Europe
BBC Business

Will Andy Burnham's devolution plan raise economic growth?

Image source, Getty ImagesByBen ChuPolicy & Analysis Correspondent, BBC VerifyPublished8 hours agoAndy Burnham promised the "biggest rebalancing of power our country has seen" as part of his plans for the UK if he becomes the next prime minister. In his first major policy speech, Burnham said on Monday he would seek to take power away from Whitehall and devolve it to all parts of the UK. This would include Greater Manchester and other city regions in England. But the former Mayor of the Greater Manchester Combined Authority also said he would further extend devolution in Scotland, Wales and Northern Ireland - though not giving detail - and also promised to give Greater London more devolved powers. Burnham, who was sworn in as the new MP for Makerfield last week, said this radical devolution of power was essential for delivering higher economic growth in all parts of the UK. "We will never get growth up to the level Britain needs unless every single postcode in the land is set up to contribute to it," he said. BBC Verify has looked at what impact further devolution could be expected to have on economic growth across the UK. Scotland has had extensive devolution, with the Scottish parliament now holding powers covering health, education, local government, environment, justice and policing. Holyrood also has powers to set most income tax rates (although not the level of the tax-free personal allowance) and has some control over welfare. The Welsh Senedd's devolution powers are more limited compared with Scotland, though it does include running the NHS in Wales, education, local government and housing. The Senedd also has some tax powers, including the ability to to vary income tax rates. But, unlike Scotland, it has no justice or policing powers. Under the terms of the 1998 Good Friday Agreement, the Northern Ireland Assembly has significant devolved powers, including over health, education and housing. There has also been some devolution, external to English city regions over the past decade, albeit less extensive than for Scotland, Wales and Northern Ireland. Manchester has some of the most extensive devolved powers of any of the English city regions, with some authority over transport, housing, skills and health spending.

Will Andy Burnham's devolution plan raise economic growth?
Asia
The Hindu BusinessLine

Oil, gas tankers cross Hormuz via Oman-Side route after u-turns

Oil and gas shipping along a US-protected corridor in the Strait of Hormuz showed signs of recovering Sunday, a day after a batch of vessels performed unexplained U-turns and detours in the vital energy corridor. Six oil and gas freighters were observed navigating on a route that cleaves close to Oman’s coast. Those are only what’s observable, with many ships known to sail through with their transponders off to avoid digital detection. Western navies continue to say that, while traffic continues, the threat risk is “substantial” and that the center of the strait has been mined. Two other small tankers exited the Persian Gulf by sailing closer to Iran. The oil market is fixated on what’s moving through Hormuz and how, a task that’s become tougher because of ships trying to avoid the attentions of Iran’s military as they come and go. Over Friday and Saturday, at least eight vessels were seen U-turning as they sailed through along the Omani route. Four of them subsequently went on to sail northward toward the Iranian route, and exited the strait. Of the U-turners, at least one fuel tanker appeared to be making a fresh attempt to transit on Sunday, sailing past the tip of Oman’s Musandam peninsula. Another products tanker transited along the same route earlier, openly signaling its intentions, and is now broadcasting a location in the Gulf of Oman. Others are opting to cross in the dark, popping up once clear of the waterway. One Suezmax crude carrier appeared in the Gulf of Oman on Sunday after last broadcasting from within the Persian Gulf on Saturday. There was no immediate explanation for the ships that turned back on Friday and Saturday, though Iran has repeatedly said that vessels should only transit the strait through the route designated and authorized by the Islamic Republic. Naval liaison groups have yet to comment on the abrupt U-turns, although the Joint Maritime Intelligence Center repeated on Sunday that Iranian forces continue to harass shipping. On Saturday, 19 vessels crossed the Strait of Hormuz in either direction, but only one openly signaled its inbound transit along the Omani coast, Kpler data show. That compares with Friday’s count of 13 along the route. This tally includes only observed transits, and figures may change as more dark crossings — made without transponders switched on — are verified. For much of the war, several ships attempting to leave the Persian Gulf through Hormuz have reported warnings by Iranian forces over radio communications, saying that they should not proceed without getting Tehran’s permission. Iran has fired on some of the vessels that sailed on. Tanker companies have been struggling with the stop-start reopening of Hormuz. Their willingness to take on the risk of crossing the narrow waterway is crucial for the normalization of the oil market, still recovering from a historic four-month crisis. 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.

