Latest Developments

Europe
BBC Business

Rogue builder left our roof leaking and spent £30K we gave him in Lanzarote

A heartbroken couple lost more than £30,000 to a rogue builder who left their new extension unfinished, with water pouring into their home. Alarms bells had been raised earlier when Shelley Sawkins, 75, called the tradesman, and realised he was in Lanzarote spending money she had given him. The builder, Christian Williams, 54, is currently serving a two-year prison sentence after admitting theft and three counts of fraud by false representation involving four families. In a Proceeds of Crime Act, external hearing earlier this month, Mold Crown Court heard Williams, trading as Chris Williams Construction, benefitted to £163,051.70 from his offending, but his assets meant he could only pay back £1. Williams had been posting photos on Facebook of holidays and days out at the races, while one of his victims, a dad of three, had to finish his two-storey extension himself. Shelley and husband Barry, 63, spent £50,000 getting the botched job at their bungalow in Buckley, Flintshire, fixed, almost £30,000 more than the initial quote of £21,000. About £30,000 went to Williams, and £20,000 to other builders fixing the mess he had left. But there are still major problems, including uneven flooring, and they are now desperate to move out of their home and into sheltered accommodation. "We paid the first instalment. The work started, and then just stopped," Shelley said. They had hoped work from Williams would make their lives easier, providing a spacious kitchen area. The first sign the job was not up to scratch was when one of the walls started to wobble when pushed. Then one night, after the roof had been worked on, rainwater began pouring into the house.

Rogue builder left our roof leaking and spent £30K we gave him in Lanzarote
North America
CNBC Finance

Seniors in Medicare are about to get landmark obesity drug coverage — but many may not know it yet

Millions of older Americans in Medicare are about to gain access to obesity drugs for the first time — but that landmark shift may be flying under the radar for many of them. Starting Wednesday, eligible beneficiaries can get obesity drugs through Medicare's new Bridge demonstration program for a monthly copay of just $50. The coverage marks a long-sought victory for patients, physicians and obesity advocates who have pushed for broader access to the blockbuster treatments from Novo Nordisk and Eli Lilly, which have remained out of reach for many Americans. But a staggering 82% of all older Americans — including 79% of Republicans and 84% of Democrats — say they are unaware that Medicare is about to begin covering obesity drugs, according to a survey released in early June by the Obesity Care Advocacy Network. The survey, conducted in late March among more than 2,100 adults ages 65 and older, was completed weeks before the government announced it would extend the Bridge program through 2027. That data may not come as a surprise: While the government has done robust outreach to healthcare providers and pharmacists, some physicians and other experts told CNBC that they have noticed limited advertising of the new coverage to the general public from the Centers for Medicare & Medicaid Services or Novo and Lilly. There may be good reasons for it. CMS has done limited public outreach on the program ahead of July 1 because beneficiaries are "most moved to take action" when a benefit is actually available to them, an agency official told reporters on Thursday. They added that CMS will put out more promotions after the launch, "in the interest of being good stewards of our taxpayer dollars." Other experts also told CNBC that it may come down to making sure providers and pharmacies are prepared and resources are in place before pursuing broad public outreach. Still, some experts say the lack of awareness may delay some eligible adults from taking advantage of the new coverage and getting on the treatments immediately. "I have not seen a lot of information out there for the public, and I think there are going to be plenty of people who have zero knowledge of the Bridge program," said Dr. Shauna Levy, medical director of the Tulane Bariatric and Weight Loss Center. "And I think for patients, it's just going to take even longer for them to find out about it, and then see if they're eligible." Unlike traditional Medicare drug coverage, enrollment in the Bridge program is not automatic. Patients must meet eligibility requirements, obtain a prescription and receive prior authorization approval through CMS before coverage begins. The relatively quiet lead-up to the rollout stands in contrast to the marketing campaigns Novo and Lilly have historically deployed for their obesity and diabetes medicines, which have appeared everywhere from television commercials to subway advertisements. Novo spent nearly $500 million on U.S. advertising for its obesity drug Wegovy and its diabetes counterpart Ozempic in the first 9 months of 2025, more than double the just over $200 million Lilly spent promoting its rival injections, Zepbound and Mounjaro, Reuters reported, citing data from the ad-tracking firm MediaRadar. "I was a little surprised that there hasn't been more advertising by Lilly and Novo for seniors to be ready to get their prescription," said Leerink Partners analyst David Risinger, adding that it takes time to book an appointment with a provider to obtain one.

