Latest Developments

Europe
BBC Business

EasyJet says US bidder trying to buy it 'on the cheap' as it rejects £4.7bn offer

EasyJet has rejected a takeover offer worth £4.74bn from US investment firm Castlelake, accusing it of trying to buy the airline "on the cheap". The carrier's comments came after Castlelake said it had made three takeover approaches to the airline this month, all of which had been rejected. The US firm has now made details of its latest offer public to allow shareholders to assess the proposal. Under stock market rules, Castlelake has until Friday to make a firm offer or walk away. EasyJet is one of Europe's largest airlines, and last year carried more than 90 million passengers. It operates across 38 countries on more than 1,200 routes. The carrier repeated its accusation that Castlelake's offer was "highly opportunistic", arguing that its share price had been "temporarily depressed" partly due to the impact of Iran war on the travel sector. Under Castlelake's latest offer, the airline's shareholders would receive 625p per share, a 24% premium to last Friday's closing price. The US firm- which already owns a stake of about 2.14% in EasyJet through the funds it manages - said its latest bid "offers compelling value" to the carrier's shareholders. "Following the rejection of three proposals by the EasyJet Board, and given its unwillingness to engage meaningfully, Castlelake is announcing this Third Proposal to enable EasyJet shareholders to consider its merits," Castlelake said. "Castlelake's ambition is to support EasyJet as a stronger, more resilient European airline under European control, respecting EasyJet's valuable airline assets and continuing to sustain its network." European Union regulations stipulate that EasyJet must be majority-owned by EU citizens. Castlelake said it had proposed an ownership structure which was a "deliverable solution to ensure compliance with all applicable regulatory requirements." This will involve Castlelake going into partnership with two EU nationals, businessmen Peter Bellew and Mark Breen. They will own an EU-based company which will have majority control of the airline. Peter Bellew is a former chief operating officer of EasyJet, who has also held the same role at Ryanair. He left EasyJet in 2022, after a turbulent period in which staff shortages led to major disruption, including a large number of cancellations.

EasyJet says US bidder trying to buy it 'on the cheap' as it rejects £4.7bn offer
Europe
BBC Business

South East Water announces new chief executive

South East Water (SEW) has announced a new chief executive designate after its previous boss resigned. The heavily criticised water company said that John Halsall will take over from David Hinton, pending regulatory approval. Halsall has previously worked for Thames Water, South West Water and Network Rail. The announcement comes as SEW remains under fire for repeated water supply failures in Kent and Sussex and grapples with major infrastructure issues. Halsall said that his priorities were "responding to customers' immediate concerns" and delivering on short term improvements. In the longer term, Halsall said that he would deliver the company's largest ever investment programme of £2.1bn to "improve reliability and resilience". He added: "I look forward to working with our customers, community partners, regulators and colleagues to rebuild trust in South East Water, drive the improvements the business needs to deliver and make the changes people want to see." Reacting to the appointment of Halsall, Tunbridge Wells MP Mike Martin said: "Bringing in leadership from outside the organisation is the right decision. fter years of managed decline, fresh leadership and ideas are urgently needed. Tens of thousands of SEW customers lost water supply or had low pressure in incidents in November, December, January and May. Regulator Ofwat recently proposed fining the firm £22m over issues affecting 286,000 people in Kent and Sussex between 2020 and 2023. Halsall's predecessor Hinton – who earned £400,000 and was awarded a £115,000 bonus last year – will leave SEW after a handover period. SEW raised its prices by an average of 7% from April, bringing the average yearly bill to £324.

