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The Economic Times

Goldman Sachs’ India bets: 8 stocks rally up to 85% in CY26; one new addition

Goldman Sachs’ Indian equity portfolio, held through its global funds, declined 6% in CY26, falling from Rs 9,014 crore in December 2025 to Rs 8,470 crore as of June 25, 2026. As of the March 2025 quarter, the portfolio comprised about 46 stocks, of which around 26 were negative performers. So far in CY26, 18 stocks have declined between 10% and 44%, with the top six laggards falling 25–44%.However, despite the overall decline, eight stocks bucked the trend, delivering gains of 20–85% over the same period. We also highlighted one newly added stock in the March 2025 quarter. (Data Source: ACE Equity, Trendlyne) In CY26 so far, the stock has rallied 84%, rising from Rs 308 to Rs 566. Goldman Sachs India holds about a 1.90% stake, currently valued at approximately Rs 122 crore. In CY26 so far, the stock has rallied 79%, rising from Rs 702 to Rs 1,255. Goldman Sachs India holds about a 2.40% stake, currently valued at approximately Rs 470 crore. In CY26 so far, the stock has rallied 65%, rising from Rs 1,134 to Rs 1,873. Goldman Sachs India holds about a 2.16% stake, currently valued at approximately Rs 367 crore. In CY26 so far, the stock has gained 34%, rising from Rs 908 to Rs 1,221. Goldman Sachs India holds about a 1.41% stake, currently valued at approximately Rs 365 crore. In CY26 so far, the stock has gained 29%, rising from Rs 1,611 to Rs 2,071. Goldman Sachs India holds about a 2.12% stake, currently valued at approximately Rs 203 crore. In CY26 so far, the stock has gained 29%, rising from Rs 5,920 to Rs 7,609. Goldman Sachs India holds about a 1.06% stake, currently valued at approximately Rs 412 crore. In CY26 so far, the stock has gained 26%, rising from Rs 1,700 to Rs 2,141. Goldman Sachs India holds about a 3.97% stake, currently valued at approximately Rs 272 crore. In CY26 so far, the stock has gained 20%, rising from Rs 6,387 to Rs 7,659. Goldman Sachs India holds about a 1.37% stake, currently valued at approximately Rs 368 crore. In CY26 so far, the stock has declined 24%, falling from Rs 778 to Rs 595. Goldman Sachs India holds about a 2.70% stake, currently valued at approximately Rs 199 crore. In CY26 so far, the stock has declined 25%, falling from Rs 1,721 to Rs 1,290. Goldman Sachs India holds about a 2.86% stake, currently valued at approximately Rs 134 crore. In CY26 so far, the stock has declined 26%, falling from Rs 619 to Rs 458. Goldman Sachs India holds about a 1.76% stake, currently valued at approximately Rs 156 crore.

Goldman Sachs’ India bets: 8 stocks rally up to 85% in CY26; one new addition
North America
CNBC Economy

UN agency pauses Hormuz ship evacuation plan after first vessel attack under peace deal

