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Asia
The Hindu BusinessLine

Oval Fertility inks MoU with Merck

Oval Advanced Fertility Care and Merck Specialities, an Indian healthcare arm of Merck KGaA, entered into a Memorandum of Understanding (MoU) to strengthen clinical capabilities, to improve transparency and patient experience through technology and data-led approaches. “The partnership with Merck brings together shared values around transparency, clinical excellence, and putting the patient at the centre of every decision,” Veena Reddy, co-founder & director, Oval Fertility said in a release. Pratima Reddy, Managing Director, Merck Specialities, said, “Fertility care in India is evolving rapidly, with patients seeking greater transparency, a more seamless experience and stronger confidence in outcomes. Merck is well positioned to partner with progressive care providers to address these expectations through an integrated approach,” India’s IVF market, valued at approximately $2.35 billion in 2024, is projected to reach $5.03 billion by 2034, growing at a compound annual growth rate of 7.9 per cent, the release 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.

Oval Fertility inks MoU with Merck
Europe
BBC Business

OpenAI plans stock market debut, intensifying investment race with Anthropic

OpenAI, the company behind popular chatbot ChatGPT, has become the latest artificial intelligence (AI) giant to reveal plans to sell shares to the public through a stock listing. Its decision had been expected for months, but the company's announcement comes exactly one week after rival AI firm Anthropic said it was planning to go public, too. OpenAI said on Monday it had made a confidential filing with the US Securities and Exchange Commission to pursue an initial public offering (IPO) at some point in the future. Its plans are the latest in a wave of heavy-weight IPOs, alongside Anthropic and billionaire Elon Musk's rocket company, SpaceX, which is set to debut on the Nasdaq on Friday. SpaceX is targeting a share price which would value the company at $1.75tn (£1.3tn). Announcing its IPO plans on Monday, OpenAI said: "We have not decided on timing yet; it may be a while because there are things we want to do that are likely easier as a private company." The three firms all have a "vast need for cash", said Sunil Krishnan from Aviva Investors, and "no-one wants to be last" in the game to go public, he told the BBC's Today programme. He said that the firms are making huge investments in their AI infrastructure including on chips, and training their AI models, which all come at massive expense. OpenAI and Anthropic, the maker of the chatbot Claude, are focused on AI work and have been fierce rivals essentially since Dario Amodei co-founded the latter company five years ago. He did so after leaving OpenAI over disagreements with Sam Altman, the co-founder and chief executive of OpenAI. Today, the companies compete for users, corporate customers, investors, and have in recent months been jockeying with private valuations inching toward $1tn. OpenAI's most recent valuation from private investors came in at $852bn. Anthropic's most recent valuation hit $965bn.

OpenAI plans stock market debut, intensifying investment race with Anthropic
Europe
The Guardian

China’s BYD aims to be world’s biggest car firm within five years

BYD aims to sell 1.5m vehicles overseas this year. Photograph: Cheng Xin/Getty ImagesView image in fullscreenBYD aims to sell 1.5m vehicles overseas this year. Photograph: Cheng Xin/Getty ImagesAutomotive industryChina’s BYD aims to be world’s biggest car firm within five yearsEV maker aims to overtake Toyota, as it plans to spend £1.8bn to build five-minute flash chargers in Europe The Chinese car company BYD has said it aims to be the world’s biggest automaker within the next five years. Targeting Toyota’s long-held top spot, BYD’s founder and chair, Wang Chuanfu said he was confident it could overtake global rivals through rapid advances in battery technology and fast charging, as well as growing production overseas, including Europe. “BYD will truly become the number one automaker globally in terms of ​scale in five years,” he said at the company’s annual shareholder meeting in Shenzhen. Overnight the company announced plans to spend nearly £1.8bn in Europe to develop infrastructure for five-minute “flash charging” of its cars. The company, based in southern China, overtook Tesla last year as the world’s biggest EV maker by sales. In May it sold more than 160,000 vehicles abroad, up 80% from the year before. It aims to sell 1.5m vehicles overseas this year, up more than 40% from last year’s 1.05m. In 2025, Toyota retained its crown as the world’s top-selling carmaker with 11.3m vehicles, while BYD sold 4.8m. The company’s top international executive, Stella Li, separately told reporters in London that the company would start assembling cars at its new plant in Hungary in the fourth quarter of this year. She also said BYD had paused work on a plant ‌in Turkey while it focused on production in the EU, where locally assembled cars will help it beat tariffs Brussels introduced on Chinese electric vehicles (EVs) two years ago. “Hungary is the number one priority right now,” she told Reuters. “The ​second priority will be to focus on finding a second [production] ⁠facility in Europe.” BYD in Hungary recently faced allegations that EU employment laws were being breached, as it races to build its first European factory using Chinese migrant workers. It is also facing claims that excavated soil from the site of the factory in Szeged was dumped on to surrounding farmland, potentially contaminating it; local authorities ordered the destruction of affected crops.

