Latest News
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Four Russians are killed by Ukraine drones in Russia. This is the biggest attack on Moscow in more than a year
At least 'four' people were killed by a major Ukrainian drone strike on Russian -regions including Moscow. This was the largest attack Moscow has faced in over a year. Authorities announced on Sunday that three people were killed in the Moscow Region and one in Belgorod. The regional governor of Moscow, Andrei?Vorobyov, said that a woman died when a house was hit in Khimki to the north of the capital. He added that rescuers were searching for a second person among the debris. Two men died?in the village Pogorelki, in the Mytishchi District. He said that a number of?residential buildings and infrastructure facilities had been damaged. TASS, citing Sergei Sobyanin as the mayor, reported that air defences had destroyed 81 drones heading for Moscow since midnight. This is the largest attack on the capital of over a calendar year. Sobyanin reported that 12 people were injured, mostly near the entrance of Moscow's oil refining plant, while three houses were damaged. He added that the "technology" of refinery was not affected. The Russian defence ministry said that 556 drones had been shot down over the country during the night and early morning. The largest airport in the country, Moscow's Sheremetyevo, said that drone debris landed on its land without causing damage. Reporting by Vladimir Soldatkin and Anton Kolodyazhnyy, Editing by Raju Gopikrishnan & William Mallard
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Sun reports that UK government will not raise fuel tax as planned.
The Sun newspaper reported late on Saturday that British Finance Minister Rachel Reeves will announce next week that she plans to postpone the planned 'rise in motor fuel tax that was due to take place 'in September. The temporary fuel duty reduction, first implemented in 2022 and due to expire this September, will increase fuel prices by 6 cents per litre. The British government has repeatedly extended this reduction. Most recently, in November's budget. And the Sun reported that Reeves is poised to do it again. A government insider told the newspaper: "They've been looking at fuel duties." A spokesperson for the British finance ministry responded to a question about the report by saying: "We don't comment on speculation." Since the beginning of the Iran War at the end February, global oil prices have increased by around 60%. Fuel duty, which raised 24 billion pounds last year, is a significant source of revenue. Budget watchdog in Britain bases its predictions on the'stated' government policy to increase fuel duty. However, in 'March, it said that if the government continued with past practices of not increasing fuel duty there would be an annual tax shortfall of 3.6 billion pounds in future years. British government bond prices fell on Friday. This pushed 10-year borrowing rates to their highest level since 2008. Investors were concerned that Starmer's leadership challenge would either force him to spend more money or replace him with a left-winger from his Labour Party.
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Tata Electronics, ASML to partner in India's first semiconductor manufacturing facility
Tata Electronics signed an agreement with?ASML to build India's front-end semiconductor manufacturing plant in the state of Gujarat, as India accelerated its efforts to develop a chip industry. In a joint press release, Tata Electronics and the Dutch chipmaking equipment manufacturer said that their technology would support the planned 300-millimetre fabrication plant for semiconductors in Gujarat. ASML CEO Christophe Fouquet stated that "India's rapidly growing semiconductor?sector presents many compelling opportunities. We are committed to building long-term partnerships in the region." Tata Electronics has announced that it is investing $11 billion in the development of a plant at Dholera, Gujarat. The plant will produce chips for applications as diverse as automotive, mobile devices, and artificial intelligence. India's Ministry of External Affairs announced that the deal was signed by Indian Prime Minister Narendra modi and Dutch Premier Rob Jetten. The two leaders met with the chief executives of leading Dutch companies in sectors such as energy, ports, and technology. Modi encouraged Dutch companies to invest in areas such as semiconductors and renewable energy. He also urged them to invest in digital technologies, healthcare, and digital technology. Both leaders called for the early implementation of a free trade agreement between India and the European Union. India has committed?billions in subsidies for attracting?semiconductor manufacturing plants and related manufacturing. Eight projects are currently underway, including a $14 Billion Tata Electronics facility in Gujarat. Dutch semiconductor firms are looking for new markets and geographic diversification in the face of export controls and trade restraints linked to U.S. and Chinese technology rivalry. (Reporting by Disha Mishra in Bengaluru. Mark Potter (Editing)
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India restricts imports of certain silver with immediate effect
According to a government notification published on Saturday, India has 'curbed' imports of some silver products, moving them from a "free" category to one that is "restricted". The government is attempting to reduce the importation of precious metals in order to relieve the pressure on foreign exchange reserves due to higher oil prices. The notification stated that the restriction on imports was only applicable to certain high purity silver bars, and also?certain other grades. India raised import tariffs for gold and silver on Tuesday from 6% to 15%. This could reduce demand in the second largest consumer of precious metals in the world, but also help the rupee and narrow India's trade surplus. India is the world's biggest consumer of silver. It is used in jewellery, coins, bars, and industrial applications from solar energy to electronics. Silver ETFs have seen record-breaking inflows of money over the last year.
