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Asia
The Hindu BusinessLine

India lifts gas supply curbs as LNG shipments through Strait of Hormuz resume

The temporary measures were introduced following disruptions to LNG imports caused by force majeure declarations from suppliers. India, which relies heavily on imported LNG, had prioritised supplies for CNG, domestic PNG and other essential sectors. | Photo Credit: iStockphoto The government has withdrawn the March 2026 order regulating the supply of natural gas due to the conflict in West Asia, which led to the closure of the Strait of Hormuz (SoH) and impacted almost half of India’s LNG consumption. “Central Government had assessed that the ongoing conflict in the Middle East had resulted in the disruption of liquefied natural gas (LNG) shipments through the SoH and suppliers had invoked force majeure clause which entailed diversion of natural gas to the priority sectors,” the government said in a gazette notification on Saturday (July 4, 2026). In order to ensure equitable distribution and continued availability of natural gas for priority sectors, the government considered it necessary to regulate production, sector-wise allocation and diversion of natural gas supplies, distribution, disposal, acquisition, use or consumption, it added. “The ongoing conflict in the Middle East that had resulted in the disruption of liquefied natural gas shipments through the Strait of Hormuz has been subject of a ceasefire and negotiations are ongoing, as part of which, sea traffic through the Strait of Hormuz has been permitted to be resumed,” the notification said. According to a recent Gastech report, India, the fourth-largest importer of LNG, depends heavily on overseas supplies. Qatar accounts for 41.4 per cent of LNG imports. The country imported 27 million tonnes of LNG in FY25, of which 11.2 million tonnes were sourced almost entirely from Ras Laffan. The US EIA has said that 83 per cent of LNG shipped through the SoH in 2024 went to Asian markets, with China, India, Japan, and South Korea accounting for 59 per cent. The action further bolsters the narrative that energy supplies are gradually picking up as vessels resume transit through the SoH. Since June 29th, the government has removed the cap on the sale of diesel and petrol and reduced the prices of commercial LPG, domestic ATF, and 5 kg LPG cylinders. India had invoked emergency powers under the Essential Commodities Act after disruptions in LNG supply, and the resultant force majeure by suppliers dried up cargoes, prompting a re-prioritisation of supplies for priority sectors. The government ensured a 100 per cent natural gas supply to domestic piped natural gas (D-PNG) consumers and compressed natural gas (CNG) for transport. Fertiliser sector allocation was reduced to 70 per cent, then increased to 95 per cent in phases until the end. 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.

India lifts gas supply curbs as LNG shipments through Strait of Hormuz resume
Europe
The Guardian

As auto costs rise, will the US miss the golden age of electric vehicles?

