The conflict in West Asia is reshaping India’s trade flows in unexpected ways, triggering a dramatic reordering of both import sources and export destinations.
The most striking shift has been Oman’s emergence as a key trade partner. Ranked only 30th among India’s import sources in April-May 2025, the Gulf nation has jumped to 10th place in the first two months of the current financial year. Imports from Oman surged 3.8 times to $3.4 billion, largely driven by energy shipments.
The changes extend far beyond the Gulf. The UAE slipped to fourth place among India’s import partners, while Russia reclaimed the second spot, followed by the US. India’s search for alternative LPG supplies helped lift imports from the US, while purchases from Brazil rose 2.8 times to $2.7 billion. Imports from Peru climbed 3.7 times to more than $2 billion, making it India’s 20th-largest import source compared with 35th a year earlier.
Export patterns have also undergone a significant shift. Singapore overtook China and the Netherlands to become India’s third-largest export destination during April-May, trailing second-ranked UAE by just $180 million. Tanzania emerged as the eighth-largest destination for Indian exports, up from 25th place a year ago, while South Africa climbed to 10th.
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According to Commerce Secretary Rajesh Agrawal, exports of oil products and gems and jewellery have driven Tanzania’s rise, with shipments increasing from $800 million in April-May last year to $2.2 billion this year. Exports to Sri Lanka nearly tripled to $1.8 billion, lifting the island nation to 12th place among India’s export markets. Singapore’s rise has been fuelled largely by a 2.2-fold increase in imports of Indian petroleum products, with exports touching $5.1 billion. The island nation has been among the economies most affected by disruptions caused by the conflict in West Asia, helping it edge past China despite a more than 25% increase in Indian exports to the world’s second-largest economy. The disruption of shipping routes through the Strait of Hormuz, the vital gateway to the Persian Gulf, has elevated Oman’s strategic importance. Agrawal said Oman, with which India recently operationalised a free trade agreement, has opened the ports of Sohar, Salalah and Duqm for the transit of Indian goods to destinations across the region, including the UAE. These arrangements have helped India restore exports to West Asia to nearly last year’s levels. Imports from the region, however, remain around 18% lower due to ongoing disruptions in energy supplies.
Mum of two Lisa McCabe said not being able to access the back to school bonus was a “kick in the teeth” for working parents just above the income threshold.
The social security minister said she would review the back to school bonus ahead of next year and that the government was looking at ways to make life more affordable for parents in Jersey.
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McCabe runs a private health screening clinic in Jersey.
She said “every day” she was seeing parents struggling with the cost of raising a family in Jersey: “There’s the level of stress and burnout from people who are on what would have been considered very good wages a few years ago that just aren’t making ends meet.”
She said many middle-earners in the island had been squeezed by an increase in interest rates and the end of mortgage interest tax relief for homeowners.
For many working parents, she said, this was made worse by expensive nursery fees and the cost of covering children’s hot lunches and after school clubs.
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“There are some really difficult decisions to be made,” she said.
Humana on Wednesday reported second-quarter results that topped estimates, as the health insurer’s spending on medical services came in line with expectations.
The company also maintained its 2026 adjusted profit outlook of at least $9 per share.
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The earnings beat was driven by strength across Humana’s insurance business and CenterWell healthcare services unit, Humana CFO Celeste Mellet said in an interview. She said medical and pharmacy cost trends tracked in line with Humana’s expectations across new and existing members. The company saw “slight favorability” in medical costs in the inpatient space, particularly among members receiving care from value-based providers, she added.
Still, in a Wednesday note, Cantor Fitzgerald analysts called the unchanged profit outlook a “disappointment” after recent earnings beats and guidance raises seen by other insurers overseeing privately run Medicare Advantage plans. Investors have been ratcheting up their expectations for the industry as some companies hike their outlooks and get a better handle on rising medical costs in those plans – an issue that has been dogging the broader sector for more than two years.
Shares of Humana fell more than 4% in premarket trading despite the solid quarter. The company is one of the largest Medicare Advantage providers serving people aged 65 and older as well as people with disabilities.
