North America
CNBC Finance

FAA lets Boeing sign off on 737 Max, 787 airworthiness certificates again

The U.S. government on Friday said Boeing can once again issue airworthiness certificates for its bestselling 737 Max aircraft and 787 Dreamliners, an authority that was stripped from the manufacturer after fatal crashes in 2018 and 2019 of the 737 Max. The Federal Aviation Administration said last September that Boeing could ticket its own planes before they're handed off to customers for only some of the Maxes and Dreamliners, alternating weeks between the FAA and Boeing doing that work. "During the past eight months, the FAA has seen comparable production quality findings when Boeing issued airworthiness certificates and when the FAA issued them," the agency said Friday. "Based on these results, the FAA determined it can safely return this responsibility to Boeing." The company said in a statement that it "will continue to work under the oversight of the FAA in building safe, high-quality commercial airplanes that comply with all airworthiness certification requirements." The decision is a vote of confidence for Boeing, one of the biggest U.S. exporters by value, from its regulator and the U.S. government after years of safety crises, including the two crashes and a near catastrophe in January 2024 when a door plug blew off of a new 737 Max 9 moments into the flight. 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.

FAA lets Boeing sign off on 737 Max, 787 airworthiness certificates again
Asia
The Hindu BusinessLine

YES Bank jumps 34%; asset quality improves, loan growth remains strong

YES Bank reported that its standalone net profit rose 34 per cent year-on-year to ₹1,071 crore in the June quarter, compared to ₹801 crore in the corresponding period last year, driven by strong deposit growth and pick up in lending. The private lender’s net interest income (NII), which is the difference between interest earned and interest expenses, increased to 17 per cent to ₹2,786 crore from ₹2,371.47 crore a year ago. The net interest margin improved to 2.7 per cent from 2.5 per cent year-on-year due to lower cost of deposits and a reduction in balances related to PSL (priority sector lending) shortfall deposit. The banks gross non-performing asset (GNPAs) declined to ₹3,705 crore in Q1 from ₹4,022 crore a year ago. However, on sequential basis they were higher than ₹3,605 crore reported in Q4 FY26. The provisions made by the bank jumped 39 per cent year-on-year to ₹394 crore in the quarter under review. Debt-equity ratio stood at 0.66 compared with 0.69 in the year-ago period. Vinay M. Tonse, Managing Director and CEO of YES Bank, said that stronger core earnings growth, despite a sharp decline in gains from Security Receipts and treasury operations, reflects the strengthening of the bank’s underlying franchise. He said corporate credit growth was robust across sectors, led by the oil and metals industries. Margins remained steady at 2.7 per cent, the cost-to-income ratio improved further, and asset quality strengthened as slippages moderated. The bank has also received external validation of its business through rating upgrades from Moody’s, CARE Ratings and ICRA, apart from securing its inaugural international rating from S&P Global. These developments are expected to lower its cost of funds over the long term, he added. Advances registered 18 per cent year-on-year growth, while deposits grew 14 per cent. Retail asset disbursements were up 27 per cent, while CASA deposits also registered 14 per cent growth. Retail and branch-led deposits increased 11 per cent and accounted for 59 per cent of total deposits. Retail slippages were at their lowest level in the past 10 quarters, at ₹843 crore (2.7 per cent of advances) compared with ₹888 crore (2.8 per cent of advances) in Q4 FY26, the bank said. 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.

YES Bank jumps 34%; asset quality improves, loan growth remains strong
Asia
The Hindu BusinessLine

