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Europe
BBC Business

'It is by the grace of God that you find a diamond'

The rising popularity of lab-grown diamonds has caused a big fall in the price of the mined gems. In the West African nation of Sierra Leone the country's biggest diamond mine has closed. Stripped to the waist, men toil in the heat of the sun. The mud in the pit is sifted and shovelled. Daniel, the foreman in this remote, informal, small-scale mine in Kono, the diamond region of Sierra Leone, shows me the gravel he's picking through with his fingers. "We put it in water and we wash it," he says. "If there is anything like a diamond or any bright stone, we can see it." Daniel and five others are searching for just tiny fragments, but pickings are thin. "I have not made a lot of money yet," he says. "Sometimes for the whole of the year you can't get anything. "It is by the grace of God that you find a diamond. We are just dreaming, really. We still have that hope." Such informal mining has increased in Kono following the closure last year of the country's biggest diamond mine Koidu Holdings. It shut with the loss of 1,000 jobs after a bitter industrial dispute over the miners' pay. Officially the company says it closed due to the cost of the dispute and security concerns, but privately, insiders also acknowledge that the weakness of the global market also played a role. In just the past four years, the retail price of polished natural diamonds has fallen some 40%. The main driver has been the rapid growth of the so-called lab-grown diamond industry. These factory-made diamonds, produced from crystalised carbon, are chemically and physically identical to mined diamonds. Manufactured mostly in India and China using two different technologies – HPHT (high pressure high temperature) and CVD (chemical vapour deposition) – they cost a fraction of the price, up to 70% less. Kono's governor, Augustine Shekho, says the big fall in the global price of natural diamonds has hit the region hard over the past five years. "Lower diamond values have reduced earnings for miners, constrained investment, and weakened local economic activity."

'It is by the grace of God that you find a diamond'
Asia-Pacific
The Straits Times

From nicknames to masked names: How to know if you’re paying the right person on PayNow from June 6

SINGAPORE – From June 6, PayNow users will no longer be able to use or see custom nicknames when sending or receiving money via the money-transfer platform. The move has prompted mixed reactions from the public: Some welcome the added protection against impersonation scams, while others – particularly freelancers and home-based business owners who rely on recognisable aliases – say it may confuse their customers. Here’s what you need to know about the upcoming change, why it is happening, and how it affects you. If you belong to the 30 per cent of PayNow users who are currently using a nickname, your payers will no longer see your nickname in the transactions from June 6. Instead, the name registered with your bank account will be partially displayed, with selected letters replaced with “X”. If you belong to the other 70 per cent who use your full name, your payers will see your partially masked name from June 6. In short, to combat scams, said the Association of Banks in Singapore (ABS). Scammers have been exploiting customisable nicknames to impersonate legitimate businesses, government agencies or even friends and family members to trick victims into transferring money. Dropping the nickname feature removes one avenue scammers can use to deceive victims. ABS said the logic for the display name has factored in industry best practices, consumer feedback, and is centrally applied to provide consistency. The display format was also designed to strike a balance between offering privacy and giving users sufficient confidence that they are transferring money to the intended recipient. ABS also explained that “X” was chosen to hide certain letters because it has a visual resemblance to a cross-out mark, which generally represents something concealed or missing. No action is required. The change will be applied automatically to all retail PayNow users.

From nicknames to masked names: How to know if you’re paying the right person on PayNow from June 6
North America
CNBC

Macy's posts strongest Q1 growth in four years, raises guidance despite consumer worries

