Latest News
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Rolls-Royce and Reliance will develop a combat engine for fighter aircraft
Reliance Industries announced a partnership with Britain's Rolls-Royce on Friday to develop and produce an engine for India’s fighter jet programme. The?country is aiming to build its most advanced stealth combat aircraft. The Advanced Medium Combat Aircraft prototype is expected to be ready in 2028. It will play an important role in India's air combat strategy. India approved last year a framework to build its most advanced stealth jet fighter and invited interest by defence firms weeks after a conflict with Pakistan, a nuclear-armed neighbor. The country has also approved the model of the Advanced Medium Combat Aircraft (AMCA), a programme that will allow domestic companies to take part in the development of the twin-engine stealth aircraft. In the proposed partnership announced Friday, Reliance will work with Rolls-Royce to form a dedicated gas turbine complex for aerospace in India. The engine would be jointly developed. Anant Ambani, Reliance's Executive Director, said that the company and Rolls-Royce were working together to create an "indigenous aero-engine ecosystem" in India. The announcement could position the British aero-engine manufacturer against France's Safran. Safran has proposed separately a joint venture with India's GTRE, a state-run company. This would develop a more powerful engine for future versions of the AMCA. General Electric has had supply chain problems that have caused delays in the delivery of engines to Hindustan Aeronautics, which manufactures the Tejas fighter aircraft. Rolls-Royce has supplied engines to a range of civil and defence aerospace applications.
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Wildfires in Britain reach record levels following intense heat
Fire chiefs warned on Friday that wildfires have reached a record level in England and Wales. They also warned that rescue services are struggling to keep pace with the?rising?risks, a day after blazes spread from tinder dry fields to engulf homes on the hottest day. Britain is not facing the same devastation as Spain, France, and other parts of Europe, but it is experiencing its fifth heatwave in what is expected to become its hottest summer ever. It is also dealing with more fires than ever before. Phil Garrigan of the National Fire Chiefs Council said that the number of fires has now exceeded the total of last year of 1,017. Garrigan, without revealing the latest figures for this year, said: "We have far exceeded the previous high of 2025." "At this point in time, we're still in August and it seems that the wildfire season will extend into November." We're expecting this to be not only a record-breaking, but also a significant increase in the number of fires. Andy Burnham, the Prime Minister of England, urged the public to be extra careful during his visit to Stourbridge. This is one of many?locations in England where homes were destroyed on Thursday and hundreds of people evacuated. He warned that "Britain right now is a tinderbox." This is by no means over. "We have 37 fires burning around the country." Residents tell of trees exploding in flames One Stourbridge resident describes the moment his family and he decided to leave their home. "I heard a shout, and the trees were exploding along the railroad track. The trees weren't only on fire; they were also exploding. Paul Nash's garden was damaged. According to the government, Britain is on course for its hottest ever summer. Five heatwaves have caused around 45 million people to live in drought-affected areas and 27 millions people are facing restrictions on their water use. Met Office reports that temperatures in London reached 38.2 degrees Celsius on Thursday. This is the fifth-hottest day ever recorded for the United Kingdom. Pershore, a market town in central England, also reached 38 C. Flames tore across homes and fields. On Thursday, a major motorway had to be temporarily closed and the train schedules were also affected. Officials are yet to confirm if the heat was a factor in causing a train to derail in southern England. Garrigan stated that "we've declared eleven major incidents in the last 24 hours." "The requests and requests for support probably outstripped our capability as the UK fire and Rescue service... we have struggled to provide fire and emergency services with exactly what they need." Burnham stated that fire services worked alongside military forces in certain areas, and he will hold a summit to ensure emergency services have the resources they need.
