Latest Developments

Asia-Pacific
The Straits Times

Wall Street posts weekly gains with earnings, inflation data on tap

NEW YORK - Wall Street ended higher on Oct 9 as investors shifted their focus to next week, with third-quarter earnings season set to start and inflation data expected, which could shed light on the Federal Reserve’s next policy decision. All three major US stock indexes advanced on the day, logging weekly gains. The small-cap Russell 2000, however, ended lower than Oct 2’s close. “It’s the kind of back-and-forth market we’ve been in where we have the reversal of sentiment around Iran,” said Ross Mayfield, investment strategy analyst at Baird in Louisville, Kentucky. “With conflicting headlines coming out of the White House and parties in the Middle East, there’s just no edge there.” Crude prices initially retreated after President Donald Trump said the US will not launch any attacks on Iran before the midterm elections, adding that talks between Washington and Tehran aimed at ending the market-rattling Iran war were “productive.” Benchmark Treasury yields edged higher, but remained below Oct 7’s 24-year high. Third-quarter reporting season begins in earnest next week, with big US banks Wells Fargo, Goldman Sachs, Citigroup, JPMorgan Chase, Bank of America and Morgan Stanley scheduled to release results. Analysts estimate S&P 500 annual earnings growth of 30.6%, on aggregate, for the July-September period, with energy and technology posting the largest year-on-year earnings growth of 123% and 66.5%, respectively, according to LSEG data. The mood of American consumers, who shoulder about 70% of the US economy, has soured this month, according to the University of Michigan, with near-term expectations deteriorating to an all-time low. The Dow Jones Industrial Average rose 423.31 points, or 0.83%, to 51,654.95, the S&P 500 gained 46.15 points, or 0.59%, to 7,811.51 and the Nasdaq Composite gained 172.83 points, or 0.64%, to 27,366.17. Among the 11 major sectors of the S&P 500, communication services was the lone percentage loser. AI-related momentum stocks were generally higher, with the Roundhill Magnificent Seven ETF up 1% as the US bull market, largely driven by the AI boom, approaches its four-year anniversary. “Chips have been this year’s story,” said Michael Monaghan, portfolio manager at Founder ETFs in Dallas. “(It’s) a multi-decade technological change and just at the beginning of whatever’s happening, not at the end.”

Wall Street posts weekly gains with earnings, inflation data on tap
Europe
The Guardian

AI surveillance startup Flock to cut several hundred jobs amid backlash, sources say

A Flock Safety camera in Troy, New York, on 16 March 2026. Photograph: Albany Times Union/Hearst Newspapers/Getty ImagesView image in fullscreenA Flock Safety camera in Troy, New York, on 16 March 2026. Photograph: Albany Times Union/Hearst Newspapers/Getty ImagesSurveillanceAI surveillance startup Flock to cut several hundred jobs amid backlash, sources sayCompany, which grown rapidly in recent years, has been under scrutiny as privacy concerns grow Flock Safety plans to shed about 18% of its employees, people with direct ⁠knowledge of the plans said on Thursday, as the maker of AI-powered surveillance cameras and license-plate readers faces mounting opposition to its products from communities and ⁠lawmakers. The people said the job ⁠cuts came after ​a voluntary buyout program and were expected to affect roughly 270 employees at Flock, a surveillance technology startup that has seen rapid growth in recent ⁠years. Employees will leave the company at the end of the month. Sources declined to be identified as the company has yet to make the plan public. In September, Flock announced a voluntary separation program, asking employees to apply if they wanted to ​leave the company, as Wired reported. The ‌company has about 1,500 employees. Flock faces ‌growing scrutiny from regulators, lawmakers and privacy advocates, despite drawing strong investor interest among venture capitalists. A ‌recent Reuters/Ipsos poll showed Americans are divided on whether Flock cameras are a good idea. About 38% of the country supports the use of Flock cameras in their community, compared with 47% who oppose their use. Across 49 states, Flock’s network of about 120,000 AI-powered cameras, affixed to streets and highways, automatically read license plates and record vehicles as they pass. The company, based in Atlanta and founded in ‌2017, has raised more than $950m from venture capital investors, with its latest $275m round in March led by Andreessen Horowitz valuing the company at $7.5bn. The funds have supported a ​new US manufacturing facility and an upcoming push into drone products, according to the company. Flock provides cameras and software to more than 4,800 law enforcement agencies and nearly 1,000 businesses. The company says its technology helps investigate and solve crimes, but it has come under increasing scrutiny over alleged privacy violations and data-sharing practices. Public backlash ⁠has grown. In September, Florida banned automated license plate readers from state highways, ​citing privacy risks tied to Flock’s ​cameras. Home Depot investors recently demanded reviews ​of the retailer’s partnerships with surveillance technology vendors after reports that Flock’s data was used ​in immigration enforcement. Flock also ‌faces legal challenges, such ​as a privacy ​lawsuit in Virginia alleging that the widespread deployment of its AI-powered cameras constitutes warrantless surveillance.

