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Netherlands withdraws from UK-led programme training Ukrainian troops

The Netherlands is ending its participation in Operation Interflex, the UK-led programme training Ukrainian troops, as the initiative shifts from basic military training to specialised instruction.

ARTnews

Chairman of US Commission of Fine Arts Attends ‘Russian Davos,’ Joins Roundtable With Russian Envoy Responsible for Venice Biennale Participation

Late last week, the chairman of the US Commission of Fine Arts became the first US official to participate in “Russian Davos” in nearly a decade.

Promoter entities sell Rs 153 crore worth shares in Motilal Oswal block deal; HDFC Life picks up stake

Two promoter-group charitable entities of Motilal Oswal Financial Services Limited sold shares worth about Rs 153 crore through block deals on Monday, with HDFC Life Insurance Company Limited emerging as the buyer.According to NSE block deal data, Motilal Oswal Foundation and Motilal Oswal Healthcare Foundation together sold 18.2 lakh shares of Motilal Oswal Financial Services at Rs 842.5 per share. The larger transaction was executed by Motilal Oswal Foundation, which sold 14.55 lakh shares, translating into a deal value of about Rs 122.58 crore.Separately, Motilal Oswal Healthcare Foundation sold 3.65 lakh shares, valued at about Rs 30.75 crore.Together, the two entities sold shares worth around Rs 153.34 crore.The entire stake was acquired by HDFC Life Insurance Company through a corresponding block deal at the same price.The transaction represents a transfer of shares from promoter-linked philanthropic entities to a large domestic institutional investor. There was no immediate indication of any change in the promoter group's controlling stake in the company.Motilal Oswal Financial is one of India's leading diversified financial services firms with operations spanning wealth management, capital markets, asset management, housing finance and investment banking.The company has benefited from the rapid financialisation of household savings and growing participation of retail investors in equities and mutual funds over the past few years. Strong capital market activity and rising assets under management have also supported growth across its key business segments.HDFC Life's purchase reflects continued institutional interest in financial-sector stocks, which remain among the preferred bets for domestic investors amid expectations of sustained growth in India's savings and investment ecosystem.Shares of Motilal Oswal Financial Services are likely to remain in focus as investors assess the implications of the transaction and changes in institutional ownership. The stock has been one of the key beneficiaries of the structural shift of household savings towards financial assets, a trend that market participants expect to continue over the long term.

Government to sell 3% stake in NLC India through OFS, sets floor price at Rs 303

The government on Monday announced an offer for sale (OFS) in state-run NLC India, seeking to divest up to 3% of its stake through a two-day share sale process. The OFS comprises a base offer of 2% equity, equivalent to 2.78 crore shares, along with a greenshoe option of another 1% stake, or 1.39 crore shares, in case of strong investor demand.The government has fixed the floor price at Rs 303 per share, a discount to the stock's previous closing price. Based on the floor price, the government stands to raise about Rs 842 crore through the base offer. If the greenshoe option is fully exercised, the total issue size could increase to around Rs 1,263 crore.The OFS will open for non-retail investors on June 9, while retail investors and eligible employees can bid on June 10. The share sale will be conducted through a separate window mechanism on the BSE and NSE in line with Sebi's OFS framework.The transaction forms part of the government's broader disinvestment programme and comes amid a strong run in PSU stocks over the past few years.NLC India, formerly known as Neyveli Lignite Corporation, is one of India's leading mining and power generation companies. The company operates lignite mines and thermal power stations while also expanding its renewable energy portfolio.The PSU has emerged as a beneficiary of India's rising power demand and the government's focus on energy security. In recent years, the company has diversified beyond lignite mining into solar and other renewable energy projects as part of its long-term growth strategy.The government highlighted NLC India's strong operational and financial performance while announcing the OFS, describing the company as a long-term investment opportunity supported by consistent profitability and dividend payouts.NLC India has maintained a track record of returning cash to shareholders through regular dividends and has benefited from improving plant performance, higher power generation and growth in mining operations.The OFS comes at a time when institutional and retail participation in government stake sales has remained healthy, particularly in profitable PSUs with stable cash flows and attractive dividend yields.Investors will now watch subscription levels closely to gauge demand for the issue, especially given the government's decision to keep a greenshoe option that allows it to sell an additional 1% stake if the offer is oversubscribed.

