Latest Developments

North America
CNBC Economy

Iran declares new Hormuz route 'unacceptable and dangerous,' warns against ships transiting without approval

Iran's Islamic Revolutionary Guard Corps warned shipowners on Wednesday that any new transit route through the Strait of Hormuz established without coordination with Tehran is "unacceptable and dangerous," threatening actions against vessels that ignore its instructions. The stern warning underscores Tehran's resolve to retain control over the Strait of Hormuz and to resist transits that bypass its authorization. It also highlights the lingering uncertainty facing shipowners navigating the Strait even after the U.S. and Iran signed a memorandum of understanding last week to reopen the strategically vital energy artery. The IRGC Navy said that only the shipping routes designated by Iran are permitted for passage, and that coordination with Iranian forces via the designated communication channel is mandatory, according to Iranian local media. "Navigation outside these routes is highly dangerous and prohibited, and we warn all vessels to strictly avoid any movement outside the designated corridors," the IRGC Navy said, according to the report. The warning came after a key naval information group had proposed alternative shipping corridors on Saturday, asking shipowners to consider transiting the strait along the southern route with their transponder signals on. "The southern transit route, along Omani [territorial waters], has been confirmed clear of mines and is the recommended route," the notice said. Traffic data pointed to a tentative recovery. Transits tripled to 93 last weekend compared with the prior comparable period, according to ship-tracking data provider MarineTraffic, but remain far below pre-war levels when more than 100 ships transited the strait each day. MarineTraffic also confirmed 31 verified crossings on Tuesday by commercial and energy-laden vessels, as shipowners continued to use a mix of Iranian, Omani, and International Maritime Organization route patterns through the chokepoint. "Operators are still moving cautiously rather than returning to fully normal traffic patterns," the firm said Thursday. The U.S. Treasury sanctioned Iran's Persian Gulf Strait Authority in May, describing it as an attempt to ​"extort global ​maritime trade." Treasury Secretary Scott Bessent also warned that Washington would not tolerate any tolling system on Hormuz, saying his agency would aggressively target any actors involved. Analysts have warned that any form of Iranian control could have long-term effects on oil flows through the Strait, as transits may not fully recover to pre-war levels if Tehran retains strategic control of the waterway. Oil tanker traffic through Hormuz before the war might represent the high point for transits for the foreseeable future, said Helima Croft, head of global commodity strategy at RBC Capital Markets. "Any end to the conflict that leaves Iran exercising operational control and influence over the Strait will result in appreciably lower flows through the waterway in our view," Croft told clients in a Thursday note. 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.

Iran declares new Hormuz route 'unacceptable and dangerous,' warns against ships transiting without approval
Europe
The Guardian

Elizabeth Warren says ‘tsunami of anger’ could prompt reversal of Trump era mega mergers