The International Maritime Organization has paused its efforts aimed at evacuating ships and seafarers stranded inside the Middle East Gulf after a vessel was attacked in the Gulf of Oman. The pause follows a container ship being struck by an unknown projectile near the coast of Oman on Thursday, with a U.S. official telling MS Now that Iran was behind the attack. The evacuation plan would be temporarily paused "in order to reconfirm that the necessary safety guarantees continue to be in place for the ships on our evacuation list and ​all those in the region," Arsenio Dominguez, Secretary-General of the ​International Maritime Organization, a specialized agency of the United Nations, said in a statement. When asked about its response to the attack, a U.S. official said "we are aware of these reports and looking into them. President Trump has been clear that Iran cannot subvert the free flow of traffic in the strait." The IMO initiative, launched on Tuesday, was aimed at supporting hundreds of stranded ships and thousands of seafarers to sail out of the Gulf, using either a northern route via Iranian waters or a southern route via Omani waters with U.S. oversight, the IMO said earlier this week. Shipowners had been seeking to transit the Strait of Hormuz after the U.S. and Iran struck an interim peace deal to pause hostilities for 60 days as negotiations for a permanent peace deal proceeded. Traffic through the Strait of Hormuz has partially recovered but remains well below pre-war levels. In the week following the ceasefire, 125 vessels passed through the strait, according to Lloyd's List Intelligence, the highest level of weekly transits since the war started in late February. On Wednesday, Iran's military warned vessels to not use the southern route approved by the IMO and said any new transit route through the Strait of Hormuz established without its approval is "unacceptable and dangerous," as Tehran seeks to reinforce its grip over the vital energy waterway. At least two vessels performed U-turns on their way out of the Middle East Gulf, according to Lloyd's, after Iran insisted that vessels use the routes approved by Tehran. Both were using the southern route closest to the Omani coastline. The attacked vessel carried a Singapore flag and was owned by shipping giant Evergreen, according to Lloyd's. It did not ⁠transit under IMO's evacuation framework, Dominguez said in the statement. Evergreen, Singapore's Ministry of Trade and Industry and Ministry of Foreign Affairs did not respond to CNBC's requests for comment. Get this delivered to your inbox, and more info about our products and services.

UN agency pauses Hormuz ship evacuation plan after first vessel attack under peace deal
North America
CNBC Economy

U.S. issues sweeping Iran oil sanctions waivers, unlocking billions in revenue for Tehran

The U.S. has issued a sweeping rollback of sanctions on Iranian oil, allowing dollar-denominated trade for the first time in more than four decades, as Washington and Tehran press on with fragile talks toward a permanent peace deal. The U.S. Treasury on Monday issued a wide-ranging 60-day exemption allowing Iran to produce and sell crude oil, petrochemical and petroleum products in U.S. dollars through Aug. 21. Under the so-called General License X, vessels and entities previously subject to U.S. sanctions are also cleared for transactions. The waiver also theoretically reopens the door to U.S. imports of Iranian crude, a trade which has effectively collapsed since the 1990s under the weight of heavy sanctions, according to the U.S. Energy Information Administration. The move on Monday marks the most sweeping rollback of American oil sanctions against Iran since the 1979 Islamic Revolution, reversing years of pressure designed to cripple Iran's economy, and is expected to deliver billions in oil revenue for the Iranian regime. The license could unlock a floating inventory of around 67 million barrels of Iranian crude stranded in the Gulf, handing Iran a potential financial windfall of $8 to $9 billion according to Miad Maleki, a former Treasury sanctions official and now a senior fellow at the Foundation for Defense of Democracies, a Washington-based think tank. "Production, sales, dollar payments, petrochemicals and protected shipping — all switched on at once," he said. "Together, they amount to a sustained reopening of Iran's most important revenue stream." U.S. President Donald Trump defended the lifting of the sanctions, saying on Monday that any oil profits were meant for Iran to purchase American agricultural goods, rather than rebuild its military. The latest sanctions relief followed a memorandum of understanding signed last week between the U.S. and Iran. Talks in Switzerland that concluded Monday have yielded positive progress toward a final deal. Iranian crude exports have picked up in recent weeks as the U.S.-Iran negotiations progressed, with 6.79 million barrels shipped out last week — the highest level in two months — according to maritime intelligence firm Windward. Iranian crude, which typically trades at a discount to global benchmarks, could also shift to a premium above Brent given demand pressure, further increasing Tehran's revenue windfall, said Brett Erickson, a managing principal at Obsidian Risk Advisors. The latest exemption allows Iran to receive oil proceeds directly into its central bank, reducing the transaction costs previously incurred by routing payments through shadow banking intermediaries. "With dollar clearing now authorized, expect China to accelerate purchases aggressively," said Maleki. Chinese buyers, in the past, have settled transactions through opaque channels to avoid secondary U.S. sanctions exposure.

