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Asia Needs a Common Framework to Measure Trust in AI, New Report Warns

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AI and Compute Infrastructure: Shaping ASEAN's Digital Foundation
  • A report from the Asia Society Policy Institute examining AI governance across 15 Asian countries finds that while nearly all nations cite “trust” as central to their AI strategies, none has a consistent method for measuring it. The report proposes nine measurable factors spanning data quality, infrastructure, ethics, misinformation, and cybersecurity.
  • The report warns that fragmented national strategies risk deepening regional inequalities and leaving governance frameworks unprepared for agentic AI systems. It calls for shared baseline principles, mutual recognition pathways, and cross-border cooperation rather than competing sovereign approaches.

Asia Society Policy Institute calls for shared metrics as fragmented national strategies risk deepening regional inequalities and stalling adoption

A sweeping new analysis of artificial intelligence governance across 15 Asian countries has found that while nearly every nation in the region invokes “trust” as central to its AI strategy, none has a reliable or consistent way to measure it, a gap that experts warn could undermine the continent’s ambitions as it races to harness AI for economic growth.

The report, published by the Asia Society Policy Institute (ASPI), proposes nine measurable factors, or metrics, for what it terms “trusted AI ecosystems,” covering everything from data quality and compute infrastructure to misinformation governance and environmental sustainability. Its findings draw on policy analysis and two roundtable discussions held on the sidelines of the 2026 AI Impact Summit in New Delhi, involving experts from Australia, Hong Kong, India, Indonesia, Japan, Malaysia, Singapore, South Korea, Sri Lanka, the United Arab Emirates, and the United States.

A Race with High Stakes

The economic stakes behind the region’s AI push are considerable. UNESCO’s AI readiness assessments project suggests that widespread adoption could add up to USD 1.9 trillion to India’s GDP by 2035 and USD 113.4 billion to Malaysia’s economy by 2030. Indonesia’s national strategy frames AI adoption as the path to developed-country status by 2045.

Yet the report finds that this urgency is running ahead of governance. Regulatory frameworks across Asia remain calibrated largely around model-level risks, even as AI development has moved toward agentic systems, autonomous agents that access, combine, and act on data across jurisdictions. The report’s authors warn that governance frameworks unable to measure trust in static deployments are “even less equipped to track it across dynamic, multi-actor agentic architectures.”

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Nine Factors, One Framework

ASPI’s proposed framework breaks trust down into nine domains:

