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Pakistanis are increasingly ditching the national grid in favour of solar power, prompting a boom in rooftop panels and spooking a government weighed down by billions of dollars of power sector debt.The quiet energy revolution has spread from wealthy neighbourhoods to middle- and lower-income households as customers look to escape soaring electricity bills and prolonged power cuts.Down a cramped alley in Pakistan’s megacity of Karachi, residents fighting the sweltering summer heat gather in Fareeda Saleem’s modest home for something they never experienced before — uninterrupted power.”Solar makes life easier, but it’s a hard choice for people like us,” she says of the installation cost.Saleem was cut from the grid last year for refusing to pay her bills in protest over enduring 18-hour power cuts.A widow and mother of two disabled children, she sold her jewellery — a prized possession for women in Pakistan — and borrowed money from relatives to buy two solar panels, a solar inverter and battery to store energy, for 180,000 rupees ($630).As temperatures pass 40 degrees Celsius (104 degrees Fahrenheit), children duck under Saleem’s door and gather around the breeze of her fan.Mounted on poles above homes, solar panels have become a common sight across the country of 240 million people, with the installation cost typically recovered within two to five years.Making up less than two percent of the energy mix in 2020, solar power reached 10.3 percent in 2024, according to the global energy think tank Ember.But in a remarkable acceleration, it more than doubled to 24 percent in the first five months of 2025, becoming the largest source of energy production for the first time.It has edged past gas, coal and nuclear electricity sources, as well as hydropower which has seen hundreds of millions of dollars of investment over the past decades.As a result, Pakistan has unexpectedly surged towards its target of renewable energy, making up 60 percent of its energy mix by 2030.Dave Jones, chief analyst at Ember, told AFP that Pakistan was “a leader in rooftop solar”.- ‘The great Solar rush’ -Soaring fuel costs globally, coupled with demands from the International Monetary Fund to slash government subsidies, led successive administrations to repeatedly hike electricity costs.Prices have fluctuated since 2022 but peaked at a 155-percent increase and power bills sometimes outweigh the cost of rent.”The great solar rush is not the result of any government’s policy push,” Muhammad Basit Ghauri, an energy transition expert at Renewables First, told AFP.”Residents have taken the decision out of clear frustration over our classical power system, which is essentially based on a lot of inefficiencies.”Pakistan sources most of its solar equipment from neighbouring China, where prices have dropped sharply, largely driven by overproduction and tech advancements.But the fall in national grid consumers has crept up on an unprepared government burdened by $8 billion of power sector debt, analysts say.Pakistan depends heavily on costly gas imports which it sells at a loss to national energy providers.It is also tied into lengthy contracts with independent power producers, including some owned by China, for which it pays a fixed amount regardless of actual demand.A government report in March said the solar power increase has created a “disproportionate financial burden onto grid consumers, contributing to higher electricity tariffs and undermining the sustainability of the energy sector”.Electricity sales dropped 2.8 percent year-on-year in June, marking a second consecutive year of decline.Last month, the government imposed a new 10-percent tax on all imported solar, while the energy ministry has proposed slashing the rate at which it buys excess solar energy from consumers.- ‘Disconnected from the public -“The household solar boom was a response to a crisis, not the cause of it,” said analyst Jones, warning of “substantial problems for the grid” including a surge during evenings when solar users who cannot store energy return to traditional power.The national grid is losing paying customers like businessman Arsalan Arif.A third of his income was spent on electricity bills at his Karachi home until he bought a 10-kilowatt solar panel for around 1.4 million rupees (around $4,900).”Before, I didn’t follow a timetable. I was always disrupted by the power outages,” he told AFP.Now he has “freedom and certainty” to continue his catering business.In the eastern city of Sialkot, safety wear manufacturer Hammad Noor switched to solar power in 2023, calling it his “best business decision”, breaking even in 18 months and now saving 1 million rupees every month.The cost of converting Noor’s second factory has now risen by nearly 1.5 million rupees under the new government tax.”The tax imposed is unfair and gives an advantage to big businesses over smaller ones,” he said.”Policymakers seem completely disconnected from the public and business community.”

