Latest Developments

Asia-Pacific
The Straits Times

Being rich is successful? 40% of Singaporeans seem to think so

A recent survey found that 40 per cent of Singaporeans think one can be considered “successful” only if they are rich. Sign up for ST InvestMe and unlock full access to exclusive insights and financial literacy courses today. The majority of Singaporeans who took part in a recent survey did not think so, but about 40 per cent of them still felt that wealth equals success. As a result of such a stereotype, those who worship money more often end up stressed and unhappy when they feel they are still far from achieving their financial goals, such as accumulating more than $1 million. Ironically, the regional “Rethink Healthy” survey by insurer AIA is not even focused on financial matters but on how people can improve their lifestyles so that they can live healthier for longer. The survey also covered China, Thailand and Malaysia, but only those polled in Singapore linked personal well-being to financial success. As a result, AIA noted that “many in Singapore continue to feel pressured by the expectation of equating personal worth with wealth”. To make matters worse, those who hold this view are at risk of making financial mistakes, because they tend to believe they know better than others and are doing the right things. For instance, 63 per cent of them do not believe in seeking advice from financial experts, and 72 per cent would actually dismiss verified and accurate information as fake news. This explains why many people continue to lose their savings to investment scams, as they probably think they can make more money than others. Instances of stereotypical thinking are also seen regularly on social media whenever there are new reports on how some Singaporeans are building up large CPF balances or when they receive high monthly payouts from CPF LIFE. Those people would dismiss such reports as fake news or government propaganda, when the reality is that many prudent Singaporeans will top up their CPF accounts after learning to plan for a higher retirement income.

Being rich is successful? 40% of Singaporeans seem to think so
Europe
The Guardian

Oil prices fall as US-Iran talks continue; UK manufacturing activity cools in June – business live

Up to 150 former WH Smith high street stores are to close after the high court approved a swingeing restructure that could affect thousands of jobs. The retailer, which has 450 stores and employs about 5,000 staff, was bought last year by the private equity firm Modella Capital, which also owns Hobbycraft, and rebranded as TG Jones. It had warned it could have to call in administrators if the restructuring plan, which involves writing off debts to suppliers and cutting rent for many landlords, was not approved. View image in fullscreenWH Smith's bookstall at Waterloo Station, Lambeth, London, 1960. Photograph: Heritage Images/Getty ImagesOn Wednesday Alex Willson, the chief executive of TG Jones, said: “We welcome the court’s approval of our restructuring plan. This decision allows us to move ahead with our turnaround strategy. The plan protects the substantial core of the store estate and makes TG Jones a stronger, more sustainable business. We are incredibly grateful to all the colleagues, partners and stakeholders who engaged constructively throughout the process, and to Modella Capital for its continued financial commitment. The high court judge Mr Justice Hildyard approved the restructure, despite criticising the short amount of time given for the court to consider the matter.

Oil prices fall as US-Iran talks continue; UK manufacturing activity cools in June – business live
Europe
The Guardian

Trump’s affordability crisis hits his supporters hardest as he calls housing bill of ‘minor importance’