  1. Trusted datasets. Many Asian nations acknowledge the importance of open government data, but few have addressed whether that data is actually ready for AI training, properly labeled, structured, interoperable, and representative of diverse populations. The report identifies a three-layer trust problem: trust between government ministries (a challenge Indonesia candidly calls “ego-sectoral” attitudes), trust between the state and citizens regarding data collection and consent, and the technical coherence of the data itself. India’s AI Kosh initiative and Singapore’s “data concierge” mechanism are cited as early models, though the report notes that most countries hold ambitions that “far outpace tangible progress.”
  2. AI infrastructure. Nations across Asia are building data centers and expanding cloud services, but geopolitical tensions, particularly between the United States and China, have intensified concern about dependence on foreign providers. Smaller economies like Bhutan and Nepal are positioning their renewable energy resources as a potential competitive edge in hosting energy-efficient infrastructure, while countries such as Indonesia and Sri Lanka continue to face foundational shortfalls in domestic computing capacity.
  3. AI skills and awareness. The report draws a sharp distinction between the challenge of developing frontier technical talent, where South Korea and Taiwan are investing in semiconductor expertise and AI chip programs, and the broader challenge of preparing low-skill workforces in populous economies like Bangladesh and the Philippines for automation-driven disruption. Across the region, reskilling ambitions are common, but concrete curricula and measurable targets are rare. The roundtables recommended creating an Asia AI Knowledge Facility to pool process knowledge and enable peer learning.
  4. Global AI value chain leverage. Most of Asia remains downstream in the global AI supply chain, dependent on hardware and compute it does not control. China’s dominance in processing rare earth minerals gives it structural leverage over every other nation’s AI ambitions. Indonesia’s experience as the world’s leading nickel producer offers a cautionary note: despite pursuing downstream processing, Chinese firms still control roughly 75% of refining capacity. The report argues that trust in Asia’s AI ecosystem depends partly on “managed interdependence, not pure self-sufficiency.”
  5. Ethical AI development. Across the region, ethics guidelines are common; enforceable ethics law is rare. Japan’s flagship AI legislation takes a soft-law, voluntary compliance approach. South Korea stands out with its AI Framework Act, which includes penalties for breaches and an AI ethics committee, though it has drawn criticism from start-ups who say it favors foreign firms. Singapore has built a layered system of sector-specific guidelines across finance, healthcare, and generative AI. Several countries, including Indonesia and Brunei, ground their ethical frameworks in national philosophies or religious principles rather than imported international standards.
  6. Misinformation governance. China has enacted the region’s most operationalized response with a 2025 law mandating both implicit and explicit labeling of AI-generated content. South Korea’s Framework Act includes fines for non-compliance with content labeling requirements. The Philippines adopted sector-specific rules during its 2025 elections, requiring disclosure of AI-generated campaign materials. The report notes, however, that some governments may have incentives to exploit AI-enabled misinformation rather than combat it, framing the issue as “a public health problem with a range of responses.”
  7. AI governance frameworks and institutions. The region broadly favors “pro-innovation, pro-safety” governance, principle-based, risk-tiered, and sector-sensitive, over sweeping punitive regulation. But institutional capacity varies enormously. Malaysia’s governance has been fragmented across multiple ministries; the country recently created a National AI Office to coordinate efforts. The report calls for “iterative governance” with clear roles for developers, deployers, users, and regulators, and urges that AI governance be reframed around the full lifecycle of agentic AI systems, including post-deployment monitoring.
  8. Environmental sustainability. AI’s environmental footprint is growing rapidly. International Energy Agency data cited in the report estimates that data center electricity consumption represented approximately 1.5% of global electricity use in 2024, a figure projected to reach 4.4% by 2035. The report finds that most Asian national strategies treat this challenge as peripheral. Bhutan’s 2025 National AI Strategy is highlighted as an exception for explicitly naming environmental concerns. A coordinated systems approach proposed at the AI Impact Summit calls for energy proportionality, infrastructure assessed against environmental criteria, carbon transparency frameworks, and standardized cross-border metrics.
  9. Cybersecurity. Threats range from AI-driven financial crime and phishing (a priority for Singapore, Thailand, and Bangladesh) to vulnerabilities in critical information infrastructure in less-developed digital economies. The report warns that governance discourse has been disproportionately focused on generative AI misuse, synthetic content, and deepfakes, while neglecting model security, data integrity, supply chain vulnerabilities, and systemic resilience. One roundtable speaker described an attempt by a commercial entity to replicate a large language model through systematic prompt injection, illustrating how adversarial AI behavior now extends well beyond nation-states and criminal groups.

A Call for Regional Coordination

A central argument running through the report is that Asian countries are largely pursuing “sovereign” AI strategies in isolation, competing for investors rather than pooling resources, and often replicating, rather than reducing, their dependencies on external players.

The report does not argue that national differences should be erased. Rather, it calls for a common analytical foundation: baseline interoperable principles on safety, accountability, and transparency; mutual recognition pathways for audits and incident response; cross-border data-sharing arrangements; and regular regulator-to-regulator cooperation.

Roundtable participants also recommended that rather than constructing new trust indices, policymakers should extract trust-relevant components from existing governance, digital readiness, and cybersecurity indices that are already being collected, but not yet being used to systematically assess trust.

“Trust cannot be generated in isolation,” the report concludes, “particularly in economies deeply embedded in global markets and technology dependencies.” Without shared metrics, cross-country comparisons remain abstract, and effective practices continue to be shared on an ad hoc basis, leaving one of the world’s most consequential technology transitions without a common map.