Seniors in Medicare are about to get landmark obesity drug coverage — but many may not know it yet
North America
CNBC Finance

A 'perfect storm' points to a much smaller U.S. auto market by 2040

Ten years ago, a record 17.6 million cars, trucks and SUVs were sold in the U.S. Some forecasts say the country might not come close to that number again. Analysts at consulting firm Bain & Company said several signs indicate the market is about to shrink even more. Falling birth rates, behavioral changes, high car prices and a growing array of alternatives could drive sales down by more than 2 million units by 2040, according to their analysis. These indications point to a future where automakers fiercely compete for a shrinking number of customers, said Mark Gottfredson, a partner at Bain & Company. The auto industry has historically depended on an annual 1% growth rate that tracks the increase of the overall population, Gottfredson said. But all over the world, government statistics show population growth has slowed, and some countries are already seeing declines. "It is the perfect storm, isn't it," Gottfredson said. "It starts with the population declines. You're no longer a growth industry. You're a declining industry. You're a declining industry at a time when the technology is disrupting everything." The U.S. fertility rate in 2025 was about 1.6 births per woman. While not as low as some countries in Europe or Asia, it's considered below the replacement rate of 2.1, according to the Centers for Disease Control. Bain said that has been offset by relatively high immigration — about a million people coming to the U.S., according to the historical average it cited. But the firm said it expects restrictive immigration policies will last for the next 15 years, cutting historical net migration rates of the past 20 years in half, which means it could again reach low levels seen in 2019. That remaining population's behavior has changed — in part due to high prices and affordable alternatives, according to Bain. Half of 16-year-olds today don't have a driver's license, compared with nearly 70% of 16-year-olds between the years of 1966 and 1984, Gottfredson said. The stat might reflect a mere delay rather than a total refusal — Bain's research suggests most people still get licenses by age 25. Still, the share of new vehicle registrations among people aged 18 to 34 fell from 12% in the first quarter of 2021 to under 10% by mid-2025, according to S&P Global Mobility. Buyers 55 and older account for nearly half of all new registrations and have held the largest share for eight straight quarters, the firm said. "The engine behind it is affordability," said Craig Daitch, founder and president of Telemetry, a firm that does market research for the auto industry. New vehicle monthly payments are up 30% over four years, and nearly one in five new vehicles now carries a payment over $1,000 a month, he added. AutoForecast Solutions, a forecasting firm, expects U.S. new car sales to stay relatively flat at around 16 million through 2033, the furthest year in the future for which the company issues estimates. "When you look into the future, younger people are more likely to use Uber or Lyft when they're going somewhere," Sam Fiorani, vice president of global vehicle forecasting for the company. "We're still seeing groups of young people who enjoy driving and want a new car, but fewer can afford it."

A 'perfect storm' points to a much smaller U.S. auto market by 2040
Asia
The Hindu BusinessLine

MSMEs must grow from being producers of ‘me-too’ products to making ‘I-first’ products: ELGI MD

Micro, small and medium enterprises (MSMEs) should not aspire to remain small forever. Once they achieve stable profitability, they must shift their focus from merely making money to building larger, purpose-driven enterprises, said Jairam Varadaraj, Managing Director of Elgi Equipments. Further, MSMEs must grow from producers of “me too” products to those who make ”I first “ products, he said, speaking at the MSME Growth Conclave, organised by businessline at Coimbatore. Varadaraj argued that being categorised as an MSME should be viewed as a starting point rather than a destination. 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.

