Latest Developments

Europe
BBC Business

Range Rover launches first fully electric model

Range Rover has unveiled its first fully electric model, after a year‑long delay to its planned launch. The Range Rover Electric, to be built in Solihull, marks a major shift in its electrification programme, backed by large‑scale upgrades across its West Midlands sites. Parent company JLR said it had up-skilled 10,500 workers for electric production as it pushes ahead with modernisation despite recent financial pressures and planned job cuts. The launch comes as the Coventry‑based carmaker faces falling profits, supply chain disruption and restructuring following a cyber attack last year. The company said the launch was being supported by new battery and electric drive unit production lines as well as training around 9,000 employees in Solihull for electrification and a further 1,500 trained across the region. JLR's Electric Propulsion Manufacturing Centre in Wolverhampton is now producing battery packs and electric drive units alongside internal combustion engines. Martin Limpert, managing director of Range Rover, called the new model the result of a decade of "considered engineering". JLR's electric roll-out comes after a turbulent year with profits dropping to £66m in the first quarter after a fire at a key Norwegian supplier. The business is also undergoing restructuring, confirming that fewer than 300 roles will go less than a year after a cyber attack halted production for more than a month. At the time of the results, the firm said new product launches would leave "JLR in good shape whilst acknowledging the continuing geopolitical, inflationary and regulatory challenges the industry faces".

Range Rover launches first fully electric model
North America
CNBC Economy

Fed’s preferred inflation gauge shows core prices rose 3.3% annually in July

Prices consumers pay for a variety of goods and services rose slightly in July, according to the Federal Reserve's main inflation gauge. The personal consumption expenditures price index, which the Fed uses as its preferred forecasting tool, increased a seasonally adjusted 0.2% for the month, putting the annual inflation rate at 3.7%, the Commerce Department reported Wednesday. Both were 0.1 percentage point above the Dow Jones consensus. But stripping out volatile food and energy costs, core PCE posted respective gains of 0.2% and 3.3%, in line with forecasts. While the Fed considers both measures, policymakers generally see core inflation as the better measure of longer-term trends. The report also showed that personal income rose 0.4% while spending increased 0.2%, both stronger than expected. Goods prices actually declined on the month, off 0.1%, driven by a 2.7% decrease in gasoline and other energy-related goods and a 0.9% drop in furnishings and long-lasting household equipment. Services prices rose 0.3%, pushed by a 1.2% increase in financial services and insurance as well as a 0.3% gain in housing. Stock market futures pulled back a bit after the report while Treasury yields were higher. The report comes with Fed officials weighing their next policy move as inflation, despite generally soft monthly readings this summer, is still well above the central bank's 2% goal. With the rate-setting Federal Open Market Committee not meeting formally in August, officials have a bit of a respite before making a decision at their next gathering on Sept. 15-16. Markets are pricing in only about a 1 in 3 probability of a move then, with the best chance for a rate hike coming in December. Though the FOMC doesn't meet, Fed officials this week gather at Jackson Hole, Wyoming, for their annual symposium, the highlight being a policy speech scheduled for Friday from Chairman Kevin Warsh. Since taking office in May, Warsh has been circumspect about where he sees policy heading, instead preferring that markets set the tone. Government bond yields have been on the rise lately. Both the 10- and 30-year Treasurys recently saw yields hit their highest levels since 2007, just before the global financial crisis. The surge has come from a variety of factors, including investors' concern about the Fed's commitment to its inflation target as well as debt and deficit issues with the federal budget.

