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Asia
The Hindu BusinessLine

AP Minister Nara Lokesh apologises to Amara Raja, seeks fresh investments

Andhra Pradesh Minister for IT & Human Resources, Nara Lokesh, has on Thursday apologised Jayadev Galla, Co-founder and Chairman, of Amara Raja Energy & Mobility. Previously Andhra Pradesh based company had shifted its headquarters and investments to Telangana during the YSR Congress Party (YSRCP) Government in Andhra Pradesh when it was in power during 2019-24. For over four decades, Amara Raja has been more than just one of Andhra Pradesh’s greatest industrial success stories. It has created world-class manufacturing, generated thousands of jobs, and carried the name of Chittoor and Andhra Pradesh across India and the world, Lokesh said. “The harassment your company endured under the previous government should never have happened. An entrepreneur who chose to build in his home state deserved encouragement, not intimidation. It pains me that a company born in Andhra Pradesh had to look beyond our borders for its next chapter of growth,’’ the AP Minister said. Inviting Amara Raja back to Andhra Pradesh, Lokesh said: “As we rebuild trust, Andhra Pradesh is once again open for enterprise. We hope Amara Raja’s biggest chapters will still be written in the state where its journey began. Our doors, and our hearts, will always remain open. Best wishes on your new Telangana facility,’’ he said. On Wednesday Amara Raja Advanced Cell Technologies commissioned its Customer Qualification Plant (CQP) at its Giga Corridor in Mahbubnagar, Telangana with an investment of ₹500 crore. 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.

AP Minister Nara Lokesh apologises to Amara Raja, seeks fresh investments
North America
CNBC Economy

U.S. job creation cools in June with payrolls growth of just 57,000; unemployment rate at 4.2%

The U.S. economy saw job creation cool sharply heading into the summer, the Bureau of Labor Statistics reported Thursday. Nonfarm payrolls for June increased by a seasonally adjusted 57,000 for the month, slower than the downwardly revised 129,000 added in May and worse than the 115,000 Dow Jones consensus forecast. The unemployment rate, however, dropped to 4.2%, slightly ahead of the 4.1% where it was a year ago. The move lower was largely due to a slump in the labor force participation rate, which dropped 0.3 percentage point to 61.5%, the lowest since March 2021. Household employment plummeted during the month, with 507,000 fewer people reported at work. A broader unemployment measure that includes discouraged workers and those holding part-time jobs for economic reasons declined by 0.2 percentage point to 7.9%. Prior months also saw significant downward revisions — the May total, which had been much stronger than economists had anticipated, was cut by 43,000, while April's figure came down 31,000 to 148,000 as the report showed labor market growth significantly slower than previously thought. Average hourly earnings rose 0.3% for the month and 3.5% from a year ago, both in line with the consensus forecasts. Professional and business services contributed the most, with a gain of 36,000. Social assistance added 25,000 and healthcare employment rose by 22,000, a slower-than-normal pace for the industry. Government jobs rose by 8,000. However, leisure and hospitality reported a loss of 61,000 jobs, which the BLS said reflected slower-than-usual seasonal hiring. There had been speculation that the World Cup might provide some boost to the payroll numbers, with Goldman Sachs estimating a gain of 40,000. Stock market futures rose following the report as traders eased expectations for an interest rate increase as soon as September. Treasury yields were negative, with the policy-sensitive 2-year yield down 3.5 basis points to 4.13%. "The slowdown in payroll growth challenges the narrative of renewed labor market strength that has been building in recent months but, importantly, reinforces the view that the Federal Reserve is under little pressure to tighten policy," said Seema Shah, chief global strategist at Principal Asset Management. The report comes with Federal Reserve policymakers expressing mixed feelings about the economy – mostly positive on growth though apprehensive on inflation as earlier fears about weakness in the labor market have eased. However, the weak report Thursday could change the labor market view. In an appearance Wednesday, Fed Chairman Kevin Warsh called the jobs picture "steady" as he continued to emphasize the importance of bringing inflation down to the central bank's 2% target. Inflation has been running north of that goal for the past five years, with the most recent surge in part due to the Iran war and ongoing impacts from tariffs.

