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Wall Street advanced on Thursday as progress toward ending the Iran war buoyed investor sentiment, while disappointing results from Broadcom led a chip selloff that held the Nasdaq's gains in check.The blue-chip Dow surged, hitting a record closing high with a boost from healthcare and financial stocks.The S&P 500 posted more muted gains, while the Nasdaq ended essentially unchanged. Chipmaker Broadcom missed revenue expectations, sending its shares tumbling and casting a pall over the AI frenzy, which has sent chip stocks soaring so far this year."About the only blemish on the market at this point is Broadcom, and I think investors are buying the dip," said Paul Nolte, senior wealth adviser and market strategist at Murphy & Sylvest in Elmhurst, Illinois. "I don't think investors have given up on chips yet, but what they've yet to come to grips with, 'Is this real? Are these valuations legitimate?' I'm not sure yet that investors have really questioned that." The U.S. House of Representatives passed a measure on Wednesday that would block President Donald Trump from continuing the war on Iran. Additionally, a U.S.-mediated ceasefire agreement between Israel and Lebanon, an essential condition of an Iranian agreement to a peace deal, bolstered optimism of a near-term resolution to the war. But the truce was rejected by the pro-Iran Hezbollah, which said it would not withdraw troops from Lebanon.A drop in front-month crude futures reflected hopes that tanker traffic through the crucial Strait of Hormuz could shortly resume."How many deals have we had? It's always right around the corner, a corner we've yet to reach," Nolte added. "Things are moving, but are they moving at a pace that's going to allow the world to get back to what passes for normal in a few weeks, a few months, or maybe sometime next year?"On the economic front, initial jobless claims unexpectedly rose 6.1%, and first-quarter labor costs and productivity were revised sharply lower. A report from Challenger, Gray and Christmas showed layoffs announced by U.S. corporations jumped 11% in May to 97,006. Nearly 40% of those layoffs were attributed to AI.According to preliminary data, the S&P 500 gained 31.14 points, or 0.41%, to end at 7,584.82 points, while the Nasdaq Composite lost 19.72 points, or 0.07%, to 26,834.26. The Dow Jones Industrial Average rose 875.09 points, or 1.73%, to 51,562.16.Chipmaker Marvell Technology gained, while Advanced Micro Devices, Micron Technology and Qualcomm lost ground on the day.The healthcare sector got a boost from UnitedHealth after Bank of America raised its rating on the healthcare conglomerate's shares to "buy."The financial index's rebound followed a sharp selloff in the previous session due to revived concerns over private credit. Blackstone shares advanced after it became the latest asset manager to cap withdrawals from its flagship private credit fund following a rise in redemption requests. Cybersecurity firm CrowdStrike slumped after reporting an increase in quarterly operating expenses. An investor roadshow for Elon Musk-led SpaceX began on Thursday ahead of its market debut on June 12. It aims to raise $75 billion in a record IPO that would value it at $1.75 trillion.
Kolkata Mayor and Trinamool Congress (TMC) MLA Firhad Hakim has resigned from his post after receiving permission from party supremo Mamata Banerjee, senior TMC leader Kunal Ghosh said on Wednesday, amid deepening turmoil within the opposition party following its electoral defeat in West Bengal.The announcement came as the TMC grappled with its most serious internal crisis since losing power, with a large section of its legislators openly rebelling against the party leadership and seeking a reorganisation of the legislature wing.Also read: TMC crisis deepens as Mamata loyalists attend BJP-led review meetingThe political churn was visible on Wednesday when Hakim, along with TMC MLAs Nayana Bandyopadhyay, Ashok Deb and Kunal Ghosh, attended an administrative review meeting convened by Chief Minister Suvendu Adhikari at Nabanna, a development that added a fresh dimension to the ongoing unrest within the party, PTI reported.The attendance of several leaders considered close to Banerjee at the government meeting came even as the party's legislative wing appeared headed for an unprecedented split.Rebels stake claim to legislature leadershipHours earlier, 58 dissident TMC MLAs formally extended support to expelled legislator Ritabrata Banerjee as the new leader of the legislature party and conveyed their decision to Assembly Speaker Rathindra Bose, according to PTI.Ritabrata Banerjee, accompanied by fellow rebel MLA Sandipan Saha and other dissident legislators, met the Speaker and submitted letters of support purportedly signed by 58 MLAs.The rebel faction also proposed a new leadership structure, naming Ritabrata Banerjee as legislature party leader, Javed Khan, Sandipan Saha and Shiuli Saha as deputy leaders, and Raghunathganj MLA Akhruzzaman as the chief whip.Ritabrata Banerjee, Khan and Saha were also present at the chief minister's administrative review meeting later in the day.The developments followed a gathering of dissident legislators at the Assembly