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North America
Yahoo Finance

Stocks tumble, oil jumps amid tech rout, Iran tensions

STORY: Asian stocks plunged on Monday morning as investors hit the brakes on the red-hot AI rally. South Korea’s tech-heavy KOSPI index took the heaviest beating. It was down around 6% by late-morning after volatile trade had earlier triggered a 20-minute halt. Chip giant Samsung matched the overall decline.  Meanwhile, Japan’s Nikkei index was down around 4% by the same time. That follows a similar drop for the Nasdaq on Wall Street at the end of last week. One analyst told Reuters that doubts have crept in over tech earnings, partly following weaker-than-expected numbers from US chipmaker Broadcom. Last week’s hotter-than-expected U.S. jobs data have also all but wiped out hopes for further rate cuts by the Federal Reserve this year. Then there’s Iran. Tensions in the Middle East have flared again, following Israel’s strikes on Lebanon, and Iran’s retaliatory strikes on Israel. International benchmark Brent Crude was up around 3% on Monday morning, once again heading towards the $100 per barrel mark. That’s despite weekend action by the OPEC+ oil exporters’ group to reassure markets with a further boost to output. Later this week, all eyes turn to the potentially record breaking SpaceX share listing. Elon Musk’s rocket firm is set to start trading on Friday, and is expected to debut with a valuation of around $1.75 trillion. With so much money going to that, and more possible mega-listings such as OpenAI, some brokers have expressed concern about the impact on other assets.

Stocks tumble, oil jumps amid tech rout, Iran tensions
North America
CNBC Finance

How pandemic car shortages are still making new and used cars expensive

The shockwaves of the Covid-19 pandemic are still hitting the U.S. car market and pushing prices up, even for exceptionally old cars. The pandemic dealt a severe blow to the total supply of new cars, which has rippled down to the used market. About 8 million vehicles that would have been made for U.S. buyers during those years never were, largely due to production shutdowns and supply shortages, said Jeremy Robb, chief economist for Cox Automotive. Automakers faced with curtailed production weighted their lineups toward money-making high-end vehicles, a strategy they have largely continued. These factors have been pushing up prices for everyone — even customers buying decade-old used vehicles. "I think it's kind of the new normal outside of a big economic impact," Robb said. "Supply is not getting a lot better over the next three to four years." About 16.2 million cars were sold in 2025, up from the pandemic-era low of 13.8 million in 2022, according to the U.S. Bureau of Economic Analysis. Cox is forecasting about 15.8 million vehicles will be sold in 2026, while JD Power is predicting 16.3 million. Volumes were already dropping before the pandemic set in. The auto market is historically cyclical, so sales go up and down. But JD Power Senior Vice President Tyson Jominy said the U.S. auto industry has sold roughly 16 million fewer vehicles than it would have if annual sales had held at the 2016 record of 17.5 million. That is about a year's worth of volume gone — about half of it since the pandemic. Fewer vehicles coming to the new market have constrained supply in the used one. "A new vehicle sale is the marble at the top of the mousetrap game," Jominy said. "And when you drop that marble, it's going to go through all the chutes and ladders all the way down to the bottom." In addition to tighter supply, automakers and dealers have also cut back on industry practices like leasing and incentives because supply was so short. "Leasing is really expensive for an OEM," Robb said, referring to the acronym that stands for original equipment manufacturer, another name for automakers.

How pandemic car shortages are still making new and used cars expensive
Asia
The Hindu BusinessLine

