Latest Developments

Asia
The Hindu BusinessLine

Adani Defence breaks ground for ₹2,500 cr complex for medium- & long-range missile systems in Madhya Pradesh

Adani Defence & Aerospace on Sunday broke ground for a ₹2,500-crore integrated manufacturing ecosystem for medium- and long-range missile systems at Shivpuri in Madhya Pradesh, which the company said will be South Asia’s largest private-sector missile manufacturing complex. The integrated facility will manufacture medium- and long-range missile systems while also producing critical inputs such as composite propellants, TNT and explosive-grade materials under one roof—a first for India’s private sector, according to the company. The project, which is expected to be completed over the next three years, will create around 5,000 direct and indirect jobs while supporting more than 50 MSMEs that will form part of the specialised defence manufacturing supply chain. “We have gathered here today for a landmark occasion – laying the foundation of South Asia’s largest private-sector missile ecosystem. This facility will bring raw materials and mission-ready missiles under one roof—a historic first outside the public sector,” Jeet Adani, Director at Adani Airport Holdings Ltd, said at the groundbreaking ceremony in Madhya Pradesh. Calling Shivpuri the company’s “next giant leap” in defence manufacturing, Jeet Adani said the group is working closely with the Defence Research and Development Organisation (DRDO) and the Indian armed forces to deepen indigenous capabilities and reduce dependence on imported weapon systems. “Shivpuri is the next giant leap in that journey as we bring a full-range, integrated missile ecosystem to manufacture medium- and long-range missile systems, replacing foreign dependency with domestic power. But we are going deeper than just assembly. We are establishing composite propellant manufacturing as well as TNT and explosive-grade material production,” he said. The Shivpuri project expands Adani Defence & Aerospace’s manufacturing footprint, which currently spans facilities in Kanpur, Gwalior and Hyderabad. The Kanpur facility, spread over 500 acres, is being developed as South Asia’s largest integrated ammunition manufacturing complex, producing small-, medium- and large-calibre ammunition for the armed forces, paramilitary forces, police and export markets. The Hyderabad Aerospace Park houses India’s first private-sector final assembly line for military-grade unmanned systems and a private-sector surface-to-air missile (SAM) complex, while the Gwalior facility manufactures a range of small arms for domestic and international markets. Jeet Adani said the Gwalior complex has already delivered 2,000 indigenously manufactured Prahar Light Machine Guns (LMGs) to the Indian Armed Forces, completing the order 11 months ahead of schedule. According to the FY26 annual report of Adani Enterprises Ltd, Adani Defence & Aerospace has expanded its portfolio across small arms, ammunition, unmanned aerial vehicles (UAVs), counter-drone systems, missiles and aircraft services, supported by AI- and machine learning-driven technologies. The company said its Arka MANPADS, SkyStriker and Agnikaa loitering munitions, along with the Drishti-10 UAV, were deployed during Operation Sindoor. Beyond manufacturing, the company has established a defence R&D centre in Delhi focused on artillery systems, unmanned platforms and missile technologies. It has also expanded into aircraft maintenance, repair and overhaul (MRO) and flight training through the acquisitions of Air Works, Indamer Technics and Flight Simulation Technique Centre (FSTC). The event on Sunday was attended by Union Communications Minister Jyotiraditya Scindia, Madhya Pradesh Chief Minister Mohan Yadav, Adani Ports and SEZ Managing Director Karan Adani and senior executives of the Adani Group. 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.

Adani Defence breaks ground for ₹2,500 cr complex for medium- & long-range missile systems in Madhya Pradesh
Asia
The Hindu BusinessLine