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US retail sales decline for the first time in nine months, in July
Retail sales in the United States fell for the first nine months in July as the boost from large tax refunds faded. This suggests a significant slowdown in spending by consumers at the beginning of the third quarter. It was also a payback for Amazon's decision to move its Prime Day event from July to June, while other retailers offered competing promotions. Gasoline prices have also fallen, which has affected service station receipts. The report, which added to the unexpected job losses and mild inflation figures from last month, boosted financial market expectations of a Federal Reserve rate hike in September. This is assuming that August's price and employment data are not surprising. Sal Guatieri is a senior economist with BMO Capital Markets. This, along with a weaker job report and subdued CPI core inflation, increases the odds that the FOMC will remain patient in September. The Census Bureau of the Commerce Department reported that retail sales fell 0.6% in July after an unrevised gain of 0.2% in June. This was the first decline since October last year and the largest one in 14 months. Retail sales, which are mainly goods and not adjusted for inflation but are a major part of retail sales, were expected to increase by 0.1%, according to economists polled. Estimates ranged between a 0.5% decline and a 0.7% rise. Retail sales in July increased by 5.0% on an annual basis. Economists say that consumers are more?sensitive to price increases and are making more deliberate and selective purchases. Sales at non-store retailers fell by 2.2% in the last month. Motor vehicle and parts dealers saw their receipts plummet by 1.8%. Sales at electronic and appliance stores dropped by 0.5%, while receipts at service station fell by 0.9% due to lower gasoline prices. Clothing sales rebounded by 1.9% in the last quarter, likely due to back-to school shopping. CONSUMERS STILL Eating Out The only component of the report that deals with services, receipts from food and drink establishments, increased by 0.5%, after increasing by 0.4% in June. This category is a key indicator of household finances. Sales at retailers of furniture, building materials, garden equipment, and supplies, as well as health and personal care stores, increased. The sales of?sporting good, hobby, musical instruments and book retailers remained unchanged. The generous tax refunds in this year have helped soften the blow of higher gasoline prices due to the Middle East conflict. This has led to a robust second quarter in consumer spending. The economists say that these refunds are 'exhausted. They did not expect a drop in consumer spending, but a stock-market rally had boosted household wealth. S&P 500 has increased by 14% this year, after rising 16.4% in 2025. PNC Financial economists said that an analysis of bank data revealed that households were more sensitive to gasoline price increases in July than they had been earlier in the year. This created a less favorable backdrop for spending during the second half of this year. They said that it was "difficult" to imagine a scenario in which spending would truly roll over, given the increase in household wealth. The researchers also pointed out that "increasing evidence" showed upper-income households and older households using wealth gains as a way to fund spending. Retail sales, excluding automobiles, gasoline and building materials, fell by 0.4% last month, after an upwardly revised 0.4% rise in June. Economists had forecast that these core retail sales, the component most closely associated with consumer spending in gross domestic product (GDP), would rise 0.3%, after an earlier reported 0.5% growth in June. In the second quarter, consumer spending, which makes up more than two thirds of the GDP, grew at an annualized rate of 3.2%. Last quarter, the economy grew by 1.5%.
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Wildfires in Britain reach record levels following intense heat
Fire chiefs warned that wildfires have reached a record in England and Wales. They also said that rescue services are struggling to keep up with the rising risks. This comes a day after wildfires swept from tinder dry fields to engulf homes on the hottest day. Britain may not have faced the same devastation as Spain, France, and other parts of Europe, but it has seen more fires than ever before. Phil Garrigan is the chair of the National Fire Chiefs Council. He said that the number of fires has now exceeded the total of last year, which was 1,017. Garrigan, without revealing the latest figures for this year, said: "We have far exceeded the previous high from 2025." We're still in the middle of August and it seems that the wildfire season will continue into November. We're expecting this to be not only a "record-breaking" year, but also a significant increase in the number of fires. Residents tell of trees exploding in flames As fires raged in central England, hundreds of homes were destroyed on Thursday. Stourbridge resident describes the moment his family and he decided to leave their home. "I heard a shout, and the trees were exploding along the railroad track. The trees weren't only on fire; they were also exploding. Paul Nash said, "We just grabbed all the stuff and left." Nash stated that his house remained standing despite the damage to his garden. This was in contrast to other homes on his street which had been destroyed by fire. According to government figures, Britain is on course for its hottest ever summer. Five heatwaves have caused around 45 million people to live in drought-hit areas and 27 millions people face restrictions on their water usage. Met Office reports that temperatures in London reached 38.2 degrees Celsius on Thursday. This is the fifth-hottest day ever recorded for the United Kingdom. Pershore, a market town in central England, reached 38 C. This was one of many areas where flames ravaged houses and fields. On Thursday, a major motorway had to be temporarily closed and the train schedules were also affected. Officials are yet to confirm if the heat was a factor in causing a derailment of a southern England train. Garrigan stated that "we've declared eleven major incidents?over the past 24 hours." The UK Fire and Rescue Service has struggled to meet the demands of fire and emergency services.
