Latest Developments

Asia
The Economic Times

14 penny stocks plunge up to 70% in 3 months. Are you affected?

Over the past three months, 15 penny stocks have witnessed sharp corrections, with declines ranging from 25% to 70%. These underperformers were identified through a screen focusing on stocks with a market capitalisation below Rs 1,000 crore, a share price under Rs 20, and a minimum recent trading volume of 5 lakh shares. The screen highlights low-priced, relatively liquid penny stocks that have come under significant selling pressure during this period. (Data Source: ACE Equity)Although penny stocks often attract investors with their low entry prices and potential for rapid gains, they come with substantial risks. Due to low liquidity, high volatility, and limited transparency, they are prone to manipulation and sudden price drops. Without a clear strategy and strong risk controls, investors may face more losses than gains.

14 penny stocks plunge up to 70% in 3 months. Are you affected?
Europe
The Guardian

‘Laws were broken’: multistate effort to stop Paramount’s $111bn merger heads to court

Rob Bonta, California’s attorney general, holds a press conference about the lawsuit against the mega-merger next to the Hollywood sign in Los Angeles, California, on Monday. Photograph: Daniel Cole/ReutersView image in fullscreenRob Bonta, California’s attorney general, holds a press conference about the lawsuit against the mega-merger next to the Hollywood sign in Los Angeles, California, on Monday. Photograph: Daniel Cole/ReutersMedia‘Laws were broken’: multistate effort to stop Paramount’s $111bn merger heads to courtAttorneys general from 12 states are suing to block the Paramount-Warner Bros deal they say violates antitrust law A last-ditch effort to block the merger between Paramount Skydance and Warner Bros Discovery (WBD) is heading to court as 12 Democratic state attorneys general attempt to stop the $111bn deal they say violates antitrust law and reduces competition in both the film and cable television industries. The lawsuit, which was filed on Monday, faces a crucial hearing on Friday to determine if a judge will temporarily pause the deal or allow it to continue toward approval. The merger was already approved by the Department of Justice in June. California’s attorney general, Rob Bonta, who is leading the suit, told the Guardian on Thursday he was optimistic about their chances in court. The lawsuit argues that the merger violates the Clayton Act, a federal antitrust law that prohibits illegal market concentration. “In our complaint, it’s really clean, clear, concise,” he said. “It’s precise with the data points that we’ve shared and courts have traditionally accepted exactly those types of arguments and that kind of data as a basis for finding a merger to be presumptively unlawful.” Bonta said he was “disappointed” that no Republican attorneys general signed on to the Paramount case, though he was able to form a bipartisan coalition that has been successful at temporarily blocking the merger of the television conglomerates Nexstar and Tegna. “I hope it’s not because of any pressure from the head of the Republican party, Donald Trump, on any those Republican entities, because antitrust cases should be non-partisan or bipartisan,” he added. “They’re just about free and fair markets, and I think we all agree on that.” Washington state’s attorney general, Nick Brown, said he was surprised by the volume of constituents who contacted his office to express concern about the merger, which would lead to less competition among film distributors and streaming services and could lead to higher prices for consumers. New Jersey’s attorney general, Jennifer Davenport, agreed that the top concern was higher prices and fewer content choices for consumers. “We just knew that it was bad for New Jerseyans,” Davenport said. “This is more important than ever that we fight for the competition in the industry, because we are seeing it as just another component of rising costs in our state.” The concerns raised in the lawsuit, including the potential for reduced competition, are particularly relevant for New Jersey, which has seen a wave of recent investment by major studios and entertainment companies thanks to generous tax credits. Netflix plans to invest $1bn to create a new production facility in Fort Monmouth, New Jersey, while Lionsgate is building a dedicated production facility in Newark. Paramount, the defendant in the case, is slated to serve as the anchor tenant for a 58-acre facility called 1888 Studios.