Monsoon reloads as depression threatens to drench North-West India next

Massive parcels of brooding thunderclouds storms into Central and North-West India on Sunday afternoon signalling exceptionally heavy rainfall as a causative monsoon depression churned in the Bay of Bengal. | Photo Credit: www.meteologix.com/in The monsoon has shifted into a higher gear with the season’s first depression forming over the north-west Bay of Bengal, promising a prolonged spell of heavy to very heavy rain across Odisha, West Bengal and adjoining Chhattisgarh before spreading its influence deep into Central India, West India and North-West India. On Sunday afternoon, the India Meteorological Department (IMD) located the depression about 50 km south-southeast of Balasore, 60 km north-east of Chandbali, and 60 km south-southwest of Digha, unchanged from morning. Its proximity to the coast may limit further intensification, but not its rain-making power. If anything, the opposite may happen. The system is expected to move slowly, allowing it to draw a steady stream of moisture from the Bay and continuously feed the monsoon trough. That should keep the rain engine running through the week. The IMD expects the depression to cross the north Odisha coast between Chandbali and Digha, close to Balasore, on Monday. Weather models indicate the system may gradually weaken inland before interacting with an approaching western disturbance. The rare east-west coupling is likely to unleash another round of heavy rain over already waterlogged parts of West Madhya Pradesh, Gujarat and the Konkan, including Mumbai, early this week. The pounding is expected to last until Thursday, by when the monsoon is likely to complete its advance over remaining parts of Rajasthan, covering the entire country. The rain revival has already made a dramatic dent in the seasonal shortfall. The rainfall deficit over the monsoon core zone of Central India has shrunk by nearly 17 percentage points in less than a week to 23 per cent below normal, while the all-India deficit has narrowed by 13 percentage points to 27 per cent below normal. The gap is expected to close further before stabilising. Beyond this week, the rain belt is forecast to shift north towards the Himalayan foothills, allowing deficits to build again over parts of Central India as rainfall there tapers off. The IMD said conditions remain favourable for the monsoon to advance into remaining parts of Haryana and Punjab and more areas of Rajasthan, including West Rajasthan, over next three days. Thereafter, rainfall is expected to ease across much of Peninsular India and the west coast, while focus shifts to the North-East, Bihar, Uttar Pradesh, Uttarakhand, Himachal Pradesh and Jammu-Kashmir-Ladakh, leaving Central India with only scattered, incidental showers. 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.

Monsoon reloads as depression threatens to drench North-West India next
Europe
The Guardian

Spirit airlines is dead and a bus travel boom looks likely – but will Greyhounds ever be cool again?