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The Latvian President proposes an opposition politician as the next Prime Minister
Edgars Rinkevics, the Latvian president, proposed Andris Kubergs as the next prime minister after 'Evika Silina' resigned. Silina announced on Thursday that she would be stepping down. This caused the collapse of her entire coalition, just months ahead of an October election. Kulbergs will be able to take office as the leader of United List, the largest opposition bloc in Parliament if his cabinet and he are approved by lawmakers. "Given recent events, I believe the new 'prime minister' should come from the opposition parties," said?Rinkevics at a press conference. Silina fired Defence Minister Andris SPruds at the weekend, after two Ukrainian drones crossed into Latvia from Russia, and exploded in an oil storage facility. This was just the latest incident of a long lineage that has occurred among NATO members Latvia and Estonia. The Latvian army claimed it did not?detect? the drones that crossed from Russia. Silina blamed Spruds, saying that they 'didn't develop anti-drone systems fast enough. Spruds' Progressives Party withdrew its support on Wednesday from Silina's Government, leaving it without a parliamentary majority, and potentially vulnerable to a vote of no confidence. (Reporting Janis Laizans. Writing by Andrius Sytas. Editing by Louise Heavens, Mark Potter and Mark Potter
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In Thailand, a train accident that ignites a bus fire has left at least eight dead and 25 injured
Rescue officials and police reported that at least 'eight people' were killed, with 25 more injured after a train collision triggered a fire in a Bangkok public bus on Saturday. The firefighter and rescue crews were sent to the scene as flames consumed the bus and vehicles nearby, according to the report. Officials reported that rescue teams pulled injured victims out of the wreckage while fire crews battled with water hoses to try and contain the fire. They said that the fire had been brought under control. Crews were cooling down the area and releasing gas while continuing to search for survivors. The cause of the accident is under investigation. (Reporting and editing by Louise Heavens; Orathai Shriring, Panarat Thepgumpanat)
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Tata Sons, India's largest company, is being pressed to list amid trust divisions
India's Tata sons, an umbrella organisation that includes Tata Motors?, TCS?, and Tata Steel?, is under pressure to go public. This, despite the fact that the charitable trusts which control two-thirds? of the company are battling internal disagreements. Tata Sons was not listed until now. The Shapoorji Pallonji Group, its second largest shareholder and a major internal stakeholder, is pushing for the listing. The Reserve Bank of India's rules may also force it to?list, unless an exception is obtained. What is the structure of TATA Group? Tata Sons, the 108-year old salt-to steel conglomerate, is unique in its structure. A group of philanthropic organizations collectively known as Tata Trusts owns 66% of Tata Sons. SP Group, a construction and infrastructure conglomerate with a lot of debt, holds 18.4%. Tata Trusts consists of 13 entities. Seven of these directly own shares in Tata Sons. Six trustees are drawn from each of these entities to form the board of Tata Trusts. Noel Tata is the current Chairman of Tata Trusts, and a director on the Tata Sons Board. Who wants TATA Sons to be listed? There is pressure from many quarters to list the company. In media interviews, at least two Tata trustees, Venu Srinivasan, and Vijay Singh, have supported the listing of Tata Sons. They said that expansion, particularly into new areas such as semiconductors, would require large capital which cannot be generated locally. The SP Group is seeking a listing to be able to monetise its holdings, which are not easily transferable under the current structure. The SP Group is not among the trustees. The main pressure comes from the RBI regulations, which require large non-bank lending institutions with assets above certain thresholds or public funds to be listed. What are the RBI