Latest Developments

Asia
The Hindu BusinessLine

Iran says Strait of Hormuz is closed after striking vessel using ‘unauthorised route’

Iran has declared the Strait of Hormuz closed once again after a vessel using an unauthorised route was hit by a warning shot, intensifying tensions despite a fragile ceasefire with the United States. (a file picture) | Photo Credit: KIM SOO-HYEON Iran said it considers the Strait of Hormuz closed once again after a vessel using an unauthorised route was struck by a warning shot in the critical waterway, further jeopardising the already tenuous ceasefire agreement with the United States. The White House and US military officials offered no immediate comment on the closure, nor did they say whether American retaliation could be coming. The announcement followed Iran and Oman's foreign ministers meeting on Saturday to discuss the strait that lies between them, after days of Iranian attacks on ships and U.S. retaliation that dealt a blow to the interim deal to end the war. Iran's new supreme leader, still unseen since the war began, vowed in his first statement since the funeral of his father, Ayatollah Ali Khamenei, that Iranians would avenge his killing in the war's opening strikes on February 28. Such revenge “is the will of our nation and must certainly be carried out,” Supreme Leader Mojtaba Khamenei said in a statement carried on state television, hours after US President Donald Trump threatened more missile attacks. Oman said it and Iran agreed to keep talking about the Strait of Hormuz “at the technical and political levels,” a day after the United States called on Iran to publicly say the crucial waterway is open and ships won't be attacked. Iranian Foreign Minister Abbas Araghchi said he met with his counterpart in Oman to discuss “appropriate mechanisms for ensuring the safe passage of ships.” The world for decades has considered the strait an international waterway. Iran has insisted that the strait now remain under its control and that it be allowed to charge ships moving through it, a stance it took after the war began. The US urges mariners to transit on a southern route through Oman's territorial waters. About a fifth of all traded oil and natural gas passed through the strait before the war began. Iran's grip on it during the war led to a global energy crisis, though oil prices have sharply dropped since wartime highs of USD 120 a barrel. Iran's top diplomat also accused the US of violating the interim deal by ending waivers allowing Iran to sell crude oil on the open market in US dollars. Washington ended them in response to the attacks on ships in the strait. A thousand "missiles are Locked and Loaded and aimed at the Islamic Republic of Iran, with thousands more to immediately follow, should the Iranian Government act on its threat," Trump wrote on social media overnight He said he was responding to threats "to assassinate, or attempt to assassinate" him. During Khamenei's funeral, mourners held posters or banners calling for Trump to be killed along with Israeli Prime Minister Benjamin Netanyahu. Trump has declared the ceasefire over but said the US would continue negotiations.

Iran says Strait of Hormuz is closed after striking vessel using ‘unauthorised route’
Europe
BBC Business

How much should you give to the year-end teacher collection?

Image source, Getty ImagesByLucy Hooker, Emer Moreau and Daniel Thomas, Business reportersPublished14 July 2026, 00:02 BSTUpdated 3 hours agoParents know the drill: as the end of summer term rolls in it's time to think about thank-yous for the teachers after another year of hard work and tested patience. But just how generous should you be? Is £5 too much? Or too little? And what about support staff like teaching assistants, canteen staff and librarians? With many parents strapped for cash and heading into the holidays, it's an extra expense to budget for and an awkward etiquette to negotiate. Plus, what used to be a simple matter of buying chocolate and writing a card has been overtaken by an organisational extravaganza, with class reps sending out a flurry of Whatsapps to drum up contributions, before passing round the collective card, and deciding on flowers, spa days, wine or vouchers. At her South East London primary school, collections have reached as much as £560, which is split between the teacher and teaching assistants. For a class of 30, that works out at more than £18 per child. On top of this, she says there are usually bake sales and ice cream sales in June and July to raise money for the school, as well as collections for support staff who are leaving or members of the PTA. The mother-of-two, who didn't want to share her name, said she and her partner "were not in an uncomfortable position" but still "feel the strain". "Sometimes you are asked to put money into someone's bank account and there's a lot of pressure there. You can't just put a few quid in or you'll seem tight." Teacher whip-rounds are a hot topic on the online forum Mumsnet, where they tend to divide opinion. In a recent thread, one parent spoke of the "insane" amount they were asked to give, while another said they felt pressured to contribute, especially if there was a class "Queen Bee" organising the collection. But others responding online said it was reasonable to give a sizeable amount, with one arguing that teachers were "woefully underpaid and undervalued". Even if you are contributing £10 each for three members of staff, that costs the same as taking the family out for coffee and pastries, they pointed out.

