also in focus. The Korean currency was steady after rebounding late Friday from its weakest level against the dollar since 2009 after a person familiar with the matter said the nation’s officials were preparing for currency flows related to SK Hynix’s offering of American depositary receipts. The move to 24-hour trading for the currency is the centerpiece of Seoul’s years-long push to improve foreign investors’ access to local markets and bolster the case for an upgrade to MSCI Inc.’s developed-market index. Treasuries were steady as cash trading resumed following Friday’s holiday. The US bond market faces a test of investor demand for longer-dated maturities this week, with auctions of 10- and 30-year Treasuries highlighting an otherwise light week for economic events.

Asian shares rise on tech, oil slips after OPEC: Markets wrap
Asia-Pacific
The Straits Times

SGX on course for bumper crop of IPOs, yen on a roller coaster

As of late May, there had been five new listings, with four more expected in the coming months. SINGAPORE – Singapore saw a flurry of initial public offering (IPO) activity this week, with several companies lodging listing documents for the local bourse. The rush came amid improving market sentiment, with the Straits Times Index rising more than 1 per cent over the week to close at 5,244.29. If the conditions are right, the Singapore Exchange (SGX) could record 20 to 30 IPOs in 2026, building on the 15 listings in 2025. As of late May, there had been five new listings, with four more expected in the coming months – Foundation Healthcare Holdings (FHH), All-Link Air & Sea, EGP Energy Corporation and AirTrunk. However, the performance of recent SGX IPOs has cast a shadow. About 60 per cent of those listed over the past year have struggled post-debut. For example, co-working space provider JustCo, the most recent addition on May 22, was trading more than 40 per cent below its offering price about a month later. The poor showings may weaken investor confidence and affect demand for future IPOs, prompting would-be listers to either delay their mainboard debut or list elsewhere in the region. It remains to be seen whether these companies can sustain their pre-listing hype. Private healthcare group FHH was reportedly “multiple times oversubscribed” for its IPO, with strong demand from international and cornerstone investors, according to people with knowledge of the deal. The Temasek-backed healthcare company, which operates four medical centres, is looking to raise $242 million from its IPO. Of this, $118 million will come from 10 cornerstone investors, and the rest from 162.6 million shares on offer to the public and international investors at 76 cents per share. The IPO, which opened on July 1, will close at noon on July 6. Trading of the company’s shares is expected to commence on SGX on July 8 at 9am. FHH’s market capitalisation will stand at $1 billion upon listing. Earlier in the week, both electrical infrastructure solutions and service provider EGP Energy and logistics solutions provider All-Link Air & Sea lodged a preliminary prospectus on June 30 to list on the SGX mainboard. Lastly, data centre operator AirTrunk, which is backed by global investment firm Blackstone, was expected to have filed confidentially for an IPO of a real estate investment trust, though the timing was not confirmed, according to people familiar with the matter. Bloomberg reported in April that AirTrunk had sought to raise about US$1.5 billion (S$1.9 billion) from the offering.

SGX on course for bumper crop of IPOs, yen on a roller coaster