Slate, an EV startup, makes electric trucks and SUVs. Customers buy only the features they want. Photograph: Myung J Chun/Los Angeles Times/Getty ImagesView image in fullscreenSlate, an EV startup, makes electric trucks and SUVs. Customers buy only the features they want. Photograph: Myung J Chun/Los Angeles Times/Getty ImagesUS newsAs auto costs rise, will the US miss the golden age of electric vehicles?Shifting demands and political ideology have left the industry vulnerable to global competition from cheap Chinese cars Earlier this month, an intriguing new Detroit-based electric vehicle startup hit the market – Slate Auto, a Jeff Bezos-backed venture offering something US buyers rarely see these days – a pick up truck billed as “affordable”. Its base price is $24,950, making it one of the lowest-cost autos in the US market and close to half the price of the average new vehicle. But as the US contends with sharply rising auto costs, even Slate may be getting left behind in the global electric vehicle (EV) transition. The global EV industry is entering a golden age powered by cheap Chinese cars that can be bought for as little as $10,000. About 20% of new cars sold in December in the UK were Chinese-made, as were 12% of vehicles sold throughout the last year. They also accounted for about 6.4% of European Union sales, despite a new tariff program. Chinese cars cannot be sold in the US. The US industry’s shift is complicated by changing political ideologies and consumer demand – American buyers have gravitated toward bigger cars with all the bells and whistles, so it makes sense for domestic automakers to produce those. But EV supporters say the US is ceding significant ground to China in this essential market. While Slate is a step in that direction, a failure to do more could have economic and national security fall out, said Dan Krassner, executive director of the American EVs Jobs Alliance, a non-profit that works to break down the political divide over electric vehicles. “We can’t hand the whole auto industry to Beijing,” Krassner said. “EVs are the big manufacturing prize of the century, and America has to get back in the race.” Slate began accepting preorders last week, and it could help fill a need in the domestic market. Fewer than 5% of new vehicles in the US sold for $25,000 or less last year, down from nearly 21% in 2019, according to an Edmunds analysis. During that same time frame, the average new vehicle transaction jumped about $11,000 to $48,402. The Slate truck is one of eight new US models available for under $25,000. Compare that with China, where more than 200 EVs and hybrids are available in the same price range, according to industry analyst DCar. The two-seat Slate truck at under $25,000 is no frills – it comes with hand-crank windows, no stereo, no speakers, no ambient lighting, a smartphone mount on the dashboard instead of a navigation system, and standard cruise control instead of adaptive. The Slate truck gets an estimated 205 miles of range, and it is small – think of Ford Rangers and other pick ups from the 1980s. At 14.5 ft, it is shorter than a Corolla. Moreover, the $24,950 is just the starting point for a Slate, and the company offers a range of 3D-printed accessories, a stereo, a fob and an add-on that converts it into a five-seat SUV. Customers can also pay extra for vinyl wraps instead of paint, which eliminates the need for the company’s plant to include a paint shop. But opting for those basic features quickly takes the price north. Jessica Caldwell, executive director of Insights with Edmunds, likened the Slate to a budget airline such as Rynair, which offers a cheap ticket to physically get on a plane, but the add ons that make the flight tolerable quickly add up. She is skeptical that this approach will take off with buyers in the US market.

As auto costs rise, will the US miss the golden age of electric vehicles?
Asia
The Hindu BusinessLine

BCIC appoints K Ravi as President at AGM as the organisation enters its 50th year

The Bangalore Chamber of Industry and Commerce (BCIC) marked the beginning of its Golden Jubilee year by honouring four distinguished personalities during its 49th Annual General Meeting (AGM), held in Bengaluru on Saturday. The landmark AGM also ushered in a new chapter in BCIC’s leadership with CA K Ravi assuming office as President for 2026–27 and Dr. Prashanth Reddy taking charge as Senior Vice President. As the Chamber embarks on its Golden Jubilee year, the newly elected leadership will spearhead initiatives focused on strengthening industry-government collaboration, promoting innovation, supporting MSMEs, encouraging global partnerships and contributing to Karnataka’s economic growth. A major highlight of the AGM was BCIC’s felicitation of four eminent personalities whose outstanding achievements have left an indelible mark on the nation. Speaking after assuming office as President, CA K Ravi said, “It is a privilege to lead BCIC at such a defining moment in its history as we celebrate 50 years of service to industry. As we embark on this new journey, our endeavour will be to strengthen industry-government collaboration, promote innovation, support MSMEs, encourage global partnerships and create greater opportunities for businesses across Karnataka.” Speaking on his appointment as Senior Vice President, Dr. Prashanth Reddy said, “I look forward to working closely with our President, office bearers and members to further strengthen the Chamber’s engagement with industry, government and academia while helping create a more competitive and future-ready business ecosystem.” Reflecting on his tenure as President of BCIC, Mr. Prashant Gokhale said, “It has been a privilege to serve BCIC during a period of significant engagement with industry, government and our members.” Delivering the keynote address, Mr. F R Singhvi, Joint Managing Director of Sansera Engineering Limited, shared his perspectives on India’s evolving manufacturing landscape, industrial competitiveness and the opportunities emerging for Indian industry in an increasingly dynamic global economy. Mr. Singhvi said, “The next twenty years will decide whether we truly become a developed nation. No country has achieved that without a strong manufacturing base. Service creates wealth, but manufacturing creates jobs, innovation, exports and national security. The real wealth we create is not just in the companies we build, but in the values we pass on.” The AGM witnessed the participation of senior policymakers, diplomats and industry leaders. The gathering included Dr. S. Selvakumar, IAS, Principal Secretary, Commerce & Industries Department, Government of Karnataka; Ms. Khushboo G. Chowdhary, IAS, Commissioner for Industrial Development and Director of Industries & Commerce; His Excellency Mr. Hiroshi Nawata, Consul General of Japan in Bengaluru; and Mr. Chandru Iyer, British Deputy High Commissioner to Karnataka and Kerala and His Majesty’s Deputy Trade Commissioner for Investment, South Asia. 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.

