Latest Developments

Europe
BBC Business

Halifax brand to be scrapped after 173 years

The Halifax brand is being scrapped after 173 years, with all customer accounts to be rebranded to Lloyds. Lloyds Banking Group, which has owned Halifax since 2009, confirmed the move after reports in May said it was considering phasing out Halifax as a standalone brand. Lloyds said it remained committed to the town of Halifax and the wider Yorkshire and Humber region, where 3,000 staff are based at its Trinity Road office. Halifax Labour MP Kate Dearden described the move as "bitterly disappointing" and said she had been in discussions with Lloyds to "ensure their commitment and continued investment in Halifax long into the future". Lloyds Banking Group's chief executive of consumer relationships Jas Singh said very little would change for customers. "As Halifax changes to Lloyds, our Halifax customers will keep everything they know and love today - the same fantastic app design, the same friendly faces in our branches - even the same sort code and account number," he said. No job cuts are being announced as part of the shake-up, and Halifax branches will either be rebranded to Lloyds or shifted to a nearby branch throughout 2027. It is understood the decision was rooted in efforts to simplify the group's portfolio, with the distinction between Halifax and Lloyds seen as becoming less prominent in recent years. The Halifax was founded in West Yorkshire in 1853, granting its first mortgage the same year, before growing to become one of the UK's largest building societies. Dearden described the bank as a "local institution built on the hard work and investment of working people". "While the Halifax brand will disappear, Lloyds can still play a major role in our local economy by investing in Halifax and creating the opportunities our young people need to thrive," she said. Calderdale Council's Reform leader Dan Sutherland said Lloyds Banking Group's relationship with Halifax as a place would remain "strong and enduring".

Halifax brand to be scrapped after 173 years
North America
CNBC Finance

Federal Reserve says U.S. banks can withstand $708 billion in losses amid overhaul of capital rules

The biggest U.S. banks would be able to absorb more than $708 billion in losses in a severe global recession while continuing to lend to households and businesses, according to the Federal Reserve's annual stress test released Wednesday. All 32 banks examined by the Fed remained above their minimum capital requirements under the regulator's hypothetical scenario, which included unemployment surging to 10%, a 39% drop in commercial real estate prices and a 30% decline in home prices. The industry's common equity tier 1 capital ratio, a key capital measure that would absorb losses in a downturn, fell by 1.6 percentage points during the exercise, remaining comfortably above required minimums. Projected losses for the group included roughly $200 billion tied to credit cards, $160 billion from commercial and industrial loans and $75 billion from commercial real estate. "Today's results underscore the strength of the banking system," Federal Reserve Vice Chair for Supervision Michelle Bowman said in a release. The annual exercise comes at a pivotal moment for bank regulation because, unlike in previous years, the results will not affect the amount of capital large banks are required to hold. That's because the Fed said in February that it would leave the stress test buffers untouched until 2027 as regulators rework the methodology, heeding industry complaints, a move that could eventually reshape how much capital firms must hold against future downturns. In a June 21 research note that described this year's exercise as "going through the motions," KBW analysts led by Christopher McGratty said banks are likely to remain focused on the pending Basel III Endgame proposal expected later this year rather than the stress test results themselves. KBW estimated that if this year's results had counted toward capital requirements, Morgan Stanley, Citigroup, Citizens Financial and KeyCorp would have seen some of the largest reductions in capital buffers. 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.

Federal Reserve says U.S. banks can withstand $708 billion in losses amid overhaul of capital rules
Europe
The Guardian