People outside the Brooklyn office of Nicole Malliotakis, a House representative, to protest her decision to vote in favor of the big beautiful bill on 29 May 2025. Photograph: Erik McGregor/LightRocket/Getty ImagesView image in fullscreenPeople outside the Brooklyn office of Nicole Malliotakis, a House representative, to protest her decision to vote in favor of the big beautiful bill on 29 May 2025. Photograph: Erik McGregor/LightRocket/Getty ImagesUS economyAnalysisTrump’s affordability crisis hits his supporters hardest as he calls housing bill of ‘minor importance’Eduardo PorterA housing shortfall, record home costs and cuts to subsidies are intensifying the US affordability crunch Of the various dimensions of the affordability crisis weighing on US families, housing probably weighs heaviest. The typical home price has risen above five times the annual income of the typical family. The monthly cost of owning a home has hit record highs. The US faces a housing shortfall of millions of homes. But builders are not rushing to meet the shortfall. The supply of new homes declined over 14% in May, compared to May of 2025. Moody’s Analytics expects single-family and multifamily residential investment to contract every year between now and 2030. Dysfunctional though we know it to be, Congress finally stepped up to the challenge. In a bipartisan move, for the first time in 30 years it passed legislation that would accelerate homebuilding, relaxing environmental reviews and other federal regulations that stymie housing development. Then, Donald Trump said no. He wouldn’t sign the legislation until Congress passed a bill to limit mail-in voting and require voters to submit proof of citizenship, a brazen attempt to discourage minority voters and protect Republican majorities under the guise of defending US democracy from some false claims of voter fraud. The housing legislation is, by comparison, “of minor importance”, he said. Almost two years into the second Trump administration, it is evident that the president’s abiding objective has been to empower and enrich himself and his offspring; the greater good be damned. It is nonetheless surprising how every one of Trump’s policy initiatives has sabotaged some core constituency. It’s getting hard to find a bit of his base that he hasn’t torched. It seems as if, supremely confident in their blind loyalty, he is daring the Maga faithful to drop him. Launching a war against Iran before figuring out its objectives or how it might unfold, probably takes the cake: the surge in gas prices following Iran’s utterly predictable decision to close the strait of Hormuz dismantled one of the key claims that gave Trump the presidency: that he would slay inflation. Rising inflation means that real wages are now, on average, declining. Moody’s Mark Zandi estimates that by June the rising cost of energy had eaten up the higher refunds taxpayers got from Trump’s One Big Beautiful Bill Act of 2025. Iran is hardly his only effort to raise energy prices. The accelerated reduction of subsidies for solar power development in his One Big Beautiful Bill, added to his efforts to stop investment in wind farms, are driving up the prices of renewable energy, even as demand for power from AI datacenters soars. In case higher gas and power prices aren’t enough to piss Americans off, Trump has also raised their healthcare costs. Enrollment in health insurance policies under the Affordable Care Act could decline by five to six million this year, due to the abrupt ending of government subsidies that led to a 58% increase in premiums, on average. And Trump’s broad punitive policies against the salt of the earth – which also include cuts to food assistance and health insurance for the poor under Medicaid – were complemented with specific swipes against narrower constituencies. Take farmers, among Trump’s most loyal supporters. In 2024, he won 433 of the nation’s 444 farming-dependent counties. Still, his trade war against China contributed to a $17bn decline in exports to their main Asian market last year, while his hostility towards Canada led to a $1bn decline in farm exports to the US’s northern neighbor.

Trump’s affordability crisis hits his supporters hardest as he calls housing bill of ‘minor importance’
Europe
The Guardian

US labor board more likely to dismiss worker and union charges under Trump, analysis finds