U.S. job creation cools in June with payrolls growth of just 57,000; unemployment rate at 4.2%
Europe
BBC Business

Jackdaw boss warns of winter fuel shortages if gas field not approved

The owners of the Jackdaw gas platform in the North Sea say it is "hyper critical" that the UK government approves production to avoid the risk of domestic supply shortages this winter. Speaking to BBC News at the field 150 miles east of Aberdeen, Adura chief executive Neil McCulloch said the project was in its final stages and could meet 6% of the UK's gas needs from 1 October. The industry regulator is considering revised applications for production at Jackdaw, and Adura's Rosebank oil field west of Shetland, after a court ruled that both had been unlawfully approved. Environmental campaigners say this summer's deadly and record-breaking heatwaves demonstrate the need to tackle climate change by rejecting both projects. But McCulloch said with only about eight days of gas storage, the UK would have limited options in the event of "a gas supply emergency." He said this could come in the form of a prolonged period of still, cloudy weather which impeded the generation of wind and solar power, or hostility from "foreign threat actors". BBC News has been given exclusive access to Jackdaw which is undergoing final checks and tests to be ready for production in the event of government approval being granted. The "business-as-usual" atmosphere is somewhat surreal given the uncertainty hanging over the project, which has so far cost around £1.5bn according to Aberdeen-based Adura, a joint venture between Shell and the Norwegian state energy firm Equinor. McCulloch said: "If I were the secretary of state for energy security and net zero, I'd be looking closely at where's my next source of energy security, and you're standing on it. "The wells are drilled, they're hooked up. We're just readying the systems. It will be ready for the 1st of October. "Jackdaw will play a vital part of this winter's gas supply," he added, providing energy security, employment and taxation to the UK. Environmentalists say Jackdaw will only produce 2% of the country's annual gas demand during the lifetime of the field.

Jackdaw boss warns of winter fuel shortages if gas field not approved
Europe
BBC Business

How can I get air conditioning in my home and how much does it cost?

Image source, Getty ImagesByMichael RaceBusiness reporterPublished1 hour agoAs the UK experiences hotter summers and more regular heatwaves, households have been grappling with how to keep sweltering homes as cool as possible. Air conditioning has been in hot demand, with retailers seeing their stock fly off the shelves and units online sell out. The technology already features in many modern cars, hotels and other public places, yet historically homes have been designed to cope with cold weather and keeping heat in them. The main function of air conditioning is to cool the temperature inside a building. Portable air conditioners: The clue is in the name. They are portable, standalone units, which can be used to cool individual rooms. They are simply plugged into the nearest socket and work by drawing in warm air, cooling it, and venting heat outside through a window via a pipe or ducting. Split systems: These involve two units, one inside and one outside, that are fixed to a wall and linked by a pipe. The one outside acts as a condenser, which expels the unwanted heat into the air outside. You can buy one for just one room or you can get multiple indoor units to work with a single outdoor condenser, according to LG, the household appliance and white goods retailer. British Gas says, external such "ductless systems" are one of the most common options for UK homes. Ducted air con: These systems are designed to serve the entire home, with a central unit pushing cooled air through a network of ducting, with vents in each room. Unlike the other options, this would require invasive renovation work to an existing property. Portable units are the cheapest form of air con, ranging from £350 to £650 on average, depending on the brand and performance, according to Checkatrade., external However, as demand has soared in recent weeks some retailers began selling the cooling machines for £149, as Lidl did in its infamous middle aisles. Wall mounted or split air con units can cost between £750 and £1,100 each, Checkatrade says - but that is just the unit, and does not include the labour and other installation costs, such as hooking it up to the property's electricity fuse board. Installation company Heatable suggests, external a full cost is typically £2,000 to £3,500, but can go up to £6,000 if you want to have it in more than one room. Ducted air con systems cost the most, between £990 and £1,750 without installation costs, according to Checkatrade. Fitting the ducting or remedial work to hide it inside properties means it is likely to be more expensive than any of the other systems given the level of work involved. Heatable estimates it to be between £5,000 and £10,000, depending on the property size, layout and how complex the ductwork needs to be. The size of both split and ducted units are determined by what is known as the BTU (British Thermal Unit), Checkatrade says, to ensure it will cool the space it's required to. The larger the BTU number, the bigger the room to cool, and therefore the more expensive the unit.