BCIC appoints K Ravi as President at AGM as the organisation enters its 50th year
Asia-Pacific
The Straits Times

I passed on SpaceX and the market made me feel foolish, but only briefly

The problem was not that SpaceX could not become a dominant player in its field, but that the price already assumed it would do so. Sign up for ST InvestMe and unlock full access to exclusive insights and financial literacy courses today. SINGAPORE – Several months before its public listing, I thought Elon Musk’s SpaceX would be the trade for me to catch up on missed opportunities in the technology sector. After all, there are few names in the global markets today that carry the gravitational pull of SpaceX. The rocket company has all the hallmarks of a market phenomenon: a charismatic founder, a compelling vision of humanity’s next frontier, and a valuation that defies both gravity and conventional financial modelling. As rumour mills spun private market valuations ever higher, and implied valuations climbed to the stratosphere, the pressure to participate grew harder to ignore. When SpaceX went public on June 12, it quickly surged from its IPO price of US$135 to peak at US$225.64 on June 16. The market’s verdict felt unequivocal. Early investors were minted into paper millionaires almost overnight. Watching from the sidelines, I felt annoyed and foolish, like I had once again mistaken caution for discipline and missed a possibly defining trade of this generation. The reversal came swiftly. Within days, the stock tumbled 20 per cent amid a broader technology sell-off and concerns over fresh debt issuance, erasing more than US$600 billion (S$744 billion) from SpaceX’s market value in just three days of trade. It is now trading at around US$160. Still, not buying SpaceX felt less like prudence and more like a failure of imagination. SpaceX is not merely a launch provider; it is a vertically integrated space infrastructure company with multiple potential revenue streams. Its Falcon rockets have already disrupted launch economics, driving down costs in a way that incumbents struggle to match. Starlink, SpaceX’s satellite broadband business, is meanwhile positioned to generate recurring, high-margin revenue at scale.

I passed on SpaceX and the market made me feel foolish, but only briefly
Europe
BBC Business

Bibles, Home Alone and perfume: Six takeaways from Trump's 2025 finances

Image source, Getty ImagesByDearbail Jordan and Emer Moreau, Business reportersPublished1 July 2026Nearly 1,000 pages detailing US President Donald Trump's financial information have been released, showing how much he made and what he invested in during his first year back in the White House. We've combed through it all, so you don't have to, and found six of the most interesting bits among the sea of numbers. Trump's annual financial disclosure report for 2025, released by the US Office of Government Ethics, runs to 927 pages. That's less than Tolstoy's War and Peace but more - much, much more - than Vice-President JD Vance's report which is a mere 17 pages. Both surpass Joe Biden's disclosure for 2024, his last year in office, which ran to just 11 pages. 2. Merch pays It pays to put your name on products, especially if your name happens to be Donald J Trump. The US president made several millions of dollars from adding his distinctive signature to a wide range of merchandise, including his coffee-table book, Save America, which generated $1.8m (£1.38m) last year. The Trump-embossed Bible made $208,000, while his branded trainers and fragrances - including the Victory 47 perfume for women, which retails for $249 a pop - brought in $67,000. Maga musicians added around $36,000 to Trump's coffers last year by buying the "American Eagle" limited edition guitar. America's First Lady Melania Trump made $10.7m from her eponymous documentary, which was produced by Amazon. She was credited as a producer on the film, as well as being its subject. Amazon spent $40m making the film which followed her in the run-up to Trump's second inauguration. It generated $7m at the box office according to the figures for 2025. Melania Trump also made $6m from the sale of a non-fungible tokens - a type of cryptocurrency - and $520,000 from her book, also entitled Melania.