Fed’s preferred inflation gauge shows core prices rose 3.3% annually in July
North America
Yahoo Finance

This “Boring” Vanguard Dividend ETF Is Quietly Beating the S&P 500 in 2026

Dividend ETFs spent a decade quietly losing ground to the S&P 500 for three very specific reasons. One of Vanguard's most overlooked funds may finally be turning that story on its head. This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them. For much of the past decade, dividend ETFs have largely trailed broad market-cap-weighted index funds. I think that comes down to three main reasons. First, specialized dividend strategies generally charge higher fees than plain-vanilla index funds. Even seemingly small differences in expense ratios compound over long holding periods. Second is taxes. Outside of tax-advantaged accounts like a Roth IRA, every dividend payment is generally a taxable event. Even if the underlying investment performs well, taxes can quietly chip away at long-term returns. The third, and probably most important, reason is factor exposure. Many dividend ETFs naturally tilt toward value stocks, while the last decade belonged overwhelmingly to growth. As mega-cap technology companies drove the S&P 500 to repeated highs, value-oriented dividend strategies simply struggled to keep pace. That dynamic has started to shift in 2026. Value stocks have staged a resurgence as several Magnificent Seven companies have stumbled amid concerns that artificial intelligence capital spending may have become overly aggressive. It’s still far too early to declare a lasting change in leadership, but the performance has been noticeable. As of Aug. 4, 2026, the Vanguard High Dividend Yield ETF (VYM) has generated a 16.58% cumulative total return, outperforming the Vanguard S&P 500 ETF (VOO) at 13.75% year to date. One year doesn’t establish a long-term trend, but VYM remains one of the dividend ETFs I continue to keep on my watch list. VYM tracks the FTSE High Dividend Yield Index. The index excludes real estate investment trusts (REITs), removes companies that have not paid a regular dividend during the previous 12 months or are not expected to pay one over the coming year, then ranks the remaining stocks by their forward dividend yield. Those companies are subsequently weighted by market capitalization. The result is a broadly diversified portfolio of 605 companies that carries a noticeable large-cap value tilt without sacrificing quality. Sector allocations also differ meaningfully from the S&P 500. Financials represent the largest allocation at 20.7%, followed by technology at 14.6%, industrials at 14.4%, and healthcare at 12.4%. That value bias shows up in the portfolio’s valuation metrics as well. VYM currently trades at an average price-to-earnings ratio of 21.6, below that of the S&P 500, while still producing an impressive 19.4% return on equity. One feature that often gets overlooked is VYM’s tax efficiency. The fund currently offers a respectable 2.22% 30-day SEC yield without relying on covered calls or other derivative strategies that cap upside. More importantly, Vanguard reported that 100% of VYM’s 2025 dividend and net short-term capital gain distributions qualified as qualified dividend income, making them eligible for the lower long-term capital gains tax rates for most investors.

This “Boring” Vanguard Dividend ETF Is Quietly Beating the S&P 500 in 2026
Asia-Pacific
The Straits Times

Have kids? Don’t leave government benefits idle on the table

Rather than concentrating support around birth, the SG Child Support Package spreads help across the years of raising a child, says the writer. Sign up for ST InvestMe and unlock full access to exclusive insights and financial literacy courses today. SINGAPORE – For years, the Singapore Government’s support for young couples contemplating parenthood has been heavily front-loaded around a child’s birth, from the Baby Bonus Cash Gift and the Child Development Account (CDA) to grants, subsidies and childcare support.

