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North America
CNBC Finance

American Airlines brings grab-and-go lounge to New York's JFK

American Airlines is planning to open a new grab-and-go lounge at New York's John F. Kennedy International Airport by the end of this year, its first new facility at the airport in more than four years as it continues its fight for high-paying customers to close a profit gap with Delta Air Lines and United Airlines. The new lounge, a 3,700-square-foot space, will include a barista bar with hot and iced coffee drinks as well as hot and cold food travelers can grab. Airlines have been adding more of these short-visit lounges in recent years to give credit card holders and big spenders access to spaces without crowding larger airport clubs. United announced its first in late 2022, for Denver International Airport. Airlines and credit card companies alike have raised the entry requirements or scaled back on freebies like guest passes to avoid overcrowding. American opened the first of its grab-and-go lounges, which it calls Provisions, at Charlotte Douglas International Airport in North Carolina, last year. American operates out of JFK's Terminal 8, which is shared by its Oneworld Alliance partners, Japan Airlines, Alaska Airlines, British Airways and others. It has a trio of high-end lounges for business-class travelers, first-class passengers and other frequent flyer elites for long-haul trips, which the airline opened there in 2022. It also operates an Admirals Club there that is used more for lounge membership customers. American hasn't updated its New York space lately like it has with those in other cities like Chicago and Austin, Texas. 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.

American Airlines brings grab-and-go lounge to New York's JFK
Europe
BBC Business

Plea for households to read energy meter as prices rise

Image source, Getty ImagesByKevin PeacheyCost of living correspondentPublished4 hours agoBill payers are being urged to submit a meter reading as household energy prices rise by 13% for millions of people in England, Scotland and Wales on Wednesday. Anyone whose tariff is affected by regulator Ofgem's price cap and does not have a smart meter should take a reading to avoid previous usage being charged at the new, higher rate. Price rises, driven by the higher cost of gas, may have a relatively limited impact owing to warm weather and lower energy use during the summer months. But higher energy prices caused by the fall-out of the US-Israeli war with Iran are likely to persist into the winter, according to analysts at the consultancy Cornwall Insight. It has predicted a very slight 0.5% dip in Ofgem's price cap in October, adding renewed pressure on the government to step in to help those in need. Ministers point to reforms to cut bills earlier this year. Chancellor Rachel Reeves had also indicated some targeted support could be provided in the autumn, although she may be replaced in the job under new Labour leadership, and prices have not risen as high as feared before the US-Iran truce. "The Iran ceasefire gave the markets some breathing room, but this is a pause, not a resolution to the conflict. What comes out of the final agreement, if there is one, will matter enormously for energy prices," said Craig Lowrey, principal consultant at Cornwall Insight. "Even in the best-case scenario, the enduring effects from the conflict will be with us for a while." The jump in bills under Ofgem's new price cap equates to a rise of £18 a month for a household using a typical amount of electricity and gas, with households seeing an increase of 24% on their gas bills and 5% on their electricity bills. Standing charges are almost unchanged. Ofgem has decided to reduce what it believes to be a "typical" level of energy use, because many households have cut back owing to high prices of recent years, and energy efficiency has improved. Its new estimate is 9,500 kWh of gas and 2,500 kWh of electricity a year. The energy cap covers 33 million households in England, Wales and Scotland. Regulation and bills are different in Northern Ireland. Anyone on fixed tariffs will not see any change to the price of each unit of energy until their deal expires. About 40% of bill payers have fixed tariffs.

Plea for households to read energy meter as prices rise
North America
CNBC Finance

Medicare will start covering obesity drugs for the first time. Here's what patients should know