Why, at 42.79%, record RE penetration is as much a cause for worry as cheer

At 12:29 hours on July 13, India achieved a record that went almost unnoticed. Wind and solar together accounted for 42.79 per cent of the electricity being generated in the country at that instant — the highest ever share of variable renewable energy (VRE) in the grid. Wind and solar together were generating electricity at a rate of 103.7 GW, another record. (GW measures the rate at which energy is generated, much like the horsepower rating of a water pump indicates how much water it can move at any instant.) Wind and solar had touched their individual milestones earlier. Wind’s share in generation reached a record 17.13 per cent on July 12, while solar’s highest penetration was 39.1 per cent on March 3. The record renewable energy penetration on July 13, even if for a short duration, illustrates how far India has come in clean energy. Today, VRE capacity (wind plus solar), at 219.6 GW, accounts for 40 per cent of the total installed power capacity of 548.85 GW. The high penetration of VRE is indeed a cause for celebration; equally, it is a warning to grid operators. VRE is good news for energy decarbonisation, but a headache for grid operators. If the output from wind and solar suddenly falls because the wind has dropped or clouds have rolled in, then another source — typically coal, hydro or storage — must step in almost immediately. Electricity generation and demand must be balanced every second, otherwise the grid itself comes under stress. The obvious answer is ‘storage’. Batteries can absorb surplus solar electricity during the afternoon and feed it into the grid after sunset, when demand is high and solar generation stops. Recognising this need, India has begun awarding large battery energy storage projects. But storage alone cannot carry the burden. An oversized battery capacity built for storing the maximum generation is economically unwise. That is why coal, ironically, has become an important enabler of renewable energy. India’s coal stations were designed to run steadily as baseload generators. The Central Electricity Authority (CEA) has laid down a roadmap for making coal plants more flexible, ultimately enabling many units to tune down, within minutes, their operations to as low as 40 per cent of their rated capacity. In practice, however, much of the fleet remains stuck at a minimum operating level of around 55 per cent. Running plants at lower loads reduces efficiency, increases wear and tear, and raises maintenance costs, which the generators are loath to bear. A renewable-rich grid, however, demands flexibility. The engineering solutions are largely known. The need of the hour are market instruments that help pay for flexibility. Today’s electricity market largely rewards generators for the number of units they produce. Tomorrow’s grid will increasingly need mechanisms that reward flexibility and reliability. Capacity markets — a concept that’s just being introduced in India — compensate generators or storage providers for being available when the system needs them, even if only occasionally. They reward the ability to provide firm power whenever required. Such market instruments recognise that, in a renewable-rich grid, availability can be as valuable as generation itself. Former GRID-INDIA chairman SR Narasimhan, commenting on the July 13 milestone, has argued that higher renewable penetration must be accompanied by greater grid discipline. GRID-INDIA has petitioned the Central Electricity Regulatory Commission (CERC) for powers to disconnect renewable generators that repeatedly fail to comply with grid regulations. Renewable generators are mandated to equip their plants with low-voltage and high-voltage ride-through (LVRT and HVRT) capability — tools that strengthen grid resilience by enabling the generators to remain connected and support the grid during temporary voltage disturbances, instead of disconnecting and worsening the problem. The commission is yet to grant the permission — perhaps because there is a pushback from the generators. Narasimhan also urges the CEA to announce the “long-overdue” fresh (revamped) Technical Standards for Connectivity to the Grid Regulations.

Why, at 42.79%, record RE penetration is as much a cause for worry as cheer
North America
CNBC Finance

How big is the great wealth transfer? It could be over $100 trillion or $36 trillion

A new estimate for the great wealth transfer has sparked a debate over how many trillions of dollars will pass from baby boomers to their heirs, and how it will be spent and invested. Last week, Visa Business and Economic Insights released a new projection for the great wealth transfer, estimating that $36 trillion in baby boomer wealth will be passed down to Gen X and millennials over the next 20 years. The figure is a fraction of the widely cited estimate from Cerulli Associates, which says $105 trillion will pass from older generations to heirs by 2048. The more than $60 trillion gap between the two studies has raised new questions about the size and impact of the great wealth transfer. Some say it will be the largest in history, dramatically reshaping wealth management, charity and the global wealth landscape. Others say its impact will be far more limited and simply marks a continuation of long-term inheritance trends. The dueling Visa and Cerulli numbers highlight just how important the estimates have become for wealth managers and other companies overhauling their businesses to prepare for the next generation of wealth. Visa, as a credit card payments company, focuses its study on the amount of inherited wealth that will be spent by everyday American consumers. Cerulli, being a financial research firm, focuses its study on the total wealth being transferred, including the outsized share of fortunes being passed down by the ultra wealthy. While Cerulli focuses on all wealth transfers in coming decades, Visa looked only at transfers from baby boomers. "We wanted to go through and inspect how much money will actually be spent," said Wayne Best, chief economist at Visa. "A lot of people think about the $93 trillion or $124 trillion and think 'All that money's going to be available for spending; this is going to be incredible.' That's why we went through the kind of the step-by-step process." Visa's process started with the total amount of wealth held by today's baby boomers, which it put at about $93 trillion. The report then stripped out liabilities, which includes mortgage debt, of $5 trillion and subtracted the wealth of the top 1%, estimated at $28 trillion. Best said the top 1%, or those with wealth of at least $12 million, approach money very differently from the rest of consumers. They spend a much smaller share of their wealth and they tend to buy different things. "They don't spend like the rest of us," Best said. "They're buying yachts and airplanes. It's all great for the economy, but that's not what the average person really thinks of. So we removed that top 1%, to put this more on a normal or level playing field." Visa then stripped out the retirement spending of baby boomers, which could be larger than expected. Because boomers are living longer and spending their wealth more than past generations, Visa estimates their retirement spending at $16 trillion. It also subtracted $8 trillion for charity and taxes. In addition, Visa focused its analysis exclusively on the wealth being transferred from baby boomers over the next 20 years. Cerulli looked at transfers from all generations by 2048, which includes members of the older Silent Generation, as well as the younger Generation Xers, who are now between 46 and 61 years old. After taking out the debt, the fortunes of the top 1%, retirement spending, taxes and charity, Visa estimates that boomers will pass on only $36 trillion of their $93 trillion in wealth.