MSMEs must grow from being producers of ‘me-too’ products to making ‘I-first’ products: ELGI MD
Asia
The Hindu BusinessLine

Broker’s call: Aptus Value (Buy)

We open a 30D positive CW on Aptus, expecting sharp acceleration in disbursement growth, contained stress pool, and stable spreads. Disbursement growth is estimated to re-accelerate sharply to 34 per cent y-o-y (vs. 18/11/3 per cent in Q4/Q3/Q2). Q-o-Q AUM growth is expected to breach 4.5 per cent, driven by higher ATS, accelerated branch rollouts, and strengthening network productivity. YoY AUM growth is anticipated to step up to 21.5 per cent, improving line-of-sight to the guided corridor of 22–24 per cent. Despite seasonality, GS3/1+ DPD are expected to edge up 13–15bps/40–45bps Q-o-Q to 1.65/6.65 per cent. Credit costs are expected to remain firmly within the guided band of 0.5 per cent (plus or minus 10bps. With yields and cost of borrowing holding up, spreads are expected to remain relatively stable. With its niche segment focus and strong internal processes, Aptus has delivered strong, profitable growth for a long period. It has among the highest ROA/ROE (despite low leverage) in the AHFC space driven by high NIM and a lowcost operating model. Credit cost has also been low across market cycles. However, incrementally it is facing increased competition in its core geographies, which could impact margins and consequently return ratios going forward. Key risks: Franchise expansion, salary increments/incentive provisioning in Q1 expected to keep opex/assets elevated. 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.

Broker’s call: Aptus Value (Buy)
Asia
The Hindu BusinessLine

Tech Mahindra collaborates with Perplexity to boost sales with AI

The initiative is aimed at strengthening sales effectiveness, enabling informed decision-making and delivering more personalised customer experiences. | Photo Credit: Dado Ruvic Technology consulting and digital solutions provider Tech Mahindra has partnered with global AI company Perplexity to integrate AI-powered intelligence into its sales operations, according to a company statement. Under the partnership, Tech Mahindra will deploy Perplexity Enterprise Pro to provide its sales teams with faster access to trusted, source-backed insights, enabling them to better understand customer needs, improve engagement and deliver greater business value. According to the release, the AI-powered platform will help sales teams quickly access reliable information, reduce research time, improve productivity and enhance customer interactions throughout the sales cycle. "By equipping sales teams with intelligent tools that support faster decision-making and deeper customer understanding, Tech Mahindra will improve sales performance while delivering more personalised and meaningful experiences for customers," the release added. The initiative is aimed at strengthening sales effectiveness, enabling informed decision-making and delivering more personalised customer experiences. Mohit Joshi, CEO & MD, Tech Mahindra, said, "AI is transforming how enterprises engage with customers, make decisions, and create value. By integrating Perplexity Enterprise Pro into our sales processes, we are empowering our teams with trusted, real-time intelligence that helps them better understand customer priorities, engage with greater context, and deliver more impactful solutions. Tech Mahindra's partnership with Perplexity reinforces our commitment to leveraging AI across the enterprise to enhance customer experiences, improve sales effectiveness, and accelerate business transformation." By integrating AI into its sales and customer engagement processes, the company aims to become more agile, data-driven and customer-focused, while helping clients accelerate their digital transformation, the release said. On the other hand, Aravind Srinivas, CEO and Co-founder, Perplexity, said, "Tech Mahindra brings deep enterprise expertise and a strong delivery presence across the world. Putting Perplexity Enterprise Pro in their sales teams' hands gives them fast, source-backed answers when it matters most to clients." 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.