Elizabeth Warren alongside Chuck Schumer at the US Capitol on Wednesday. Photograph: Douliery Olivier/ABACA/ShutterstockView image in fullscreenElizabeth Warren alongside Chuck Schumer at the US Capitol on Wednesday. Photograph: Douliery Olivier/ABACA/ShutterstockElizabeth WarrenElizabeth Warren says ‘tsunami of anger’ could prompt reversal of Trump-era mega mergersExclusive: US Senator suggests architects behind ‘frenzy’ of blockbuster corporate deals have ‘badly miscalculated’ Democratic senator Elizabeth Warren has warned that corporate mergers approved by the Trump administration – including a pending deal that would put two of America’s largest news outlets under the control of a family sympathetic to the president – could be undone by a future administration. “After 2028, we’ll have new players in Washington, and everyone who’s engaged in this merger frenzy right now is aware of that,” Warren said in an interview. “The deals that are being cut today are occurring in the shadow of a coming political tsunami of anger against these giant corporations that think they can mow through one industry after another and run up prices and suck out profits and never be held accountable.” “By 2028” – the year of the next presidential election – “they may find out they have badly miscalculated,” Warren said. The Massachusetts senator’s comments come after the justice department earlier this month approved the $111bn merger of Warner Bros Discovery, the parent company of CNN and HBO, and Paramount Skydance, which includes CBS News and is controlled by the Ellison family. The deal has prompted concerns that Larry Ellison, a longtime associate of Donald Trump, and his son, David, could reorient CNN’s coverage to be favorable to the president. After gaining control of CBS News in the merger last year that created Paramount Skydance, David Ellison appointed as editor-in-chief Bari Weiss, a conservative commentator who had no experience in television. The news network has since been plagued by allegations of political bias, including at 60 Minutes, the most watched show in television news. At CNN, the looming prospect of the Ellisons gaining control of that network and potentially installing Weiss in a leadership role has sparked concerns inside the network. Warren warned that if the networks are indeed combined under the Ellisons, it would mean “there’s one ultimate decision-maker who decides what’s important and what’s not” at two of the country’s biggest news outlets. “A bigger problem is that Ellison himself wants to inject a tilt into the news, and that means, where Americans turn for news, they can depend less and less on hearing independent, unbiased reports, and increasingly hearing a predigested version of the world that is comfortable for the new management of these news outfits,” she said. State attorneys general have reportedly planned a lawsuit over the deal, but have yet to announce it. Warren said she “wouldn’t draw a lot of inferences” from the delay, because bringing such a case requires significant resources and coordination among states as they decide “how they’re going to to pool their efforts to go up against a giant like Ellison”. Beyond media, the Trump administration has also approved Nippon Steel’s $14.9bn acquisition of US Steel; Omnicom’s $13.5bn acquisition of Interpublic to create the world’s largest advertising agency; and a $35bn deal between Capital One and Discover Financial.

Elizabeth Warren says ‘tsunami of anger’ could prompt reversal of Trump era mega mergers
Asia
The Hindu BusinessLine

Pakistan’s loss is India’s gain: Basmati rice export to Afghanistan likely to surge

Indian and Afghan traders are expected to meet next month to work out modalities for expanding direct trade in Basmati rice, following preliminary discussions between officials of the two countries held last week under the facilitation of the PHD Chamber of Commerce and Industry. The initiative comes at a time when Afghanistan is looking to diversify its sourcing of Basmati rice. The country consumes nearly 0.5 million tonnes of Basmati annually and has traditionally relied on supplies from Pakistan, aided by the advantage of a shared land border. However, the current tensions between Afghanistan and Pakistan have prompted Kabul to explore alternative supply channels, including direct imports from India, according to industry sources. Officials familiar with the discussions said representatives from the Afghan diplomatic mission in New Delhi participated in the meeting and expressed interest in increasing procurement of Indian Basmati. Afghanistan currently sources some Indian-origin Basmati indirectly through traders in Dubai and Iran, a route that adds to costs. “Afghan officials believe direct sourcing from India can make supplies more economical and reliable,” an industry source who attended the meeting said. One option under discussion is delivery of rice through Iran's Bandar Abbas port, subject to agreement between the two governments. Industry representatives said the proposed July meeting between exporters and importers will focus on issues such as logistics, payment mechanisms and possible barter arrangements. India imports substantial quantities of dry fruits from Afghanistan, opening up the possibility of structured trade settlements. A key challenge, however, remains the absence of formal diplomatic relations between New Delhi and the Taliban-led administration in Kabul. “Without an established diplomatic framework, uncertainties will continue to surround any trade arrangement. Exporters also need assurance on payments before committing to larger volumes,” the source said, adding that Indian exporters remain cautious about travelling to Afghanistan despite requests from Afghan authorities for a trade delegation. India's Basmati exports to Afghanistan have remained modest over the years. Shipments first began in 2005-06, when about 63 tonnes were exported. After a brief hiatus, exports resumed in 2010-11 and have continued at relatively low levels since then. The highest export volume was recorded in 2020-21, when India shipped 19,440 tonnes of Basmati rice worth ₹108.9 crore. In April 2026, exports stood at 979 tonnes valued at ₹7.74 crore, with average realisation of around ₹79 per kg. The move assumes significance at a time when India is seeking to expand markets for Basmati rice. The country exported 6.52 million tonnes of the aromatic grain in 2025-26, up from 6.07 million tonnes a year earlier. However, export earnings declined to $5.67 billion from $5.94 billion due to lower prices, with average realisation falling to around ₹77 per kg. Trade sources said a successful arrangement with Afghanistan could help India gain a foothold in a market that has historically been dominated by Pakistani suppliers. While Pakistan exported about 0.8 million tonnes of Basmati rice in 2024-25, industry officials estimate that a significant portion of rice shipped to Afghanistan under non-Basmati categories also contains blends of aromatic varieties.

