Latest Developments

Asia-Pacific
The Straits Times

Volkswagen’s controlling families weigh in on restructuring battle, call for swift action

The Volkswagen Group – which includes the VW mass-market business, premium brands Porsche and Audi, and luxury marque Lamborghini – is battling high costs, tariff woes and intensifying competition from China. BERLIN – Volkswagen’s controlling families dialled up the pressure on the German auto group’s stakeholders on Aug 7, backing management’s push for a dramatic restructuring that could cost tens of thousands more jobs. Speaking as Porsche SE, the investment vehicle of the Porsche/Piech auto dynasty and Volkswagen’s top shareholder, announced a drop in its adjusted post-tax earnings, its board chairman Hans Dieter Poetsch said the Volkswagen group “is at a historic crossroads”. “For the sake of the company and its sustainable competitiveness, everyone must now step up and take responsibility,” Poetsch said. “The longer decisions are delayed, the bigger the problems will become,” he added. The comments drew an angry response from Germany’s top industrial union, which accused the families of placing dividends above workers. Volkswagen chief executive Oliver Blume has pledged to drastically overhaul the group – which includes the VW mass-market business, premium brands Porsche and Audi, and luxury marque Lamborghini – as it battles high costs, tariff woes and intensifying competition from China. Porsche SE finance chief Johannes Lattwein called on the group to reduce excess capacity, significantly cut costs and strengthen decision-making. Having already overseen tens of thousands of job cuts, Blume’s latest restructuring plan threatens another 50,000 layoffs and the possible closure of four German plants. The plan still needs the blessing of powerful labour representatives and the state of Lower Saxony, which has a 20 per cent blocking minority, setting the stage for tense talks in the second half of 2026. Sources told Reuters that the labour side and Lower Saxony voted against Blume’s plan at the last supervisory board meeting in July. The next meeting is expected in early September. Volkswagen declined to comment on the matter. A company source said Porsche SE’s position was understood as support for Blume’s restructuring course.

Volkswagen’s controlling families weigh in on restructuring battle, call for swift action
Asia
The Hindu BusinessLine

Amgen to set up innovation center in Hyd

Amgen will be opening a new Science and Innovation Center at Genome Valley in Hyderabad. The proposed center will join Amgen’s global Research and Development network, which consists of seven research laboratories, further expanding the company’s research and scientific capabilities. “The new center in Genome Valley expands the way we integrate experimental science with data and technology across our global research capabilities and complements our strong US .-based Research and Development footprint,” Jay Bradner, M.D., executive vice president of Research and Development, Artificial Intelligence and Data at Amgen said in a release. Telangana Industries Minister D Sridhar Babu said: “Amgen’s decision to establish its Science and Innovation Center in Genome Valley reflects Hyderabad’s growing roleas a global hub for high-value research, bringing together scientific talent, technology and industry at scale.” 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.

Amgen to set up innovation center in Hyd
North America
Yahoo Finance

J-Star Holding Co., Ltd Regains Compliance with Nasdaq Minimum Bid Price Requirement

TAICHUNG CITY, Taiwan, July 31, 2026 (GLOBE NEWSWIRE) -- J-Star Holding Co., Ltd. (Nasdaq: YMAT) (“J-Star” or the “Company”), today announced that it has received a written decision from the Nasdaq Hearings Panel determining that the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2), the minimum bid price requirement for continued listing on The Nasdaq Capital Market. The Panel's decision follows a hearing held on July 21, 2026, during which the Company's management presented i

J-Star Holding Co., Ltd Regains Compliance with Nasdaq Minimum Bid Price Requirement
Europe
BBC Business