Bibles, Home Alone and perfume: Six takeaways from Trump's 2025 finances
North America
CNBC Finance

Sandwich chain Jersey Mike's files for IPO, reports 50% same-store sales growth in recent years

Sandwich chain Jersey Mike's filed for an initial public offering on Thursday, reporting that its same-store sales cumulatively climbed 50% from 2020 through 2025. Jersey Mike's plans to trade on the New York Stock Exchange under the ticker "JMKE." The company reported net income of $55 million on total revenue of $724 million last year, up from net income of $5 million on revenue of $653 million in 2024, according to the regulatory filing. Last year, Jersey Mike's annual system sales, which includes both company-owned and franchised locations, reached $4.3 billion, up 13% from the previous year. Its same-store sales increased 3% over the same period; the metric tracks sales growth at restaurants open at least a year. Broadly, the restaurant industry has seen same-store sales weaken over the last two years as consumers dine out less often to save money. Jersey Mike's filing comes as many companies feel more optimistic about going public, especially following the blockbuster SpaceX IPO. While the number of IPOs that have been priced so far this year lags behind the year-ago period, the number of companies that have filed to go public is up, according to Renaissance Capital. Artificial intelligence giants OpenAI and Anthropic are among the hopefuls that have submitted confidential filings with the Securities and Exchange Commission. Today, Jersey Mike's has nearly 3,300 locations, making it the second-largest hoagie sandwich chain in the U.S. behind Subway. About 2,000 of those restaurants were opened in the last decade. Nearly all of Jersey Mike's restaurants are franchised, so the bulk of its revenue comes from royalties and advertising fees. Despite a sluggish industry backdrop, the company announced in April that it had confidentially filed for an initial public offering. More than a year earlier, Blackstone bought a majority stake in Jersey Mike's in a deal that reportedly valued the chain at roughly $8 billion. After the transaction closed, Jersey Mike's tapped Charlie Morrison as its latest chief executive. Morrison previously led Wingstop for more than a decade, including during the chicken wing chain's public market debut. Jersey Mike's founder Peter Cancro began working at a Jersey Shore sandwich shop at age 14 in 1971. Four years later, he pulled together enough money to buy Mike's Subs. Cancro later changed the name and began franchising the chain. Following the deal with Blackstone, he has retained "meaningful equity" in Jersey Mike's and holds a seat on its board, according to a letter to fellow shareholders included in the regulatory filing.

Sandwich chain Jersey Mike's files for IPO, reports 50% same-store sales growth in recent years
North America
CNBC Finance

Stock market gains minted nearly 1 million new millionaires in 2025, new UBS report says