Le Parisien

Après 9 participations au Tour de France, Anthony Delaplace reprend un resto avec son frère dans la Manche

Dawn (Pakistan)

사회

Pakistan rejects 'unwarranted' remarks on AJK by individuals in UK

Pakistan on Monday rejected “unwarranted” remarks on Azad Jammu and Kashmir (AJK) by members of the diaspora in the United Kingdom, advising the individuals to refrain from interfering in Pakistan’s internal affairs. “We have noted with concern the irresponsible and ill-informed insinuations made by certain members of the diaspora in the UK regarding AJK,” said the Foreign Office (FO) in a statement. “These individuals are advised to refrain from interfering in the internal affairs of Pakistan and AJK. They would do well to contribute positively to their country of residence,” it maintained. It added that the ministry has also noted the “unwarranted remarks and queries” raised by certain British members of parliament, which reflected a “lack of awareness and disregard for the historical background of the issue”. “For those still living in colonial times, it bears reiterating that Pakistan is a sovereign and democratic republic that firmly believes in non-interference in the internal affairs of other countries and expects the same from others,” it asserted. “The governments of Pakistan and AJK fully recognise and respect the constitutional rights of citizens to peaceful assembly, freedom of expression, and democratic participation,” the statement added. However, it stressed that “vandalism, the destruction of public services, including hospitals, and the murder of innocent civilians and law enforcement officials” could not be permitted under any circumstances. “We urge the British Government to educate and caution those supporting proscribed organisations to refrain from such actions and to respect the democratic process, judicial decisions, and the rule of law as enshrined in the Constitutions of AJK and Pakistan. A day earlier, at least seven civilians were killed during clashes between police and the newly proscribed Joint Awami Action Committee (JAAC) protesters in AJK’s Rawalakot. The clash broke out after tensions flared over the death of a trader, who was allegedly shot during a confrontation with law enforcers on Friday night. Officials have accused the demonstrators of attacking the Combined Military Hospital (CMH) in Rawalakot. On Friday, the AJK government declared JAAC a proscribed organisation, days ahead of a planned protest by the group scheduled for June 9, stating that it was “engaged in terrorism” and had acted in a manner “prejudicial to peace and security” of the state. On Saturday, AJK authorities launched a crackdown on the JAAC, arresting scores of its leaders and activists from different areas. AJK police also sealed the head office of the JAAC, state broadcaster Radio Pakistan reported on Sunday. Meanwhile, the flow of information from AJK remains curtailed due to the closure of mobile data services. AJK authorities have also advised intending visitors to postpone their trips until June 20, citing security concerns ahead of the planned protests. Islamabad has also dispatched federal paramilitary forces to reinforce the region’s thinly stretched police force.

Private sector banks are the best contrarian bet for the next 3 years, says S Naren

