Latest Developments

Asia
The Hindu BusinessLine

Reliance Jio enters satcom battleground with sovereign LEO constellation

Reliance Jio announced plans to develop sovereign Low Earth Orbit satellite constellation for India during its annual general meeting. Stating that Jio has connected India on the ground, Akash Ambani, Chairman of Reliance Jio Infocomm (Jio) stated that the company is developing its own satellite constellations while simultaneously leasing satellite capacity to global satcom providers. “Jio is evaluating the development of a sovereign Low Earth Orbit satellite constellation for India. We are also partnering with the leading global constellation providers by leasing satellite capacity, so that we can accelerate service availability while building our own long-term sovereign capability,” said Ambani, adding that the dual approach will enable Jio to meet India’s connectivity needs faster, while laying the foundation for the Indian satellite broadband platform of global scale. To this end, Jio is also building its own ground station infrastructure in India that will support its own future satellites as well as partner constellations, “creating an end-to-end satellite broadband ecosystem from space to ground. “With this initiative, Jio is strengthening India’s atma nirbharta in space, placing India firmly on the global satellite broadband services map,” said Ambani. Satellite communication has been an anticipated technology with its primary customer centered in the hinterlands of the country, navy, and other segments where fibre cannot ensure effective connectivity. 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.

Reliance Jio enters satcom battleground with sovereign LEO constellation
Europe
BBC Business

The artificial ice pyramids saving India's mountain villages

At an altitude of almost 4,000m (13,000ft) and receiving almost no rainfall, the Himalayan village of Sakti is a hostile place to be a farmer. "Ladakh has a brutal, single-cultivation season," says Gelak Gutme, who has been growing wheat, peas and potatoes there for most of his 65 years. Conditions have become worse in his lifetime. Global warming means that the smaller, low altitude glaciers they relied on to water their crops have disappeared. "Now there is scarcity of water. Last year I lost everything - my entire field got dried due of lack of water," Gutme says. "For generations, small glaciers sitting right above the valleys acted like frozen water towers, holding onto water all winter and releasing it right when spring farming began," explains Lobzang Fardod, who is a member of a local water management committee in Ladakh. "Now that those lower glaciers have completely vanished into a desert of dry rock, there is nothing left at the top to melt," he says. The mountain summer is short, so farmers have to plant their crops by May, otherwise the crops will not be ready before the winter hits again. To secure that vital resource, in the early 2010s some Ladakh villages attempted to create their own reservoirs of ice. The system involved piping water from higher up in the mountains during the winter and spraying it into the air, where it would freeze, and over time form large towers of ice, called ice stupas. They successfully supplied melt water in the spring, but were a "nightmare" to manage under harsh winter conditions, says Fardod. If temperatures dropped quickly below minus 20C, or sometimes minus 30C, the water in the pipes was liable to freeze, cracking the pipes and ruining the whole system. To guard against that, during the winter teams of four or five farmers would camp high-up, near the water source, rushing to any potential blockages with boiling water, often during the night when temperature drops were most likely.

The artificial ice pyramids saving India's mountain villages
Europe
BBC Business

'He hid the a la carte menu': Who should pay on the first date

Ask a group of friends and you'll likely get a dozen different answers. Some insist the bill should always be split equally, others believe the person who sets up the date should pay and despite changing attitudes towards gender roles, many still see a man picking up the bill as a romantic gesture rather than an outdated tradition. With cocktails regularly topping £15, restaurant bills climbing and many keeping a close eye on their budgets, even a casual evening out can quickly become expensive. For under 30s in particular, cost is a great barrier as over half of Gen Z adults feel the expense impacts their ability to go on dates. Jennifer Read-Dominguez, a digital editor who is currently single, believes whoever asks for a first date should be prepared to pay for it. She says women "can absolutely foot the bill themselves but that's not the point". "Sometimes it's nice to take a step back from always being the one making decisions and simply enjoy feeling feminine and being looked after." For her, a man paying on a first date is not about dependence or inequality but "effort and keeping some traditional gestures alive in modern dating". Jennifer says the amount spent matters far less than the thought behind it and she'd be just as happy being taken to a fast-food restaurant as a high-end one, but it's important that it's "within their means." She went on one date where a man took her to an expensive restaurant, complained about the cost and suggested they split the bill. When his card failed, Jennifer ended up paying for the entire meal. "He said he'd pay me back, but he never did. I could afford it, but that's not the point." Yasmin El-Saie is a content creator from London who says she would be "put off if a man expected us to split the bill on a first date". "When a man pays, he's showing he wants his date to feel comfortable and looked after," she says. "Maybe it's a double standard and down to my upbringing, but I still find it attractive."