‘Laws were broken’: multistate effort to stop Paramount’s $111bn merger heads to court
Asia
The Hindu BusinessLine

Think. Over the week

The most important topic for analysis in our Editorial section last week was the protests in Jantar Mantar over the NEET exam paper leaks led by the Cockroach Janta Party. Our Editorial came down hard on the Delhi Police’s crackdown on protestors and the Centre’s apathy in handling the crisis. To restore confidence, systemic reforms and fixing of accountability at all levels will be required, argues the Editorial. The National Investment Policy 2026 (NIP 2026) that aims to bridge the huge deficit in urea supplies was another key issue dissected in our Editorial section. It analyses why private sector is reluctant to enter the urea sector, given its humongous regulatory controls. For attract private sector investments, deep rooted reforms are necessary, argues the Editorial. The recently concluded FIFA World Cup was another topic discussed. Spain’s justified victory was hailed so was the performance of the smaller nations such as Cabo Verde, and DR Congo, which was aided by in no small measure by the expanded 48-team format. However, some of the off-field controversies, -- visa and travel restrictions, treatment of Iran and entry denial of a Somalian referee, steep ticket prices – cast a shadow on the football extravaganza, says our Editorial. In his weekly column, TCA Srinivasa Raghavan talks about how the actions of the three most powerful leaders in the world – Donald Trump, Xi Jinping and Vladimir Putin will impact the not only geopolitics but also the global economy. The Indian economy is also set for a bumpy ride and it will need to improve its tax collections and raise personal and corporate taxes to deal with the impending crisis. In an article titled, ‘Grim economics of exam leaks’, Anushi Tiwary and Peddi Dayakar look at the perverse incentives of exam paper leaks. They argue that as long as the huge wage gap between for government job or a medical career and private jobs exists there will be little incentives for leaks to be plugged. Nishant Sahdev in his article ‘Coming to grips with rare earths’, discusses the key role that refining plays in the rare earths economy and why China is ahead in this game. 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.

Think. Over the week
North America
CNBC Finance

Chipotle is opening its first restaurant in Mexico

Fast casual chain Chipotle is set to open its first restaurant in Mexico this week, the company announced on Monday. The store will open on Thursday in San Pedro Garza García, Nuevo León, part of the Monterrey metropolitan area. Chipotle said the opening is part of the Mexican food chain's previously announced partnership with restaurant group Alsea. Thursday's opening will be the first of a larger rollout of restaurants in Mexico, including an expansion into Mexico City in 2027, according to Chipotle. "We are entering Mexico with deep respect for the country's culinary heritage and a commitment to delivering the Chipotle experience with excellence," CEO Scott Boatwright said in a statement. "Our research has reinforced our belief that there is strong interest in high-quality, freshly prepared food served with the customization and convenience that Chipotle offers." Chipotle plans to open an additional 350 to 370 new restaurants this year as it works to regain growth after a stagnant year and entice customers with new menu offerings. International expansion through partnerships is a piece of that strategy. The company said it chose the Monterrey area because of its "strong economy, growing population and status as one of [Mexico's] leading business and innovation hubs." The new restaurant will feature the same menu as its existing U.S. locations. Chipotle and Alsea signed the Mexico development agreement last year as the U.S. chain breaks into the market. The company currently operates more than 4,100 stores worldwide, including in countries across the Middle East and Europe. 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.

Chipotle is opening its first restaurant in Mexico
Asia
The Hindu BusinessLine

US tariff threat drags Nifty Pharma 1.3% lower at close; Lupin, PPL Pharma lead decline