Chicago Red Stars fans hold signs saying No More Side Hustles and Union Strong before a game between Portland Thorns FC and Chicago Red Stars at SeatGeek Stadium on 25 September 2021 in Bridgeview, Illinois. Photograph: Daniel Bartel/ISI Photos/Getty ImagesView image in fullscreenChicago Red Stars fans hold signs saying No More Side Hustles and Union Strong before a game between Portland Thorns FC and Chicago Red Stars at SeatGeek Stadium on 25 September 2021 in Bridgeview, Illinois. Photograph: Daniel Bartel/ISI Photos/Getty ImagesUS unionsUS labor board more likely to dismiss worker and union charges under Trump, analysis findsReport points to staffing shortages, procedural changes and lack of a board quorum as contributing factors Dismissals of unfair labor practice charges have surged at the National Labor Relations Board under Donald Trump, according to a new analysis. From January 2025 to 29 April 2026, the US top labor watchdog dismissed 34.7% of all unfair labor practice charges filed by labor unions, a 14.2% increase from 2024. The agency dismissed 67.4% of unfair labor practice charges filed by workers, 10.7% higher than 2024. The analysis of more than 40,000 cases conducted by the Center for American Progress cited several issues at the board since Trump began his second term in office. The National Labor Relations Board was left without a quorum required to issue decisions for 345 days after Trump fired Gwynne Wilcox, the first Black woman to ever serve on the board. Labor lawyers have noted unfair labor practice charge cases are being thrown out due to glitches or technicalities with the agency’s docketing system. Bloomberg reported in February 2026 that regional offices of the labor board are understaffed by 23%, but Congress has continued slashing the agency’s budget. Around 150 workers left the agency in 2025, and only eight workers were added, a loss of more than 10% of the agency’s workforce, leading to worsening backlogs of cases. Under Trump, union election filings declined 30% in 2025, as the Trump administration has sought to cancel collective bargaining agreements for more than 1 million federal workers. The shift in case dismissals at the labor board comes as the Trump-appointed general counsel of the NLRB, Crystal Carey, a former attorney at the union avoidance law firm Morgan Lewis, issued guidance in February 2026 emphasizing case resolution through settlements over litigation. The agency also enacted changes to case handling procedures in December 2025, with the analysis stating the new intake protocols make it easier for charges to be dismissed because they require a charging party to submit substantial evidence through supporting documents within two weeks of filing a charge. “Workers who are trying to organize unions already really face an uphill battle because employers, they really get away with a slap on the wrist, even when they do break the law. These increases in dismissals are a really worrying sign for organizers who depend on the NLRB to be able to enforce these laws,” said Aurelia Glass, policy analyst for the American Worker Project at the Center for American Progress and author of the analysis.

US labor board more likely to dismiss worker and union charges under Trump, analysis finds
North America
CNBC Finance

Nike results top estimates even as China sales drop 12%; retailer expects $986 million tariff refund

Nike on Tuesday posted quarterly earnings and revenue that topped Wall Street expectations, despite another sales decline in its key China market. Shares of Nike dropped as much as 8% in extended trading Tuesday before making up much of the losses. The company said its gross margin increased 8.9% during the quarter, largely due to an expected tariff refund of nearly $986 million after the Supreme Court struck down many of President Donald Trump's global duties. The tariff refunds contributed 52 cents to Nike's earnings per share for the quarter. Company executives said on a call with analysts that as of the end of the quarter, Nike had collected over $300 million of cash related to its tariff refund claims. Nike posted net income of $1.07 billion, or 72 cents per share, compared with $211 million, or 14 cents per share, a year earlier. Revenue climbed to $10.97 billion, down 1% from $11.10 billion in the prior-year period. Nike's revenue in North America, its largest market, climbed 3% to $4.83 billion. It fell short of analysts' expectations of $4.88 billion, according to StreetAccount. Sales in Nike's Greater China market dropped 12% to $1.30 billion. Even so, the company beat Wall Street's expectations of $1.24 billion in revenue. On a call with analysts, CEO Elliott Hill said the company is "fully committed to winning" the China market back. "Overall, the results aren't there yet," Hill said. "We know we're not living up to our full potential, particularly in Nike sportswear and Jordan streetwear, where sell through remains challenged, impacting both current discounting and future order books." For the full fiscal 2026, Nike reported net income of $3.11 billion, or $2.10 per share, compared with $3.22 billion, or $2.16 per share, in the prior year. As the company looks ahead, it reiterated the guidance provided last fiscal quarter, expecting earnings to be "flattish" through the first two quarters of fiscal 2027, according to Friend. Nike also expects gross margin for the first fiscal quarter of 2027 to be slightly positive.

Nike results top estimates even as China sales drop 12%; retailer expects $986 million tariff refund
Asia
The Hindu BusinessLine