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Rahul Jain sees challenging FY27 for KPIT despite strong deal pipeline

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Rahul Jain sees challenging FY27 for KPIT despite strong deal pipeline
KPIT Technologies‘ latest business update has reignited concerns over the company’s near-term growth outlook, with analysts pointing to project-related setbacks and a slower-than-expected recovery despite a healthy deal pipeline. While management continues to expect improvement in the second half of FY27, the Street remains cautious about how quickly new wins can offset the impact of recent programme closures.

Rahul Jain from Dolat Capital believes the current weakness is more execution-specific than an indication of a broader structural slowdown.

“In their Q4 call also, they highlighted that there are two SDV programmes they were working on. We are seeing some conclusion, which was unexpected for them. Despite very strong deal wins, it would be difficult for those wins to translate quickly enough to cover the fall from these two programmes. As a result, Q1 looks challenging, and they have also indicated that things might improve only in the second half of the year. Based on our calculations, they are unlikely to see a positive year in FY27,” he said.

Profitability could come under pressure

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The weaker revenue outlook also raises questions over KPIT’s ability to maintain its FY27 EBITDA margin guidance of 20.5% to 21.25%.

According to Jain, currency movements remain one of the few supportive factors, but margins could still face pressure if growth continues to disappoint.
“Growth could be a challenge for profitability in general, so that is always a concern. The only supporting factor currently is the currency, which is at least accretive. If they are able to manage costs and the currency remains supportive, profitability can stay within the indicated range. But if it turns out to be a declining year, sustaining those margins will also be challenging,” he said.
Not necessarily a sector-wide problem
While KPIT derives significant business from global automotive clients, including BMW, Jain believes investors should avoid drawing broad conclusions for the entire engineering research and development (ER&D) space.

He noted that performance has often differed across companies despite operating in similar markets.

“We have seen in the past that there has been disparity, with KPIT doing well while others were not, and vice versa. I would not extrapolate this to the broader ER&D space. However, certain OEMs are facing challenges and issuing profit warnings. That could affect several vendors across both IT services and ER&D. I would not directly correlate it, but it is a painful situation where many companies could gradually feel the impact,” he said.

Markets may remain sceptical about H2 recovery
KPIT’s shares have already corrected sharply over the past year, making investors increasingly cautious about management’s expectation of a second-half recovery.

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Jain acknowledged that while the company’s sizeable order wins provide some comfort, execution remains the key challenge.

“It is difficult to believe that things could turn around very quickly. The only supporting argument is the nearly $349 million worth of deals, which indicate that new wins are coming in. It is more about managing the transition in existing accounts while scaling business from newer clients. Last year they also spoke about entering the Chinese market, and they have already secured one customer there. If they execute well with Chinese OEMs, that could become an important growth driver and improve the exit trajectory,” he said.

Estimate cuts likely
Following the latest developments, analysts are reassessing their earnings expectations for FY27, with meaningful downgrades now appearing likely.

Jain indicated that current projections are significantly below earlier expectations, while the upcoming quarterly commentary will be crucial in determining whether the recovery narrative remains intact.

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“We do not have a precise FY27 outlook yet. But based on our assessment, there is at least a 7-8% reduction compared with the numbers we were building earlier, which is a meaningful change in estimates. We now look forward to management’s commentary on how things are progressing, how the deal wins are shaping up, and how the non-affected parts of the business are performing during the Q1 call. At this point, the impact could be around 7%,” he said.

With revenue visibility weakening and recovery pushed further into the fiscal year, investors are likely to focus closely on KPIT’s first-quarter earnings for signs that fresh deal wins are beginning to compensate for the slowdown in existing programmes. Until then, market sentiment towards the stock is expected to remain cautious.