Pharma stocks closed sharply lower on Wednesday after the United States proposed steep tariffs on generic drug imports, with the Nifty Pharma Index ending 340 points, or 1.31 per cent, down at 25,752 against a previous close of 26,092. Eighteen of the index’s 20 constituents closed in the red, with trading volume reaching 315.07 lakh shares and a total traded value of ₹3,584.98 crore for the session. The selloff was triggered by a phased US tariff proposal that would keep generic medicines duty-free until August 1, 2028, before imposing a 100 per cent tariff from August 2028 and a 200 per cent tariff from August 2029. India exports approximately $8–9 billion worth of pharmaceutical products to the US annually, the bulk of which are generics. Lupin was the session’s worst performer, closing down 4.35 per cent, followed by PPL Pharma at 4.20 per cent, Ajant Pharma at 3.25 per cent, and Auropharma at 2.96 per cent. Dr. Reddy’s fell 2.16 per cent, Gland Pharma 2.20 per cent, and Sailife 2.77 per cent. Sun Pharma, the index heavyweight, declined 0.91 per cent. Torntpharm was nearly flat at -0.01 per cent, while only Divi’s Laboratories and Abbott India managed gains, closing up 0.78 per cent and 0.35 per cent respectively. Analysts were quick to note that the policy’s eventual implementation is far from certain. Param Desai, Research Analyst at PL Capital, pointed out that “Trump’s term ends in January 2029, while the major tariff impact begins from August 2028, so the eventual implementation remains uncertain if there is a change in administration.” He added that the announcement carried “considerable ambiguity around how these tariffs will actually be implemented.” For patients and healthcare systems in the US, the proposal carries its own concerns. Bharat Celly, Equity Research Analyst at Equirus Securities, warned that the tariffs “could raise the cost of low-priced medicines and, in shortage-prone categories, increase the risk of supply disruptions rather than drive reshoring.” He noted that the proposal “runs counter to the intent of the Hatch-Waxman framework, which was designed to reduce drug prices through greater generic competition.” The practical challenge of shifting manufacturing to the US within the proposed two-year window is significant. Celly explained that transferring a drug to a US facility requires “site transfer filings, process validation, stability data, and FDA approval for each ANDA,” adding that “the cost and timeline of re-registering products significantly exceed the proposed transition period.” Several large Indian generic manufacturers do already operate US-based facilities, which could partially offset the impact. Celly’s overall assessment: “We view the proposal primarily as a negotiating tool, given that implementation is deferred until August 2028, beyond the next US election cycle,” with no near-term earnings impact expected, though sentiment and valuation multiples could face pressure. Against this international backdrop, the domestic pharmaceutical market continues to show strength. India’s pharmaceutical market is projected to grow 11.3 per cent in 2026, up from 8.1 per cent in 2025, and is expected to expand from $60.3 billion to $79.7 billion by 2031. The Nifty Pharma Index, despite Wednesday’s decline, remains above its 50-day moving average of 24,800 and its 200-day moving average of 23,100, and closed within striking distance of its 52-week high of 26,135. Mayank Jain, Market Analyst at Share.Market by PhonePe, noted that the India-UK Free Trade Agreement, which eliminates duties on Indian pharma entering the UK, is expected to drive an 8–10 per cent increase in UK-bound exports next year, offering an alternative export channel as companies assess the US tariff situation. The index has returned 15.44 per cent over the past year and 13.78 per cent year-to-date. Wednesday’s session touched an intraday low of 25,545 before recovering to close at 25,752, suggesting some buying emerged at lower levels even as the broader sentiment remained cautious. 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.

US tariff threat drags Nifty Pharma 1.3% lower at close; Lupin, PPL Pharma lead decline
North America
CNBC Finance

Paramount, WBD hit with lawsuit from 12 states, including California, to block merger

A group of 12 state attorneys general filed a lawsuit Monday challenging Paramount Skydance's proposed acquisition of Warner Bros. Discovery. The lawsuit, which came after weeks of speculation on if and when it would be filed, seeks to block the merger on antitrust concerns. CNBC's David Faber reported earlier in the day that the lawsuit was expected to come on Monday. The merger deal would combine two storied film studios — Paramount and Warner Bros. — as well as streaming platforms Paramount+ and HBO Max. Paramount CEO David Ellison has previously said the streaming services would become one following the transaction. Led by California Attorney General Rob Bonta, the lawsuit, which was filed in the U.S. District Court for the Northern District of California, is also brought forth by attorneys general of Arizona, Colorado, Connecticut, Massachusetts, Minnesota, Nevada, New Jersey, New Mexico, New York, Oregon, and Washington. "The unlawful merger of these two entertainment behemoths would lead to higher prices, lower quality, and less content for film and television, harming movie theaters, basic cable distributors, and ultimately, audiences on every sofa and movie theater seat in the U.S.," Bonta said in a release. In a lengthy statement released on Monday, a Paramount spokesperson called the lawsuit a "misrepresentation of competition in the entertainment industry today," adding that it plans to "vigorously defend the transaction and demonstrate that this challenge is inconsistent with sound competition policy and the competitive realities of the media marketplace." "Delaying this transaction will only harm entertainment workers who have already suffered over recent years as technology has disrupted their livelihood and cost California tens of thousands of entertainment jobs," Paramount's statement continued. The lawsuit filed Monday raised concerns about the size of the combined company, adding that the merged entity would control nearly one-third of films and nearly a third of basic cable TV programming. The attorneys general asked Warner Bros. and Paramount not to close the merger until after the judicial process concludes and threatened to file a temporary restraining order if they didn't comply. On Monday, Bonta held a news conference in front of the Hollywood sign in Los Angeles reiterating the points made in the lawsuit. "This merger would snuff out competition, drive up prices, diminish content quality, and produce fewer movies and shows each year," Bonta said during the event. "We have antitrust laws and merger controls for a reason, because competition is the lifeblood of a healthy and vibrant economy." Paramount countered in Monday's statement, saying that the merger would "create a stronger, well-capitalized, creative-first media company that is better positioned to compete with companies like Netflix that have come to dominate the industry for audiences, premium content, and creative talent. Put simply, any attempt to block this transaction undermines the very principles antitrust law is designed to promote: more competition, more choice for consumers, and more opportunities for creators and workers."

