Latest Developments

Europe
BBC Business

What Sky buying ITV could mean for your favourite shows

One of the biggest takeovers in British media history is about to take place with the creation of a new British media company - albeit American owned. Sky is expected to buy ITV's TV and streaming channels with the announcement likely imminent, but if you don't read the business pages, you might have missed it. The pay-TV, broadband and mobile company, owned by the American company Comcast, has been in talks to buy ITV's media and entertainment business including ITVX since last year. For Sky, buying the broadcast arm of Britain's most watched commercial public service broadcaster makes sense. It will get access to millions of people, as well as scale and prominence on a free to air platform. It's believed to want to create a commercial streamer that will be a true rival to the likes of Netflix and Disney Plus in the UK. But what does it mean for you? Crucially, this takeover won't mean your favourite ITV shows are suddenly moved behind a paywall. Caroline Frost, TV and podcast editor at Radio Times, says ITV is required by law to provide a free-to-air service until at least 2034 due to the public service broadcasting licence. "Gradually, though, content which might debut on free/live-to-air ITV might end up on a subscription platform," Frost says. In the short to medium-term, the big shows - Coronation Street, Love Island, Emmerdale, I'm a Celebrity - won't look any different. You'll still find them on ITV and ITVX, and they'll still be made by ITV Studios - that's ITV's production arm, which owns more than 60 production companies in Britain and around the world. They also make programmes including Line of Duty for the BBC, Rivals for Disney Plus, and America's most streamed show, Love Island USA. ITV Studios isn't being bought by Sky. If the deal goes ahead, it will become a company in its own right (ITV Studios PLC), still owned by the current ITV shareholders. Part of the Sky takeover agreement is expected to be a "supply deal", in other words, that ITV Studios continues to make those ITV shows and that they remain on ITV. Of course, at some point Sky could decommission some ITV shows - or renegotiate their contracts. You don't take over another company without believing there are savings to be made (and some are pointing to synergies that could be made on the tech platform side, with ITVX and Sky's streaming services potentially merged in the future).

What Sky buying ITV could mean for your favourite shows
North America
CNBC Economy

Private payrolls rose by 98,000 in June, less than expected, ADP reports

Companies added slightly fewer workers than expected in June, with hiring targeted heavily toward healthcare-related sectors, ADP reported Wednesday. Private sector employment grew by a seasonally adjusted 98,000 for the month, down from an unrevised 122,000 in May and a bit below the Dow Jones consensus forecast for 110,000, the payrolls processing firm reported. The ADP report serves as a precursor to the more widely watched nonfarm payrolls count due Thursday from the Bureau of Labor Statistics. ADP's count in recent months has generally undershot the official government report, which has shown mostly solid job creation this year. Nearly half the growth in June — 48,000 — came from the education and health services sector, a consistent leader for payroll growth. All but 2,000 of the new jobs came from services. Other sectors posting gains included trade, transportation and utilities (15,000), financial activities (14,000), and other services (8,000). Natural resources and mining lost 5,000 jobs, the only sector in the red. Leisure and hospitality added just 2,000 positions, continuing a slow year for an industry seen as an indicator of underlying consumer demand. "The pace of hiring is telling a story of both supply and demand. We know it's taking people longer to find work, but there also are signs of labor supply constraints in certain industries," said Nela Richardson, ADP's chief economist. "For now, the overall effect is a slowdown in job creation." Annual pay gains for those staying in their jobs held steady at 4.4% while edging higher to 6.6% for job switchers. Employment gains were tilted toward small businesses. Establishments with fewer than 50 employees added 53,000, while companies that employ 500 or more saw a gain of 25,000 and those in between rose by 29,000. The Wall Street consensus is for U.S. nonfarm payrolls to rise by 115,000 for June, with the unemployment rate steady at 4.3%. Average hourly earnings are expected to show a pickup of 0.3% monthly and 3.5% annually. 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.

Private payrolls rose by 98,000 in June, less than expected, ADP reports
Asia
The Hindu BusinessLine