rules and why do they apply to TATA Sons? Tata Sons, as the holding company of a number businesses, is classified by the RBI as a "core investment company". According to revised rules released last month, companies with assets greater than 1 trillion rupees (10.45 billion dollars) or those who have direct or indirect access public funds must list. Tata Sons assets alone stood at 1,75 trillion rupees as of March 2025. The RBI has the discretion to decide which companies can be exempted from listing. HAS RBI clarified its position? The RBI has not made its position public, despite the fact that analysts and legal experts claim the revised rules will make it more difficult for Tata Sons' to remain a private company. Tata Sons' request for an exemption is currently being reviewed. The company has tried to reduce borrowings as a way to avoid a listing. However, it is not clear if this will be enough. Who is opposing the listing? Noel Tata did not make any public statements, but he has publicly opposed the conversion of Tata Sons to a listed company. According to media reports, he and other trustees opposed listing last summer. They asked Tata Sons chairman to contact the RBI. TATA TRUSTS: THE ISSUES Tata Trusts was ordered to postpone its board meeting by India's Maharashtra State Charity Commissioner after complaints prompted an investigation into the trusts governance. Venu Srinivasan was a senior Tata Trusts trustee who was one of the complainants. On May 16, two important trusts -- Sir Dorabji Tata Trust (?) and Sir Ratan Tata Trust (?) -- that together own over 50% of Tata Sons were scheduled to meet. The RBI rules, and the implications of them for a possible listing were to be a central item on the agenda. Other items included the Tata Trusts increasing its representation on the Tata Sons Board, reappointing the chairman and reviewing the performance of Tata Sons. The street was closely watching the board meeting, which is the first since the RBI revised its rules, to see how the differences between the trustees of Tata Sons would play out. According to the Trusts governance norms resolutions pass if majority of trustees votes in favor. If a majority vote of the trustees supports the proposal to list Tata Sons then the company must initiate the listing. (Reporting and editing by Ira Dugal and Raju Gopalakrishnan in Mumbai. Reporting by Jayshree Upadhyay, Gopika Gopakumar and Muralikumar Anantharaman.
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NextEra and Dominion are in talks to create a $400 billion US utility.
?U.S. The Financial Times, citing sources, reported that NextEra Energy was 'in talks' to merge with the smaller Virginia-based utility, Dominion Energy. This deal would?create a $400 billion company, including debt. Reports said that the deal could be announced as early as next week. It is expected to take a form similar to a stock transaction. The report said that discussions were still ongoing but the talks might not succeed. The report could not be verified immediately. Requests for comments outside of regular business hours were not immediately responded to by the companies. The U.S.?power consumption reached a second consecutive record in 2025, and it is expected to continue climbing over the next two-year period. This will be largely due to the surge in electricity demand from data centres. According to LSEG, Florida-based NextEra is?one the world's biggest energy developers. Its market capitalization is $194.69 Billion, compared to?about $54.29 Billion for Dominion. A tie-up would create the largest US power company by market value. Data-center operators are being pushed by the artificial intelligence boom to secure supply agreements with utilities. This will allow them to make more money as the'scramble' to meet the rising demand reshapes power markets. Reporting by Mrinmay dey in Mexico City, Editing by Tom Hogue & Muralikumar anantharaman
US manufacturing production is boosted by motor vehicles and AI; war-related shortages of supplies are looming
The U.S. manufacturing sector posted its biggest increase in 14-months in April. This was driven by the demand for motor vehicles, and?technology products amid a boom in artificial intelligence spending.
