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Asia
The Hindu BusinessLine

IT sector leads Dalal Street's winning streak; crude slump, Japan deals lift sentiment

Markets extended gains for a second straight session on Thursday, with a dramatic rebound in technology stocks stealing the show after four consecutive days of sharp selling, even as global tech indices faced headwinds from AI-driven jitters and chip stock selloffs across Asia. The Nifty 50 closed at 24,175.70, up 0.71 per cent, while the Sensex gained 0.75 per cent to settle at 77,502. The Nifty IT index surged 4.64 per cent — its biggest single-session recovery in recent weeks — driven by short covering and value buying ahead of first-quarter earnings. The India VIX dropped over 7 per cent to 12.29, signalling easing near-term anxiety. "After a brutal four-day slide, the IT sector came back," noted Sarvam Goel, Founder of Pocketful, adding that "...as global investors rotate out of expensive AI and semiconductor stocks, Indian IT services seem to be catching some of that diverted capital as a comparatively lower valued alternative." Broader markets outperformed benchmarks. The Nifty Midcap 100 rose 0.48 per cent and the Nifty Smallcap 100 advanced 1.25 per cent, with advances outnumbering declines roughly 2:1. Auto and realty also posted healthy gains, supported partly by strong June passenger vehicle sales, which rose 24 per cent year-on-year. PSU Bank was the session's notable laggard, weighed down by selective profit-booking. Nifty Bank ended nearly flat. Macro tailwinds provided additional support. The reopening of the Strait of Hormuz eased energy supply concerns, pulling Brent crude below $71 per barrel. Domestically, June GST collections climbed 13.9 per cent year-on-year to ₹1.95 lakh crore, while UPI transaction volumes and values grew 23 per cent and 20 per cent, respectively — indicators pointing to sustained economic momentum. Japan announced over $10 billion in fresh investments in India across AI, defence technology, and energy security during the India-Japan Annual Summit, adding to positive sentiment. The bond market also caught a bid, with the benchmark 10-year government bond yield easing to around 6.7 per cent, as expectations built around India's potential inclusion in the Bloomberg Global Aggregate Bond Index. Foreign investors poured nearly $5.3 billion into Indian bonds during June. On the currency front, the rupee weakened further, closing near 95.36–95.39 to the dollar — down around 0.18 per cent — pressured by a firm Dollar Index above 101 and FII-related outflows. Gold on MCX recovered from a weak open near ₹1,43,900 toward the ₹1,45,000 zone, while COMEX Gold rebounded to around $4,065 after finding support near $4,030. Bullion traders are now watching the rupee's direction closely alongside the upcoming US Non-Farm Payrolls and Unemployment data. Looking ahead, market direction next week will hinge on US jobs data — a key trigger for dollar and emerging market currency moves — along with Q1FY27 earnings season kickoff and any further developments from the India-Japan Summit. Ajit Mishra of Religare Broking noted that "...a sustained move above this level could pave the way for an extension towards the 24,450–24,600 zone," while flagging 24,000 as immediate support. Analysts broadly maintain a buy-on-dips stance, though they caution that one strong IT session does not yet signal a structural sector reversal. 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.

IT sector leads Dalal Street's winning streak; crude slump, Japan deals lift sentiment
Europe
BBC Business

