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Europe
BBC Business

'We have more work to do', says Canada negotiator as US trade deadline looms

Canada-US trade minister Dominic LeBlanc said negotiators "have more work to do" as he left a meeting with US counterparts ahead of a midnight deadline to finalise a tentative trade deal with the Trump administration. "We're going to continue working up until the last minute," he told reporters in Washington on Friday evening. "Our job is not finished." Negotiators have until Friday night to hammer out the details of the deal or risk a fresh wave of additional US tariffs on a wide range of Canadian goods. LeBlanc spent some eight hours in meetings with US trade representative Jamieson Greer and other negotiators - one of the longest sessions so far as talks go down to the wire. Hours before the deadline, President Donald Trump did not say whether a definitive deal had been agreed, but that it was "moving along". "We should be able to have a deal with Canada. We're also starting on a new deal with Mexico. A much better deal for the United States. I only make good deals," he told reporters on Friday. The full framework of the deal has yet to be made public, but details leaked to several media outlets suggest the US will agree to reduce tariffs on Canadian steel and aluminium from 50% to 25%, and tariffs on Canadian automobiles from 25% to 15%. In addition to restoring the sale of American alcohol, Canada is said to be considering allowing American dairy producers greater access to its market and removing its retaliatory tariffs on the US. Conservative opposition leader Pierre Poilievre said that any agreement that includes "one-sided" tariffs on Canadian industry is "a bad deal". "I am concerned with the de-industrialisation of our economy if our key industries pay one-sided tariffs," Poilievre told reporters on Friday. One of Canada's provincial leaders has criticised a prospective trade deal with the US and pushed his country to hold out for favourable terms, showing Prime Minister Mark Carney faces a tough battle in getting buy-in on the agreement hours away from a US-set deadline. Still, Manitoba Premier Wab Kinew said Canada "should fight" and not rush to make concessions.

'We have more work to do', says Canada negotiator as US trade deadline looms
Asia
The Hindu BusinessLine

Mutual Funds returns

The funds with highest scores are assigned five star rating while the funds with lowest scores are assigned one star rating. 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.

Mutual Funds returns
North America
CNBC Economy

Russia says its economy is strong. It just fired a top economist who warned otherwise

Russian government officials told CNBC that the economy is strong and healthy despite "unprecedented foreign pressure" following the country's full-scale invasion of Ukraine in early 2022. That message sits in stark contrast with the views of the former chief economist of Russia's state-controlled development bank VEB, who was dismissed on Sunday after comments he made earlier in the year were reported in Russian-language media. Andrei Klepach, a former deputy economy minister, was reportedly fired after presenting a report warning that Russia could not win a prolonged war of attrition with Ukraine and predicting a major social crisis. Klepach's dismissal was directly linked to his scathing economic assessment, according to exiled independent Russian outlet The Bell, which cited unnamed sources familiar with the matter when it first reported the news. CNBC could not independently verify the report. "In this war of attrition, we will not win the competition. We're under the illusion that everything will collapse. It hasn't, and it won't. Our costs are mounting," Klepach said in a speech presented to fellow economists on May 21, according to a translation. "I believe Russia won't collapse, but I'm almost certain that we'll end up in a social crisis. We won't collapse economically, but our lag will widen, with all the ensuing consequences," he added. The move to dismiss Klepach appears to underscore the Kremlin's zero-tolerance approach to public criticism and opposition to its military campaign in Ukraine after nearly four-and-a-half years of war. Russian government officials remain defiant over the country's economic situation. The Russian embassy to the U.K. told CNBC that Russia's fiscal position remains "significantly stronger" than that of many Western economies, pointing to foreign public debt of around $57 billion — noting that this is "considerably less" than the amounts the U.S., U.K., Italy or France spend on debt servicing alone. "The Russian economy remains resilient, as does the will of our people," a spokesperson for the Russian Embassy to the U.K. told CNBC by email. "Attempts to undermine Russia through economic pressure have not produced the results their authors expected," they added. "On the contrary, the West – including the UK – is itself paying a substantial price for its reckless sanctions policy. British businesses have lost access to the Russian market, while disrupted supply chains and higher energy and commodity costs have imposed additional costs on the U.K. economy.