Apple issues new challenge against UK order for access to private user data

Image source, Getty ImagesByChris Vallance, Senior technology reporter and Liv McMahon, Technology reporterPublished1 hour agoApple has confirmed it has launched a new legal complaint against the UK government at a court that deals with objections to the use of covert surveillance powers. The tech giant has not told BBC News what the complaint relates to but the Financial Times, external has reported it is another challenge to a Home Office demand for so-called "backdoor" access to highly encrypted Apple user data. The row, which centres on the government's desire to be able to see material protected by an advanced data protection system - which currently even Apple itself cannot access - has been rumbling on since early 2025. The government said it would not comment on legal proceedings or what it called "operational matters". But it added in a statement: "The UK supports strong encryption and robust privacy protections, but it is also vital that law enforcement can access communications when necessary and proportionate to protect the public from terrorism, serious crime, and child sexual abuse." Apple has meanwhile referred reporters to a statement given last year, after its initial challenge to the UK government's request. This said it was "gravely disappointed" it could still not offer its Advanced Data Protection feature to new UK users, following its decision to withdraw it in February 2025. "As we have said many times before, we have never built a backdoor or master key to any of our products or services and we never will," the company added. Image source, AppleImage caption, Since last February, UK iPhone users have been met with a notice on the Advanced Data Protection settings page which says the tool cannot be enabled. Advanced Data Protection is an opt-in feature that allows users to turn on a higher level of protection for data stored in iCloud, such as back-ups, Drive storage, photos and voice memos. It is secured using end-to-end encryption - meaning not even Apple would be able to see its contents. The government's requests for Apple to permit it access to data held under this system were issued under the Investigatory Powers Act (IPA).

Apple issues new challenge against UK order for access to private user data
North America
Yahoo Finance

QQQI’s 14% Yield Hides a Costly Truth: 98% Is Your Own Money Coming Back

The NEOS Nasdaq-100 High Income ETF (NASDAQ:QQQI) sells one story on its factsheet: a monthly check tied to a roughly 14% distribution rate. What the headline yield leaves out is where the cash actually comes from, and how much upside a holder is quietly handing to option buyers every time the Nasdaq rips higher. QQQI carries a 0.68% gross and net expense ratio, disclosed in the fund’s May 2026 prospectus. That is $68 a year for every $10,000 invested, skimmed daily from NAV before a distribution ever lands in your account. Compounded over decades, that drag accumulates against the very NAV that generates the option income. Compare that to owning the underlying Nasdaq-100 through the Invesco QQQ Trust (NASDAQ:QQQ), which charges a fraction of that fee. The fee gap is only the visible part of the bill. The anatomy of the distribution tells a different story than the headline. Reporting from May 2026 flagged that roughly 98% of recent QQQI payouts were classified as return of capital. Return of capital is your own principal being handed back to you rather than income in the economic sense. It lowers your cost basis and defers a tax bill you will still owe when you sell. The portion that is not return of capital gets favorable treatment through Section 1256 contracts, which are taxed 60% at long-term capital gains rates and 40% at short-term rates, regardless of holding period. That is genuinely useful in a taxable account. It is also the piece the marketing leans on hardest, while return of capital does most of the actual delivery. Then there is the upside you never see. In the trailing year through July 28, 2026, QQQI’s price returned 13.48%. QQQ returned 18.89% over the same window. Year to date, QQQI is up 4.94% against QQQ’s 9.96%. The call overlay caps a melt-up: every dollar of Nasdaq gain above the strike price accrues to the option buyer, not the QQQI holder. One analyst pegged the strong-market give-up at 6.5% in forgone upside. The monthly cadence adds friction. QQQI has paid a distribution roughly every four weeks since inception, ranging from $0.5309 in April 2025 to $0.6589 in May 2026. Each payment is a taxable or basis-reducing event a holder must track. That is thirteen 1099 line items a year, not one. A holder who wants monthly income from Nasdaq exposure with a simpler tax profile has the JPMorgan Nasdaq Equity Premium Income ETF (NASDAQ:JEPQ), which analysts describe as a cheaper alternative with more straightforward tax treatment. The trade-off is real: JEPQ typically distributes less than QQQI’s headline yield. But the yield gap narrows quickly once return of capital, the fund’s fee, and forgone appreciation are all priced in. QQQI has pulled in roughly $13 billion in assets because a high headline yield in a fund name is very hard to ignore. However, the question remains: If you strip out the principal being returned to you, and price in the upside the call overlay quietly hands to option buyers, is the after-tax cash flow from QQQI actually better than owning QQQ and selling shares when you need income? The answer depends on your tax bracket and your view of the next Nasdaq rally, and the fund’s factsheet will not compute that for you.