Have kids? Don’t leave government benefits idle on the table
Europe
The Guardian

Pentagon official overseeing military AI sold millions worth of stock in AI firm

Emil Michael during a Senate armed services committee confirmation hearing in Washington DC on 27 March 2025. Photograph: Tierney L Cross/Bloomberg via Getty ImagesView image in fullscreenEmil Michael during a Senate armed services committee confirmation hearing in Washington DC on 27 March 2025. Photograph: Tierney L Cross/Bloomberg via Getty ImagesUS militaryPentagon official overseeing military AI sold millions worth of stock in AI firmExclusive: financial disclosures from Emil Michael – who also reaped millions from xAI stock earlier this year – show he sold his Perplexity stock for up to $25m The top Pentagon official overseeing military artificial intelligence policy, who reaped profits earlier this year of up to $24m selling his private investment in Elon Musk’s AI company, has now sold his holdings in another AI company for between $5m and $25m, according to records seen by the Guardian. (Federal financial records show ranges of dollar values rather than specific figures.) Earlier this year, the Guardian disclosed that the official, Emil Michael, had profited handsomely from his investment in Musk’s xAI in January, with a gain of between 400% and 4,800%. Michael’s latest financial disclosures show that in June, he sold off his shares in Perplexity, an AI-powered search engine. Recent reports have said Perplexity is looking for a financial valuation of $30bn. The records don’t reveal whether he made a profit on the sale because of the large dollar range listed in his disclosures. The Lever reported in March that Michael had the holdings in Perplexity. His financial disclosure filings from 2025 also show that he had received a personal loan from Perplexity a year earlier, of between $250,000 and $500,000, at an interest rate of 4.57%. He also joined a Perplexity advisory board, but his disclosures said he stepped down upon entering federal service. Some of his Perplexity stock was vested and some was unvested, and in his ethics agreement he pledged not to make a profit off the unvested stock. It is not clear from the disclosures what stock he sold. Perplexity announced a contract with the US government’s General Services Administration in November of last year, though records do not show specific ties to the Pentagon. “He should have sold all interest in the company before he started working,” said ethics expert Richard Painter, a former lawyer at the White House under George W Bush. “That’s the way we would have done it back when I was working for president.” A Pentagon spokesperson said Michael and other defense officials “are in full compliance with ethics laws and regulations. Any claims otherwise are false”. The spokesperson said the department has “a rigorous, multi-layered ethics framework”. Painter said Michael’s ownership in an AI company would not be a violation of law but would have raised questions because of appearances. “Most administrations would have said get out of that stock before you start that job.” Michael’s lucrative trading while at the Pentagon isn’t limited to AI companies. His latest disclosure also shows he has now realized gains at least 473% selling holdings he owned in a separate non-public company.

Pentagon official overseeing military AI sold millions worth of stock in AI firm
Asia-Pacific
The Straits Times

Jefferies-linked fund has almost US$500 million exposure to trader Radiant World, FT reports

Reuters has previously reported that Jefferies had trade-finance-related exposure of about US$300 million to Radiant World through its Point Bonita fund. A fund run by a unit of US bank Jefferies has nearly US$500 million of exposure to iron ore trader Radiant World, its founder and another entity, the Financial Times reported on Sept 5. LAM Trade Finance Group II, a fund run by a Jefferies unit and in which Jefferies holds a minority stake, secured a freezing order from a court in London against Radiant World, its founder Pinkesh Nahar and Sapphire Minmetals, which used to be part of Radiant World, Reuters reported on Sept 2, citing a person with knowledge of the matter. The FT said the freezing order was for up to US$499 million, citing people familiar with the matter, putting the fund’s exposure significantly higher than previously reported. Reuters has previously reported that Jefferies had trade-finance-related exposure of about US$300 million to Radiant World through its Point Bonita fund. Point Bonita drew attention last year after Jefferies disclosed it had hundreds of millions of dollars of exposure to bankrupt auto-parts maker First Brands Group. Jefferies and Radiant World did not immediately respond to Reuters’ requests for comment. Jefferies declined to comment to the FT. Radiant World has come under scrutiny due to concerns that invoices provided to its banks may not have been valid. The company has strongly denied the allegations, which have prompted some counterparties and lenders to halt or restrict business with it. REUTERS

Jefferies-linked fund has almost US$500 million exposure to trader Radiant World, FT reports
Asia
The Hindu BusinessLine