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Brazil police target former Rio governor Castro in new investigation, say sources
Two sources familiar with this investigation said that the Brazilian federal police carried out search warrants on Friday targeting former Rio de Janeiro Governor Claudio Castro. Castro's attorney said that the authorities did not search his home in a written statement. Brazil's Federal Police said in a?statement that did not identify suspects it was investigating allegations of fraudulent and...reckless management. It also investigated money laundering, tax avoidance, capital flight, manipulations on the market, and crimes against economic order. It added that the probe was examining money laundering in relation to the scheme as well as the alleged irregularity of the issuance of environmental permits for the refinery. In May, the former governor was also targeted by a second investigation into alleged tax evasion. Castro resigned in March. A court ruled that Castro could not hold office for the next eight years due to abuse of political and economic power and illegal fundraising. (Reporting and writing by Rodrigo Viga Gaier, Isabel Teles, Editing by Alex Richardson).
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Wildfires sweeping across Europe force hundreds of people to evacuate from resorts located in Croatia and Greece
Wildfires ravaged?homes overnight in a picturesque Croatian town, injuring forty people and forcing 1,200 residents to evacuate. EU officials warned that "extreme" wildfire conditions were spreading across the continent. Officials said that hundreds more people were evacuated from a resort in northern Greece, a village in southwest France and a large grass fire in England. Scientists attribute the record-breaking heat in Europe and the drought to climate change. This summer, wildfires have been raging across Europe, particularly in France, Spain, and Greece. The Balkans has also experienced several heatwaves. CROATIAN RESERVE: FLAMES TAKE OVER NIGHT-SKY RED Officials said that flames engulfed settlements and trees covering a total of?over 1000 hectares around Omis. Omis is a picturesque town located on Croatia's Dalmatian Coast, surrounded by trees, hills and rocks. The fire turned the night sky red. Slavko Slavkovic, Chief Fire Commander said that the fire "swept all in its path... There has been enormous material damage." He added that the fire seemed to have calmed down on Friday morning, with no visible flames. Health officials reported that seven of the 40 patients treated by ambulances were in serious condition. DINGHIES HELP RESCUE FROM GREEK SEASIDE TOWN People wearing masks, many with children or pets in tow, boarded boats and dinghies at the seaside town of Siviri, as a forest burned and smoke columns turned the clear sky dark grey. The coastguard said that over 300 people were evacuated from the town by boat. The town is located on a peninsula with woodlands, olive groves, and beaches, south of Greece's largest city, Thessaloniki. In addition to 140 firefighters, seven helicopters and nine aircraft, fishing boats were also used in the evacuation. Authorities in France evacuated 525 residents from Luglon after a wildfire broke. The fire was located near an area that had been devastated by major fires earlier this summer. Authorities in Spain removed remains of three kings from a monastery that was threatened by wildfire in the 11th century. Wildfire conditions in Europe are 'VERY EXTREME.' In its forecast for the week ending August 19, Copernicus?Climate Change Service of the European Union warned of "very?extreme conditions" across a large region of central and east Europe. Additional pockets were also noted over southern Britain, Ireland and northern France, as well as southern Sweden. Climate Monitor data showed that the average high temperature in Western Europe was expected to be 31.2° Celsius (88° Fahrenheit) on Friday. This is 8 C (14 F), or 14 F, above the 1961-1990 norm. It said that the temperature in Europe was 1.6 C (2.9 F), or 8 C, above 1961-1990's average. The dry, hot summer has also taken a toll on the agriculture. The French grain maize crop is expected to reach its lowest level since the 1970s as a result of severe heat and drought this summer, according to growers' association AGPM. Reporting by Alexandros Lisardakis and Antonis Pohitos in Greece; Daria Sito Sucic in Bosnia and Herzegovina; Stephanie Lecocq and Gus Trompiz, in France and Spain, and Conor Humphries, in Spain.