KLF Nirmal signs cricketer Shreyanka Patil as brand ambassador for Karnataka

Shreyanka, who is representing India at the ICC Women’s T20 World Cup 2026, was chosen for her inspiring journey from grassroots cricket to the international stage. KLF Nirmal, a coconut hair oil brand, has signed woman cricketer Shreyanka Patil as its brand ambassador for Karnataka. As part of this association, KLF Nirmal has launched a special initiative to support aspiring young women cricketers from rural Karnataka. She is currently representing India in the ICC Women’s T20 World Cup 2026, being held in England and Wales. A media statement said that her journey from grassroots cricket to the international stage has made her a role model for countless young girls across the state. Quoting Ashik Jose, Marketing Manager at KLF Nirmal Industries Pvt Ltd, the statement said Shreyanka is a natural fit for the KLF Nirmal brand. “Her strong roots, determination, authenticity, and inspiring personality closely reflect the values that our brand stands for. She represents the aspirations of today’s young generation while staying connected to her origins. Through this partnership, we hope not only to strengthen our connection with consumers across Karnataka but also to inspire young girls to pursue their dreams with confidence,” Jose said. Shreyanka Patil said, “I am delighted to partner with KLF Nirmal, a brand that has earned the trust of families for generations. It is truly an honour to be associated with such a legacy brand and to represent KLF Nirmal in its upcoming campaign across Karnataka. I am excited to be part of this journey and look forward to connecting with consumers while contributing to the brand’s continued growth and success.” The campaign featuring Shreyanka Patil will be rolled out across television, digital, retail, and on-ground activations across Karnataka in the coming months, the statement added. 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.

KLF Nirmal signs cricketer Shreyanka Patil as brand ambassador for Karnataka
Asia
The Hindu BusinessLine

SEBI, APMI discuss roadmap to boost India's PMS industry

Association of Portfolio Managers in India (APMI), the SEBI-registered industry body for portfolio managers and PMS distributors, discussed a roadmap for India's Portfolio Management Services (PMS) ecosystem, according to a statement by APMI. APMI monitors India's a significant share of India's ₹42 lakh crore PMS industry. SEBI, APMI hosted a APMI Leadership Conclave 2026 in Kolkata on Thursday to discuss next phase growth opportunities in the sector with regulators, portfolio managers, distributors, family offices and wealth management professionals. India's PMS sector caters to over 2.1 lakh investor accounts, which further indicates "the growing adoption of professionally managed and customised investment solutions among Indian investors." "The Association of Portfolio Managers in India (APMI), the representative body of SEBI-registered portfolio managers overseeing a significant share of India's ₹42 lakh crore PMS industry, hosted 'APMI Leadership Conclave 2026 in Kolkata,' bringing together regulators, portfolio managers, distributors, family offices and wealth management professionals to discuss the opportunities and priorities shaping the next phase of growth for the sector," the release said. The event, which was attended by more than 250 industry participants from across the PMS ecosystem, focused on "investor needs, regulatory developments, distribution expansion and the importance of building a more transparent, accessible and resilient PMS ecosystem." Additionally, a special session was conducted to discuss local investment landscape, business opportunities, operational challenges and expectations from both the industry body and regulators. "The Association has undertaken around 50 strategic initiatives since commencing operations in May 2022 - Feb, majorly contributing to India's PMS ecosystem," the release added. "These initiatives have focused on enhancing investor protection, promoting regulatory compliance, improving industry transparency, driving digital transformation, building professional capacity, and facilitating ease of doing business," the release said. Manoj Kumar, Executive Director, SEBI, said, "The PMS industry in India is at a defining inflection point. As investor aspirations evolve and demand for personalised wealth management solutions continues to grow, the industry has an opportunity to emerge as a significant pillar of India's investment ecosystem.” “This next phase of growth must be anchored in transparency, robust governance, and a steadfast commitment to investor protection. APMI has an important role to play in fostering industry-wide standardisation, enhancing data transparency, and strengthening the distribution ecosystem. Going forward, deeper penetration into Tier 2 and Tier 3 markets, greater investor awareness, responsible distribution practices, and sustained collaboration among stakeholders will be critical to building a resilient, trusted, and globally competitive PMS industry that supports long-term wealth creation," said Manoj Kumar. 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.

SEBI, APMI discuss roadmap to boost India's PMS industry
Asia
The Hindu BusinessLine

HDFC Life pegs claim settlement ratio at 99.7% in FY26

HDFC Life registered a claim settlement ratio of 99.7 per cent for individual death claims in FY26. “Timely and hassle-free settlement of every genuine claim will continue to be our priority,” said Sameer Yogishwar, Chief Operating Officer, HDFC Life. “We are continually enhancing our capabilities and using technology to create an easier, more seamless, and more effective claim settlement process to enable faster turnaround times,’’ he added. The company is leveraging digital workflows, automation, AI-led validation, and analytics to simplify claims assessment and processing. Claimants can now initiate and track claims digitally, upload documents online, and receive timely communication updates throughout the process. Digital claims journeys reduce dependency on physical visits and manual paperwork, which can be emotionally and operationally difficult during stressful situations. Under Project Inspire, HDFC Life is driving ZeroTouch Processing (ZTP), FastTrack processes, and realtime payment enablement in the claims domain. To ensure claimants have a hassle-free experience towards processing the claims, they can reach HDFC Life through the multiple channels available to them – from walking into their nearest HDFC Life branch, connecting with their agent, or even by logging into the company’s portal, the company said. 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.

