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North America
CNBC Finance

NASCAR CEO Steve O’Donnell talks growth opportunities, possible international expansion

NASCAR CEO Steve O'Donnell said the company has seen "a lot of momentum" after a challenging few years, touting NASCAR's presence on multiple streaming platforms and the recently announced sequel to "Days of Thunder" as opportunities to raise the company's profile. The auto racing company CEO, in an interview with CNBC's Brian Sullivan, credited the company's growing popularity among a younger audience, in part, to its ability to connect with fans online. "The media partners are just the foundation of the sport [that] help us grow," he told CNBC. NASCAR content is available through streaming, cable and digital platforms across Fox, Comcast's NBC, Versant's USA Network, Warner Bros. Discovery's TNT Sports and Amazon Prime Video, thanks to seven-year media rights agreements — worth an estimated $7.7 billion, according to various media reports. When asked whether the patchwork nature of exclusive streaming rights to races would confuse viewers, O'Donnell said the breadth was actually a benefit. "For us [it's] how many front doors can we give to a fan to come through and experience NASCAR, and we used to just be maybe on one or two networks," he said. "And as you look at where media is going long-term, we realized to get younger we needed to try some different things, go where some of the younger fans are maybe watching or just tuning in for a couple minutes." The release of "Days of Thunder 2," the sequel to the 1990 hit, will be another way to reach new fans, O'Donnell said. Tom Cruise will be reprising his role as Cole Trickle, a NASCAR driver, with Anne Hathaway set to co-star. The Paramount film is slated to premiere in summer 2028, Cruise announced on social media. O'Donnell said Cruise recently visited NASCAR headquarters in Daytona Beach, Florida, and believes that the sequel will bring new audiences to the league. "He could not have been more enthusiastic," O'Donnell told CNBC. "Tom's No. 1 message to us: He's like, 'You got to be ready because I'm going to put people [on], and they're going to know what NASCAR'S about.'" Global racing league Formula 1 has notched success in recent years garnering new fans via streaming and film, including Netflix's "Drive to Survive" docuseries and Apple's "F1" movie, which premiered in 2025. Similarly, "Ford v Ferrari," a biopic about a legendary team of British and American race-car drivers, became one of the highest-grossing original movies of 2019. And while NASCAR seeks to grow its reach domestically, O'Donnell said that he is "absolutely" open to international expansion.

NASCAR CEO Steve O’Donnell talks growth opportunities, possible international expansion
North America
CNBC Finance

Boeing CEO: 737 Max production taking 'a little bit longer' to stabilize than expected

Boeing's 737 Max production is taking "a little bit longer" than expected to stabilize, and the company expects to increase its output of the planes next year, CEO Kelly Ortberg told investors Wednesday. Boeing stock extended its losses for the day and was down more than 5% in afternoon trading after Ortberg's comments. The manufacturer has been working to steadily ramp up the output of its best-selling plane after years of safety and quality crises. Ortberg said wing production at its Renton, Washington, factory is a constraint now, adding the company has plans in place to address it. Ortberg reiterated to investors at a Morgan Stanley industry conference that he expects certification of the Max 10, the largest model in the family "very soon." That plane is years behind schedule. Kelly didn't say that he expected aircraft orders from China when President Donald Trump is scheduled to host Chinese leader Xi Jinping at the White House on Sept. 24. Orders from China are "going to be announced by the airlines at their pace," he said. 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.

Boeing CEO: 737 Max production taking 'a little bit longer' to stabilize than expected
Europe
The Guardian

Trump threatens to stop trading with EU over ‘laughable’ membership offer to Canada