U.S. issues sweeping Iran oil sanctions waivers, unlocking billions in revenue for Tehran
Europe
The Guardian

As billionaires’ wealth soars, US workers struggle: ‘The rich keep getting richer for no good reason’

People protest against the SpaceX IPO outside JPMorgan Chase in New York City on 12 June 2026. Photograph: Sarah Yenesel/EPAView image in fullscreenPeople protest against the SpaceX IPO outside JPMorgan Chase in New York City on 12 June 2026. Photograph: Sarah Yenesel/EPAUS income inequalityAs billionaires’ wealth soars, US workers struggle: ‘The rich keep getting richer for no good reason’Ultrarich face backlash as billionaire tax in California makes it to the ballot and Americans organize for higher wages The day that Elon Musk became the world’s first trillionaire, Gilberto Rubio, a security officer in the San Francisco area, said he was thinking about how to cut back on meals to save money. Jessica Ordeñana, a bartender in midtown Manhattan, was worrying about air conditioning ahead of a heatwave because she can’t afford her soaring electricity bills. Ordeñana and Rubio are just two of the millions of workers in the US struggling to make ends meet in an economy in which inflation has wiped out recent gains in wage growth and consumer confidence is at an all-time low, even as wealth has surged for the ultrarich. On Thursday, California’s controversial billionaire tax measure officially made it to the ballot after an expensive and hard-fought campaign that saw some of the world’s richest people pour millions into efforts to derail the effort. That fight will now continue until November’s general election, with Silicon Valley expected to spend even more money to prevent the measure from passing. The wealthiest 0.00001%, about 20 individuals, hold wealth equal to 12% of the US’s gross domestic output, according to data compiled by the French economists Gabriel Zucman and Emmanuel Saez, about four times greater than levels seen during the gilded age. Musk lost his trillionaire status on Wednesday. It dipped below the threshold as investors soured on AI. But he has still added $327bn to his fortune in the last 12 months alone. A stock market rally would soon push him back over the top and bring his cohort up with him. The rise in Musk’s extraordinary wealth – up from about $28bn in 2020 to now close to $1tn – was cemented by SpaceX’s stock market listing. More millionaires and billionaires will be minted in the coming months as SpaceX’s share sale is followed by offerings from AI rivals Anthropic and OpenAI. The US is home to 989 billionaires. They owned more than $9.2tn in wealth in 2026, up 31.8% since 2025, according to a report by Americans for Tax Fairness. And as the billionaires’ wealth has soared, workers in the US are falling behind. In 2025, US workers took their smallest share of gross domestic product on record since 1947, falling to 53.8% of GDP in the third quarter. The US inflation rate hit 4.2% in May 2026, wiping out 3.4% in wage growth for the past year.

As billionaires’ wealth soars, US workers struggle: ‘The rich keep getting richer for no good reason’
North America
CNBC Finance

Luxury spending now driven by experiences and 'inheritourism'