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Rocket Lab Takes a Page From SpaceX’s Playbook With Its Transformative Iridium Buy

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Rocket Lab to Buy Iridium for $8 Billion in ‘Transformative’ Space Deal

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Putin Admits Fuel Shortages From Ukrainian Strikes Are ‘Not Critical’ in Rare Public Acknowledgment

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Self-Exiled Chinese Billionaire Guo Wengui Sentenced to 30 Years in

MOSCOW — Russian President Vladimir Putin offered an unusually candid public acknowledgment over the weekend of widespread fuel shortages gripping the country, conceding that Ukrainian missile and drone strikes on energy infrastructure have created real difficulties for Russian motorists, businesses and the agricultural sector, even as he insisted the situation remained under control.

The shortages have been visible across Russia for months, with long lines forming at petrol stations, fuel rationing spreading to dozens of regions, and refineries repeatedly damaged by Ukrainian strikes reaching from Moscow to the Black Sea coast. In Crimea, the Russian-annexed Ukrainian peninsula, drivers have been barred from filling their tanks altogether so that available fuel can be redirected to military vehicles. Despite the visible strain, Putin had largely avoided addressing the crisis directly in public until a weekend meeting with senior officials and oil executives.

Speaking candidly at that meeting, Putin acknowledged the toll the shortages have taken on ordinary Russians.

“You’re well aware that problems persist for both motorists and businesses,” Putin told the assembled officials. “Unfortunately, there are still queues at petrol stations, and finding the right grade of petrol isn’t always easy.”

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Putin also pointed to the strain on Russia’s agricultural sector, noting that the country’s harvest depended on fuel supply schedules being met on time, an acknowledgment that ties the energy crisis directly to broader concerns about food production and the domestic economy heading into the back half of the year. According to independent Russian outlet Mediazona, 56 Russian regions are currently enforcing some form of fuel restriction, underscoring how widespread the disruption has become.

In a subsequent interview with Russian state television, Putin went further, offering what diplomatic observers described as an even more open assessment of the crisis than his earlier remarks to officials.

“We are currently seeing a certain shortage, but it’s not critical,” Putin said, while acknowledging that Ukraine’s attacks were “obviously creating problems.”

He pledged to ramp up production of air defense systems to better protect Russian energy infrastructure from further strikes, and said authorities would work to accelerate repairs at refineries that have already sustained damage from Ukrainian attacks. Regarding Crimea specifically, Putin admitted the peninsula currently had only “a few days’ supply” of fuel remaining, though he expressed confidence that additional fuel would be brought in to address the shortfall soon.

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The directness of Putin’s comments marks a notable departure from his typical public posture on the war’s domestic costs. BBC diplomatic correspondent James Landale, reporting from Moscow, noted that the scale of the shortages and the resulting public awareness had likely left Putin with little choice but to acknowledge the reality on the ground, even as he continued to insist, as he has throughout the conflict, that Russia’s broader war effort was making progress.

Putin’s admission regarding Crimea’s fuel difficulties carries particular symbolic weight given the peninsula’s outsized importance both to ordinary Russians and to Putin personally. Since Moscow’s occupation of Crimea began in 2014, the Kremlin has transformed the peninsula into a major military base and a strategic anchor for controlling the Black Sea, using it as a launching point for Russia’s full-scale invasion of Ukraine in 2022. Any sign of strain there carries political resonance well beyond its immediate practical impact.

During the televised interview, Putin offered an explanation for why he chose to address the issue so openly, framing Ukraine’s strategy as an attempt to fracture Russian society and erode public support for the war effort, while pushing more Russians toward favoring negotiations to end the conflict.

“We won’t give them that chance,” Putin said, adding that Ukraine’s long-range strikes were having “absolutely no impact on the situation at the front line.”

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That assessment is directly disputed by officials in Kyiv, who argue that Ukraine’s deep strikes inside Russian territory serve a dual purpose: bringing the tangible costs of the war home to ordinary Russian citizens while also forcing Russian military commanders to divert air defense resources and personnel away from the front lines in eastern Ukraine to protect domestic energy infrastructure instead.