Donald Trump has threatened the EU with “serious tariffs” and a halt to trade after the bloc proposed making Canada its first ever associate member – an idea he derided as “laughable”. The US president said that if the EU moved forward with the plan, Washington could impose “very serious tariffs or stop trading with Europe”. He added: “If it’s a good intention, that’s fine. If it’s a bad intention, we’ll put very heavy tariffs on Europe.” Canada’s prime minister, Mark Carney, is due to address the European parliament on Thursday, a day after the European Commission president, Ursula von der Leyen, invited his country to become the EU’s first “associate member”. Von der Leyen pitched closer cooperation on tech, defence and energy to Carney, telling the European parliament that, as democracies faced a “fracture in the international rules-based system”, Brussels and Ottawa needed to pull closer together. She said: “This is a partnership not against anyone else, but for our common strength. In short, we want to bring the relationship with Canada to the highest level possible.” In response to Trump’s comments, France’s Europe minister Benjamin Haddad said on Thursday that Washington had no power to veto EU decisions. “It is not up to the United States, or ‌anyone else, to choose the political and geopolitical direction of the Europeans. Once again, we have a relationship ⁠with Canada, and we are fully entitled to seek to deepen it,” Haddad ‌told Public Sénat TV channel. A European Commission spokesperson said: “As our president made clear yesterday, the proposed strengthening of the relationship with Canada is not against anyone else, but for our common strength.” View image in fullscreenMark Carney and Andy Burnham, both Everton fans, watch Everton v Wolverhampton Wanderers in Liverpool on Wednesday. Photograph: Paul Cooper/ReutersCarney has called for a “unique alliance” with the EU as Canada seeks to reduce its heavy dependence on US trade. After meeting EU leaders in Strasbourg on Wednesday, he described the EU and Canada as “natural partners, united by shared values” and said that both sides were focused on “a deeper partnership that reinforces our mutual sovereignty to create more opportunities and prosperity for our peoples”. An associate membership agreement would have to be approved by the EU’s 27 member states, who generally support closer ties with Canada, but were taken by surprise by the term. Canada and the EU already have a trade deal and numerous bilateral agreements, but have been moving closer since Donald Trump returned to the White House and raised tariffs on both old allies, while repeatedly talking about Canada becoming the 51st US state and lambasting the EU. In a sign that Canada was seeking to further diversify its defence ties ⁠away from ⁠the ​US, Carney’s office announced on Wednesday that the country had formally applied to join the British-led Joint Expeditionary Force military ⁠coalition.

Trump threatens to stop trading with EU over ‘laughable’ membership offer to Canada
Asia
The Hindu BusinessLine

The crop at the centre of India’s edible oil self-reliance push

Close up of fresh oil palm fruits and cooking oil, selective focus. | Photo Credit: iStockphoto For all the debate about edible oil self‑reliance, one fact is still not stated clearly enough: India’s strategy depends on how it handles palm oil. India is the largest buyer of this commodity in the world, importing more than 9 million tonnes in a typical oil year, close to two‑thirds of its total edible oil imports. The consumption pattern makes this plain. Palm oil accounts for more than 38 per cent of India’s total edible oil use, higher than any other individual oil, and the share is even higher in rural markets, where palm‑based blends are often the only affordable option for low- and middle-income households. Retail prices for common palm oil packs sit between ₹130 and ₹145 a kg, while sunflower oil often trades closer to ₹160–170. When edible oil prices rose nearly 20 per cent in 2024, palm oil held its lower price range more consistently, helping households and manufacturers absorb part of the shock. India’s dietary authorities, the ICMR and the National Institute of Nutrition, place palm oil within a balanced diet, and it has been part of Indian kitchens for decades. Several states rely on it for subsidised cooking oil schemes, and in Tamil Nadu alone, over 7.5 million ration cardholders depend on these distributions for basic household fat needs. That reliance is why the commodity carries the label of a “poor person’s oil,” a label that hides more than it reveals: keeping a kitchen staple affordable for millions is a pillar of food security, not a second‑grade choice. The yield story explains why planners keep returning to this crop. Oil palm produces roughly 35 per cent of the world’s vegetable oil on less than one‑tenth of the land used for oil crops, yielding around four tonnes per hectare against roughly 1.2 tonnes for mustard, which is why the National Mission on Edible Oils targets nearly three million tonnes of domestic production by 2030. Removing palm oil without an efficient substitute would shift pressure onto crops needing far more land, creating more environmental loss, not less. India also does not fully control its destiny on this commodity. Indonesia and Malaysia dominate global production, so trade dynamics there directly affect Indian consumers while importing markets add their own deforestation and traceability rules. India cannot treat palm oil as always available on favourable terms. There is also a risk in how palm oil is produced, where expansion through clearing forests or peatlands accelerates emissions, and where smallholders lacking clear rights face social tensions. This is where sustainability standards matter, as risk management, not window dressing. The Roundtable on Sustainable Palm Oil (RSPO) now covers 5.1 million hectares across 24 producer countries and accounts for just over 20 per cent of global output; India sourced roughly 431,000 tonnes of certified palm oil in 2024. Global buyers are tightening traceability rules, and uncertified oil risks rejection in markets like the EU, a shift Indian refiners and food brands cannot ignore. None of this means palm oil should be India’s only answer, but current demand already leans heavily on it, and pretending otherwise helps no one. A more honest position accepts palm oil’s central role and concentrates on shaping it: tying growth to real sustainability performance, and expanding traceability so everyone has a clearer view of where their oil comes from. 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.