World Cup dreams shattered as StubHub tickets cancelled at last minute

When Sergio Enrique Alvarado Montalvo paid $1,700 (£1,300) on StubHub to surprise his father with World Cup tickets, he envisioned an unforgettable Father's Day watching Lionel Messi play. Instead, after flying his parents from Mexico to Dallas for the Argentina v Austria match, and spending nearly $6,000 (£4,600) on travel and hotels, the family was left stranded outside the stadium gates. Just one day before they were set to travel to Dallas, StubHub abruptly notified Montalvo that the seller could not deliver the tickets, refusing to provide comparable replacements due to soaring prices. They turned up at the stadium anyway, hoping they could still get their tickets, with Montalvo on the phone to StubHub up until an hour before kick-off. "I was so sad and so frustrated, and so filled with rage, anger," the 45-year-old told the BBC. "It was a mix of feelings that is hard to explain." Montalvo's nightmare is part of what industry insiders are calling one of the largest ticketing collapses in history. As the 2026 World Cup sweeps across 16 cities the US, Canada and Mexico, many fans are finding their bucket lists ruined by last-minute cancellations on secondary marketplaces. The primary culprit is believed to be an industry practice known as "speculative ticketing", where unverified sellers list tickets they do not yet own, hoping to source them cheaper and closer to the event. When ticket prices soar, these sellers simply back out of the deal to resell them for a higher profit, leaving buyers like Montalvo empty-handed with a refund for their tickets that doesn't cover their expensive travel costs. Eben Pingree, 44, from Boston, faced an identical scenario after his wife Caitlin paid $2,800 on StubHub for tickets to the Scotland v Haiti match to surprise their 11-year-old son Cole. They had co-ordinated an extensive trip with another father-son duo, only for the tickets to vanish on match day. "They basically had to just leave us there, and so my son was just devastated," Pingree told the BBC. Back in Dallas, Montalvo and his family spent their match evening at a local fan festival instead of watching from the stands. "It was a super sad weekend... inside, outside... [but] we enjoyed the time together," Montalvo added.

World Cup dreams shattered as StubHub tickets cancelled at last minute
Europe
BBC Business

US blocks long-term renewal of North American trade deal

Image source, Getty ImagesImage caption, US President Donald Trump speaks about the United States - Mexico - Canada agreement, known as USMCA, during a visit to Dana Incorporated, an auto supplier manufacturer, in Warren, Michigan, January 30, 2020. The US has declined to renew the landmark US-Mexico-Canada Agreement (USMCA) in its current form, according to a senior US official. This decision means the trilateral trade pact will miss out on an automatic 16-year extension. The official said the administration "chose not to rubber stamp a USMCA renewal without addressing existing issues," and "the United States did not agree to renew the USMCA in its current form". If the countries fail to unanimously agree to renew the agreement, "it essentially sets a ten year shot lock to termination," per the official. Under the pact guidelines, each country must decide whether to renew the agreement for another 16-year term. While the free trade deal remains in place for now, the lack of a long-term commitment creates fresh economic uncertainty across North America. The agreement, which underpins around $2tn (£1.5tn ) in trade each year, is facing pressure over unresolved disputes. US trade officials are pushing for major changes before committing to a long-term extension. Washington has consistently raised concerns over automotive rules of origin, dairy market access, and stopping third-party countries like China from exploiting the regional agreement. Under the USMCA's original terms, unanimous agreement on an extension would have seen the trade deal kept in place until 2042. The US opting out will force the nations to meet every year to negotiate changes. Business groups across the continent had called for the pact to be extended. The decision also kicks off a ten-year countdown towards the deal expiring as early as 2036. The US Chamber of Commerce had warned that sectors such as manufacturing and agriculture rely heavily on cross-border certainty.

US blocks long-term renewal of North American trade deal
Europe
BBC Business

Don't expect trackers to save your stolen car, experts say

People should not expect vehicle trackers to be able to help them if their car is stolen, experts have warned. Car safety firm Thatcham Research said there was a "genuine and growing gap" between consumer expectation and the technical reality of so-called connected car features. Ian Fogg, a smartphone analyst, said his car was stolen from outside his house in March, but he has not been able to retrieve it - despite the manufacturer, Kia, being able to view its live location via the Kia Connect service. The company told the BBC that UK law prevented the Connect function being used to live track vehicles, advising customers to use it for "convenience" rather than security. Fogg told BBC News: "This car was incredibly easy to hack but incredibly difficult to track, it shouldn't be this easy to nick a car when they cost an order of magnitude more than a phone and have similar radio technology". He had video doorbell evidence of it being driven away, an Apple Airtag hidden inside it, and the Kia Connect service. His story is a cautionary tale of how tech can promise security but cannot necessarily be relied upon in the event of a crisis. He was abroad in March this year when his phone pinged to say he no longer had access to the Kia Connect app. Thieves had broken into the vehicle without having the keys, and had disconnected Fogg's phone via the entertainment system. There is an unsecured process for doing this, designed to make it easier for new owners to take over from previous ones. He watched the car drive off via his video doorbell. For a short while he was able to track it via an Apple Airtag hidden inside it, until the thieves located it and discarded it because it was making a noise - a feature introduced by Apple to combat stalking. On its website Kia Connect advises customers to contact it in the event of a theft.