FPIs turn net buyers, clock ₹16,461 crore in this week

Foreign portfolio investors (FPIs) turned net buyers in Indian markets during the week ended July 3, 2026, pumping in a combined net investment of ₹16,461.84 crore across equity, debt, and hybrid instruments over all trading sessions, according to data from the National Securities Depository Limited (NSDL). The week, which began with the final two sessions of June before transitioning into July, saw consistent net inflows on each day. On June 29, FPIs logged their highest single-session net investment of the week at ₹5,986.33 crore, followed by ₹4,334.95 crore on June 30. In July, net inflows stood at ₹552.98 crore on July 1, ₹2,608.01 crore on July 2, and ₹3,000.90 crore on July 3. The positive momentum this week stands in contrast to the broader trend for June as a whole. For the full month of June 2026, FPIs were net sellers in equities to the tune of ₹49,340.45 crore through stock exchanges and the primary market combined, even as debt markets saw substantial net buying with FPIs investing ₹30,620.28 crore under the General Limit, ₹21,652.09 crore under the Fully Accessible Route (FAR), and ₹3,246.04 crore under the Voluntary Retention Route (VRR). Overall, June closed with a net FPI inflow of ₹4,668.86 crore across all instruments. “The highlight of the June FPI activity is the significant tapering of FPI selling and their buying for a few days towards the end of June,” said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Investments Limited. “Going forward, FPI outflows are likely to decline.” For the year 2026 so far, FPIs remain heavy net sellers, with cumulative net outflows of ₹2,12,872.28 crore across all asset classes as of July 3. Equity has borne the brunt of this selling pressure, with FPIs recording net outflows of ₹2,74,272.90 crore through the secondary and primary markets combined on a year-to-date basis. “The total FPI selling for 2026, till the end of June, stands at ₹2,94,387 crore [through stock exchanges],” Vijayakumar noted. “Since FPIs invested ₹20,114 crore through the primary market, the net FPI outflow this year through June end stood at ₹2,74,272 crore.” Market participants are now watching several domestic and global factors that could influence the direction of FPI flows in the coming weeks. Vijayakumar pointed to crude oil prices and rupee stability as key variables. “Crash in crude price to below $72 and the big inflows expected from the FCNR(B) deposits will bring India’s BoP deficit significantly down,” he said. “This will help the rupee to stabilise and even appreciate, which in turn, will prevent big FPI selling.” Looking ahead, analysts expect institutional flows to remain sensitive to the progress of the monsoon season, given its implications for rural demand and inflation, as well as the unfolding Q1FY27 corporate earnings season. Global cues, including the trajectory of US-Iran negotiations, crude oil price movements, and the minutes of the US Federal Reserve’s June policy meeting, are also expected to shape sentiment. “The weakening of the chip trade globally, and the significant correction in Kospi in particular, may even persuade FPIs to turn buyers in India,” Vijayakumar added. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

FPIs turn net buyers, clock ₹16,461 crore in this week
Asia
The Hindu BusinessLine

