Corporate news live: UK will block Sunil Bharti Mittal's bid to raise stake in BT, says report

Global investments in oil projects are due to fall for the third year in a row, as the supply shock from the Middle East conflict shifts priorities to new trade routes and other energy sources. Despite higher oil prices, spending on oil projects is set to drop below $500 billion in 2026, according to the International Energy Agency’s annual World Energy Investment report published Thursday. Oil markets have been in turmoil since the US-Israeli war on Iran effectively closed the Strait of Hormuz, through which a fifth of the world’s seaborne crude was shipped. The disruption has caused price spikes and supply shortages in several parts of the world, forcing companies and countries to rethink their energy investment strategies. Lilly vows global drug launches despite pricing pressure Eli Lilly & Co. said it will press ahead with global drug launches despite uncertainty over the Trump administration’s Most-Favored-Nation (MFN) pricing proposal, pushing back on concerns that the policy could deter rollouts in lower-priced markets such as Japan. “Our goal is to continue to bring innovation to all the patients around the globe,” Chief Financial Officer Lucas Montarce said in an interview in Tokyo, noting that pricing pressure from reference-pricing systems and MFN-style policies is “not new” for the pharmaceutical industry. The MFN proposal — which would peg certain US drug prices to those in other developed markets and is projected to save the US $529 billion over a decade — has fueled debate over whether drugmakers might delay launches in countries with lower prices, including Japan and Europe. Piyush Goyal says India has recorded highest-ever gross FDI inflow of $94.5 billion in FY26 Tata Tiago facelift, Tiago EV facelift 2026 launch in India today, important details you should know Tata Motors Passenger Vehicles is launching the Tata Tiago facelift 2026 and the Tata Tiago EV facelift 2026 in India today, and honestly, both hatchbacks look a lot more modern than before. These are not completely new-generation cars, but Tata has made enough changes to make them feel fresh, especially in terms of design and features. 'Marketing expenses' a standard practice, says MSRDC amid HDFC Bank deposit row: Report MSRDC officials defended HDFC Bank's alleged use of "marketing expenses" linked to large deposits, calling it a long-standing industry practice, the Times of India reported on Thursday. Maharashtra State Road Development Corporation officials told the Times of India that the additional 1.5% payout over the stated interest rate was a commonly followed convention during land acquisition exercises and was not treated as a direct change in deposit pricing. "When you pay a differential amount to one depositor, you don't want to set it as a precedent. So, it is classified as a marketing expense," MSRDC officials were quoted as saying by TOI. Asian shares decline, Wall Street futures down up to 1% after US strikes on Iran Asian shares declined on Thursday, while Wall Street futures fell up to 1 percent in morning trade, India time, after fresh US strikes on Iran. At around 11 am IST, Nasdaq futures were down 0.9 percent, S&P 500 futures declined 0.41 percent and Dow Jones futures slipped 0.21 percent, indicating a weak opening for US markets later in the day at 7 pm IST. Asian markets mostly traded lower following what the US military described as defensive strikes against Iran. Oil prices also rose more than USD 1 a barrel after falling sharply a day earlier. 'Would be historic': US trade representative on India-US deal as delegation set to visit Delhi The United States will send a trade delegation to India next week as both countries intensify efforts to conclude an interim bilateral trade agreement under the broader India-US trade framework. Speaking at the Council on Foreign Relations in Washington on Wednesday, US Trade Representative Jamieson Greer said he was hopeful of advancing the discussions further and indicated that he expected to meet Commerce Minister Piyush Goyal in the near future. Beverage makers scramble as can shortage hits peak summer sales A shortage of aluminium can sheets has hit beverage companies at a time when demand for cold drinks and beer has surged amid an unusually harsh summer, with temperatures crossing 45 degrees Celsius in several parts of the country. The shortage has forced some companies to cut production, use more PET and glass bottles, and look for other ways to meet demand. Industry executives said the problem has become more serious this summer because India depends heavily on imports of aluminium can sheets. Much of this supply comes from countries such as the UAE and Saudi Arabia, and shipping uncertainty linked to tensions in West Asia has added to the pressure. US gas buyers cancel cargoes as Iran war sends freight soaring Some buyers of US liquefied