Luxury spending is expected to rebound this year, driven mainly by experiences rather than luxury goods, according to a new study. After two years of declines, luxury goods sales are expected to grow between 1% and 4% in 2026, according to a report from Bain & Co. and Altagamma. Personal luxury goods sales are projected to reach between 365 billion euros and 373 billion euros (US$413.6 billion and US$422.7 billion) this year. The tensions in the Middle East continue to dampen sales. Dubai, United Arab Emirates, was one of the fastest-growing luxury markets in the world before the Iran war but relies heavily on tourism and has yet to show signs of recovery. The report said that if the Middle East stabilizes and demand in China strengthens, luxury goods sales could post growth this year. The U.S. is now the leading country for luxury goods growth for the first time since 2021, according to the report. It said that growth in the U.S. is being driven in large part by aspirational consumers. At the same time, the priorities and spending of wealthy consumers around the world are shifting. The report said travel, events and dining experiences are becoming more important than buying status goods for show. While luxury goods sales are expected to grow between 1% and 4%, experiences are on track for growth of between 3% and 7% this year, the report said. Bookings in dining, leisure and entertainment are up around 30% this year. "What we're seeing across experiential luxury this year is resilience concentrated in the categories that offer something money can't easily replicate: time, access and meaning," said Claudia D'Arpizio, a senior partner at Bain & Co. "Luxury is increasingly about how people live rather than what they own." Trips to nontraditional and less crowded destinations are growing. "Immersive wayfaring," or bespoke, slow-travel experiences rooted in discoveries and traditions, are also growing more popular. Travel to nontraditional locations is up 20%, according to the report. The report also cites the rise in "inheritourism," in which wealthy families travel together and Gen Zers adopt the travel tastes and preferences of their parents. Cruises in particular are drawing many first-time buyers along with repeat customers. Fine dining and gourmet food are being driven by a "less-but-better" mindset, and fine arts are returning to growth. "Consumers aren't simply spending more; they're spending differently, in pursuit of moments that feel personal and authentic," D'Arpizio 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.

Luxury spending now driven by experiences and 'inheritourism'
North America
CNBC Finance

GM reveals 2027 GMC Sierra pickup with new V-8 engines, redesigned styling

DETROIT – General Motors revealed its 2027 GMC Sierra 1500 pickup truck lineup on Thursday with new V-8 engine options and redesigned interior and exterior styling. The new GMC trucks are crucial to the automaker's sales and earnings, especially the highly profitable Denali luxury models and off-road AT4 models that represent roughly half of the vehicle's current sales, according to GM. Such models feature unique parts, accessories and amenities to boost pricing and profits for the company. GM said Thursday it's narrowing its model lineup for the next-generation Sierra to the Pro, Elevation, AT4, AT4X, Denali and Denali Ultimate. It's removing the mid-level SLE and SLT trims, which currently start at about $51,500 and $57,900, respectively. GM said pricing details as well as performance specifications will be released closer to when the vehicles go on sale late this year. Starting prices for the current Sierra 1500 lineup ranges from roughly $41,000 for an entry-level Pro to more than $86,000 for a Denali Ultimate. "With the next-generation Sierra 1500, we're bringing together a new generation of Small Block V8 power, precise off-road capability, and our most immersive cabin experience to date," said Michael MacPhee, vice president of GM's GMC and Buick brands, in a release. "The next-generation Sierra is the truck all others will be measured against." The new trucks come a week after the Detroit automaker unveiled updates to its Chevrolet Silverado 1500 pickup trucks, which are mechanical siblings to the GMC models. Most noticeably the GMC pickups are styled far differently than their Chevy brethren, including taking styling cues from the brand's all-electric Sierra pickup truck and featuring a new interior. The interior cabin comes with more storage, a sliding center console and a folding table or work surface — all made possible by moving the gear shifter from the center console to behind the steering wheel. It also features new technologies and more than 60 inches of available screens, including an 11.5-inch passenger-side screen that includes media and entertainment functions. Other significant changes are found under the hood. Like the Silverado models, the GMC pickups will include a new generation of the automaker's small block V-8 gas engines, available in 5.7-liter and 6.6-liter options. In addition to the V-8 engines, the GMC trucks will offer two six-cylinder engines, including a GM-exclusive diesel variant. GM's U.S. sales through the first half of this year are forecast to decline by roughly 7%, according to Cox Automotive. The overall market is expected to see sales fall roughly 3%, Cox said Wednesday. GM reported first-quarter sales were down 9.7% compared with a year earlier, with its GMC brand about level. Sales of the Sierra 1500 were down about 2% to nearly 51,900 units, while larger, heavy-duty models were off about 8% to roughly 24,500 units. Sales of the electric Sierra were up 3%, but remained under 1,300 units.