Investors looking for shelter from AI storm are turning to India

After losing out big on the global AI rally, Indian equities are regaining the attention of investors seeking to weather the latest market turbulence. With the artificial intelligence frenzy roiling benchmark gauges from Asia to the US, the NSE Nifty 50 Index is becoming a safe haven of sorts for global investors. In the first half of the year, it moved 1% or more on just about one-third of the days — less than the MSCI Emerging Markets Index and barely more than the S&P 500 Index. India’s lack of AI plays has been a hurdle most of the year as investors turned to markets like South Korea and Taiwan that delivered stellar returns. But with concerns mounting over the sustainability of that trade, interest in India is slowly coming back. In June, the Nifty 50 outperformed the MSCI Emerging Markets Index by the most since November, while foreign outflows were the smallest in four months. “India’s calm comes down to one thing: It sits outside the AI trade,” said Maxence Visseau, chief investment officer of Arkevium Capital in Dubai. His firm is neutral on the market and uses it as a diversifier, he said. “India works as an AI hedge inside the EM complex.” Indian equities remain some of the world’s worst performers this year, but the tide is starting to turn as the rupee stabilizes after hitting a record low and oil gains that tanked shares of refiners and airlines recede on easing tensions in the Middle East. That’s reduced inflation concerns and brightened prospects for India’s economic growth, according to a government report at the end of June. At the same time, market players are getting more upbeat about the upcoming earnings season, which Tata Consultancy Services Ltd. kicks off on Thursday. “The fall in commodity prices has altered the macro outlook for India almost overnight,” said Sandip Sabharwal, founder of research house Asksandipsabharwal.com in Mumbai. “Lower commodity prices, improving capital flows and stable interest rates create an environment where earnings upgrades are likely to exceed downgrades over the coming quarters.” In a note to clients, Morgan Stanley analysts including Ridham Desai wrote last month that India has become a “much larger macro asset class.” The less volatile inflation data in recent years support equity valuations and turn the market into one of defensive growth that can withstand global shocks better than it used to, they said. Over the past decade, the Nifty 50 almost tripled, delivering annual gains of more than 10% on six separate years. The benchmark index logged 38 sessions with moves of 1% or more in either direction in the first six months of 2026, compared with 59 for MSCI’s emerging-market and Asian gauges and 32 for the S&P 500. South Korea’s Kospi index was off the charts, with 79 days of fluctuations of at least 1% — or two-thirds of the days in 2026. Meanwhile, the India NSE Volatility Index dropped for a third straight month in June, falling below its one-year average and reaching its lowest level since February on Friday. That’s a far cry from April, when the gauge of option prices was at a one-year high relative to the Cboe Volatility Index, shortly after the Nifty 50 tanked to a low. Kruti Shah, a quantitative analyst at Equirus Securities, sees a “bullish undertone” in the Nifty 50 and favors call spreads to bet on more gains, adding that the upcoming earnings season may offer some positive surprises. “India was held back earlier this year by higher energy prices, elevated valuations and limited exposure to the AI trade,” said Ben Powell, chief investment strategist for the Middle East and Asia Pacific at BlackRock Investment Institute. “As those pressures have eased, investors may look beyond AI-heavy markets. That could put India back on investors’ radar as a differentiated opportunity within emerging markets.”

Investors looking for shelter from AI storm are turning to India
Asia
The Hindu BusinessLine

Top IT stocks stare at great valuation reset

Welcome to the new guessing game in town, that is, ‘Are IT stocks cheap?’. The debate has been raging the last six months and each time it appears cheap enough, another blow lays it low. A few weeks back it was Accenture’s disappointing outlook that triggered a correction. Last week it was KPIT Technologies’ negative pre-announcement that saw the stock crash around 25 per cent last week. After a 30 per cent correction in the Nifty IT index over the past year, the sector’s valuation multiples have compressed sharply. On trailing earnings, the index is now around 18 times, a level that looks modest compared with own multi-year averages. On the face of it that sounds like a classic valuation reset. The more uncomfortable question is whether this reset is complete, or merely halfway through. Look at the Big Four. TCS, Infosys and Wipro now trade around 14-15 times trailing earnings, while HCL Technologies is slightly higher at 18 times Price-to-Earnings (P/E). These numbers look sober when compared with the post Covid boom excesses (broadly 30-40x). That phase has clearly ended. TCS’ P/E has more than halved from a peak of about 42 times to around 15. Ditto for Infosys, which has slipped from about 38 times to 15. Wipro has moved from about 32 times to 14. HCLTech, too, is down from its peak (32x). So, yes, the market has done some cleaning up. The problem is that the cupboard may not yet be fully ship-shape. This is not a sudden change in stance. bl.portfolio has been cautious on Indian IT for about three years, arguing that the sector’s post-Covid valuation premium was running ahead of earnings reality. In our February 8 edition, after the latest AI scare hit IT stocks, we had noted that investors should not view corrections as a buy-the-dip opportunity in our article titled ‘Lessons for IT investors from AI’s iPhone moment’. The historical comparison is revealing. TCS, Infosys and Wipro are now below their pre-Covid P/E levels. That gives bulls a decent argument; the froth has gone, businesses remain cash-rich, payout yields are attractive, and any improvement in demand can trigger a sharp rebound. Bears have an equally simple question: If these companies are no longer growing like premium compounders, why should they be considered cheap? In our article titled ‘Accenture sets the tone for IT stocks’ (bl.portfolio of April 28, 2024), we had explained why Indian IT stocks’ valuation cannot decouple from valuation of global IT stocks like Accenture. Today, Accenture, trading at 10x the trailing P/E, becomes the inconvenient global mirror. A gold standard in IT services and consulting globally, its valuation, earnings expectations and demand commentary matter. In the pre-Covid decade, Accenture used to trade at premium to TCS (which, in turn, used to trade at a premium to Infosys, HCL Tech and Wipro). Bear in mind that Accenture has significantly outperformed its peers, clocking a 10 per cent USD EPS CAGR for the FY16-26 period, comfortably outpacing the growth rates of HCL Tech, Infosys and TCS (all 6 per cent CAGR), and Wipro (3 per cent CAGR). Even after factoring for currency benefit, the EPS CAGR for Indian peers at 7-9 per cent CAGR is below Accenture. While Accenture’s margins are lower than TCS, its larger scale and higher revenue share from high-end business used to garner it a premium over Indian IT. Post Covid, the valuation math has changed. Today, the valuation premium of Wipro, Infosys, TCS and HCL Tech at 39 per cent, 46 per cent, 53 per cent and 84 per cent, respectively, appears unjustifiable. This implies that whenever IT stocks rebound, Accenture is likely to outperform Indian peers.