How can I get air conditioning in my home and how much does it cost?
Asia-Pacific
The Straits Times

S’pore banks hit record highs, DBS tops $70 for the first time

Analysts expect strong wealth management momentum and attractive dividend yields to continue underpinning bank share prices. SINGAPORE – Shares of Singapore’s three banks climbed to record highs this week, buoyed by expectations that interest rates will stay higher for longer and growing investor optimism ahead of the banks’ second-quarter earnings reports in early August. DBS Bank punched through the $70 mark for the first time on July 9 and ended the week up 5.7 per cent at $70.45. OCBC Bank broke through $27 and closed 8.46 per cent higher at $27.43, while UOB surpassed $44 and finished the week up 10.12 per cent at $44.38. Analysts said they expect strong wealth management momentum and attractive dividend yields to continue underpinning bank share prices. Investor interest could also receive a further boost after the Singapore Exchange said on July 1 that it would cut the standard board-lot size from 100 units to 10 units for stocks priced between $10 and $100, including the three local banks. Meanwhile, shares of Singapore Airlines briefly retreated after renewed US-Iran tensions triggered swings in oil prices, but still finished the week up 1.31 per cent at $7.71. But the pullback in the national carrier as well as other oil-sensitive counters did little to dent improving sentiment in the broader market, with the Straits Times Index (STI) ending the week 4.29 per cent higher at 5,469.29. “This selective reaction stands in contrast to episodes in the previous months when geopolitical tensions weighed more broadly on the STI and regional peers,” said James Ooi, market strategist at Tiger Brokers. “Investors have likely grown fatigued and desensitised to the repeated cycles of escalation and de-escalation, and are now focusing more on local developments and underlying company fundamentals rather than recurring geopolitical headlines,” he added. Gold prices recently rebounded from lows near US$4,000 an ounce compared with their January peak above US$5,000, after a weaker-than-expected US jobs report for the month of June eased expectations of further Federal Reserve rate hikes. Lower interest rate expectations tend to support gold because the precious metal does not pay interest, making it relatively more attractive when yields on competing assets are expected to remain lower. Still, gold lost some ground through the week as inflation fears grew after US President Donald Trump said that the ceasefire between the US and Iran was over.

S’pore banks hit record highs, DBS tops $70 for the first time
Europe
BBC Business

Life of Sizewell B extended by another 20 years

A nuclear power plant on the East Coast will produce electricity for a further 20 years after a deal was reached between its owner EDF and the government. Sizewell B, near Leiston, Suffolk, started operating in 1995 and was due to reach the end of its life in 2035, but will now continue operating until 2055. Robert Gunn, station director of Sizewell B, said the deal would ensure hundreds of jobs were safeguarded. But Chris Wilson, from the campaign group Together Against Sizewell C (TASC), said future generations would be left dealing with the financial and environmental impact. EDF runs Sizewell B and employs 620 staff and about 300 contractors at the plant. The agreement will enable about £800m of plant investment by EDF, with the agreement due to be finalised later in the year. Sizewell B is the country's only pressurised water reactor and provides energy to more than two million homes, producing 3% of the UK's energy. According to EDF, the extension to its life would generate enough electricity to meet the needs of every home in East Anglia for almost 45 years. "Securing another 20 years also safeguards existing jobs and allows us to continue to recruit another generation of Suffolk young people for the nation's nuclear renaissance," he added. The government has described keeping the plant open until 2055 as "good news", while Lord Patrick Vallance, minister for science, innovation, research and nuclear, said extending the life of a nuclear plant was a " normal thing to do". Wilson said TASC applauded the goal to phase out fossil fuels, but condemned "the government's continued reliance on dirty and dangerous nuclear power". He said this created a "multi-generational financial and environmental liability", leaving our descendants with years of flood defence maintenance and the "insurmountable challenge of safe, millennia-long, highly radioactive nuclear waste isolation, amid a changing climate".

Life of Sizewell B extended by another 20 years
Asia-Pacific
The Straits Times

Wall Street ends higher as investors turn to earnings season

NEW YORK - The S&P 500 rose to end just short of a record high on July 10, as a blockbuster Nasdaq debut of South Korea’s SK Hynix fuelled optimism about memory-chip makers, while investors looked ahead to quarterly earnings season kicking off next week. The artificial intelligence trade returned to the spotlight after SK Hynix ended 13 per cent above its offering price at US$170 in a high-profile US listing. The semiconductor company raised over US$26 billion (S$33.6 billion) on July 9 by selling American Depositary Receipts priced at US$149 each. US stocks added to gains after US President Donald Trump said that Iran had asked to continue talks and the US had agreed, but that the June ceasefire was “over.” Attacks between the US and Iran this week revived concerns that high energy prices could fuel more inflation and force the Federal Reserve to hike interest rates. Reports from big US banks will kick off the second-quarter earnings season next week. Analysts are expecting S&P 500 earnings to surge 24 per cent from a year earlier, with technology companies driving much of the growth, according to LSEG I/B/E/S. “This is a high-bar quarter with a narrow margin of error,” said Terry Sandven, chief equity strategist at US Bank Wealth Management in Minneapolis, Minnesota. “The banks will give us a good read on the underlying economic strength and what consumers and businesses are doing.” Thanks to increased corporate profit estimates, the S&P 500 is trading at about 20 times expected earnings, down from an earnings multiple of 21 in late May, even though the benchmark is trading near record highs. Chipmakers have been among the biggest beneficiaries of this year’s AI-driven rally, fuelled by expectations of heavy spending by hyperscalers. But concerns over stretched valuations and profit taking have recently injected volatility into the sector. The S&P 500 climbed 0.42 per cent to end the session at 7,575.39 points. It remains down 0.45% from its June 2 record-high close. The Nasdaq gained 0.29 per cent to 26,281.61 points, while the Dow Jones Industrial Average rose 0.29 per cent to 52,637.01 points.