Tech firms led another rally in Hong Kong stocks Wednesday after US titan Nvidia said it would resume exports of key chips to China after Washington pledged to remove licensing curbs.However, other Asian markets were mixed as they weighed Indonesia’s trade deal with Washington and a spike in US inflation that saw investors pare their bets on Federal Reserve interest rate cuts.California-based Nvidia, one of the world’s most valuable companies, said Tuesday it will restart sales of its H20 artificial intelligence semiconductors to China, having been stopped by US President Donald Trump’s tightened export licensing requirements in April.CEO Jensen Huang said they would be shipping “very soon”.The news boosted tech firms around the world, with Wall Street’s Nasdaq rising to another record higher, while the S&P 500 and Dow fell.In Hong Kong, Chinese tech giants Alibaba, JD.com and Tencent jumped to push the Hang Seng Index up around one percent.However, the rest of Asia was mixed, with Tokyo, Shanghai, Sydney, Seoul and Manila falling, while Singapore, Wellington, Taipei and Jakarta rose.The gains in Indonesia came after Trump said a trade deal had been struck with the Southeast Asian country that will see Washington impose tariffs of 19 percent on its goods, below the 32 percent previously threatened. US shipments will not be taxed.The news means the Trump administration has now announced deals with three countries but around two dozen are still in the pipeline just over two weeks ahead of the president’s August 1 deadline.Some have suggested that a healthy run-up on Wall Street over the past few weeks could be giving him confidence to keep the threats up.The president also warned Tuesday that he could begin imposing tolls on imports of semiconductors and pharmaceuticals from August 1.Investor confidence was dented by data showing US inflation jumped to 2.7 percent last month, sharply up from 2.4 percent in May and more than forecast as Trump’s tariffs began to kick in.The data saw the probability of a Fed rate cut in September slip to just a little higher than 50 percent.That came as Dallas Fed president Lorie Logan said “monetary policy needs to hold tight for a while longer to bring inflation sustainably back to target — and in this base case, we can sustain maximum employment even with modestly restrictive policy”.Still, she added in prepared remarks that: “It’s also possible that some combination of softer inflation and a weakening labour market will call for lower rates fairly soon.”While markets are generally on an uptrend, Vincenzo Vedda, global chief investment officer at DWS, warned of possible bumps in the road.”The short-term future could… hold a significant market correction, since prevailing risk factors have not suddenly disappeared after all,” he wrote in a commentary. “Trump’s Beautiful Big Bill will inflate the US budget deficit, and long-term interest rates are set to rise. Tariffs are not completely off the table, either driving or containing inflation — the latter if economic growth is dampened.”Substantial geopolitical risks are an additional factor.”- Key figures at around 0230 GMT -Tokyo – Nikkei 225: DOWN 0.1 percent at 39,642.40 (break)Hong Kong – Hang Seng Index: UP 1.0 percent at 24,829.23Shanghai – Composite: DOWN 0.1 percent at 3,501.04Euro/dollar: UP at $1.1615 from $1.1606 on TuesdayPound/dollar: UP at $1.3398 from $1.3383Dollar/yen: DOWN at 148.83 yen from 148.85 yenEuro/pound: DOWN at 86.68 pence from 86.69 penceWest Texas Intermediate: UP 0.6 percent at $66.91 per barrelBrent North Sea Crude: UP 0.4 percent at $69.00 per barrelNew York – Dow: DOWN 1.0 percent at 44,023.29 (close)London – FTSE 100: DOWN 0.7 percent at 8,938.32 (close) 