South East Water announces new chief executive
North America
CNBC Economy

Trump claims Iran deal is 'unconditional surrender,' says his power has 'no limits': Axios

U.S. President Donald Trump asserted that he has unlimited power and insisted the deal reached with Iran amounts to "unconditional surrender" by Tehran, in an interview with Axios. The U.S. and Iran signed the agreement on Thursday, after three and a half months of conflict that shut the Strait of Hormuz and rattled global energy markets. Trump said he negotiated the agreement to prevent the conflict from triggering a global economic depression, speaking in the interview Thursday evening stateside. The memorandum of understanding includes a 60-day negotiating period to reach a final deal, a reopening of the critical Strait of Hormuz and a framework for nuclear negotiations. Several key details remain unresolved and will be addressed in subsequent negotiations. Asked what he had learned from the war about the limits to his power, Trump said that "I haven't learned that lesson yet. I know there are, but there are no limits." Shipping activity through the Strait of Hormuz began picking up as the agreement took effect, with cargo ships and oil tankers resuming transit through the narrow artery. At least 18 transits were recorded during the June 17-18 period, the highest count for any comparable timeframe since the conflict started, according to maritime intelligence firm Windward. U.S. Central Command said Thursday that American forces had lifted all blockade enforcement on maritime traffic entering and exiting Iranian coastal areas. "All U.S. military blockade enforcement efforts have ceased," CENTCOM said in a social media post, adding that U.S. naval forces would remain in the general area to ensure all aspects of the agreement are followed. A White House spokesperson said U.S. Vice President JD Vance canceled a planned trip to Switzerland on Friday, where he had been expected to begin the 60-day negotiations with Iranian officials, citing logistical reasons. "The plans for the upcoming technical talks have not been finalized, and the U.S. delegation has been prepared to depart at the first available opportunity. But the logistics of these negotiations have never been simple or predictable," the spokesperson said. The deal has drawn criticism from lawmakers who argue Trump was not tough enough on Iran, with terms of the interim agreement falling short of what the president set out to achieve at the start of the war. Senate Minority Leader Chuck Schumer, D-N.Y., told reporters that Trump did a "very poor job of negotiating" and said the U.S. was worse off than before the war started.

Trump claims Iran deal is 'unconditional surrender,' says his power has 'no limits': Axios
North America
Yahoo Finance

Stocks Slide as Iran Nuclear Talks Hit Early Snag: Markets Wrap

(Bloomberg) -- Global stocks are ending a strong week on a cautious note as relief over an interim peace deal between the US and Iran gave way to a focus on the challenges of securing a lasting agreement.Most Read from BloombergRead the 14-Point Draft Memorandum Between the US and IranModi Warns of ‘Shortage of Trust’ Ahead of Trump MeetingTrump Blows Through His Iran Red Lines in Justifying Peace DealUS and Iran Delay Nuclear Talks as Lebanon Clashes WorsenUS Tells ASML It’s Concerned China May

Stocks Slide as Iran Nuclear Talks Hit Early Snag: Markets Wrap
North America
Yahoo Finance

MRVL, INTC, MU Stocks Hit 52-Week Highs Last Week: What Fueled The Surge?

Shares of Marvell Technology (MRVL), Intel Corp. (INTC), and Micron Technology (MU) climbed to fresh 52-week highs on Thursday as investors poured money into semiconductor stocks despite ongoing concerns about interest-rate policy. While Marvell and Micron Technology stocks ended Thursday’s session over 7% and 8% higher, respectively, Intel stock closed 10% higher. Marvell stock hit a record high of $329.88 as investors flocked to the semiconductor company ahead of its inclusion in the S&P 500 on Monday. Investors view the company as a critical supplier of custom silicon and networking technologies that support large-scale AI deployments. Investor sentiment improved after KeyBanc raised its price target for Marvell to $385 from $260, suggesting the stock could still have 245 upside. The upgrade was based on expectations that Marvell will continue to grow its business in custom AI chips and cloud infrastructure. A report indicating that the company plans to use Taiwan Semiconductor Manufacturing Co.’s (TSM ) A14 manufacturing process for future AI chips further strengthened the bullish narrative. However, on Stocktwits, retail sentiment around the stock dipped to ‘bearish’ from ‘neutral’ the previous day. Intel delivered the strongest performance in the group, reaching a record high of $135.48 after President Donald Trump said Apple (AAPL) would work with the chipmaker to design and produce advanced semiconductors in the U.S. Investors viewed the development as a major endorsement of Intel's long-term effort to expand domestic manufacturing capacity and compete more aggressively in the foundry business. On Sunday, Intel also received a modest boost from Wall Street after Mizuho increased its price target to $135 from $128 while maintaining a ‘Neutral’ rating on the stock. The firm pointed to improving prospects for several of Intel’s packaging platforms as potential drivers of long-term market expansion. According to Mizuho, Intel could secure between 10% and 15% of the advanced packaging market over the long term, providing an additional revenue stream beyond its traditional processor business. Retail sentiment around the stock remained in ‘bullish’ territory. Micron stock also reached an all-time high of $1,149.43 after a growing recognition across the technology sector that memory components have become a critical resource for AI development. Comments from Apple (AAPL) regarding rising memory-related expenses added to investor optimism about Micron's long-term earnings potential. On Thursday, several firms raised their price targets for Micron, arguing that favorable supply-and-demand conditions in the memory market could continue to support revenue growth and profitability.

