North America
CNBC Finance

Cyclospora outbreak tests RFK Jr.'s promise to overhaul food system, rebuild trust in CDC

Robert F. Kennedy Jr. took the helm of the U.S. Department of Health and Human Services last year promising to overhaul the U.S. food system and restore confidence in the agencies that oversee it. The secretary of the Department of Health and Human Services now faces one of his biggest tests yet, as the country tries to contain an outbreak – or potentially multiple outbreaks – of foodborne illness. Two months and thousands of cases of cyclosporiasis later, it looks like the nation's already fragile system is faltering. Experts have long said the U.S. is underprepared to rein in foodborne outbreaks. But after the Trump administration slashed key officials — from federal employees who investigate the source of illnesses to those who share information with the public — Kennedy appears to face an even more daunting task to contain the parasite and build trust in the administration's response. "It is difficult to quantify precisely, but it is clear that the cuts to federal funding over the past year or so have reduced our capacity to respond to outbreaks like this," said Craig Hedberg, co-director of the Minnesota Integrated Food Safety Center of Excellence. Kennedy earlier this week defended the handling of an outbreak of cyclosporiasis that has sickened at least 7,000 people in Michigan alone. (The official count from the Centers for Disease Control and Prevention, which has lagged behind state tallies, sits at nearly 4,200 cases). Kennedy said the ongoing outbreak of cyclosporiasis is "under control," contending criticisms that agency cuts have hampered the investigation are "invalid." The U.S. Food and Drug Administration and the Centers for Disease Control and Prevention have narrowed their focus to shredded iceberg lettuce from Taylor Farms, a produce supplier for a range of restaurants and grocers. The FDA over the weekend said lettuce from the company tested positive for cyclospora, the parasite that causes the explosive diarrhea. The agency later walked that back, saying it was a false positive. Donald Schaffner, chair of food science at Rutgers University, said he's never seen such a reversal before and called it a "pretty big screw up." Still, one former senior FDA food official said the agency was right to publicize the positive test because if it turned out to be a true positive, delaying the announcement could have caused more people to fall ill. And regardless of the test result, the agencies still see the lettuce as a likely culprit. The about face, and the confusion it created over whether regulators still suspected the Taylor Farms lettuce was tied to the outbreak, underscored the difficulty Kennedy faces in trying to restore public confidence. HHS spokesperson Emily Hilliard in a statement to CNBC said the FDA has been transparent with Taylor Farms throughout the investigation and the corrected lab result doesn't change the agency's findings. Former federal health officials and independent food safety experts say they see the cyclospora response as a prime example of a system that's long been underfunded and overstrained, leaving the U.S. vulnerable to these kinds of outbreaks. And they fear budget cuts, policy delays and personnel turnover are exacerbating an already delicate situation. In response, Hilliard said regulators have "mounted a robust, science-based response to this outbreak, working closely with health departments in all 50 states, rapidly identifying known sources, and ensuring Americans have the information they need to protect themselves." She added, "FDA and CDC continue working together to use every available public health tool to identify additional sources of the outbreak and inform swift public health action." Cyclospora is a parasite that's trickier to track than some other pathogens. Parasites don't grow outside the human body, making it harder to test for them and link cases to each other. Cyclospora tests are prone to false positives because the process for conducting them can sometimes make it look like there's a parasite in the sample when there's not, Schaffner said.

Cyclospora outbreak tests RFK Jr.'s promise to overhaul food system, rebuild trust in CDC
Asia
The Hindu BusinessLine

Q1 Results Today Live: Tata Consumer con. PAT up 28.4%, ACC PAT declines 61.5%, Shriram Finance, Hindustan Zinc, SBI Life, SBI Cards, Laurus Labs Q1 profit rise, BoB, NTPC, SAIL, KFin Tech to announce Q1 results