Most US and European share indices slid on Tuesday, as US inflation data indicated President Donald Trump’s tariffs could be feeding into his country’s economy.In New York, the Nasdaq edged higher to close at another record, propelled by buoyant news from tech darling Nvidia. But the blue-chip Dow and broader S&P 500 both retreated.The US consumer price index for June showed inflation rose 2.7 percent compared with a year earlier.Though in line with economists’ forecasts, the rate was above the Federal Reserve’s two-percent target and marked an acceleration from the prior month.Jochen Stanzl, an analyst at CMC Markets, said detail in the CPI report “points to a trend toward stagflation — an unwelcome topic for investors in an increasingly overvalued market.”Stephen Innes, managing partner at SPI Asset Management, said that “the CPI release showed some early signs of tariff pass-through but underlying inflation remains muted.”Since April, the United States has imposed a baseline 10-percent tariff on goods imported from most of its main trading partners, with steeper levies on steel, aluminum and cars. Trump has threatened big tariff hikes on August 1 on numerous countries if they do not reach deals.On Tuesday, Trump announced a trade agreement with Indonesia. Indonesian goods entering the United States would encounter a 19 percent tariff, below the 32 percent previously threatened.The Indonesia accord, however, comes as US negotiations remain unresolved with around two dozen other trading partners.High stock market prices “may be emboldening the administration to keep up the bluster on tariffs,” said Art Hogan of B. Riley Wealth Management.- Tariff threat to Russia -Most Asian indices closed higher before the US inflation report came out, except for those in Shanghai and Mumbai.China and India are both major trading partners of Russia — which Trump said would be hit with tariffs of up to 100 percent within 50 days if President Vladimir Putin did not end his war on Ukraine.China, which has negotiated a US tariff truce, had on Tuesday issued economic growth data that met expectations, largely thanks to an April-June export surge to get ahead of Trump’s levies.Even though Russia is a major crude producer, oil traders bid prices lower, not higher, following Trump’s announcement.”The fact that oil prices fell suggests investors are relieved that Trump has allowed sufficiently enough time for Putin to agree to a ceasefire,” said Fawad Razaqzada, analyst at Forex.com.”They are also getting used to Trump threatening tariffs, only to change his mind in the last minute and extend deadlines,” he said. In corporate news, US banks JPMorgan Chase, Wells Fargo and Citi posted strong second-quarter results.And Nvidia’s share price jumped after it said US export restrictions will be eased to allow it to sell its H20 artificial intelligence chips to China.- Key figures at around 2030 GMT -New York – Dow: DOWN 1.0 percent at 44,023.29 (close)New York – S&P 500: DOWN 0.4 percent at 6,243.76 (close)New York – Nasdaq Composite: UP 0.2 percent at 20,677.80 (close)London – FTSE 100: DOWN 0.7 percent at 8,938.32 (close) Paris – CAC 40: DOWN 0.5 percent at 7,766.21 (close) Frankfurt – DAX: DOWN 0.4 percent at 24,060.29 (close)Tokyo – Nikkei 225: UP 0.6 percent at 39,678.02 (close)Hong Kong – Hang Seng Index: UP 1.6 percent at 24,590.12 (close)Shanghai – Composite: DOWN 0.4 percent at 3,505.00 (close)Euro/dollar: DOWN at $1.1606 from $1.1664Pound/dollar: DOWN at $1.3383 from $1.3427Dollar/yen: UP at 148.85 yen from 147.72 yenEuro/pound: DOWN at 86.69 pence from 86.87 penceBrent North Sea Crude: DOWN 0.7 percent at $68.71 per barrelWest Texas Intermediate: DOWN 0.7 percent at $66.52 per barrelburs-jmb/aha

US tech giant Nvidia announced Tuesday it will resume sales of its H20 artificial intelligence chips to China after Washington pledged to remove licensing restrictions that had halted exports.The California-based company produces some of the world’s most advanced semiconductors but cannot ship its most cutting-edge chips to China due to concerns that Beijing could use them to enhance military capabilities.Nvidia developed the H20 — a less powerful version of its AI processing units — specifically for export to China. However, that plan stalled when the Trump administration tightened export licensing requirements in April.”The US government has assured Nvidia that licenses will be granted, and Nvidia hopes to start deliveries soon,” the company said in a statement Tuesday, adding it was “filing applications to sell the Nvidia H20 GPU again.”CEO Jensen Huang, wearing his trademark black leather