Wall Street ends higher as investors turn to earnings season
Europe
BBC Business

Wealthy AI workers send San Francisco house prices soaring

On a tree-lined street in the affluent Duboce Triangle residential neighbourhood of San Francisco, the top half of a white, Edwardian-era, detached house was drawing visitors from prospective buyers. The opulently renovated three-bedroom apartment was on the market for almost $3m (£2.3m). And it had been attracting increased attention due to an unusual payment possibility - the seller would consider shares in artificial intelligence companies OpenAI or Anthropic instead of cash. "The value [of the property] is questionable, but I would like to buy," says a young OpenAI employee who has just viewed the flat with his partner. The worker, who moved to the Californian city two years ago for a technical job with the San Francisco-based company, is currently renting. He plans, he says, to ask his bosses about the stock transfer possibility. Welcome to San Francisco 2026, also home to fellow AI giant Anthropic. The city is ground zero for the AI revolution, and its property prices have risen dramatically this year. "They are just astronomical," says Daryl Fairweather, chief economist at Redfin, a real estate company that tracks US home prices. "People are flush with cash and ready to buy." In March, San Francisco regained its title as the most expensive city for homebuyers in the US, overtaking rival San Jose 50 miles to the south in the heart of traditional Silicon Valley. That month, the median house price in San Francisco rose 19% on the year before, and that trend has continued, up 14.5% and 14.1% in April and May respectively, according to data provided by Redfin. The median sale price in the city as of May 2026 is a record high of $1.76m, compared with nearly $400,000 for the US as a whole, where prices rose by just 1.4% in March, and 2% in both April and May. The prevailing view of pretty much everyone is that AI money is the driver of the red-hot San Francisco property market. "We have come to that conclusion based on what we're seeing in the data, and what we've heard from our agents," says Fairweather. She highlights the steep jump in prices, external in the wider San Francisco Bay Area's luxury zip codes – which includes Duboce Triangle – since OpenAI launched ChatGPT in late 2022, a trend absent in cities with less AI wealth. It has halted the downturn that San Francisco saw during the Covid pandemic, when the population fell and house prices softened.

Wealthy AI workers send San Francisco house prices soaring
Europe
BBC Business

I run the UK's biggest bank, here are five ways to manage your money

Charlie Nunn is CEO of Lloyds Banking Group - the UK's biggest bank providing one in four current accounts - meaning he has a deep insight into customers' spending, saving and borrowing. Here are his top tips on how to manage your money from saving to avoiding scams. This means regular saving will stop being a decision or action you have to keep taking - and putting off. "If you're able to carve out a little bit and put it somewhere else where you won't have access to it and be able to spend it, I think that's the easiest way to start having a saving mindset," he says. That could mean setting up a direct debit from your current account to a savings account, organising cash into different envelopes or using round-up tools that put spare change aside when you spend. He admits he "hates budgeting and always has" so he says he looks at his current account as soon as he gets paid and decides how much he wants to move into savings. "Do it as soon as you can," he adds. As well as savings, he recommends having an emergency fund for surprise bills like a broken boiler or car repairs. How much you need in the fund depends on your circumstances but he advises having one to three months' salary set aside if you can. Nunn and his wife use a joint account and have "complete transparency" over money, he says. His red flag in a relationship is "someone who isn't careful with money" because he has always been "relatively prudent". His attitude to money was shaped by childhood - his parents divorced and his mother raised four children which meant he grew up thinking carefully about spending. "We were constantly worrying about what we were spending money on and managing money carefully which ranged from looking for cheap food in the supermarket to thinking carefully about holidays and what we did in our spare time". Nunn says his children "take no advice from me because I'm their dad" but he's tried to make them understand the value of money.

I run the UK's biggest bank, here are five ways to manage your money