The crop at the centre of India’s edible oil self-reliance push
Asia
The Hindu BusinessLine

China’s consumer stocks trapped in a lost decade as AI boom dominates

FILE PHOTO: China’s consumer stocks have fallen to near 10-year lows as weak domestic demand, sluggish incomes and the property slump contrast with surging AI-focused technology stocks. | Photo Credit: Dado Ruvic Under the shadow of Beijing’s single-minded focus on artificial intelligence, China’s consumer stocks are trapped in a lost decade. The industry is showing a stark contrast with the high-flying tech sector. MSCI China’s consumer goods sub-indexes plunged roughly 18% over the past six months to near 10-year lows, while the AI-heavy technology gauge surged to more than double its 2016 level. During the latest earnings season, consumer staples firms in the MSCI gauge missed profit expectations by nearly 50%. The malaise reflects China’s lopsided economy, where Beijing’s drive for tech supremacy has fueled an export boom and funneled capital into AI firms with limited spillover to domestic demand. August retail sales crept up just 0.4%, and there are few signs that investor pessimism toward the sector will ease after the Golden Week holiday — a crucial period for travel and spending. “Data this summer has disproved that there is any recovery in spending, and affirms that it still is a one-way bet on exports,” said Chen Shi, fund manager at Shanghai Jade Stone Investment Management Co. “From a market perspective, that has created a crowding-out effect. Investors have become increasingly concentrated in AI beneficiaries, while sectors such as consumption have been sold indiscriminately.” The sour mood marks a dramatic reversal from the pre-pandemic years, when the rise of China’s middle class was celebrated as one of the world’s most compelling growth stories. That optimism has all but evaporated as a protracted property slump, sluggish income growth and a crisis of consumer confidence have made the sector a losing bet. A drip feed of policy support over the years to revive housing sales — a key pillar for spending — has fallen short. The latest data showed property prices extending their slide. Authorities could rebuild consumer confidence through measures from stabilizing asset prices to creating stronger wage growth prospects and raising minimum income, Chen said, adding that any meaningful improvement will likely be be gradual. Weak consumer demand emerged as a recurring theme during the latest earnings season. Shede Spirits Co. described the sector as being in a “deep adjustment,” while department store operator Nanjing Central Emporium flagged softer visitor traffic and lower spending. Top liquor maker Kweichow Moutai Co.’s first-half net profit dropped. Earnings for consumer staples firms in the MSCI China gauge fell 47% short of expectations in the latest season, while those producing discretionary goods missed by nearly 10%, data compiled by Bloomberg show. In contrast, industrial and tech companies delivered upside surprises. The sector’s woes are unfolding against a global backdrop in which investors have shunned consumer shares for beneficiaries of the AI investment boom, according to Winnie Wu, head of Asia Pacific equity strategy at Bank of America. For China, domestic policy headwinds including tighter tax rule enforcements also create a heavier financial burden for both households and businesses, she said. The bifurcated market has prompted some high-profile, actively managed Chinese funds with heavy exposure to consumer names to pivot to AI stocks. The same trend is playing out among exchange-traded funds, where inflows into tech funds have increasingly eclipsed those targeting consumer products, according to data compiled by Bloomberg.