Millions of older Americans in Medicare are about to receive a benefit that has never existed before: coverage of obesity drugs. Starting Wednesday, eligible beneficiaries can get GLP-1s to treat obesity for a copay of just $50 per month. It's a watershed move that could unlock a vast new patient population for Novo Nordisk and Eli Lilly and dramatically expand access to medications that were previously out of reach for many people ages 65 and above. Medicare Part D, or prescription drug plans, already cover some GLP-1s for conditions like diabetes and cardiovascular disease, but federal law has banned coverage solely for obesity. Medicare's new Bridge demonstration program sidesteps that law to cover the drugs for obesity – at least temporarily – for more beneficiaries, including those who are overweight with conditions like prediabetes or uncontrolled hypertension. There were more than 69 million beneficiaries in Medicare as of about a week ago, and "several million" are expected to access the drugs through the Bridge program, said Chris Klomp, director of Medicare and deputy administrator of the Centers for Medicare and Medicaid Services, during the Aspen Ideas Festival last week. There are also many more patients to capture: Roughly 15 million to 20 million older adults in Medicare are estimated to qualify for weight loss drugs, according to Novo and Lilly. But the initial rollout may not be smooth. Providers must submit prior authorization requests to attest that patients meet eligibility requirements, a process some physicians said may be cumbersome. Some doctors also worry the new coverage could spark a surge in demand that will strain busy clinics and pharmacies, and others raised concerns about a lack of broader public awareness of the program. There's also a larger question hanging over the Medicare breakthrough: Unless the Trump administration extends or replaces the demonstration program, obesity drug coverage is scheduled to expire at the end of 2027. Covering the drugs permanently would require a change in federal law or at least agreement among private health insurers to provide the medications in Part D plans. That creates uncertainty for patients who may begin treatments that many experts view as lifelong therapies. "It's good news that Medicare is rolling out this program, but it is temporary, so it's really not clear at this point what happens after the end of the 18-month program duration," said Juliette Cubanski, director of the Program on Medicare Policy at KFF, a health policy research organization. "Whether that coverage will continue in some other fashion, or whether people might lose access at that point." The $50 monthly copay is significantly less than what patients without any insurance coverage for obesity drugs typically pay. That price also applies to all doses rather than increasing with a larger dosage, as it does for people paying out of pocket. Lilly and Novo have both rolled out sweeping cash discounts for their respective drugs for patients willing to pay out of pocket, but those prices can still be unaffordable for some people. Novo's Wegovy injections range in price from $199 for a lower dose for the first two months under a limited-time offer, to $399 for the newly launched highest dosage. The KwikPen and single-dose vial formulations of Lilly's Zepbound cost from $299 to $699 per month, depending on the dose. At the highest dosages, Novo's daily Wegovy pill costs $299, while Lilly's rival Foundayo tops out at $349.

Medicare will start covering obesity drugs for the first time. Here's what patients should know
North America
CNBC Economy

Do you really, really love your job? Then you're not alone, according to surprising results from this survey

Don't believe the negative hype: At a time when consumer sentiment is near record lows, shift workers' attitudes towards their jobs has actually gotten better over the past year, according to a survey released Tuesday. Deputy, a global firm that helps small businesses with schedule, human resources and affiliated services, said its annual survey showed a slight uptick in employees who feel good about their jobs and a significant downturn in those unhappy with their jobs. Those surveyed showed a 78.9% rate of workers who "reported feeling positive at the end of their shifts," up nearly half a percentage point from last year. At the same time, those feeling unhappy dropped to 5.9%, down from 6.6% and the lowest reading in the survey's four-year history. Multiple surveys, from groups such as the University of Michigan, the Federal Reserve Bank of New York and the Conference Board, show anxiety about household finances and insecurity about finding work and maintaining employment. But the responses also come amid demographic changes in the shift-based workforce, with Gen Z, or those born between 1997 and 2012, making up the biggest sector within the group. "This result comes at a time of significant workforce change," said Silvija Martincevic, CEO at Deputy. "This shift matters because workers at different stages of life report very different experiences at work, making this generational transition an important part of the story behind this year's results." Parsing out the results by category, the theoretically happiest place to clock an eight-hour shift is as a casino worker in Rhode Island. Gambling led the subsector rankings with a 100% positive rating among respondents. Rhode Island also boasted a perfect score, which the survey narrative attributed to "tight labor markets and robust hospitality and tourism industries, both of which perform well on a national scale." The popularity of gaming "likely stems from a vibrant customer-facing atmosphere paired with the benefits of tips and collaborative team structures." More broadly, hospitality had the highest ranking, with an 82.98% positive rating, with retail close behind at 82.62%. Of the four main categories, healthcare had the lowest positive rating, at 72.89%, the second year in a row for an industry that has led the nation in job creation. Other sub-sectors that scored high positive ratings were firearms stores (89.53%), cafes and coffee shops (89.50%) and accommodation (84.09%). At the bottom of the 10 groups were fast food and cashier restaurants (80.30%) and in-home care (73.14%). The cafe and coffee shop group scored the highest share of "amazing" responses, at 72.64%.

