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Europe
BBC Business

Oil price falls back to pre-Iran war levels

Image source, The Dallas Morning News via Getty ImagesByOsmond ChiaBusiness reporterPublished25 June 2026, 08:11 BSTUpdated 4 hours agoThe price of oil has fallen to levels not seen since before the Iran war as traffic through the key Strait of Hormuz shipping route gradually resumes. Global benchmark Brent crude briefly fell below $72.48 (£55) a barrel, the price it was at the day before the US and Israel launched attacks on Iran on 28 February, before edging up to $72.63. Energy prices have been on a wild ride since Iran responded to the strikes by effectively closing the strait, a critical waterway for oil and gas shipments. The cost of crude has been moving sharply lower since the US and Iran signed a Memorandum of Understanding (MOU) on 17 June which set out a 60-day period for negotiations on Tehran's nuclear programme and other measures to end the war. Representatives from the two sides met in Switzerland last weekend for talks to end the war, which resulted in the US partially lifting sanctions on Iranian oil exports. The number of vessels crossing the Strait of Hormuz has risen significantly since the MOU was signed, according to maritime intelligence firm Kpler. The ships passing through the waterway in recent days include those carrying crude oil, liquefied natural gas (LNG), fertiliser and other goods, Kpler told the BBC. The US and Iran had also formed a "communication line" to prevent misunderstandings "with the aim of safe passage for commercial vessels through the Strait of Hormuz", mediators Qatar and Pakistan said in a joint statement on Monday. There has been a "tremendous shift" with far more ships using the strait in recent days, said Dimitris Maniatis, the chief executive of Marisks, a maritime risk advisory firm working with ships stuck in the region. His company estimates around 80 ships have crossed the Strait of Hormuz since Monday after the first round of peace talks between US and Iran in Switzerland. A limited number of ships can cross a northern passageway with the permission of Iranian authorities, he said. The US navy has also provided guidance for vessels to travel through a southern route that is safe from mines and other obstacles that has been laid out since the war, Maniatis said.

Oil price falls back to pre-Iran war levels
Asia
The Hindu BusinessLine

ITC shifts growth strategy to manufacturing, agriculture and distribution

ITC has outlined a new growth blueprint centred on manufacturing, agriculture and distribution, signalling a strategic shift beyond consumer brands as the company’s primary source of competitive advantage. According to its FY26 annual report, ITC plans to leverage more than 250 manufacturing facilities, nearly 70 lakh retail outlets, around 7,500 MSME partners and almost 90 per cent domestic value addition to drive its next phase of growth. The shift marks an evolution in ITC’s strategy. Instead of treating manufacturing, agriculture, research, digital capabilities and distribution as support functions for individual businesses, the company is positioning them as shared enterprise capabilities that can be leveraged across its portfolio to create scale, improve efficiency and strengthen long-term competitiveness. At the heart of this strategy is one of India’s largest manufacturing ecosystems. ITC today operates more than 250 manufacturing facilities, supported by around 7,500 MSME partners, with nearly 90 per cent domestic value addition across its businesses. Rather than viewing this network purely as production capacity, the company increasingly sees it as a strategic asset that can accelerate innovation, improve speed-to-market and strengthen supply-chain resilience. The report also highlights continued investments in smart manufacturing, automation and digital technologies to improve productivity while enabling businesses to share common manufacturing and sourcing capabilities instead of creating parallel infrastructure. ITC’s products today reach nearly 70 lakh retail outlets through a multi-channel network spanning direct distribution, wholesale, modern trade, e-commerce and quick commerce. Increasingly supported by digital tools, the network is positioned not merely as a route to market but as shared infrastructure capable of supporting multiple consumer businesses simultaneously. The strategy allows newer businesses to leverage an established distribution backbone instead of building independent networks, reducing both cost and time-to-market. Agriculture is also being repositioned from a sourcing function to a strategic capability. Backed by decades of farmer relationships and extensive procurement networks, the agri business now underpins food, exports and value-added manufacturing while strengthening traceability, domestic sourcing and supply-chain resilience. Together with nearly 90 per cent domestic value addition, it reflects ITC’s increasing emphasis on integrating sourcing with manufacturing and consumer businesses. Perhaps the most significant message in the annual report is how ITC now describes itself. Rather than presenting manufacturing, agriculture, research, packaging, technology and distribution as separate business verticals, the report repeatedly positions them as capabilities that reinforce one another across the enterprise. That represents a subtle but important evolution—from building a diversified portfolio of businesses to building an integrated operating platform capable of supporting multiple growth engines. The approach also lays the foundation for several emerging businesses across agriculture, sustainable materials and value-added manufacturing that leverage these shared capabilities. Unlike earlier phases of diversification, these businesses are being built on common enterprise platforms rather than as standalone ventures—a model that could define ITC’s next phase of growth. 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.