HDFC Life pegs claim settlement ratio at 99.7% in FY26
Europe
BBC Business

World Cup expected to be the biggest betting event in history

The Fifa Men's World Cup is set to be the biggest betting event of all time, with more than $50bn (£37.4bn) in wagers placed globally. The tournament will see punters place bets worth around $500m per match, according to a forecast by financial services firm Macquarie. The expected $50bn total would be a major increase from the $35bn of wagers placed during the 2022 World Cup, which was held in Qatar. Gambling awareness groups warned almost all punters lose money in the long-run, and that those betting during the World Cup risk being encouraged to try more addictive forms of betting. Macquarie analyst Chad Benyon said the expected surge in gambling revenue is primarily due to an expansion of the number of teams at this year's tournament, from 32 to 48. As a result, there will be more than 100 matches over the six-week schedule, compared with the 64 played in Qatar in 2022. The favourable time zones of hosts the US, Canada and Mexico will also boost global viewership, Benyon added, fuelling demand among punters in Europe, Latin America and Africa. Another driver of the increase is the growing sports betting market in the US, with around 65% of the population now able to gamble on sports, up from 40% in 2022. It means this is the first World Cup on which a majority of the US can place bets. But Benyon warned the tournament could be a flash in the pan for betting giants if they cannot convert one-off punters into "repeat, multi-sport bettors". He added that those with casino platforms on their website stand to benefit most from the surge. Les Bernal, national director of Stop Predatory Gambling, warned that "hundreds of thousands of people across the world, especially young men, will suffer life-changing debt and financial distress" because of gambling during the World Cup games. Bernal said: "99 out of 100 sports bettors lose money in the long-term... the business model for commercialised sport gambling operators is completely based upon the people who have been turned into addicted gamblers, an addiction that causes victims to die by suicide at a rate unlike any other."

World Cup expected to be the biggest betting event in history
Europe
BBC Business

The furious dispute over what caused Air India flight 171 to crash

A year ago, Air India flight 171 crashed less than a minute after taking off from Ahmedabad airport in the western Indian state of Gujarat, en route for London. 260 people lost their lives. The official investigation that followed has sparked intense controversy, in India and beyond, with some questioning its integrity amid claims of conflicts of interest. It is not the first time such an investigation has proved contentious. So is it time for a different approach when investigating air crashes? It was a hot and dry afternoon on 12 June last year, when Flight 171 left the terminal at Sardar Vallabhbhai Patel Airport in Ahmedabad. Settling into their seats for the nine-and-a-half-hour journey to London were 230 passengers, 53 of them British citizens. Looking after them were 10 cabin crew. On the flight deck were Captain Sumeet Sabharwal, a pilot with decades of experience, and his younger colleague, first officer Clive Kunder. Just 32 seconds after take-off the plane crashed, killing all but one of those on board. Another 19 people on the ground were also killed. CCTV footage from the airport and a social media video show the aircraft taking-off in what looks like a normal fashion, but rather than gain height it appears to hang in the air, before gliding gently downwards. It disappears from view behind buildings and trees. Seconds later a huge cloud of flame and black smoke appears, and the magnitude of the disaster becomes apparent. What is not at all clear from the footage, however, is what actually caused the crash. Finding out why so many people died is the job of India's Aircraft Accident Investigation Bureau (AAIB), part of the country's Ministry of Civil Aviation. Under international law, as set out in Annex 13 of the Convention on International Civil Aviation, the country in which an accident occurs is directly responsible for the official investigation. Other parties, including the country where the aircraft or its engines were built, can also take an active part as "accredited representatives". In the case of AI171, that means the US National Transportation Safety Board (NTSB). The NTSB sent a delegation which included technical experts from Boeing, which made the plane itself and GE Aerospace, which built the engines, as well as the US aviation regulator, the Federal Aviation Administration. According to Annex 13, "the sole objective of the investigation of an accident or incident shall be the prevention of accidents or incidents. It is not the purpose of this activity to apportion blame or liability". For Boeing, a company already reeling from years of safety scandals, it is about the integrity of one of its premium products: the 787 Dreamliner, an aircraft with a hitherto impeccable safety record. Air India, a loss-making airline belonging to the Tata Group, can ill-afford to see its brand tarnished. Families of those who died, meanwhile, want to know what really happened to their loved ones. The final conclusions of the investigation have yet to be published, although more could become apparent in the coming days. But it has already generated intense controversy, which has exposed deeper questions about the way inquiries into major air incidents are carried out. So can national authorities be trusted to conduct investigations that critics say are vulnerable to perceptions of political pressure and corporate influence? In theory, the inquiry should be impartial and informative – a learning process focused solely on improving passenger safety. But in the case of AI171, the information revealed by the investigation so far has triggered a major backlash from safety campaigners, pilots' groups and lawyers acting for the bereaved relatives. A key factor in this has been the preliminary report issued by the AAIB a month after the accident. The 15-page document did not draw any conclusions about the causes of the crash, or make any recommendations.