China’s consumer stocks trapped in a lost decade as AI boom dominates
Asia
The Hindu BusinessLine

PB Health’s hospital expansion plans on track: PB Fintech Chairman and Group CEO

PB Health is a separate venture and will see no change in its hospital expansion plans, said Yashish Dahiya, Chairman and Group Chief Executive Officer of PB Fintech Limited - the parent company of Policybazaar. Responding to whether a possible impact on its insurance business from a recently proposed policy change would cast a shadow on its healthcare investment plans, Dahiya told businessline, PB Health is a totally separate venture with its own team and execution. “So no, that doesn’t get impacted by what goes on at the Policybazaar end...If there are challenges at the Policybazaar end, this part actually becomes even more important,” he said, indicating that their investment plans for about 150 hospitals in five years, were on track. A recent IRDAI consultation paper had proposed changes in insurance distribution commissions among other things, adversely impacting PB Fintech’s stockprice last week. And Dahiya had flagged a possible revenue impact from the insurance proposal. With PB Health being the healthcare venture from the group, concerns also emerge of a possible slow-down of its hospital expansion plans. Dahiya, however, clarified, “this investment (in hospitals) comes from external investors and the Policybazaar balance sheet, and the balance sheet is intact and there’s no challenges there.” The plan is for about 20-30 new hospitals, and the rest through partnerships or franchise operations, he said. PB Health presently has multi-speciality hospitals at Noida and Gurugram. With a plan for 200-bed hospitals, the target is for four hospitals by March, and another six in the next year, followed by a more rapid expansion, he said. The funds would be from a combination of equity and debt, he said, of the investment outlay of ₹10,000 crore. The larger plan is to build a network of 500 hospitals, a company representative added. While groups like Narayana Health have gone from hospitals to health insurance, PB Health is doing the opposite. Industry-insiders, however, raise concerns on possible conflict of interest when the same group is present on both sides. Dahiya defends the strategy. “These are two separate companies. There is no insurance specialist at PB health. All (that) the doctors are informed is that you have no targets. You’re getting a fixed salary and you have no targets whatsoever. You don’t have to achieve a particular revenue. You don’t have to achieve a certain number of operations,” he said, pointing to pressures that allegedly operate in the healthcare system, like converting out-patients to inpatients or targets for diagnostics, for example. Expanding into hospitals, when the discussion centers on price control of healthcare services, Dahiya said, the method of incentivisation needed change - by extending funds to hospitals to treat anyone who goes there, for example, rather than supporting certain listed specializations – which could then skew services in that direction. 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.

PB Health’s hospital expansion plans on track: PB Fintech Chairman and Group CEO
Asia
The Hindu BusinessLine

ED attaches fresh assets worth ₹442 cr in probe against online gaming company Gameskraft

The Enforcement Directorate on Sunday said it has attached fresh assets worth ₹442 crore as part of its money laundering investigation against online gaming company Gameskraft and its app RummyCulture. The central agency said in a statement that a provisional order was issued on September 25 under the Prevention of Money Laundering Act (PMLA) to freeze the properties. These include fixed deposits, commercial shops, a villa and multiple residential properties held in the names of the family members, private family trusts and various associated entities of the shareholders of Gameskraft Technologies Pvt. Ltd., it said. According to the Enforcement Directorate (ED), the total value of these properties is ₹442.35 crore, and with the latest order, the total value of attachment and assets frozen in this case stands at ₹2,843 crore. The agency said Gameskraft Technologies and RummyTime Technologies were engaged in operating online real money games (RMGs) through mobile applications under various brands, including RummyCulture, RummyPrime, Playship and RummyTime. The platforms had a user base of around 3 crore across the country, and, the ED alleged, a "significant" number of users were located in the states where online real money gaming has been banned, including Telangana, Andhra Pradesh and Tamil Nadu. It claimed that while these platforms assured users that they were transparent, fair and free from automated players, they deployed BOTs (automated programs/algorithms) against gullible users without their knowledge or consent. "The use of BOTs resulted in substantial financial losses to the users while generating proceeds of crime for the companies," the agency alleged. The "unscrupulous" practices of the companies have created an addictive gaming environment that encouraged repeated wagering, thereby enabling the companies to generate huge proceeds of crime in the form of platform commission, according to the ED. 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.