China’s BYD aims to be world’s biggest car firm within five years
North America
CNBC Finance

GM eyes new battery chemistry to grow AI data center, energy storage business

General Motors is expanding efforts to capitalize on the expected growth of energy storage and data centers by promoting different battery cell chemistries, while also offering more support for its electric vehicle owners to combat higher energy costs. The Detroit automaker detailed plans Tuesday to increase its vehicle-to-grid capabilities — in which a vehicle can provide energy to the electric grid — for its EV customers and develop next-generation sodium-ion batteries that GM's battery leader said "will reshape grid-scale energy storage." Both moves are meant to address concerns about rising energy costs amid an artificial intelligence boom. The stock market has speculated that vast sums of money will be spent on infrastructure to support a big data center buildout. "Sodium-ion-powered energy storage systems have the potential to operate without active cooling and with much less system complexity," Kurt Kelty, GM's vice president of battery and sustainability, said Tuesday in a blog post. "In large energy storage systems, that matters." Not having to cool the battery cells could lead to lower upfront costs as well as operating costs, the automaker said. GM is partnering with Denver-based startup Peak Energy on sodium-ion battery cell development, after the company already demonstrated how the chemistry can "translate into lower costs and greater reliability," Kelty said. The automaker expects the tie-up with Peak Energy will produce sodium-ion cells for customer use after 2028. The leadership team of Peak Energy — which was founded in 2023 — includes former employees of Tesla, Lockheed Martin and battery developer Northvolt, according to its website. A GM spokesman declined to comment on details or cost of the partnership with Peak Energy. Along with developing new sodium-ion battery cells, GM said it is continuing work on reusing its large EV batteries for energy storage systems with companies such as Redwood Materials and producing lower-cost lithium iron phosphate, or LFP, battery cells through a joint venture with LG Energy Solution. LFP batteries are viewed as a quick way for companies to take advantage of existing battery capacity, while GM said it sees the sodium-ion battery cells as a future solution for such systems. "Our next-generation sodium-ion cell development will drive energy density higher, with the potential to outperform more mature chemistries, including LFP, over time. In a market increasingly shaped by cost pressure, energy demand growth, and geopolitical risk, that's a real differentiator," Kelty said.

GM eyes new battery chemistry to grow AI data center, energy storage business
North America
CNBC Finance

United CEO brushes off airline mergers after American rejection: 'There's nothing'

RIO DE JANEIRO — United Airlines CEO Scott Kirby said he doesn't expect more airline consolidation in the U.S. and he's not interested in pursuing a merger for his airline after American Airlines rejected the idea of a combination earlier this year. "United's not going to do a deal just to do a deal," Kirby told reporters Sunday on the sidelines of the International Air Transport Association's annual meeting. When asked about the wave of consolidation that has brought together Allegiant and Sun Country this year, and Alaska Airlines and Hawaiian Airlines in 2024, Kirby said further combination opportunities look unlikely: "There's nothing," he said. "It's a lot harder," he said. "I've been ... one of the primary architects of consolidation in the United States. I've been around a lot of these deals. It's hard, and you shouldn't do deals that don't make economic sense." Kirby has repeatedly dismissed the idea of buying its new partner, JetBlue Airways. But earlier this year Kirby discussed the possibility of combining with American, where Kirby used to work, floating the idea to the Trump administration, CNBC previously reported. Kirby later said in a statement that he had hoped a combined airline would compete with big foreign rivals, though some analysts said the tie-up would face insurmountable regulatory hurdles. A merger "requires support from everyone," Kirby told reporters at the IATA conference. "We would need the unions, we'd need the customers, the shareholders, the regulators and the management team." He said, however, regarding American's management team, "we don't have that, clearly, so we can't get it done without them." Delta Air Lines President Peter Carter similarly told CNBC on Saturday that he doesn't see a merger or acquisition in Delta's future. He said the carrier's longtime strategy has been partnerships and joint ventures, which include those in South Korea, Mexico and Europe. Because the U.S. domestic air travel market is so mature, international travel is the future, Carter said. He added he wants to take on United, the second most-profitable airline in the U.S., in the lucrative trans-Pacific market. Get this delivered to your inbox, and more info about our products and services.