ITC shifts growth strategy to manufacturing, agriculture and distribution
Asia
The Hindu BusinessLine

Low birth weight babies to be added to Anaemia Mukt Bharat as Centre prepares to revamp guidelines

Under the revised strategy, low birth weight (LBW) babies aged 0-6 months have been added as the seventh beneficiary group, recognising the importance of addressing anaemia from the earliest stages of life | Photo Credit: istock.com The Centre is overhauling its flagship ‘Anaemia Mukt Bharat (AMB) Abhiyaan’, under which low birth weight (LBW) infants aged 0-6 months will be added as the seventh beneficiary group, recognising the importance of addressing anaemia from the earliest stages of life. Union Health Minister JP Nadda will release the operational guidelines for the revamped strategy at the 16th meeting of the Central Council of Health and Family Welfare (CCHFW) on Monday, introducing a more comprehensive, technology-enabled and community-driven approach, the ministry said in a statement. The revised guidelines transform the existing Anaemia Mukt Bharat programme into Anaemia Mukt Bharat Abhiyaan, expanding its focus beyond iron supplementation to include early testing, therapeutic management, healthy dietary practices, digital tracking and community participation. A key feature of the new guidelines is the introduction of a 7x7x7 strategy, replacing the earlier 6x6x6 framework. Under the revised strategy, low birth weight (LBW) babies aged 0-6 months have been added as the seventh beneficiary group, recognising the importance of addressing anaemia from the earliest stages of life, the statement said. The seventh intervention, titled ‘Eating Right’, seeks to promote regular consumption of iron-rich and diverse diets as a daily habit, and the seventh institutional mechanism introduces a strengthened monitoring and evaluation system supported by digital tracking. The programme also upgrades its service delivery model from the existing T3 approach 'Test, Treat and Talk' to a T4 approach ‘Test, Treat, Talk and Track’. The revised framework aims to strengthen haemoglobin testing, ensure treatment of iron deficiency anaemia in line with national protocols, improve follow-up and referral through systematic beneficiary tracking, and enhance counselling on nutrition and healthy dietary practices, it said. For pregnant and lactating women suffering severe anaemia, or those who do not respond to oral iron therapy, the guidelines include intravenous iron therapy using Ferric Carboxymaltose (FCM) and Iron Sucrose as an important clinical intervention. The government also plans to establish an integrated digital ecosystem to monitor anaemia services across beneficiary groups. Under the new system, haemoglobin testing records for pregnant women will be mapped through the JANANI Portal, while records for children will be captured through the RBSK and U-WIN portals.

Low birth weight babies to be added to Anaemia Mukt Bharat as Centre prepares to revamp guidelines
Asia-Pacific
The Straits Times

SpaceX set to join Nasdaq 100, paving way for wave of passive buying

SpaceX, which made its Nasdaq debut on June 12, has swung between sharp losses and small profits over the past three years. NEW YORK – SpaceX will be added to the tech-heavy Nasdaq 100 index on July 7, exchange operator Nasdaq confirmed on June 26, paving the way for a surge in passive investments in Elon Musk’s rocket and artificial intelligence giant. Inclusion in the index typically boosts the stock price, as exchange-traded funds (ETFs) looking to replicate the index’s performance buy shares of the newly included firm. To make it more attractive for companies seeking US listings, Nasdaq, along with other index providers FTSE Russell and MSCI, relaxed its entry requirements including profitability, the number of days after a company goes public and the number of shares available for trading. SpaceX, which made its Nasdaq debut on June 12, has swung between sharp losses and small profits over the past three years. In 2025, the company reported a net loss of US$4.9 billion (S$6.3 billion). Large Language Model makers OpenAI and Anthropic are also expected to file for their initial public offerings in 2026 or 2027 and likely target valuations of more than US$1 trillion. Investors buy mutual funds and ETFs, such ​as Invesco’s QQQ and QQQM, that track the Nasdaq 100, to get broader exposure. JPMorgan estimated that SpaceX’s inclusion in the Nasdaq 100 could draw US$4.3 billion in passive inflows. “Clearly, there’s a lot of demand, that’s why they fast-tracked the integration into the index,” Michael Field, chief equity market strategist at Morningstar, said. “A lot of people will be happy with it. Some fund managers less so, the sceptics among them, us included. We think the stock is overvalued.” S&P Global said in June that it ​was not changing the requirements for SpaceX to enter its major indices, including Wall Street’s benchmark S&P 500 index, and will wait for at least 12 months before even considering it. REUTERS