‘We get this question all of the time: how can we make buses cool again?’ Photograph: Emanuel Tanjala/AlamyView image in fullscreen‘We get this question all of the time: how can we make buses cool again?’ Photograph: Emanuel Tanjala/AlamyUS newsSpirit airlines is dead and a bus travel boom looks likely – but will Greyhounds ever be cool again?For most Americans, riding a bus means abandoning expectations of basic dignity – but with an increase in ridership, that could change Alaina DemopoulosSun 28 Jun 2026 08.00 EDTLast modified on Sun 28 Jun 2026 11.09 EDTSharePrefer the Guardian on Google“It’s a grueling experience,” Greyhound bus enthusiast Miles Taylor explains. “You’re not treated very well. Everyone is yelling at you the entire time. When the bus is late, they blame you for it, like somehow you’ve done something wrong. You just get screamed at for wanting to know what’s going on, because no one says anything.” Taylor is obsessed with public transit. “I never really grew out of my little boy train phase,” the 26-year-old said. He works as a scheduler for Boston’s MBTA and runs a popular YouTube account documenting the bus trips he takes for fun in his spare time. Taylor traveled across the country by Greyhound twice; a Boston to Seattle route took 104 hours. But even he admits that America’s bus system is far from luxurious – or even comfortable. But for many it remains the only option. This week, the Wall Street Journal reported that Greyhound owes at least some of this uptick to the recent shuttering of Spirit Airlines. The low-cost carrier was once famously known as “the Greyhound of the skies,” shuttling passengers on the cheap, with absolutely no frills. View image in fullscreenA Greyhound bus in Canada. Photograph: Lloyd Sutton/AlamyAccording to the outlet, after Spirit closed, search activity for Greyhound rose 20% from the previous year. Greyhound routes that overlap with former Spirit flights have seen a 30% increase in passengers. We could be on the verge of a boom in bus travel. For most Americans, riding a Greyhound bus means abandoning many expectations of basic dignity. Passengers endure delays, and often have to wait for buses on the side of the road or at a dilapidated station. The onboard toilets rarely work and usually smell; the stranger sitting next to you may very well fall asleep on your shoulder. But in the US, a country that lags behind most developed nations for public transit infrastructure, intercity bus travel is one of the only affordable ways to get around without a car. Taylor calls Greyhound “kind of a last resort for folks”. Greyhound began as a seven-passenger car service shuttling Minnesota miners to and from work in 1914. The brand, and bus riding in general, was once a romanticised form of travel touted as an exciting way to view the American landscape. Frank Capra’s 1934 screwball comedy It Happened One Night featured its leads Clark Gable and Claudette Colbert falling in love on a Greyhound from Florida to New York. The shuttles were also a symbol of the civil rights movement, when activists rode buses into southern states to protest racial segregation. But as plane travel became cheaper, Greyhound service became neglected – with stations and buses falling into disrepair. In the early 2000s, Greyhound had filed for bankruptcy twice. After changing hands a couple of times, the buses are now owned by the German brand Flix, which operates in over 40 countries. After a storied history, the buses are now viewed by most Americans as a cheap, but incredibly unreliable, way to travel. View image in fullscreenA group of civil rights demonstrators during the March on Washington on 28 August 1963. Photograph: Estate of Roosevelt H Carter/Getty ImagesBut could that be changing? Researchers predict that bus ridership could grow 4% this year, eclipsing forecasts for the airline industry. Is there a way to make it an experience to enjoy, rather than one to endure? “The biggest driver [of this increase] is the current economics of the US,” said Kate Thompson, a vice-president at the travel search platform Wanderu. “The price of flights has increased year-to-date roughly 27%, whereas bus and train tickets have only increased around 4%. People are going to gravitate toward the average bus ticket price of $53 versus a $500 plane ticket.” Along with that, a growing number of Americans do not have drivers’ licenses. Data from the Department of Transportation shows that the number of licensed 16-year-olds has dropped 27% since 2000. “We get this question all of the time: how can we make buses cool again?” Thompson said. “It comes down to comfortability. You need to be as comfortable as you would be on a flight.”

Spirit airlines is dead and a bus travel boom looks likely – but will Greyhounds ever be cool again?
Europe
The Guardian