Pakistan’s loss is India’s gain: Basmati rice export to Afghanistan likely to surge
North America
CNBC Finance

Federal Reserve says U.S. banks can withstand $708 billion in losses amid overhaul of capital rules

The biggest U.S. banks would be able to absorb more than $708 billion in losses in a severe global recession while continuing to lend to households and businesses, according to the Federal Reserve's annual stress test released Wednesday. All 32 banks examined by the Fed remained above their minimum capital requirements under the regulator's hypothetical scenario, which included unemployment surging to 10%, a 39% drop in commercial real estate prices and a 30% decline in home prices. The industry's common equity tier 1 capital ratio, a key capital measure that would absorb losses in a downturn, fell by 1.6 percentage points during the exercise, remaining comfortably above required minimums. Projected losses for the group included roughly $200 billion tied to credit cards, $160 billion from commercial and industrial loans and $75 billion from commercial real estate. "Today's results underscore the strength of the banking system," Federal Reserve Vice Chair for Supervision Michelle Bowman said in a release. The annual exercise comes at a pivotal moment for bank regulation because, unlike in previous years, the results will not affect the amount of capital large banks are required to hold. That's because the Fed said in February that it would leave the stress test buffers untouched until 2027 as regulators rework the methodology, heeding industry complaints, a move that could eventually reshape how much capital firms must hold against future downturns. In a June 21 research note that described this year's exercise as "going through the motions," KBW analysts led by Christopher McGratty said banks are likely to remain focused on the pending Basel III Endgame proposal expected later this year rather than the stress test results themselves. KBW estimated that if this year's results had counted toward capital requirements, Morgan Stanley, Citigroup, Citizens Financial and KeyCorp would have seen some of the largest reductions in capital buffers. 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.

Federal Reserve says U.S. banks can withstand $708 billion in losses amid overhaul of capital rules
Asia
The Hindu BusinessLine

Liquor tax bonanza: States clock up to 82% jump in excise revenues; UP gets ₹10,000 cr in April-May, Haryana records 82% growth