AI surveillance startup Flock to cut several hundred jobs amid backlash, sources say
North America
CNBC Finance

David Ellison and Ynon Kreiz announce Skydance leadership team

Paramount Skydance CEO David Ellison and incoming co-CEO Ynon Kreiz on Monday announced the executives who will help lead Skydance, the soon-to-be merged Paramount Skydance and Warner Bros. Discovery, after the deal closes on Tuesday. The full leadership team brings together executives from both companies and will report to Ellison and Kreiz, according to a news release. Bari Weiss, editor-in-chief of CBS News, and Mark Thompson, chairman and editor-in-chief of CNN Worldwide, will remain in their roles and lead the company's news divisions after the merger is completed. Weiss joined Paramount Skydance in October 2025 when the company bought digital news outlet The Free Press, which she founded. Casey Bloys, currently chairman and CEO of HBO and Max content for WBD, will serve as co-chair and chief content officer of Skydance's direct-to-consumer division, overseeing the HBO Max and Paramount+ streaming businesses, while George Cheeks, formerly a co-CEO of Paramount, will serve as co-chair and chief content officer of Skydance TV, which includes the company's global sports group. JB Perrette, who most recently served as CEO and President of global streaming and games for Warner Bros. Discovery, will co-chair both divisions alongside Bloys and Cheeks. Paramount Chief Strategy Officer and Chief Operating Officer Andy Gordon will become president of Skydance. Chief Financial Officer Dennis Cinelli will stay in his role. "The leaders joining me have built some of the most beloved franchises and businesses in the industry, and they share a deep respect for the creative process and a belief that great stories have the power to entertain, unite and inspire audiences around the world," Ellison said in the release. Paramount Skydance and Warner Bros. Discovery announced the approximately $110 billion merger agreement in February. After settling a lawsuit from a group of state attorneys general last month, the companies announced last week that the deal would close on Tuesday. 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.

David Ellison and Ynon Kreiz announce Skydance leadership team
Asia-Pacific
The Straits Times

Musk vows affordable Starlink in India days before Ambani’s record Jio IPO

Elon Musk has previously accused India of stalling Starlink’s entrance into the country’s market. BENGALURU, India – Elon Musk said he would price Starlink’s satellite internet service affordably in India to take on Mukesh Ambani’s low-cost Reliance Jio, escalating his attacks on the rival billionaire days before Jio’s parent launches India’s largest-ever initial public offering. Jio Platforms, which owns the telecom arm, is targeting a valuation of US$106 billion (S$135.62 billion) in the offering. Much like SpaceX-owned Starlink, Jio’s own satellite venture is also awaiting final security clearance to launch. Cheap data is the playbook that built Jio in India, and the one Musk has used in markets like Kenya to unsettle local telecom players. Musk did not specify prices for India, where mobile data costs about eight cents per gigabyte, among the lowest in the world. “Obviously, if Starlink is too expensive in India, no one will buy it, so SpaceX will need to make pricing affordable,” he said in a post on his social media platform X on Oct 10. “The reality is that competition would greatly benefit the average citizen in India by giving them more choices, as it always does. Ambani’s profits will be lower, but he is not going out of business,” Musk added. The billionaire’s remarks were the latest in a series of X posts where he accused Prime Minister Narendra Modi’s government and Ambani of stalling Starlink’s entry into one of the world’s biggest internet markets to favour market leader Jio. The posts have marked a sharp turn for Musk, who has long enjoyed a warm public rapport with Modi. India’s government has denied any bias in its approval process, noting that the three satellite ventures seeking to launch, including Starlink’s and Jio’s, are all awaiting final security clearance. Late on Oct 9, Musk taunted Ambani directly, addressing him as “Prime Minister Ambani” and asking whether he would “consider allowing Starlink to compete”.