GM reveals 2027 GMC Sierra pickup with new V-8 engines, redesigned styling
North America
CNBC Finance

JPMorgan names Doug Petno and Troy Rohrbaugh co-presidents as longtime exec Marianne Lake exits

JPMorgan Chase on Thursday promoted two of its top executives into newly created co-president roles, marking the latest step in CEO Jamie Dimon's long-running succession planning while announcing the retirement of one of Dimon's most prominent potential successors. Doug Petno and Troy Rohrbaugh, who have jointly led the bank's commercial and investment banking division since early 2024, were named co-presidents of JPMorgan effective immediately, according to a regulatory filing. As part of the changes, Petno, 61, becomes the sole chief executive of the commercial and investment banking division, while Rohrbaugh, 56, will take over as CEO of the firm's consumer and community banking division, succeeding Marianne Lake. "The decision to elevate Doug and Troy to Co-Presidents and heads of the company's two largest businesses reflects the Board's confidence in their extraordinary leadership capabilities, business performance, relationships, experience and commitment to always doing the right thing," Dimon said in a statement. Lake, a 25-year veteran of JPMorgan who has been on the short list of potential Dimon successors since serving as CFO starting in 2013, decided to retire from the firm, according to the filing. The moves reshape the leadership team beneath Dimon, 70, who has repeatedly said the bank's board has multiple executives capable of eventually becoming CEO. By placing Petno and Rohrbaugh in charge of the firm's two biggest and most important operating businesses while also elevating them to co-presidents, JPMorgan gives both executives broader management experience at a crucial time. Dimon expects to remain CEO for roughly three more years, though that timeline could change, according to two people with knowledge of his thinking. The bank has said that after Dimon steps down, he will likely stay on as chairman to advise the new CEO. Before the latest changes, Petno had the edge over Rohrbaugh in the succession race, but that gap has closed, according to the two people, who declined to be identified speaking about the bank's plans. Either manager could take over for Dimon in the short term if needed, they said. While Petno takes over sole control of the key Wall Street and commercial banking group that he has co-led for a few years, Rohrbaugh will now learn consumer banking after a career in institutional trading and markets businesses, a key step to expanding his resume. Lake submitted her resignation after the board winnowed the successor shortlist to the two men, according to one of the people. The person told CNBC they expect Lake to find an executive role elsewhere. Dimon said that Lake, who took over as sole head of the consumer banking division in 2024, was "an outstanding partner and friend and has dedicated her career to championing our people and customers, building world-class businesses and delivering results, always with unquestioned integrity." In another sign of their freshly minted status atop the succession list, Petno and Rohrbaugh each received one-time restricted stock bonuses valued at $30 million.

JPMorgan names Doug Petno and Troy Rohrbaugh co-presidents as longtime exec Marianne Lake exits
Europe
The Guardian

US media regulator Brendan Carr accuses Disney of ‘misinformation’ on investigations