United CEO brushes off airline mergers after American rejection: 'There's nothing'
Europe
BBC Business

UK pint prices up 36% since last World Cup – here's why

The price of a pint in UK pubs has risen sharply since the last World Cup, outpacing inflation. So what's behind the increase – and where is the money going? With millions of England and Scotland fans expected to flock to pubs over the next six weeks, many may be wondering why beer prices have climbed so steeply since Harry Kane led England out at Qatar 2022. On average, the price of a pint has risen by about £1.50 – an increase of 36% – over the past four years. By comparison, overall inflation over the same period was around 16%. Nathan Freeman, landlord of a sports bar in Bristol, said: "Everything going into the pint has gone up, to be honest with you." Nathan and his brother Ronnie Freeman run the Industry bar on Gloucester Road in Bristol. Four years ago, it was packed with fans watching England play at the World Cup in Qatar. "It's a big deal for us," Nathan said. "The place will be rammed, the bar will be busy, we just need England to put on a good run for us – quarter-finals at least." But since Gareth Southgate coached his last match in 2024 - this time after the European Championships - the Freemans' business has faced a series of rising costs. Recovering from the Covid pandemic, the brothers then faced the spike in energy bills from the Russian invasion of Ukraine. Then the Chancellor put up national insurance contributions on their staff, widening the net to capture virtually every part-time bar worker. "Every hurdle we've jumped, there's been something else round the corner waiting for us," Nathan explained. Like a striker attempting to weave around defenders in the box, the brothers have had to dodge and weave to stay upright and it has meant some tough decisions.

UK pint prices up 36% since last World Cup – here's why
North America
CNBC Finance

As LIV Golf faces a Saudi funding cliff, CEO says to take PIF 'at their word'

LIV Golf CEO Scott O'Neil told CNBC Tuesday that as a funding cliff approaches, the organization has to trust Saudi Arabia's Public Investment Fund will back the golf venture through the rest of the season as it has promised. "I can say they've been terrific partners so far, and you have to take an incredible organization like PIF at their word," O'Neil said. "They've been very public about funding us through the season, so we are full steam ahead." PIF is set to pull its funding from the golf league at the end of 2026 schedule, CNBC reported in late April. PIF Chairman Yasir Al-Rumayyan also stepped down from his position as LIV Golf chairman. The organization began an investor roadshow last month, seeking to raise up to $350 million from stakeholders to continue its operations. But recent media reports suggested PIF could pull its money earlier than planned, raising doubts about whether the league could even finish out its season. When asked about those reports, O'Neil said the players, management and advisors are "locked in." Asked if he can guarantee that the four remaining tournaments on this year's schedule will take place, O'Neil said that what he "can guarantee is a heck of a return if you come invest in this business." He added that the organization now needs to be "disciplined and very, very value-creative" in order to be sustainable. "I think we have a very, very special opportunity to create tremendous value," O'Neil said. So far, O'Neil said, he's had five formal meetings to discuss interest in funding the organization, with 18 more planned for this week. He said the response has "been positive" and that he hopes to end the fundraising process this summer. "While we have incredible business momentum, what we don't have is a lot of time, so we're very urgently out there talking to those who are interested," he said. Get this delivered to your inbox, and more info about our products and services.

As LIV Golf faces a Saudi funding cliff, CEO says to take PIF 'at their word'
Europe
BBC Business