The continued rise in leverage among retail and high-net-worth investors through derivatives and margin trading facilities (MTFs) remains a key concern for the market, S Naren, Executive Director and CIO of ICICI Prudential AMC said at ICICI Securities India Investor Conference 2026.While there has been significant discussion around the sustainability of mutual fund inflows and SIP contributions, Naren believes leverage in the derivatives market poses a much bigger risk than any moderation in mutual fund investments.Also Read | Sensex down over 10K points from Dec peak. Should investors buy the dip, hold positions, or wait on sidelines? "The level of leverage in the derivatives market and the amount of margin trading funding taken from brokers have continued to increase. That is a concern because leverage among retail and HNI investors is rising," he said.According to Naren, even if SIP inflows witness a marginal slowdown, it is unlikely to pose a significant challenge as mutual fund investors are typically long-term participants who invest without leverage. In contrast, derivative traders often operate with borrowed money, increasing risks during periods of market volatility.He noted that margin trading facility exposure is currently at its highest-ever level, highlighting the growing appetite for leveraged market participation.Against this backdrop, Naren sees an interesting contrarian opportunity emerging in segments that have witnessed relentless foreign institutional investor (FII) selling over the last 20 months."If you look for something contrarian today, it would be stocks where FIIs have been persistent sellers over the last 20 months," he said.Among these, private sector banks stand out as one of the most attractive investment opportunities for long-term investors, according to Naren.He believes private banks could emerge as the best-performing sector over the next three years. One key reason is the significant reduction in foreign ownership resulting from sustained FII selling.Also Read | Four mutual funds restrict large inflows into gold ETFs and FoFs; Rs 25 crore cap imposed "FIIs used to have nearly 40% of their India portfolios allocated to private banks. Whenever they wanted to reduce exposure to India, private banks became the natural source of liquidity," Naren explained.As a result, FIIs have consistently sold private banking stocks over the last 20 months, creating a valuation opportunity for long-term investors willing to take a contrarian view.Beyond equities, Naren remains optimistic about India's debt markets following recent policy measures aimed at improving foreign investor participation.According to him, two critical factors that influence foreign investment in debt markets—currency stability and taxation—have both moved decisively in India's favour."In debt, there are two factors: currency and taxation. Both have turned very positive, which significantly improves India's attractiveness," he said.Naren believes these developments improve India's chances of gaining inclusion in global bond indices such as the Bloomberg Global Aggregate Bond Index and have contributed to a highly optimistic mood in the domestic debt market.He pointed out that bond yields have moved well below policy rates in several segments, particularly in three-year corporate bonds, creating attractive investment opportunities.However, Naren cautioned that the global fixed-income environment today is very different from what prevailed during the 2013 taper tantrum period.At that time, interest rates across much of the developed world were close to zero, making India's bond yields highly attractive to international investors. Today, investors can earn meaningful returns even in developed-market government bonds."US 30-year government bonds are yielding around 5%, and even Japanese government bond yields are at levels not seen for decades," he said.As a result, the yield differential between India and developed markets has narrowed significantly compared with 2013.Also Read | Gold and silver ETFs slip up to 8% amid Israel attack and crude oil spike. What should investors do? While India has strengthened its macroeconomic position considerably over the past decade, global investors now have a wider range of attractive fixed-income options available to them.Naren also highlighted the relatively small size of foreign portfolio investor exposure to Indian debt compared with equities.According to him, FPI debt investments remain only a fraction of FPI equity allocations. In contrast, foreign investors had built substantial equity positions in India during a period when domestic valuations traded at significant premiums to other emerging markets.He noted that Indian equities became exceptionally expensive after 2023 as domestic investors increasingly channelled savings into equities rather than debt."Valuations in India reached levels that were several times higher than markets like China. In such an environment, FIIs logically chose to reduce equity exposure," he said.At the same time, India has historically adopted a cautious approach towards opening its debt markets to foreign investors.Naren believes this measured approach has helped preserve financial stability while gradually increasing foreign participation in government securities.With improving debt market fundamentals, supportive policy measures, and attractive opportunities emerging in sectors overlooked by foreign investors, Naren sees both fixed income and select equity segments offering compelling opportunities for long-term investors.Commenting on the recent correction in Kospi, Naren said that it is a healthy correction but even now I don't think on market cap terms it is cheap.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)If you have any mutual fund queries, message on ET Mutual Funds on Facebook/Twitter. We will get it answered by our panel of experts. Do share your questions on ETMFqueries@timesinternet.in alongwith your age, risk profile, and Twitter handle.

Washington Examiner

보수 성향

Do Jewish leaders really prefer an antisemite over Israeli official?

Jewish leaders, and several non-Jews who attended the Israel Day Parade in New York City on May 31, have condemned the participation of Finance Minister Bezalel Smotrich. If it were Muslims preferring Mamdani to Smotrich, the world would go “Ho hum, no news here.” If it were Christians preferring Mamdani to Smotrich, there would be […]

TASS English

Rosatom manufactures fuel for fourth unit of India’s Kudankulam NPP

The products passed acceptance procedures with the participation of representatives of the customer, the Nuclear Power Corporation of India

Channel News Asia

Growing numbers of volunteers tackle trash on Singapore's beaches

Volunteer participation in beach clean-ups has risen by up to 50 per cent over the past year, with organisers attributing the growth to increasing environmental awareness, especially among younger Singaporeans.