As liquor sales remain a major source of revenue, experts note that this boom underscores the financial impact of state-level taxation policies amidst rising manufacturer prices. Alcohol sales are giving state revenues a dramatic high, with excise duty collections soaring up to 82 per cent in just two months. Uttar Pradesh topped the charts for total revenue collected, while Haryana clocked the highest growth rate. State excise duty represents the second-largest component of a State’s own tax revenue. This tax is levied by State governments on alcoholic liquors intended for human consumption, as well as on certain narcotic substances. Monthly key indicators of 10 key States, compiled by the Comptroller and Auditor General (CAG), showed that Uttar Pradesh earned over ₹10,600 crore in April-May period of FY27, which is nearly 9 per cent higher than corresponding period of FY26. During the same period, Haryana recorded maximum growth of over 82 per cent with absolute numbers reaching over ₹2300 crore. Karnataka was second in terms of absolute amount and Kerala was number two in percentage growth. Industry sources attribute this revenue surge to three main factors: a 14 per cent growth in consumption, excise rate hikes by several State governments, and upward revisions in base prices by manufacturers. Alcohol for human consumption is constitutionally debarred from Goods and Services Tax (GST). States and Union Territories can fix levies on their own. These include State excise duty on manufacturing, VAT (value added tax) on sales and cess. These levies could be ad valorem (percentage of the base value) or specific (fixed rupees per litre) and States/UTs can change the framework on their own. For example, Karnataka has become the first State in India to introduce alcohol-in-beverage (AIB)-based excise system, while Kerala has proposed reducing the sales tax on liquor with low-alcohol content. According to CAG’s Publication on State Finances 2024-25, State excise duty is a major component of SOTR accounting for 13.50 per cent of SOTR of all States in FY25. In FY25, Uttar Pradesh registered the highest state excise receipts at ₹52,575 crore, followed by Karnataka at ₹35,784 crore, Maharashtra at ₹25,466 crore, Andhra Pradesh at ₹19,882 crore, West Bengal at ₹19,521 crore, Telangana at ₹18,604 crore, Madhya Pradesh at ₹15,201 crore and Rajasthan at ₹15,104 crore. In the eight North-Eastern and two Himalayan States, Uttarakhand recorded the highest excise receipts at ₹4,362 crore, while Mizoram reported the lowest at ₹2 crore.

Liquor tax bonanza: States clock up to 82% jump in excise revenues; UP gets ₹10,000 cr in April-May, Haryana records 82% growth
Europe
The Guardian

Oil price falls to pre-Iran war levels as more tankers exit strait of Hormuz

Cargo ships in the Gulf, near the strait of Hormuz. Photograph: ReutersView image in fullscreenCargo ships in the Gulf, near the strait of Hormuz. Photograph: ReutersOilOil price falls to pre-Iran war levels as more tankers exit strait of HormuzFears of long-lasting energy crunch ‘slinking away’ as vessel traffic doubled in 24 hours to highest level since late February Oil prices have fallen below levels last seen before the Iran war started in late February as more oil tankers exited the strait of Hormuz. Brent crude, the global benchmark, fell to a low of $72.24 a barrel on Thursday, slightly lower than the day before the US and Israel launched missile attacks on Tehran on 28 February. Prices have fallen more than 20% this month. Brent crude for August delivery was ‌trading lower than that for September, which ‌was priced at $73.59, signalling ample short-term supply. Vessel traffic in the strait, a vital shipping passage, doubled over the previous 24 hours to its highest level since late February, according to CNN and MarineTraffic data. Ipek Ozkardeskaya, senior analyst at Swissquote, said news that vessels are now transiting the strait of Hormuz with their satellite signals switched on had helped push down the oil price. She added: “A combination of strategic inventory releases, a collapse in demand from top buyer China and a substantial number of tankers quietly leaving the Persian Gulf “dark” had contributed to a small oversupply in some important markets.” Susannah Streeter, chief investment strategist at the Wealth Club, said: “Fears of a long-lasting global energy crunch induced by the Iran conflict are slinking away, with oil prices sinking back towards pre-crisis levels. Instead of relief coursing through European markets, there’s still a big dose of caution as the knock-on effects of the record-breaking heatwave collide with concerns about weak growth across the region.” A Liberian-registered oil tanker made its way out of the strait on Thursday using a new route close to Oman that has been promoted by a UN maritime agency, despite threats from Iran’s Revolutionary Guards. Tensions are rising again between Iran and the US over the terms of their interim accord. In a memorandum of understanding signed last week, both agreed to a 60-day period while they try to negotiate a permanent peace deal. A big threat to the deal is Lebanon. Israel launched an airstrike that killed two people in southern Lebanon on Wednesday, the country’s state-run news agency said. It was Israel’s first airstrike in the country since the latest ceasefire took effect on Saturday. Streeter said: “There’s still a long way to go to clear the backlog and fully meet demand, but with oil-producing nations turning on the taps and repairs to infrastructure ongoing, oil prices are on the decline. Energy-efficiency measures adopted during the crisis, coupled with fears of slowing global growth, are contributing to the bearish outlook for the sector.