The acknowledgment comes amid a period of growing confidence in Kyiv that battlefield momentum may be shifting in Ukraine’s favor. In recent months, Ukrainian forces have launched deep strikes against targets in both St. Petersburg and Moscow, intensified attacks on Crimea, and pursued a more aggressive strategy aimed at inflicting maximum casualties along the front line. Despite that shift in tactics, the Kremlin reaffirmed Monday that its core territorial objectives remain unchanged. Kremlin spokesman Dmitry Peskov said Russia’s position continues to be that Ukrainian forces must withdraw from four southeastern regions that Moscow claims as its own, territorial claims that Kyiv categorically rejects.

In the same interview, Putin claimed that Ukraine had signaled willingness to limit hostilities and begin negotiations, though he dismissed any such overture as a tactical maneuver designed to give Kyiv time to regroup and rearm rather than a genuine push toward peace.

“It is clear why this proposal is being made, because our counter-strikes deep into Ukrainian territory are much stronger, have greater impact and are, frankly, more destructive,” Putin said.

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He went on to characterize Ukraine’s own strikes against Russia as an attempted “salvation” for what he described as a Ukrainian military that has been “catastrophically” depleted by years of fighting, while making clear that Moscow had no interest in offering Kyiv’s leadership any reprieve.

“But saving the Kyiv regime is not part of our plans,” Putin said.

The rare public airing of Russia’s fuel crisis offers one of the clearest signals yet of how Ukraine’s sustained campaign against Russian energy infrastructure is registering domestically, even as both sides continue to offer starkly different assessments of how much that pressure is actually shaping the broader trajectory of the war.

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Shift4 Payments: Poised To Win As The Experience Economy Continues To Expand

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Shift4 Payments: Poised To Win As The Experience Economy Continues To Expand

Shift4 Payments: Poised To Win As The Experience Economy Continues To Expand

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Bristol Bears announces ‘landmark’ new partnership

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Chief executive Tom Tainton said it was a ‘ground-breaking moment’ for the Gallagher PREM side

General views as Bristol Bears announce Foot Anstey as Front of Shirt sponsor on March 17, 2026 at the Bears High Performance Centre, England. (Photo by Will Cooper/Bristol Bears)

Bristol Bears has announced a new partnership deal(Image: Will Cooper/Bristol Bears)

Bristol Bears has agreed a “landmark” long-term partnership with a UK law firm. Foot Anstey will become the club’s new principal partner for the 2026-27 season, with shirt branding for both the men’s and women’s teams.

The Gallagher PREM side said the multi-year agreement represented “one of the most progressive partnerships” in the club’s history.

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Under the terms of the deal, Foot Anstey, which has 11 offices including in Exeter, Bristol and Manchester, will also become the main partner of the Bristol Bears Foundation – the club’s award-winning charitable arm.

Off the pitch, it will become the Bears’ exclusive legal provider, offering a full range of legal solutions to the club and its players over the term of the partnership.

Foot Anstey managing partner, Martin Hirst, said: “Our partnership with Bristol Bears is built on a shared belief in the impact individuals can have when they come together as a team.

“From our earliest conversations, it was clear this is more than sponsorship, it’s about bringing together two ambitious organisations to drive performance, support our communities and create lasting impact.

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“This reflects how we work as a firm: building strong relationships, working collaboratively and focusing on what really matters to our clients and to the communities around us.

“Sport has a unique ability to bring people together and create momentum. We’re excited about what we can achieve, alongside Bristol Bears and the Bristol Bears Foundation, over the coming years.’

Bristol Bears chief executive Tom Tainton said the deal was “a ground-breaking moment” for the club.

“From the beginning of this process, Foot Anstey has been an excellent partner – collaborative, engaging and genuinely excited about using the power of sport to leave a lasting legacy,” he said.

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“Having Foot Anstey’s name on our shirts is about far more than a business agreement; it is a statement of intent about our aligned growth journeys. This authentic partnership represents a shared set of values and a long-term commitment to driving success across our men’s, women’s and community programmes.