Oil, gas tankers cross Hormuz via Oman-Side route after u-turns
Asia
The Hindu BusinessLine

Asian shares rise on tech, oil slips after OPEC: Markets wrap

Asian shares advanced and US equity-index futures held onto Friday’s gains as technology stocks extended their rebound. Oil edged lower. MSCI’s Asia Pacific Index climbed 0.5 per cent, with more than two shares rising for every one that declined in the gauge. The Kospi Index advanced 2.2 per cent, ahead of this week’s $29 billion US listing for SK Hynix Inc. Elsewhere, equity-index futures for Wall Street gauges held their gains from Friday, when the US markets were shut for a holiday. Futures for the S&P 500 Index rose 0.5 per cent, while those for the Nasdaq 100 climbed 1.4 per cent. Oil slipped as energy flows through the Strait of Hormuz persisted and OPEC+ signalled higher supplies. Brent slipped 0.3 per cent to $71.88 a barrel as shipping through the US-protected corridor in the waterway showed signs of recovering. OPEC+ members also backed another modest rise in collective quotas for next month. Markets entered the second half of the year on a cautious footing as investors weigh the fallout from the Iran war’s energy shock and whether the AI-driven rally can be sustained. Following last week’s recovery from a two-day rout in chipmakers, attention has shifted to earnings season for signs that massive spending on AI infrastructure is translating into profits. “Tech stocks and tech-heavy indices in the US and Asia have entered a period of consolidation ahead of the Q2 earnings season,” said Tony Sycamore, an analyst at IG Markets in Sydney. In other corners of the market, gold gave up its initial gains to trade around $4,175 an ounce. Silver rose 0.4 per cent to about $62.66 an ounce. Meanwhile, Goldman Sachs Group Inc. revised its yen forecast to 165 per dollar in a year’s time from 155 previously. The Japanese currency traded at 161.45 to the greenback in early Asian trading, while the dollar was steady. “The broader macro backdrop of higher-for-longer US yields, low recession risk, lingering fiscal concerns, and only gradual BOJ hikes strongly argues for continued depreciation pressure on the currency,” strategists including Kamakshya Trivedi wrote in a note. In forex, the won is also in focus. The Korean currency was steady after rebounding late Friday from its weakest level against the dollar since 2009 after a person familiar with the matter said the nation’s officials were preparing for currency flows related to SK Hynix’s offering of American depositary receipts. The move to 24-hour trading for the currency is the centerpiece of Seoul’s years-long push to improve foreign investors’ access to local markets and bolster the case for an upgrade to MSCI Inc.’s developed-market index. Treasuries were steady as cash trading resumed following Friday’s holiday. The US bond market faces a test of investor demand for longer-dated maturities this week, with auctions of 10- and 30-year Treasuries highlighting an otherwise light week for economic events.

Asian shares rise on tech, oil slips after OPEC: Markets wrap
North America
CNBC Finance

Luxury spending now driven by experiences and 'inheritourism'

Luxury spending is expected to rebound this year, driven mainly by experiences rather than luxury goods, according to a new study. After two years of declines, luxury goods sales are expected to grow between 1% and 4% in 2026, according to a report from Bain & Co. and Altagamma. Personal luxury goods sales are projected to reach between 365 billion euros and 373 billion euros (US$413.6 billion and US$422.7 billion) this year. The tensions in the Middle East continue to dampen sales. Dubai, United Arab Emirates, was one of the fastest-growing luxury markets in the world before the Iran war but relies heavily on tourism and has yet to show signs of recovery. The report said that if the Middle East stabilizes and demand in China strengthens, luxury goods sales could post growth this year. The U.S. is now the leading country for luxury goods growth for the first time since 2021, according to the report. It said that growth in the U.S. is being driven in large part by aspirational consumers. At the same time, the priorities and spending of wealthy consumers around the world are shifting. The report said travel, events and dining experiences are becoming more important than buying status goods for show. While luxury goods sales are expected to grow between 1% and 4%, experiences are on track for growth of between 3% and 7% this year, the report said. Bookings in dining, leisure and entertainment are up around 30% this year. "What we're seeing across experiential luxury this year is resilience concentrated in the categories that offer something money can't easily replicate: time, access and meaning," said Claudia D'Arpizio, a senior partner at Bain & Co. "Luxury is increasingly about how people live rather than what they own." Trips to nontraditional and less crowded destinations are growing. "Immersive wayfaring," or bespoke, slow-travel experiences rooted in discoveries and traditions, are also growing more popular. Travel to nontraditional locations is up 20%, according to the report. The report also cites the rise in "inheritourism," in which wealthy families travel together and Gen Zers adopt the travel tastes and preferences of their parents. Cruises in particular are drawing many first-time buyers along with repeat customers. Fine dining and gourmet food are being driven by a "less-but-better" mindset, and fine arts are returning to growth. "Consumers aren't simply spending more; they're spending differently, in pursuit of moments that feel personal and authentic," D'Arpizio said. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Luxury spending now driven by experiences and 'inheritourism'
North America
CNBC Finance