QQQI’s 14% Yield Hides a Costly Truth: 98% Is Your Own Money Coming Back
North America
CNBC Finance

‘Spider-Man: Brand New Day’ sets domestic box office preview record with $72 million

Sony and Marvel's "Spider-Man: Brand New Day" secured $72 million in preview ticket sales, the highest collection for any domestic film in Hollywood history. The previous record holder was 2019's "Avengers: Endgame," which tallied $60 million ahead of its opening weekend. "The demand for 'Spider-Man: Brand New Day' is nothing short of astonishing," said Paul Dergarabedian, head of marketplace trends at Rentrak. "For a film to earn more than $70 million in pre-shows is unprecedented, and it reflects massive enthusiasm among moviegoers to head to the multiplex for the latest Marvel epic." The newest solo Spider-Man film starring Tom Holland benefited from Wednesday early access screenings as well as Thursday night previews. It is expected to haul in around $270 million domestically over its debut weekend, although some box-office analysts foresee an even bigger bounty. The previous Spidey flick, "Spider-Man: No Way Home" currently stands as the second-highest domestic opening of all time with $260 million across its debut weekend in 2021. "Endgame" tallied $357 million during its first three days in theaters in 2019. "Brand New Day" is expected to surpass "No Way Home," but remain behind "Endgame." "While pre-shows are a very strong indicator of potential opening-weekend success, several factors can come into play, including a heavily front-loaded preview and opening day driven by fans motivated by the shared urgency of opening-weekend FOMO [fear of missing out]," Dergarabedian said. "Endgame" managed its historic opening weekend with the help of 24-hour showings and extra screenings. There are late-night and early morning screenings of "Brand New Day" to meet demand for tickets, but it's unclear if the programming is on the same scale as it was for "Endgame." And, "Brand New Day" does not have the added benefit of an Imax release, as those screens have been reserved for Christopher Nolan's and Universal's "The Odyssey." The Spider-Man installment will still benefit from premium large format screenings, however. The film has been programmed for ScreenX, 4DX, Dolby Cinema and HDR by Barco as well as premium offerings that are proprietary to the likes of AMC, Regal, Cinemark and regional players. ScreenX represented $1.8 million in Thursday ticket sales domestically and is expected to reach $4 million by the end of the weekend. Meanwhile, 4DX has tallied around $1.3 million domestically and is set to hit $4.5 million over the three-day debut. "Brand New Day" arrives at the tail end of July, and the bulk of its box office will be reflected during the month of August. That's good news for the domestic box office. Typically, August is the softest month on the summer movie calendar. With "Brand New Day," the theatrical industry gets a momentum boost heading into the fall movie season. The domestic box office has collected $5.6 billion in ticket sales this year through Sunday. That's 16% behind 2019 levels, the last benchmark before the Covid pandemic shuttered movie theaters and paused productions. However, the 2026 summer corridor is down just 9% from the 2019 comparison, standing at $3.05 billion versus $3.36 billion seven years ago.

‘Spider-Man: Brand New Day’ sets domestic box office preview record with $72 million
North America
CNBC Finance

GM to launch proprietary in-vehicle AI system later this year

DETROIT — General Motors plans to launch a proprietary in-vehicle artificial intelligence system that's better tailored for its customers later this year. The new GM AI assistant is expected to be more integrated with the vehicle as well as its capabilities and telematics information than the company's recently launched Gemini AI assistant from Google, according to Anna Santos, GM director of product management of voice and AI/machine learning. "Later this year, we'll be launching a more deeply integrated native AI assistant that combines conversational AI with GM vehicle knowledge and OnStar intelligence to create those capabilities that go beyond what a general purpose assistant can do," she told CNBC. GM last year announced the Gemini AI bot would launch this year in millions of 2022 model-year vehicles and newer, followed by a GM AI assist, but did not provide additional details on the technology. Santos said the new GM assistant, which she declined to disclose a name for, will be able to better "understand the vehicle, the drive and our customers' needs, and make everyday ownership simpler." With Gemini, customers can speak naturally without memorizing commands or repeating context. It also is beginning to offer "live sessions" in which the bot will speak conversationally or play games such as trivia or 20 questions. It also can control some aspects of GM vehicles, such as temperature and radio controls, but in general operates as it would through a phone. "This is the beginning of a broader AI journey for us," Santos said. "There's a limit to what an AI that's just sort of sitting at the top level of the vehicle can do." The Detroit automaker is working with an unnamed large language model provider on its technology to assist GM and its owners with predictive maintenance, vehicle telemetry and other more auto-focused features. That also could include commands such as "kids setting" that would tailor music, seats, heating/cooling and door lock controls for children. "It's data that's going to be proprietary to GM, and our goal is to make sure that we're bringing the right technology forward to enable us to build the deep vehicle expertise that we want to be able to bring to the AI assistant," Santos 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.