Rapid spread of AI may worsen global inequality, UN warns

The UN panel said its approach to AI was ‘scientific, not political’. Photograph: VIEW press/Corbis/Getty ImagesView image in fullscreenThe UN panel said its approach to AI was ‘scientific, not political’. Photograph: VIEW press/Corbis/Getty ImagesAI (artificial intelligence)Rapid spread of AI may worsen global inequality, UN warnsPanel proses shared framework for responsible AI development as adoption grows unevenly across world A new United Nations report warns that the development of artificial intelligence may exacerbate global inequality and proposes a shared framework for how to responsibly develop AI, as adoption and investment into the technology accelerates unevenly across the world. “The more AI advances without shared rules, the less say governments and people will have in the outcome,” said António Guterres, the UN secretary general, at a press conference on Wednesday. “Our message to governments is simple: do not wait … the science is here. We can no longer say we did not know what we do.” The sweeping analysis from the independent international scientific panel on AI, established by the UN general assembly last year as “the first global scientific body on AI”, details AI’s risks and opportunities – from transformative capabilities in agriculture and education, to catastrophic outcomes when bad actors deploy AI to commit fraud and influence elections. “Access to AI tools alone does not produce equal benefit,” the report states. “Countries that rely on foreign models, cloud infrastructure and data pipelines may gain access to AI while losing practical control over its standards, safeguards and local fit.” At the press conference, co-chair of the panel, journalist Maria Ressa stressed that AI’s “pace is not slowing, the power is concentrating, and control is not guaranteed”. The report dropped one week before the UN hosts the inaugural global dialogue on AI governance for governments and experts. The preliminary report also functions as a toolkit, offering initial, broad guidance to UN member states on ways to capitalize on AI’s potential for growth across industries, while minimizing and addressing threats. Suggestions include developing local AI infrastructure, such as datacenters, improving AI literacy in schools and the workforce, investing in developers, building AI safety institutes, creating strategies to combat disinformation and continuously measuring how AI systems behave after release, “with real users, real tasks and real environments”. While more than a billion people now use AI weekly, access and types of usage vary widely across the world, “with adoption across the global south lagging far behind the global north”, the report states. The US and China dominate in the development of leading AI models, as well as investment into compute infrastructure, which encompasses the hardware, memory, networking and storage required to run powerful AI models. “The concentration of AI capabilities in a small number of firms and countries could enable authoritarian capture and undermine democratic accountability,” the report states. The panel advises countries lagging behind in AI development to consider significant investment in computing and data infrastructure. Attracting this money requires securing a reliable energy supply and building datacenters, they note. The report does, however, acknowledge the environmental costs of datacenters, including their large energy and water consumption, and potential for greenhouse gas emissions. The authors also describe challenges in evaluating safety and providing oversight of increasingly powerful AI models. “Most countries, including many advanced economies, lack the technical expertise to assess the most capable ‘frontier’ models or to participate meaningfully in their governance,” they write.

Rapid spread of AI may worsen global inequality, UN warns
Asia
The Hindu BusinessLine

Trump offered over phone to help Putin find deal with Ukraine, Kremlin aide says

US President Donald Trump, ​speaking to Russian leader Vladimir Putin by ‌telephone for nearly 90 minutes, offered to ​help find a solution to ⁠the Ukraine war, Kremlin aide Yuri Ushakov said in comments made public early on Sunday. Ushakov said ‌Trump made the offer in the context of his participation next ‌week at the NATO summit in ‌Turkey. "The ⁠American president once again confirmed ⁠his readiness to work towards a rapid end to the fighting and find solutions to overcome the ​crisis," Ushakov said. He ‌said Russia sought "a political-diplomatic resolution of the conflict, with due account of Russia's fundamental approach". Ushakov accused Kyiv and its ‌European allies of "counting on extending and ​even escalating the conflict, and on terrorism against civilians." He was ⁠referring to Ukraine's long-range strikes on Russian targets, mainly linked to the oil industry. He ‌quoted Trump as saying that Washington's envoys, Steve Witkoff and Jared Kushner, would keep trying to broker a settlement and were prepared to make another visit to Moscow. Ushakov said Putin "depicted the real ‌situation on the battlefield where the Russian armed ​forces are confidently advancing, liberating one locality after another". Russian commanders told Putin ⁠on Friday that Moscow's troops had captured ⁠the strategically important city of Kostiantynivka in eastern Ukraine. On Saturday, President Volodymyr ‌Zelenskiy and Ukraine's General Staff rejected that claim, saying Kyiv's forces still ​controlled the city. 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.

Trump offered over phone to help Putin find deal with Ukraine, Kremlin aide says
Europe
BBC Business

Australia sues Amazon for making allegedly unfair contracts with subscribers

Australia's consumer watchdog has sued Amazon, claiming the tech giant introduced adverts in Prime Video using allegedly unfair contract terms. The Australian Competition and Consumer Commission (ACCC) said Amazon had broken consumer protection law by making the unfair contracts with over a million annual subscribers between November 2023 and August 2025. "Consumers who wanted to avoid ads were left with no choice but to pay more to maintain the service they'd initially signed up for", ACCC chair Gina Cass-Gottlieb said. A spokeswoman for Amazon told the BBC the company is "reviewing the case filed by the ACCC in detail." "We have cooperated with the ACCC throughout its investigation and remain focused on providing the best experience for our Australian customers", the she added. For more than a decade, Prime Video was a commercial-free streaming offering that was included as part of Amazon's popular Prime subscription, which is sold as an upgrade on its core delivery service. Prime became available in Australia in 2018. It started to roll out advertising in the service globally in early 2024. When Amazon began that year to include ads within Prime Video, it told subscribers in Australia they would need to pay an additional fee each month in order to keep the service free of ads, driving the monthly price up to 12.99 Australian dollars. At that point, the ACCC said over 850,000 people in Australia had already paid for a year's worth of Prime service. "Those subscribers were provided with a degraded, ad-supported Prime Video service for the balance of their prepaid term unless they paid for the ad-free option", the ACCC added in a filing, external. The ACCC said Amazon did this by relying on five unfair terms in contracts with over a million customers signed between 1 November 2023 and 18 August 2025. "Those contracts included five terms permitting [Amazon Australia] to unilaterally make materially adverse changes to its services (including, but not limited to, Prime Video) and the terms governing those services, without any contractual entitlement for subscribers to receive refunds or other meaningful redress," the ACCC said.