If you are reachable, you’re breachable: Zscaler’s Jay Chaudhry

On the sidelines of Zenith Live ’26 in Vienna, sitting across from Zscaler’s founder, CEO, and Chairman Jay Chaudhry, it’s easy to be reminded of a scene from Unstoppable. In it, welder Ned Oldham, when asked how he felt while he was bringing a runaway train under control, famously shrugs off the risky, high-speed chase as just being in his ‘comfort zone’. Zscaler shares are down by over 50 per cent in the past year, caught in the SaaSpocalypse, but Chaudhry appears to be in his comfort zone. Unlike other SaaS CXOs who have gone on the defensive about their products’ relevance as AI upends the software industry, Chaudhry had been on the offensive just the previous day, declaring in his conference keynote address: “Zscaler was made for this moment.” For those who have followed his work closely, this may not come as a surprise. Last year, asked by this paper what he had to tell young entrepreneurs in India, he had replied: “Treat a problem as a challenge. Human beings do exceptionally well when they look at a problem as a challenge.” He went on to add, “Don’t be attracted to money. If we (he and his wife) had been attracted to money, we wouldn’t have taken the risks.” The Nasdaq-listed global cybersecurity company, with $24-billion market cap, is the fifth of his ventures, after founding and selling four other successful tech startups in the past decades in the US. Born to farmers with limited means in Himachal Pradesh, he made it to a US university in 1980 on a scholarship and providence. He had almost abandoned his US dream as he could not afford the flight tickets, when fate connected him to JRD Tata and a loan for his travel. To explain why Zscaler was ‘made for this moment’ he rewinds to the origins of the company. Back in 2007 he was looking to do something ‘big’ after four successful exits. The world was getting more mobile — SaaS, AWS, iPhone... With applications abounding, and users everywhere, he sensed the need for a paradigm shift in the approach to cybersecurity, laying the foundations for Zscaler. Zscaler works on a ‘zero-trust’ principle — treat every user and application as a potential threat until verified as safe. In a world where users need to access any application, anywhere, on any device and on any network, he is of the view that the firewall-based systems are not effective. If the firewall is breached, bad actors can do what they want. Verification of each and every access and restricted access make for a better approach, he says. Zscaler was a pioneer in turning the zero-trust concept into a subscription cloud service that allows customers to hide their apps from hackers. “If you are reachable, you are breachable,” he says. He explains how, even as CEO, he has not been accorded the ‘right’ to make changes to the ERP system or the company’s public cloud. By limiting the access to applications and critical infrastructure to a small group in the virtual world, one improves the security, he says. By executing a “never trust, always verify” protocol for every interaction, ‘zero trust’ isolates the user from the network. This ensures that even if hackers hijack a device, they are trapped in a dead end, with no way to see or infect the rest of the company. He points out that with Mythos-like models, more and more security vulnerabilities will be discovered going forward. “Software always has vulnerabilities. As part of Anthropic’s Glasswing project, we have been busy finding and fixing vulnerabilities in our software infrastructure.” Further, with agentic AIs set to outnumber employees in many enterprises down the years, he believes the role of zero-trust and Zscaler has assumed even more importance in an AI world. Besides making it easier for hackers to identify vulnerabilities, the rapid growth in agentic AI usage also means the risks are greater when it gets compromised and remains in the corporate network — “yesterday, users were the weakest link; today agents are the weakest link when it comes to security”. Given his long stint in the tech ecosystem, what is his take on the SaaSpocalypse? Chaudhry argues for differentiation: “A piece of Claude code cannot write what SAP has done for ERP systems; these are very complex, whereas a simple basic accounting system for a mom-and-pop store can be replaced. The easiest things to disrupt are analytics and reporting.” Complex systems require a better understanding, technical expertise and process. Zscaler as a global infrastructure company with a presence in around 160 locations and a seamless network connectivity has strong moats, he says. His 35 per cent stake in Zscaler (held directly and indirectly through trusts) gives him the leeway to act as per his conviction, unlike other SaaS founder-CEOs. Such a high level of ownership is rare in US tech companies after multiple rounds of pre-IPO funding lead to ownership dilution. Zscaler was largely bootstrapped and its performance remains robust. The company is expected to close FY26 (ending July) with revenue of $3.3 billion and 25 per cent growth versus 23 per cent a year ago, and EBIT of around $750 million with margin at 23 per cent.

If you are reachable, you’re breachable: Zscaler’s Jay Chaudhry
North America
CNBC Finance