How big is the great wealth transfer? It could be over $100 trillion or $36 trillion
North America
CNBC Finance

Inside the Chinese fraud rings stealing billions from banks and retailers

When a man in a black Air Jordan T-shirt walked up to a self-checkout kiosk at a Louisiana Lowe's last spring, he looked like any other customer. Over the course of about seven minutes, he methodically rang up different gift cards for $95 each, using his phone to tap-to-pay for each card as a red-vested associate circled nearby, surveillance video showed. Unknown to the employee, the man was part of a sprawling Chinese crime ring, using stolen credit cards to buy the gift cards while a Southeast Asian scam compound coached him through each transaction through the wireless headphones in his ears, police say. "We know that there are hundreds of individuals at any one time doing this across the country," said Adam Parks, an assistant special agent in charge with U.S. Homeland Security Investigations, who investigated the case. "Even though you think that's $95 every transaction, that adds up to a lot of money." After the man left the hardware store, he purchased more gift cards with stolen credit card information at other retailers only to return to the original Lowe's the same day to repeat the act, Parks said. He was not arrested and is still a suspect, he added. Lowe's didn't respond to repeated requests for comment from CNBC. While credit card theft and fraud isn't new, with the proliferation of tap-to-pay and growing use of retail apps, these digital thefts are shaping the next wave of organized retail crime and earning Chinese gangs as much as $1 billion annually, police said. Unlike typical retail theft operations — where criminals clear out shelves in big box stores and resell merchandise piece by piece on online marketplaces — the crimes can be carried out right under a store employee's nose or from a computer anywhere in the world. "It's very low risk for the bad actors," said Scott Glenn, vice president of asset protection at The Home Depot. "It's not the same thing as walking into a Home Depot, filling up a cart full of power tools, and then walking out. It's just not as visible, it's not as obvious to what's happening out there and so it's become a more preferred method over the last several years." Fraudsters have selected retailers as their targets because their platforms carry sensitive information such as stored credit cards and personal data but they do not have the same level of security as banks, according to industry experts and law enforcement. There's no firm data on how much retailers are losing from digital forms of retail crime, but CNBC found around a dozen criminal cases across the country affecting a wide variety of retailers that police said involve a combination of organized groups and low-level fraudsters. The cases are complex and often hard for local authorities to handle, said Capt. Matt Lawson of the Knox County Sheriff's Office in Tennessee, who said he's been investigating a fraud ring with ties to Chinese organized crime. Unless the theft hits a certain dollar threshold or rises to the level of a federal crime, "it's kind of like they get away with it almost," he said. Tap-to-pay fraud, which involves a fraudster adding a stolen credit card to their digital wallet and using it to buy gift cards or merchandise, often starts with a familiar text message and can end with an unwitting consumer's identity up for sale on platforms such as Telegram.