UST completes acquisition of majority stake in Italdesign from Audi Group

Leading AI and technology transformation solutions company UST has completed acquisition of a majority stake in Italdesign from the Audi Group. Italdesign, in turn, confirmed the deal in a statement saying the Audi Group is entering into a strategic partnership with UST headquartered in Aliso Viejo, California. Audi will remain a strategic partner of the company in the long term, it clarified. UST and Italdesign will join forces and combine their respective domains of expertise to actively promote digital solutions for the next phase of automotive development, the statement said. A UST spokesperson said as the automotive industry rapidly shifts toward software-defined, AI-enabled and increasingly connected vehicles, the partnership will bring together Italdesign’s design and engineering expertise with UST’s strengths in automotive engineering, AI, software-defined vehicles, and digital ecosystem design. Together, they will help manufacturers address the growing complexity of next-generation mobility by accelerating innovation from concept through production. The partnership reflects a shared belief that the future of mobility will be shaped by convergence of design, engineering, software, and artificial intelligence, while keeping human creativity at the centre of innovation, the spokesperson pointed out. For nearly six decades, Italdesign has helped shape some of the world’s most recognisable vehicles through a unique combination of design creativity and engineering excellence. This partnership seeks to create new opportunities to design, engineer, and deliver intelligent, connected products that will define the next generation of mobility. Vijay Padmanabhan, Chief Financial Officer, UST, said his company didn’t invest in Italdesign simply because of its capabilities. “We invested because of its people, its heritage, and its extraordinary reputation for turning bold ideas into world-class products,” he remarked. Gilroy Mathew, Chief Operating Officer, said UST’s customers increasingly need partners who can connect design, engineering, software, and AI. “Together with Italdesign, we’ll help our customers move from concept to production faster while preserving the creativity and engineering excellence that define great products.” Antonio Casu, Chief Executive Officer, Italdesign, said the company brings nearly 60 years of experience and credibility in the global automotive industry to this partnership. “We will continue to operate as Italdesign, with our values and distinctive competencies based on a holistic and multidisciplinary approach and an increasing focus on sustainability, while benefiting from UST’s global scale, digital engineering expertise, AI capabilities, and global client relationships.” 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.

UST completes acquisition of majority stake in Italdesign from Audi Group
Asia
The Hindu BusinessLine

Pranav Constructions IPO Day 1: Subscribed 4.55x, NIIs lead demand

Pranav Constructions’ ₹351-crore IPO was subscribed 4.55 times at 3.24 pm on the first day of bidding, with strong demand from non-institutional investors. The non-institutional investors’ portion was subscribed 7.66 times, while the retail investors’ quota received 4.94 times subscription. The qualified institutional buyers’ category was subscribed 0.51 times. The real estate developer had raised ₹84.24 crore from anchor investors ahead of the IPO. The company allocated 67.94 lakh equity shares at ₹124 apiece to anchor investors, according to a circular uploaded on the BSE website. Pranav Constructions has fixed the price band at ₹118-124 per share for its over ₹351-crore IPO. The issue opened for subscription on September 7 and will close on September 9. The IPO comprises a fresh issue worth ₹315.6 crore and an offer-for-sale of 28.5 lakh equity shares worth ₹35.43 crore by investor shareholder BioUrja India Infra. 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.

Pranav Constructions IPO Day 1: Subscribed 4.55x, NIIs lead demand
Europe
BBC Business

Ikea cuts prices in bid to woo cash-strapped customers

Swedish furniture giant Ikea is cutting prices across a range of popular products in Europe, including the Billy bookcase and Kallax storage units, to woo cash-strapped customers. Ikea has seen revenue decline over the past two years as the rising cost of living reduces people's ability to invest in new furniture and home renovations. The company is spending €1.2bn (£1bn) on the price cuts, which represent reductions of up to 28% on certain products. Ikea said it could make the cuts by making savings throughout the supply chain, such as packaging costs. Ingka, the franchisee which operates most of Ikea's European stores, said the cuts were "not an activity or short-term campaign". "It's about making IKEA more affordable when people need it most, even if it means accepting a lower margin," said Juvencio Maeztu, chief executive of Ingka. "The cost of living is increasing and it's getting tougher and tougher for many people." He added: "For many people, home is a bedroom in a shared house, and it's even more important to offer storage and organised solutions." Ikea has reduced its prices several times in recent years, even as it caused a hit to the company's revenue and profit in its most recent earnings report. The latest specific reductions vary slightly by country. Price cuts for British customers include the Kallax shelving unit going from £60 to £49 and the Billy bookcase being cut by £10 to £25. Ikea is also trying to attract new customers by opening smaller stores in central areas, such as London's Oxford Street and Churchill Square in Brighton. In 2024 it launched its own second-hand online marketplace in a bid to rival sites like eBay and Facebook Marketplace. Despite a recent uptick, consumer confidence in Europe is at its lowest level for almost three years due to concerns about inflation and the cost of living, according to EU figures. , external

Ikea cuts prices in bid to woo cash-strapped customers