How much should you give to the year-end teacher collection?
Europe
BBC Business

South East Water must pay £30.5m for supply failures

South East Water must spend £30.5m on improvements after supply interruptions hit thousands of its customers across Kent and Sussex. Water regulator Ofwat said this follows the conclusion of three investigations into the company's repeated failures. The redress package will be paid for by the firm's shareholders and not through customer bills. A spokesperson for the water company said they were "incredibly sorry" for the historical supply disruptions for Kent and Sussex customers. "We know this caused significant disruption and anxiety, and we accept the failures identified by Ofwat," they said. "Our priority has been to ensure that the resolution of this investigation directly benefits those who suffered the most." Ofwat says the redress will include £5m to provide free water butts for households, £5m to bring forward smart metering to businesses and other non-household customers, and a further £5m for on-site storage to help manage the supply during peak demand. The regulator previously proposed a £22m fine for water supply failures between 2020 and 2023, which impacted more than 286,000 people. It launched a second probe at the start of this year after further supply interruptions in Tunbridge Wells and across Kent and Sussex between November and January, which left up to 70,000 homes without water. Customers were unable to access tap water, shower or flush their toilets during the supply issues between November and January. Schools were closed and some customers had to cancel work due to childcare issues as a result, while others had difficulty dealing with medical conditions, according to Ofwat. The watchdog found the company did not communicate "clearly and accurately" with customers quickly enough and did not provide those affected with adequate bottled water supplies.

South East Water must pay £30.5m for supply failures
Asia
The Hindu BusinessLine

Q1 Results Today Highlights: Jindal Saw Q1 PAT tumbles, LTTS profit up 13%, Tata Elxsi profit grows 18%

Business people using pen,tablet,notebook are planning a marketing plan to improve the quality of their sales in the future. istock photo for BL | Photo Credit: Jirapong Manustrong SG Finserve Q1 net profit rises to ₹43.68 crore; board approves evaluating a stake buy in Succesship Technologies and a GIFT City finance arm. Design and technology services provider Tata Elxsi on Tuesday reported an 18.17 per cent increase in net profit to Rs 170.59 crore during the June quarter of FY27, driven by growth in key verticals and strong deal execution. The company had posted a profit of Rs 144.36 crore in the same quarter of the preceding fiscal, according to a regulatory filing. Tata Elxsi’s revenue from operations rose 14.46 per cent to Rs 1,021.1 crore in Q1 FY27, compared to Rs 892.09 crore in Q1 FY26. On a quarter-on-quarter basis, the company’s revenue grew by 2.7 per cent. However, its net profit declined by 22.58 per cent. L&T Technology Services (LTTS) on Tuesday posted around 13 per cent increase in June quarter consolidated net profit at Rs 357 crore. The company had posted a net profit of Rs 316.1 crore in June quarter FY26, a regulatory filing said. Revenue from operations increased by 11.5 per cent to Rs 2,940 crore during the quarter from Rs 2,637.5 crore a year ago. “The strategic actions undertaken as part of our Lakshya 31 agenda are beginning to translate into tangible business outcomes, reflected in healthy quarterly growth and sustained margin improvement. EBIT margins improved 200 basis points year-over-year to 15.7 per cent,” CEO and Managing Director, Amit Chadha said. - PTI Manaksia Coated Metals & Industries reported standalone net profit for the quarter ended June 2026 at Rs 14.16 crore compared to Rs 14.10 crore in the same quarter last year. Tata Elxsi shares ended 3.30% lower at Rs 3,697.30 on the NSE. Company to declare Q1 earnings today

Q1 Results Today Highlights: Jindal Saw Q1 PAT tumbles, LTTS profit up 13%, Tata Elxsi profit grows 18%
Asia
The Hindu BusinessLine

