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Asia
The Hindu BusinessLine

Pak PM Shehbaz says final text of US-Iran peace deal agreed upon

Pakistan Prime Minister Shehbaz Sharif has said that the US and Iran have agreed on the text of a peace deal, kindling hope of a diplomatic breakthrough in the region. "Amid ongoing intense mediation efforts by Pakistan, we are fully aware of incessant misinformation campaign being waged by those who want to sabotage the peace deal," Shehbaz said in a social media post on Friday. "Setting aside the noise, we can confirm that a final, agreed upon text of the peace deal has been reached and Pakistan is now working closely with both sides to finalise the next steps," he said. The prime minister added that “peace has never been this close as it is now.” Shehbaz also tagged US President Donald Trump, Vice President JD Vance, Secretary Marco Rubio, as well as Iranian President Masoud Pezeshkian and Foreign Minister Abbas Araghchi in the post that came after a barrage of reporting on the possible deal. There was no immediate reaction from the White House or Iranian authorities on Shehbaz's assertion. Earlier, Iranian Foreign Minister Araghchi had suggested progress in the negotiations, saying the "Islamabad Memorandum of Understanding has never been closer". "Pending its finalisation, the media should refrain from entering speculation about its content. In line with our responsible and transparent approach, all details will be shared with the public in due course," he said in a social media post, without providing any details. President Trump also shared Araghchi's post on his own social media, but without giving any details about the emerging deal. Meanwhile, Vance said there is "a lot of fake information" circulating about a potential deal to reopen the Strait of Hormuz and end Iran's nuclear weapons programme. "The Iranians are not receiving any cash, and no funds are being released for simply signing a deal or attending a meeting," Vance said in a social media post. He said the proposed arrangement was structured to address the concerns of the US and its allies and that economic benefits would accrue to Iran only if it fulfilled its obligations. "This deal has the potential to remake the region and lead to lasting peace," Vance said, while cautioning against reliance on unconfirmed media reports and anonymous social media claims.

Pak PM Shehbaz says final text of US-Iran peace deal agreed upon
Asia
The Hindu BusinessLine

Iran peace deal looms while new military action flares near Strait of Hormuz

Proposed deal calls for reopening strait, U.S. lifting blockade Iran says changes still possible, nuclear talks later Israel PM says it won't be party to the agreement The United States and Iran ​signaled on Friday that an agreement to end their war was close, with a senior US administration official saying both sides had agreed on a text and that ‌Washington expects to sign an initial deal in the coming days. Iranian Foreign Minister Abbas Araqchi said that while changes in the ​deal were still possible, the tentative agreement showed his country had emerged stronger from the conflict. Hours after those remarks, US forces shot down multiple Iranian one-way attack drones heading toward the Strait of Hormuz, a source familiar with the matter told Reuters. The source, who spoke on condition of anonymity, said the drones had posed a threat to commercial traffic. US Central Command later confirmed the ‌action and said the waterway was open for transit. Iranian news agencies had reported that explosions were heard along the strait in Iran’s Sirik port and Qeshm island, which residents and local officials attributed to shots fired by Iranian forces to warn vessels attempting to cross ‌the waterway without permission from the Revolutionary Guards’ navy. The proposed memorandum of understanding calls for reopening the strait and lifting the US naval blockade ‌on ⁠Iranian ports, sources on all sides of the talks said. Negotiations over Iran’s nuclear program - US President Donald Trump’s stated rationale for starting ⁠the war - would take place afterward. The US official, speaking on condition of anonymity, told reporters that the deal met Trump’s core objectives and put negotiations “in a very, very good place.” Accounts of the draft proposal from Western, Pakistani and Iranian sources pointed to terms that could favor Iran, drawing criticism from Trump, who dismissed the reports as inaccurate. While there were minor differences in ​the details, the proposals broadly offered Tehran much of what it ‌has sought, with Trump appearing to secure little beyond the reopening of the strait, which Iran closed after the US and Israel strikes in February. Araqchi said Iran would, along with Oman, retain control of traffic through the strait, which before the war handled one-fifth of the world’s oil and gas supply. A Western source said the deal could be signed as soon as Sunday by ‌US Vice President JD Vance and Iran’s parliament speaker, Mohammad Baqer Qalibaf, with Geneva seen as the likeliest venue. The US. administration official said ​Europe had been discussed as a venue for signing but no decision had been made. Draft terms of the deal described to Reuters by multiple sources indicate the ⁠US would begin releasing billions of dollars in frozen Iranian assets and waive sanctions on its oil exports, in return for Iran opening the strait.