Musk vows affordable Starlink in India days before Ambani’s record Jio IPO
North America
CNBC Finance

GM says hybrid vehicles are coming: 'We're not tone deaf to our customers'

DETROIT — General Motors plans to introduce hybrid models into its U.S. lineup as sales of the vehicles continue to grow amid inflated gas prices and a pullback in all-electric cars. Mike Anderson, GM's vice president of propulsion engineering, reconfirmed the automaker's hybrid plans, but declined to discuss timing for such vehicles, which had previously been expected as soon as next year. "It's fair to say that [hybrids are] part of the plan," Anderson, a 35-year GM veteran, told CNBC during an interview. "We're not tone deaf to our customers. We know what they want and we want to give that to them as quickly as we can." GM has largely been absent from the hybrid market this decade, instead using its resources to go "all-in" on all-electric vehicles. But amid lackluster EV demand, industry deregulation and increased hybrid popularity, Anderson said the company needs to meet customer demand wherever it may be. "Our long-term vision is an all-electric future. That's our goal," Anderson said. "That's the end state, but it's going to be a journey that involves technology diversity." GM CEO Mary Barra in January said the automaker was still studying plug-in hybrid electric vehicles, or PHEVs, for its U.S. lineup as well as traditional hybrids but remained critical of the technologies. She also told Bloomberg later that month that a "handful" of such models were coming but did not give a timeline. In mid-2024, GM announced plans to introduce PHEVs by 2027. At that time, GM was under pressure to meet stricter federal tailpipe emissions standards that have since been lowered or eliminated by the Trump administration. AutoForecast Solutions, an automotive data and consulting firm, expects GM to begin offering PHEVs in late 2027 to early 2028 with a 70-mile EV range "throughout its portfolio," according to Casey Selecman, director of powertrain forecasts for the company. "GM has several PHEVs planned throughout the portfolio from the Equinox to the Silverado but has been very cautious in rolling them out due to fears of customer technology preference changes that have burned them in the past," he said. Anderson declined to discuss potential products or timing for GM's first new hybrid model. "You can see, without me saying what our future plans are, where the customers are clamoring for these things and really, really going for them," he said. "We want to meet them where they want things." Sales of hybrid models in the U.S. have jumped amid dimming EV demand, inflated gas prices and more offerings in the market, which GM has been missing out on.

GM says hybrid vehicles are coming: 'We're not tone deaf to our customers'
Asia
The Hindu BusinessLine

HDFC Mutual Fund lists FTSE India Equity ETF on NSE

The ETF is an open-ended scheme that tracks the FTSE India Equity Index (Total Return Index). It covers approximately 90 per cent of the market capitalisation of the FTSE India All Cap Index, offering investors broad exposure to Indian equities through a rules-based, passive investment strategy. Munot said India’s capital markets had undergone significant transformation over the past decade, driven by economic formalisation, improving market depth and expanding sectoral participation. He added that investors were increasingly seeking diversified, transparent exposure to the country’s equity markets. The scheme is rated “Very High Risk” on SEBI’s riskometer. It is suited for investors seeking returns commensurate with the FTSE India Equity Index over the long term, subject to tracking error. HDFC AMC, incorporated in December 1999 and approved by SEBI in July 2000, manages equity and fixed income assets across a nationwide distribution network. The listing expands its existing range of passive investment products. 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.

HDFC Mutual Fund lists FTSE India Equity ETF on NSE
Asia
The Hindu BusinessLine

Cabinet approves 78 days’ bonus for 11.4 lakh railway employees

FILE PHOTO: The Union Cabinet has approved a 78-day Productivity Linked Bonus for 11.4 lakh railway employees, with a total outlay of ₹2,009.61 crore. The Union Cabinet has approved the payment of Productivity Linked Bonus of 78 days for 11,40,770 railway employees, amounting to Rs 2009.61 crore, in recognition of their excellent performance, the government said on Wednesday. Payment of PLB to eligible railway employees is made each year before the Durga Puja/Dusshera holidays. “This year also, PLB amount equivalent to 78 days' wages is being paid to about 11.40 lakh non-gazetted Railway employees. The payment of PLB acts as an incentive to motivate the railway employees for working towards improvement in the performance of the Railways,” the government said. It added, “The maximum amount payable per eligible railway employee is Rs 17,951 for 78 days.” The above amount will be paid to various categories of Railway staff like track maintainers, loco pilots, train managers (Guards), station masters, supervisors, technicians, technician helpers, pointsmen, ministerial staff and other Group 'C staff. “The performance of Railways in the year 2025-26 was very good. Railways loaded a record cargo of 1670 million tonnes and carried nearly 7.41 billion Passengers,” the government said. 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.