Markets stage comeback amid global sell-off, IT earnings boost

Markets defied a sharp global sell-off on Monday, staging a dramatic intraday comeback after opening deep in the red, as a robust earnings beat from the IT sector gave investors reason to buy the dip rather than flee. The Nifty 50 closed at 24,211.65, up just 4.75 points or 0.02 per cent, after recovering more than 250 points from its intraday low of 24,000.20. The BSE Sensex ended at 77,616.40, gaining 47 points or 0.06 per cent. The Nifty IT index was the session’s standout, surging 3.60 per cent, with TCS, Infosys, HCL Technologies, and Tech Mahindra among the top Nifty gainers. LTIMindtree reported a 17 per cent jump in profit and 18 per cent revenue growth over the weekend, extending the positive momentum from TCS’s recent results. With much of Asia crumbling — Seoul’s market fell 9 per cent and Tokyo dropped nearly 2 per cent following fresh US strikes on Iran and Iranian retaliations across four countries — India’s resilience stood out. “Monday’s session was more impressive than the flat close suggests... India ended flat. That is a statement,” said Sarvam Goel, Founder, Pocketful. The recovery, however, masked a difficult backdrop. Brent crude surged roughly 5 per cent to around $79.5 per barrel amid renewed fears of supply disruptions from West Asia. The US also revoked Iran’s oil export waiver, effective July 17 — a date markets will watch closely. Elevated crude weighed on the Indian rupee, which weakened 30 paise to close at 95.62 against the dollar, breaching the 96-mark intraday for the first time in 21 sessions, and emerging as the weakest performer among Asian currencies. On the sectoral front, gains were concentrated. IT, Media, and Consumer Durables outperformed, while FMCG, Metals, Cement, and Healthcare ended in the red, with FMCG the worst performer of the day. Grasim Industries and Tata Steel were among the key Nifty laggards. The broader market tracked the benchmarks — Nifty Midcap 100 edged up 0.01 per cent and Nifty Smallcap 100 gained 0.03 per cent, with both indices forming bullish candles after recovering from early lows. Notably, the Nifty Midcap 100 registered a fresh all-time high during the session. The market breadth was largely neutral, with the BSE advances-declines ratio at 1.13 and 236 stocks within the Nifty 500 universe closing in positive territory. The India VIX rose around 10 per cent, reflecting the underlying nervousness. The Q1 FY27 earnings season has so far provided some relief. “The initial batch of broader Q1 earnings has come in better than expected, suggesting that earnings downgrades for the quarter may be less severe than previously anticipated,” noted Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services. HCL Technologies was set to report results after market hours on Monday, with investor expectations high following back-to-back IT beats. The week ahead is dense with event risk. Over 140 companies are scheduled to report Q1 FY27 results, including Reliance Industries, HDFC Bank, ICICI Bank, Axis Bank, Wipro, and Tech Mahindra — together accounting for over 31 per cent of the Nifty 50’s weight. Domestically, India’s June CPI and WPI inflation data are due, alongside trade balance figures and foreign exchange reserves. Globally, US inflation numbers and Federal Reserve Chair Jerome Powell’s semi-annual testimony will be closely watched, as will China’s second-quarter GDP. Three IPOs targeting to collectively raise nearly ₹10,100 crore are also lined up in the primary market. 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.

Markets stage comeback amid global sell-off, IT earnings boost
Asia
The Hindu BusinessLine