Russia says its economy is strong. It just fired a top economist who warned otherwise
North America
CNBC Finance

Home Depot reaffirms guidance amid 'frozen housing market conditions'

Home Depot on Tuesday reported fiscal second-quarter results that beat Wall Street expectations on the top and bottom lines and reaffirmed its full fiscal-year guidance. "We continue to operate in what I call 'frozen housing market' conditions, but we also know that we're taking share and that we're serving our customers better every day," CFO Richard McPhail told CNBC. "It's a reflection of the continued investment we've made and the focus on executing our strategy." McPhail said Home Depot saw "broad engagement" across its categories, including in both its pro and do-it-yourself businesses, but the greater uncertainty in the market led the company to reaffirm rather than raise its guidance. He added that Home Depot's customer is "a healthy cohort," though he said the company has still not seen consumers return to big projects. "They've told us they have the means to spend, they're just hesitant," he told CNBC. "While we're happy with their level of engagement in the first half, they do tell us they're worried about inflation, about fuel costs and about, about general uncertainty, and so there is a little bit of hesitancy there as the project gets bigger." The home improvement retailer reported net income of $4.77 billion, or $4.79 per share, compared with $4.55 billion, or $4.58 per share, the year prior. Excluding one-time items, Home Depot reported adjusted earnings per share of $4.92. Revenue rose 5.7% to $47.86 billion. Home Depot saw comparable sales rise 1.7%, beating expectations that they would be up 0.9%, according to StreetAccount. McPhail said it is the highest comparable sales number the company has posted since the fiscal third quarter of 2022. Home Depot also reaffirmed its fiscal 2026 guidance, which it said includes tariff refunds that are "expected to partially offset unplanned fuel, energy, and other product input costs." McPhail added that the tariff refunds allow the retailer to "maintain value" despite cost pressures in other areas. The company expects total sales growth for the year to be between 2.5% and 4.5% and operating margin between 12.4% and 12.6%. "The story of the quarter is a story of share gain with the pro and the consumer, and we're confident that our investments are working to allow us to win in the market," McPhail said. Home Depot has been pressured by lower housing turnover, higher mortgage rates and economic uncertainty as customers have put off projects that come with buying a new home. Still, the company has been trying to attract more pro shoppers, a cohort that executives have previously said is largely unaffected by the macroeconomic conditions. "We're focused on controlling what we can control," McPhail said. "We have been consistent through the years that in spite of a frozen housing environment, we're going to keep leaning into investment because we know that over the long run, conditions for home improvement demand are strong."

Home Depot reaffirms guidance amid 'frozen housing market conditions'
Asia
The Hindu BusinessLine

E20 petrol: Don’t make E10 at home or use unverified fuel additives, says former NITI Aayog official

Worried that E20 could cut mileage or cause problems in older petrol vehicles, motorists are turning to Instagram recipes that suggest mixing regular E20 with expensive 100-octane petrol to recreate E10, and to D2C brands selling “E20 enhancer” additives promising better mileage and protection. Both tap genuine concerns over cars and two-wheelers not designed around the fuel now sold at pumps, but neither is a shortcut that motorists should experiment with, says Randheer Singh, former Director, Electric Mobility and Clean Energy at NITI Aayog and Founder and CEO of ForeSee Advisors. “It’s not the simple blending that you mix this and that and the blending happens,” Singh said during a bl.Conversations webinar hosted by businessline. The Instagram workaround appears deceptively simple: dilute E20 with premium petrol and bring down the ethanol concentration towards E10. But doing that consistently requires knowing what fuel is already in the tank, the ethanol content of what is being added and the quantities of each. Get that mix wrong from one refill to the next and the vehicle could repeatedly receive different ethanol concentrations. “Sometimes you are providing your vehicle E10, sometimes E5, sometimes E15, sometimes E20,” Singh said. “How will you keep a tab on your vehicle itself, and as to what type of fuel you are putting in your vehicle?” It also becomes harder to establish whether a subsequent mileage drop, misfire or other problem is caused by the fuel, the improvised mixture or an unrelated mechanical fault. The second workaround comes from D2C brands selling additives promoted as “E20 enhancers” or ethanol cures, with claims around mileage, performance and fuel-system protection. Singh said motorists should use only additives recommended by the vehicle manufacturer or validated for fuel compatibility. “Don’t unload chemistry into a BS-6 fuel and emission system,” he warned. “That’s really going to create a problem.” For an older car or two-wheeler, Singh advised owners to first check the fuel-lid label, owner’s manual and the manufacturer’s latest guidance for that particular model and year. If compatibility remains unclear, ask the manufacturer. Owners of vehicles used infrequently should avoid leaving them sitting with old petrol for months. Because ethanol attracts moisture, Singh advised keeping the tank reasonably full, around 60 per cent or more, when the vehicle is going to remain parked, reducing the empty space in which condensation can form. Fuel caps and seals should be kept in good condition and any fuel smell or seepage investigated promptly.