“Foot Anstey’s support of the Bristol Bears Foundation is particularly significant, enabling us to expand our reach and deepen our impact within the communities we serve.”

The news comes just a day after South West Gallagher PREM club Exeter Chiefs announced it had been acquired in a major deal by US businessman Bill Foley, ending 155 years of member ownership.

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Dow Finally Tops 52,000 With Some Help From Its Newest Member

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Stocks Little Changed After Fed Decision

The Dow finally closed above the 52,000 the same day its newest member joined a rally in Big Tech and chip stocks.

The blue-chip index rose 306 points, or 0.6%. Alphabet, which replaced Verizon in the Dow this week, led the index. The S&P 500 rose 1.2%. The Nasdaq rallied 2.1%.

Breadth was actually negative, but the stocks that were rising more than overpowered the stocks that were down. Even the Invesco S&P 500 Equal Weight ETF, normally a proxy for breadth, rose solidly.

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Manchester’s economy grows 34% in a decade, outpacing UK average and rival cities

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The Centre for Cities report comes as Andy Burnham plans Number 10 for the North

Deansgate Square skyscrapers, Manchester

Deansgate Square skyscrapers, Manchester(Image: Sean Hansford | Manchester Evening News)

Manchester is outpacing the rest of the country following a decade of growth, according to new research.

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London-based think tank Centre for Cities found that Manchester’s economy grew more rapidly than anywhere else in the UK over the last ten years.

Figures revealed the city’s economy expanded by more than 34 per cent between 2013 and 2023, outstripping other ‘top performers’ such as Bristol, Leeds, and Newcastle.

London’s economy grew by nearly 19 per cent over the same period, compared to the UK average of 18.4 per cent across the decade.

The figures were measured by total gross value added (GVA) growth – the value of goods and services produced within the city.

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Manchester and the wider city region also recorded a 19.7 per cent rise in job creation, according to the report, surpassing the UK average of 13.9 per cent.

The findings come as significant new announcements by Andy Burnham could herald a dramatic shift in how the country is governed, with a pledge for a ‘No 10 in the North’, potentially based in Manchester, should he go on to become Prime Minister.

The Centre for Cities report stated: “There are encouraging signs, with places such as Leeds and Manchester seeing strong productivity growth in recent years, adding to a sense of growing momentum around their role in raising national living standards.”

The data also laid bare some of the challenges confronting the country’s regions. The report continued: “Currently Manchester, Birmingham and Leeds have the largest ‘density gaps’ compared to their international peers, with estimated shortfalls of 231,000, 202,000 and 196,000 homes in their urban cores respectively.

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‘”Other big cities face smaller gaps. Bristol, for example, has a shortfall of around 18,800 homes, though still faces constraints on expanding its urban form.

“Closing these gaps would require a significant increase in housebuilding, especially in the largest of the big cities. “

Manchester council said its strategy to drive employment growth is delivering results. Since implementing the plan, the employment rate in Manchester has climbed to more than 75 per cent – a 6.4 per cent rise since July 2023, the council noted.

This comes alongside a 30 per cent increase in the number of businesses in Manchester since 2015, with the total number of firms in the city growing by approximately 900 in 2024/25.

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Councillor Gavin White, the council’s housing and regeneration lead, commented: “Manchester has seen significant population growth in recent years, a testament to a global reputation and strong expansion across key sectors that have helped create tens of thousands of high-quality jobs in the last decade – helping to attract and retain a pool of world class talent.

“With this success comes high demand which is why we are helping to drive a strong supply of quality office space to support businesses to thrive and attract new global names to Manchester. While also creating a strong and diverse housing sector – including record numbers of social, council and genuinely affordable homes being built in every part of our city.

“But we also know that far too many households still face high levels of deprivation and it’s vital that we continue to convert economic growth into better living standards for our residents.

“It’s our vision to make sure that we can create pathways to great jobs, alongside investment in our communities and transport link, that makes sure that everyone living in Manchester has the opportunity to share in the city’s success.”