American Express and Chase move luxury lounge wars beyond the airport

Credit card companies American Express and Chase are increasingly waging their luxury lounge wars outside the airport. From an air-conditioned retreat in the middle of the desert at Coachella to an exclusive athlete meet-and-greet at the Paris Olympics, these companies are investing big in premium hospitality spaces to win over affluent cardholders. "It's very expensive, but I think what's happening is that the issuers are finding that this is a premium differentiator," said Donald Fandetti, managing director of consumer finance equity research at Wells Fargo. "It's all about providing these services and experiences that make it worth it to the cardholder to pay those annual fees." American Express' Platinum and Chase's Sapphire Reserve cards — the leading premium cards in the market — both upped their annual fees last year. The Amex Platinum now carries a fee of $895 a year, and the Sapphire Reserve has a fee of $795. The perks associated with these cards, like dining credits, hotel upgrades and digital partnerships, help offset the cost. It's all an effort to capture and retain the highest spenders. Amex and Chase have jockeyed for years to be the preferred card for the American elite. "Credit cards [with] higher fees, it's going to send a certain signal. But what we really need to be making sure is that we're understanding the psychology of exclusivity" said Dan Bennett, head of behavioral science at Ogilvy Consulting. "It's easy to say, 'I have lots of resources.' It's harder to say, 'I have enough social capital to earn my way into spaces.'" Some of the events that American Express Platinum cardholders had lounge access to in 2025 include the US Open tennis tournament; Stagecoach music festival in California; and multiple Formula 1 races worldwide. Meanwhile, lounges for Chase Sapphire Reserve customers were present at Chicago music festival Lollapalooza; Miami Art Week; Sundance Film Festival; and the PGA Tour. While some lounges and brand activations are open to all customers or even all attendees at an event, many of these spaces are exclusively reserved for premium cardholders. "We find this customer to be very engaged," said Laura Picciano, general manager of Chase Sapphire. "Once you get their business, there's a lot of loyalty there. And so they're an important segment to continue to nurture." While temporary credit card lounges are popping up at festivals and sporting events, they have also become popular, permanent fixtures inside stadiums and arenas. American Express has partnerships with more than 20 venues around the world. Eight of them currently have lounges, including Hard Rock Stadium in Miami and the O2 arena in London, with a new location set to open in New York City's Barclays Center this year. Bess Spaeth, executive vice president of global brand management and experiences at American Express, said factors like footprint, ability to provide food and beverage and viewing capabilities are all considerations in the decision for which venues get lounges.

American Express and Chase move luxury lounge wars beyond the airport
North America
CNBC Finance

Ford achieves quality milestone, as CEO targets flawless new vehicle launches

DETROIT — Ford Motor regularly promotes itself as a cornerstone of American manufacturing, business and truck leadership with its best-selling F-Series pickups, but it also has led the U.S. in one area that it isn't so proud of: vehicle recalls and quality issues. They've plagued the Detroit automaker's earnings, degraded customer trust and stained Ford's reputation for much of the past decade. The automaker has issued 53 recalls for more than 12 million vehicles so far this year after an industry record of 153 recalls covering 13 million cars and trucks in 2025. But that period for Ford is coming to an end, CEO Jim Farley told CNBC during an exclusive interview, as the automaker notched a key quality milestone. He said Ford has learned from its past mistakes and will use that knowledge to attempt to flawlessly launch a litany of new products in the coming years. "Our best days are in front of us as we continue to execute this quality turnaround for our investors, for employees, for our customers," Farley said during a phone interview. "We're going to have all new vehicles across our entire North America range in a couple of years, and so that whole new lineup, we have to launch all those perfectly." Doing so will be a difficult task. New vehicle launches, especially ones with emerging technologies such as software-defined systems and electrified powertrains, are complex, and one issue can have a ripple effect on an entire product line. It's something Farley knows all too well. Such issues have cost Ford billions of dollars in losses under his nearly six-year tenure leading the company. The automaker this week added to its 2026 recall total by recalling 741,195 SUVs and F-150 pickup trucks that varied in age from the 2018 to 2021 model years. Investors have been closely watching the issues, saying unneeded warranty costs are a risk to the company's guidance and future business plans. Warranty costs are the expenses an automaker incurs to cover repairs, replacements and other costs for defective parts or workmanship under a certain period of time or miles driven after customers purchase a new vehicle. Ford said it reduced warranty and materials costs by $1.5 billion in 2025, when adjusted for volume and mix, and is targeting an additional reduction in warranty and material costs in 2026. This follows the company's warranty costs reaching a high of $4.8 billion in 2023. "While warranty costs had been a clear drag to earnings over the past several years, Ford appears to have 'turned the corner,'" Barclays analyst Dan Levy said in a May 15 investor note, citing four consecutive quarters of year-over-year warranty benefits. "We believe the 1Q warranty improvement is encouraging, yet believe further improvement will still be needed." The company last week received outside validation of its yearslong efforts to turn around its product issues as the Ford brand was named the top mass-market brand in the U.S. in J.D. Power's initial quality ranking. After the news was released on June 25, Ford stock rose 2%, making it the company's second-best trading day of the month.

Ford achieves quality milestone, as CEO targets flawless new vehicle launches