Do you really, really love your job? Then you're not alone, according to surprising results from this survey
Europe
BBC Business

Anthropic says US lifts export ban on its advanced AI tools

The US government has lifted an export ban on Anthropic's most advanced artificial intelligence (AI) tools, just weeks after ordering it to restrict access to them over national security concerns, the company has said. Anthropic said in a statement that it will begin restoring access to Claude Fable 5 and Mythos 5 on Wednesday after being notified that the US Department of Commerce has lifted restrictions on the two models. They are the firm's most advanced AI tools, which were abruptly suspended on 12 June over concerns that they could be used by hackers to exploit weaknesses in computer systems. The Commerce Department said in a letter seen by the BBC that Anthropic has addressed the risks. "Anthropic has agreed to proactively detect and address security risks associated with the models," Commerce Secretary Howard Lutnick wrote in a letter to the tech company. The firm has also agreed to collaborate on future releases of its AI models and alert the government of any malicious activity, Lutnick wrote. The Commerce Department reserves the right to reconsider its decision to lift export restrictions if necessary, he added. Mythos and Fable are two of Anthropic's AI models built on its Claude platform - a rival to the likes of OpenAI's ChatGPT and Google's Gemini. Fable 5 is a version of the AI model for the consumer market, capable of deep reasoning and can perform complex tasks independently. Mythos 5 is a version of the platform designed for select businesses and cybersecurity experts. It is said to be able to identify vulnerabilities in computer code and exploit them. Both models were released on 9 June. The firm previously said that US authorities had not pinpointed specific concerns about its technology even as it ordered both platforms to be suspended around the world. "Our understanding is that the government believes it has become aware of a method of bypassing, or 'jailbreaking' Fable 5," the company said at the time, referring to a process of slipping past software safety restrictions to unblock features.

Anthropic says US lifts export ban on its advanced AI tools
Asia
The Economic Times

Motilal Oswal's top 4 banking picks ahead of Q1 earnings season. Do you own any?

With the Q1 earnings season knocking on the door, Motilal Oswal Financial Services said that its channel checks signal towards a strong MSME credit demand in the April-June quarter of the ongoing FY27, with an increase in the working capital cycle. Private banks' share is higher among higher ticket sizes, while public sector banks are gaining incremental market share with competitive pricing and CGTMSE-backed lending, the domestic brokerage added. The demand for unsecured business loans has picked up, while housing loans are slowing down, although asset quality has held up despite an inflationary environment, according to the domestic brokerage. HDFC Bank was named as one of Motilal Oswal’s top picks in the banking sector. The domestic brokerage said that the private lender is faring well in the HCV and MHCV segments. It is also among its top picks for loan against property segment, and in terms of asset quality. The shares of India’s largest private lender gained over 7% in one month but declined 20% in 2026 so far. Motilal Oswal has a ‘Buy’ call on the shares of HDFC Bank with a target price of Rs 1,100 apiece. ICICI Bank was also one of Motilal Oswal’s top banking sector picks in the loan against property segment, and in terms of asset quality. “ICICI Bank continues to have a competitive edge on the back of superior tech capabilities and offers better overdraft facilities,” the domestic brokerage said. It along with HDFC Bank are Motilal’s top private sector picks with a profitable growth trajectory alongside robust asset quality. It has a ‘Buy’ rating on the shares of ICICI Bank with a target price of Rs 1,750 apiece. State Bank of India (SBI) was Motilal's preferred PSU pick for its all-round execution and healthy growth trajectory. It is also its top pick in the housing loans segment. “Among the PSBs, SBI remains the most aggressive, offering competitive pricing, improved TAT, and lending under the CGTMSE scheme. Lending based on the CGTMSE scheme involves continuous monitoring of stock reports, cash flows, and debtor lists, reflecting strong underwriting practices,” Motilal Oswal Financial Services said. It has a ‘Buy’ call on the shares of SBI, with a target price of Rs 1,300 apiece. AU Small Finance Bank was named the fourth top banking pick by Motilal Oswal Financial Services. It remains a strong player in the retail segment, according to the domestic brokerage, which added, "Among the mid-size banks, AUBANK remains a preferred pick with industry-leading growth, a granular asset book, and strong collection infrastructure." Motilal Oswal has a 'Buy' rating on the shares of AU Small Finance Bank with a target price of Rs 1,275 apiece. Axis Bank holds a significant market share among the smaller wholesale players in Surat's textile industry, Motilal Oswal Financial Services said. It added that these players are facing stretched working capital limits and are operating with reduced profit margins. The domestic brokerage has a ‘Neutral’ rating on the shares of the company with a target price of Rs 1,475 apiece. Motilal has 'Buy' calls on the shares of Bandhan Bank, DCB Bank, Equitas Small Finance Bank, RBL Bank and Kotak Mahindra Bank as well. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Motilal Oswal's top 4 banking picks ahead of Q1 earnings season. Do you own any?
Asia
The Hindu BusinessLine