earlier on Wednesday. Significantly, none of the MLAs who attended the rebels' meeting had participated in Mamata Banerjee's dharna in central Kolkata on Tuesday, highlighting the growing divide between the party leadership and the dissident bloc.Also read: TMC rebels back expelled MLA Ritabrata Banerjee as legislature party leader in BengalPolitical signals from administrative meetingsSeveral leaders identified with the Kalighat leadership, including Hakim, Bandyopadhyay, Deb and Ghosh, skipped the Assembly meeting and instead attended the Nabanna review meeting.The latest development comes days after senior TMC MP Kakoli Ghosh Dastidar and six party MLAs attended an administrative review meeting chaired by Adhikari in Kalyani, triggering speculation over shifting political equations within the opposition camp after the assembly election setback.Political observers told PTI that with another set of TMC leaders attending Wednesday's meeting, the line between administrative engagement and political messaging was becoming increasingly blurred in West Bengal's evolving post-election landscape.The BJP government has maintained that such meetings are inclusive administrative exercises. During the previous TMC regime, BJP leaders had often alleged that opposition legislators were excluded from official review meetings.Soon after assuming office, Adhikari announced that opposition MPs and MLAs would be invited to government programmes and district-level administrative review meetings.Also read: TMC dissolves West Bengal units, launches overhaul after poll drubbingParty debates participationReacting to the participation of TMC legislators in such meetings last week, Kunal Ghosh had said the matter was being discussed within the party."We are not in favour of boycotting administrative meetings called by the state government. But when our party workers are being assaulted and rendered homeless in post-poll violence, we need to think twice before attending such meetings. Our party is also discussing whether we should continue participating in these meetings or not," he had said.The ongoing turmoil comes against the backdrop of the TMC's crushing assembly election defeat and growing uncertainty over the party's future leadership structure.
Mumbai: With a market capitalisation of over $5 trillion, South Korea has become the sixth largest equity market in the world, replacing India which has a market cap of $4.8 trillion, according to the data from Bloomberg.Earlier, in the last week of May, Taiwan had jumped ahead of India after crossing $5 trillion in market cap.131473576The two Asian markets are in a bull phase, helped by record financial performance from semiconductor manufacturers amid booming demand from the artificial intelligence (AI) ecosystem. South Korean equities have gained 88% in 2026 so far while Taiwan has expanded market cap by 58%. India's market cap, on the other hand, has fallen by over 8% since the beginning of the current calendar year, impacted by heavy selling from foreign portfolio investors (FPIs) amid geopolitical uncertainties in West Asia. They have sold equities worth $24 billion (₹2.2 lakh crore) in the first five months of 2026 compared with $18.9 billion (₹1.7 lakh crore) in the whole of 2025.Samsung Electronics and SK Hynix, South Korea's two largest companies by market cap, have led the current rally in local equity markets with a year-to-date gain of 182% and 231% on bourses. The Asian semiconductor companies are benefitting from the rising AI capital expenditure since memory chips are a part of the building blocks of the technology.
Shares of Alkem Laboratories witnessed block deals worth about Rs 930 crore on Tuesday, with promoter family entities selling shares to a clutch of domestic mutual funds and foreign institutional investors. According to NSE block deal data, a total of 17.88 lakh shares changed hands at Rs 5,200 apiece. The transaction value works out to about Rs 930 crore.On the sell side, Jayanti Sinha sold 12.38 lakh shares, while Samprada & Nanhamati Singh Family Trust offloaded 5.5 lakh shares. Together, the two sellers divested 17.88 lakh shares. The shares were acquired by a mix of domestic and foreign institutional investors.Among the largest buyers were ICICI Prudential Mutual Fund, which purchased 9.04 lakh shares, and HDFC Mutual Fund, which bought 5.1 lakh shares. Other participants included DSP Mutual Fund, Nippon India Mutual Fund, Morgan Stanley Asia Singapore, Goldman Sachs Bank Europe, BNP Paribas Arbitrage, Societe Generale and Edelweiss Mutual Fund.The deal comes after a strong run in Alkem Laboratories shares over the past year, supported by steady growth in its domestic formulations business, improving margins and a recovery in its US operations.Alkem is among India's leading pharmaceutical companies with a strong presence in acute therapies, chronic segments and international markets. The participation of large domestic mutual funds in the transaction suggests continued institutional interest in quality healthcare names despite broader market volatility.Shares of Alkem Laboratories are likely to remain in focus as investors assess the impact of the stake sale and changes in promoter shareholding following the transaction.