When it comes to taxing the super rich, there’s no need to reinvent the wheel

Supporters hold signs advocating for the Billionaire Tax Now coalition in Los Angeles, California, on 27 April 2026. Photograph: Bloomberg/Getty ImagesView image in fullscreenSupporters hold signs advocating for the Billionaire Tax Now coalition in Los Angeles, California, on 27 April 2026. Photograph: Bloomberg/Getty ImagesUS income inequalityAnalysisWhen it comes to taxing the super rich, there’s no need to reinvent the wheelEduardo PorterAny new tax on the rich won’t raise much money unless many of the exceptions and loopholes are dealt with In this new era of rampaging oligarchs, nothing may seem as satisfying as slapping a tax on Elon Musk’s new trillion-dollar fortune. What most bothers Americans about federal taxes is that billionaires don’t pay their fair share. As the race to develop artificial intelligence mints more billionaires, policymakers’ temptation to directly tax their brobdingnagian wealth is becoming unbearable. The first state out of the blocks is California, where voters in November will decide whether to impose a one-time tax of 5% on fortunes worth more than $1bn. Given the ease with which plutocrats avoid paying income taxes, the case for this sort of direct tax on their stash appears unassailable. The US government needs money for all sorts of reasons, starting with the imperative to restore one of the rich world’s most meager social safety nets and do more to mitigate America’s mushrooming income inequality. Increasing demands on the safety net by an ageing population will require considerably more money. And the prospect of an AI-laced economy with little human income to tax argues for efforts to find other sources of revenue. And yet deploying a newfangled wealth tax that has been largely abandoned across the world’s industrialized nations could actually put at risk the prospect of building the more capable state the US needs, draining political capital that would be best used to restore the decimated array of taxes it already uses. Just consider that in 2024 the richest 1% of Americans paid, on average, about 31.5% of their income in federal taxes and about 7.2% in state and local taxes. That is more than eight percentage points less than what they paid at the turn of the century. Considering that the top 1% report a total adjusted gross income of over $3tn, those eight points could add up to nearly $300bn of additional tax revenue per year. Raising more money is not particularly complicated, from a technical perspective. Rather than taxing wealth or raising income tax rates sky-high, it can be done by closing the elaborate array of holes that have been drilled into the current tax schedule by offering preferential tax treatment to specific types of income, reducing at every step the plutocracy’s tax liability. A recent analysis from the Yale Budget lab finds that the effective tax rate on the top 1% of earners can be anywhere between 45% and a miserly 3%, depending on how they make a living. A straightforward way to increase tax revenues is to restore some fairness to a system that allows vast discrepancies in the ways different forms of income are taxed. In 2024, only three of the advanced economies in the Organization for Economic Cooperation and Development (OECD) – those of Norway, Spain and Switzerland – collected any revenue from recurrent wealth taxes. That is down from 12 countries in 1990. And none of the four collect much. In 2024, only the Swiss raised more than 1% of GDP. There are practical problems with wealth taxes, starting with how to value certain types of wealth, such as a privately held business, and how to tax owners who may not own liquid assets to meet obligations. Wealth taxes have been found to encourage capital flight and discourage entrepreneurship. They tend to penalize people with safer investments, which have low returns. An OECD study concluded that “from both an efficiency and equity perspective, there are limited arguments for having a net wealth tax in addition to broad-based personal capital income taxes and well-designed inheritance and gift taxes”. Moreover, taxing wealth is politically perilous, raising the objection that it amounts to double taxation: a tax on savings from income that has already been taxed. There are better tested ways to tax capital, though, starting with the estate tax, which has been eviscerated by multiple “reforms” over the last 25 years. In 1972, 6.5% of decedents paid estate taxes. By 2021, the share had fallen to less than 0.1%. The revenue it generated dropped from 0.4% to 0.08% of GDP, despite the massive accumulation of inheritable wealth over the period.

When it comes to taxing the super rich, there’s no need to reinvent the wheel
Europe
BBC Business

Got the tennis bug? How to play sport without paying

ByKevin PeacheyCost of living correspondentPublished4 hours agoAs fans queue up at Wimbledon in the hope of securing a ticket to watch some of the biggest names in sport, many tennis lovers face another challenge. Trying to book a court to play at this time of year can be as hard as returning a professonal tennis player's serve. And families trying to be healthy, active and entertained by any sports often face another hurdle - money. "Record numbers of adults and children are active, and cost should never be a barrier," says Simon Hayes, chief executive of Sport England, which is responsible for growing participation in grassroots sport. "But the reality is that for many people and families, amid rising bills, it's increasingly a concern - particularly in the communities which face the greatest challenges. Image source, Getty ImagesFootball - with the men's World Cup currently giving it unrivalled prominence - is often held up as a mass participation sport because it is so cheap to play. However, the well-versed ball and jumpers for goalposts claims may ignore the cost to families of kit, club fees and transport to matches. Tennis has faced a more complex reputation, with some considering it to have been an elitist sport. But anyone wanting to try tennis, without the costs of hiring a court or any of the equipment, can attend free sessions - often on Saturday mornings - as part of a Lawn Tennis Association scheme. Anyone can search for a park near you running the sessions, external, although not every area of the UK is covered. Beyond tennis, there are a host of leisure centres which offer free fitness class taster sessions, external. Cricket is another high-profile summer sport. The Chance to Shine charity runs hundreds of free street cricket sessions, external around the country throughout the year - often within walking distance of children living in poorer areas.