ED attaches fresh assets worth ₹442 cr in probe against online gaming company Gameskraft
Asia
The Hindu BusinessLine

Floods, landslides kill 56 in India and 14 in Nepal

Lucknow. Sep 26 (ANI): Pedestrians wade through an inundated area by floodwaters following continuous heavy rainfall near Faizullaganj, in Lucknow on Saturday. (ANI Photo) | Photo Credit: ANI Heavy rain and storms have triggered floods and landslides that killed 56 people in India, while in Nepal, 14 have died and ‌another 11 are missing, with authorities there warning on Sunday that more flash floods are possible. India's northern state of Uttar Pradesh ‌recorded 66.5 mm of rain between September 25 and the morning ‌of ⁠September 27, compared with a normal 7.6 mm for the ⁠period, Hrishikesh Bhaskar Yashod, the state's relief commissioner, said on Sunday. Authorities are carrying out rescue operations in waterlogged areas and distributing relief, while officials have been told to assess crop ​damage and provide compensation. In addition ‌to the 56 deaths, 46 people have been injured and more than 1,000 houses have been damaged. Nepali authorities warned of possible flash floods in 49 of the country's 77 districts, with more than half ‌facing high flood or flash-flood risks as water levels in major ​rivers and tributaries continued to rise. Shanti Mahat, a spokesperson for the National Disaster Risk Reduction and Management Authority, said Rasuwa ⁠and Nuwakot, areas hit by last month's deadly floods that killed more than 1,450 people and left thousands still missing, should remain "alert" but were not ‌currently considered high-risk areas. Power supply has been completely disrupted in the Manang, Mustang, Myagdi and Baglung districts, with authorities working to restore electricity, energy ministry officials said. Flooding of the Rahuganga River damaged the structure and transmission-line towers of a 40-megawatt hydropower project, Water Resources and Energy Minister Biraj Bhakta Shrestha said. In India, the Central Water Commission said 30 river-monitoring stations ‌across seven states indicated a "severe situation". Several major rivers, including the Ganga, Gandak, Kosi, Bagmati and ​Narmada, were above danger levels. Floods and landslides also disrupted telecommunications in parts of Nepal after damage to optical fibres ⁠and power supplies, Communications Minister Bikram Timilsinha said.

Floods, landslides kill 56 in India and 14 in Nepal
Europe
BBC Business

US interest rates raised for first time in three years

US interest rates have been raised for the first time in more than three years and could be increased further in a bid to slow rising prices. Rates were hiked to 3.75%-4% from 3.5%-3.75% by the Federal Reserve in a unanimous decision, despite fierce opposition from President Donald Trump, who had called for rates to be cut. Fed Chair Kevin Warsh said the move was because "inflation is too high and has been for too long", adding that it was a "sober" and "responsible decision". After the announcement, Trump expressed support for Warsh but said the Fed board, which votes on rate decisions, was "hostile". Higher interest rates make borrowing more expensive for people wanting to secure loans, mortgages, and credit cards, but can lead to better returns on savings. Warsh said during a press conference on Wednesday following the decision that, while there was "an attitude of optimism" within the Fed leadership, inflation remained a problem. Like many central banks, the Fed has a target of keeping inflation at 2% or below. Warsh noted that US inflation has been above the target "for more than five years". That has helped make affordability one of the top concerns of American voters, who have seen fuel prices surge in response to soaring wholesale oil prices since the start of the US-Israel war with Iran. This has driven up the cost of many goods and services, as well. While the Fed "cannot affect any individual price – whether it be oil prices, whether it be food stuffs at the grocery store", Warsh said, the central bank can work to keep price rises from broadening across the economy. He added that strength in the jobs market and wider economy meant the Fed was staying focused on stabilising prices, and that those least well off had the most to gain from lower inflation. Central banks tend to increase rates when inflation is high to discourage spending and encourage saving, in the hope this will reduce the pace of price rises. But it's a balancing act, as higher rates can also encourage businesses to hold off on investing and hurt economic growth. When he was confirmed, Democratic lawmakers had said Warsh would be Trump's "sock puppet" and many Fed watchers expected him to carry out Trump's persistent demands to slash rates. Trump had been heavily critical of Warsh's predecessor Jerome Powell for not cutting them.

US interest rates raised for first time in three years