'He hid the a la carte menu': Who should pay on the first date
North America
CNBC Finance

Hollister partners with Target to tap into $89 billion back-to-college shopping market

Abercrombie & Fitch's Hollister is branching out of its apparel roots and partnering with Target to start selling home and dorm decor for the first time as both brands look to new categories to drive growth. The collaboration, dubbed The Hollister Collection at Target, will launch online, in most Target stores and select Hollister locations on June 28 and will feature almost 60 items across men's and women's apparel and bedding. Hollister's tie-up with Target comes as both companies contend with declines in discretionary spending and waning consumer confidence, which have forced retailers to get creative to entice shoppers to spend. Hollister, Abercrombie's brand targeting shoppers ages 13 to 22, has been comfortably growing for much of the past year but is looking to become more of a lifestyle brand that sells more than clothes. By offering a wider assortment, especially across a larger footprint, Hollister can acquire new customers, encourage existing shoppers to spend more and create a new pipeline for organic growth. On the other hand, Target already has a large home and dorm decor department but has long leaned on brand collaborations as a competitive differentiator, especially because they're not as common at rival Walmart. Across the business, it has regularly brought in buzzy names like Kendra Scott, Diane von Furstenberg, Bombas and Champion, even before it was dealing with sluggish sales and shrinking profits. For both companies, the collaboration offers access to the lucrative back-to-college shopping market, which reached $88.8 billion last year, or about $1,325 in spending per person that participates, according to data from the National Retail Federation. Within that market, spending on dorm or apartment furnishings has been steadily growing for more than a decade. In 2025, it reached $12.8 billion, second only to electronics or computer-related equipment. Hollister's expansion into home and dorm decor comes as sister brand Abercrombie & Fitch expands into outside footwear brands like Puma, Sperry and Hunter as a means to drive growth. In interviews with CNBC, executives said category expansion across the business can both draw in new customers and entice existing shoppers to spend more. With Target's "brick-and-mortar presence, we should be able to expose the Hollister brand to people who aren't shopping with us today," said Corey Robinson, the company's chief product officer, overseeing both the Abercrombie and Hollister brands. "And then with those customers who love us so much today, to be able to be an even bigger part of their lives is something we're looking forward to." Under the terms of the collaboration, Hollister and Target are working together to design the products while Target, given its expertise in the space, will handle manufacturing, Robinson said. The collaboration will last at least through next year with drops expected during the fall, holiday and spring 2027 shopping seasons. "Moving beyond just bedding and thinking about blankets, wearable blankets, plush, that's how we will evolve the partnership," Robinson said. "With our target age, dorm is top of mind. From a seasonality perspective, there's a lot of ways you can refresh your dorm, and decorate with newness based on seasonality." Get this delivered to your inbox, and more info about our products and services.

Hollister partners with Target to tap into $89 billion back-to-college shopping market
Asia
The Hindu BusinessLine