A survey released by the New York Federal Reserve showed that delivery performance in New York State deteriorated during May. The U.S. and Israel conflict with Iran has caused disruptions in shipping through the Strait of Hormuz. This has led to higher energy prices and global supply chain strains, as well shortages of many goods including consumer products, fertilizers and aluminum. In April, producer prices rose at the fastest rate in four years. The oil prices rose on Friday, after President Donald Trump's comments and Iran’s Foreign Minister's remarks quashed hopes for a deal that would end attacks and seizures of ships around the Strait.
Michael Gapen is the chief economist of Morgan Stanley. He said: "Overall, a firmer demand, and a continued increase in output, point to some strength in the manufacturing sector." "However uncertainty about supply and prices puts the outlook for the near term at risk."
The Federal Reserve reported that manufacturing output rose 0.6% in April, which is the highest increase since February 2025. This follows a 0.1% rise in March, which was upwardly revised. The Federal Reserve said that economists surveyed by it had predicted that factory production would rebound 0.2% following a 0.1% drop in March. In April, factory production increased 1.3% on an annual basis.
The production of motor vehicles and parts jumped by 3.7%. The production of high-tech industries increased by 1.0%, after increasing 0.5% in March. Computers and peripheral equipment boosted output for the second consecutive month, increasing 1.5%. The production of semiconductors, electronic components and other related products increased by 1.0%. Communications equipment increased by 0.6%.
AI is being rapidly adopted by businesses, who are investing billions in the process. This helps to support manufacturing, which represents?9.4% (?) of the economy. AI spending was a major contributor to the economy's annualized growth rate of 2.0% in the first quarter.
Manufacturing, excluding high-tech industries and motor vehicle production, rose by 0.3% in April following a similar increase in March. Durable goods production jumped 1.2% in the last month.
Chemicals production fell by 0.9%. Plastics and rubber production also fell by 0.9%. The production of petroleum and coal-based products increased by 1.0%, for the second consecutive month. Food, beverages and tobacco products also saw an increase in production. The increase in manufacturing could be due to companies placing orders early to avoid possible shortages or higher prices caused by the Middle East conflict.
DETERMINING THE PERFORMANCE OF SUPPLIER DELIVERY
New York Fed Empire State Manufacturing Survey revealed that its measure of business conditions rose nine points in May to 19,6. This was the highest level for more than four-years. New orders and shipments also increased significantly, both for the second consecutive month. The survey's measurement of delivery time reached a four-year peak, but its gauge of availability of supplies remained negative. This suggested that "delivery times had become much longer and availability of supplies worsened."
Stocks in the United States were trading lower, as inflation fears increased. Treasury yields on longer-dated bonds reached their highest level in over a year. Dollar rose in relation to a basket. The financial markets expect that the U.S. Central Bank will keep its overnight benchmark interest rate at 3.50%-3.75 percent until next year, due to the higher oil prices and inflation. The higher interest rates may offset the manufacturing boost from tax cuts. Trump's import tariffs hurt manufacturing last year, but the AI spending spree helped to offset some of that drag.
The Fed's report shows that mining output fell 0.1% in April after falling 1.6% in March. Energy production increased by 1.0%, but drilling for oil and gas wells decreased again in March. In the Fed's Beige Book last month, it was noted that "many producers were cautious about increasing drilling because of uncertainty?about the persistance of higher prices."
Stephen Brown, Capital Economics' chief North America economist, said: "This second consecutive decline should serve as a reminder to those who think that an increase in U.S. oil production will offset the supply losses from Middle East."
Electricity and natural gas production both increased by 1.9%. Utilities production fell by 1.4% in march.
After a downwardly revised 0.3% decline in March, the overall industrial production increased by 0.7%. Previously, industrial output was reported to have decreased by 0.5%. In April, it increased by 1.4% compared to the same month last year.
Capacity Utilization for the Industrial Sector, which measures how well firms use their resources, increased to 76.1% in March from 75.7%. This is 3.3 points below the average for 1972-2025. The manufacturing sector's operating rate increased by 0.4 percentage points to 75.8%. This is 2.4 points below the long-term average. Reporting by Lucia Mutikani; Editing by Chizu Niyama and Nick Zieminski
(source: Reuters)