Oil price falls to pre-Iran war levels as more tankers exit strait of Hormuz
Europe
BBC Business

Oil price falls back to pre-Iran war levels

Image source, The Dallas Morning News via Getty ImagesByOsmond ChiaBusiness reporterPublished25 June 2026, 08:11 BSTUpdated 4 hours agoThe price of oil has fallen to levels not seen since before the Iran war as traffic through the key Strait of Hormuz shipping route gradually resumes. Global benchmark Brent crude briefly fell below $72.48 (£55) a barrel, the price it was at the day before the US and Israel launched attacks on Iran on 28 February, before edging up to $72.63. Energy prices have been on a wild ride since Iran responded to the strikes by effectively closing the strait, a critical waterway for oil and gas shipments. The cost of crude has been moving sharply lower since the US and Iran signed a Memorandum of Understanding (MOU) on 17 June which set out a 60-day period for negotiations on Tehran's nuclear programme and other measures to end the war. Representatives from the two sides met in Switzerland last weekend for talks to end the war, which resulted in the US partially lifting sanctions on Iranian oil exports. The number of vessels crossing the Strait of Hormuz has risen significantly since the MOU was signed, according to maritime intelligence firm Kpler. The ships passing through the waterway in recent days include those carrying crude oil, liquefied natural gas (LNG), fertiliser and other goods, Kpler told the BBC. The US and Iran had also formed a "communication line" to prevent misunderstandings "with the aim of safe passage for commercial vessels through the Strait of Hormuz", mediators Qatar and Pakistan said in a joint statement on Monday. There has been a "tremendous shift" with far more ships using the strait in recent days, said Dimitris Maniatis, the chief executive of Marisks, a maritime risk advisory firm working with ships stuck in the region. His company estimates around 80 ships have crossed the Strait of Hormuz since Monday after the first round of peace talks between US and Iran in Switzerland. A limited number of ships can cross a northern passageway with the permission of Iranian authorities, he said. The US navy has also provided guidance for vessels to travel through a southern route that is safe from mines and other obstacles that has been laid out since the war, Maniatis said.

Oil price falls back to pre-Iran war levels
Asia
The Hindu BusinessLine

ITC shifts growth strategy to manufacturing, agriculture and distribution

ITC has outlined a new growth blueprint centred on manufacturing, agriculture and distribution, signalling a strategic shift beyond consumer brands as the company’s primary source of competitive advantage. According to its FY26 annual report, ITC plans to leverage more than 250 manufacturing facilities, nearly 70 lakh retail outlets, around 7,500 MSME partners and almost 90 per cent domestic value addition to drive its next phase of growth. The shift marks an evolution in ITC’s strategy. Instead of treating manufacturing, agriculture, research, digital capabilities and distribution as support functions for individual businesses, the company is positioning them as shared enterprise capabilities that can be leveraged across its portfolio to create scale, improve efficiency and strengthen long-term competitiveness. At the heart of this strategy is one of India’s largest manufacturing ecosystems. ITC today operates more than 250 manufacturing facilities, supported by around 7,500 MSME partners, with nearly 90 per cent domestic value addition across its businesses. Rather than viewing this network purely as production capacity, the company increasingly sees it as a strategic asset that can accelerate innovation, improve speed-to-market and strengthen supply-chain resilience. The report also highlights continued investments in smart manufacturing, automation and digital technologies to improve productivity while enabling businesses to share common manufacturing and sourcing capabilities instead of creating parallel infrastructure. ITC’s products today reach nearly 70 lakh retail outlets through a multi-channel network spanning direct distribution, wholesale, modern trade, e-commerce and quick commerce. Increasingly supported by digital tools, the network is positioned not merely as a route to market but as shared infrastructure capable of supporting multiple consumer businesses simultaneously. The strategy allows newer businesses to leverage an established distribution backbone instead of building independent networks, reducing both cost and time-to-market. Agriculture is also being repositioned from a sourcing function to a strategic capability. Backed by decades of farmer relationships and extensive procurement networks, the agri business now underpins food, exports and value-added manufacturing while strengthening traceability, domestic sourcing and supply-chain resilience. Together with nearly 90 per cent domestic value addition, it reflects ITC’s increasing emphasis on integrating sourcing with manufacturing and consumer businesses. Perhaps the most significant message in the annual report is how ITC now describes itself. Rather than presenting manufacturing, agriculture, research, packaging, technology and distribution as separate business verticals, the report repeatedly positions them as capabilities that reinforce one another across the enterprise. That represents a subtle but important evolution—from building a diversified portfolio of businesses to building an integrated operating platform capable of supporting multiple growth engines. The approach also lays the foundation for several emerging businesses across agriculture, sustainable materials and value-added manufacturing that leverage these shared capabilities. Unlike earlier phases of diversification, these businesses are being built on common enterprise platforms rather than as standalone ventures—a model that could define ITC’s next phase of growth. 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.