Nearly 1 million people became millionaires in 2025, largely thanks to a thriving stock market, according to a new report by UBS. The Swiss bank estimated that the United States is responsible for nearly half of these newly minted millionaires, adding an average of more than 1,200 new millionaires a day last year for an annual increase of about 441,000. Stock market gains boosted global personal wealth by 10.8%, the biggest jump since 2017 and more than double the rate of 2024 and 2023, UBS found. However, this robust growth was belied by declines in median wealth in most of the 56 markets monitored by UBS, pointing to a growing wealth gap. In the U.S., for example, median wealth per adult dropped nearly 20% from 2020 to 2025, while average wealth increased by about 10% over the same period of time, net of inflation, according to the bank's data analysis. UBS estimated that the world's millionaire population, which the bank puts at 58 million, owns nearly half of the world's wealth, or approximately $250.6 trillion. UBS economist James Mazeau told CNBC that richer individuals reaped bigger gains compared with the broader population last year as they have more exposure to financial markets, noting that the U.S. stock market rose by approximately 18% in 2025. "The higher you go in the wealth bands, the more wealth creation will tend to be linked to either the performance of your business or your investment portfolio — or both," Mazeau said at a media conference. These gains are also uneven among the ranks of millionaires. The bank estimated that the combined assets of so-called everyday millionaires, or individuals worth $1 million to $5 million, has jumped by 170%, net of inflation, since 2000. Over that same period, the collective fortune of richer peers soared by 343%. As for the world's billionaires, their collective net worth surged by nearly 25% in the year ended in April, according to UBS. However, the report noted that much of this rise was due to an increase in the number of billionaires, not just three-comma club members getting richer. The depreciation of the U.S. dollar last year also contributed to discrepancies in global wealth creation as the bank tracks wealth in terms of USD. America's millionaire population, while still the largest in the world, increased by a modest 1.9% in 2025, while most European and Middle Eastern markets saw higher percentage gains, including Turkey (6.4%) and the United Arab Emirates (3.5%). In terms of combined personal assets, the Americas' growth rate was estimated at 8.5%, outranking the Asia-Pacific region at 5.9% but less than half of the 17.5% rate seen in Europe, the Middle East and Africa. Mazeau said it is too early to predict how the Iran war will weigh on high-net-worth individuals in the Middle East. Asset allocation and currency trends are two of many factors that will determine the outcome. "It will really depend on what share of international assets are held by these investors. If you are, let's say, based in the Middle East, and most of your wealth is tied into U.S. stocks, and furthermore, you have a currency that's pegged to the U.S. dollar, well, the currency moves really don't matter at all," he said. "Now, if you tend to diversify your holdings into other investments that tend to be in currencies that have appreciated versus the U.S. dollar, and if we measure things in U.S. dollars, then that will, for 2026 get a bit better outlook."

Stock market gains minted nearly 1 million new millionaires in 2025, new UBS report says
Europe
The Guardian

Crypto and stock stakes: key takeaways from Trump’s financial disclosures

Trump made hundreds of millions from sales of souvenir-type coins stamped with his face, the documents reveal. Photograph: Jonathan Raa/NurPhoto/Rex/ShutterstockView image in fullscreenTrump made hundreds of millions from sales of souvenir-type coins stamped with his face, the documents reveal. Photograph: Jonathan Raa/NurPhoto/Rex/ShutterstockDonald TrumpCrypto and stock stakes: key takeaways from Trump’s financial disclosuresUS president raked in more than $1bn from crypto – an industry he has sought to deregulate – and a total of $2.2bn last year, files reveal Donald Trump’s money-making ventures enriched him by more than $2bn last year, according to newly released financial disclosures. The revenue was supercharged by the Trump family’s crypto projects, with the documents showing the US president made more than $1bn (£0.76bn) from crypto – an industry he has sought to deregulate. The US president now gets most of his income from digital assets that have benefited from his own policies. After returning to office, Trump reversed the Biden administration’s tough stance on the crypto industry with new rules, saying he wanted the US to be the “crypto capital of the world”. In short, he has been a serious player in a market where he is also a rule-maker. Trump took in nearly $1.2bn from his crypto businesses last year, the documents revealed, including hundreds of millions from sales of souvenir-type coins stamped with his face. Others who bought the Trump coins have seen significant losses as their value has plummeted after initial hyped sales. When accounting for everything – from investments to real estate to royalties to Trump own-brand cologne sales (yes, that is real) – the US president made at least $2.2bn in 2025. In comparison, in 2024 his enterprises pulled in $622m, before he returned to the presidency. Previous US presidents have made public efforts to show they would not personally profit from business during their time in office, including putting investments into blind trusts. For his second term, Trump has put his sons in charge of his business. There is no getting around it – Trump has a personal stake in hundreds of companies, from big tech in Silicon Valley to Papa John’s pizza, Netflix and Victoria’s Secret. One of the reasons Tuesday’s disclosure is so long, at 927 pages, is because the president has been actively buying stocks, and the US Office of Government Ethics names them all.

Crypto and stock stakes: key takeaways from Trump’s financial disclosures
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