Brendan Carr, FCC chairman, attends the Conservative Political Action Conference USA 2026 at the Gaylord Texan Resort and Convention Center, in Grapevine, Texas, on 27 March 2026. Photograph: Daniel Cole/ReutersView image in fullscreenBrendan Carr, FCC chairman, attends the Conservative Political Action Conference USA 2026 at the Gaylord Texan Resort and Convention Center, in Grapevine, Texas, on 27 March 2026. Photograph: Daniel Cole/ReutersABCUS media regulator Brendan Carr accuses Disney of ‘misinformation’ on investigationsDisney-owned ABC launched awareness campaign about two FCC investigations it faces, urging viewers to write in Brendan Carr, the Trump-aligned chairman of the Federal Communications Commission (FCC), has accused Disney of running a “campaign of misinformation” as the media group defends itself against investigations the regulator has initiated. Disney-owned ABC launched a public awareness campaign earlier this week to encourage viewers to back the network as it faces two separate investigations before the US media regulator. Since ABC began running advertisements encouraging viewers to file public comments, the FCC has received more than 51,000 submissions on its investigation into whether the daytime talk show The View violated equal time provisions around political candidates appearing on programs. There have also been nearly 40,000 submissions regarding the commission’s broader investigation into whether ABC should be able to renew its licenses for the eight local television stations it owns around the country. The outcome of that license renewal process, which could take more than a year, is extremely crucial for the future of the network. Carr said that Disney “is running a fairly standard, off-the-shelf PR strategy” and is seeking to litigate the case in the media. Taking it one step further, Carr said: “I do think that Disney is running a campaign of misinformation here, I think in a lot of ways.” He specifically called out ABC for saying in its advertisement raising awareness about The View investigation that “the FCC wants to control who is allowed to appear on the show.” “Our position is that we are enforcing the provisions of the Communications Act that Congress has passed,” he said. “We’re going to apply the law. Again, we have not made a decision one way or the other. We’re open-minded. We’ll see what they say.” Asked whether the FCC would factor in the overwhelming proportion of comments that are defending ABC when making decisions about the network, Carr said: “We have our ways of combing through the comments and we evaluate the merits of what people are saying. We look at the facts and the arguments that are being presented. This is what we do day in and day out. Maybe it’s more comments than we normally get, but it’s not entirely unprecedented when you get issues that break above the media noise floor.” Some telecom experts critical of Carr have said the license renewal process could ultimately take years, leaving the network in limbo. Asked by the Guardian about those concerns, Carr said it’s too early to say how long it could go. “It’s not been decided at the FCC yet whether to renew the licenses, or whether we can’t make a finding to renew and therefore you set it for hearing through a hearing designation order,” he said. “Again, at this point, all options remain on the table and it can be dictated by the facts and the law, and we just got to go forward. If it’s short, great. If it’s long, great. But we got to apply the Communications Act and the provisions.” Anna M Gomez, the lone Democrat-appointed FCC commissioner, reiterated her belief that Carr is using investigations and the license renewal process to put editorial pressure on ABC to go soft on the Trump administration, and not out of concern about whether Disney is discriminating against employees based on their race and gender, the rationale the chairman has given. “It is so clear that this early license renewal is being done to pressure Disney,” she said. “This is all designed to pressure Disney to cave.”

US media regulator Brendan Carr accuses Disney of ‘misinformation’ on investigations
Europe
BBC Business

Warning over power bank fire risk on flights as summer holidays begin

Image source, Getty ImagesByKaty AustinTransport correspondentPublished4 hours agoFlight passengers are being warned not to pack power banks or vapes in their hold luggage ahead of the busy summer holiday travel period beginning for parts of the UK. The fire risk posed by lithium batteries is now the number one safety risk to aircraft, according to the aviation regulator, as the number of devices found in hold bags has nearly doubled in a year. The Civil Aviation Authority (CAA) says the average person now takes four different lithium powered devices on a flight. Ahead of the school summer holidays, which begin in Scotland first this week, people are being reminded to take devices in the cabin with them. The batteries can store huge amounts of energy in a small space, and are now commonly used in lots of electrical items including laptops, vapes, power banks, mobile phones and smart watches. They're incredibly useful and versatile. But if the batteries overheat or are defective, a fire can result which spreads very quickly and is hard to control. In 2024, 316 incidents of devices with lithium batteries detected in hold bags were reported to UK authorities. In 2025, that rose to 643. Reports of devices overheating or malfunctioning also nearly doubled the same year, from 123 to 206. Most of these issues occurred in the cabin where crew could deal with the situation, but the concern is that if this happens in the hold, the problem may not be discovered until it's too late to control it. Apart from the risk of fire, having to remove bags from the hold can cause delays. Planes can even be diverted. Last month an EasyJet flight had to divert to Rome because it emerged a power bank had been packed in the hold. In October, video was widely shared of flames belching from the overhead storage compartment of an Air China flight, reportedly caused by a lithium battery.

Warning over power bank fire risk on flights as summer holidays begin