Macy's posted its strongest fiscal first-quarter comparable sales performance in four years on Wednesday, as the legacy department store's turnaround continues to show progress. Led by the 200 so-called reimagined stores Macy's has upgraded, comparable sales grew 3% overall during the quarter and 1.6% at its namesake banner. At Bloomingdale's, comparable sales grew 10.2%, helped by an array of buzzy brands, a "fun factor" unique in the luxury landscape and the recent bankruptcy of rival Saks Fifth Avenue, CEO Tony Spring told CNBC in an interview. "Is the disruption in the marketplace helpful to us? Sure," he said. "Is it the primary reason we're growing? No." Spring said better-than-expected sales and profitability led the company to raise its full fiscal-year guidance after previously taking a cautious outlook. It's now expecting 2026 net sales to be between $21.5 billion and $21.75 billion, largely ahead of expectations of $21.59 billion, according to LSEG. It anticipates adjusted earnings per share will be between $2 and $2.20, up from a previous range of between $1.90 and $2.10 and well ahead of expectations of $2.07 at the middle and high end, according to LSEG. It now expects comparable sales to climb between 0.5% and 1.2% for the year, versus a previous outlook of a 0.5% drop to a 0.5% increase. Many retailers have reported strong growth during their fiscal first quarters in recent weeks due in part to higher-than-usual tax refunds. Some companies issued more cautious guidance for the current quarter over concerns less stimulus in the economy could lead to slower demand, especially as shoppers pay more for gas due to the war in the Middle East. Spring said tax refunds "definitely" helped during the first quarter, but weren't the only reason why Macy's grew. Crucially, the same trends the company saw during the first quarter have so far continued into the second, he said. "We did raise our guidance in both sales and profit for the remainder of the year to reflect the business trends that we're seeing as we start the second quarter, so pleased with the second quarter to date and the breadth of the categories that are performing," said Spring. "Don't see any significant change in the consumer approach to our categories and our business across all three of our name plates." He said the steady consumer behavior led Macy's to hike its outlook "despite the macroeconomic and geopolitical uncertainty." The company's reported net income for the three-month period that ended May 2 was $63 million, or 23 cents per share, compared with $38 million, or 13 cents per share, a year earlier. Adjusting for restructuring costs and other one-time charges, Macy's posted earnings per share of 13 cents.

Macy's posts strongest Q1 growth in four years, raises guidance despite consumer worries
North America
CNBC

As Honeywell Aerospace readies for its standalone debut, its CEO is forecasting big growth

"We have a purpose-built management team just solely focused on one strategy, one mission as opposed to disparate missions of a conglomerate," Currier told CNBC at his company's investor day. When it's officially spun off from its parent company later this month, Honeywell Aerospace will be aggressively pushing its advantages in avionics, engine control systems and a host of technologies from the nose to tail of commercial airplanes, business jets and military aircraft. As a standalone company, Honeywell Aerospace expects to generate full-year 2026 adjusted earnings before interest and taxes of $4.65 billion to $4.75 billion with free cash flow in the second half of the year of between $1 billion and $1.5 billion. By 2030 Honeywell is targeting annual earnings of at least $6.5 billion and full-year free cash flow of at least $4 billion. "The greatest growth for us is occurring in the commercial transport market and in defense and space," Currier said Wednesday. "We have opportunities where we are well positioned in our products and technologies." As a part of Honeywell International over the last several decades, the aerospace division became one of the largest manufacturers and suppliers in the commercial and business aviation markets as well as in the defense industry. From flight management systems in the cockpit to engine controls under the wing to the auxiliary power unit in the tail, its technology and components are in thousands of planes. Last year the business generated profits topping $4.2 billion with margins of 24.5%. Those results failed to impress investors, however, because they were clouded by the overall results of Honeywell, a conglomerate struggling to generate the stock returns enjoyed by the market and competing companies in the last several years. Since June 2023, Honeywell shares have gained about 20%, compared to the S&P 500's roughly 77% gains. That underperformance is a primary reason Honeywell decided in 2024 to eventually break up operations into three separate companies: Solstice Advanced Materials, Honeywell Technologies and Honeywell Aerospace. "Essentially, on the other side of the separation ... each business is positioned so well for the market it serves," Honeywell CEO Vimal Kapur told CNBC last month.