jacket, told reporters in a video published by Chinese state broadcaster CCTV: “I’m looking forward to shipping H20s very soon, and so I’m very happy with that very, very good news.”Defending the policy change, Trump’s AI Czar David Sacks told CNBC the H20 was a “deprecated chip” that is “not anywhere close to the state of the art.”He said the reversal on the H20 came because Nvidia’s Chinese rival Huawei was making “huge strides” and could potentially threaten Nvidia’s market dominance.China represents a crucial market for Nvidia, but recent US export restrictions have intensified competition from local players like homegrown champion Huawei.”We don’t want to sell China our latest greatest technology, but I do think we at least want to make it a little bit difficult for Huawei,” Sacks said.Sacks also said that the decision was linked to ongoing trade negotiations between Washington and Beijing that are locked in a bitter trade feud.Beijing has criticized Washington’s curbs as unfair and designed to hinder its development.- ‘Abrupt shifts’ -Zhang Guobin, founder of Chinese specialist website eetrend.com, said the resumption would “bring substantial revenue growth, making up for losses caused by the previous ban.” It would also ease trade friction impacts on the global semiconductor supply chain, he told AFP.However, he noted Chinese firms would remain focused on domestic chip development, adding that “the Trump administration has been prone to abrupt policy shifts, making it difficult to gauge how long such an opening might endure.”Huang will attend a major supply chain gathering Wednesday, according to event organizers, his third trip to China this year, CCTV reported.During an April visit to Beijing, Huang told Chinese Vice Premier He Lifeng he “looked favorably upon the potential of the Chinese economy” and was “willing to continue to plow deeply into the Chinese market and play a positive role in promoting US-China trade cooperation,” state news agency Xinhua reported.The tightened US export curbs come as China’s economy wavers, with domestic consumers reluctant to spend and a prolonged property sector crisis weighing on growth. President Xi Jinping has called for greater self-reliance amid increasing external uncertainty.The Financial Times reported in May that Nvidia was planning to build a research and development center in Shanghai, though neither Nvidia nor city authorities confirmed the project to AFP.China’s economy grew 5.2 percent in the second quarter, official data showed Tuesday, as analysts had predicted strong exports despite trade war pressures.

Most US and European share indices slid on Tuesday, as US inflation data indicated President Donald Trump’s tariffs could be feeding into the American economy.In New York, the Nasdaq traded higher, propelled by buoyant news from tech darling Nvidia. But the blue-chip Dow and broader S&P 500 both struggled.The dollar gained ground as prospects of a US interest rate cut dimmed, while oil prices slipped.The US consumer price index for June showed inflation rose 2.7 percent compared with a year earlier.Though in line with economists’ forecasts, the rate was above the Federal Reserve’s two-percent target.Jochen Stanzl, an analyst at CMC Markets, said detail in the CPI report “points to a trend toward stagflation — an unwelcome topic for investors in an increasingly overvalued market”.Stephen Innes, managing partner at SPI Asset Management, said that “the CPI release showed some early signs of tariff pass-through but underlying inflation remains muted”.Analysts said US inflation could pick up further in coming months, as businesses exhaust pre-tariff stockpiles and pass on their higher import costs to consumers.”Rising prices will make it harder for the Federal Reserve to cut interest rates and tougher for families living paycheck to paycheck,” said Heather Long, chief economist at the Navy Federal Credit Union.Since April, the United States has imposed a baseline 10-percent tariff on goods imported from main trading partners, with steeper levies on steel, aluminium and cars. Trump has threatened 30-percent tariffs on European Union and Mexican goods from August 1 if they do not cut trade deals with Washington.