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Nearly 90% of listed Chinese banks fall below profit threshold

Britain’s Electric Vehicle Market Is Booming as Fuel Prices Climb

Brits are racing to get their hands on electric vehicles after a surge in oil prices triggered by the war in Iran has driven away demand for petrol and diesel cars, one of the UK’s biggest used car supermarkets has said. London-listed Motorpoint, which has seen its shares jump on the back of bumper profits, said it had seen a more than doubling of sales for EVs in recent months in a “watershed moment” for the future of the car industry. Motorpoint chief executive Mark Carpenter told City AM: “EVs are probably one of the…

Pentagon updates US military's list of recognized religions following backlash from Mormons

The recently shortened list of recognized religions for the US army listed the Mormon church as seperate to the broader category of "Christian," sparking outrage.

Block deal: Goldman Sachs picks stake in this smallcap stock that surged 50% in 6 months

Shares of GNG Electronics witnessed a block deal worth about Rs 175 crore on Thursday, with multiple domestic mutual funds and foreign investors picking up shares in the recently listed refurbished electronics company. According to exchange data, Promoter Vidhi S Khandelwal sold 44.87 lakh shares of GNG Electronics at Rs 390 per share, taking the total transaction value to Rs 175 crore.Among the prominent buyers was Motilal Oswal Equity Opportunities Fund Series II, which acquired 6.41 lakh shares. Other institutional investors participating in the transaction included Mirae Asset Mutual Fund, ITI Mutual Fund, Edelweiss Mutual Fund, Trust Mutual Fund, and Goldman Sachs Asia Equity Portfolio.Mobius Investment Trust Plc and MCP Emerging Markets Fund LP also picked up stakes in the company.Recently, Motilal Oswal initiated coverage on GNG Electronics with a positive outlook, highlighting the company's leadership position in the global refurbished electronics market.The brokerage said GNG Electronics has built a scaled refurbishment platform spanning about 46 countries, with nearly 95% of revenue generated through institutional and B2B channels. The company operates an integrated sourcing, refurbishment and distribution model, which helped it deliver a volume CAGR of around 43% between FY23 and FY26.Motilal Oswal believes the refurbished personal computer market is entering a structural growth phase, supported by affordability, improving product reliability, AI-driven hardware replacement cycles and regulatory initiatives such as right-to-repair and extended producer responsibility (EPR) norms.The brokerage noted that GNG's in-house refurbishment capabilities allow advanced repairs, higher recovery rates and better realizations. Despite nearly tripling volumes over FY23-26, warranty-related costs have remained low, indicating strong process controls and execution.The broker expects the company to deliver a 26% revenue CAGR, 31% EBITDA CAGR and 36% profit CAGR between FY26 and FY28, driven by higher volumes, margin expansion, improving recovery economics and lower financing costs.GNG Electronics operates under the "Electronics Bazaar" brand and is among the largest organized players in the refurbished ICT devices market, serving enterprises, retailers and distributors across global markets.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Sebi proposes common price-band mechanism for stocks listed on multiple exchanges

Capital markets regulator Sebi has proposed a new mechanism to harmonise price bands and pre-open auction prices for stocks listed on multiple exchanges, aiming to address price divergences that arise when a stock remains untraded on one exchange but continues to trade on another.In a consultation paper released on Thursday, the market regulator said it has observed instances where illiquid stocks develop significantly different prices across exchanges because circuit limits continue to be calculated using stale closing prices on exchanges where no trading occurs.Currently, stock exchanges independently apply price bands based on their own previous closing prices. While this works smoothly for actively traded stocks, SEBI noted that it can create distortions in stocks that do not trade on one exchange for several days.The regulator illustrated a scenario where a stock continues to hit upper circuits and gain value on one exchange, while remaining stuck within an outdated price band on another exchange due to lack of trading. Over time, this can lead to substantial price divergence between the same stock across exchanges and may even result in non-trading on one platform.To address the issue, Sebi has proposed a harmonised framework for determining both the base price used in the pre-open call auction session and the applicable price bands.Under the proposal, if a stock trades on all exchanges or remains untraded on all exchanges on a particular day, each exchange will continue using its own latest closing price for calculating the next day's price band.However, if a stock trades on only one exchange, all other exchanges where the stock did not trade will be required to adopt the closing price from the exchange where trading occurred for setting the next day's price bands and pre-open session base price.In cases where a stock trades on two or more exchanges but remains untraded on one or more others, the exchanges without trading activity will use the closing price from the exchange that recorded the highest trading volume in that stock.The proposals stem from recommendations made by Sebi's Secondary Market Advisory Committee (SMAC), which discussed the issue during its April 2026 meeting.Sebi has also proposed that stock exchanges enter into agreements or other arrangements to facilitate the sharing of closing-price data and ensure smooth implementation of the framework.The regulator said the move is intended to improve price discovery and prevent unnecessary price distortions in stocks listed on multiple trading venues.Public comments on the consultation paper have been invited until July 2.