The Comprehensive Economic Partnership Agreement (CEPA) between India and Oman is set to come into force on June 1, marking a significant milestone in bilateral economic relations. Both nations will formally announce the decision on Monday.This marks the fifth free trade agreement (FTA) implemented under the Modi government since 2014. It follows trade pacts rolled out with Mauritius (April 2021), the UAE (May 2022), Australia (December 2022), and the European Free Trade Association (EFTA—comprising Switzerland, Iceland, Liechtenstein, and Norway in October 2025). India has also signed deals with the UK (July 2025) and New Zealand (April 2026), alongside concluding trade talks with the 27-nation European Union (EU) on January 27 this year.CEPA vs FTAModern trade pacts typically span around 20 chapters. These encompass comprehensive regulations across trade in goods, trade in services, investment, intellectual property rights, customs procedures, and dispute settlement mechanisms.Similar bilateral frameworks are also designated as Comprehensive Economic Cooperation Agreements (CECA), Comprehensive Economic Trade Agreements (CETA), or Economic Cooperation and Trade Agreements (ECTA).Also read: India-Oman CEPA to strengthen energy security, trade resilience and export growthIndia-Oman tradeBilateral trade between the two nations reached USD 11.18 billion during 2025-26, up from USD 10.61 billion in 2024-25. India’s exports stood at USD 4.02 billion, while imports from Oman were valued at USD 7.16 billion.In the services domain, India's exports to Oman expanded from USD 397 million in 2020 to USD 665 million in 2024, driven primarily by telecommunications, computer and information, transport, and travel sectors. Conversely, services imports from Oman grew from USD 101 million to USD 197.7 million over the same period, led by transport, travel, telecom, and other business services.What does India gain? The deal unlocks 100% duty-free market access for Indian exports to Oman, covering 98.08% of Oman’s tariff lines, which represents 99.38% of the trade value (based on the 2022-23 average).Immediate Concessions: All zero-duty access comes into effect from "Day One" of the agreement. Currently, only 15.33% of India’s export value (11.34% of tariff lines) enters Oman duty-free under the Most Favoured Nation (MFN) regime.Price Competitiveness: The pact eliminates the current 5% import duty on Indian goods worth USD 3.64 billion.Growth Drivers: Key sectors poised for immediate advantages include textiles, agricultural products, transport equipment, precision instruments, processed food, and gems & jewellery.New Horizons: The agreement unlocks fresh export windows for Indian minerals, chemicals, base metals, machinery, plastic, rubber, automobiles, clocks, instruments, glass, ceramics, marble, and paper.India-Oman CEPA: Key sectoral gainsOman will grant immediate zero-duty access to crucial Indian industrial segments, including:Iron and steelElectrical and industrial machineryMarine products and copper goodsFurthermore, the removal of the 5% tariff is set to directly bolster the competitiveness of Indian vehicles in the Omani market, while securing binding zero-duty access for key finished medicines and vaccines.India protects sensitive sectorsTo insulate local industries and farming communities, India has placed 2,789 tariff lines on its exclusion list.Excluded Categories: Key domestic sectors shielded from tariff concessions include transport equipment, major chemicals, cereals, fruits, vegetables, spices, coffee, tea, and products of animal origin.Manufacturing Safeguards: High-value manufacturing chains including rubber, leather, textiles, footwear, petroleum oils, and mineral-based products remain protected.Agricultural Shielding: Strategic segments such as dairy products, meat, oilseeds, vegetable oils, sugar, and food-processing residues are entirely kept out of the liberalisation purview.Service sector stands to gainWith Oman’s total global services imports standing at USD 12.52 billion in 2024, India’s current share of 5.31% presents significant room for expansion.Oman has made robust commitments regarding the temporary entry and stay of Indian service professionals. Notably, the Intra-Corporate Transferees (ICT) ceiling has been raised from 20% to 50%, allowing Indian firms to deploy a higher volume of managerial and specialist personnel.Additionally, for the first time in any FTA, Oman has locked in specific commitments for professional service providers, benefitting Indian talent in IT, accounting, engineering, medical, education, construction, and consulting fields.Gains for India's agri sectorIndian agricultural exports such as natural honey, potatoes, cashews, boneless meat, and bakery items will secure immediate duty-free entry into Oman.Oman has agreed to dismantle tariffs—which currently range from 5% to 100%—on an array of items. These include cheese, curd, milk, cream, frozen fish, butter, meat, yoghurt, pastries, cakes, chocolate, sugar confectionery, mineral water, alongside animal and vegetable fats and oils.In return, Indian consumers will benefit from cheaper imports of Omani dates, with India granting zero-duty access for up to 2,000 tonnes of the commodity annually. New Delhi is also extending tariff concessions to Oman’s traditional products: Gum Arabica (utilised in food, pharmaceuticals, and cosmetics) and Frankincense (utilised in the incense and perfume sectors).Oman to benefit from tariff concessionsIndia is extending tariff concessions across 77.79% of its total tariff lines (equivalent to 12,556 lines), which encapsulates 94.81% of India’s total imports from Oman by value.For items that hold significant export value for Oman but remain sensitive for domestic industries in India—such as dates, marbles, and specific petrochemical products—liberalisation will be managed via a controlled Tariff-Rate Quota (TRQ) mechanism.India strengthening presence in Middle EastThe Oman CEPA serves as another pillar in India's deepening trade ties with the Gulf Cooperation Council (GCC), following its May 2022 