Iran peace deal looms while new military action flares near Strait of Hormuz
Europe
BBC Business

UK economy contracts as Iran war impact felt

The UK's economy shrank slightly in April as the Iran war began to have an impact on businesses, official data has indicated. The economy contracted by 0.1% in the month, the Office for National Statistics (ONS) said, with some firms citing the conflict in the Middle East as having raised costs and affected turnover. April's contraction was the first monthly fall since August last year, but had been forecast by economists after stronger than expected growth in March. Analysts said that after a good start to the year the economy was set to slow over the next few months, and they expect the Bank of England to keep interest rates unchanged when it meets next week. In the three months to April - which is generally seen as a less volatile measure - the ONS said the economy grew by 0.7% compared with the previous three-month period. When the Iran war broke out it led to the effective closure of the Strait of Hormuz, a key shipping route for oil tankers, causing crude oil prices to surge. The price of a barrel of Brent crude, the international benchmark, has risen as high as $120 since the conflict began, but has fluctuated as hopes of an end to the war have risen and fallen. On Friday, the price sank to a three-month low of $86 on hopes that a resolution to the conflict could be close. The increase in oil prices since the start of the war has led to a rise in petrol and diesel prices in the UK. Household energy bills will also increase in the coming months with the energy price cap rising in July. Oil prices also have a wide-reaching effect on the cost of many goods and services. Yael Selfin, chief economist at KPMG UK, said that while the economy grew over the three months to April, "the contraction in April is more indicative of growth prospects for the economy going forward". The monthly figure, she said, "points to renewed fragility in the UK economy, with pressure on both consumers and businesses likely to persist over the coming months".

UK economy contracts as Iran war impact felt
Asia
The Hindu BusinessLine

MoD’s in-principle approval for ₹500 cr National Military Drone Technology Hub at IIT Kanpur

The Ministry of Defence (MoD) has granted in-principle approval for a ₹500 crore National Military DroneTechnology Hub at IIT Kanpur, offering a full stack capability from design, test and certify military payloads, data links, ground stations and counter-drone systems. The Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) -- the primary nodal agency for Uttar Pradesh Defence Industrial Corridor (UP DIC) -- drafted a proposal which was subsequently submitted by the UP government to the MoD on May 29, 2026, requesting early sanction and nomination of a National Military Drone Technology Hub at IIT Kanpur Centre of Excellence (CoE). This was done on the directions of UP Chief Minister Yogi Adityanath who reviewed the progress on April 10, this year, to give a boost to the IIT Kanpur earlier designated as a CoE with a total outlay of ₹20.3 crore, of which ₹15.3 crore was funded by the State, as per state government officials. “This Hub makes UPDIC a global benchmark in unmanned systems and gives our forces a decisive tech edge. UP will now lead India’s military drone innovation,” said a senior state government officer. The CoE is already operational as an integrated hub for R&D, testing, training and startup incubation in drone technologies. It will drive civil–military fusion model, scaling up dual-use drone technologies developed under Drone Shakti for defence applications. Also, utilise nodes of the Uttar Pradesh Defence Industrial Corridor (Aligarh, Agra, Jhansi, Kanpur, Lucknow, Chitrakoot) for distributed manufacturing and MRO (Maintenance, Repair, Overhaul), with IIT Kanpur CoE leading R&D and standardisation. The Army Design Bureau (ADB) has been designated as the single point of contact for coordination. A Monitoring Committee has been constituted under Additional Secretary & DG (Acquisition), Department of Defence, and the first review meeting was held on June 3 where IIT Kanpur was requested to submit a revised proposal by the end of this month adopting a whole-of-nation approach, said officials. The move is aimed at establishing Uttar Pradesh as a national hub for defence drone technologies and strengthen the UP Defence Industrial Corridor ecosystem through enhancement of advanced manufacturing, R&D, startup ecosystem and high-skilled employment, the officials stated. For close coordination with MoD, Army Design Bureau and IIT Kanpur, the UP government -- as suggested by MoD -- is going to nominate a nodal officer for streamlined inter-departmental coordination. Officials stated that the Hub will accelerate indigenisation under Make-1 and Make-2 categories and cut-down import dependence in critical drone sub-systems. 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.