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To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

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Dow Slips From Record High Today as Investors Brace for Holiday-Shortened Week and Key June Jobs Report

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FTSE 100 Surges 0.8% Today as Oil Eases and Markets

The Dow Jones Industrial Average pulled back Tuesday, giving up a small portion of the previous session’s record-setting rally as investors paused to digest a busy stretch of upcoming economic data ahead of a holiday-shortened trading week.

The blue-chip index fell 109.67 points, or 0.21%, to 52,073.07, a day after closing above 52,000 for the first time in its history. Monday’s record finish of 52,182.74 capped a sharp rally across Wall Street, with the index gaining 306.63 points, or 0.59%, on the day, while the S&P 500 rose 1.18% to settle at 7,440.43 and the Nasdaq Composite surged 2.07% to close at 25,820.15.

Monday’s advance was driven by easing tensions between the United States and Iran, with President Donald Trump indicating that peace talks between the two countries were set to resume Tuesday, alongside a broad rebound in technology and so-called “Magnificent Seven” stocks following a rough patch the prior week. Alphabet led that charge, jumping roughly 5% in its debut session as a member of the Dow Jones Industrial Average after replacing Verizon in the 30-stock index. Tesla also stood out among megacap names, climbing more than 8% on the day, while Amazon and Meta each advanced more than 2%.

Tuesday’s session opened on a more mixed note. Dow futures had pointed modestly higher ahead of the bell, supported by stronger-than-expected manufacturing output data and a more stabilized outlook for industrial production, with investors rotating attention toward cyclical industrial names. Conglomerate 3M led individual gainers, climbing more than 3% following a favorable legal settlement update and improved margin guidance, while Nvidia and Johnson & Johnson also posted gains in early trading. That strength was offset by weakness in enterprise software and retail-facing names, with IBM emerging as the session’s biggest laggard following a cautious outlook on cloud spending, while Home Depot and Salesforce also slipped. Financial heavyweights JPMorgan Chase and American Express weighed further on the index during the intraday pullback.

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Beyond Alphabet’s high-profile Dow debut, Monday’s broader market strength carried several other notable storylines. Comcast shares surged roughly 25% in premarket trading after the company announced plans to split into two separate, publicly traded companies through a tax-free spin-off of its NBCUniversal and Sky businesses, a transaction expected to close within about a year. Comcast Chairman and co-CEO Brian Roberts framed the move as an effort to give each business greater room to grow independently.

“The transaction we are announcing will unlock a more entrepreneurial management approach and open up a multitude of new opportunities for each business,” Roberts said.

Space and satellite stocks also stood out Monday after Rocket Lab announced an $8 billion deal to acquire satellite communications company Iridium, sending Rocket Lab shares up nearly 16% and Iridium shares soaring more than 25%. The semiconductor sector posted broad gains as well, with the VanEck Semiconductor ETF climbing more than 3%, even as contract manufacturer Super Micro Computer fell nearly 6% following a report that Taiwanese officials had raided the company’s headquarters as part of an investigation into alleged chip smuggling.

The renewed risk appetite across markets followed a turbulent stretch tied to the broader U.S.-Iran conflict. The two countries reportedly agreed over the weekend to halt hostilities and allow commercial vessels to resume passing through the Strait of Hormuz, easing fears that had built up after Iran targeted shipping vessels and military installations in Kuwait and Bahrain, prompting U.S. retaliatory strikes. That de-escalation helped reverse a five-day losing streak that had dragged the S&P 500 down nearly 2% and the Nasdaq down close to 5% over the prior week, even as the Dow managed to post a modest 0.6% gain across that same stretch thanks to relative strength in defensive and industrial sectors.

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Looking ahead, markets are entering a holiday-shortened trading week, with U.S. exchanges closed Friday in observance of the Fourth of July holiday weekend. That compressed schedule has pushed the closely watched June nonfarm payrolls report to Thursday instead of its usual Friday release date. The monthly jobs data is considered a key input for the Federal Reserve’s interest rate deliberations, and economists have pointed to May’s surprisingly strong gain of 172,000 jobs as a benchmark against which June’s figures will be measured.