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Oil rally eclipsed by US inflation as stocks nudge to record highs
Oil prices rose on Friday as faltering negotiations to end the Iran war pushed global stocks higher. As the impasse in the peace talks continued, oil and gas prices are still expected to make a significant weekly gain. Investors are not showing any signs of panic. This week, short-dated bond rates have increased, but modestly. Meanwhile, several market-based inflation expectations measures have continued their downward trend. Gold, which is hurt by rising interest rates, has reached two-month highs. The focus is now on AI as a whole, following strong earnings which have helped to calm investor concerns about massive AI spending. GEOPOLITICAL UNCERTAINTY REMAINS The MSCI All-World Index, which has been up for the third week in a row, is trading just below records highs. In Europe, the STOXX600 gauge was a tad lower than the previous day as losses in tech were largely offset by gains among capital-intensive stocks such as automakers and defence. The markets ended the week with a 'positive note,' as the corporate and economic calendar was relatively free of event risks. It's Friday and, as is typical, geopolitical risk, or at the very least, bombastic rhetoric between the U.S. "At the moment, geopolitical uncertainties remain the only major macro-roadblock for a market that is experiencing'strong tailwinds due to earnings and monetary policy outlook. Brent crude futures remained steady at $87 per barrel and were on track for a weekly gain of 6%. European natural gas futures are expected to rise by 10%, while U.S. Gas futures will see a 3.2% increase. The VIX volatility index - which many see as the "fear index" of the market - was on track for its fourth consecutive weekly decline, the longest stretch of this kind since May 2025. This reflects the decreasing level of concern among equity investors. A measure of bond market volatilty is also heading for a second successive weekly drop. John Sidawi is a senior portfolio manager at Federated Hermes for fixed income. He said that a puzzling trend in the markets over the past few months has been a growing disconnect between geopolitical uncertainties and asset price volatility. For now, the markets seem to be willing to accept a considerable amount of uncertainty before demanding higher premiums. This equilibrium is not likely to last forever," Sidawi stated. "A meaningful escalation of conflict or a clearly defined?path towards resolution could finally force the investors to leave, potentially triggering much greater volatility than current market prices suggest." The yen is stuck in an intervention loop. According to three sources who are familiar with the policymakers' thoughts, the Bank of Japan may raise interest rates as early as September. It is still within reach of the 160 level, which traders believe could trigger a second round of yen purchases from Tokyo after a joint intervention by the U.S. Last month, the Japanese currency was not supported. Padhraic G Garvey, ING's head of global rates strategy and debt, explained that the yen is weak because of "an uber cautious Bank of Japan" and a policy interest rate which remains too low. Garvey said that rate increases can ease this tension. The sooner they are implemented, the better. While that may be seen as a negative for the economy, there is also a choice. Do you want to protect the yen or not? Prioritise the protection of the yen, or not? (Additional reporting from Ankur Banerjee, Singapore; editing by Sonali Paul and Alex Richardson)
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Tata Steel, the Indian soccer giant, sells top-flight team Jamshedpur to a rival for $1
Tata Steel has sold its entire stake in Indian Super League club Jamshedpur FC for 100 Indian Rupees ($1.05) to Goa-based Churchill Brothers on Friday. This comes two weeks after the conglomerate announced that it would be 'pulling out' of the ISL. Tata Steel announced that Churchill Brothers, the two-time national champions, will be taking over Jamshedpur’s sports licence to compete in the ISL and the contracts for 12 players and 2 coaches. Tata Steel Vice President of Corporate Services D. B. Sundara Ramam said, "We're glad this agreement allows our players and coaches to continue playing club soccer." Jamshedpur's players made an emotional appeal to their club's owners earlier this month to reconsider the decision to close the club. The club won the ISL League Winners' Shield for 2021-22, and the domestic Super Cup in the past year. Jamshedpur's fans flooded the streets in the days that followed to plead with the Tata Group to save the club. But Friday's announcement ended all their hopes. Churchill Brothers, located in the soccer-mad state Goa, is now the sole team in Jamshedpur. Jamshedpur is still in the Durand Cup and will play Mohun Bagan on Monday in the quarterfinals. TATA EXIT AMID UNCERTAINTY ISL Jamshedpur entered the ISL league in 2017, when it was sponsored by the Indian conglomerate Reliance. They are leaving the league less than one year after All India Football Federation's commercial partnership ended with Reliance. The ISL is yet to announce the fixtures for this season and the broadcaster. Sundara Ramam said, "We are grateful to AIFF and Churchill Brothers who have made this transition smooth." The AIFF has declined to comment. "BACK TO WHERE WE BEONG" SAY THE CHURCHILL BROTHERS Churchill Brothers, who played in India's top division last in 2013-14, hoped to get promoted to the ISL in 2024-25 after winning the second-tier I-League. The?AIFF appeals panel ruled Inter Kashi forfeited several matches because they fielded an ineligible player. Kashi won their appeal at the Court of Arbitration for Sport and overturned the decision. They became champions. Churchill Brothers withdrew the following season from the league. The club posted a picture on Instagram saying, "We needed to be back home where we belong." "Our President Churchill Alemao... never stopped believing. He always finds a solution. While others saw decline, opportunity was what we saw. "While some saw the end of things, we saw a new beginning."