pact with the UAE. New Delhi is set to commence trade talks with Qatar soon, and has already inked terms of reference (TOR) to initiate broader trade pact negotiations with the entire GCC bloc (comprising Saudi Arabia, UAE, Qatar, Kuwait, Oman, and Bahrain).Despite its size, Oman commands vast geopolitical importance as it borders the Strait of Hormuz, a critical maritime chokepoint heavily relied upon by Asian enterprises for oil trade. The nation serves as a strategic gateway for Indian goods and services into the broader Middle Eastern and African markets.Currently, nearly 7 lakh Indian nationals reside in Oman, sending home approximately USD 2 billion in annual remittances. Over 6,000 Indian establishments operate within Oman, and India has clocked USD 615.54 million in foreign direct investment (FDI) from Oman between April 2000 and September 2025. Notably, this CEPA is the first bilateral trade pact Oman has signed with any nation since its agreement with the United States in 2006, cementing its position as India’s third-largest export market within the GCC.
New Delhi: Defeat on the mat did not make Vinesh Phogat feel like a loser.After her comeback bid ended in the Asian Games selection trials on Saturday, the former world championships medallist declared that she had already won by returning to competition after motherhood and by standing up to a system she claimed had done everything possible to keep her away from wrestling."I have not failed at all. I am fighting the whole system and I am still standing with pride on the mat again," Vinesh toldafter her 4-6 semifinal loss to Meenakshi Goyat, while reiterating her ambition of competing at the 2028 Los Angeles Olympics.Minutes after suffering defeat, Vinesh launched a scathing attack on the wrestling administration, alleging discrimination, mental harassment and attempts to block her return to competitive wrestling despite court orders in her favour.Also read | IPL 2026 Purple Cap winner list: Most wickets, updated standings and bowling rankings"They wanted to stop me from returning to the mat, but I am standing here again. I am proud of what I have achieved in these 10 months."I know the system will continue to create challenges for me, but I have hope that through hard work I can leave the system behind and move forward," she added, refusing to view the semifinal defeat as a setbackVinesh, who was competing for the first time since her heartbreaking disqualification from the Paris Olympics final in 2024, said her biggest achievement was returning to elite competition after childbirth. She said returning to competition after motherhood and after months of legal and administrative battles felt like a victory."It has been only 10 months since my son was born. I am standing on the mat again and competing against the younger generation. I am proud of myself. I hope I can inspire my son and many women wrestlers," she said.Vinesh described the Delhi High Court order that enabled her participation in the trials as a landmark moment for women wrestlers seeking to return after motherhood."A girl is coming back to the mat after becoming a mother. The path has opened. Sooner or later there has to be a policy. Women wrestlers who want to return after becoming mothers should get a fair opportunity and some relaxation," she said.The 31-year-old alleged that even after the court's intervention, officials continued to create obstacles for her.Also read | Liverpool sack Slot after title defence turns into European scrambleShe said that she spent nearly an hour arguing with officials on Saturday morning after being informed she would be allowed to compete only in the 50kg category despite wanting to participate in 53kg."When I should have been focusing on my recovery and preparation, I was arguing with officials. They gave me a letter saying I could compete only in 50kg. It was mental harassment," she said.Vinesh claimed that the entire process was designed to put her at a disadvantage, alleging that stronger wrestlers were deliberately placed in her draw and that scheduling decisions drained her energy before the semifinal."I was not given a fair deal. All the strong girls in my category were put in my path. The bouts were scheduled in a manner that affected my energy levels," she alleged.Despite the grievances, Vinesh accepted responsibility for her defeat and admitted that a lack of competitive exposure and endurance hurt her performance."I accept my defeat. I will work harder and return stronger. Fitness and endurance were issues, but more than that, I needed competitions. I had not competed for nearly two years. This was my first tournament after becoming a mother," she said.She insisted that Saturday's performance convinced her that she still has enough ability to compete with the country's best wrestlers."I was motivated today. I know I can beat the younger girls. I still have that courage and belief. If I work hard, I know I can come back stronger."Asked whether the 2028 Los Angeles Olympics remained a target, Vinesh replied in the affirmative."Definitely. I have come back to the mat for Los Angeles," she said.The wrestler reserved some of her strongest criticism for the sports administration, questioning why no institution had intervened despite repeated disputes surrounding her participation."The government, the Sports Ministry, the IOA -- nobody is taking a stand. This is very sad. If athletes have to survive despite the system, then something is seriously wrong," she said.She also alleged that many young wrestlers privately supported her but were afraid to speak openly against administrators."A lot of girls were happy to see me back on the mat. They come and talk to me but they are scared. They know what can happen if they speak against powerful people," she said.Vinesh, however, clarified that she has no complaints against fellow wrestlers and said athletes should not be blamed for the larger issues within the sport."The kids are not at fault. I don't have anger towards any athlete. The problem is with the people who manipulate and control the system," she said.