Calcutta High Court Questions Ritabrata Banerjee’s LoP Appointment Amid TMC Rebel Row | News18

The Trinamool Congress faces a fresh legal challenge as the Calcutta High Court questioned the recognition of rebel MLA Ritabrata Banerjee as Leader of Opposition in the West Bengal Assembly.The court asked whether the Assembly Speaker could recognise a rebel leader as LoP without the consent of the political party, especially when the petitioners claimed that the person appointed had been expelled from the party. The Mamata Banerjee-led faction has challenged the recognition and sought an immediate stay, arguing that Sobhandeb Chattopadhyay was the party’s chosen nominee.With the West Bengal Assembly session scheduled to begin on June 18, the matter has become politically urgent. The state has been asked to place relevant records before the court, with the next hearing listed for June 16.The case raises key questions over the powers of the Speaker, the role of the political party versus the legislature party, the Tenth Schedule and the deepening TMC rebel crisis. -newsNews18 Mobile App - https://onelink.to/desc-youtube

Good news for Indian mutual fund investors: SpaceX could join Nasdaq 100 after 15 trading days

Elon Musk-led SpaceX is set to debut on Nasdaq on June 12 after raising about $75 billion at a valuation of nearly $1.75 trillion, making it one of the largest public offerings in history. But the IPO may not be the only catalyst for the stock.According to Jefferies strategist Chris Wood, recent rule changes by Nasdaq could allow SpaceX to enter the Nasdaq-100 index after just 15 trading days, compared with the earlier requirement of a three-month waiting period.The change could create sharp demand for the stock, as passive funds that track the Nasdaq-100 would be required to buy SpaceX shares once it becomes part of the benchmark.In his latest GREED & fear note, Wood said Nasdaq has removed minimum free-float requirements for large IPOs and introduced a "fast index inclusion" framework. Under the new rules, mega-cap listings such as SpaceX can enter the Nasdaq-100 shortly after listing.What makes the situation unusual is that only about 4.2% of SpaceX shares will be freely tradable after the IPO. Despite this, the company will reportedly be treated as having a 12.7% free float for index-weight calculation purposes.Wood noted that such fast-tracking of a mega IPO into major indices is unprecedented in the US market and could force passive funds to accumulate the stock regardless of valuation concerns.The development is also relevant for Indian investors.The Nasdaq-100 includes some of the world’s largest technology companies, such as Apple, Microsoft, Nvidia, Amazon, Alphabet and Meta. If SpaceX joins the benchmark, Indian investors holding Nasdaq-100-linked mutual funds could gain indirect exposure to the aerospace and satellite communications giant.India currently has five mutual fund schemes tracking the Nasdaq-100 Total Return Index, including offerings from Axis Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund and Navi Mutual Fund.However, fresh investments into several overseas index funds remain restricted after fund houses approached regulatory overseas investment limits.SpaceX has already generated strong investor interest ahead of its listing. Reports suggest demand has exceeded the number of shares on offer, while the company is expected to rank among the 10 most valuable listed firms in the US from day one.For investors, the combination of a record IPO and potential early index inclusion means the stock could see a second wave of demand soon after listing, driven not by active investors but by passive funds mandated to replicate benchmark weights.

Explained: How SpaceX’s $75 billion IPO could create opportunity for Inox India shareholders