General Dhiraj Seth charts Army’s future with ‘VIJAY’ framework

General Dhiraj Seth, on his first day as the 31st Chief of Army Staff, vowed to make the Indian Army into a technology-enabled” and “future-ready” fighting force fully empowered and capable of operating across multiple domains. In a profound sign of affection, General Seth saluted and touched the feet of his father, Lieutenant General KM Seth (retired), and mother, after receiving a guard of honour as the Chief of Army Staff on the lawns of South Block on Wednesday. He also exchanged salutes and shook hands with his younger brother Rear Admiral Ravnish Seth. He described his central command strategy through acronym ‘VIJAY’ (victory), with each letter reflecting his priorities to navigate the complex security scenario. According to him, ‘V’ stands for Vigilance. “We will maintain constant vigilance along our borders and against emerging threats. We will also ensure a high level of operational readiness to respond effectively to any challenge to national security,” he said. Similarly, ‘I’ stands for Innovation and Transformation. “My focus will be on innovation in both doctrine and technological solutions. Innovation will remain an integral part of our thinking, our systems and our capability development. At the same time, necessary transformations will be undertaken in keeping with the changing character of warfare,” he elaborated. ‘J’ stands for Jointness and Integration. “To enhance the operational effectiveness of the Indian Army, we will maintain complete synergy and coordination with the Indian Air Force and the Indian Navy. I fully recognise that national security is not limited to military strength alone. It requires military-civil fusion and a Whole-of-Nation approach,” he stated. This integrated approach will also enable us to contribute meaningfully to nation building and to the goal of Viksit Bharat 2047, as per him. ‘A’ stands for Atmanirbharta. With indigenous capabilities and technologies developed within the country, we must build a self-reliant Army. The overall aim will be: “To Win Our Wars with Indigenous Solutions,” the General noted. ‘Y’ stands for Yodha First. “In my understanding, from the Agniveer to the senior-most veteran, each one is a yodha. These yodhas are the greatest strength of our Army. Enhancing the technological threshold and training standards of our soldiers will be among my foremost priorities,” he stressed. He concluded by insisting that he firmly believes that the mantra of ‘JAI’, given by the Prime Minister for the armed forces, forms the foundation of his priorities under the acronym ‘VIJAY’, guiding us towards success. The new chief will have a new set of commanders to assist him. Lt General Sandeep Jain, assumed the appointment of the Vice Chief of the Army Staff (VCOAS), while Lt General Rajesh Pushkar took over as the General Officer Commanding-in-Chief, Southern Command. And, Lieutenant General Mohit Malhotra was appointment as General Officer Commanding-in-Chief of the South Western Command. 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.

General Dhiraj Seth charts Army’s future with ‘VIJAY’ framework
Asia
The Hindu BusinessLine

Monsoon readies to enter Delhi as IMD confirms watch for first ‘low’