Ukrainian drone strikes caused fires at more Russian oil facilities overnight into Saturday, local Russian officials said, in what appeared to be the latest attack on Moscow's vital oil industry.Read more: Ukraine-bound Russian drone crashes into Romanian buildingAuthorities in Russia's Rostov region said falling drone debris sparked a fire that damaged an oil depot and tanker in the port of Taganrog, while officials in the neighboring Krasnodar region reported a fire breaking out at an oil depot in Armavir for the same reason. "Another facility of Russia's oil industry has been reached - Armavir," Ukrainian President Volodymyr Zelenskyy wrote on X Saturday of the attack in the Krasnodar region, noting that Armavir is "500 kilometers from our state border." "We are rightfully bringing the war back to where it came from," he wrote. Our new long-range sanctions – and this is 500 kilometers from our state border. We are rightfully bringing the war back to where it came from. Russia could have ended its aggression long ago, but instead chose to prolong and continue it. So another facility of Russia’s oil… pic.twitter.com/YrrTsLDMqP — Volodymyr Zelenskyy / Володимир Зеленський (@ZelenskyyUa) May 30, 2026 Ukraine has expanded its mid- and long-range strike capabilities, deploying drone and missile technology that it has developed domestically to battle Russia's 4-year-old invasion. Attacks on Russian oil assets that play a key part in funding the invasion have become almost daily occurrences.Read more: Senior Ukrainian commander sees imminent 'turning point' in warFor its part, Russia has used its long-range ballistic missiles to damage Ukraine's power grid and hammer cities. The Ukrainian capital is bracing for further heavy bombardments after what the Russian Foreign Ministry said earlier this week would be upcoming "systemic strikes" on Kyiv. Zelenskyy said Thursday that he's being "very persistent" in pressing the United States to provide his country with more Patriot air defense missiles that can counter devastating Russian ballistic missile attacks. The attacks on Russian oil infrastructure came a day after a Russian drone that was part of an attack on Ukraine went astray and struck an apartment building in eastern Romania, injuring two people in the NATO member country. The incursion added to concerns that the war could spread across the alliance's borders, and drew strong condemnation across Europe.