Tech Mahindra collaborates with Perplexity to boost sales with AI
Asia
The Hindu BusinessLine

GIFT IFSC to get ‘One KYC’ system as IFSCA plans unified client onboarding framework

The International Financial Services Centres Authority (IFSCA) is moving to introduce a ‘One KYC’ framework across GIFT IFSC, allowing investors and clients to complete their Know Your Customer (KYC) process only once and use the same verified records to access multiple financial services within GIFT City. To operationalise the framework, the regulator has proposed mandatory integration of all regulated entities with KYC Registration Agencies (KRAs), creating a centralised KYC repository that can be accessed across banks, brokerages, insurers, fund managers and other financial institutions operating in the IFSC. “One of the main objectives of IFSCA is to promote ease of doing business for conducting financial services and attracting global capital into India. It is extremely important to ease the onboarding and KYC process for clients,” IFSCA Chairman K Rajaraman told the businessline. He said financial institutions operating in GIFT IFSC had repeatedly sought a solution that would eliminate multiple KYC submissions. “If a client has completed KYC with one regulated entity in IFSC, she should not be required to complete KYC again for onboarding with any other regulated entity in the IFSC,” he added. Under the proposal, every client will be assigned a unique identification number by a KRA, enabling regulated entities to retrieve and verify existing KYC records instead of asking customers to repeatedly submit the same documents. The regulator said the move is intended to simplify client onboarding while reducing duplication in compliance processes. In a consultation paper issued on June 26, IFSCA proposed that all regulated entities in the IFSC integrate with at least one KRA registered with the authority for uploading, storing, retrieving and updating client KYC records. The regulator has already granted registration to one KRA and is in the process of approving another. Rajaraman said the KRA framework has been designed broadly along the lines of the system regulated by SEBI in domestic markets but with a wider scope. “In the IFSC, the KRA covers the entire spectrum of financial services, including securities markets, banking, insurance and pensions,” he said. Unlike domestic India, where different sectors have separate onboarding processes, the IFSC framework seeks to provide a common KYC infrastructure across financial services. Rajaraman described the KRA as functioning “more like a utility infrastructure layer” for regulated entities, allowing them to securely access verified client records while improving customer convenience. The regulator also plans to make the IFSC framework interoperable with India’s Central KYC Registry (CKYCR). According to Rajaraman, the Ministry of Finance is working on a notification that will integrate IFSC KRAs with CKYCR, while the government is pursuing its broader “One KYC” vision across India’s financial sector. “KRA systems will work as an intermediary layer in IFSC, synchronising KYC data with CKYCR, which is India’s universal KYC repository,” he said. The rollout will be implemented in phases. Regulated entities will be required to integrate with at least one KRA within two months of the circular coming into force. From September 1, 2026, all new clients onboarded in the IFSC must be linked to a KRA, while KYC records of all existing active clients will have to be uploaded by October 30, 2026. Looking ahead, Rajaraman said IFSCA’s objective is to make onboarding increasingly digital. “In the next few years, we aim to become fully digital, subject to the legal framework permitting it,” he said, adding that achieving interoperability with other jurisdictions would depend on data privacy laws and cross-border regulatory cooperation. Public comments on the consultation paper have been invited until July 16. 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.

GIFT IFSC to get ‘One KYC’ system as IFSCA plans unified client onboarding framework
Europe
BBC Business

Got the tennis bug? How to play sport without paying

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

Got the tennis bug? How to play sport without paying
Asia
The Hindu BusinessLine

Indian MSMEs are transitioning from local suppliers to global contenders: Raghuvir Srinivasan

“MSMEs are not just part of the economy — they are the bedrock of India’s progress.” With this, businessline Editor Raghuvir Srinivasan opened the MSME Growth Conclave in Bengaluru, highlighting the critical role of micro, small, and medium enterprises in shaping India’s economic future. In his welcome address, he spoke about the sheer scale and impact of the MSME sector—from its contribution to GDP and manufacturing to its role as one of the country’s largest employers. More importantly, he emphasised a turning point: MSMEs are no longer confined to being local suppliers but are rapidly evolving into global contenders powered by technology, innovation, and agility. 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.

Indian MSMEs are transitioning from local suppliers to global contenders: Raghuvir Srinivasan