Paramount, WBD hit with lawsuit from 12 states, including California, to block merger
North America
CNBC Finance

The AI boom just found two new winners: Goldman Sachs and JPMorgan Chase

American megabanks on Tuesday gave evidence that the global artificial intelligence boom isn't just benefiting tech giants and chip makers. Goldman Sachs and JPMorgan Chase each posted record quarterly revenue hauls, fueled by massive gains in equities trading and investment banking. Behind the surge in activity — Goldman revenue jumped 39% to $20.3 billion, while JPMorgan saw it rise 27% to $58 billion — is the fact that AI is "everywhere in financial markets," JPMorgan CFO Jeremy Barnum told reporters. "These are booming environments with a ton of activity, big IPOs, big index rebalancing, a lot of activity in Asia," Barnum said Tuesday. "A lot of it is downstream of the AI theme, writ large on a global basis. It's just a very, very, very active environment." The quarter showed that the AI boom is creating winners far beyond Silicon Valley. While Nvidia and hyperscalers including Alphabet have captured many of the headlines, Goldman, JPMorgan and other banks are profiting from the massive flows of capital into AI. They are advising on AI-related deals, financing data centers and power infrastructure, underwriting debt and equity offerings, and facilitating the surge in trading that has accompanied the global race to deploy the technology. That is creating "a ripple effect" across the American economy and giving banks a flood of new opportunities to provide financing and trading solutions across public and private markets, Goldman CEO David Solomon told analysts Tuesday. "We are in the middle of an AI capex super cycle where there are demands on financing in every single financing instrument, in every region of the world and across every single industry," Solomon said. Capex is short for capital expenditures, or investments made by a business for physical assets like factories. Goldman is preparing for a three-to-five year investment cycle that is still in its early stages, he told analysts. While the AI buildout isn't new, what's changed is that it has broadened out beyond chips and software to include power providers and infrastructure players. The top beneficiaries of this trend are the three biggest Wall Street firms: Goldman Sachs, JPMorgan and Morgan Stanley, according to Wells Fargo banking analyst Mike Mayo. The AI investment boom "reached a tipping point" in the second quarter, Mayo said.

The AI boom just found two new winners: Goldman Sachs and JPMorgan Chase
North America
Yahoo Finance

Nasdaq, S&P 500, Dow Futures Fall After Trump Directs Strikes ‘To Hold Iranian Forces Accountable’: NVDA, SLS, MRK, SKHYV, QS Stocks In Focus

U.S. stock futures declined in the overnight session late Sunday after the country’s military launched fresh strikes against Iran following the closure of the Strait of Hormuz once again. The Dow futures were down 0.26%, S&P 500 futures declined 0.34%, and Nasdaq 100 futures fell 0.72% at 9:00 PM EDT. The iShares 20+ Year Treasury Bond ETF (TLT) was down 0.28% amid ‘extremely bearish’ sentiment. All three benchmark indexes closed higher on Friday, with the S&P 500 leading gains to close 0.42% up. Meanwhile, the Dow Jones Industrial Average and Nasdaq Composite gained 0.29% each at the end of the session. The S&P 500 and Nasdaq indexes also ended the week higher, gaining 1.23% and 0.29% respectively. The Dow was down 0.5% for the week. U.S. stock futures are declining ahead of Monday’s open as fresh conflict with Iran has raised concerns among investors. The U.S. Central Command said in a post on X late Sunday that it had launched strikes against Iran following disruptions in the Strait of Hormuz. “At 5 p.m. ET today, U.S. Central Command forces began launching more strikes against Iran to continue degrading their ability to attack civilian mariners and commercial ships freely transiting the Strait of Hormuz. The Commander in Chief has directed the strikes to hold Iranian forces accountable,” it said. “Once conditions stabilize and normalcy returns, applications will be processed sequentially and clearances will be granted accordingly,” it added. U.S. President Donald Trump, however, challenged that assertion, saying that the strategically important shipping route remained open to commercial traffic. Meanwhile, several media reports alleged last week that Iran was plotting to assassinate Trump, based on intelligence from Israel. In a post on X, Iran’s former Supreme Leader Ayatollah Ali Khamenei’s son, Mojtaba Khamenei, vowed to seek revenge for those killed in U.S. strikes in the country earlier this year. “We pledge to avenge your pure blood and the blood of all the martyrs of these two [recent] wars by taking revenge against the criminal, disgraceful murderers. This vengeance is what our nation is demanding, and this must definitely be done,” he said. In response, Trump said that the U.S. was ready to “decimate” Iran if the allegations were true. In a post on Truth Social, the president said, “1000 Missiles are Locked and Loaded and aimed at the Islamic Republic of Iran, with thousands of more to immediately follow, should the Iranian Government act on its threat, pronounced in many corners of the Globe, to assassinate, or attempt to assassinate, the sitting President of the United States of America, in this case, ME!”