News18 (India)

Nehru's Parliament Had 22 Women. PM Modi's Has 74 And A Promise Of More

For BJP, Nari Shakti Vandan Adhiniyam represents the moment when India moved beyond slow progress & committed itself to a structural expansion of women's political participation

The Japan Times

Japan-Philippines maritime talks ‘big step,’ expert says

China has criticized the Japan-Philippines negotiations, saying that Beijing's participation is essential and that the talks are completely illegal and invalid.

TCS slips 2%, down 12% in 4 days. What’s behind the drop?

Shares of TCS, India's largest IT services company, plunged 2% to an intraday low of Rs 2,144 on the BSE on Monday as a surge in U.S. bond yields reignited concerns that the Federal Reserve may be forced to raise interest rates later this year. With today's decline, the stock has lost 12% over the last four trading sessions.Higher U.S. bond yields and expectations of tighter monetary policy are generally seen as negative for Indian IT stocks. They tend to compress valuations of growth-oriented companies, raise concerns about slower technology spending by U.S. clients, encourage businesses to focus on cost optimization rather than expansionary IT investments, and can trigger foreign investor outflows from emerging markets.The weakness in TCS also follows a sharp relief rally in IT stocks last week. The sector has remained under pressure through much of 2026 amid growing concerns that rapid advances in artificial intelligence could disrupt the traditional software services business model.Should you buy TCS shares?“We recommend avoiding TCS for now as the major trend is bearish,” Sudeep Shah, Vice President and Head of Technical & Derivatives Research at SBI Securities told ETMarkets. According to Shah, momentum indicators have weakened considerably, with the RSI turning lower after nearing the 60 level, suggesting fading bullish strength. He also pointed out that the stock has slipped below the Bollinger Band midline, an important support level often tracked by technical analysts. With the latest decline, TCS has fallen below several key short- and long-term moving averages, indicating a weakening trend.Harshal Dasani, Business Head at INVasset PMS, said the stock's technical setup has shifted from weakness to a test of a potential breakdown. According to him, the 9% decline following a 6.53% rebound in the last week suggests the earlier recovery was merely a dead-cat bounce rather than evidence of fresh buying interest. "When a large-cap stock gives up a relief rally this quickly, the market is not reacting to a single negative headline. It is repricing the entire low-growth IT model," Dasani said.On the upside, he sees the Rs 2,400-2,450 range as a significant supply zone, since the recent recovery attempt stalled in that region. Dasani added that until TCS manages to reclaim this band with strong participation, any rallies are likely to face selling pressure.TCS share price performanceTCS shares have fallen over 32% since the start of the year and about 37% in the last 1 year.TCS reported a 12% year-on-year rise in consolidated net profit at Rs 13,718 crore for the fourth quarter, while revenue from operations increased 10% YoY to Rs 70,698 crore. The company also announced a final dividend of Rs 31 per share.During the quarter, TCS secured three large deals, taking the total contract value to $12 billion for the period. On a quarter-on-quarter basis, revenue grew 5.4%, while constant currency growth came in at 1.2%, broadly in line with expectations. Operating margin for the January to March quarter stood at 25.3%, up 10 basis points from the previous quarter. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

The Times of India

산업/기업

Should women work? Edelweiss MF CEO asks as India's birth rate falls

India's fertility rate has dropped below replacement level, prompting a new economic discussion. Radhika Gupta emphasizes that with fewer births, worker productivity, skills, and female workforce participation become crucial growth drivers. The challenge lies in making careers and family life sustainable together, requiring robust childcare and care infrastructure, akin to traditional economic development.

Dawn (Pakistan)