The U.S. is using an Iranian smuggling tactic to sneak oil out of the Gulf

The United States military has overseen scores of secretive ship-to-ship oil transfers to keep Gulf energy exports flowing, using aerial and water drones as well as helicopters in an operation to guide convoys to awaiting tankers. The operation on the edge of ​the Strait of Hormuz employs a shuttling technique long used by Iran to skirt sanctions. Two specific locations where the oil transfers take place were identified by 11 people familiar with the operation – one off the coast of Fujairah in the United Arab Emirates and the other off Oman’s port of Sohar. It ‌started in early May, and at least 92 ships have been involved in the transfers, according to shipping data and satellite imagery reviewed by Reuters. As recently as June 11,17 pairs of ships could be ​seen carrying out simultaneous oil transfers at the two sites, according to satellite images reviewed by Reuters. An Apache helicopter downed by Iran on June 9, sparking retaliatory bombings by the U.S., was involved in the mission, according to four sources, ⁠including a former U.S. official with knowledge of the attack. Using satellite imagery, Reuters counted six pairs of tanker ships clustered together in a small area off the port of Sohar the day the Apache was shot down. Reuters could not confirm what role the Apache played in the operation. In response to Reuters questions, a U.S. defense official said no Central Command forces are taking part in an offshore ship-to-ship oil transfer operation. Both crew members were rescued by a drone boat, U.S. officials said. The extent of the ship-to-ship transfers, how they work, and the Apache’s role in the operation have not been ‌previously reported. The White House referred questions to Centcom. The Iranian government did not respond to requests for comment about the transfer operation. The two spots where these transfers take place, in the Gulf of Oman near the exit of the Strait of Hormuz, are close to the boundaries drawn by the Persian Gulf Strait Authority, a new Iranian body established to manage the Hormuz Strait. Ships that fail to comply with Iran’s orders are at risk of drone and missile attack ‌by the Islamic Revolutionary Guard Corps. The Fujairah port itself has come under repeated Iranian fire during the time this U.S.-led operation has been underway. This past weekend, according to the British maritime risk management group Vanguard, an “unknown projectile” struck a tanker off ‌the coast ⁠of Oman. Vanguard said in a statement that the crew was safe and that the impact caused some leakage of the cargo, but no environmental damage. It did not specify whether the tanker was involved in a ship-to-ship ⁠transfer. Iran responded to the U.S.-Israeli war by effectively closing the Strait of Hormuz, through which roughly a fifth of global oil consumption normally passes. That created the biggest global energy supply disruption in history and has spurred inflation around the world. The ship-to-ship transfers, though risky and inefficient, appear to be a part of the Trump administration’s efforts to help restore normal oil flows from the Gulf. U.S. President Donald Trump said the Strait of Hormuz would reopen Friday under a framework peace deal with Iran announced this week, but details remain vague. Reuters could not determine whether the announced deal had affected the oil transfers. A Reuters investigation published May 20 found that Iran has established its ​own system for ushering ships through the opposite side of the Strait, involving island checkpoints, diplomatic deals and sometimes ‌fees. The American transfer operations are fully controlled by the U.S. military, said eight of the sources, including a private security contractor who has been involved in the transfers. Tankers must sail to a meeting point before they reach the strait, then stagger their departures so they are around 3,000 to 4,000 meters apart, according to one of the sources as well as satellite imagery. Their transponders are off and their lights are dimmed, according to four sources. A series of waypoints allow the U.S. military to monitor the progress of the designated tankers, but the Americans are “obviously watching you all the time,” one of the sources said. When they pass through the strait, just beyond a zone that Iran has delineated as under its control, the tankers pull alongside ‌the recipient ships, which are Very Large Crude Carriers, or VLCCs, to begin the oil transfers. These take between 24 and 40 hours to complete. The empty tankers then shuttle back through the strait and the newly loaded VLCCs sail onward. What ​makes this ship-to-ship operation possible is that there are a few shippers willing to sail their vessels through the strait to deliver the oil to the waiting tankers, despite the Iranian blockade. But the operation is risky. “You just don't know when Iran might just decide to start using drones or even gunboats in order to prevent even those ships from transiting the strait,” said Noam Raydan, a senior fellow at Washington Institute who specializes in maritime risk ⁠and who reviewed Reuters’ findings. The ship-to-ship technique has been used by Iran for years to bypass sanctions, because it masks the source of the oil. The Iranians usually operate one pair of ships at a time, both to avoid detection and because its prewar exports were relatively small. The U.S.-led operation, which involves mass transfers, gives Gulf producers better protection from Iranian retaliatory attacks so they can move crude, condensate and petroleum products to international buyers. Reuters reviewed more than a dozen satellite images taken between May 2 and June 11 showing ship-to-ship transfers involving state-owned Gulf tanker ‌fleets and internationally operated vessels that receive the oil. LSEG and Kpler shipping data reviewed by Reuters showed repeated rendezvous between tankers operating in the area during the same period.