As the world gears up for Elon Musk's SpaceX IPO at a staggering $1.75 trillion valuation, a relatively lesser-known Indian company is emerging as an unlikely beneficiary thousands of miles away. INOX India, a global leader in cryogenic technology, has found itself in the spotlight as investors hunt for domestic companies with exposure to the rapidly expanding global space ecosystem.The excitement around SpaceX's public listing has already spilt over into INOX India's stock. Shares of the company have surged 25% over the past month and have gained in seven of the last eight trading sessions.The frenzy surrounding SpaceX's IPO, which reports suggest was oversubscribed nearly four times, has prompted investors to look beyond the headline-grabbing U.S. listing and identify potential beneficiaries closer home. For many, INOX India appears to fit that bill. But what exactly is the connection?Inox's aerospace pushDuring its Q4 earnings call, the company disclosed that it had secured a significant aerospace order from a leading U.S.-based private space company. The total order value is approximately Rs 200 crore. Management said it expects additional high-value orders in the first quarter of FY27."This order is a direct outcome of our proven execution capabilities and reinforces the growing confidence that global aerospace players have in INOX India's engineering expertise," the company said."Aerospace cryogenic systems are not short-term trends, but a long-term structural opportunity. We believe that INOX India is well-positioned to capitalise on these opportunities through its engineering expertise, diversified capabilities, and expanding global presence and footprint," the company added.Can Inox India shares rally more?According to Sunny Agrawal, Head of Research at SBI Securities, investor interest in INOX India has picked up significantly ahead of the SpaceX listing. Beyond aerospace, the company is also expanding into segments such as data centres, nitrogen supply and distillery kegs, providing additional growth levers."Management has guided for 15-20% growth per year, and after the recent rally, the stock is trading at a relatively rich valuation of about 56 times one-year forward earnings," Agrawal said. He believes investors may be better off waiting for a correction before making fresh purchases. "Investors may consider waiting for a correction before fresh entry, as some profit-taking and a cooling-off in the stock could follow once SpaceX gets listed," he added.SpaceX IPOThe much-anticipated SpaceX IPO is scheduled to be priced on June 11, with trading set to commence on the Nasdaq on June 12. The company is looking to raise $75 billion through the offering, which would value the business at approximately $1.75 trillion.Despite the enormous investor enthusiasm, SpaceX remains loss-making. For 2025, the company reported revenue of $18.67 billion and a net loss of $4.94 billion. Much of the bullishness around the stock is tied to its future opportunities across satellite broadband, launch services, defence contracts and AI-related businesses rather than its current earnings profile.Not everyone is convinced by the valuation, however. Morningstar said in a note published on Monday that the company appears "significantly overvalued" and suggested that investors may find more attractive entry opportunities after the stock begins trading.Inox India Q4 snapshotINOX India reported a strong performance for the fourth quarter of FY26, with revenue rising 24.2% year-on-year to Rs 475 crore. Adjusted EBITDA grew 13.4% to Rs 108 crore, while adjusted profit after tax (PAT) increased 9% to Rs 72 crore compared with the corresponding quarter last year.Exports continued to be a key growth driver, with export revenue standing at Rs 291 crore and contributing 61% of total quarterly revenue. During the quarter, the company secured order inflows worth Rs 504 crore, taking its total order backlog to Rs 1,514 crore.For FY26, INOX India delivered its highest-ever annual revenue of Rs 1,632 crore, up 21.2% year-on-year. Adjusted EBITDA rose 20.2% to Rs 388 crore, while adjusted PAT increased 19.3% to Rs 261 crore. Annual export revenue came in at Rs 971 crore, accounting for 59% of total revenue, reflecting sustained strength in international demand throughout the year.INOX India shares have risen 64% since the start of the year.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Supreme Court to hear Meenakshi Natarajan’s plea against rejection of RS candidature on June 12

Senior advocate Abhishek Singhvi urged the Bench to consider the unlisted mentioning of her plea on the ground that the nomination paper was wrongly rejected by the returning officer

Three years in power, Tinubu celebrates mere ‘efforts’, not beneficial impacts, by Olu Fasan

President Bola Tinubu marked his third year in office recently, on May 29. The presidency rolled out the drums, placing a front-page advert in all the national newspapers to celebrate the president’s “achievements”. The advert was audaciously titled “Promises Delivered” and listed eight “promises” that President Tinubu supposedly “delivered”. Perversely, by proclaiming “promises delivered”, the Tinubu […] The post Three years in power, Tinubu celebrates mere ‘efforts’, not beneficial impacts, by Olu Fasan appeared first on Vanguard News.

Australian billionaire Brett Blundy wages high-stakes campaign to oust chair of Victoria’s Secret

Blundy’s investment firm, BBRC International, owns about 13% of the US-listed lingerie brand, giving it a potential platform to launch a hostile takeover Follow our Australia news live blog for latest updates Get our breaking news email, free app or daily news podcast Australian billionaire Brett Blundy is waging a high-stakes campaign to oust the long-term chair of Victoria’s Secret & Co, setting the stage for a showdown at the company’s annual meeting in the US on Thursday. Blundy’s investment firm, BBRC International, owns about 13% of the US-listed Victoria’s Secret lingerie brand, making it the second biggest single shareholder and giving it a potential platform to launch a hostile takeover. Continue reading...