- Tariff threat to Russia -Most Asian indices closed higher before the US inflation report came out, except for those in Shanghai and Mumbai.China and India are both big trading partners of Russia — which Trump said would be hit with tariffs of up to 100 percent within 50 days if President Vladimir Putin did not end his war on Ukraine.China, which has negotiated a US tariff truce, had on Tuesday issued economic growth data that met expectations, largely thanks to an April-June export surge to get ahead of Trump’s levies.Even though Russia is a major crude producer, oil traders bid prices lower, not higher, following Trump’s announcement.”The fact that oil prices fell suggests investors are relieved that Trump has allowed sufficiently enough time for Putin to agree to a ceasefire,” said Fawad Razaqzada, analyst at Forex.com.”They are also getting used to Trump threating tariffs, only to change his mind in the last minute and extend deadlines,” he said. OPEC said in its latest monthly market report it was holding firm on its production forecasts for oil demand to rise by 1.3 million barrels in 2025 and again in 2026.”Continued robust global economic growth is expected… despite ongoing US-centred trade challenges and geopolitical uncertainties,” it said.In corporate news, US banks JPMorgan Chase, Wells Fargo and Citi posted strong second-quarter results.And Nvidia’s share price jumped after it said US export restrictions will be eased to allow it to sell its H20 artificial intelligence chips to China.- Key figures at around 1545 GMT -New York – Dow: DOWN 0.6 percent at 44,190.75 pointsNew York – S&P 500: FLAT at 6,267.11New York – Nasdaq Composite: UP 0.6 percent at 20,771.85London – FTSE 100: DOWN 0.7 percent at 8,938.32 (close) Paris – CAC 40: DOWN 0.5 percent at 7,766.21 (close) Frankfurt – DAX: DOWN 0.4 percent at 24,060.29 (close)Tokyo – Nikkei 225: UP 0.6 percent at 39,678.02 (close)Hong Kong – Hang Seng Index: UP 1.6 percent at 24,590.12 (close)Shanghai – Composite: DOWN 0.4 percent at 3,505.00 (close)Euro/dollar: DOWN at $1.1615 from $1.1670Pound/dollar: DOWN at $1.3393 from $1.3428Dollar/yen: UP at 148.87 yen from 147.77 yenEuro/pound: DOWN at 86.73 pence from 86.88 penceBrent North Sea Crude: DOWN 0.4 percent at $68.97 per barrelWest Texas Intermediate: DOWN 0.5 percent at $66.66 per barrelburs/rmb/rlp

Global stock markets went in different directions on Tuesday, as an uptick in US inflation suggested President Donald Trump’s tariffs could be beginning to feed into the American economy. New York was generally trading higher on the back of healthy results from major US banks and buoyant news in the tech sector. The S&P 500 and Nasdaq were up, though the Dow Jones was struggling.Most Asian indices rose but Europe’s stock markets slipped into the red late in the day.The US consumer price index for June showed an acceleration to 2.7 percent from a year earlier, in line with economists’ forecasts.”The CPI release showed some early signs of tariff pass-through but underlying inflation remains muted,” said Stephen Innes, managing partner at SPI Asset Management.While US inflation remained relatively tame, analysts said businesses were working through stockpiles amassed in anticipation of Trump’s duties and further price rises could be expected later this year.Since April, the United States has imposed a baseline 10-percent tariff on goods imported from almost all trading partners, with steeper levies on steel, aluminium and cars. Trump has threatened 30-percent tariffs on European Union and Mexican goods from August 1 if they do not cut trade deals.The US Federal Reserve, which has an inflation target of two percent, could cut rates in September — but not if the tariffs also end up putting a brake on US economic growth.China, which has negotiated a US tariff truce, issued economic growth data that met expectations, largely thanks to an April-June export surge to get ahead of Trump’s levies. But the US president on Monday warned of new tariffs of up to 100 percent on Russia’s trading partners — which include China — if Moscow does not end its war on Ukraine within 50 days.Even though Russia is a major crude producer, oil prices dropped after Trump’s announcement and continued lower on Tuesday.”Investors seem convinced that the 50-day window gives the US, Russia and Ukraine an opportunity to hammer out some kind of deal,” said David Morrison, senior market analyst at Trade Nation.