Top IT stocks stare at great valuation reset
Asia
The Economic Times

11 largecap stocks with upside potential of up to 50%. Do you own any?

Analyst forecasts offer more than just numbers—they provide a strategic view of future market potential. For investors seeking the next big opportunity, a closer look at BSE largecap stocks reveals several promising contenders.Based on consensus estimates from Trendlyne, some largecap stocks are projected to deliver strong returns over the next 12 months. This anticipated “upside” represents the average expected gain over the coming year, offering a data-driven benchmark for investors targeting high-potential opportunities. In this analysis, we spotlight 11 standout largecap stocks expected to deliver gains in the 25% to 50% range over the year ahead. Swiggy is currently trading at Rs 248. Based on analyst estimates, the average target price is Rs 373, indicating a potential upside of 50%. Among 27 analysts covering the stock, the consensus rating is Buy. ICICI Prudential is currently trading at Rs 485. Based on analyst estimates, the average target price is Rs 688, indicating a potential upside of 42%. Among 33 analysts covering the stock, the consensus rating is Buy. HDFC Life Insurance is currently trading at Rs 568. Based on analyst estimates, the average target price is Rs 780, indicating a potential upside of 37%. Among 34 analysts covering the stock, the consensus rating is Strong Buy. Mahindra & Mahindra is currently trading at Rs 3,137. Based on analyst estimates, the average target price is Rs 4,112, indicating a potential upside of 31%. Among 34 analysts covering the stock, the consensus rating is Strong Buy. TCS is currently trading at Rs 2,094. Based on analyst estimates, the average target price is Rs 2,742, indicating a potential upside of 31%. Among 41 analysts covering the stock, the consensus rating is Buy. SBI Life Insurance is currently trading at Rs 1,789. Based on analyst estimates, the average target price is Rs 2,341, indicating a potential upside of 31%. Among 36 analysts covering the stock, the consensus rating is Strong Buy. Infosys is currently trading at Rs 1,047. Based on analyst estimates, the average target price is Rs 1,366, indicating a potential upside of 30%. Among 41 analysts covering the stock, the consensus rating is Buy. Reliance Industries is currently trading at Rs 1,304. Based on analyst estimates, the average target price is Rs 1,694, indicating a potential upside of 30%. Among 31 analysts covering the stock, the consensus rating is Strong Buy. HDFC Bank is currently trading at Rs 801. Based on analyst estimates, the average target price is Rs 1,038, indicating a potential upside of 30%. Among 40 analysts covering the stock, the consensus rating is Strong Buy. ONGC is currently trading at Rs 238. Based on analyst estimates, the average target price is Rs 308, indicating a potential upside of 29%. Among 30 analysts covering the stock, the consensus rating is Buy. Waaree Energies is currently trading at Rs 2,859. Based on analyst estimates, the average target price is Rs 3,582, indicating a potential upside of 25%. Among 15 analysts covering the stock, the consensus rating is Buy.