Wang Fuk Court Fire tragedy: Full list of victims

A deadly blaze engulfed seven residential towers at Wang Fuk Court in Tai Po on November 26, 2025, killing 168 people. The names of the victims were released on June 10, 2026 by the judiciary, and are listed below as they appeared in a court document.

CFTC proposes new rules for prediction markets

The Trump administration proposed new rules Wednesday for regulating prediction markets, seeking to clarify what types of events can be listed for trading on the platforms. The Commodity Futures Trading Commission's (CFTC) proposal aims to specify what events the agency considers to be “contrary to the public interest” and would not be eligible for listing...

Mel Robbins, Ludacris, Paris Hilton, Priyanka Chopra Jonas and More Than 70 Creators Set for UTA’s Cannes Lions Slate

UTA has enlisted a broad slate of stars, clients, brands and creators to take part in its expansive Cannes Lions activations, including the return of its UTA Beach facility in the heart of the festival and the additions of a VIP Creator Lounge and podcast studio. Notable names set to headline UTA’s main stage conversations […]

Banks can lend directly to REITs & InvITs

Mumbai: The Reserve Bank of India (RBI) Wednesday allowed banks to lend directly to Real Estate Investment Trusts (REITs). It capped overall bank exposure to a REIT or Infrastructure Investment Trust (InvIT), with its underlying SPVs and holding companies, at 49% of its asset value .The new framework requires that at least 80% of a REIT's underlying assets generate positive cash flows from operations for a minimum of one year for it to be eligible for bank funding.Also read: RBI cancels registration certificates of 135 NBFCsSimilarly, banks can lend only to listed InvITs with at least 80% of assets invested in completed, revenue-generating infrastructure projects that have generated positive cash flows for at least one year. The RBI said that a bank will be permitted to lend to REITs which are registered with and regulated by Sebi. The central bank said the overall exposure of all banks to a borrowing REIT, together with its underlying SPVs and holding companies, should not exceed 49% of the value of the REIT's assets. RBI has prescribed an identical ceiling for InvITs.Banks will also be required to ensure that overall leverage of the borrowing REIT or I/IT remains within the prudential ceiling prescribed by Sebi, or a lower limit fixed by their boards.The RBI directed banks to frame board-approved policies covering appraisal mechanisms, underwriting norms, debt service coverage ratio benchmarks, exposure limits and monitoring frameworks before extending such loans. For REITs, projects should have a completion or occupancy certificate, while InvIT projects should have commenced commercial operations.Also read: RBI offers concessional swaps for PSUs, NRI deposits to drive forex inflowsThe central bank also prohibited bullet and balloon repayment structures for loans extended to REITs and InvITs, saying repayment schedules should not result in a disproportionate concentration of principal repayments towards the end of the tenure. The restriction will not apply to investments in bonds, debentures and commercial paper. Also, RBI mandated that bank financing should be secured through charges on underlying assets, assignment of cash flows and receivables. The rules will come into effect from October 1, 2026 or earlier adopted by a bank in entirety.

World Cup 2026 Group C preview: Prediction, odds, full team overviews

Group C at the World Cup features two heavyweights in Brazil and Morocco, along with perhaps the tournament’s best traveling fan base in Scotland. It should feature some of the most compelling games in the early stages of the competition. The Post previews Group C. Teams listed in predicted order of finish. Morocco Odds to...

Three-term lawmaker Jeong Jeom-sig elected PPP floor leader

Three-term lawmaker Jeong Jeom-sig was elected Wednesday to become the main opposition People Power Party's floor leader. Jeong won the three-way race with four-term lawmaker Rep. Kim Do-eup and three-term lawmaker Rep. Sung Il-jong, in the general assembly of the opposition party's lawmakers for the election at the National Assembly. In the final round of the election, where Jeong and Kim were shortlisted, Jeong beat Kim in a 55-48 vote. Jeong is widely considered to be aligned with the party's