The furious dispute over what caused Air India flight 171 to crash
Europe
BBC Business

Mike Ashley's Frasers offers £1.73bn to buy all of Hugo Boss

Businessman Mike Ashley's Frasers has made a takeover offer for German fashion brand Hugo Boss. The retail group already owns just over a quarter of Hugo Boss, having steadily built up the stake since 2020, but said on Wednesday it wanted to buy the rest of it for €1.98bn (£1.73bn). Hugo Boss said it would "thoroughly examine the offer and issue a reasoned statement". Frasers, formerly known as Sports Direct, owns House of Fraser, Game, Jack Wills, Evans Cycles and many other brands. It is also the largest shareholder in Boohoo but has had a frosty relationship with the firm. Frasers has built a reputation for swooping in to buy retail brands which have fallen into administration, but its gradual increase in ownership of profit-making Hugo Boss over several years is a different approach. Because it has grown its shareholding so much, Frasers is now close to the 30% ownership level that German law requires it to make an offer for the whole company. The deal would value Hugo Boss at €38 a share, higher than the €36.5 it closed at on Wednesday. Frasers said that it expected the takeover to be completed by the end of this year, providing it passes all the legal checks. Hugo Boss said the "unsolicited" offer had "not been coordinated with the company", adding that it would "inform its shareholders and the public about further developments and next steps". Frasers said on Wednesday that it had "a strong track record in making strategic investments". It said it was "a long-term investor" in Hugo Boss and that it "remains supportive" of its chair and chief executive. It has not had as friendly a relationship with Debenhams, which is still formally named Boohoo.

Mike Ashley's Frasers offers £1.73bn to buy all of Hugo Boss
Europe
BBC Business

'No dead ends': What the Dutch can teach us about tackling youth unemployment

A landmark report last month found Britain is grappling with a youth engagement crisis - with nearly one in eight 16 to 24-year-olds not in education, employment or training (Neet). Alan Milburn, the former health secretary who authored the report, warned one in six young people could become Neet within five years unless urgent action is taken. He identified that the Dutch approach was one the UK could learn from. The Netherlands has one of the lowest Neet rates in the world, at 4.9% among 18 to 24-year-olds. The equivalent figure in the UK is 15.1%. So can the UK learn from a Dutch system that is designed around a simple principle? "No dead ends" is the philosophy which underpins Dutch education and youth employment policy - every stage of a young person's journey is designed to lead somewhere. Under Dutch law, it is compulsory for children between five and 16 to attend school - then they must stay in education or training until they either secure a qualification or turn 18. One of the Netherlands' key tools for cutting school dropout rates is through the kwalificatieplicht (qualification requirement). The system is controversial, with critics warning that early streaming can disadvantage some children and be detrimental to a young person's self-esteem. Across the UK, young people can leave school at 16, but after that the rules vary. In England, they must stay in education or training until 18, through full-time study, an apprenticeship or part-time learning alongside work. In Scotland, Wales and Northern Ireland, there is no equivalent legal requirement, although schools and public agencies still encourage young people to stay in education or training. At 10 years old, Amelie was told to choose the vocational VMBO track at high school. She says this took a toll on her confidence - in the Dutch school system the VMBO track is not the most academic route.

'No dead ends': What the Dutch can teach us about tackling youth unemployment