SpaceX set to join Nasdaq 100, paving way for wave of passive buying
North America
CNBC Finance

A surprisingly strong summer box office could mean Hollywood's first $10 billion year since the pandemic

Hollywood is having its best summer since before the pandemic, and that hot streak is putting the annual box office on pace to cross $10 billion for the first time in seven years. The season, which runs from the first weekend in May through Labor Day, has tallied $1.8 billion so far through Sunday. That's down less than 2% from 2019 levels, or just about a $30 million lag. Industry analysts keep a close eye on this period of the year because it typically accounts for about 40% of the total annual domestic box office. "The summer box office is incredibly important," said Paul Dergarabedian, head of marketplace trends at movie data company Rentrak. "It's vitally important in terms of what the overall health of the industry looks like and what that portends for the entire year." What sets this summer apart is that it didn't kick off with a blockbuster action film or superhero team-up. Instead, the first major hit of the season came with the release of Disney's "The Devil Wears Prada 2," followed by Universal's "Obsession" and A24's "Backrooms," two low-budget horror films from YouTube creators-turned-filmmakers. It was further fueled by residual ticket sales of Lionsgate's "Michael," the Michael Jackson biopic, which debuted in late April. Together, those four films have contributed nearly $850 million to the domestic summer box office since the start of May, according to data from Rentrak. Notably, that's about how much Disney and Marvel's "Avengers: Endgame" had tallied for the 2019 box office during the same period. Last week's release of Disney and Pixar's "Toy Story 5" delivered another boost, posting a franchise-best opening of $160 million. Combined, the handful of upside surprises is making for a stronger-than-expected domestic box office and a promising foundation for the second half of the year as the industry chases pre-pandemic levels. As of Sunday, the 2026 box office has tallied $4.4 billion domestically, about 15% behind the $5.2 billion the 2019 box office had collected during the same time period. Contributing to the surprisingly strong ticket sales is movies like "Michael," "Obsession" and even Amazon MGM's "Project Hail Mary," which was released in March, that are holding strong at the box office week after week. Typically, after opening weekend, a title will see sales drop anywhere from 50% to 70%. But these films were seeing drops of between 20% to 40% each week. "Obsession" has pulled off an even rarer box office feat as ticket sales actually increased in its second and third weekend in theaters, up 39% and 14%, respectively, according to data from The Numbers.

A surprisingly strong summer box office could mean Hollywood's first $10 billion year since the pandemic
North America
CNBC Finance

How Kohl's lost its way — and is trying to become relevant again

Kohl's was once a retail darling, carving out market share as a department store catering to the middle-income American consumer with coupons and deals that drove loyalty. But over the past five years, Kohl's stock has lost nearly 70% of its value, plummeting as the retailer reported weak sales. As department stores struggle to stay relevant and middle-income consumers face budget pressure, Kohl's is now trying to reinvigorate sales by leaning back into its core value proposition and investing in the store experience to ensure customers find what they need and keep coming back for more. Though Wall Street analysts believe the retailer has more work to do, investors have started to take notice: Kohl's shares have climbed more than 130% in the past year. "For us, it's really about making sure that we are picking a lane," CEO Michael Bender told CNBC. "Sitting in the middle of the retail landscape like we do, selling the products like we do, that are admittedly more discretionary than others, means that you have to pick a lane and decide who you're serving, and that you understand that customer really, really well." The company, which went public in 1992, saw its peak in the early 2000s as department stores gained traction around the U.S. Kohl's was known for its value, proprietary brands, coupons and Kohl's cash rewards, enjoying success along with other department store chains like Macy's and Bloomingdale's. At its height, Kohl's commanded major market share, with its stock reaching an all-time high of $82 per share in late 2018 and the company reporting revenue of $20.23 billion for the fiscal year ended February 2019. But soon after, the retailer began to lose traction. While department stores have broadly struggled during that time, Kohl's also faced specific issues that contributed to revenue declines. "As a department store, they've kind of been struggling for a number of years," Chuck Grom, an analyst at Gordon Haskett, told CNBC. Now, the company is working to stabilize its business, return to growth and win back a customer base that Bender said Kohl's never completely lost. Through changing its assortment, limiting coupon usage and leaning into off-price retail instead of proprietary brands, Kohl's "alienated" its core customers, forcing them to go elsewhere, Grom said. Grom, who has been covering Kohl's for years, said the retailer went wrong when it leaned into being an off-price retailer. "I think companies need to realize who their customer bases are and not try to become somebody they're not," he said. "I think too often retailers want to become what somebody else is, and that often can backfire on you."