- OPEC forecast -OPEC said in its latest monthly market report it expected its production forecasts for this year and next to hold, despite uncertainties generated by the US tariffs.It forecast that oil demand would rise by 1.3 million barrels in 2025 and again in 2026.”Continued robust global economic growth is expected… despite ongoing US-centred trade challenges and geopolitical uncertainties,” it said.In corporate news, US banks JPMorgan Chase and Wells Fargo posted better-than-expected second-quarter results.JPMorgan boss Jamie Dimon described the US economy as “resilient” while facing “significant risks”, including over tariffs uncertainty.And tech darling Nvidia’s share price jumped after it said US export restrictions will be eased to allow it to sell its H20 artificial intelligence chips to China.That gave fuel to the Nasdaq, which had closed on Monday on another record high.Bitcoin slid on likely profit-taking, after having hit a record high above $123,200 on Monday, thanks to optimism over possible regulatory changes for crypto assets in the United States.- Key figures at around 1345 GMT -New York – Dow: DOWN 0.3 percent at 44,329.45 pointsNew York – S&P 500: UP 0.2 percent at 6,283.26New York – Nasdaq Composite: UP 0.7 percent at 20,790.24London – FTSE 100: DOWN 0.2 percent at 8,979.87 Paris – CAC 40: DOWN 0.2 percent at 7,791.87 Frankfurt – DAX: DOWN 0.1 percent at 24,134.73Tokyo – Nikkei 225: UP 0.6 percent at 39,678.02 (close)Hong Kong – Hang Seng Index: UP 1.6 percent at 24,590.12 (close)Shanghai – Composite: DOWN 0.4 percent at 3,505.00 (close)Euro/dollar: DOWN at $1.1644 from $1.1670Pound/dollar: DOWN at $1.3408 from $1.3428Dollar/yen: UP at 148.55 yen from 147.77 yenEuro/pound: DOWN at 86.86 pence from 86.88 penceBrent North Sea Crude: DOWN 0.3 percent at $69.00 per barrelWest Texas Intermediate: DOWN 0.5 percent at $66.64 per barrelburs/rmb

Casino operator Las Vegas Sands broke ground Tuesday on a new $8 billion project to expand its iconic Marina Bay Sands resort in Singapore, in a major bet on the city-state’s tourism market.The new complex is expected to open in 2031, pending government approval, and will include a 55-storey hotel tower with 570 luxury suites, a 15,000-seat arena, a casino, and space for exhibitions and conferences, the company said.Called IR2 for now, the new Sands project will be located adjacent to its existing resort, which opened 15 years ago in Singapore’s Marina Bay financial district.”When completed, the expansion will refresh our skyline,” said Singapore Prime Minister Lawrence Wong, who led the groundbreaking ceremony.Marina Bay Sands consists of three 57-storey hotel towers supporting an elongated boat-like structure perched on top — a favourite backdrop for tourists which also houses one of Singapore’s two casinos.Las Vegas Sands co-founder Miriam Adelson, the wife of late billionaire Sheldon, thanked Singapore and the country’s leaders for trusting the company.”You took a chance on us… we took a chance on you,” she said.Singapore has banked on man-made attractions to help lure tourists, including Southeast Asia’s only Universal Studios theme park, a garden with massive artificial trees, a cavernous glass-encased flower dome, a world-class zoo and wildlife parks.It also hosts a Formula One night race on the city’s streets, and last year the country was Taylor Swift’s only Southeast Asian stop for her Eras tour.More than 16 million international visitors came to Singapore last year, up 21 percent from 2023.Patrick Dumont, president and chief operating officer of Las Vegas Sands, said that when the new project is completed, the US firm would have invested “more than US$15 billion” in Singapore since it started operations there in 2010.”This speaks volumes of our confidence in this region, and the potential that we continue to see in Singapore,” he said.