As Honeywell Aerospace readies for its standalone debut, its CEO is forecasting big growth
Asia
The Hindu BusinessLine

Strong supply chains, engineering talent make India ideal US civil nuclear partner: NEI chief

India with its strong supply chains and engineering talent is the perfect partner for the US in the civil nuclear sector poised for exponential growth, Maria Korsnick, President and Chief Executive Officer of the Nuclear Energy Institute (NEI) said here. Korsnick was in India a fortnight ago leading a 20-member delegation from the US nuclear industry to explore opportunities as New Delhi opened the tightly-controlled atomic power sector for private players by easing the draconian liability law. “India has a very strong supply chain and very strong engineering talent. You’re not new to nuclear. You understand it and have worked very well with it in a very established sector. And that, to me, just makes the perfect partner to go with the innovation in the US,” Korsnick told PTI in an interview at the NEI office here. India’s nuclear power push: Can India really reach 100 GW by 2047? | Green Shift | M Ramesh She said the US nurtured innovation through its national labs over many, many years which was now being brought to the marketplace. “It just feels like a perfect marriage. I think because we’re approaching that both with really strong skill sets, that’s really what sets the backbone for building this trust,” Korsnick said. She said India and the US have rolled out aggressive plans for the growth of the nuclear sector which presents an opportunity to work together. India plans to increase its nuclear power capacity from the present 8.78 GW to 100 GW by 2047. In a similar timeframe, the US plans to increase its nuclear power capacity from 100 GW to 400 GW. “That’s an opportunity why we’re working together, because we’re both going through a very significant build-out,” Korsnick said, adding that small modular reactors (SMRs) are an area of future growth. The US is investing big in fast-tracking deployment of SMRs with at least three such pilot projects expected to go critical by July 4, when the US celebrates the 250th anniversary of its independence. Korsnick said the Sustainable Harnessing and Advancement of Nuclear Energy for Transforming India (SHANTI) Act will help regain the lost momentum in the India-US civil nuclear sector over the past two decades due to unresolved liability issues. “It was 20 years ago when we took a trade mission to India after a nuclear pact had been signed. There was a lot of momentum and maybe interest that there could be something. And now, look, 20 years have gone by,” Korsnick said.

Strong supply chains, engineering talent make India ideal US civil nuclear partner: NEI chief
Asia-Pacific
The Straits Times

Singapore Kitchen Equipment retains CEO after charges linked to CAD probe

Chua Chwee Choo and two others were charged for allegedly conspiring to make false representations to auditors. SINGAPORE – Singapore Kitchen Equipment’s (SKE) chief executive and a senior manager will remain in their roles despite having been charged in connection with a Commercial Affairs Department (CAD) investigation into alleged falsification of accounts and false representations made to auditors. In a June 4 filing on the Singapore Exchange (SGX), the Catalist-listed company said CEO and executive director Chua Chwee Choo and senior manager Koh Sai Eng were served with the charges under the Penal Code and the Securities and Futures Act (SFA) on June 2. Former chief financial officer Chow Mei Ling was also charged, according to a separate June 3 statement by the Singapore Police Force (SPF). Despite the charges, SKE said in its SGX statement that its nominating committee and board believe it is in the company’s best interests for both Chua and Koh to remain in their positions. It cited additional safeguards and measures which have been implemented as part of its enhancements to the company’s internal controls. “The board expects that the business of the group will continue normally, as the court proceedings are not expected to disrupt the operations of the group,” the statement said. The trio were charged for allegedly engaging in a conspiracy between February and March 2021 to make false representations to SKE’s auditor, BDO, in relation to bonuses paid by SKE’s subsidiary, Q’son Kitchen Equipment (QKE). To lend credence to these false representations, the trio allegedly conspired to falsify more than 100 payment vouchers belonging to QKE to purport that the bonuses were paid in January 2020, when this was not the case, SPF said. Chow also faces other charges for alleged offences in related transactions. These include charges which alleged that between 2018 and 2019, Chow willfully omitted a total of eight payments, which included the payment of the bonuses, from QKE’s accounts for the financial years (FY) 2018 and 2019. Subsequently, Chow allegedly made further false entries to include the eight payments in QKE’s accounts for FY2020. Following Chow’s alleged falsification of QKE’s accounts, SKE purportedly made false statements relating to the company’s profitability in announcements of its financial statements for FY2018 to FY2020. These false statements are the subject matter of offences under the SFA – committed with Chow’s consent, and Chow was thus charged with offences under the SFA.