E20 petrol: Don’t make E10 at home or use unverified fuel additives, says former NITI Aayog official
Asia
The Hindu BusinessLine

E20-only petrol rollout came too early, E10 unlikely to return anytime soon: Former NITI official

India moved too quickly in making E20 the only regular petrol-blend available nationally, according to Randheer Singh, former Director, Electric Mobility and Clean Energy at NITI Aayog. Close to 12 crore of its estimated 19 crore petrol vehicles—bought before E20-compliant models became the norm—have no easy lower-ethanol alternative, he pointed out India reached 20 per cent ethanol blending five years ahead of its original 2030 target, but the fuel transition has outpaced replacement of cars and two-wheelers that typically remain on the road for 10-15 years. Singh’s advice to owners caught in the transition is not to panic-sell an otherwise serviceable vehicle. “I think it is too early for all pumps to have only E20. This decision to have only E20 available at all the bunks is a bit premature,” Singh said during a bl.Conversations webinar hosted by businessline. But, for owners hoping lower-blend petrol will return, “I don’t think we will see E10 next to E20 anytime soon,” added Singh, who is also Founder & CEO of ForeSee Advisors. A parallel E10 supply has become a live policy question, particularly for an estimated 7.5-8 crore older two-wheelers. Maintaining separate refinery, depot, tanker and retail infrastructure for two petrol blends would, however, be difficult, Singh said. The transition also leaves unresolved who bears the cost if an older, out-of-warranty vehicle develops a fuel-system problem attributable to E20. Singh said there was no evidence of widespread engine failures. But absence of failures does not establish that every older model was designed, calibrated and material-certified for E20. Compatibility also does not mean optimisation. Singh estimated mileage loss at around 1-2 per cent for E20-optimised vehicles and about 5-6 per cent for compatible but non-optimised models, with some older vehicles potentially losing more. For owners driving roughly 20-40 km a day, that additional fuel expenditure may be too small to justify replacing a functioning vehicle. Higher-mileage users may have a stronger economic case to switch. Singh also does not expect E20 alone to cause a crash in used-vehicle values because millions of older vehicles will remain on the road. Age or fitness restrictions in some cities could pose a greater risk to residual values. When replacement eventually becomes necessary, Singh said buyers should not abandon petrol merely because of E20. “Don’t buy an EV because you’re frightened of E20,” he said. Buyers whose usage favours petrol can choose a vehicle explicitly engineered and optimised for E20. For city users considering electric, however, Singh said EV total-cost economics increasingly make sense, while EVs also provide greater certainty against future changes in petrol-blending policy.

E20-only petrol rollout came too early, E10 unlikely to return anytime soon: Former NITI official
Asia
The Hindu BusinessLine

EV, CNG car waiting jump to 3-4 months ahead of festival season

Indian automobile dealers are entering the festive season with around a month of overall stock, but are running short of the particular models, powertrains, battery packs and variants buyers want. The mismatch is leaving some customers waiting two to five months for delivery even before the year’s biggest vehicle-buying weeks begin. Waiting periods for high-demand electric cars have risen to three to four months from about one month five months ago, while the TVS iQube electric scooter carries a four-to-five-month queue. Maruti Suzuki’s new Brezza has an average wait of about two months, with its turbo-petrol and CNG versions accounting for more than 70 per cent of bookings, according to an August channel check by YES Securities. Passenger-vehicle inventories stand at roughly four weeks and two-wheeler stocks at four to five weeks. The mismatch has surfaced at the beginning rather than the peak of festive buying: Onam sales in Kerala grew more than 20 per cent year-on-year, while Ganesh Chaturthi, Navratri, Dhanteras and Diwali are still ahead. Enquiries and bookings for electric and CNG passenger vehicles have risen more than 30%, with demand growing at more than twice the pace of conventional ICE vehicles. Electric two-wheeler demand is growing 30-40%, against organic enquiry growth of 10-12% for the broader two-wheeler market. YES Securities attributed the surge to new launches and “negativity around E20”. Tata Motors Passenger Vehicles is recording stronger booking growth than peers, although Maruti Suzuki and Hyundai are witnessing similar trends. Tata’s battery warranty of around 15 years on key models, against eight years earlier, is also helping move EVs beyond the early-adopter category, the brokerage said. The headline shortage masks large differences between models and even variants. Separate August model-level delivery data show the Tiago EV Smart 19 and Pure+ 19 and Punch EV Smart 30 carrying some of the longest waits at 18-24 weeks. The Punch EV Smart 40 takes around 10-12 weeks. Move up the price ladder and the picture changes again. Mahindra’s XEV 9S and XEV 9e have indicative waits of around 16-20 weeks, while the Sierra EV Pure 65 takes 12-15 weeks and Maruti Suzuki’s e Vitara around eight to 12 weeks. But an EV badge doesn’t automatically mean a long queue. JSW MG Motor India’s Windsor EV has an indicative wait of four to eight weeks, the Tata Nexon EV three to four weeks and the Harrier EV two to three weeks. The Curvv EV can be available in one to two weeks. The dispersion suggests demand is clustering around particular launches, price points, battery packs and variants rather than creating an across-the-board shortage of electric cars. 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.