Q1 Results Today, July 24, 2026, Live Updates: Get real-time Q1 FY27 earnings updates, profit growth, revenue numbers and management outlook of NTPC, Shriram Finance, Hindustan Zinc, SBI Life Insurance Company, CG Power and Industrial Solutions, Bank of Baroda, Lodha Developers, Tata Consumer Products, Jindal Steel & more. “We delivered yet another quarter of double-digit topline growth, backed by volume growth. Importantly, this translated to a consolidated net profit growth of 29%. The India branded business delivered robust underlying volume growth reflecting continued focus on execution, category expansion and innovation. Our ‘Growth’ businesses performed very well and have scaled their overall contribution to the India business. Tata Sampann continued to record exceptional growth driven by performance across multiple categories- dry fruits, cold-pressed oils as well as core pulses and spices. The Ready-To-Drink business delivered a strong quarter with strong performance across core brands as well as new launches. The International business continued to deliver steady performance with margins being accretive to the overall company margins. Our innovation momentum continues with 14 new launches in Q1 and a roadmap in place to fuel our growth agenda this year. We remain focused on delivering sustainable profitable growth by strengthening and scaling our core and growth businesses and building a future ready portfolio.” Shriram Finance reports a 60% net profit rise in Q1, driven by strong NII growth and MUFG Bank's strategic investment. Welspun Corp invests 26% in GGBS venture and achieves 199% profit growth, reporting ₹1,046 crore in Q1 FY27. 2) Advances growth year-on-year was at 17% and Deposits growth year-on-year was at 20%. 4) Capital Adequacy continues to be strong and as on June 30, 2026, the Capital Adequacy Ratio was at 17.03% (with Tier I at 14.90% and Tier II at 2.13% as per Basel III norms). Sensex shed 331.62 pts or 0.43% to end at 76,059.77; Nifty 50 fell 102.15 pts or 0.43% to 23,767.45. Greenply Industries Limited has announced its financial results for the first quarter ended June 30, 2026, reporting a 20.7% year-on-year growth in consolidated revenue to Rs 724.9 crore and a 27.1% increase in Core EBITDA to Rs 78.3 crore, with a Core EBITDA margin of 10.8%. Laurus Labs reports a 126% rise in Q1 net profit to ₹368 crore, driven by strong revenue growth and R&D investments. “We have commenced FY’27 with a resilient performance, driven by a higher share of trade volumes and continued premiumization. During the quarter, profitability reflected the impact of planned maintenance of larger Integrated Units, higher MSA with parent Ambuja Cements, even as we continued to prioritize value-led growth and quality earnings. Our journey towards building a simpler, stronger and more integrated business continues through the proposed One Cement Platform. Combined with strategic capacity expansions at Salai Banwa and Kalamboli, CiNOC-enabled operational excellence and customer-focused solutions, we have a good visibility of improved performance in the coming quarters. Leveraging the strength of our integrated business model and group synergies, Adani Cement at consolidated level remains committed to delivering approximately Rs 250 PMT cost reductions in FY’27.” • One Cement Platform: SEBI NOC for the proposed amalgamation of ACC with Ambuja was received on 4 June 2026, and an application has been filed with the NCLT on 29 June 2026. The transaction is expected to be completed during FY’27, subject to regulatory approvals. SBI Life continued its growth trajectory from FY 2026 into the first quarter of FY 2027, delivering a 14% increase in Individual Rated Premium, supported by a favourable shift in product mix. All product segments recorded growth on an Individual Rated Premium basis, and all key distribution channels achieved double-digit expansion. The increasing contribution from protection solutions and guaranteed non-par savings products reflects evolving customer preferences and our strategic focus. Renewal premium growth, along with improvements in the 13th- and 49th-month persistency ratios, underscores the strengthening of our customer relationships and the overall quality of our business. With its strong brand, diversified distribution network, superior service standards, and technology-led capabilities, the Company remains well-positioned to meet increasing demand across protection, savings, and retirement solutions. Our ability to consistently generate profitable new business over the years continues to support sustainable value creation for our shareholders.

Q1 Results Today Live: Tata Consumer con. PAT up 28.4%, ACC PAT declines 61.5%, Shriram Finance, Hindustan Zinc, SBI Life, SBI Cards, Laurus Labs Q1 profit rise, BoB, NTPC, SAIL, KFin Tech to announce Q1 results
Asia
The Hindu BusinessLine