GM reveals 2027 GMC Sierra pickup with new V-8 engines, redesigned styling

DETROIT – General Motors revealed its 2027 GMC Sierra 1500 pickup truck lineup on Thursday with new V-8 engine options and redesigned interior and exterior styling. The new GMC trucks are crucial to the automaker's sales and earnings, especially the highly profitable Denali luxury models and off-road AT4 models that represent roughly half of the vehicle's current sales, according to GM. Such models feature unique parts, accessories and amenities to boost pricing and profits for the company. GM said Thursday it's narrowing its model lineup for the next-generation Sierra to the Pro, Elevation, AT4, AT4X, Denali and Denali Ultimate. It's removing the mid-level SLE and SLT trims, which currently start at about $51,500 and $57,900, respectively. GM said pricing details as well as performance specifications will be released closer to when the vehicles go on sale late this year. Starting prices for the current Sierra 1500 lineup ranges from roughly $41,000 for an entry-level Pro to more than $86,000 for a Denali Ultimate. "With the next-generation Sierra 1500, we're bringing together a new generation of Small Block V8 power, precise off-road capability, and our most immersive cabin experience to date," said Michael MacPhee, vice president of GM's GMC and Buick brands, in a release. "The next-generation Sierra is the truck all others will be measured against." The new trucks come a week after the Detroit automaker unveiled updates to its Chevrolet Silverado 1500 pickup trucks, which are mechanical siblings to the GMC models. Most noticeably the GMC pickups are styled far differently than their Chevy brethren, including taking styling cues from the brand's all-electric Sierra pickup truck and featuring a new interior. The interior cabin comes with more storage, a sliding center console and a folding table or work surface — all made possible by moving the gear shifter from the center console to behind the steering wheel. It also features new technologies and more than 60 inches of available screens, including an 11.5-inch passenger-side screen that includes media and entertainment functions. Other significant changes are found under the hood. Like the Silverado models, the GMC pickups will include a new generation of the automaker's small block V-8 gas engines, available in 5.7-liter and 6.6-liter options. In addition to the V-8 engines, the GMC trucks will offer two six-cylinder engines, including a GM-exclusive diesel variant. GM's U.S. sales through the first half of this year are forecast to decline by roughly 7%, according to Cox Automotive. The overall market is expected to see sales fall roughly 3%, Cox said Wednesday. GM reported first-quarter sales were down 9.7% compared with a year earlier, with its GMC brand about level. Sales of the Sierra 1500 were down about 2% to nearly 51,900 units, while larger, heavy-duty models were off about 8% to roughly 24,500 units. Sales of the electric Sierra were up 3%, but remained under 1,300 units.

GM reveals 2027 GMC Sierra pickup with new V-8 engines, redesigned styling
Asia
The Hindu BusinessLine

Mumbai Weather & Rains Live: Red alert for parts of Maharashtra; 13 killed in last 3-4 days, says minister

Mumbai weather today, Mumbai rains live news updates: The India Meteorological Department (IMD) on Monday issued a ‘red’ alert for Mumbai, Thane and Raigad districts, forecasting heavy to very heavy rainfall accompanied by strong winds and appealed to people to avoid unnecessary travel. The MeT office upgraded the warning from ‘orange’ to ‘red’ alert in the morning after observing changes in weather conditions. It also predicted occasional strong winds gusting up to 70-80 kmph over the region. The neighbouring Palghar district has been placed under an ‘orange’ alert, with a forecast of heavy to very heavy rainfall at a few places and occasional strong winds of 70-80 kmph. Disaster Management Minister Girish Mahajan said Mumbai and neighbouring Palghar and Raigad districts have witnessed a record-breaking rainfall, and 13 persons were killed in rain-related incidents in the last three to four days. The rains have also caused widespread waterlogging, rail and road traffic disruption and the uprooting of hundreds of trees. Five flights headed to Mumbai were diverted due to heavy rain and bad weather as relentless rainfall continued to disrupt airport operations and normal life. Heavy rain disrupts Western Railway services, stranding over 20 long-distance trains and affecting 40+ train operations in Mumbai. Heavy rains in Chhattisgarh cause river flooding and disrupt life; IMD warns of continued extreme rainfall. Heavy rain and severe waterlogging paralysed Western Railway operations on Monday, leaving more than 20 long-distance trains stranded across various stations in Mumbai and south Gujarat, as tracks remained submerged. As more than 40 train services were affected by cancellations, diversions, and delays, railway authorities scrambled to assist stranded passengers and worked to restore connectivity on the Mumbai-Ahmedabad trunk route. According to Western Railway officials, train services were severely hampered by waterlogging, particularly between the Vasai Road-Virar and Saphale-Palghar sections. As of 1.50 pm, at least 22 long-distance trains were being regulated at various stations, including Virar, Vangaon, Palghar, Dahanu Road, and Valsad, they said.