The U.S. is using an Iranian smuggling tactic to sneak oil out of the Gulf
Europe
The Guardian

Not so empty nesters: record-high number of US adults under 35 live at home, new data says

A residential neighborhood in Miami, Florida. Photograph: Joe Raedle/Getty ImagesView image in fullscreenA residential neighborhood in Miami, Florida. Photograph: Joe Raedle/Getty ImagesHousingNot so empty nesters: record-high number of US adults under 35 live at home, new data saysData shows that the increase in at-home living stems from high housing costs rather than labor market conditions A record number of the US’s young adults were living with their parents last year, according to new data from Realtor.com, as high housing costs pushed the milestone of independent living out of reach. A third of young adults between the ages of 25 and 35 – 25.2 million people – were living with their parents in 2025. Of those, 70% had jobs, and many held college degrees, highlighting that the increase in at-home living stems from high housing costs rather than labor market conditions. The national median asking rent is 18% higher than pre-pandemic levels, while the national median home listing price is 34% higher, according to data from the real estate company. “Every adult still in a childhood bedroom is a household not formed, a lease unsigned, a starter home unpurchased,” said Hannah Jones, a senior economist at Realtor.com. The latest data reflects how the US economy, particularly since the pandemic, has proved especially difficult for young people and recent college graduates. Roughly 40% of recent graduates are underemployed, meaning they are working jobs that do not require a degree. College graduates have experienced higher rates of unemployment than all other workers since 2020, a reversal in a longstanding trend. And many young people are reporting deep economic turmoil, from finding a job to progressing in their current one. Rapidly rising inflation also recently hit a three-year high, wiping out a year’s worth of wage gains, according to data released last week from the Bureau of Labor Statistics, which could delay the prospect of moving out for a young adult even further. Inflation jumped to 4.2% in May, as the war in the Middle East led to surging oil prices. Even though many young people may be saving thousands by not paying rent and living at home, they may also be delaying first-time home ownership, which is still a key driver of household wealth, Jones said. The typical first-time buyer is now 40, she added. This trend also has implications for the not-so-empty nesters. Parents may be forced to delay their retirement, push out plans to downsize their homes, or minimize their savings, Jones added. And beyond the social, emotional and financial implications of living at home, the increase in young people living with their parents has deepened the country’s housing market woes. Fewer adults engaging with the starter home market means there is less turnover in that market, Jones said, tightening an already limited supply and deepening the affordable housing struggle for young people. Analysts at Realtor.com studied the rates of young people living with their parents starting in the early 2000s to compare them to recent years, and found that if co-residence patterns from earlier decades had persisted, 4.86 million fewer young adults would be living with their parents today. The data is “not super surprising, just because we know what’s been going on with housing affordability”, said Jones. “But it is very striking when you compare it to the early 2000s and what the norms were. We’re going from 27% to 28% to 33%.”

Not so empty nesters: record-high number of US adults under 35 live at home, new data says
Europe
The Guardian

Oil prices hit three-month low and markets reach record high amid Iran deal breakthrough