How scrap is at the centre of India’s changing metals growth story

The report said the metal industry’s competitive advantage is changing, with access to scrap becoming more valuable than processing capacity alone. | Photo Credit: DANISH SIDDIQUI India's next metals growth cycle will be driven by recycling rather than mining, with scrap emerging as the industry's most strategic resource, according to a thematic report by Ashika Institutional Equities, which says the country's organised non-ferrous recycling industry is entering a multi-year structural growth phase. In its thematic report titled "Recycling: The New Ore", Ashika said the global metals industry is undergoing a structural shift as rising demand from electrification, renewable energy and infrastructure collides with resource constraints and stricter environmental regulations. "We believe that the next phase of value creation in the metals industry will be driven less by ownership of mines and more by access to scrap, sourcing networks and processing technology. This structural shift forms the foundation of our investment thesis on India's organised non-ferrous recyclers," the report said. The report said India's metals story is "shifting from mining to recycling," with rising metal consumption, resource constraints and sustainability requirements making recycled lead, copper and aluminium an increasingly important source of supply. According to the report, regulatory measures such as the Battery Waste Management Rules (BMWR) and Extended Producer Responsibility (EPR) framework are accelerating the shift from informal scrap processing to organised recycling, creating "a long term structural growth opportunity for compliant players." The report said the industry's competitive advantage is also changing, with access to scrap becoming more valuable than processing capacity alone. "Access to scrap is emerging as the most valuable asset," the report said, adding that "sourcing networks, collection capabilities and regulatory compliance will become more critical than installed capacity in determining long-term industry leadership." The report noted that companies are increasingly moving beyond basic metal recovery into value-added products such as alloys, conductors, busbars and specialty products, which could support higher margins and stronger customer relationships. "Value addition is becoming more important than metals recovery," it said, adding that the next earnings cycle will be driven by increasing the value extracted from every tonne of scrap processed rather than simply expanding recycling volumes. Among individual metals, the report said lead offers the strongest earnings visibility due to predictable battery replacement demand and regulatory support, while copper represents the biggest long-term opportunity because of widening domestic supply deficits and demand from electrification. Aluminium, meanwhile, is emerging as a key decarbonisation opportunity as recycled aluminium requires significantly less energy than primary production.

How scrap is at the centre of India’s changing metals growth story
Asia-Pacific
The Straits Times

Singtel supports potential listing of its data centre business in India, it tells shareholders

Singtel’s data centres in India are part of STT GDC, which it acquired as part of a consortium with global investment firm KKR for $13.8 billion in February. SINGAPORE – Singtel said it is “supportive” of a potential listing of its data centre business in India to fund further expansion of its digital infrastructure business. The telco was responding to questions from shareholders and the Securities Investors Association (Singapore), or SIAS, ahead of its annual general meeting on July 29. In a filing with the Singapore Exchange on July 24, Singtel also answered questions on its capital management strategy and other matters. In response to a question on the strategy and potential returns from Singtel’s 25 per cent stake in ST Telemedia Global Data Centres (STT GDC), the telco said it views the data centre giant as a strategic investment rather than a passive financial holding, and its minority stake is a “strategic choice”. Singtel’s data centres in India are part of the STT GDC business, which the telco acquired as part of a consortium with global investment firm KKR for $13.8 billion in February. The transaction is expected to close in the early part of the second half of 2026. By investing in STT GDC, Singtel gains exposure to the digital infrastructure sector both regionally and globally. As the investment will be equity-accounted, Singtel can benefit from STT GDC’s growth without including the company’s debt or financial results in its own consolidated accounts, it said. Singtel added that this structure limits the impact on its earnings per share while retaining its growth potential, and also allows the telco to execute strategic actions in the future as the data centre sector continues to evolve. This could entail a potential listing of STT GDC’s India business, which Singtel said would capitalise on “strong public market demand” for digital infrastructure and increase its valuation. On its subsidiary Digital InfraCo’s data centre business Nxera, Singtel said it expects earnings to continue growing in financial year (FY) 2027 as its data centre in Tuas ramps up, with customers progressively starting operations.

Singtel supports potential listing of its data centre business in India, it tells shareholders
Europe
BBC Business

UK complacent about war threat, warns defence boss

Image source, Getty ImagesBySimon JackBusiness editorPublished4 hours agoThe UK has been too complacent about the risk of foreign attack, the boss of Europe's biggest defence contractor BAE Systems has warned. Dr Charles Woodburn told the BBC in an exclusive interview that the level of threat was the highest he'd seen in his lifetime. He welcomed the recent boost to defence spending but said much more would be needed to hit the government's commitment to spend 3.5% of GDP on defence by 2035. He also warned we were not far from the use of autonomous lethal weapons by countries that may not follow the UK's policy of maintaining human control. In a rare interview, Woodburn told the BBC the reality of modern warfare had "changed quite profoundly" and that UK defence spending had to change with it. He said Russia and Ukraine had become "incredibly adept" at using autonomy in the form of drones and counter drones. "It's something that we now have to really understand and make sure that we're able to provide the capabilities that can counter that and deter aggression," he said. BAE Systems unveiled a life-size model of an unmanned fighter jet in front of the new Defence Secretary Wes Streeting at the Farnborough International Air Show. Four of these so-called Collaborative Combat Aircraft will accompany a manned fighter to massively increase firepower but at just 20% of the cost of a piloted aircraft. However, Woodburn said there was still a role for the traditional battleships and submarines that BAE has been manufacturing for decades. "If you look at what our adversaries are building, they're also building significantly large platforms - aircraft, ships, submarines. And they're supplemented by some of these unmanned capabilities." It is the combination of the two that has the "winning" formula, he said. It is hardly surprising that the boss of a defence company would like to see more defence spending. But Woodburn said the UK had been complacent for some time about the level of threat it faced - particularly from Russia.