Brazil coffee faces El Nino headwinds, but crops more resilient
According to the Brazilian Coffee Industry Association (Abic), El Nino may reduce Brazil's record coffee harvest by as much as a fifth due to excessive heat and irregular rain.
The state-run crop agency,?Conab, has forecast that this year's total production of arabica beans and canephora will be a record 66.7 million 60 kilogram (132.3 lb), with the latter including varieties such as robusta and Conilon.
Celirio Da Silva, Abic's executive director, warned that a deterioration in weather conditions during an El Nino cycle could?dramatically decrease production.
In a normal season, a loss of 15 to 20 percent would be expected. In the current situation, this is bad news," said he in an interview.
The coffee industry is better prepared for this El Nino than it was during previous episodes, thanks to the technological advancements that have produced a more resistant crop.
Silva said, "We have made significant progress and are now able to harvest?and plant more efficiently." In recent years, coffee farmers have bolstered their ability to mitigate climate risk by rapidly expanding irrigation system. They've invested heavily in this technology to reduce their dependency on increasingly unpredictable rainfall caused by climate change.
El Nino will disrupt the biological cycle of the crop, especially during the flowering period, in the second half 2026. Experts say that excessive heat and irregular rain can cause uneven and unproductive flowering.
Wellis Caixeta is the purchasing manager for Minas Gerais-based Expocacer. He said that irregular ripening can cause quality issues and make harvesting more difficult.
El Nino 2023/24, coupled with heatwaves, irregular rainfall and other factors, has reduced Brazil's coffee?crop for 2024 from the initial government estimate of 58.8 million to 54.2 millions 60-kg bags. Despite arabica having a positive biennial cycle the output only rose by 0.2% while conilon productivity dropped 5.9%.
El Nino could explain certain anomalies such as the unusual rainfall that occurred in Brazil's southeast over the last month.
Expocacer estimates rainfall above 50 millimeters occurred in arabica-growing areas about 40 days prior to harvesting. This caused significant amounts of coffee cherries to drop to the ground and lowered the quality of the beans.
Espirito Santo in Brazil, the largest producer of canephora, also experienced irregular weather conditions this year. There were longer intervals between rain and shorter, more intense showers, according to Luiz Carl Bastianello, President of Cooabriel - Brazil's biggest canephora cooperative.
Bastianello, a state grower, said that they are worried about El Nino, which could cause excessive heat and prolong the dry period through January 2027. This would disrupt bean filling.
Bastianello stated that it was too early to predict the impact of El Nino on 2027.
Heat is the greatest risk factor for crop losses. Canephora's metabolism slows down above 27 degrees Celsius (80.66degF). At 35degC it completely stops. He added that the damage can be greater than the lack of water itself. The conditions have been better in the north of Brazil where temperatures and rain have remained within normal seasonal ranges. Farmers in Rondonia expect to harvest a record?3 millions 60-kg bags (132.3 lb), which is higher than the crop agency Conab?s forecast of 2.77million bags.
Juan Travain of the state coffee association Caferon said that El Nino's heat and drought will not have as much impact on Rondonian robusta crops as it would on regions producing arabica.
"Coffee's temperature is very sensitive, but almost all robusta plantations have irrigation, and many also use water-based systems for cooling. "Many arabica farms are still without irrigation", he added.
(source: Reuters)