petroleum gas canceled shipments that would typically be bound for Asia following a surge in freight rates sparked by the conflict in the Middle East. At least two cargoes scheduled to load next month from export terminals on the US Gulf Coast were canceled, and some buyers are in talks to terminate more shipments, according to people familiar with the matter. They asked not to be identified because they’re not authorized to speak to the media. Asian LPG buyers were forced to scramble for more US supplies after the Iran war led to the near-closure of the Strait of Hormuz, choking off flows from the Persian Gulf. A key marker for gauging profits from exporting US gas to East Asia, known as the Far East Index-Mont Belvieu differential, has narrowed while shipping rates have jumped, wiping out healthy returns for traders. UK will block Sunil Bharti Mittal's bid to raise stake in BT, says report The British government will oppose any attempt from billionaire Sunil Bharti Mittal to increase his stake in telecoms group BT, citing the need to maintain sovereign control over "critical national infrastructure", the Financial Times reported on Thursday, citing people familiar with the matter. Reuters could not immediately verify the report. BT, the UK government, and Bharti did not immediately respond to requests for comment. Reuters exclusively reported last week that Bharti Enterprises was seeking to potentially increase its stake in BT to just under the threshold that would require it to make a full takeover offer for the British telecoms group. A Bharti spokesman had said the company is pleased with its current 24.95% shareholding and "currently has no plans to increase its stake." Centre pushes Tata Group leadership to resolve differences, says report The Centre is understood to be quietly encouraging the leadership of Tata Group to iron out internal differences ahead of key meetings of Tata Trusts on June 8 and Tata Sons on June 12, according to a report by the Financial Express. The government’s concern reportedly stems from rising tensions within Tata Trusts and Tata Sons over governance issues, succession planning and the future direction of the conglomerate. Given the group’s significance to India Inc. and investor sentiment, the Centre believes the matter should be resolved professionally and without prolonged uncertainty at the top, the report said. India on track to become stock-pickers' market in June, brokerages say India is likely to become a stock-pickers market in June as local money moves selectively into certain sectors while bearish bets by overseas investors limit broader gains, two brokerages said. The benchmark Nifty 50 ended the May derivatives series little changed at 23,913.7 points, after months of volatile trade in which the Iran war led energy shock battered markets. For the June derivative series, brokerage Systematix expects the Nifty to trade between 23,000 and 25,000, while Axis Direct forecasts a narrower 23,000 to 24,500 band with 24,000 as the key pivot point. Only 29% Indians satisfied with current pay levels: Report Only 29 per cent of Indian employees are satisfied with their current pay levels, while a large majority are planning to seek salary hikes over the next 12 months amid rising cost-of-living concerns, according to a survey report by the Association of Chartered Certified Accountants. The report stated that the cost of living continues to remain one of the top work-related concerns globally in 2026 and is the second biggest concern among Indian employees after fears around jobs being replaced by technology. According to the report, 81 per cent of respondents in India plan to ask their employers for a pay raise in the next 12 months. It stated, "Both globally and in India, the proportion of those seeking to ask for a pay rise has risen since 2025 - with 81 per cent of respondents in India planning to ask their employer for a pay rise in the next 12 months, higher than the 67 per cent in 2025 and the 2026 global average (62 per cent)". The findings reflect increasing pressure on employers as inflation and higher living costs continue to impact household budgets across the country. Mega aerospace push: Govt begins hunt for private partner to build indigenous 5th-gen fighter jet The defence ministry has kick-started the selection process for a private sector partner to build a fifth-generation fighter jet under the ambitious Advanced Medium Combat Aircraft (AMCA) project, widely considered as the nation's biggest indigenous aerospace programme. The ministry issued a Request for Proposal (RFP) or tender to Tata Advanced Systems, Larsen and Toubro and Bharat Forge as part of the selection process. While the Larsen and Toubro has partnered Bharat Electronics Limited, Bharat Forge has reached an understanding with defence public sector undertaking BEML. Interestingly, state-run aerospace major Hindustan Aeronautics Ltd (HAL) has been kept out of the