Ahead of Thursday’s jobs report, investors face a steady stream of additional economic data this week, including consumer confidence figures and the Job Openings and Labor Turnover Survey, both released earlier this week, along with Wednesday’s ADP private payrolls report, construction spending data and the Institute for Supply Management’s manufacturing index, which will offer an early read on factory-sector activity heading into the second half of the year. Nike and Constellation Brands are also among the notable companies reporting earnings during the holiday-compressed week.

Beyond the immediate economic calendar, market participants continue to monitor the durability of the U.S.-Iran ceasefire, given how quickly sentiment shifted last week when fresh attacks briefly threatened to unravel the truce. Also weighing on sentiment in recent sessions has been a report that Apple supplier Tata Electronics suffered a major data breach exposing sensitive details about the unreleased iPhone 18 Pro, along with broader questions about the pace of artificial intelligence-related capital spending across the technology sector following reports that OpenAI could delay its planned initial public offering.

For now, Tuesday’s modest pullback appears to reflect a market catching its breath after Monday’s record-setting rally rather than a meaningful shift in sentiment, with investors largely keeping their focus trained on Thursday’s jobs data and the durability of the easing geopolitical backdrop as the most likely catalysts to determine the market’s direction heading into the Fourth of July holiday weekend.

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RITES shares rocket 16% on Rs 175 crore consultancy order from Ambedkar University

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RITES shares rocket 16% on Rs 175 crore consultancy order from Ambedkar University
Shares of RITES rallied as much as 16% on Wednesday to its day’s high of Rs 237.05 on the BSE on Wednesday post receiving Rs 175 crore project management consultancy order from Babasaheb Bhimrao Ambedkar University (BBAU).

According to a filing with the exchange, the order covers planning, design and development of infrastructural facilities and other related works in the campus of Babasaheb Bhimrao Ambedkar University (BBAU) and the order is on cost plus PMC Fee basis.

Also Read | NRI women investing nearly 70% higher in western markets than gulf countries: Report

The total project cost of Rs 175.41 crore excluding GST and including RITES Fees). The total time period by which the order(s)/ contract(s) is to be executed is 30 months for initial work or till the completion of allotted work whichever is later from the date of signing of agreement.

The contract has been awarded by a domestic entity and neither its promoter nor promoter group companies have any interest in the entity awarding the contract. The order also does not qualify as a related-party transaction.
The company said that it had signed a Memorandum of Understanding (MoU) with Container Corporation of India to collaborate on Project Management Consultancy (PMC) services for logistics infrastructure development.
A filing with exchange on Monday said that “RITES signed a Memorandum of Understanding (MoU) with Container Corporation of India Limited (CONCOR) to collaborate on Project Management Consultancy (PMC) services from concept to commissioning for the development and improvement of CONCOR’s terminals and establishments.”
The partnership will leverage RITES’ multidisciplinary engineering and project management expertise to support the planning, design, execution and supervision of infrastructure projects undertaken for CONCOR.

These services will include feasibility studies, preparation of Detailed Project Reports, detailed engineering, architectural and structural design, project supervision, quality assurance, and construction management etc

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The collaboration will support the development and improvement of infrastructure including multimodal logistics parks, inland container depots, rail-linked terminals, warehouses, railway infrastructure, administrative buildings, roads, utilities and allied facilities.

Also Read | Tamil Nadu based Stalwart People Services files DRHP with Sebi for Rs 150 crore IPO

The shares of RITES went up 18.05% in the past three months and nearly 11% in the last one month. In the past one year and two years, the shares have crashed 19.88% and 35.32% respectively.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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'Huge Momentum' For U.S. Solar, Wind Power As Key Subsidies Lapse

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'Huge Momentum' For U.S. Solar, Wind Power As Key Subsidies Lapse

'Huge Momentum' For U.S. Solar, Wind Power As Key Subsidies Lapse

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