Indigenous Saras Mk II flight tests scheduled for late 2027-28

(file picture) Saras Mk II, pitched in a highly specialised and historically competitive segment of the 19-seater twin-turboprop commuter as well as utility class which till now is being served by ageing indigenous Dornier 228, will complete the certification by mid 2031. | Photo Credit: MURALI KUMAR K Away from the public glare on the production of Tejas LCA Mk1A and fifth generation Advanced Medium Combat Aircraft (AMCA), Council of Scientific and Industrial Research – National Aerospace Laboratories (CSIR-NAL) is quietly developing indigenous passenger aircraft Saras Mk II, with the first flight tests scheduled in the last quarter of 2027-28. Saras Mk II, pitched in a highly specialised and historically competitive segment of the 19-seater twin-turboprop commuter as well as utility class which till now is being served by ageing indigenous Dornier 228, will complete the certification by mid 2031. Post that, the aircraft will be ready for operations. To start with, the order book for acquisition of the Saras Mk II appears encouraging to the CSI-NAL officials. The Indian Air Force (IAF) will be the first launch customer of the Saras Mk II, as it has provided letter of intent (LOI) for fifteen aircraft, the CSIR-NAL officials told businessline. “The IAF has also orally indicated requirement of additional 30 Saras which they would commit after the certification of the aircraft. A parliamentary committee recommended two aircrafts per state, which comes to nearly 60. Adding to that, a private company provided enquiry of requirement for an air ambulance. Therefore, the total approximately comes to 105 aircraft which is the basis for revenue generation calculation,” officials revealed. As of now it has 50 percent indigenous content (IC) in terms of the cost of aircraft, the CSIR-NAL officials told businessline. Airframe, major assemblies and required jigs and tooling will be developed indigenously, they explained. Likewise, complete design, development qualification of integrated avionics and flight control system comprising stall warning and protection system (SWPS), brake management system, environment control system, utility services and management system and health monitoring system too will be harvested from within the country, officials stated. “This constitutes 50 per cent of the total aircraft cost. It is aimed to increase the IC with separate indigenisation programmes with the support from the government,” officials noted. On the other hand, the import content is confined to engines(Pratt and Whitney Canada PT6A-67A turbo-prop) ,propeller, fuel system components, navigation sensors, raw material and alloys. A few critical components in systems like pressure manifold for brake by wire, civil approved inertial reference system are also being acquired from abroad. According to officials, the modular Line-Replaceable Units (LRUs), such as radios and computers, are not available domestically and are ITAR-controlled. ITAR is a set of US government regulations restricting the import and export of defense-related products, services, and data. State-owned Hindustan Aeronautics Ltd (HAL), which is the licence manufacturer of Dornier 228, is the production partner for Saras Mk II project. HAL Kanpur will be setting up a production line, and would be responsible for sales and after sales and maintenance and repair operations of the aircraft. HAL is also helping the programme in design and development of landing, wheels and brake and setting up of the fuel system test rig, officials in the leading aerospace company and CSIR stated.

Indigenous Saras Mk II flight tests scheduled for late 2027-28
Asia-Pacific
The Straits Times

DBS crosses $200 billion in market capitalisation as earnings optimism drives Singapore bank rally

SINGAPORE – Shares of Singapore’s three local banks have surged to record levels over the past week, helping lift the Straits Times Index (STI) to a fresh high and pushing DBS above $200 billion in market capitalisation on July 13 – making it the first Singapore-listed company to cross that threshold. Analysts told The Business Times that the rally could have more room to run, buoyed by increasing investor optimism ahead of the lenders’ second-quarter results due in early August. A clearer earnings outlook as well as improvements in the interest rate environment likely drove the share price rally over the past week, with potential for further increases if the banks provide positive guidance when they post their results, they added. “We are entering an environment where we believe Singdollar rates will be supportive of improving net interest income alongside continued strength in non-interest income,” said Jayden Vantarakis, head of Asean equity research at Macquarie Capital. At the close on July 13, DBS was up 0.5 per cent at $70.79, OCBC had risen 0.2 per cent to $27.48, and UOB was down 0.9 per cent at $43.98. The rally in the three banks – which together account for more than 50 per cent of the STI’s total weight – has also pushed the benchmark index to new highs. The STI was nearly flat on July 13, but still inched up 0.02 per cent to a fresh record of 5,470.34 points. Vantarakis noted that US dollar strength as a result of higher American interest rates is positive for Singapore dollar rates, and this environment of modest rate increases will support wealth flows and asset quality. He also sees potential for further rerating in the sector, supported by growth in both net interest income and non-interest income, while the Singdollar remains a preferred currency amid broad strength in the greenback. Furthermore, the banks stand to benefit from strong credit growth and wealth management fees, said Thilan Wickramasinghe, head of Singapore research and regional head of financials at Maybank Securities. Over the past week, continued market uncertainty surrounding some regional markets as well as conflict in the Middle East are likely driving safe-haven liquidity towards the Singapore banks, he added. He said these have resulted in a clearer earnings outlook for the banks, creating more opportunities for the banks to return capital to shareholders. But the magnitude of any benefit from higher rates may be capped, said Morningstar equity analyst Kathy Chan.