MoD’s in-principle approval for ₹500 cr National Military Drone Technology Hub at IIT Kanpur
Asia
The Hindu BusinessLine

Brokers’ call: Motilal Oswal (Buy)

Motilal Oswal Financial Services (MOFSL) is a diversified Indian financial services group with businesses spanning wealth management, asset management and capital markets. MOFSL looks well positioned to capitalise on India’s structural financialisation, with exposure to high-growth AUM pools from wealth and asset management. We believe industry tailwinds remain robust and forecast mutual funds’ AUM to grow at an 18 per cent CAGR by FY30E, with a 20%-plus CAGR (FY30E) for HNI wealth and alternatives. The firm is transitioning to an AUM-led, annuity-driven model, where growth is linked to client assets rather than transaction volumes. For FY26-29E, we expect AUM to expand at a 21 per cent CAGR, driving a 19 per cent revenue CAGR. We believe the market underappreciates MOFSL’s shift to higher quality, recurring wealth and distribution earnings, reducing broking cyclicality and driving a 22 per cent earnings CAGR over FY26-29E. We believe historical multiples are of less relevance due to the evolving business model and increasing share of fee-based income. Our valuation is anchored to higher multiples for asset-light businesses (AMC about 28x, private wealth around 25x, wealth 18x) and a relatively lower multiple for capital markets (14x) on FY28E earnings. Based on our PEG ratio analysis, we think the stock offers attractive risk-reward, trading at 15x one-year forward PE, slightly above its three-year average. We initiate coverage at Buy. 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.

Brokers’ call: Motilal Oswal (Buy)
Asia
The Hindu BusinessLine

Novartis brings in its advanced-prostrate-cancer drug to India

Swiss drugmaker Novartis has launched its advanced-prostrate-cancer drug Pluvicto in India. The development comes about four months after the parent company had announced its exit from its listed entity in India. According to Novartis India, Pluvicto (lutetium (177Lu) vipivotide tetraxetan) was the country’s first “regulatory authority approved” radioligand therapy for patients with Prostate-Specific Membrane Antigen (PSMA)-positive prostate cancer. A precision drug, it is designed to target prostate cancer cells, minimizing exposure to healthy tissues, the company said, without disclosing the medicne’s price. Prostate cancer is among India’s top three cancers affecting urban men, the company said, with nearly 250,000 cases every year, it added. “Approximately 50 percent of diagnosed patients present at a metastatic stage, where treatment becomes significantly more complex due to poorer prognosis, treatment-related side effects, and challenges in treatment sequencing,” the company said. Amitabh Dube, Novartis India’s Country President and Managing Director, said in a statement, “In India, a large proportion of prostate cancer patients continue to be diagnosed only after the disease has progressed to a metastatic stage, limiting treatment options and impacting quality of life. With the launch of Pluvicto, we are bringing a globally recognized radioligand therapy platform to India at a time when the need for precision oncology solutions is increasing rapidly.” India’s nuclear medicine ecosystem has expanded over the past decade and presently includes more than 250 nuclear medicine centres across the country, he said. “Novartis plans to collaborate with healthcare institutions, oncologists, nuclear medicine specialists, and hospital partners to support treatment readiness and multidisciplinary care pathways for eligible patients,” he said. The product would be made available through select hospitals and nuclear medicine centres across India as part of Novartis’ partnership-led approach for bringing radioligand therapies to India, he added. Judith Love, Novartis Region Head Asia Pacific Middle East Africa, said, the introduction of Pluvicto marked a step in bringing globally approved innovation to patients who need more targeted treatment options. Earlier in February, Novartis AG had said it was selling its entire 70.68 per cent stake in Novartis India Ltd (NIL) to the ChrysCapital group for ₹1,446 crore – a development that came two years after the parent company first indicated that the India listed entity was under review. The company had then indicated it would be present in India through Novartis Healthcare Private Limited, a wholly owned, unlisted subsidiary through which it has been bringing its innovative products into India. In 2024, Novartis Chief Executive Vas Narasimhan had said the company had completed its “strategic transformation into a pure-play innovative medicines company”, focused on cardiovascular-renal-metabolic, immunology, neuroscience and oncology; with the US, China, Germany and Japan identified as geographies 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.

Novartis brings in its advanced-prostrate-cancer drug to India
Europe
BBC Business

Millions of people can get discounts on their bills - here's how

Water, phone and broadband companies are willing to give millions of people discounted deals on their bills. Social tariffs - sometimes known as essential, or basic, tariffs - can reduce bills for people on various benefits. Generally, you only need to ask your supplier to get on one. Importantly, they are not price promotions designed to attract customers, but lower bills for the same service for those who would otherwise struggle to pay. Most people who have fallen behind on paying their bills are unaware this help is available, a major report has suggested. These tariffs vary between suppliers and the lower cost of them is often covered by higher bills for everyone else. Getting one does require you to get in touch with your supplier and provide some evidence - but that does not take very long. If your name is on the contract and you receive benefits such as universal credit, or pension credit, then companies may be able to give you a discounted deal. For broadband and phone contracts, regulator Ofcom has a list of social tariffs provided by suppliers. If yours is on the list, and you are eligible, then you can switch free of charge, and it won't cost to leave the contract either. For water bills, every supplier in England and Wales has a social tariff - but who is eligible and the level of support varies between them. The consumer group for water customers has a list. To apply, you generally need to provide some proof, such as details of the benefits you receive. Scottish Water does not offer a social tariff, but there are other options available. In Northern Ireland, people are helped through the Community Care Register.