UK complacent about war threat, warns defence boss
Europe
BBC Business

UK mortgage rates rise to highest level for a month

Image source, Getty ImagesByKevin PeacheyCost of living correspondentPublished4 hours agoUK average mortgage rates have risen back to the level of a month ago as renewed tensions in the Middle East feed through to homeowners. Lenders' funding costs have increased as markets judge that a prolonged conflict reduces the possibility of interest rate cuts by central banks. The five biggest High Street banks are among a host of lenders which have increased their interest rates on new fixed deals in recent days. Recent projections by the Bank of England suggest just over five million homeowners should expect their monthly mortgage repayments to increase by the end of 2028. Mortgage rates had been falling as a ceasefire between the US and Iran initially appeared to hold. But fresh strikes and Houthi militia attacks on oil tankers in the Red Sea reignited fears over global energy supplies. Oil prices hit $100 a barrel for the first time since May on Thursday after several days of increases, stoking fears of higher inflation and a lower likelihood of interest rate cuts. The interest rate on this kind of mortgage does not change until the deal expires, usually after two or five years, and a new one is chosen to replace it. The average rate on a new two-year fixed deal is 5.58%, according to financial information service Moneyfacts. Although it has risen consistently in recent days, it remains below the Iran war peak in April of 5.9%. A modern browser with JavaScript and a stable internet connection is required to view this interactive. The information you provided on your monthly payments would not be sufficient to pay off your mortgage within the number of years given. This calculator does not constitute financial advice. It is based on a standard mortgage repayment formula dependent on the mortgage size and length and a fixed interest rate. It should be used as a guide only and does not represent the suitability, eligibility or availability of mortgage offers for users. For exact figures, users will need to approach an official mortgage lender.

UK mortgage rates rise to highest level for a month
North America
CNBC Finance

China's Geely to make EVs at Ford plant in Spain under new joint venture

China automaker Geely will build electric vehicles at a Ford Motor plant in Spain under a new manufacturing joint venture in Europe, the companies announced Thursday. Pending regulatory approvals, the companies said the joint venture will begin operations in the first half of 2027, with the first new vehicles scheduled to roll off the line in 2028. The Valencia, Spain, plant will continue to produce the Ford Kuga in the meantime, according to a news release. The companies said Ford will own 66% of the joint venture, while Geely will have a 34% stake. The joint venture is expected to include a new electric crossover for Ford, in "addition to a new member of the Bronco family, plus two electric Geely SUVs, with production starting in 2028," the companies said. The announcement comes after months of reported talks between the two sides, as legacy automakers such as Ford attempt to compete with Chinese carmakers that have quickly been expanding into new markets outside of China for several years. "The joint venture addresses the new realities of the European market -- intense global competition, relentless cost pressure and tightening regulation -- resetting Valencia to build at the industry's emerging cost benchmark," the companies said in the release. Automakers such as Ford have historically partnered with Chinese companies for production and sales in China, however several legacy companies have been geographically broadening such tie-ups. Chrysler parent Stellantis has been expanding its yearslong partnership with China's Leapmotor into Europe, and Germany's Volkswagen has said it is open to sharing under-utilized European factories with Chinese car brands as part of a push to cut costs. Ford's new tie-up comes a day after a U.S. Senate committee approved legislation to toughen a ⁠ban on Chinese automakers entering its home country. Ford CEO Jim Farley, who has been complimentary of Chinese automakers for their speed and products, has previously said the automaker would be looking to partnerships to assist its global operations. Ford's partnership with Geely stretches back to 2010, when it sold Volvo Cars to Geely, the companies said. "We are dedicated to delivering vehicles that European customers will choose on merit: on industry leading features, on high-quality and on actively contributing to Europe's green future. Put simply: we are building cars in Europe, for Europe, alongside a trusted partner," Alex Nan, vice president of Geely, said in the release.