Outlook for Thursday suggested heavy rain to continue over Central India; the west coast; and along the Himalayan foothills even as the monsoon approached the National Capital Region in Delhi. | Photo Credit: www.meteoblue.com The India Meteorological Department (IMD) on Wednesday confirmed the likely formation of a low-pressure area over the north-west Bay of Bengal by Friday, setting the stage for a fresh advance of monsoon into remaining parts of North-West and Central India accompanied with a vigorous rain spell. The IMD said conditions are favourable for the monsoon to advance into more parts of Gujarat; Madhya Pradesh; Uttar Pradesh; Haryana-Chandigarh-Delhi; Punjab; and parts of Rajasthan. The northern limit on Wednesday passed through Porbandar and Vallabh Vidyanagar in Gujarat; Shajapur in Madhya Pradesh; Naugaon, Mirzapur, Azamgarh, Ayodhya, Budaun and Meerut in Uttar Pradesh; Karnal in Haryana; and Gurdaspur in Punjab. A prevailing cyclonic circulation over the north Bay is expected to intensify into the season’s first low-pressure area by Friday, providing the trigger for renewed rain activity. The monsoon trough over land already stretched from Punjab to the north Bay and is well placed to channel moisture deep into North-West India. The offshore trough along the west coast, another key monsoon feature has reappeared, extending from south Gujarat to Karnataka. It draws moisture from the Arabian Sea and lifts it over the Western Ghats to rain it down heavy along the west coast. A well-developed offshore trough is a hallmark of an active monsoon. The Bay and Arabian Sea branches of monsoon are now working in tandem to push seasonal rains towards western Rajasthan and complete coverage over entire country. Strong currents also generated cyclonic circulations over Uttar Pradesh and north Chhattisgarh, strengthening rainfall over Central and North-West India. A trough linking the Bay circulation to north-east Arabian Sea across south West Bengal; Odisha; Chhattisgarh; north Maharashtra; and Gujarat triggered widespread heavy to very heavy rainfall over the region. Supported by these favourable conditions, the monsoon on Wednesday advanced further into Gujarat; all of Daman and Diu; more parts of Madhya Pradesh and Uttar Pradesh; remaining parts of Uttarakhand; Himachal Pradesh and Ladakh; the whole of Jammu and Kashmir; and parts of Haryana and Punjab. The 24 hours ending in the morning saw extremely heavy rainfall at isolated places over eastern Gujarat; Konkan and Goa; and coastal Karnataka. Heavy to very heavy rainfall also occurred at a few places over Konkan and Goa; and at isolated locations over West Bengal; Odisha; eastern Gujarat and Coastal Karnataka. 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 readies to enter Delhi as IMD confirms watch for first ‘low’
Europe
BBC Business

Why Gen Z are planning for life without a state pension

ByColletta SmithBBC Your Voice correspondentJoel has finally landed his first graduate engineering job after several years of lower‑paid roles. He's in his early 20s, lives with his parents and works in London. But instead of splashing the extra cash, or saving up for holidays or a house deposit, he's decided to squirrel more of it away into his workplace pension. The reason? He doesn't think he'll get any kind of state pension. Like Joel, around half of Gen Z (those born from 1997–2012) say they don't expect the state pension to exist by the time they retire. It's pretty stark to hear, but growing up with constant headlines about an ageing population, a proportionally smaller working-age population, and the pressure that government finances are under, Joel thinks it's his generation that will suffer. "I don't believe that I'll be a recipient of a state pension. I know a lot of people my age don't think they're going to be... There just won't be enough money," he says. Retirement has always felt distant when you're in your 20s - something to think about later. But what's emerging among today's under‑30s is something different: not just distance, but doubt. "It just mathematically doesn't make sense… There has to get to a point where that state pension is taking up too much of the budget and can't exist in the way that it exists right now," Joel says. The state pension age is shifting. At the start of April, the age at which you receive it began to gradually creep up, rising from 66 years to 67 years by March 2028. It's due to go up again in 20 years' time to 68, though that might happen earlier as the government has an ongoing independent review. That's a frustration for 27-year-old retail manager Connor, who got in touch via BBC Your Voice, because he says "the goalpost keeps moving". "At the minute I'll be 68 by the time I can retire, but I do think I'll be probably closer to 75, if I'm honest." More than 13 million people - 19% of the population - are currently of state pension age. By 2050, even with the state pension age rising to 68, that group is projected to exceed 15 million people, nearly a quarter of the population, with numbers projected to climb towards 17 million by the 2070s. In other words, there will be lots more people qualifying for the state pension, and fewer working people, as a proportion, paying taxes into the pot to cover the bill. At the same time, almost half of working‑age adults are not paying into a private pension pot. That means many will be relying solely on the state pension for their retirement income - and with relative poverty rates among pensioners now at 14%, we can already see how difficult that can be. Experts warn that if a whole generation stops believing the state pension will be there, it could push people towards more risky investments, prompt overly restrictive behaviour, or lead others not to save at all. So, are we heading towards a major pension crisis for many in Gen Z? And if we are, might the Gen Z generation end up redefining what retirement looks like? For those hitting the state pension milestone today, as long as they've made 35 years of National Insurance contributions, they're entitled to £241.30 a week.

Why Gen Z are planning for life without a state pension