Got the tennis bug? How to play sport without paying
North America
CNBC Finance

JPMorgan Chase unveils $50 billion buyback, Goldman Sachs raises dividend after Fed stress test

JPMorgan Chase on Wednesday unveiled a new $50 billion share repurchase program and raised its quarterly dividend after the Federal Reserve found the industry remained well capitalized under its annual stress test. The biggest U.S. bank by assets said it will increase its quarterly dividend 10% to $1.65 per share, subject to board approval, and authorized the buyback program effective July 1. "The Board's intended dividend increase is supported by our consistent investment in our business and strong financial performance," JPMorgan CEO Jamie Dimon said in a statement. "As always, we are prepared for a wide range of scenarios, including the hypothetical 2026 supervisory severely adverse scenario." Goldman Sachs likewise increased its quarterly payouts, saying that its dividend will rise 11% to $5 per share, citing the firm's strong earnings and capital position. Wells Fargo said it expects to raise its dividend by 11% to 50 cents per share, while Morgan Stanley boosted its payout 15% to $1.15 per share, while also reauthorizing a $20 billion buyback program. Bank of America CEO Brian Moynihan said in a statement that the bank will make an announcement on the firm's dividend next month. The announcements followed the release of the Federal Reserve's annual stress test, which found that all 32 large banks remained above their minimum capital requirements even after a hypothetical recession generating more than $708 billion in projected losses across the industry. Unlike in previous years, however, the results will not affect banks' capital requirements. The Fed said earlier this year it would keep stress capital buffers unchanged through 2027 while it overhauls the testing methodology, meaning banks entered Wednesday with a clear understanding of their capital requirements. While analysts had expected the exercise to have little immediate impact, in a sign of confidence, banks opted to proceed with payout increases, despite the regulatory limbo. In a note ahead of the results, KBW described this year's stress test as "going through the motions," arguing that investors are more focused on the pending Basel III Endgame proposal expected later this year than on the Fed's annual exercise. 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.

JPMorgan Chase unveils $50 billion buyback, Goldman Sachs raises dividend after Fed stress test
North America
CNBC Finance

TikTok and YouTube are reinventing sports viewership. Broadcasters are taking note

As the New York Knicks clinched their first championship in 53 years and the NBA notched its highest Finals series ratings since 1998, professional basketball was inking another record. The five-game series between the Knicks and the San Antonio Spurs generated "15 billion views and counting on social media, the most ever for an NBA Finals and nearly triple the previous record set in 2025," according to the NBA. Game 5 alone generated more than 4 billion views on social media platforms, breaking the record set three days prior by Game 4. It's emblematic of an intensifying battleground in live sports as professional leagues seek to reach new and younger fans and media consumption shifts online. TV and streaming platforms have been attracting some of the biggest audiences for live sports this year. The NBA Finals series claimed an average of 20.6 million viewers per game on Disney's ABC and ESPN networks. And yet social platforms like TikTok and Google's YouTube are claiming a disproportionate amount of viewing time for Generations Z and Alpha — often at no cost. That's left the sports leagues and live rights holders weighing whether to go all in on social as a funnel for future audiences or to reinforce the walled garden of subscription programming to offset rising broadcast fees. "It's always a question of what the leagues are doing versus what the rights holders want to do," said Jonathan Miller, a former Fox Corp. and NBA executive who currently serves as chief executive of Integrated Media, which specializes in digital media investments. "Reaching and cultivating the youth sports base is a major priority and focus of the leagues themselves," Miller said. "In today's fragmented landscape, it is no longer a luxury to have a young base, it is a necessity to ensure a healthy future." For years YouTube has snagged the biggest share of streaming viewership, according to Nielsen's monthly report known as "The Gauge." Rather than watching live games in their entirety, consumers are increasingly watching sports clips, highlights, athlete-made videos and creator content on social platforms. According to S&P Global's 2025 "State of U.S. sports viewing" report, 68% of sports viewers reported watching live games on TV or through streaming; 38% reported watching highlights, interviews and other clips on social media, YouTube and other platforms; and 12% said they interact with social media accounts or fan forums for professional players, teams or leagues. "What we're seeing today is the evolution of consumption," said Adam Kelly, president of global sports marketing agency IMG. The TKO Group-owned firm packages and sells media rights and brand rights as well as providing consultancy on some of the biggest TV deals globally.