Politics over tax reform

The government will market its new “small trader scheme” as an effort to bring retailers into the tax net and generate Rs50 billion annually. A cursory look would, however, reveal that it is less a tax reform initiative and more a negotiated settlement with one of Pakistan’s most under-taxed yet politically influential constituencies. The scheme offers traders with annual sales of up to Rs200 million a simplified one per cent turnover tax on a voluntary basis. Participants will face minimal compliance requirements and will be exempt from audits, point-of-sale systems, digital invoicing and most forms of scrutiny. Existing non-filers can join under certain conditions. The government insists this is not a tax amnesty. But exempting traders from the very documentation tools — POS [point-of-sale] systems, digital invoicing — that the state claims to be expanding elsewhere makes that position hard to sustain. If the purpose is to integrate retailers into the documented economy, the scheme does the opposite. It risks entrenching the cash-based practices that have long kept retail trade outside the tax net. This follows a familiar pattern. Whenever governments attempt to broaden the tax base, trader resistance produces a compromise — a concessionary regime that falls short of genuine documentation. The Tajir Dost Scheme, introduced last year, largely failed; at one point, only a few dozen traders had reportedly joined. The new scheme is a variation of the same scheme, not a more effective alternative. The OICCI notes that the corporate sector, representing only 6pc of GDP, accounts for nearly 60-70pc of direct tax revenues, while retailers remain under taxed The scale of what is being forgone deserves emphasis. Pakistan’s retail sector is estimated to generate annual turnover in the range of Rs10 to Rs15 trillion, yet its contribution to direct tax revenues remains negligible. The Overseas Investors Chamber of Commerce & Industry’s (OICCI) tax proposal submissions to the government note that the corporate sector, representing only 6pc of GDP, accounts for nearly 60-70pc of direct tax revenues. That concentration is not a sign of corporate wealth; it is a sign of how narrow and distorted the tax base has become. The Rs50bn target attached to this scheme, even if met, would represent a fraction of what full compliance at standard rates could theoretically yield. Every scheme that keeps retailers outside the documented economy worsens that distortion. The contrast with salaried workers and corporations is too obvious. Formal-sector employees have taxes deducted automatically at source and face progressive rates that rise sharply with income. Corporations bear some of the highest effective tax rates in the region and must meet extensive reporting requirements. The OICCI has calculated that the effective burden on large corporates, once super tax, Workers Welfare Fund and Workers Profit Participation Fund contributions are included, reaches 45-46pc. For resident shareholders, the combined burden approaches 64pc, figures that place Pakistan among the most heavily taxed corporate jurisdictions in the region. A retailer turning over hundreds of millions of rupees, meanwhile, can now settle tax liabilities through a preferential regime while avoiding audits and documentation that other taxpayers cannot escape. This is not an equitable distribution of the tax burden; it is a distortion that the scheme deepens. That this sector continues to shoulder such rates while retailers negotiate preferential arrangements is the predictable result of repeatedly choosing accommodation over enforcement. The International Monetary Fund (IMF), whose conditions explicitly include broadening the tax base and reducing reliance on withholding taxes from a narrow set of documented taxpayers, has flagged the retail and wholesale sectors as critically under-taxed. Whether this scheme satisfies or contradicts its commitments with the fund is a question the government is unlikely to answer publicly, and one the IMF is unlikely to ignore when the next review comes around. The OICCI, representing the largest foreign investors operating in Pakistan, has explicitly called for all future tax exemptions and preferential treatments to pass through a transparent policy review mechanism under the proposed Tax Policy Office. The small trader scheme announced without any such review is precisely the kind of ad hoc concession that the body was designed to prevent. That the government bypassed this process, which it has itself committed to operationalising, raises questions about whether the Tax Policy Office will have any real authority or will simply be overridden whenever political costs become inconvenient. The political logic is straightforward. Traders are an important constituency for the ruling PML-N in urban Punjab. They are well-organised and capable of mobilising quickly. Mandatory documentation, digital invoicing and strict enforcement would carry real political costs. A voluntary, audit-free arrangement does not. The political costs of confronting traders are not hypothetical. When the government attempted to impose a minimum tax of Rs3,000 per shop in FY23, the then finance minister Miftah Ismail was publicly rebuked — not by the opposition, but by PML-N leader Maryam Nawaz Sharif. The message to traders, and to any future finance minister contemplating enforcement, was unambiguous. But that calculation has consequences: every concession granted to retailers increases pressure on sectors that are already fully documented and easy to tax. Revenue collection alone is not the benchmark for sound tax policy. Effective reform must broaden the tax base, improve documentation and distribute the burden more fairly. On those standards, the Fixed Tax Asaan Scheme fails. A credible alternative roadmap is not difficult to design. The tools and the blueprint are available. The OICCI, in its taxation proposals, has outlined one: a two-year programme to bring unregistered businesses into the tax net through digitisation, integration of existing databases and expansion of digital invoicing. That this framework has been formally submitted to the government and set aside in favour of a voluntary, audit-free scheme is telling. The OICCI has warned that the continued concentration of tax burden on the formal sector has already contributed to multinational companies scaling down operations or exiting Pakistan altogether. A tax policy that drives out documented, compliant investors while offering relief to undocumented ones does not just fail on fairness grounds; it actively undermines the investment base the country needs to grow its way out of fiscal stress. Published in Dawn, The Business and Finance Weekly, June 8th, 2026