11 largecap stocks with upside potential of up to 50%. Do you own any?
Europe
The Guardian

Trump refuses to renew US-Canada-Mexico trade pact he once championed

Shipping containers at the Port of Tacoma in Tacoma, Washington, on 4 March 2025. Photograph: Bloomberg/Getty ImagesView image in fullscreenShipping containers at the Port of Tacoma in Tacoma, Washington, on 4 March 2025. Photograph: Bloomberg/Getty ImagesDonald TrumpTrump refuses to renew US-Canada-Mexico trade pact he once championedTrump and US officials opted to keep USMCA alive on short leash of annual reviews rather than longer term renewal Donald Trump has refused to renew the North American trade pact he once championed as his signature deal, opting instead to keep it alive on a short leash of annual reviews rather than committing to another 16 years. Wednesday was the deadline built into the United States-Mexico-Canada Agreement (USMCA) for the three countries to jointly decide its fate, which is set to expire in 2036. After virtual talks between officials from all three governments, the US trade representative’s office confirmed that Washington had walked away from renewing the deal on its existing terms, pointing to persistent US trade deficits with both neighbors. The refusal does not kill the pact outright, however. USMCA stays in force while negotiations continue, but it will now face a review every year rather than once every six, as originally designed. A senior administration official, briefing reporters on a call announcing the decision, said Trump had “chose not to rubber stamp a USMCA renewal without addressing existing issues”. The official added: “So in other words, the United States did not agree to renew the USMCA in its current form. So, as a result, the USMCA is not renewed.” In a statement, Jamieson Greer, the US trade representative, said the US would “continue to engage with Mexico and Canada to address the Agreement’s shortcomings”. At a press conference on Wednesday, Mexico’s economy minister, Marcelo Ebrard, said his government wants to address the issues raised by the US on foreign dependence. “There is no difference that I can identify ​between Mexico, the United States and Canada that is so big that ​we cannot resolve it,” he said, according to Reuters. Trump has routinely criticized the USMCA as of late, and last month threatened to abandon it. “We don’t need anything that Canada has. We don’t need anything that Mexico has, but they need everything that we have. And they have to treat us better,” he told reporters in the Oval Office. But Trump struck the deal himself in 2020, during his first term, as an updated version of the 1992 North American Free Trade Agreement (Nafta). At the time, the US president even described the USMCA as the “fairest, most balanced, and beneficial trade agreement we have ever signed into law”.

Trump refuses to renew US-Canada-Mexico trade pact he once championed
Asia
The Hindu BusinessLine

Adani Group to build 2,000-bed hospital in West Bengal’s New Town

In this image received on July 4, 2026, West Bengal Chief Minister Suvendu Adhikari interacts with people during the 'Janata Darbar' programme, in Kolkata, West Bengal. | Photo Credit: via PTI Photo West Bengal Chief Minister Suvendu Adhikari on Saturday said the Adani Group would set up a 2,000-bed hospital in New Town, with 1,000 beds reserved for free treatment of the poor. Adhikari made the announcement here while outlining the initiatives undertaken by his government in the state over the past two months, during an interaction with members of the civil society in his Bhabanipur assembly constituency. "The Adani Group has given a written commitment to build a 2,000-bed modern hospital in New Town. Of these, 1,000 beds will be for the poor and another 1,000 would be used for commercial operation," he said. The interaction, organised by the Alipore Citizens' Association, was attended by members of the civil society and several business representatives. No further details on the proposed investment, project cost or timeline for the medical facility were diclosed. 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.

Adani Group to build 2,000-bed hospital in West Bengal’s New Town
Asia
The Hindu BusinessLine

India lifts gas supply curbs as LNG shipments through Strait of Hormuz resume

The temporary measures were introduced following disruptions to LNG imports caused by force majeure declarations from suppliers. India, which relies heavily on imported LNG, had prioritised supplies for CNG, domestic PNG and other essential sectors. | Photo Credit: iStockphoto The government has withdrawn the March 2026 order regulating the supply of natural gas due to the conflict in West Asia, which led to the closure of the Strait of Hormuz (SoH) and impacted almost half of India’s LNG consumption. “Central Government had assessed that the ongoing conflict in the Middle East had resulted in the disruption of liquefied natural gas (LNG) shipments through the SoH and suppliers had invoked force majeure clause which entailed diversion of natural gas to the priority sectors,” the government said in a gazette notification on Saturday (July 4, 2026). In order to ensure equitable distribution and continued availability of natural gas for priority sectors, the government considered it necessary to regulate production, sector-wise allocation and diversion of natural gas supplies, distribution, disposal, acquisition, use or consumption, it added. “The ongoing conflict in the Middle East that had resulted in the disruption of liquefied natural gas shipments through the Strait of Hormuz has been subject of a ceasefire and negotiations are ongoing, as part of which, sea traffic through the Strait of Hormuz has been permitted to be resumed,” the notification said. According to a recent Gastech report, India, the fourth-largest importer of LNG, depends heavily on overseas supplies. Qatar accounts for 41.4 per cent of LNG imports. The country imported 27 million tonnes of LNG in FY25, of which 11.2 million tonnes were sourced almost entirely from Ras Laffan. The US EIA has said that 83 per cent of LNG shipped through the SoH in 2024 went to Asian markets, with China, India, Japan, and South Korea accounting for 59 per cent. The action further bolsters the narrative that energy supplies are gradually picking up as vessels resume transit through the SoH. Since June 29th, the government has removed the cap on the sale of diesel and petrol and reduced the prices of commercial LPG, domestic ATF, and 5 kg LPG cylinders. India had invoked emergency powers under the Essential Commodities Act after disruptions in LNG supply, and the resultant force majeure by suppliers dried up cargoes, prompting a re-prioritisation of supplies for priority sectors. The government ensured a 100 per cent natural gas supply to domestic piped natural gas (D-PNG) consumers and compressed natural gas (CNG) for transport. Fertiliser sector allocation was reduced to 70 per cent, then increased to 95 per cent in phases until the end. 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.