How Kohl's lost its way — and is trying to become relevant again
Asia-Pacific
The Straits Times

S&P 500 ends lower; chips tumble and Moderna rallies

Traders working on the floor of the New York Stock Exchange during morning trading on June 26, in New York City. NEW YORK – The S&P 500 ended marginally lower on June 26, with a steep drop in AI-related chip stocks and sharp gains in Moderna and other healthcare stocks. The PHLX chip index tumbled 5.3 per cent, underscoring recent volatility among AI-related chipmakers that have fuelled much of Wall Street’s gains in recent years. While some investors remain optimistic about the potential for artificial intelligence to fuel higher profits, others worry that massive spending to build AI data centres may take too long to pay off. “It’s too early to conclude that there’s a major correction brewing in tech, but what I would say is that the questions around profitability and the capex story are certainly not going away,” said David Stubbs, chief investment strategist at AlphaCore Wealth Advisory. Stubbs also warned that Wall Street could be vulnerable to signs that US companies may not be able to deliver on investors’ high earnings expectations. Apple rallied 3.1 per cent and partly rebounded from a selloff on June 25, when it raised iPad and MacBook prices, blaming soaring memory and storage chip costs. Moderna surged almost 13 per cent to its highest level since 2024 after the drug developer hosted an investor event and showcased its pipeline. Eight of the 11 S&P 500 sector indexes declined, led lower by industrials, down 3.41 per cent, followed by a 2.45 per cent loss in materials. US inflation rose above 4 per cent in May, data showed on June 25, as the Iran war drove up energy prices, keeping alive the possibility of a Fed rate hike. While oil prices have retreated sharply as the Middle East tensions eased, Apple’s newly announced price hikes suggest inflation remains a concern, said Art Hogan, chief market strategist at B. Riley Wealth. “We saw a similar dynamic during the pandemic, when supply chain disruptions limited access to semiconductors. Now, we’re witnessing a comparable supply shock, this time driven by memory, which is creating renewed inflationary pressure,” Hogan said.

S&P 500 ends lower; chips tumble and Moderna rallies
Asia
The Economic Times

11 penny stocks plunge up to 55% in a month. Should investors worry?

Over the past 1 month, 13 penny stocks have recorded sharp declines, falling between 20% and 55%. These underperformers were identified through a targeted screening approach focused on stocks with a market cap below Rs 1,000 crore, a share price under Rs 20, and a minimum recent trading volume of 5 lakh shares. The strategy aims to highlight low-priced, actively traded penny stocks that have experienced significant downside. (Data Source: ACE Equity)Although penny stocks often attract investors with their low entry prices and potential for rapid gains, they come with substantial risks. Due to low liquidity, high volatility, and limited transparency, they are prone to manipulation and sudden price drops. Without a clear strategy and strong risk controls, investors may face more losses than gains.

11 penny stocks plunge up to 55% in a month. Should investors worry?
Asia
The Economic Times

AMFI reshuffle: Hindustan Copper among 6 smallcap stocks that may get upgraded to midcap

Six smallcap stocks could be upgraded to the midcap segment in AMFI’s H2 CY26 semi-annual rejig, according to Nuvama Institutional Equities. Based on current average market capitalisation trends, AMFI may raise the large-cap cut-off to around Rs 1.07 lakh crore (vs Rs 1.05 lakh crore in December 2025) and set the midcap threshold near Rs 32,800 crore (vs Rs 34,800 crore earlier). Hindustan Copper, with a market capitalisation of Rs 47,384 crore, is likely to move into the midcap category. NLC India, with a market capitalisation of Rs 44,309 crore, may also see an upgrade. AIA Engineering, currently valued at Rs 45,237 crore, is another probable entrant into the midcap basket. Ajanta Pharma, with a market capitalisation of Rs 39,866 crore, could be reclassified as a midcap stock. Aster DM Healthcare, at Rs 39,843 crore, is also expected to move up the ladder. Sona BLW Precision Forgings, with a market capitalisation of Rs 38,528 crore, remains on the cusp and may be upgraded.

AMFI reshuffle: Hindustan Copper among 6 smallcap stocks that may get upgraded to midcap