GM to launch proprietary in-vehicle AI system later this year
North America
CNBC Economy

China's factory activity unexpectedly contracts in July on demand slump, typhoons

China's factory activity unexpectedly contracted in July for the first time since February, as domestic orders slumped and typhoons disrupted production, while part of the front-loading momentum began to unwind, piling pressure on Beijing to boost domestic demand. The official manufacturing purchasing managers' index fell to 49.2 from 50.3 in June, National Bureau of Statistics data showed Friday, dropping below the 50-point threshold that separates expansion from contraction. Economists' median forecast had pegged PMI at 50. The gauge — the weakest since February — ended a four-month run at or above 50, a stretch propped up by exporters rushing shipments ahead of U.S. tariff increases. The headline figure was dragged down by the new orders sub-index, which fell to 48.5, the lowest in 38 months, according to official data accessed via Wind. "Domestic weakness appears largely to blame – while the export orders index softened a bit," said Julian Evans-Pritchard, head of China economics at Capital Economics, who expects local governments to follow through on Beijing's policy support pledges to prop up domestic demand. The sub-index for factory-gate prices extended its decline after a brief war-driven energy spike earlier this year, signaling producer price weakness. Weakness spread well beyond manufacturing. The construction PMI slumped to a record low of 47.0, the services gauge fell to its weakest since the initial Covid-19 lockdowns, and the composite PMI dropped to 49.3, the lowest since the pandemic ended in 2022, Wind data showed. A statistics bureau spokesperson attributed part of the PMI weakness to a recent spate of typhoons that halted work on many projects. Amid downbeat readings, indices tracking firms' expectations for future output held up well across all the official PMIs in July, including an improvement in the construction sector. "Firms believe the latest deterioration in activity will prove short-lived, perhaps because they anticipate a stronger tailwind from fiscal policy over the rest of the year," said Evans-Pritchard. The print lands a day after the country's top policymakers acknowledged "difficulties and challenges facing the economy" at its mid-year meeting, pledging to accelerate fiscal spending and roll out "incremental policies" to shore up growth in the second half. China's economy in the second quarter expanded 4.3% from a year earlier, the slowest pace in more than three years, missing the lower end of the full-year target of 4.5% to 5%. Exports have been one of the economy's few reliable growth engines this year — and that engine is now showing signs of strain. "U.S.-bound shipments fell outright for the first time in several months," according to a survey conducted by China Beige Book.

China's factory activity unexpectedly contracts in July on demand slump, typhoons
Asia
The Hindu BusinessLine

Eye on FCNR-B deposits: Bank of India plans to raise up to $1 bn via Medium-Term Note programme

On FCNR-B deposits of less than $100 thousand and $100 thousand and above, the bank is offering interest rates ranging from 6.00 per cent to 6.25 per cent and 6.25 per cent to 6.50 per cent depending on the tenor Bank of India (BoI) is planning to raise up to $1 billion via a Medium-Term Note (MTN) Programme in the backdrop of Non-Resident Indians seeking leverage facilitiesf to place fresh Foreign Currency Non-Resident-Bank (FCNR-B) deposits under the RBI’s limited period concessional swap window. Between June 5, 2026, and July 30, 2026, the public sector bank mobilised $207.46 million via FCNR-B deposits of 3-5 years tenor, per data shared by the finance ministry in the Lok Sabha. On FCNR-B deposits of less than $100 thousand and $100 thousand and above, the bank is offering interest rates ranging from 6 per cent to 6.25 per cent and 6.25 per cent to 6.50 per cent, respectively, depending on the tenor. BoI, in a regulatory filing, said that the aforementioned foreign currency fund raising will be in multiple tranches up to the end of December 2026 through the issuance of 3- to 5-year USD bonds. The issuance of bonds will be conducted through its BOI GIFT (Gujarat International Finance Tec) city branch. BoI said its Board of Directors is scheduled to meet on August 14, 2026, to consider and approve the raising of foreign currency fund through establishment of a MTN Programme. During FY26, BoI raised ₹2,500 crore by way of Tier II bonds (Series XVIII) on December 12, 2025. It also mopped up ₹10,000 crore by issue of Long Term Infrastructure Bonds for a tenor of 10 years on December 26, 2025. 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.

Eye on FCNR-B deposits: Bank of India plans to raise up to $1 bn via Medium-Term Note programme