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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."
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HEALTH RUNDS-An experimental blood test detects high-risk lesions of the colon before cancer develops
In lab tests, we also found that a flavoring chemical in e-cigarettes damages human embryonic cells. A BLOOD TEST CAN DISCOVER PRE-CANCEROUS COLORECTAL LEES Researchers say that an experimental blood test for the detection of colorectal carcinoma also has promise as a way to prevent it. Commercially, there are several blood tests for colorectal screening. However, the new test can also detect precancerous polyps called advanced adenomas. The removal of these polyps may prevent cancerous cells from developing. The Lancet Gastroenterology & Hepatology reported that they tested the assay on more than 1,500 adult participants in colonoscopy programs in China. Japan and Spain. They found that it detected 92% colorectal cancers in stage I, II or III and 81% advanced adenomas. The test also had a 85% accuracy rate in identifying those without precancerous lesion. In an editorial, researchers who were not involved in the study stated that "developing an acceptable, feasible and non-invasive test which can accurately detect precancerous colorectal lesions" could be a valuable tool in preventing colorectal carcinoma, as opposed to only detecting it. Researchers said that because the blood test can differentiate between low-risk and high-risk cancers and adenomas the test could be used to stratify the risk of patients who need an urgent colonoscopy. Colonoscopy is still the best method to screen for colorectal cancer. Blood tests and stool tests are only recommended for those who refuse or cannot comply. Studies have shown that patients who test positive for colonoscopies will be more likely to follow through. Researchers believe that larger trials of this new blood test is still required, mainly because it detected polyps (small bumps or growths) but was less effective in identifying flat or sessile areas of concern. E-CIGARETTE FLAVORING MAY IMPAIR EMBRYO DÉVELOPMENT Laboratory experiments indicate that a flavoring chemical used in high concentrations by e-cigarettes can disrupt the normal embryonic development in women who are pregnant and vape. Researchers investigated the effects on the flavoring vanillin using test tubes, as it would have been unethical to use the chemical in human embryos or pregnant women. The experiments showed that the human embryonic stem cell lines, which are similar to the ones found in embryos of three-week-old embryos, could differentiate into any kind of cell. Researchers found that when cells were exposed to micromolar amounts of vanillin they would tend to die, while nanomolar levels caused them to lose the ability to develop into all cell types. In a press release, Prue Talbot of University of California Riverside stated that "these changes?could be very serious and prevent normal development of an embryo." On the surface of embryonic cells, a protein known as TRPV4?binds to vanillin. Researchers found that when they blocked the action of the protein, vanillin's effect on?stem cell was also blocked. This led them to conclude that TRPV4 is responsible for the flavor's effect on cells. Researchers warn that test tube results do not guarantee the same effect would be seen in women or their embryos. In a report in Human Reproduction, researchers said that the study could 'help explain why vaping is linked to women who have?difficulty in conceiving or miscarriages. Talbot stated that women are not always aware of the chemicals contained in vape products. Our findings suggest that women should be cautious, and doctors should advise them not to vape while pregnant. This is especially true if they have trouble conceiving.
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Could Germany operate some of its coal-fired plants longer?