Inside the Chinese fraud rings stealing billions from banks and retailers
Europe
BBC Business

'My buyers dropped their offer by £15,000 the day before exchange': Gazundering and how to avoid it

Image source, Getty ImagesByDan WhitworthRadio 4 Money Box reporterPublished18 July 2026, 02:14 BSTSarah was excitedly packing up to move out of the terraced house her family had outgrown to a four-bedroom home in the countryside. But the day before exchanging contracts the buyers of her house dropped their agreed offer by £15,000. "It was awful, your heart just drops to your stomach," says Sarah, not her real name. She had fallen victim to gazundering, a rare but growing problem in the property market in England and Wales, according to the Conveyancing Association, external. It is calling for government reforms aimed at tackling this and other house buying and selling issues to be brought in "without delay" instead of 2029 as planned. They were selling the three-bedroom terrace they'd renovated and buying her parents' four-bedroom detached house in the countryside. But the day before contracts were exchanged Sarah received a phone call from her "befuddled" estate agent saying he had some bad news. Their buyers said they'd done some more research about the area and would now offer £15,000 less than the price they'd agreed. "I can't even begin to go through the financial consequences [if we lost the sale]," she says. If they accepted the lower offer they would be out of pocket but if they refused there would be costs too. "We had already paid one set of legal fees but would have had to pay again if we needed a new buyer. We'd also paid the removal fees already and would have to pay again if we cancelled the moving date," says Sarah. Gazundering is when a buyer lowers their agreed offer just before contracts are exchanged. It puts a seller under pressure to accept the lower price or risk losing their sale and collapsing their property chain - potentially losing the house they want to buy.

'My buyers dropped their offer by £15,000 the day before exchange': Gazundering and how to avoid it
Asia
The Hindu BusinessLine

HCL working at fast pace to double Malanjkhand Copper Project capacity in MP by 2030: CMD

Newly appointed Hindustan Copper Ltd (HCL) Chairman and Managing Director Anupam Mishra on Saturday said the company was working at a fast pace to double the annual production capacity of its Malanjkhand Copper Project (MCP) in Madhya Pradesh's Balaghat district from 2.5 million tonnes to 5 million tonnes by 2030. In his first visit to the project after taking charge as HCL's CMD earlier this month, Mishra told PTI that the Miniratna Category-I public sector undertaking had also planned phased capital expenditure to raise its overall production capacity to 12.2 million tonnes by 2030. "Our focus will be on completing the capital expenditure (capex) plan to achieve the production target of 12.2 million tonnes by 2030. Engineering in-charges and corporate teams will closely monitor every project and its key milestones so that any bottlenecks can be removed in time," he said. HCL's current mine ore production capacity stands at around four million tonnes per annum. Referring to global demand for copper outstripping supply, Mishra said HCL was working in mission mode on industrial development and technological advancement to ensure that mineral shortages did not hamper India's goal of becoming a developed nation. He said the Malanjkhand Copper Project, with an annual production capacity of 2.5 million tonnes, contributed nearly 70 per cent of HCL's total output. "The company is implementing a plan to increase the project's capacity from 2.5 million tonnes to 5 million tonnes by 2030. Work on different expansion projects is progressing satisfactorily. These include new production and service shafts, winders, a concentrator plant and a paste-fill plant," he said. Mishra said the company was also expediting plans to enhance production capacities at its other projects, including the Khetri Copper Complex in Rajasthan's Khetrinagar and the Indian Copper Complex at Ghatsila in Jharkhand, to achieve the overall production target. During his three-day visit, Mishra inspected the underground mine, concentrator plant, paste-fill plant, tailings dam and expansion work at the Malanjkhand project. Mishra succeeded Sanjiv Kumar Singh, who retired on June 30. Before joining HCL, he served as Director (Marketing) at Fertilisers and Chemicals Travancore Ltd. 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.