MRVL, INTC, MU Stocks Hit 52-Week Highs Last Week: What Fueled The Surge?
Asia
The Hindu BusinessLine

Monsoon nears Mumbai as Bay system holds key to wider revival

Surge in winds from the seas from Monday morning translated into rainfall (dark blue) along the west and east coasts as the monsoon broke a fortnight-long hiatus to resume its journey. | Photo Credit: www.meteoblue.com After a frustrating fortnight-long pause, the monsoon has resumed its advance, reaching Alibag, less than 100 km south of Mumbai, India Meteorological Department (IMD) said on Monday. Conditions are becoming increasingly favourable for its arrival over Mumbai within the next couple of days. The renewed advance is expected to carry seasonal rains deeper into Maharashtra; remaining parts of Telangana and Odisha; and further into Chhattisgarh; Jharkhand; and Bihar. The progression marks the beginning of a broader wet spell spreading across East India and into the rain-starved agricultural belts of Central India. The revival comes as the Arabian Sea branch regains strength and a potentially crucial low-pressure area begins to take shape over the Bay of Bengal. Together, they could trigger a significant phase of monsoon advance since onset, bringing relief to deficit-hit regions and improving rainfall distribution across large parts of the country. Roughening seas have prompted fishermen warnings on both coasts. Alerts are in force over the Gulf of Mannar for the next five days; parts of the south-west Bay and adjoining Sri Lanka coast for three days from Thursday; and along the Odisha; West Bengal; and north Andhra Pradesh coasts for three days from Monday. The increasing churning over the Bay is also seen as a precursor to formation of the crucial ‘low.’ On the Arabian Sea side, fishermen have been advised against venturing into waters along and off the Konkan; Goa; Karnataka and Kerala coasts; and around Lakshadweep on Tuesday. Fresh warnings cover the Konkan; Goa; and Karnataka coasts for three days from Wednesday and the Comorin region for five days from Monday as monsoon winds gather strength and depth. Two atmospheric features are now under close watch. The first is the seasonal monsoon trough stretching from Rajasthan to Bihar through Uttar Pradesh. The second is an upper-air cyclonic circulation over the north and adjoining central Bay .Meteorologists believe the two could reinforce each other, creating an atmospheric corridor that channels moisture-laden winds from the Bay deep into Central and North-West India. Much depends on whether the Bay throws up a ‘low,’ as expected. If could become the anchor for monsoon revival phase and sustain rain activity well beyond the immediate term. Several weather models indicate that such a ‘low’ is likely to form, with some even hinting at a successor disturbance thereafter. Yet, the outlook warrants caution, with a strengthening El Niño continuing to cast a long shadow from the equatorial Pacific. 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 nears Mumbai as Bay system holds key to wider revival
Europe
BBC Business

Is Germany looking again at coal-powered electricity?