Australia sues Amazon for making allegedly unfair contracts with subscribers
Europe
BBC Business

Plea for households to read energy meter as prices rise

Image source, Getty ImagesByKevin PeacheyCost of living correspondentPublished4 hours agoBill payers are being urged to submit a meter reading as household energy prices rise by 13% for millions of people in England, Scotland and Wales on Wednesday. Anyone whose tariff is affected by regulator Ofgem's price cap and does not have a smart meter should take a reading to avoid previous usage being charged at the new, higher rate. Price rises, driven by the higher cost of gas, may have a relatively limited impact owing to warm weather and lower energy use during the summer months. But higher energy prices caused by the fall-out of the US-Israeli war with Iran are likely to persist into the winter, according to analysts at the consultancy Cornwall Insight. It has predicted a very slight 0.5% dip in Ofgem's price cap in October, adding renewed pressure on the government to step in to help those in need. Ministers point to reforms to cut bills earlier this year. Chancellor Rachel Reeves had also indicated some targeted support could be provided in the autumn, although she may be replaced in the job under new Labour leadership, and prices have not risen as high as feared before the US-Iran truce. "The Iran ceasefire gave the markets some breathing room, but this is a pause, not a resolution to the conflict. What comes out of the final agreement, if there is one, will matter enormously for energy prices," said Craig Lowrey, principal consultant at Cornwall Insight. "Even in the best-case scenario, the enduring effects from the conflict will be with us for a while." The jump in bills under Ofgem's new price cap equates to a rise of £18 a month for a household using a typical amount of electricity and gas, with households seeing an increase of 24% on their gas bills and 5% on their electricity bills. Standing charges are almost unchanged. Ofgem has decided to reduce what it believes to be a "typical" level of energy use, because many households have cut back owing to high prices of recent years, and energy efficiency has improved. Its new estimate is 9,500 kWh of gas and 2,500 kWh of electricity a year. The energy cap covers 33 million households in England, Wales and Scotland. Regulation and bills are different in Northern Ireland. Anyone on fixed tariffs will not see any change to the price of each unit of energy until their deal expires. About 40% of bill payers have fixed tariffs.

Plea for households to read energy meter as prices rise
Asia
The Hindu BusinessLine

EPFO processing interest payment on provident funds for FY26; members can check updates by next week

Retirement fund body EPFO is processing the interest payment on provident funds for FY26, and members can check the updated amount online by July 15, Labour Minister Mansukh Mandaviya said on Wednesday. The online access of provident fund accounts has been enabled with the implementation of 2.01 CITES (centralised IT-enabled services) by the Employees' Provident Fund Organisation (EPFO), the minister told reporters here. CITES project is designed to enhance convenience, improve EPFO's operational efficiency, and deliver transparent and seamless services to members. "Annual interest for FY26 at the rate of 8.25 per cent to 34 crore member accounts, estimated at over ₹1.44 lakh crore, will be auto-processed and then verified by Field Authorities before being credited to the member account balances. Members will be able to view the interest credit in their passbook by July 15," the minister said. Last month, the government approved the 8.25 per cent interest payment on provident funds. According to the minister, interest payments were previously processed in October–November after government approval. He explained that before CITES, the EPFO had a decentralised architecture with separate databases at each field office. Now, the EPFO has migrated its entire database of member records to the new centralised database. With the updated systems, members will be able to avail services from any authorised location across the country, similar to banking services where customers do not have to visit a particular bank branch. Now, members will have access to a unified digital interface to view their details, PF balances, claim status, pensionable service records, and benefits availed, thereby ensuring transparency and access to information about their PF accounts and the submission of claims. Claim payments will be processed through the centralised architecture and routed through faster electronic payment channels, ensuring secure, efficient, and timely credit of settlement amounts directly into members' bank accounts. Under the revised system, interest in final PF settlements will now be calculated up to the date of payment authorisation. Earlier, interest was calculated only up to the last day of the previous month. Also, the 13 categories for partial withdrawals have been streamlined into three - essential needs (such as illness, education, and marriage), housing needs, and special circumstances, making the withdrawal process simpler and easier for members to understand.