China's Geely to make EVs at Ford plant in Spain under new joint venture
North America
CNBC Finance

A tax break for preserving land has drawn IRS scrutiny. Here’s when it still makes sense

Congress is moving to expand a land preservation tax incentive that has spent nearly a decade under IRS scrutiny. House and Senate proposals of the farm bill would create a new program to provide funding to landowners who agree to keep forests intact rather than sell or develop them. The IRS cracked down on conservation easements after groups of investors used them to generate billions of dollars in inflated tax deductions. However, the tax strategy still has value for individuals and families who want to preserve their land and pay less to Uncle Sam, lawyers who specialize in conservation easements told CNBC. More than a dozen states offer some sort of tax credit for donating land and some, including New York, Colorado and Georgia, have aggressively expanded their conservation easement programs in recent years. "I run into people who say, 'Wow, conservation easements are bad things. They're abusive.' No, they're not. They are for a small set of people and a small set of people that are getting sucked into this by bad actors," said Florida lawyer Keith Fountain. "My clients are people who own land and love the land, and the conservation easements provide a way to get some financial benefit and to keep and own and manage that land for the right purposes forever." Conservation easements let landowners keep ownership of the property while giving up certain development rights. Typically, the owner agrees to permanently limit how the property can be used, often to preserve farmland, wildlife habitats or open space. The landowner can then donate those foregone development rights or sell them at a discount to a land trust, government agency or another qualified group. In return, the owner can claim a charitable deduction. In many cases, they can still reside on the land and use it for recreational purposes like hunting and fishing, as long as they fit the easement's restrictions. Fountain said many of his ranching clients sell conservation easements to keep land in the family and use the proceeds to pay off debt or buy out younger family members who aren't interested in ranching. By selling the easements on their land at a discount, the clients collect cash and can claim a charitable deduction for the difference between the sale price and the fair market value. The transactions targeted by the IRS involve groups of investors, not longtime individual landowners. In these so-called syndicated conservation easement deals, a promoter sells stakes in land to investors and donates the easement. By using an inflated valuation of the property's development rights, the investors are able to claim a tax deduction that exceeds what they paid for the land. In a recent example filed last week, the U.S. Tax Court slashed a $41.6 million deduction claimed by an Alabama partnership to $800,000. The court agreed with the IRS that the deduction was based on a speculative valuation of the property's potential as a limestone quarry. Congress capped conservation easement values in 2022 in order to shut down syndicated easements, but the IRS is still wading through some 1,100 cases. The agency extended a settlement offer in May in an attempt to reduce the backlog. While the government has targeted syndicated deals, individuals can still trigger an IRS audit by donating an easement. For this reason, Fountain said his clients usually choose to sell easements at a discount even though donating one can come with better tax benefits. Many lawyers refuse to advise on conservation easements altogether. However, Carolyn Schenck, former IRS national fraud counsel, told CNBC that conservation easements shouldn't be written off.

A tax break for preserving land has drawn IRS scrutiny. Here’s when it still makes sense
North America
CNBC Finance

As Honda CR-V leads U.S. sales, automaker teases new American-built pickup truck

Honda Motor on Thursday confirmed a next-generation model of its Ridgeline pickup truck will be produced in the U.S. following a temporary production stoppage later this year. The future of the midsize pickup truck has been in flux amid reports that there could be a production pause coming due to the vehicle not meeting California emissions regulations. The Japanese automaker on Thursday said there will be a temporary production stoppage for the pickup truck later this year at the Alabama plant that produces the vehicle, with assembly returning to the facility within two years, likely in 2028. "The goal is to continue to serve those customers who've been loyal to the Ridgeline," Lance Woelfer, vice president of auto sales at American Honda Motor, told CNBC. "But one of the things that we want to bring forward in the future is increased ruggedness of that vehicle, even more capability." Woelfer declined to comment on whether the more rugged capability will include the vehicle moving from a car-based production process to a more traditional truck assembly, known as "body-on-frame," which is how most trucks are built in the U.S. "That's been an important part of its history. Whether or not it's part of its future, I won't get into that," Woelfer said. "This is a step forward for the Ridgeline that I think everybody will appreciate." Expanding the capability of the Ridgeline, which is more known for smooth driving than ruggedness, could assist in expanding the vehicle's buyers. Sales of the Ridgeline were down about 3% during the first half of the year. The company has sold between roughly 41,000 and 52,000 Ridgelines annually since 2021. That compares with more than 270,000 units sold of the segment-leading Toyota Tacoma in 2025. Honda's confirmation of the new pickup comes as its CR-V compact crossover led U.S. auto sales through the first half of the year for the first time ever. CR-V sales increased roughly 6% compared with last year as the Ford F-Series pickups and Toyota Rav4 crossover, which have led sales in recent years, dealt with production bottlenecks. 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.

As Honda CR-V leads U.S. sales, automaker teases new American-built pickup truck