HCL working at fast pace to double Malanjkhand Copper Project capacity in MP by 2030: CMD
Asia
The Hindu BusinessLine

Q1 Results Today Live: Kotak Mahindra, YES Bank drive Q1 with 23%, 34% profit jump; ICICI up 16%, HDFC and IDBI post 5% growth

HDFC Bank on Saturday reported a 5 per cent increase in standalone net profit to ₹19,060 crore for the June quarter. HDFC Bank's Q1 profit rises 5% to ₹19,060 crore, despite a decline in total income and improved asset quality. YES Bank reported that its standalone net profit rose 34 per cent year-on-year to ₹1,071 crore in the June quarter, compared to ₹801 crore in the corresponding period last year, driven by strong deposit growth and pick up in lending. YES Bank's net profit rises 34% with improved asset quality and strong loan growth, reflecting robust financial health. IDBI Bank reported a net profit of ₹2,115 crore for the first quarter of FY 2026-27, a 5 per cent increase year-on-year and 9 per cent sequentially, as the Mumbai-based lender continued to improve asset quality and grow its loan book. Net Interest Income rose 10 per cent year-on-year to ₹3,486 crore, though it declined 9 per cent from the previous quarter. Net Interest Margin stood at 3.61 per cent. Operating profit for the quarter was ₹2,168 crore. Loan growth was the standout metric. Net advances grew 22 per cent year-on-year to ₹2,58,968 crore as of June 30, 2026, while total deposits rose 10 per cent to ₹3,25,757 crore. Total business crossed ₹5.84 lakh crore, up 15 per cent over the same period last year. The bank’s retail-to-corporate loan mix stood at 70:30. Asset quality continued to improve. Gross NPA ratio fell to 2.30 per cent from 2.93 per cent a year ago, and Net NPA declined to 0.16 per cent from 0.21 per cent. Provision Coverage Ratio remained strong at 99.31 per cent, a level the bank has maintained since September 2023. Capital adequacy strengthened to 26.92 per cent, up 153 basis points year-on-year, with Tier 1 Capital at 26.38 per cent. Return on Assets stood at 1.89 per cent, up 14 basis points quarter-on-quarter. On the cost side, Cost of Deposits eased to 4.59 per cent from 4.84 per cent a year earlier, and Cost of Funds declined 30 basis points year-on-year to 4.68 per cent. During the quarter, IDBI Bank received the APY Annual Award of Ultimate Achiever from the Ministry of Finance for Atal Pension Yojana enrolment, launched a nationwide hackathon called IDBI Innovate 2026, and was recognised at the Internal Audit Excellence Awards 2026 for its AI-enabled audit system. HDFC Bank on Saturday reported a standalone profit after tax of ₹190.6 billion for the first quarter of FY27, up 5 per cent year-on-year, as strong loan and deposit growth offset a sharp decline in non-interest income.

Q1 Results Today Live: Kotak Mahindra, YES Bank drive Q1 with 23%, 34% profit jump; ICICI up 16%, HDFC and IDBI post 5% growth
Asia
The Hindu BusinessLine

HDFC Bank profit rises 5% to ₹19,060 crore in Q1

HDFC Bank on Saturday reported a 5 per cent increase in standalone net profit to ₹19,060 crore for the June quarter. The country's biggest private sector lender had earned a net profit of ₹18,155 crore in the year-ago period. However, the total income of the bank in the quarter under review dropped to ₹92,184 crore from ₹99,200 crore in the same period a year ago, HDFC Bank said in a regulatory filing. The lender's interest income increased to ₹79,363 crore from ₹77,470 crore in the same quarter a year ago. During the period, operating profit of the bank declined to ₹28,169 crore, as compared to ₹35,734 crore in the same quarter a year ago. Net interest income grew 7 per cent to ₹33,530 crore from ₹31,440 crore for the June quarter, it said. Net interest margin was at 3.26 per cent on total assets, and 3 per cent based on interest earning assets. The bank's asset quality exhibited improvement with gross non-performing assets (NPAs) declined to 1.17 per cent of gross advances at the end of the June quarter, from 1.4 per cent a year ago. Similarly, net NPAs, or bad loans, declined to 0.41 per cent, as against 0.47 per cent in the year-ago period. As a result, provisions and contingencies for bad loans declined massively to ₹3,060 crore during the first quarter, as compared to ₹14,442 crore in the same period a year ago. Capital adequacy ratio of the bank moderated to 19.57 per cent from 19.88 per cent at the end of first quarter of the previous financial year. The consolidated profit after tax of the HDFC Bank Group for the June quarter was ₹19,245 crore as against ₹16,258 crore in the same period a year ago, registering an 18 per cent growth.

HDFC Bank profit rises 5% to ₹19,060 crore in Q1