Stock markets mostly gained and the dollar eased Tuesday ahead of key US inflation data, and after Chinese economic growth data met expectations.London’s benchmark FTSE 100 index briefly traded above 9,000 points for the first time. Indices generally were benefiting from optimism that governments will hammer out deals to avoid the worst of US President Donald Trump’s tariff threats.Oil prices dropped despite Trump telling major crude producer Russia to end its war in Ukraine within 50 days or face massive new economic sanctions.”Markets are particularly attuned to the evolving landscape of trade negotiations,” noted Samer Hasn, senior analyst at traders XS.com.”Moreover, the market is awaiting key releases today, including the (US) Consumer Price Index.”Traders are also keeping a watch over the start of the earnings season.US investment banking giant JPMorgan Chase on Tuesday reported second-quarter profits that topped analyst estimates.Chief executive Jamie Dimon described the US economy as “resilient” while facing “signifiant risks”, including over tariffs uncertainty.Ahead of Wall Street reopening, US futures rallied following news that tech titan Nvidia will resume sales of its H20 artificial intelligence chips to China, after Washington pledged to remove licensing curbs that halted exports.The Nasdaq hit another record high on Monday.Trump meanwhile said he would impose antidumping duties on most imports of fresh tomatoes from Mexico, with the US Commerce Department accusing its neighbour of engaging in unfair trade.That came after the president said he would hit Mexico and European Union with 30 percent levies, following a slew of announced measures against key partners last week if deals are not struck by August 1.Analysts said investors viewed the warnings as negotiating ploys rather than a genuine move, citing previous threats that were later rowed back.Bitcoin retreated, having hit a record high above $123,200 Monday thanks to optimism over possible regulatory changes for crypto assets in the United States.- Key figures at around 1100 GMT -London – FTSE 100: FLAT at 8,995.58 pointsParis – CAC 40: UP 0.1 percent at 7,815.63 Frankfurt – DAX: UP 0.2 percent at 24,192.33Tokyo – Nikkei 225: UP 0.6 percent at 39,678.02 (close)Hong Kong – Hang Seng Index: UP 1.6 percent at 24,590.12 (close)Shanghai – Composite: DOWN 0.4 percent at 3,505.00 (close)New York – Dow: UP 0.2 percent at 44,459.65 (close)Euro/dollar: UP at $1.1682 from $1.1670Pound/dollar: UP at $1.3454 from $1.3428Dollar/yen: DOWN at 147.76 yen from 147.77 yenEuro/pound: DOWN at 86.83 pence from 86.88 penceWest Texas Intermediate: DOWN 0.7 percent at $66.51 per barrelBrent North Sea Crude: DOWN 0.5 percent at $68.88 per barrelburs-bcp/rmb

Tesla unveiled its first showroom in India on Tuesday, marking its entry into the world’s most populous country, as Elon Musk’s electric vehicle company seeks new customers amid sagging sales in the United States and Europe.The store opened its doors in India’s financial capital Mumbai to select visitors after its inauguration by Maharashtra state’s chief minister Devendra Fadnavis.The company — which is targeting a niche but quickly growing electric vehicle market in India — said that it was currently offering its Model Y car in India and would look to start rolling out deliveries of a cheaper variant later this quarter. “This is the first launch of Tesla in India. It marks a huge milestone for Tesla globally,” said Isabel Fan, the company’s senior regional director, adding that charging stations would be set up in Mumbai and the capital New Delhi shortly.While the showroom will open to the general public on Wednesday, curious onlookers and Tesla admirers braved Mumbai’s heavy rains to catch a glimpse of the cars on display.Tesla has for years signalled its interest in India but held back due to the country’s steep tariffs on electric vehicles.Musk, who once described India as having “more promise than any large country”, has also criticised its import duties, calling them among the “highest in the world”.New Delhi has offered to cut import taxes on electric vehicles for global automakers only if they commit to investing hundreds of millions of dollars and make cars locally.Tesla has yet to announce plans to set up a plant in India.