Millions of people can get discounts on their bills - here's how
Europe
BBC Business

Is the convertible heading into the sunset?

Sophistication, freedom, rebellion or just the simple joy of taking to the open road with the wind in your hair. The convertible car used to represent all of these. But over the past two decades sales have collapsed, and its future seems deeply uncertain. So what's gone wrong? In the 1950s and 60s, owning a convertible showed you had style. They were what the celebrities of the era were seen in. When Hollywood deities Grace Kelly and Cary Grant were shown cruising along the French Riviera in a beautiful, sleek Sunbeam Alpine in To Catch a Thief, for example, they epitomised silver-screen elegance and savoir-faire. Later films like The Graduate and Thelma and Louise helped cement the open top car's position as a symbol of escapism and rebellion for new generations. For a while, convertibles were what people dreamed of buying, and manufacturers were happy to make them. Over the past 20 years, sales of new open-tops have fallen by nearly 90%, from 109,171 in 2005 to just 11,484 last year, according to the Society of Motor Manufacturers and Traders. That decline has coincided with a dramatic rise in Sports Utility Vehicles, or SUVs – large cars with at least a passing resemblance to four-wheel-drive off road vehicles. Last year they accounted for 59% of car sales across Europe, according to the research company Dataforce GmbH. SUVs certainly have the kind of celebrity endorsement convertibles used to enjoy. Big is also bling, and today upmarket models such as the Lamborghini Urus, the Mercedes-Benz G Wagon or the Bentley Bentayga are widely favoured by today's reality TV stars, footballers and music artists. What SUVs offer is some of the style and image of a convertible without the limitations an open top car creates, says Steve Fowler – a leading automotive journalist and founder of the car review website Carblah. "It's a simple fact of people wanting more practicality these days," he explains. "I always say SUVs are sports cars for people who can't have sports cars any more. They've got that kind of image that perhaps a convertible used to have. "And it's very difficult to put the kids, the dog, the bike, and everything else we have in our lives into a convertible." Whether it's down to the rise of the SUV or not, demand for open top cars has fallen – and that makes manufacturers reluctant to build them.

Is the convertible heading into the sunset?
North America
CNBC Finance

JetBlue bets big on Fort Lauderdale, from a new airport lounge to an international gateway

JetBlue Airways is already the biggest airline in Fort Lauderdale, Florida, and it wants to get even bigger. "Lauderdale has been a star for us," JetBlue President Marty St. George said this month about Fort Lauderdale-Hollywood International Airport. Capitalizing on growth at the Broward County airport is key for JetBlue as it revamps its network and rolls out more high-end options like a domestic first-class cabin to return to profitability. Its last profitable quarter was two years ago. JetBlue was looking to expand in Fort Lauderdale even before Spirit Airlines, the South Florida-based discounter that was No. 1 at the airport, collapsed on May 2 under the weight of debt and years of snowballing problems. JetBlue is now the top carrier with 36% market share by capacity at the airport, according to a Cirium tally of 2026 capacity, up from about 24% a year earlier. From May to June of this year, JetBlue added 5% more capacity, while big competitors pulled back in the Florida offseason, according to Cirium. The carrier has about 106 flights scheduled a day for this year on average, up from about 68 a day last year, Cirium data shows. Just hours after Spirit's collapse, JetBlue and other airlines laid out their own travel plans, adding flights to fill the void at Fort Lauderdale. JetBlue raised its revenue forecast for the year on June 1, citing strong demand. "I'm feeling very, very bullish about how customers have responded to JetBlue's growth," St. George said. JetBlue says it's planning for even more growth as additional gates become available after Spirit's demise. Some of those gates are still tied up in bankruptcy court. JetBlue's plan is to operate about 150 daily flights at Fort Lauderdale in the peak winter months, which include Presidents Day weekend and some school breaks, a schedule that will put it on par with JetBlue's Boston Logan International Airport hub, its largest after New York. The plan includes more international destinations leaving from Fort Lauderdale and a focus on premium air travel.

JetBlue bets big on Fort Lauderdale, from a new airport lounge to an international gateway