SpaceX's stock market blast-off could be Musk's biggest gamble yet

It's 07:25 am, 13 October 2024, at Starbase, near Boca Chica on the Texas side of the US/Mexico border, and on the launch pad stands the biggest rocket ever made. Its engines fire and it climbs into the skies over the Gulf of Mexico to cheers and screams in the SpaceX control room. But the launch is not the main event. What goes up must come down – and how it comes down will become a milestone in space exploration. Seven minutes later, the massive rocket booster that blasted the craft towards space starts falling back to Earth – until its engines reignite as planned. It slows its descent and guides itself with pinpoint precision so it can be captured by a clasp called Mechazilla, or "the chopsticks", by engineers who have achieved something that's never been done before. Amid the whoops and high-fives in SpaceX's control room, Elon Musk tells his millions of social media followers that this is a "big step towards making life multiplanetary" - a reusable rocket that will slash the costs of launching things into orbit, to the Moon and one day to Mars. A company with a futuristic vision, led by what some would call a maverick unconventional genius, SpaceX and Musk have drawn comparisons with Tony Stark, leader of Stark Industries and also known as Iron Man of the Marvel Comics Universe. On 12 June, trading will begin in a chunk of shares in a company that, up to now, only Musk and a select group of rich private institutions have been able or invited to own. It is perhaps little wonder that more than one UK stockbroker has told the BBC that there has been "a surge" in interest in signing up for the chance to buy shares in this exciting company, controlled by a talismanic individual, that has captured the world's imagination. UK retail investors are likely to be allocated around £1.5bn worth of shares and one of the UK's leading investing platforms hopes this could encourage a new generation of investors. Simon Belsham, Chief Client Officer at Hargreaves Lansdown said: "While we recognise this IPO might not be right for everyone, it's an exciting moment for many of our clients. We're expecting this might be a first foray into investing for many." Even if you don't apply directly to buy shares, if you have retirement savings invested in shares - as almost everyone with a pension plan does - then it is very likely you will soon be a part-owner of a company, whether you like it or not, that sits at the crossroads between technology and geopolitics and, as Musk would have it, the very future of the human race. The chance for normal Earthlings to buy shares in SpaceX is one of the most important moments in the history of stock markets and is close at hand – and one that will almost certainly make Elon Musk the world's first ever trillionaire. On the first few pages of the prospectus – or sales brochure – for SpaceX shares is this modest mission statement: "To build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe and to extend the light of consciousness to the stars." But SpaceX isn't just about rockets – it's not even mainly about rockets. It's a bet on the future of artificial intelligence (AI). And the success or failure of its imminent partial sale to the public is an important test of the hitherto unbridled investor optimism – and some people's dismay - that AI will hoover up large parts of the world economy.

SpaceX's stock market blast-off could be Musk's biggest gamble yet
North America
CNBC Finance

5 takeaways from airline CEOs' biggest annual gathering

RIO DE JANEIRO — Hundreds of airline leaders gathered in Brazil this week at the International Air Transport Association's annual assembly to discuss high fuel costs, sharply lower profits, engine reliability issues and elusive emission reduction goals, among other things. Toward the end of the assembly in Rio de Janeiro, news broke that Iran and Israel traded strikes for the first time since a ceasefire went into effect in April. For airline executives who have faced ongoing turmoil since the first U.S. and Israeli strikes on Iran on Feb. 28, it seemed like just one more blip in the whipsawing chaos of 2026. Those airline leaders' stance so far has been to wait and see. Fuel costs have more than doubled in some places since the beginning of the Iran war, as the Strait of Hormuz, a key shipping lane, has been effectively closed for much of the time. IATA said airlines globally are absorbing a $100 billion increase in their fuel costs this year, which along with airspace closures due to Middle East attacks curtailing travel, will likely halve airline profits this year. Willie Walsh, the outgoing director general of the organization, said net profits will fall from $45 billion in 2025 to $23 billion in 2026, and that net margins would drop from 4.2% last year to 2% this year. While fares are up, airlines haven't been able to cover the full fuel bill this year, so profits will take a hit. Etihad Airways, based in Abu Dhabi, in the United Arab Emirates, initially felt the effect of the Middle East turmoil this year with lower demand. But Antonoaldo Neves, group chief executive officer of Etihad Aviation Group, said in an interview that the number of tickets are about the same as pre-conflict, seasonally adjusted. United Airlines CEO Scott Kirby, who runs the second-most profitable airline in the U.S., said customers continue to book, even though fares are up about 20% and could rise further if fuel costs continue to increase. He said the resilient bookings surprised even him. "I think the economy is stronger than people think," he told CNBC in an interview. The U.S. is also more insulated from oil supply shocks than other regions because it produces so much. Summer bookings are strong, and airlines are also getting better at managing capacity with high fuel prices, cutting more unprofitable routes and reducing frequencies. The big question remains what happens after the main summer and fall peaks. "That bodes well for a strong northern summer peak season," Walsh said of current trends. "The big unknown is how long travelers and shippers can tolerate the higher costs of connectivity." "If prices will remain the same, yeah, for sure, less people be able to afford to travel," said Kamil Al-Awadhi, former Kuwait Airways CEO and IATA's vice president for Africa and the Middle East.

5 takeaways from airline CEOs' biggest annual gathering