DBS crosses $200 billion in market capitalisation as earnings optimism drives Singapore bank rally
Asia-Pacific
The Straits Times

Malaysia tops S-E Asia’s IPO market in first half of 2026, Singapore comes in second

The listings in Malaysia raised $1.68 billion, while those in Singapore raised $1.12 billion. SINGAPORE – Malaysia emerged as the top market for initial public offerings (IPOs) in South-east Asia in the first half of 2026, with 36 listings, while Singapore trailed with five debuts, a Deloitte report released on July 13 showed. The listings in Malaysia raised US$1.3 billion (S$1.68 billion), while those in Singapore raised US$868 million. It still marks an improvement for Singapore, which saw only one IPO in the first half of 2025. There have been signs of rejuvenation in Singapore’s capital markets, after the Monetary Authority of Singapore and Singapore Exchange (SGX) made efforts in 2025 to boost liquidity and encourage investor interest. In February 2025, Singapore’s central bank launched the Equity Market Development Programme, which is a $6.5 billion initiative designed to boost investor participation beyond large-cap stocks. Deloitte South-east Asia capital markets services leader Tay Hwee Ling noted that Singapore’s performance reflects growing investor confidence and strong support for these recent market reforms. In total, South-east Asia saw 47 IPOs across the region in the first half of 2026, raising more than US$3.07 billion in proceeds. While there were 53 IPOs in the first half of 2025, the proceeds amounted to only US$1.41 billion. Tay said: “Deloitte’s report highlights a resilient South-east Asian IPO market that continues to attract larger and higher-quality listings despite a moderation in overall IPO volumes.” The report noted that the market demonstrated a significant shift towards larger transactions. Compared with the first half of 2025, IPO proceeds in 2026 increased by 117 per cent, and the average IPO deal size grew from US$26 million to US$65 million – representing an increase of about 2½ times.

Malaysia tops S-E Asia’s IPO market in first half of 2026, Singapore comes in second
Europe
BBC Business

Will Trump Accounts deliver for American children?

Image source, Getty ImagesByMichael RaceBusiness reporter, Reporting fromNew YorkPublished4 hours agoThe launch of Trump Accounts, the new savings scheme aimed at encouraging investing among American children, was marked with an historic ringing of the Wall Street opening bell in the Oval Office this week. But not everyone is convinced the project will prove a success in giving new generations a stake in the so-called American dream, with sceptics suggesting that it will not live up to the hype. The savings accounts are now available to all US children under the age of 18, with babies born between 2025 and 2028 qualifying for a $1,000 contribution to kickstart savings. The move comes as the cost of living remains a major issue ahead of November's mid-term elections, but tax experts told the BBC families on lower incomes could lose out and that the scheme is too complicated. The accounts named after the president are available nationwide and can be created for anyone under the age of 18 with a valid social security number. Parents can simply download the app. Families, friends and employers can contribute up to $5,000 per year per child, who can access the funds when they turn 18. By law, the money must be invested in a low-cost index fund designed for long-term growth. But while the money grows tax free, withdrawals are subject to taxes and a possible 10% penalty if made before the age of 59 and a half. To avoid such a penalty, the money must be assigned to pay for certain things, such as higher education, buying or building a first home, or for personal emergency expenses. Trump Accounts add to other existing tax-efficient savings schemes that Americans can use for retirement, such as IRAs, or for educational purposes, such as 529 plans, which parents use to save for their children's college fees. According to a Congress report,, external Trump Accounts are a new form of traditional individual retirement account (IRA), but differ because of certain rules. While the White House has been keen to push the scheme, reaction to it has been split. The White House's argument is that Trump Accounts offer millions of children a way into stock ownership in the US, which it says has historically been "unevenly distributed, with many households - especially younger and lower‑income families - having little or no exposure".

Will Trump Accounts deliver for American children?