Tuko (Kenya)

스포츠

How much Arsenal, Manchester United will be paid at World Cup 2026

Clubs are set to earn significantly from the FIFA 2026 World Cup as FIFA pays for players' participation in qualifiers and the tournament, enhancing club benefits.

산업/기업

Lenskart shares fall over 2% as JPMorgan sells stake in Rs 96 crore block deal

Lenskart Solutions' shares fell more than 2% to Rs 497 on the BSE on Monday after JPMorgan Chase's offshore subsidiary Copthall Mauritius Investment sold a stake in the company through a Rs 96 crore block deal. Stock exchange data showed that Hong Kong-based hedge fund Viridian Asia Opportunities Master Fund bought 18.96 lakh shares of the company. Viridian bought Lenskart shares at an average price of Rs 508.55 apiece, taking the value of the total stake purchase to more than Rs 96 crore, according to NSE data. The seller of these shares was JPMorgan Chase’s offshore subsidiary Copthall Mauritius Investment Limited. The transaction was executed on Friday at an average price of Rs 508.55 apiece, which is slightly higher than Friday’s closing price of Rs 506.45 apiece on NSE.Lenskart has seen multiple block deals recently. Last week, SoftBank affiliate SVF II Lightbulb (Cayman) pared its stake in the eyewear retailer by selling 5.65 crore shares at Rs 508.55 apiece. Several global and domestic institutional investors picked up shares. The buyers included funds managed by Goldman Sachs and Fidelity, alongside domestic institutions such as ICICI Prudential Mutual Fund, Kotak Mutual Fund, Mirae Asset Mutual Fund, Quant Mutual Fund, HDFC Life Insurance, and ICICI Prudential Life Insurance. The deal, valued at approximately Rs 2,873 crore, also attracted participation from several overseas pension and investment funds.Lenskart share priceLenskart Solutions shares made a subdued market debut in November last year, listing at Rs 395 apiece on NSE at a discount to the IPO price of Rs 402. The shares of the company then surged more than 41% to hit a record high of Rs 557.65 apiece in April this year.The stock is currently down over 9% from that level. However, it is up over 28% from its listing price and 26% from its IPO price. The shares of the company have fallen 2.5% in one week, but gained 15% in 2026 so far. The company currently has a market capitalisation of nearly Rs 88,000 crore.Brokerages on Lenskart share priceJefferies has a ‘Buy’ call on the shares of Lenskart, with a target price of Rs 600 apiece in its base case scenario. Goldman Sachs, meanwhile, has a ‘Buy’ rating on the shares of Lenskart, with a target price of Rs 625 apiece.Morgan Stanley, on the other hand, is ‘Overweight’ on the shares of Lenskart, with a target price of Rs 576 apiece. Elara Capital recently initiated coverage on the shares of Lenskart with a target price of Rs 615 apiece, highlighting that an integrated ecosystem and tech agility fortify the eyewear retailer’s edge amid low competition, vast opportunity, and superior store economics.Lenskart earnings snapshotLenskart in May reported a nearly 46% YoY surge in revenue from operations to Rs 2,516 crore for the January-March quarter of FY26, from Rs 1,727 crore in the year-ago period, leading to bullish brokerage calls and target price hikes.While the company reported a strong surge in revenue, its net profit declined 9% YoY to Rs 200 crore during the quarter under review, from Rs 219 crore in the corresponding quarter of the previous financial year.For the entire financial year which ended on March 31, 2026, Lenskart reported a 32% YoY rise in revenue to Rs 9,002 crore. EBITDA climbed 55.3% YoY to Rs 1,789 crore, while adjusted PAT surged 148% YoY to Rs 530 crore.Sensex, Nifty today: Catch all the LIVE stock market action here (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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