EPFO processing interest payment on provident funds for FY26; members can check updates by next week
Asia
The Hindu BusinessLine

MAHE and Novo Nordisk GBS expand collaboration in pharmacometrics

Manipal Academy of Higher Education (MAHE) and Novo Nordisk Global Business Services (GBS) have expanded their collaboration in pharmacometrics, a specialised scientific discipline that applies data, modelling and simulation to support drug development and clinical decision-making. Under the collaboration, Novo Nordisk GBS will provide financial support of ₹1.75 crore over five years to enhance specialised talent development, research capacity and advanced infrastructure in quantitative drug development. As drug discovery and development become increasingly data-driven, pharmacometrics has emerged as a critical discipline for optimising clinical trial design, understanding treatment responses across patient populations and enabling informed decisions throughout the drug development lifecycle. A major component of the collaboration is the establishment of an advanced pharmacometrics computing facility at the Manipal College of Pharmaceutical Sciences (MCOPS), Manipal. The facility will strengthen research, training and scientific collaboration in quantitative drug development while providing researchers with access to advanced computational resources. The initiative will also support one full-time PhD scholar and one post-doctoral fellow every year. In addition, MCOPS will introduce four to six specialised learning modules under the theme ‘Innovation for quantitative drug development’. The curriculum will include model-informed drug development, systems modelling approaches and translational frameworks for emerging therapeutic modalities, including cell and gene therapies and multi-specific therapies. Quoting John Dawber, Vice President and Managing Director of Novo Nordisk GBS, a media statement said: “India has become an increasingly important part of Novo Nordisk’s global value creation engine, and our GBS in Bengaluru continues to play an extensive role across our value chain. Through this collaboration with MAHE, we aim to build the next layer of specialised capability in pharmacometrics and quantitative sciences, which is not only essential for India but also connects with our global teams and strengthens our support for R&D across Novo Nordisk. This collaboration brings together exceptional talent, strong academic partnerships and real business challenges so that the work undertaken here delivers meaningful value for our colleagues, the wider Novo Nordisk GBS ecosystem and, ultimately, patients around the world.” Sharath K Rao, Vice-Chancellor of MAHE, said: “This collaboration marks an important milestone in advancing research and training in one of the fastest-growing areas of pharmaceutical sciences. By combining academic excellence with industry expertise, we will strengthen India’s capabilities in pharmacometrics, create opportunities for cutting-edge research and prepare the next generation of scientists to contribute to global drug development.” Through this expanded collaboration, MAHE and Novo Nordisk GBS aim to build a strong ecosystem for pharmacometrics research, accelerate innovation in quantitative drug development and contribute to improving healthcare outcomes globally, the statement added. 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.

MAHE and Novo Nordisk GBS expand collaboration in pharmacometrics
Asia-Pacific
The Straits Times

From supplier to roaster: How Kim Guan Guan Coffee founder took control of quality

Kim Guan Guan Coffee founder Jason Soon (left) with his son Nigel Soon, who heads the company’s consumer-focused brand Kim’s Duet. Sign up for ST InvestMe and unlock full access to exclusive insights and financial literacy courses today. SINGAPORE – Jason Soon was fresh out of national service when a relative asked if he was keen to start a business selling coffee powder. He was, given the booming coffee shop scene then. In 1988, he started Kim Guan Guan Coffee, which began by supplying Singapore traditional coffee powder to food and beverage outlets. He started by buying robusta beans from small roasters in Indonesia, grinding them to powder before selling the powder to coffee shops, hawker centres, foodcourts and canteens. As he did not have any connections, he went door to door to get sales. But two years into the game, the business faced financial challenges and his business partner left. Innovation, hard work and grit helped Soon, 59, take the company from a mere coffee supplier to a coffee roastery and consumer brand offering a range of drinks today. It now supplies coffee to more than 1,500 F&B businesses primarily in Singapore, and also sells coffee products and other beverages directly to consumers on online platforms such as Shopee. Soon says: “Those years were defined by 16-hour days. I handled everything from grinding to sales to accounting, slowly building our client base one customer at a time. “But the challenges kept coming. I encountered inconsistent bean quality, customer complaints, lost accounts and declining revenue. It became clear that if I wanted to deliver the standard my clients deserved, I needed to control the roasting myself. The problem was, I had no knowledge of roasting.” He adds: “We also identified a growing gap. Authentic Nanyang coffee is deeply loved, yet beyond the kopitiam, it remains less accessible in pure ground formats for consumers to easily recreate at home.” Soon, who has an O-level certificate, decided to learn about traditional Nanyang coffee from the ground up. He managed to lay his hands on a roaster and dedicated himself to mastering the craft.

From supplier to roaster: How Kim Guan Guan Coffee founder took control of quality