Germany has delayed its interim report on the impact of the 'lignite-out' in its largest state. This is fueling market expectations that the government may decide to run some plants a little longer than originally planned. Here is a brief summary?of the issue: What has happened? Germany and its largest power producer RWE agreed in 2022 to phase out lignite-fired electricity production in North Rhine-Westphalia by March 2030, eight years earlier than the national coal phase-out goal. By 2026, it can determine if the plan is working or if the security of supply of RWE's coal plants is in danger. This week, the economy ministry delayed the release of an interim report on impact of phase-out by August 15 to wait until the results of the tenders for gas-fired?power?plants that are taking place this year. Lignite is one of the most polluting fossil fuels. Why does it matter? Market expectations have been stoked by the delay. Germany may choose to place some RWE lignite plant with a capacity of 3.6 gigawatts until 2033 on'security standby' to meet demand. When asked about the issue?on Thursday?, RWE Chief executive Markus Krebber stated that the 2030 date had not changed and the government hadn't contacted the company for an extension. CAN GERMANY DO WELL WITHOUT?COAL? Technically, yes. There are?266 GW installed, but two thirds of this capacity is intermittent, as it comes from wind and solar farms that cannot provide a continuous supply. The planned coal-exit in Germany has led to a heated debate about whether Germany has sufficient baseload capacity. This was a major factor?in the decision to tender for new gas-fired plant?capacity. The far-right Alternative for Germany,?Germany’s largest opposition party, which currently leads national polls, is against the country's coal, nuclear, and other energy exit. They demand a reversal in order to avoid blackouts. (Reporting and editing by Clarence Fernandez; Holger Hansen, Christoph Steitz)
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Spain extends Almaraz Nuclear Plant Operation through 2030
According to an official order published on Friday, the?Spanish Government has extended the operation of?the?Almaraz Nuclear Plant by more than 2 years until June 2020. According to Spain's plan, which aims to decommission its five nuclear plants by 2035 the two reactors at Almaraz would be the first ones to start in 2027. Document: The extension will not affect the remainder of the decommissioning plan, but some analysts expect that other plants' operations may also be extended. The widespread blackout that occurred in Spain and Portugal between April 2025 and May 2025 re-ignited the debate about nuclear power in Spain. The order did not mention the blackout, but rather the more recent impact of the Iran War on fossil fuel supply. The decision was made after the owners of the plant, Iberdrola Endesa and Naturgy filed a request for an extension last year. Also, the nuclear safety council issued a report stating that the conditions must be met. GOVERNMENT STILL BACKS ZERO CARBON ECONOMY Spain’s socialist-led government has established ambitious green targets. It champions a rapid transition to a carbon-free economy, and bases its energy policies on a large deployment of renewable energy sources such as wind and solar. Nuclear power plants provide a steady source of baseload electricity to complement intermittent renewable energy sources and generate carbon-free power. Document published on Friday stated that the expansion of nuclear power would only limit the deployment renewable energy sources by?1.4% in comparison to current climate plans. The natural gas-fired generation of electricity should decrease by 7%. The nuclear industry has been campaigning for lower taxes for nuclear energy for years, claiming that the taxes are a barrier to the competitiveness of the plants. Energy Ministry said that the extension would not be accompanied by a tax cut and wouldn't?increase costs for taxpayers. RBC analysts stated in a note that the decision was widely anticipated and "should imply an automatic extension of the Spanish nuclear plants", due to the logistical difficulties of dismantling multiple nuclear plants at once. Reporting by Pietro Lombardi, editing by Charlie Devereux and Andrei Khalip. Barbara Lewis.
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Indian shares close the week lower due to higher crude oil prices
India's equity benchmarks fell this week, after two weeks of gains. The lingering unrest in the Middle East and high crude oil prices dampened risk appetite for stocks in the world's third largest crude importer. This week, the Nifty 50? fell 0.8% to 24,366 while the BSE Sensex dropped 0.6% to 78.009.25. They ended Friday with little change. Brent crude prices rose 4.6% this week to $87 a barrel, due to the lack of progress made in peace talks between Iran and the U.S. to end a long-running war in the Middle East. The U.S. said on Thursday that it could maintain a navy blockade against Iran indefinitely, and would increase economic pressure on Tehran, as ceasefire talks had failed, global oil supplies were dropping, and regional tensions were rising. "As long the macroeconomic 'concerns arising out of higher crude oil prices continue, we are unlikely?to?see a?unidirectional movement in the?market", said Pankaj Pandey. Analysts say that the earnings season for the quarter ended this week, and they were largely ahead of their expectations. In India, 15 of the 16 major sectors declined this week. Small-caps fell 0.7% and mid-caps rose 0.5%. Financials, the heavyweight sector, lost 1%. Metals were the biggest losers with a drop of 1.9%. Reliance Industries, the oil-to-telecom conglomerate, fell by 1.9% after MSCI announced that its weight was reduced in the flagship index. The weakness in Indian markets was in stark contrast to other Asian markets which were set for their strongest week in the past two months. South Korea's Kospi - a barometer of investor sentiment in the AI trade - jumped by 11.5% this week. FRIDAY MOVERS Tata Motors Passenger Vehicles fell 4.3% to be the largest loser on the?Nifty 50. The carmaker's quarterly profit plummeted by about 80% because of higher costs. LG Electronics India rose 9.6% following strong quarterly results, and a confirmation of its full-year revenue goal.