Cabinet approves 78 days’ bonus for 11.4 lakh railway employees
Asia
The Hindu BusinessLine

India is fastest-growing polymer compound market, expected to grow to $16 bn by 2031: Crisil

The global polymer compounding market stood at $75.53 billion in 2025, growing at a CAGR of 6.5% from 2019. India has emerged as the world's fastest-growing polymer compound market, accounting for 13 per cent of a $75 billion industry, riding on increased manufacturing in automotive and electronics and infrastructure growth, says a Crisil report. The domestic sector is expected to grow to $16.5 billion in FY2031, up from $9.9 billion in CY2025, led by demand from the automotive, power cables, telecom cables, water pipelines, and oil & gas pipelines segments, the report said. Polymer compounding is a melt-blending process in which a thermoplastic resin is combined with additives and reinforcements such as antioxidants, UV stabilisers, flame retardants, glass fibres, or minerals to create materials with specific properties. These additives improve properties such as strength, stiffness, colour, flammability resistance, or electrical and thermal conductivity, depending on the end-use applications. The global polymer compounding market stood at $75.53 billion in 2025, growing at a CAGR of 6.5 per cent from 2019. The market is expected to grow at a CAGR of 6.7 per cent through 2031, reaching $109.80 billion. Technological advancements and rising demand for polymers in key end-use sectors, including automotive, construction, electrical appliances, wire & cables, and electrical & electronics, drive this growth. Because of their strong performance, lightweight, and cost-effectiveness, polymers are often used as alternatives to metal and mineral-based materials. Crisil attributes the polymer compound sector's significant growth to rapid expansion across electricity networks, 5G fiberisation, water grids, city gas pipelines, and oil pipelines. Crisil projects the Indian industry to more than double in just seven years, from $5.97 billion in 2019 to an estimated $10.73 billion by the end of 2026. Karan Aggarwal, Director, BLS Polymers Limited, said, "The growth is being witnessed in the cables and wires segments as well as the water, oil and gas segments, owing to high demand and increased investments." BLS Polymers started operations in 2001 and has developed more than 120 formulations for specialised applications. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

India is fastest-growing polymer compound market, expected to grow to $16 bn by 2031: Crisil
North America
CNBC Economy

Labor market faltered in September as jobs increased by just 29,000, unemployment rate rose to 4.2%

The U.S. economy created far fewer jobs than expected in September, pointing to a surprising soft spot in the labor market and broader economy. Nonfarm payrolls rose a seasonally adjusted 29,000 for the month while the unemployment rate increased to 4.2%, the Bureau of Labor Statistics reported Friday. Economists surveyed by Dow Jones had been looking for job growth of 84,000 and an unemployment rate of 4.1%. In addition to the weakness in September, the August jobs count was revised lower to reflect a gain of 133,000 while July switched from a gain to a loss as payrolls fell by 10,000. The revisions in total showed 60,000 fewer jobs than previously reported. Market reaction was swift to the report, with traders interpreting the soft jobs numbers as good news as they likely further cemented the Federal Reserve staying put at its October meeting. Stock futures rose sharply after the release while Treasury yields slumped after recently rising to levels not seen since the early part of the century. Market-implied odds that the Fed will hold rates steady at its Oct. 27-28 meeting jumped to 82.8%, according to the CME Group's FedWatch tool. "For the Fed, this number should be the nail in the coffin for an October hike," Thomas Simons, chief U.S. economist at Jefferies, said in a note. "The payroll data surged in August, and we had expected the momentum to continue this month, given the historically low prints on jobless claims in recent weeks," he added. "However, it now appears that the August number was nothing more than a rebound from very weak hiring in June and July." Fed officials more closely watch the unemployment rate than the headline payrolls numbers. The household survey, which is used to calculate the jobless level, was considerably better than the establishment survey, which is used to derive the payrolls count. Household employment rose by 406,000 for the month, while the labor force swelled by 485,000 and the participation rate, which counts those working or actively searching for a job as a share of the total labor force, increased 0.2 percentage point to 61.8%, its highest since May. An alternative measure of unemployment, which includes discouraged workers and those holding part-time jobs for economic reasons, edged down to 7.6%, its lowest since January 2025. The report comes with Federal Reserve officials weighing the state of the economy and how it should affect their next interest rate move.

Labor market faltered in September as jobs increased by just 29,000, unemployment rate rose to 4.2%