Don't expect trackers to save your stolen car, experts say
North America
Yahoo Finance

S&P 500, Dow, Nasdaq Futures Climb As US, Iran Reportedly Agree To Pause Further Escalation: SLS, WEN, MSTR, WDC Stocks In Focus

U.S. stock futures edged higher in the overnight session on Sunday, following reports that the U.S. and Iran have agreed to pause the exchange of strikes that escalated over the weekend and plan to meet Tuesday in Qatar to resume talks. Fresh tensions broke out between the two nations after Tehran assumed responsibility for some attacks on commercial ships in the Strait of Hormuz on Thursday. S&P 500 futures gained 0.45%, Dow futures were up 0.22%, and the Nasdaq 100 futures climbed 0.43% at 9:08 PM EDT. The iShares 20+ Year Treasury Bond ETF (TLT) was trading down 0.15% amid ‘bullish’ sentiment. U.S. stock markets had a mixed week ending Friday as investors rotated out of technology stocks and into other industries. The Dow Jones Industrial Average, which is less exposed to tech, climbed about 0.62% at the end of the week. Meanwhile, the S&P 500 and Nasdaq indexes shed 1.95% and 4.48%, respectively. On Friday, all three benchmark indexes closed lower. The Dow shed about 60 points to close 0.09% down, the S&P 500 declined 0.05%, and the Nasdaq was also 0.24% lower at close. Geopolitical tensions are back at the forefront after the U.S. and Iran exchanged fresh fire last week, reigniting fears of renewed tensions in the Strait of Hormuz and constrained energy supplies. The conflict intensified since Thursday when Iran targeted a container ship, an oil vessel carrying Qatari crude, and military bases in Kuwait and Bahrain, triggering multiple U.S. retaliatory attacks. “United States aircraft just struck Iranian missile and drone storage locations, and coastal radar sites, for violating the Cease Fire Agreement, AGAIN! It is very possible that they will never learn!” U.S. President Donald Trump said in a Truth Social post late Saturday. “There may come a point when we are no longer able to be reasonable, and will be forced to militarily complete the job that we very successfully started. If that happens, the Islamic Republic of Iran will no longer exist!” he added. The comments come just about 10 days after the two countries signed a ceasefire in Switzerland to end the conflict that has stretched on since the end of February. Meanwhile, according to an Axios report from Sunday, Washington and Tehran have agreed to halt attacks and will meet on Tuesday in Qatar's capital to renegotiate terms following the dispute.

S&P 500, Dow, Nasdaq Futures Climb As US, Iran Reportedly Agree To Pause Further Escalation: SLS, WEN, MSTR, WDC Stocks In Focus
North America
CNBC Economy

North Sea oil and renewables: The UK’s next PM faces a defining energy policy decision