Singapore Kitchen Equipment retains CEO after charges linked to CAD probe
China / Asia
South China Morning Post

Booking system considered to protect popular Hong Kong hiking trail from crowds

Wynna WongPublished: 8:00am, 4 Jun 2026Authorities are considering a pilot booking system for one of Hong Kong’s most popular hiking routes and creating a new marine park at Sharp Island in Sai Kung, following bigger-than-expected crowds during mainland Chinese holidays. “Therefore, to more effectively control visitor numbers and flows, the government is studying and considering the introduction of a reservation system,” the paper said. “The aim would be to protect the trail from excessive wear and tear and to improve the visitor experience by dispersing visitors across different times of the day.” The department said Po Pin Chau – a scenic headland featuring massive hexagonal volcanic columns east of High Island Reservoir – would serve as a pilot site for a reservation system in ecological locations, with data collected to assess its effectiveness.

Booking system considered to protect popular Hong Kong hiking trail from crowds
China / Asia
South China Morning Post

Singapore’s Pritam Singh is facing cracks in his party. What does this say about the opposition?

Jean IauPublished: 8:00am, 4 Jun 2026Updated: 8:09am, 4 Jun 2026Just over a year after consolidating its status as Singapore’s main opposition, the Workers’ Party (WP) is grappling with internal fissures as chief Pritam Singh’s role is being questioned by his own members.Singh, who has led the WP since 2018, is facing a special conference later this month called by 25 cadre members pushing for him to step down as secretary general for breaching the party constitution, according to local media. Sources say there is a generational divide in the party, with the old guard in recent years growing sceptical of Singh’s leadership. This faction – who tended to be Chinese-educated with some Malays – comprised about a quarter of the cadre members, as opposed to newer cadres who were typically young professionals. Observers warn that while infighting is common in maturing political parties, the conflict could undo the progress the WP has made in recent elections. “Such divides in parties are normal. Even the WP has had this before with the contest between Low Thia Khiang and Chen Show Mao. However, for Pritam, what he needs is a clear vote in his favour,” said Walid Jumblatt Abdullah, an associate professor of public policy at Nanyang Technological University, referring to the party’s 2016 leadership vote which saw Low edge out fellow MP Chen.

Singapore’s Pritam Singh is facing cracks in his party. What does this say about the opposition?
Asia-Pacific
Channel NewsAsia

North Korea's Kim vows 'exponential' boost in nuclear forces

Of the planned increase, North Korean leader Kim Jong Un said: "This signifies an amazing, successful change that is beyond rhetorical description, a historic event that has set up an epochal milestone in rapidly upgrading our nuclear capabilities." This picture taken on Mar 23, 2026 and released by North Korea's official Korean Central News Agency (KCNA) on Mar 24, 2026, shows North Korean leader Kim Jong Un delivering a policy speech at the First Session of the 15th Supreme People's Assembly at the Assembly Hall in Pyongyang. (File photo: AFP/KCNA) SEOUL: North Korea's production of weapons-grade nuclear material has more than doubled in the past five years, leader Kim Jong Un said on Wednesday (Jun 3), vowing an "exponential" increase in military nuclear capabilities. During a visit to a new nuclear material production facility, Kim said North Korea has confirmed an "ambitious future plan designed to beef up our state's nuclear forces at an exponential rate", the state-run Korean Central News Agency reported on Thursday. North Korea sees its nuclear arsenal as protection against attack from South Korea and US forces stationed there. Of the planned increase, Kim said: "This signifies an amazing, successful change that is beyond rhetorical description, a historic event that has set up an epochal milestone in rapidly upgrading our nuclear capabilities." Rejecting pressure from the United States, North Korea insists it will not give up its nuclear arsenal, describing its path as "irreversible". Pyongyang withdrew from the Non-Proliferation Treaty in 1993 and has since conducted six nuclear tests, subjecting it to multiple United Nations resolutions, and is believed to possess dozens of nuclear warheads. Our chief editor shares analysis and picks of the week's biggest news every Saturday.

North Korea's Kim vows 'exponential' boost in nuclear forces