- India’s nascent EV industry – For now, local media reports say, the company will likely sell cars imported from China.As a result, its Model Y variants start from an on-road price of around $70,000 in India, according to its website, far higher than a US price of $37,490 after a $7,500 federal tax credit. Tesla’s India debut comes at a critical time for the company, which is seeing demand wane for its cars in countries around the world.The recent slump in Tesla’s sales partly reflects the highly competitive nature of the EV market, which the company once dominated but now also features BYD and other low-cost Chinese players. While Tesla is looking to tap the world’s third-biggest car market, experts say it is unlikely to see huge volumes in the short-term due to the nascent nature of India’s EV industry and the hefty price tag of its vehicles.India’s EV market is fast-growing but remains small, with automakers reporting sales of around 100,000 vehicles in 2024 or less than three percent of total car sales. Soumen Mandal, a senior analyst at Counterpoint, said the high price tag will likely place it out of the price range of most Indian customers and see it compete against offerings from luxury carmakers instead.”We don’t expect Tesla to play the volume game right away given the price tag,” Mandal told AFP.”We project 500-700 units sold in initial months and then that to taper off to 200-300 (per month).”India is currently negotiating a trade deal with the United States, including a potential reduction in tariffs on automobiles.In February, Musk held a one-on-one meeting with Indian Prime Minister Narendra Modi in Washington.

Italian fashion house Loro Piana, owned by French giant LVMH, has been placed under court administration for allegedly facilitating the exploitation of workers by subcontractors.In a statement, the carabinieri police said the company had been deemed “incapable of preventing or curbing labour exploitation within the production cycle by failing to implement adequate measures to verify the actual working conditions or the technical capacities of its contractors”.An investigation found the fashion house entrusted the production of its clothing, including cashmere jackets, to a company without production facilities.That firm outsourced the work to another company, which in turn used workshops in Italy employing Chinese workers to save costs, the statement said.In these workshops, irregular workers were exploited without respecting health and safety rules, particularly regarding wages, working hours, breaks and holidays, investigators found.The judges of the Milan court found that Loro Piana “negligently facilitated” the exploitation, according to the police statement.The court however stressed that the one-year administration was intended as “preventative”, not a punishment, according to the court document seen by AFP.It was aimed at “combating the unlawful contamination of healthy businesses by subjecting them to judicial oversight” where they can be removed from “criminal infiltration”.In a statement, Loro Piana said it had terminated ties with its supplier within 24 hours of discovering the existence of its subcontractors on May 20, and was fully cooperating with authorities.”Loro Piana strongly condemns any illegal practices and reaffirms its ongoing commitment to protecting human rights and complying with all applicable regulations throughout its entire supply chain,” it said.The investigation began in May following a complaint from a Chinese worker who claimed he was beaten by his boss after demanding payment of back wages, police said.The police carried out inspections in factories run by Chinese citizens in the area surrounding Milan, finding violations of workplace rules as well as illegally built dormitories and unsanitary conditions.Proceedings were brought against two Chinese nationals who owned workshops, two Italians for violations of workplace health and safety standards, and seven workers without residence permits. The court also imposed fines totalling over 181,000 euros ($211,000) and administrative penalties of around 60,000 euros.The operations of two Chinese workshops were also suspended “for serious safety violations and the use of undeclared labour”, the police statement said.Loro Piana was acquired by LVMH in 2013, and is currently led by Frederic Arnault, son of LVMH chairman Bernard Arnault.The company did not comment on the proceedings in Milan.The Italian justice system has already carried out similar proceedings against other fashion houses including Armani.In May, the Italian competition authority cleared luxury brand Dior — also owned by LVMH — of violations in working conditions but required it to pay a two-million-euro fine towards “victims of exploitation”.