They have a word for it in German – kohleausstieg, which means "coal phase out". Germany is the biggest user of coal for power generation in Europe, and the fourth largest in the world after China, India and the US. But it has pledged to stop using it altogether by 2038. For lignite, the low-quality soft coal that is the most polluting, Germany has even brought the phase out forward to 2030. Currently some 20% of German power generation comes from coal, but it wishes to end this as it focuses on growing wind and solar. In fact, Germany already gets more than half of its electricity from renewables, 59% last year. As back-up to wind and solar, especially for the winter months, it wants to replace coal with more natural gas power stations. These generally release half as much carbon dioxide as coal, and gas currently accounts for 13% of German electricity generation. However, the recent jump in global gas prices following the US-Israel conflict with Iran, has encouraged a number of countries to reconsider coal as an energy source. Japan has loosened rules to allow for the increased use of coal-fired power plants, Italy is delaying the closure of its remaining stations until 2038, and India has postponed maintenance shutdowns. But what about Germany? Back in March, Chancellor Friedrich Merz said: "We must supply this country with electricity. I am not prepared to jeopardise the core of our industry simply because we have adopted phase-out plans that have become unrealistic." Was this the start of a phase-out of the phase-out? Is Germany going to keep coal power after all? The problem for the German government regarding what the country burns to make electricity is a two-fold one of supply and price. Germany has an abundance of readily available, cheap lignite. It has the largest reserves in Europe and the third biggest globally. It is entirely self-sufficient in the fuel. By contrast, it has to import 95% of its natural gas supplies. So when the global cost of gas shoots up, switching back to the much cheaper lignite is financially very appealing. And Germany doesn't have to worry about supply shortages.

Is Germany looking again at coal-powered electricity?
Europe
BBC Business

Toy Story 5 sees franchise's biggest ever opening weekend

Disney's Toy Story 5 racked up the animated franchise's best ever opening weekend, with ticket sales of more than $300m (£227m) globally. Released on 19 June, the fifth installment of the Toy Story saga follows Woody, Jessie and Buzz Lightyear as they face their toughest rival yet - a tablet computer. Its strong box office performance is a return to form for Disney and Pixar after a series of challenges in recent years. It is estimated to be this year's second-biggest opening weekend globally, after The Super Mario Galaxy Movie. That film is currently the highest grossing film of the year, taking in more than $1bn. With an estimated production budget of $250m, it will need to make at least twice that amount to cover the additional costs of marketing and other expenses. Disney's Pixar films have historically recouped their budgets - often comfortably - with many titles bringing in three times as much as they cost to make and promote. A handful of its films - especially sequels like The Incredibles 2 and Inside Out 2 - have crossed the $1bn mark. But some of the storied studio's more recent titles, like the alien adventure Elio and Toy Story spin-off Lightyear, have bombed at the box office. The Mandalorian and Grogu, Disney's latest big-budget Star Wars spin-off, has yet to double its $165m cost. Overall box office revenues have declined since the Covid-19 pandemic, as studios struggled to draw people back to cinemas as the industry has seen a shift towards streaming services like Netflix and Disney+. Big-budget blockbusters in particular have suffered, with many films underperforming at the box office. Still, the Toy Story series is one of Pixar's most lucrative franchises, having raked in more than $3bn at the global box office since audiences were introduced to Woody and Buzz in 1995.

Toy Story 5 sees franchise's biggest ever opening weekend
Asia
The Hindu BusinessLine

M Angamuthu appointed Chairperson of Cochin Port Authority

M. Angamuthu has assumed additional charge as Chairperson of the Cochin Port Authority (CoPA) on Monday. A 2002-batch officer of the Assam-Meghalaya cadre, Angamuthu is currently serving as Chairperson of the Mumbai Port Authority. He has previously served as Chairperson of the Visakhapatnam Port Authority and has also headed the Agricultural and Processed Food Products Export Development Authority (APEDA). Since 2023, he has been serving as the Chairperson of Dredging Corporation of India Ltd. Angamuthu has extensive experience in project implementation, urban infrastructure development, public policy management, transport and logistics, trade and commerce, and e-governance. During his career, he has served as Commissioner and Secretary to the Government of Assam and as Collector, Deputy Commissioner and District Magistrate in several districts of Assam. He has also held positions such as Commissioner of Guwahati Municipal Corporation, Vice-Chairman and CEO of the Guwahati Metropolitan Development Authority, CEO of Guwahati Smart City Project and Project Director of the Assam Urban Infrastructure Investment Programme. 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.

M Angamuthu appointed Chairperson of Cochin Port Authority