U.K. Prime Minister Keir Starmer's likely successor, Andy Burnham, could face an immediate test in office: whether to expand drilling for North Sea oil or double down on renewables, amid a global energy shock.U.S. President Donald Trump has poured gasoline on the debate, blaming Starmer's resignation this month on his "failed" energy policy.Trump's intervention comes as the Iran war has disrupted oil flows through the critically important Strait of Hormuz, one of the world's most important oil chokepoints.The squeeze in physical supply has intensified the U.K.'s energy security and independence debate, following the shock from Russia's war in Ukraine. Business leaders argue this is why domestic production matters. But the political divide remains.U.K. finance minister Rachel Reeves is understood to privately back new drilling.But Energy Secretary Ed Miliband, who could be in line to replace Reeves as finance minister under a new government, has argued the focus should instead be on clean energy.Two of the U.K.'s biggest trade unions, Unite the Nation and GMB, are campaigning for drilling, over concerns that preventing it would damage jobs in the sector.Burnham, who is set to become prime minister in July if he remains unchallenged by Labour Party colleagues, is under pressure to define his position quickly as markets react. At the center of the debate are the Rosebank and Jackdaw fields in Scottish waters, two major projects that could boost U.K. supply, but test climate goals. That is driving pressure in Scotland, where First Minister John Swinney told CNBC: "There is a changing balance that's got to be struck." "We are going to have to utilize oil and gas for some years to come. If there is uncertainty about the security of supply, or security of supply is undermined because of exorbitant cost of the effects of the conflict in Iran, these are material factors that have got to be borne in mind," he told CNBC. In a move symbolic of the U.K.'s energy transition, the Grangemouth oil refinery — once Scotland's largest — closed in April 2025, with the loss of hundreds of jobs. Swinney said that the refinery had been "a source of production of jet fuel, so we're now importing jet fuel because of a closure of a refinery." "We've now got uncertainty over jet fuel because of the conflict in the Middle East, and that will affect the ability of our economy to function," Swinney added. 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.

North Sea oil and renewables: The UK’s next PM faces a defining energy policy decision
North America
CNBC Finance

Lamborghini reveals new Urus performance hybrid SUV after ditching EVs

Lamborghini on Wednesday revealed a new hybrid performance model of its Urus SUV, as the Italian auto manufacturer continues to lean into gas-electric vehicles after abandoning plans for pure EVs. The Urus SE Performante features a more aggressive exterior design, including a larger grille and hood scoops, as well as interior improvements compared with current models of the SUV. Lamborghini is calling the new Urus SE Performante the "fastest Super SUV in the world," capable of reaching 0-100 kph, or roughly 0-60 mph, in 3.3 seconds and hitting a top speed of 312 kph, or 194 mph. The vehicle is a plug-in hybrid electric vehicle, which means it has a gas-powered engine as well as a plug to charge a battery pack for improved electric performance. It is powered by an electric motor and a 4-liter twin-turbo V-8 engine, delivering 812 horsepower and roughly 738 foot-pounds of torque, Lamborghini said. Lamborghini, which is owned by Volkswagen AG, said it would release pricing for the Urus SE Performante closer to the vehicle arriving for U.S. customers. The 2026 Urus SE starts at about $250,00 to $280,000, depending on the model. The Urus has been crucial to Lamborghini's success since its introduction nearly a decade ago. The vehicle represents about 50% of the brand's global sales annually, according to Winkelmann, with total Lamborghini sales nearing 11,000 vehicles last year. The reveal of the new performance PHEV comes months the company confirmed plans to scrap EVs to continue focusing on hybrid models. Winkelmann declined to comment on if Lamborghini would return to gas-only models, but said "never say never" when asked about such vehicles by CNBC. Lamborghini canceled its EV plans before rival Ferrari revealed its first all-electric vehicle, the Luce, in late May. The Luce was met with intense backlash. Winkelmann previously declined to comment directly on the Luce or the responses it has received, but said "innovation is paramount" to success. However, he said innovation should not be made for innovation's sake or forced upon customers. "By observing the market ... we saw that the acceptance curve [of EVs] for our type of customers is not increasing, and that therefore we decided to move away from a full-electric car into a plug-in hybrid," he said. 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.

Lamborghini reveals new Urus performance hybrid SUV after ditching EVs
Europe
BBC Business