process. India has been focusing on the ambitious AMCA project to develop the medium weight deep penetration fighter jet with advanced stealth features to bolster its air power capability. US team to visit India from Jun 1-4 on finalisation of details on interim trade pact A US team is visiting India from June 1-4 to discuss finalisation of the details for the interim trade pact and take forward negotiations under the broader bilateral trade agreement (BTA), the commerce ministry said on Wednesday. The US team will be led by its chief negotiator Brendan Lynch. The two sides are "proposed to finalise the details of the interim agreement and take forward the negotiations under the broader BTA on multiple areas such as market access, non-tariff measures, customs and trade facilitation, investment promotion, and economic security alignment," it said. Development Bank of Japan partners HDFC Capital to invest in housing projects across India The Development Bank of Japan has partnered with HDFC Capital to invest in a real estate fund, with a total targeted corpus of $1 billion, for the construction of affordable and mid-income housing projects in India. In a statement on Thursday, HDFC Capital said that the Development Bank of Japan Inc (DBJ) has made its first real estate investment in India, but did not disclose the amount. DBJ has committed capital to the HDFC Capital Development of Real Estate Affordable and Mid-Income Fund (H-DREAM Fund), managed by the HDFC Capital Advisors Ltd. "The H-DREAM Fund has a target fund corpus of $500 million with a greenshoe of $500 million, with current investor commitments in excess of $350 million," the statement said. Vedanta's Rs 1 lakh cr projects to be reviewed every fortnight to ensure timely completion: Odisha CM Odisha Chief Minister Mohan Charan Majhi has said that the Vedanta Group's proposed projects worth over Rs 1 lakh crore in the state would be reviewed every fortnight to ensure timely execution. Vedanta Group Chairman Anil Agarwal and Majhi, during a meeting here, discussed the progress of its upcoming projects in Odisha, with focus on ensuring their timely implementation, a statement issued by the chief minister's office (CMO) said on Wednesday. Majhi said the projects would accelerate Odisha's journey towards becoming a USD 500 billion economy by 2036. Finance ministry to conduct factory visits for ground-level inputs ahead of Budget planning In a first, the Union finance ministry has launched a nationwide programme of field visits to manufacturing units and industrial clusters as the government seeks ground-level industry feedback to support economic policymaking and manage challenges arising from the ongoing West Asia crisis. The initiative, led by the Department of Economic Affairs in the Finance Ministry, will involve senior DEA officials visiting large, medium and small manufacturing units, as well as externally aided projects, to assess operational and policy challenges across sectors. According to an official communication reviewed by PTI, the visits aim to provide direct insights into infrastructure bottlenecks, regulatory hurdles, supply chain disruptions, access to finance, skilling gaps and technology adoption issues affecting businesses. MTNL fined by NSE, BSE over board composition non-compliance MTNL said NSE and BSE have imposed fines of Rs 5.31 lakh each on the company for non-compliance with SEBI regulations related to board composition. The state-run telecom company said appointments of independent directors are handled by the Department of Telecommunications and added that the matter for appointing six independent directors has already been taken up with the government. Bitcoin falls to five-week low amid war jitters, ETF outflows Bitcoin fell to its lowest level in more than five weeks as jitters over the economic outlook and outflows from US exchange-traded funds weighed on the largest cryptocurrency. Bitcoin dropped as much as 1.5% to $74,017 in Singapore Thursday, its weakest since April 20, while second-largest token Ether fell more than 2%. Concerns that the ongoing US-Iran war will fuel inflation and trigger interest-rate increases are unnerving investors even as stocks have soared to record highs on optimism about artificial intelligence. US spot-Bitcoin ETFs have seen net outflows of about $1.5 billion so far in May. Reliance Industries to hold its 49th annual general meeting on June 19 Reliance Industries Ltd has announced that its 49th Annual General Meeting (post-IPO) will be held virtually on June 19, 2026, through video conferencing and other audio-visual means. The company has fixed June 5 as the record date to determine shareholders eligible for the FY26 dividend, subject to approval at the AGM. Reliance also set June 12 as the cut-off date for determining members eligible to vote on AGM resolutions. The company said the dividend, if approved, will be paid within seven days of the meeting. IMF approves $69