US President Donald Trump will only make a peace deal with Iran if it meets all of his conditions, a White House official told AFP on Friday, as questions swirled about the state of negotiations to end the war.The White House had indicated Trump was close to a decision on a potential deal, even as Tehran insisted there was still "no final agreement" on ending the Middle East conflict.Also read: To the Situation Room, now! With new message, Trump stirs Iran cauldron again An Iranian state media report also rebutted several key elements of Trump's characterization of the deal, with sources calling his remarks a "mixture of truth and lies."US sources had told AFP the deal was waiting on Trump's sign-off following weeks of halting negotiations over a conflict that has engulfed the Middle East and shaken the global economy. Trump attended a two-hour meeting in the White House Situation Room on Friday but did not reach a decision."President Trump will only make a deal that is good for America and satisfies his red lines," a White House official told AFP afterward. "Iran can never possess a nuclear weapon," the official added.Trump had announced the meeting in a lengthy social media post, reiterating long-held demands that Iran agree never to develop nuclear weapons and reopen the vital Strait of Hormuz shipping lane. Iranian foreign ministry spokesman Esmaeil Baqaei pushed back, telling state media that the Islamic republic "said goodbye to the language of 'must' 47 years ago." Exchanges of messages were continuing, he added, but "no final agreement has been reached yet."In a phone call with the Emir of Qatar, Iranian President Masoud Pezeshkian said Iran was ready to achieve a "dignified framework" to end the war, according to state news agency IRNA.In his post, Trump said Tehran would remove mines from the Strait of Hormuz and end its blockade of the waterway with "no tolls," while the US would lift its parallel blockade of Iranian ports. The two countries would also coordinate on removing and destroying Iran's enriched uranium, he said, adding that "no money will be exchanged, until further notice."Iran's Fars news agency, however, cited sources as saying Tehran was demanding "the immediate release of $12 billion in frozen Iranian assets" before moving to the next phase of negotiations. On the toll-free reopening of Hormuz, the sources said "no such clause appears in the text of the agreement," while Trump's comment on destroying Iran's nuclear material "is fundamentally baseless."Also read: ‘Tehran said goodbye to “must” 47 years ago’: Iran rejects Trump’s claims of imminent dealBaqaei also told state TV there were currently "no negotiations" taking place on Iran's nuclear program, as Iran's top diplomat suggested the US was holding up a deal with its approach to the talks.'Telling the truth'? Ali, a resident of the city of Tonekabon north of Tehran, said that whatever the deal was, there would likely be more strife to come."Both sides are speaking in a way that keeps their supporters satisfied. It's not clear who is telling the truth," the 49-year-old said.Hopes of an agreement had risen on Thursday after US officials voiced optimism about the diplomatic progress.Energy markets have whipsawed this week as investors parse the chances of an agreement that could potentially resume normal shipping through the crucial Strait of Hormuz.Washington and Tehran have accused each other of violating the truce in and around the strait as recently as this week, with US strikes on the southern Iranian port of Bandar Abbas countered by retaliatory Iranian fire.Iranian state TV said Friday that 24 ships had transited the strait in the past 24 hours, in coordination with the Revolutionary Guards and the foreign ministry.But it warned that "ships from hostile countries face a severe response" from Iran's military.Lebanon fighting On the war's Lebanon front, Israeli Prime Minister Benjamin Netanyahu said Friday that his country's forces had pushed deeper inside Lebanon, while Iran-backed Lebanese group Hezbollah claimed responsibility for a series of drone attacks on military targets in northern Israel, including troop gatherings and barracks.It also said its forces were attacking Israeli troops trying to advance in the area of the medieval Beaufort fortress, near the city of Nabatieh.The attacks came as Israeli and Lebanese military delegations held security talks in Washington, which were called "productive" by Elbridge Colby, the Pentagon's second-in-command.Israel kept up its heavy bombardment of southern Lebanon, where the Lebanese health ministry said a rescuer was among the 11 killed.A ceasefire between Israel and Hezbollah was supposed to have taken effect on April 17, but has never been observed.Both sides accuse each other of violating it and justify their attacks by the other camp's alleged breaches.Lebanon was drawn into the war in early March when Hezbollah launched rockets at Israel over the killing of Iran's supreme leader in US-Israeli attacks, prompting Israeli strikes and a ground invasion.