CMR Green shares make strong D-Street debut, list at 43% premium over IPO price

In a solid stock market debut, shares of CMR Green Technologies listed at 43% premium over IPO price on Wednesday. The stock opened at Rs 275.40 on the BSE as compared to its issue price of Rs 192. Meanwhile, the stock opened at Rs 268 on NSE, surging 40% from IPO price.Robust IPO subscriptionThe IPO was subscribed 127.07 times overall, making it one of the most sought-after public issues of the year. Institutional investors drove the demand, with the qualified institutional buyer (QIB) portion subscribed 270.46 times. The non-institutional investor (NII) segment was booked 172.35 times, while the retail investor category attracted bids worth 27.08 times the shares reserved for it.More than 33.7 lakh applications were received across categories, highlighting strong participation from both institutional and retail investors.Ahead of the IPO opening, the company had raised Rs 188.44 crore from anchor investors through the allocation of 98.14 lakh shares.About the companyCMR Green Technologies, incorporated in 2006, is one of India's leading non-ferrous metal recyclers and operates in the secondary aluminium market. The company manufactures recycled aluminium alloys, zinc alloy ingots, aluminium billets and other recycled metal products that are used across automotive and industrial applications.Its customer base includes several leading automobile manufacturers and component makers such as Honda Cars India, Bajaj Auto, Hero MotoCorp, Royal Enfield, Endurance Technologies, Maruti Suzuki and Jindal Stainless.The company is positioned to benefit from increasing demand for recycled metals as manufacturers globally focus on reducing carbon emissions and improving sustainability across supply chains. Aluminium recycling consumes significantly less energy than primary aluminium production, making recyclers increasingly important in the transition towards greener manufacturing.Financially, the company has shown steady growth. For the nine months ended December 2025, CMR Green Technologies reported revenue of Rs 6,291 crore and profit after tax of Rs 162.39 crore. For FY25, it reported revenue of Rs 6,696.66 crore and net profit of Rs 155.04 crore.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

RICHARD EDEN: How another Tory jailbird was ex-whip's saving grace

As one of his recreations in Who's Who, he listed 'making Britain a richer, more exciting place to be' - only to be convicted of sexual assault in 2020.

In Trump's crypto 'scrip', family always wins

It was January 2025, crypto fever was raging, and Donald Trump was preparing to return to the White House. So when Fatime Elrgdawy's friend told her about an online message from the United States president-elect hyping the launch of his own crypto coin-"GET YOUR $TRUMP NOW"-she thought: "Oh my God, this is brilliant."The 29-year-old software project engineer in California put $2,000 of her savings into the $TRUMP meme coin. All that remained, she thought, was to sit back and wait for the price to climb.Instead, the price plummeted. At the end of May, her $TRUMP holding was worth less than $120. Meanwhile, the Trump family pocketed hundreds of millions of dollars from the token sales after putting little to none of their own money into the project.Also read | Trump just got caught in a perfect storm. Can he survive it?Four bad bets for invetorsThe $TRUMP meme coin is one of four Trump family crypto projects that have turned into a financial jackpot for the Trumps and a very bad bet for buyers like Elrgdawy. Each of these ventures has followed the same playbook. The Trumps risked little up front. Trump family members-notably, the president's oldest sons, Eric Trump and Donald Trump Jr-hyped the venture. They raked in money as investors piled in. And those buyers lost big when, for various reasons, the prices of their Trump-related crypto assets later tanked.A Reuters examination shows that Trump's family has used this template to generate at least $2.3 billion in profit from investors since he retook the presidency. On the other side of that cash bonanza for America's first family: over a million investors whose net losses totaled $2.3 billion at the end of April, as per a Reuters analysis.The Reuters analysis was based on a review of blockchain records, corporate filings, online disclosures by Trump companies, and public remarks by the Trumps and their projects' executives, as well as interviews with executives. The findings were reviewed by over a dozen accounting and crypto experts, all of whom found Reuters' estimates and analysis to be reasonable.The four crypto projects include World Liberty Financial, the Trumps' flagship crypto venture. It has brought the family over $1.4 billion from sales of its governance tokens. The tokens, which give holders a vote on some governance matters, have crashed in value.Also read | India's first class action case goes to arbitrationMeme coinThe Trump brothers have also heralded two publicly listed firms, American Bitcoin and AI Financial Corp, known as ALT5 Sigma until April, as convenient ways to gain exposure to crypto tokens through their shares. The companies' stock prices have collapsed. And there's the $TRUMP token, its poor performance typical of meme coins, whose value reflects the popularity of internet trends or celebrities linked to them.White House spokesperson Anna Kelly, in a statement, replied to Reuters' findings: "All actions by President Trump and his administration are taken in the best interest of the American people." Eric Trump and Donald Trump Jr did not respond to requests for comment.All but three of the 27 individual investors interviewed for this article said they knew of Donald Trump's history of bankruptcies, unpaid contractors and failed ventures. Still, most said they believed that his position at the apex of American political power ensured lucrative returns on their investments.