ITC shifts growth strategy to manufacturing, agriculture and distribution
Asia
The Hindu BusinessLine

Low birth weight babies to be added to Anaemia Mukt Bharat as Centre prepares to revamp guidelines

Under the revised strategy, low birth weight (LBW) babies aged 0-6 months have been added as the seventh beneficiary group, recognising the importance of addressing anaemia from the earliest stages of life | Photo Credit: istock.com The Centre is overhauling its flagship ‘Anaemia Mukt Bharat (AMB) Abhiyaan’, under which low birth weight (LBW) infants aged 0-6 months will be added as the seventh beneficiary group, recognising the importance of addressing anaemia from the earliest stages of life. Union Health Minister JP Nadda will release the operational guidelines for the revamped strategy at the 16th meeting of the Central Council of Health and Family Welfare (CCHFW) on Monday, introducing a more comprehensive, technology-enabled and community-driven approach, the ministry said in a statement. The revised guidelines transform the existing Anaemia Mukt Bharat programme into Anaemia Mukt Bharat Abhiyaan, expanding its focus beyond iron supplementation to include early testing, therapeutic management, healthy dietary practices, digital tracking and community participation. A key feature of the new guidelines is the introduction of a 7x7x7 strategy, replacing the earlier 6x6x6 framework. Under the revised strategy, low birth weight (LBW) babies aged 0-6 months have been added as the seventh beneficiary group, recognising the importance of addressing anaemia from the earliest stages of life, the statement said. The seventh intervention, titled ‘Eating Right’, seeks to promote regular consumption of iron-rich and diverse diets as a daily habit, and the seventh institutional mechanism introduces a strengthened monitoring and evaluation system supported by digital tracking. The programme also upgrades its service delivery model from the existing T3 approach 'Test, Treat and Talk' to a T4 approach ‘Test, Treat, Talk and Track’. The revised framework aims to strengthen haemoglobin testing, ensure treatment of iron deficiency anaemia in line with national protocols, improve follow-up and referral through systematic beneficiary tracking, and enhance counselling on nutrition and healthy dietary practices, it said. For pregnant and lactating women suffering severe anaemia, or those who do not respond to oral iron therapy, the guidelines include intravenous iron therapy using Ferric Carboxymaltose (FCM) and Iron Sucrose as an important clinical intervention. The government also plans to establish an integrated digital ecosystem to monitor anaemia services across beneficiary groups. Under the new system, haemoglobin testing records for pregnant women will be mapped through the JANANI Portal, while records for children will be captured through the RBSK and U-WIN portals.

Low birth weight babies to be added to Anaemia Mukt Bharat as Centre prepares to revamp guidelines