One of the biggest advances in pancreatic cancer in decades came out of a crazy idea born in a Harvard University lab.Chemical biologist Gregory Verdine believed you could fight disease-causing proteins hidden inside cells by chemically gluing them to something else in the body and smothering them."Everybody told us this is crazy, that it would never work," he recalls.Revolution Medicines, which bought one of Verdine's companies in 2018, recently announced that one of its drugs doubled the typical survival time for patients with aggressive forms of the disease, from 6.7 months to 13.2 months. The full results from the company's final-stage trial are expected to be the star of the show at the annual confab of cancer doctors in Chicago this weekend.Spurred by the success of RevMed, numerous companies are now racing to develop similar drugs, dubbed "molecular glues", which can be used to treat a variety of ailments. And investors and pharmaceutical companies with deep pockets are chasing after them, creating one of the hottest corners of dealmaking in the industry.Also read | India's out-of-pocket healthcare spending drops significantly, govt data showsIt's not unusual for exciting new drugs to spark surges in stock prices and dealmaking frenzy. But molecular glue is a particularly complicated science, and the startups pursuing technologies similar to RevMed are mostly in early stages of testing. Their medicines won't be ready for years, if ever.That hasn't stopped big drugmakers such as Novartis, Roche Holding and Eli Lilly from inking research pacts with glue developers that could pay out billions of dollars in milestones.The boom has been especially lucrative for Monte Rosa Therapeutics. Over the past three years, the Boston-based biotech firm has signed three agreements that could be worth over $10 billion to develop molecular glue drugs with both Novartis and Roche.The company, which trades under the stock ticker GLUE, has seen its shares surge nearly 400% over the past year. It's preparing to start mid-stage trials for multiple drugs by the end of this year."The run-up in the share price is justified based on what we've seen so far," says Robert Driscoll, an analyst at Wedbush. Gains are "due to the success of their drugs rather than kind of exuberance around the glue technology as a whole", he says.Science of GlueMolecular glues work in a fundamentally different way from other oral medicines. Most pills - like Prozac for depression or Lipitor for cholesterol - are tiny chemicals that squeeze into a pocket inside a much larger protein to gum up its functioning. But many proteins have few obvious pockets, including key cancer-causing proteins.In fact, about 80% of all proteins in the body are what scientists refer to as "undruggable", meaning they can't be targeted with traditional drug technologies.RevMed's daraxonrasib cleverly circumvents this problem by acting as a molecular stickum. Once inside the body it binds to a healthy protein on one side and then draws in the bad protein to stick to the other side. The healthy protein helps block the bad protein and turn off its signalling.Competitors Line UpMultiple companies are chasing RevMed's lead in pancreatic cancer despite the long odds. San Diego-based Erasca is in early stages of testing a drug it says is more potent than daraxonrasib. Japanese drugmaker Astellas Pharma has begun final-stage trials of a degrader that may help a subset of pancreatic and lung cancer patients.Molecular glues are also being developed as alternatives to injectable drugs used to treat autoimmune and skin disorders. Shares of Kymera Therapeutics have soared more than 180% in the past year thanks to promising early trial results. The company is developing a once-daily pill it hopes will one day compete with Sanofi and Regeneron Pharmaceuticals' Dupixent, one of the world's bestselling drugs."The technology allows you to go after things that would have been almost impossible" to do previously with pills, says Nello Mainolfi, Kymera's founder and CEO.With few effective options for pancreatic cancer, analysts expect RevMed's daraxonrasib to become an enormous bestseller for the company.Prospects for daraxonrasib and speculation about a potential takeout deal have inflated RevMed's market cap to nearly $33 billion. That's a lofty figure for a drugmaker with no approved medicines.The company is preparing to file for US approval soon, and the FDA has promised to give the drug an ultrafast review. It's projected to reach $7 billion in sales a year by 2032, according to the average of estimates compiled by Bloomberg.
Dell's shares surged 33% on Friday as the PC maker's blockbuster results showed that its growing focus on AI servers was helping it capitalize on the data center boom, making the company one of the biggest beneficiaries of the new technology.The company, whose AI servers are crucial components in the global AI infrastructure build-out, is set to add $68 billion to its market value of about $206 billion, if gains hold.A household name in the PC market, Dell has in recent years scaled up its AI hardware business. Dell's AI server revenue of $16.1 billion surpassed its PC unit's $14.6 billion in sales in the quarter.The company's infrastructure solutions segment, home to both traditional and AI-optimized servers as well as other storage, software and networking solutions, has consistently eclipsed PC business revenue in the past four quarters."We've been following Dell a long time and never seen anything like this. Not only do they get an "A" for execution, but you can make an argument that Dell is even the best way to play AI out there," Melius Research analysts said.Dell's outlook for "AI and traditional servers are still very conservative," as the firm has stronger prospects for selling CPU racks to AI cloud providers like CoreWeave and Nscale, the brokerage said.The blowout quarter lifted shares of server makers Super Micro Computer and Hewlett Packard Enterprise 16% and 12%, respectively, while Dell's PC rival HP also rose 8%.Hewlett Packard Enterprise, which reports results on Monday, has also been prioritizing higher-margin product orders. But it has a smaller server business compared with Dell.Dell Chief Operating Officer Jeff Clarke acknowledged the ongoing "supply constrained" environment, particularly concerning memory chips, but said that its customers were actively securing supply for extended periods.The company has banked on balanced price hikes as well as its scale and strong supplier relationships to wade through the memory crisis. Strong returns from its AI server business are also helping cushion the blow to margins from the soaring memory prices.HP, which focuses mostly on PCs and printers, reported 13.2% growth in its personal systemsdivision, while sales in Dell's PC business unit grew 17%, driven by a Windows 11 refresh cycle and growing focus on AI PCs.At least 13 brokerages raised their price targets on Dell stock following the results, giving it a median price target of $255, according to data compiled by LSEG. That is up from $170 before the report.Dell is on track to record its biggest one-day percentage gain if gains hold. It has a 12-month forward price-to-earnings ratio of 20.21, compared with HP's 8.39 and HPE's 14.70.