Oil prices fell after the announcement of a US-Iran peace deal, amid hopes the strait of Hormuz would soon reopen to commercial shipping. Photograph: AFP/Getty ImagesView image in fullscreenOil prices fell after the announcement of a US-Iran peace deal, amid hopes the strait of Hormuz would soon reopen to commercial shipping. Photograph: AFP/Getty ImagesOilOil prices hit three-month low and markets reach record high amid Iran deal breakthroughDonald Trump posts ‘Let the oil flow’ as US-Iran peace deal sparks immediate drop for Brent crude Global oil prices have tumbled to a three-month low and stock markets closed at a record high amid fresh hopes that a US-Iran peace deal could end the greatest energy supply crisis in the history of the market. The price of Brent crude dropped about 4% to about $83 (£62) on Monday amid optimism that the strait of Hormuz could reopen shortly and bring a return of Gulf oil exports to the market. Wholesale gas prices fell 6% in Europe. Stock markets on Wall Street rallied, with the Dow rising by about 1% at market close, hitting a record high as investors welcomed the news that Washington and Tehran had reached the preliminary agreement. The Russell 2000 index of small US companies also hit a new high, rising about 0.8%. Donald Trump said on Sunday that a deal was “now complete”, despite recent Israeli airstrikes on Beirut that had threatened to undermine the sensitive talks. The US president wrote on social media: “I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade. Ships of the World, start your engines. Let the oil flow!” An hour later he clarified that the strait would open after the peace deal was signed on Friday and “for purposes of mine removal, oil will flow on both ends again for the Region, and the World!” Many of the details of the agreement are unclear, notably around the exact timing of the reopening of the maritime route, who will oversee safe passage and whether any conditions will be applied. Iranian authorities have said there would be a 60-day negotiating period for a final deal tackling wider issues such as Tehran’s nuclear programme and sanctions relief. The benchmark international oil price extended the falls recorded on Friday to just over $82 a barrel, its lowest since the early days of the war, on 10 March. Brent crude was just below $73 at the outbreak of the war in late February. The oil price began tumbling late last week from $93 a barrel on Thursday to close at $87.50 on Friday after Trump said he was close to reaching a peace deal with Tehran that would end the regime’s effective chokehold on the oil trade route. Global stock markets rallied on Monday. In Europe, the UK’s FTSE 100 opened up 0.8% before easing to broadly flat, while the French Cac 40 and the German Dax were up just over 1%. Shares in oil companies, including BP and Shell, fell sharply.

Oil prices hit three-month low and markets reach record high amid Iran deal breakthrough
Europe
BBC Business

Number of job vacancies hits five year-low

The number of job vacancies has fallen to its lowest level for five years as businesses cut back on recruitment, according to the latest official figures. The Office for National Statistics (ONS) said that while the labour market remained "broadly stable", some areas showed signs of weakening. The number of job vacancies in the March to May period fell to 707,000, the ONS said, the lowest level since February to April 2021. Liz McKeown, the ONS's director of economic statistics, said the further drop in job vacancies suggested that "firms are becoming more cautious about taking on new staff". The professional services sector saw the largest fall in vacancies, but retail and hospitality also saw significant drops. Data from HMRC shows that the number of new recruits was at a five-year low, with the number of 'inflows', or new hires, just under 540,000 in April - the lowest monthly figure since March 2021. McKeown said that there were "some signs of workers moving into self employment" against a backdrop of falling vacancies. The unemployment rate fell slightly to 4.9% in the three months to April, from 5% in the three months to March. Regular pay — which excludes bonuses — grew at an annual rate of 3.4% in the three months to April. That was unchanged from the three months to March and means that average earnings are still rising slightly faster than prices. However, McKeown said regular wage growth in the private sector was rising at its lowest rate in five and a half years. He said many pubs and restaurants were now only hiring people with several years' experience, "rather than trying to support a younger generation and get them into their first job". Cutting VAT, a measure called for by hospitality groups, would help ease the pressure and "give us the opportunity to train young people", he added.

Number of job vacancies hits five year-low
North America
CNBC Economy

Here are the five big takeaways from Kevin Warsh's first meeting as Fed chairman

The Federal Reserve and Chairman Kevin Warsh on Wednesday followed the script on interest rates closely, voting to keep the benchmark level steady, but dropped several surprises that kept markets guessing about where things are heading. Markets didn't like it, with major averages swooning after the meeting and as Warsh spoke in his news conference. "Today we believe that the Federal Reserve's FOMC ushered in a new era of monetary policy in the United States." — Rick Rieder, head of fixed income at BlackRock. "New Fed Chair Warsh sounded a bit like old hawkish Fed governor Warsh at his press conference today repeating multiple times the need for the Fed to deliver on its mandate for price stability," — Krishna Guha, head of central bank strategy and economics at Evercore ISI. "The [task force] announcements signal an institution in active review rather than steady state, and investors should expect the operating framework of the Fed to look meaningfully different over Warsh's tenure than it did under his predecessor." — Jason Pride, chief of investment strategy at Glenmede. "Warsh wants his first impression to be as 'the reformer.' We'll see what that means later this year. In terms of the policy outlook, Fed watching just got harder." — Dario Perkins, managing director of global macro at TS Lombard. 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.

Here are the five big takeaways from Kevin Warsh's first meeting as Fed chairman