Mumbai Weather & Rains Live: Red alert for parts of Maharashtra; 13 killed in last 3-4 days, says minister
Asia
The Hindu BusinessLine

WhatsApp gets more time to respond to Centre over username feature

Meta-owned WhatsApp has been given three more days to respond to the Centre’s notice over its proposed username feature and has assured the government that it will not roll out the feature in India until consultations are completed. | Photo Credit: Dado Ruvic Meta-owned WhatsApp has been granted more time to submit its response on the contentious ‘username’ feature and assured the government that it will not roll it out in India until discussions are complete, according to sources. The popular messaging platform has been given three more days to file its reply to the government notice on the controversial feature as it sought more time to submit its response, sources told PTI. The username feature essentially allows people on the messaging platform to communicate without sharing their phone numbers. Last Wednesday, the Centre issued a notice to Meta questioning the planned username feature on WhatsApp, flagging concerns that it could materially increase online fraud, phishing, digital arrest scams, and impersonation attacks. It directed the platform to pause the feature until consultations on the issue are completed “to the satisfaction of the Government”. Sources said WhatsApp has been given three more days to submit its reply to the IT Ministry. The original deadline for submission was Friday. According to sources, the platform has also assured the government that it will not roll out the feature till the discussions are complete. A team from Meta met officials in the IT Ministry last Friday, following the notice summoning them. In the notice, the Centre had asked Meta to explain why action shouldn’t be initiated under the IT Act and rules over WhatsApp’s new feature that may increase cybercrimes. The government also reminded Meta that WhatsApp, as a significant social media intermediary, is bound by due diligence obligations under the IT Act and rules. A WhatsApp spokesperson, last week, said that the ability to use a username is not yet live and will roll out slowly later this year.

WhatsApp gets more time to respond to Centre over username feature
Asia
The Hindu BusinessLine

Vayona Energy begins blade manufacturing operations at its Nellore facility in AP

Vayona Energy commenced blade manufacturing operations at its Nellore facility in Andhra Pradesh. The company is also set to scale-up manufacturing capacity and enhance operational capabilities at the blade facility to support future growth. The Nellore facility is poised to become a key manufacturing hub, supporting Vayona’s growth ambitions, advancing its technology roadmap, and reinforcing its commitment to the ‘Make in India’ mission. “The expansion of the Nellore facility strengthens our manufacturing footprint and demonstrates our long-term commitment to building world-class, locally integrated capabilities in India,’’ Prashant Jain, Executive Vice Chairman, Vayona Energy said in a release on Monday. Pritesh Vinay, Chief Executive Officer, Vayona Energy said: “The Nellore blade plant, together with our Mamandur nacelle facility, is a decisive step in building a fully integrated world class manufacturing base in India, for current as well as next generation of products.’’ Vayona’s manufacturing footprint in India will enable the company to accelerate delivery timelines, strengthen supply chain resilience, and support India’s transition towards sustainable energy solutions, the release added. The upgraded facility will produce blades for Vayona’s 3X platform and future-generation products. Investments will be phased through 2027, covering molds and supporting infrastructure required for blade manufacturing. The plant is expected to create around 1,500 jobs, supporting local economic growth and reinforcing the regional manufacturing ecosystem. 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.

Vayona Energy begins blade manufacturing operations at its Nellore facility in AP
Asia
The Hindu BusinessLine

Heavy rain disrupts Mumbai flights; five arrivals diverted to other airports

Five flights arriving at Mumbai airport were diverted to other facilities till 3:30pm on Monday due to bad weather in the metropolis, officials said.In a statement, the Mumbai International Airport said IndiGo flights 6E 595 (Raipur - Mumbai) and 6E 1340 (Singapore - Mumbai) were diverted to Hyderabad, while Akasa Air QP 1110 (Delhi - Mumbai) was diverted to Ahmedabad. Air India's AI 2772 ( Kolkata - Mumbai) and Oman Air's WY 203 (Muscat - Mumbai) were diverted to Bengaluru and Vadodara airports, respectively, the private airport operator said in the statement.Mumbai and its adjoining areas have been witnessing very heavy rains since the past few days, throwing normal life out of gear. 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.

Heavy rain disrupts Mumbai flights; five arrivals diverted to other airports