India lifts gas supply curbs as LNG shipments through Strait of Hormuz resume
Europe
The Guardian

As auto costs rise, will the US miss the golden age of electric vehicles?

Slate, an EV startup, makes electric trucks and SUVs. Customers buy only the features they want. Photograph: Myung J Chun/Los Angeles Times/Getty ImagesView image in fullscreenSlate, an EV startup, makes electric trucks and SUVs. Customers buy only the features they want. Photograph: Myung J Chun/Los Angeles Times/Getty ImagesUS newsAs auto costs rise, will the US miss the golden age of electric vehicles?Shifting demands and political ideology have left the industry vulnerable to global competition from cheap Chinese cars Earlier this month, an intriguing new Detroit-based electric vehicle startup hit the market – Slate Auto, a Jeff Bezos-backed venture offering something US buyers rarely see these days – a pick up truck billed as “affordable”. Its base price is $24,950, making it one of the lowest-cost autos in the US market and close to half the price of the average new vehicle. But as the US contends with sharply rising auto costs, even Slate may be getting left behind in the global electric vehicle (EV) transition. The global EV industry is entering a golden age powered by cheap Chinese cars that can be bought for as little as $10,000. About 20% of new cars sold in December in the UK were Chinese-made, as were 12% of vehicles sold throughout the last year. They also accounted for about 6.4% of European Union sales, despite a new tariff program. Chinese cars cannot be sold in the US. The US industry’s shift is complicated by changing political ideologies and consumer demand – American buyers have gravitated toward bigger cars with all the bells and whistles, so it makes sense for domestic automakers to produce those. But EV supporters say the US is ceding significant ground to China in this essential market. While Slate is a step in that direction, a failure to do more could have economic and national security fall out, said Dan Krassner, executive director of the American EVs Jobs Alliance, a non-profit that works to break down the political divide over electric vehicles. “We can’t hand the whole auto industry to Beijing,” Krassner said. “EVs are the big manufacturing prize of the century, and America has to get back in the race.” Slate began accepting preorders last week, and it could help fill a need in the domestic market. Fewer than 5% of new vehicles in the US sold for $25,000 or less last year, down from nearly 21% in 2019, according to an Edmunds analysis. During that same time frame, the average new vehicle transaction jumped about $11,000 to $48,402. The Slate truck is one of eight new US models available for under $25,000. Compare that with China, where more than 200 EVs and hybrids are available in the same price range, according to industry analyst DCar. The two-seat Slate truck at under $25,000 is no frills – it comes with hand-crank windows, no stereo, no speakers, no ambient lighting, a smartphone mount on the dashboard instead of a navigation system, and standard cruise control instead of adaptive. The Slate truck gets an estimated 205 miles of range, and it is small – think of Ford Rangers and other pick ups from the 1980s. At 14.5 ft, it is shorter than a Corolla. Moreover, the $24,950 is just the starting point for a Slate, and the company offers a range of 3D-printed accessories, a stereo, a fob and an add-on that converts it into a five-seat SUV. Customers can also pay extra for vinyl wraps instead of paint, which eliminates the need for the company’s plant to include a paint shop. But opting for those basic features quickly takes the price north. Jessica Caldwell, executive director of Insights with Edmunds, likened the Slate to a budget airline such as Rynair, which offers a cheap ticket to physically get on a plane, but the add ons that make the flight tolerable quickly add up. She is skeptical that this approach will take off with buyers in the US market.

As auto costs rise, will the US miss the golden age of electric vehicles?