Nasdaq, S&P 500, Dow Futures Fall After Trump Directs Strikes ‘To Hold Iranian Forces Accountable’: NVDA, SLS, MRK, SKHYV, QS Stocks In Focus
Asia
The Hindu BusinessLine

Climate risk, El Niño and rural credit: Rethinking financial resilience for farmers

Climate change is no longer only an agricultural challenge. It is increasingly a financial challenge, shaping how rural households earn, borrow, save and recover from economic shocks. The southwest monsoon has progressed across India, yet rainfall remains uneven in several regions, affecting the kharif sowing season. El Niño is among the weather factors that can influence monsoon rains in India, though its effects vary by region and other climatic conditions. For farmers, the immediate concern is uncertainty. When rains are delayed or erratic after sowing begins, already stretched household cash flows come under additional pressure. As of early July, kharif sowing stood around 20 per cent below last year’s pace, with oilseeds (down 21%), cotton and pulses (down over 20 per cent) among the worst-affected crops, although the gap narrowed during the first half of the month. Delayed rains, uneven rainfall or prolonged dry spells often force small farmers to re-sow, spend more on irrigation or change crops. These additional costs increase the financial burden on households, making it harder to manage daily expenses and meet loan repayments. While the all-India rainfall deficit narrowed from over 40 per cent in late June to 18 per cent within a fortnight, East and Northeast India continued to record a 37 per cent deficit, with forecasts pointing to further dry spells across central and southern India. Recovery at the national level can thus mask sustained stress at the regional and district levels. Agriculture may not be every rural household’s only source of income, but it often remains the principal one. A weak monsoon affects not only farm output but also spending on food, healthcare, education and the next cultivation cycle. It can also push households towards higher-cost informal borrowing simply to manage existing financial obligations. This places greater emphasis on how rural finance is designed. The issue is no longer just access to credit, but access to credit that reflects the realities of rural livelihoods. Lending decisions must consider local harvest cycles, weather conditions, seasonal expenses and the fact that many households depend on multiple income sources rather than farming alone. Local conditions matter just as much. An irrigated farmer faces different risks from one who relies entirely on rainfall. Likewise, households with diversified livelihoods through livestock, wage labour or small enterprises are often better placed to withstand climate shocks than those dependent on a single crop. Irrigation coverage varies widely across regions, from below 20% in tribal and dryland belts to above 80–90% in well-irrigated plains districts, making it a strong indicator of repayment capacity. Such insights can help lenders structure more suitable products and anticipate periods of financial stress. During weather-related disruptions, timely finance becomes essential. If farmers need to re-sow or invest in irrigation, quick access to formal credit can help protect the cultivation cycle. Repayment schedules that reflect seasonal income patterns are equally important, preventing temporary disruptions from becoming long-term debt problems. Credit alone cannot create financial resilience. Rural households also need savings to manage lean periods, insurance that provides timely protection against climate-related risks, and long-term savings and pension products that strengthen financial security beyond seasonal earnings. Financial inclusion must, therefore, move beyond expanding access towards improving financial health and reducing dependence on expensive informal finance. Climate uncertainty is now part of rural life. Farmers need finance that not only funds the next crop cycle but also helps them manage the uncertainty surrounding it. 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.

Climate risk, El Niño and rural credit: Rethinking financial resilience for farmers