TikTok and YouTube are reinventing sports viewership. Broadcasters are taking note
Asia
The Economic Times

Equity mutual funds delivered up to 8% return last week; international funds led. Check top 10 performers

Equity mutual funds delivered up to 8% return last week (June 29 to July 4), with sectoral and thematic funds leading the return chart, particularly international funds. Here are the top 10 performers (Source: ACE MF) Nippon India Taiwan Equity Fund, an international fund, delivered the highest return of around 7.86% in the said time period. Edelweiss US Technology Equity FOF and Motilal Oswal Digital India Fund delivered returns of 4.91% and 4.72%, respectively, in the said period. Edelweiss Europe Dynamic Equity Offshore Fund, an international fund, delivered a return of 4.20% in the said time period. Axis Greater China Equity FoF and Edelweiss Greater China Equity Offshore Fund gave 4.20% and 4.12% returns, respectively, in the said time period. HDFC Consumption Fund, a consumption theme-based fund, delivered a return of 3.80% in the said time period. Nippon India Japan Equity Fund, an international fund, delivered a return of 3.44% in the said time period. The other 599 funds in the said time period delivered returns ranging between 2.73% and 3.41% in the same time period.

Equity mutual funds delivered up to 8% return last week; international funds led. Check top 10 performers
Europe
The Guardian

Elizabeth Warren says ‘tsunami of anger’ could prompt reversal of Trump era mega mergers

Elizabeth Warren alongside Chuck Schumer at the US Capitol on Wednesday. Photograph: Douliery Olivier/ABACA/ShutterstockView image in fullscreenElizabeth Warren alongside Chuck Schumer at the US Capitol on Wednesday. Photograph: Douliery Olivier/ABACA/ShutterstockElizabeth WarrenElizabeth Warren says ‘tsunami of anger’ could prompt reversal of Trump-era mega mergersExclusive: US Senator suggests architects behind ‘frenzy’ of blockbuster corporate deals have ‘badly miscalculated’ Democratic senator Elizabeth Warren has warned that corporate mergers approved by the Trump administration – including a pending deal that would put two of America’s largest news outlets under the control of a family sympathetic to the president – could be undone by a future administration. “After 2028, we’ll have new players in Washington, and everyone who’s engaged in this merger frenzy right now is aware of that,” Warren said in an interview. “The deals that are being cut today are occurring in the shadow of a coming political tsunami of anger against these giant corporations that think they can mow through one industry after another and run up prices and suck out profits and never be held accountable.” “By 2028” – the year of the next presidential election – “they may find out they have badly miscalculated,” Warren said. The Massachusetts senator’s comments come after the justice department earlier this month approved the $111bn merger of Warner Bros Discovery, the parent company of CNN and HBO, and Paramount Skydance, which includes CBS News and is controlled by the Ellison family. The deal has prompted concerns that Larry Ellison, a longtime associate of Donald Trump, and his son, David, could reorient CNN’s coverage to be favorable to the president. After gaining control of CBS News in the merger last year that created Paramount Skydance, David Ellison appointed as editor-in-chief Bari Weiss, a conservative commentator who had no experience in television. The news network has since been plagued by allegations of political bias, including at 60 Minutes, the most watched show in television news. At CNN, the looming prospect of the Ellisons gaining control of that network and potentially installing Weiss in a leadership role has sparked concerns inside the network. Warren warned that if the networks are indeed combined under the Ellisons, it would mean “there’s one ultimate decision-maker who decides what’s important and what’s not” at two of the country’s biggest news outlets. “A bigger problem is that Ellison himself wants to inject a tilt into the news, and that means, where Americans turn for news, they can depend less and less on hearing independent, unbiased reports, and increasingly hearing a predigested version of the world that is comfortable for the new management of these news outfits,” she said. State attorneys general have reportedly planned a lawsuit over the deal, but have yet to announce it. Warren said she “wouldn’t draw a lot of inferences” from the delay, because bringing such a case requires significant resources and coordination among states as they decide “how they’re going to to pool their efforts to go up against a giant like Ellison”. Beyond media, the Trump administration has also approved Nippon Steel’s $14.9bn acquisition of US Steel; Omnicom’s $13.5bn acquisition of Interpublic to create the world’s largest advertising agency; and a $35bn deal between Capital One and Discover Financial.

Elizabeth Warren says ‘tsunami of anger’ could prompt reversal of Trump era mega mergers