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Copper prices fall on profit-taking and economic uncertainty
Prices of copper?and aluminum dipped on Friday, as investors took advantage of a rally in the face of uncertainty over the global economy and the unresolved conflict?in the Middle East. Benchmark three-month?copper?on the London Metal Exchange?was down 0.3% to $14,106 per metric ton at 0930 GMT. LME copper is up 9% from its seven-week low reached on the 24th of June, due to declining inventories and a tight supply outside of the United States. "We are seeing some profit-taking after a strong uptrend, but this trend looks pretty solid." Ole Hansen is the head of commodity strategy for?Saxo Bank, Copenhagen. He said that long-term drivers will not disappear anytime soon. He said that copper prices must fall below $13,700 in order to halt the upward trend. The market is trading based on the assumption that there will be a solution in the Middle East, but this could change at any moment. The price of oil rose Friday, after the United States announced a naval blockade against Iran. LME copper inventories continued to decline on Friday, falling 48% from late May. The cash contract's price premium over three-month contracts also increased. The price of a ton rose to $256.50, the highest since June 2025. The most-traded contract for copper on the Shanghai Futures Exchange fell 0.1% to 107 690 yuan (15 970.64 dollars) per ton. Fastmarkets analyst Andy Farida stated that "Demand may seem resilient, but we still question if it will be able to sustain the same'strong momentum' given how quickly asset prices have increased while wage growth has been somewhat subdued." LME Aluminium fell 0.5% to $3,242 per ton. It was expected to finish the week down 1.2%. The Middle East has shown signs of recovery, which have eased some of the expected shortages. Meanwhile, Norsk Hydro’s Alunorte refinery began reducing its alumina output on Thursday. LME zinc rose?0.6%, to $3,774 per ton, and lead increased 0.2%, to $1,890.50, while nickel fell 0.6%, to $16,670, and tin dropped 0.2%, to $55,735.
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Spain removes the remains of 11th-century kings as wildfires rage
The Spanish authorities removed Thursday the remains of three kings that ruled Aragon in the 11th century. Mar Vaquero, the vice-president of the Northeastern Region, stated that the remains of the deceased were taken to the provincial museum in Huesca located 80 km south of the monastery for protection until the conditions improved. Vaquero, a reporter, said that authorities launched a rescue effort after the wildfire, which had been burning since Monday, began moving towards the monastery of San Juan de la Pena, a 10th-century structure, late on Thursday. The team of emergency military personnel managed to get into the monastery located in the mountains and remove the 'ceremonial clothing' belonging to a '18th century count who was buried there. However, the close proximity to the fires forced the team to flee. The team returned to the site a second time with police officers and heritage officials. They removed the remains of three of the first kings of Aragon, who ruled from 1035 to 1104, as well as a few?historical pictures. Vaquero praised bravery and the team that rescued the victims. The 'wildfire' intensified on Thursday morning, fueled by high temperatures and strong wind. The fire has destroyed more than 9,000 hectares, forcing the evacuation of 16 towns. However, the monastery was unharmed as of Friday morning. A?much bigger wildfire in southern Spain also worsened on Thursday. The fire has burned over 31,000 hectares of land in Huelva province and forced 700 people to evacuate.
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James Hardie, a fibre cement manufacturer, faces a second class action in Australia over financial forecasts
James Hardie Industries announced on Friday that it would defend itself against a second shareholder class action lawsuit, which alleged the fibre cement manufacturer had violated Australian law in relation to financial predictions made last year. The Dublin-based firm said that the class action was filed on behalf of?investors who purchased securities from May 21 to?August 19,2025. It follows a similar class suit brought by a different set of shareholders back in June. The class action filed by shareholders on Friday alleges that the company violated certain provisions of Australia's corporate laws, consumer laws and regulatory laws. James Hardie stated that it expects a low-single-digit growth of total adjusted operating profits in 2026. The company said it will defend itself and is complying with its disclosure obligations. The company did not give any further information?on the allegations related to the forecast. James Hardie increased its 'annual earnings forecast last week. It cited benefits from its AZEK acquisition as well as manufacturing efficiencies and the demand for its legacy 'fiber cement business. After the upgrade, its Australia-listed'shares' closed at a near-year-high.