The United States and Iran have reached an agreement to extend a ceasefire, allow shipping through the Strait of Hormuz and lift a U.S. blockade and some sanctions on Iran, sources told Reuters, but the deal has not been finalised.An agreement would represent a big step towards ending a war that has pushed the world towards an energy crisis, though the underlying dispute over Iran's nuclear programme would only be thrashed out in talks over subsequent weeks.Where Have The Discussions Got To?Following a ceasefire in early April, the two sides have remained at odds on issues including Iran's nuclear ambitions, Israel's war in Lebanon with the Iranian-backed Hezbollah militia, and Tehran's demands for the lifting of sanctions and the release of frozen assets.After weeks of mainly indirect talks, four sources familiar with the matter said on Thursday that the U.S. and Iran had agreed a memorandum of understanding that would halt the war and give negotiators 60 days to reach a final deal.Read More: Bigger proportion of non-Iran ships crossing Hormuz strait: DataHowever, both sides have said several times before that they believed an agreement was close but without ever concluding an agreement. The position of Israel, which launched the air war on Iran on February 28 alongside the United States, is central to any deal but its role in the agreement is unclear.U.S. President Donald Trump has not yet approved the deal, according to the sources. Vice President JD Vance said on Thursday: "We're not there, but we're very close and we're going to keep working on it".Iran has not yet formally commented, but the semi-official Tasnim news agency cited a source close to the negotiating team as saying the text of the agreement had not yet been finalised or confirmed.Iranian sources have previously said a framework deal is only about ending the war on all fronts, establishing a 30-day framework for international and Iranian movement through the Strait of Hormuz and possibly providing some financial relief.There would then be negotiations on the more difficult issues, such as the status of Iran's highly enriched uranium and details concerning the strait, and the sequencing of the many points in the preliminary deal such as sanctions relief and security.The last deal over the nuclear programme - struck in 2015 and torn up by Trump in 2018 - took years of negotiations between large teams of technical experts.What Are The Main Issues?Hormuz And Gulf BlockadeIran's closure of the Strait of Hormuz, the conduit for a fifth of global supplies of oil and liquefied natural gas, has pushed up oil prices. Reopening the strait is the U.S. priority and Iran's main point of leverage, but it could take time.Many vessels are stuck in the Gulf and Iran says it has laid some sea mines that could be difficult to locate.The U.S. blockade on Iranian ports is hitting Iran's own exports and state revenue. Lifting this is one of Tehran's main goals. A sensitive issue could be how far U.S. forces withdraw.NuclearThe U.S. says it believes Iran wants to build a nuclear bomb. Iran has always denied this, saying its atomic programme is for peaceful purposes only. The focus is on its enrichment of uranium, which generates fuel for nuclear power but can also make material for a warhead.The nuclear question is extremely complicated. Iran might eventually agree to dilute part of its highly enriched uranium in a friendly country into uranium enriched to 5% purity and then have it returned, Iranian sources said.Read more: US inflation hits three-year high in April as Iran war fuels energy price surgeBut many other issues would still need to be addressed: how long the nuclear program would be halted, whether nuclear sites would be dismantled, what happens to stockpiles of uranium enriched to 20% and 5%, the future of Iran's advanced centrifuges and research and development programs and the rules governing an inspections regime, among others.Ballistic MissilesA prominent U.S. demand before the war was that Iran limit the range of its ballistic missiles so that they could not reach Israel. Iran has always said its right to conventional weapons is non-negotiable and that it still has a large arsenal.Sanctions And Frozen AssetsIran's economy has been hurt by sanctions for years, contributing to the nationwide unrest in January. Tehran badly needs them to be lifted and tens of billions of dollars of Iranian oil revenues frozen in foreign banks to be released. It also wants reparations for war damage.The United States has resisted this, with Trump having lambasted former president Barack Obama for having returned some frozen assets to Iran under the 2015 nuclear deal. Some media have reported that the latest draft agreement would include an investment programme for Iran.LebanonIran has repeatedly said that Israel's war against its main ally Hezbollah in Lebanon must be included in any deal. Israel and Lebanon agreed a ceasefire last month but both Israel and Hezbollah accuse each other of repeated violations and Israel's military is ramping up its campaign in southern Lebanon. Israel would oppose any U.S.-Iran agreement that limits its ability to act in Lebanon.