Halifax brand to be scrapped after 173 years

The Halifax brand is being scrapped after 173 years, with all customer accounts to be rebranded to Lloyds. Lloyds Banking Group, which has owned Halifax since 2009, confirmed the move after reports in May said it was considering phasing out Halifax as a standalone brand. Lloyds said it remained committed to the town of Halifax and the wider Yorkshire and Humber region, where 3,000 staff are based at its Trinity Road office. Halifax Labour MP Kate Dearden described the move as "bitterly disappointing" and said she had been in discussions with Lloyds to "ensure their commitment and continued investment in Halifax long into the future". Lloyds Banking Group's chief executive of consumer relationships Jas Singh said very little would change for customers. "As Halifax changes to Lloyds, our Halifax customers will keep everything they know and love today - the same fantastic app design, the same friendly faces in our branches - even the same sort code and account number," he said. No job cuts are being announced as part of the shake-up, and Halifax branches will either be rebranded to Lloyds or shifted to a nearby branch throughout 2027. It is understood the decision was rooted in efforts to simplify the group's portfolio, with the distinction between Halifax and Lloyds seen as becoming less prominent in recent years. The Halifax was founded in West Yorkshire in 1853, granting its first mortgage the same year, before growing to become one of the UK's largest building societies. Dearden described the bank as a "local institution built on the hard work and investment of working people". "While the Halifax brand will disappear, Lloyds can still play a major role in our local economy by investing in Halifax and creating the opportunities our young people need to thrive," she said. Calderdale Council's Reform leader Dan Sutherland said Lloyds Banking Group's relationship with Halifax as a place would remain "strong and enduring".

Halifax brand to be scrapped after 173 years
Europe
The Guardian

Rapid spread of AI may worsen global inequality, UN warns

The UN panel said its approach to AI was ‘scientific, not political’. Photograph: VIEW press/Corbis/Getty ImagesView image in fullscreenThe UN panel said its approach to AI was ‘scientific, not political’. Photograph: VIEW press/Corbis/Getty ImagesAI (artificial intelligence)Rapid spread of AI may worsen global inequality, UN warnsPanel proses shared framework for responsible AI development as adoption grows unevenly across world A new United Nations report warns that the development of artificial intelligence may exacerbate global inequality and proposes a shared framework for how to responsibly develop AI, as adoption and investment into the technology accelerates unevenly across the world. “The more AI advances without shared rules, the less say governments and people will have in the outcome,” said António Guterres, the UN secretary general, at a press conference on Wednesday. “Our message to governments is simple: do not wait … the science is here. We can no longer say we did not know what we do.” The sweeping analysis from the independent international scientific panel on AI, established by the UN general assembly last year as “the first global scientific body on AI”, details AI’s risks and opportunities – from transformative capabilities in agriculture and education, to catastrophic outcomes when bad actors deploy AI to commit fraud and influence elections. “Access to AI tools alone does not produce equal benefit,” the report states. “Countries that rely on foreign models, cloud infrastructure and data pipelines may gain access to AI while losing practical control over its standards, safeguards and local fit.” At the press conference, co-chair of the panel, journalist Maria Ressa stressed that AI’s “pace is not slowing, the power is concentrating, and control is not guaranteed”. The report dropped one week before the UN hosts the inaugural global dialogue on AI governance for governments and experts. The preliminary report also functions as a toolkit, offering initial, broad guidance to UN member states on ways to capitalize on AI’s potential for growth across industries, while minimizing and addressing threats. Suggestions include developing local AI infrastructure, such as datacenters, improving AI literacy in schools and the workforce, investing in developers, building AI safety institutes, creating strategies to combat disinformation and continuously measuring how AI systems behave after release, “with real users, real tasks and real environments”. While more than a billion people now use AI weekly, access and types of usage vary widely across the world, “with adoption across the global south lagging far behind the global north”, the report states. The US and China dominate in the development of leading AI models, as well as investment into compute infrastructure, which encompasses the hardware, memory, networking and storage required to run powerful AI models. “The concentration of AI capabilities in a small number of firms and countries could enable authoritarian capture and undermine democratic accountability,” the report states. The panel advises countries lagging behind in AI development to consider significant investment in computing and data infrastructure. Attracting this money requires securing a reliable energy supply and building datacenters, they note. The report does, however, acknowledge the environmental costs of datacenters, including their large energy and water consumption, and potential for greenhouse gas emissions. The authors also describe challenges in evaluating safety and providing oversight of increasingly powerful AI models. “Most countries, including many advanced economies, lack the technical expertise to assess the most capable ‘frontier’ models or to participate meaningfully in their governance,” they write.

Rapid spread of AI may worsen global inequality, UN warns