Oil slips and shares, bonds, and bonds gain a cautious profit
The share markets responded with a cautious response Monday, as the pause in fighting around the Gulf brought oil prices down. This lowered inflation risks while boosting bonds in anticipation of a busy week filled with central bank meetings and earnings reports.
Iran announced on Sunday that it would cease its "own" attacks as long as the United States followed suit. The U.S. army was reportedly worried about the dwindling supply of ammunition. Yemen's Houthis, who are aligned with Iran, have still continued to attack Saudi oil installations on the Red Sea Coast, a threat to another vital waterway for the global oil trade.
Sally Auld is the group chief economist of NAB. She said, "It appears that developments in the Middle East moved in a more positive direction this weekend. This lends some credence to the idea that oil prices above $100 per barrel seem to encourage de-escalation from both sides."
Brent crude fell 5.2% to $91.73 per barrel during the lull of fighting over the Strait of Hormuz, while U.S. Crude dropped 5.4% at $84.45.
Oil's decline has eased inflation concerns and caused markets to reduce the likelihood of Federal Reserve rate increases. Markets indicate that the central bank will meet on Wednesday, and a rate hike is around a 1 in 3 chance. However, most analysts do not believe Chair Kevin 'Warsh will be supportive of such a move.
Goldman Sachs analysts noted that investors see the outcome of July's meeting as "unusual uncertain" because of recent divisions within the Fed, Warsh’s position is unclear and some of re-escalation of tensions with the?Iran took place during the blackout.
"There is likely to be at least one dissident in favor of a hike this week, but the majority of voters are unlikely to do so after the June inflation figures were softer." Bank of England meets on Thursday, while Bank of Japan meets on Friday. Both are expected to remain cautious and hold their ground despite the softer inflation data for June.
Earnings from TECH BULLS
S&P futures rose 0.7% and Nasdaq futures 1.1% as equities found comfort in the decline in oil prices and yields. In Europe, EUROSTOXX Futures rose by 0.4% while DAX Futures rose by 0.6%, and FTSE Futures were flat.
South Korea's index of chips-heavy stocks, the Chip Index, fell 1.1%. The broadest MSCI index of Asia-Pacific stocks outside Japan remained unchanged. Chinese blue chips rose 0.4% after?chipmaker CXMT Corp surged by 470% on its Shanghai trading debut, having raised $8.6 billion through Asia's largest initial public offering.
According to data from?LSEG, IBES, about a third of S&P500 companies will report earnings this week. Earnings are expected to increase by 26.5% compared to last year.
Even blockbuster results might not be enough to satisfy investors, given the high expectations and the mounting concern over AI capex. A WSJ article reported that Nvidia had been in talks with OpenAI to provide a $250 billion backstop as part of a project for a data centre.
Tech darlings Microsoft, Meta Platforms, Amazon, iApple, and Qualcomm are among the companies reporting. Also included in this list are a number of industrial, healthcare, and defence stocks.
The U.S. Q2 GDP is a highlight, with growth accelerating to 1.5% on an annualised basis after a softer start to the year. The 'daily' also includes the PCE price index for June, personal income, consumption, weekly unemployment claims, Q2 Employment Cost Index, and July Michigan Consumer Sentiment.
The Euro Zone's schedule includes the flash Q2 GDP (Gross Domestic Product), July economic sentiment, consumer confidence and flash inflation.
The drop in oil prices helped the 10-year Treasury yields to fall by 4 basis points, from 4.63% to 4.63%. This also pushed the dollar down. The euro rose 0.3% to $1.1408 while the dollar fell 0.2% against the yen, to 163.54. The Singapore dollar grew after the central bank of the country unexpectedly tightened its monetary policy, allowing the currency to appreciate at a faster rate.
The drop in yields has helped gold that does not pay interest to climb by 1.3%, reaching $4,103 per ounce.
(source: Reuters)