EV, CNG car waiting jump to 3-4 months ahead of festival season
Asia
The Economic Times

Vedanta, Wipro among 10 stocks that saw biggest jump in retail holders in Q1. See full list

Retail investor participation in the Indian equity markets continues to demonstrate strong momentum, with millions of individual investors expanding their presence across key sectors. In the first quarter of the financial year, several prominent listed companies recorded a substantial increase in their retail shareholder base, reflecting heightened interest in major market players. Here are top 10 stocks with highest increase in retail participation. Vedanta recorded the highest quarterly increase, adding 4.86 lakh retail shareholders to grow its base from 20.52 lakh on March 31, 2026, to 25.38 lakh on June 30, 2026. The IT major secured second place by adding 4.08 lakh retail shareholders, expanding its total count from 25.50 lakh to 29.58 lakh. Bajaj Auto more than doubled its retail investor base by adding 3.27 lakh shareholders, rising from 2.94 lakh to 6.21 lakh. The bank saw its retail shareholder count expand by 2.98 lakh, moving up from 41.10 lakh to 44.08 lakh. RIL added 2.20 lakh retail shareholders during the quarter, bringing its total base from 42.52 lakh to 44.72 lakh. The IT giant increased its retail shareholder count by 2.04 lakh, growing from 26.43 lakh to 28.47 lakh. TCS added 1.50 lakh retail shareholders, expanding its base from 23.44 lakh to 24.94 lakh. Gujarat Energy registered an addition of 1.47 lakh retail shareholders, almost doubling its base from 1.68 lakh to 3.16 lakh. HCLTech grew its retail shareholder base by 1.41 lakh, moving from 8.40 lakh to 9.81 lakh. Ashok Leyland rounded off the top 10 list with an addition of 1.39 lakh retail shareholders, expanding its total count from 14.72 lakh to 16.12 lakh.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Vedanta, Wipro among 10 stocks that saw biggest jump in retail holders in Q1. See full list
Asia
The Economic Times

These 12 equity mutual funds turned a Rs 10,000 SIP into over Rs 11 crore

Around 12 equity mutual funds turned a Rs 10,000 monthly SIP into over Rs 11 crore since inception, an ETMutualFunds analysis showed. The analysis covered around 305 equity funds, excluding sectoral and thematic funds. Of these, 110 funds turned the SIP into over Rs 11 crore, with the highest corpus reaching Rs 30 crore. (Source: ACE MF) Nippon India Growth Mid Cap Fund (Earlier known as Nippon India Growth Fund) launched in October 1995, turned the Rs 10,000 monthly SIP to Rs 29.32 crore with an XIRR of 22.22% since its inception. Franklin India Mid Cap Fund (Earlier known as Franklin India Prima Fund) turned the same monthly SIP amount to Rs 24.04 crore with an XIRR of 19.73% since its inception in December 1993. Franklin India Flexi Cap Fund (Earlier known as Franklin India Equity Fund) turned Rs 10,000 SIP to Rs 16.88 crore with an XIRR of 18.81% since its inception in September 1994. Franklin India Large Cap Fund (Earlier known as Franklin India Bluechip Fund) turned the same SIP to Rs 13.82 crore with an XIRR of 17.29% since December 1993.

These 12 equity mutual funds turned a Rs 10,000 SIP into over Rs 11 crore