Here’s what the company reported for the second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
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Earnings per share: $7.61 adjusted vs. $7.22 expected
Revenue: $40.87 billion vs. $40.61 billion expected
The company posted second-quarter net income of $694 million, or $5.73 per share, compared with $545 million, or $4.51 per share, in the same period a year ago. Excluding items like amortization and impairment charges, Humana earned $7.61 per share.
Revenue climbed to $40.87 billion from $32.39 billion in the prior-year quarter. The company’s insurer and Centerwell unit both topped analysts’ sales estimates for the quarter, according to StreetAccount.
Insurers, particularly those that run Medicare Advantage plans, have been pinched by an influx of people seeking care they delayed post-pandemic and high-cost specialty drugs like GLP-1s, among other factors.
But Humana’s medical benefit ratio — a measure of total medical expenses paid relative to premiums collected — came in at 91.2% for the second quarter, which is in line with what analysts were expecting. Mellet said the ratio also matched the company’s expectations for the quarter across both new and current members.
“I think that it’s a combination of just [medical cost] trend stabilizing and then our actions as well to help drive better health outcomes for our members and our patients,” Mellet said.
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Still, the ratio is slightly higher than the 89.9% reported in the year-earlier period. A lower ratio typically indicates that the company collected more in premiums than it paid out in benefits, resulting in higher profitability.
Mellet said medical cost expectations for next year are “fairly consistent.” The company is watching to see if services such as inpatient admissions will continue to decline this year, but she said “at this point, we call medical costs more stable.”
Meanwhile, pharmacy medical cost trends remain “very elevated,” driven by drug prices and the launch of new medicines, Mellet noted. She said those costs will be slightly higher next year compared to 2026, but added that it’s a broader drug cost issue, not a question of member demand.
Mellet said Humana expects changes to its 2027 Medicare Advantage plans to help improve profitability and put the company on track to reach a sustainable pretax margin of at least 3% by 2028. She said the insurer also remains confident in its ability to boost earnings by expanding membership, improving the quality ratings of its Medicare Advantage plans, maintaining pricing discipline and controlling costs.
BASF SE (BASFY) Q2 2026 Press Conference Call July 29, 2026 4:30 AM EDT
Company Participants
Stefanie Wettberg – Senior Vice President of Investor Relations Markus Kamieth – CEO & Chairman of the Board of Executive Directors Dirk Elvermann – Member of the Board of Executive Directors, CFO & Chief Digital Officer
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Conference Call Participants
Marilen Martin Bernd Freytag Hartmut Reitz Patricia Weiss
Presentation
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Stefanie Wettberg Senior Vice President of Investor Relations
Good morning, ladies and gentlemen, and a warm welcome to our press conference. Today, we are going to present the financial figures of BASF Group for the second quarter 2026. And I would like to welcome our Chairman of the Board of Executive Directors, Markus Kamieth, and Dirk Elvermann, our CFO. So before we begin, let me give you a few points of housekeeping. The conference language is German and there’s going to be a simultaneous translation into English. The presentation is available for download at bsf.com, and the direct link for that will be found in the chat. So let’s start with the presentation, and we are looking forward to your questions afterwards. And the floor is yours, Markus.
Markus Kamieth CEO & Chairman of the Board of Executive Directors
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Thank you, Thomas. Before I start, welcome to you. It’s your first press conference in your brand-new position, but welcome again, and we look forward to having a few more press conferences with you. Thank you. Good morning to you. Dirk Elvermann and I are pleased to welcome you to today’s press conference. In mid-July, we already pre-released our results for the second quarter as our EBITDA before special items considerably exceeded average analyst expectations. We were able to increase earnings in nearly all segments. This was driven by stronger prices and higher volumes as well as lower cash fixed costs.
Boxes of Tide Pods laundry detergent are displayed at a Costco Wholesale store on May 15, 2026 in San Diego, California.
Kevin Carter | Getty Images
Procter & Gamble on Wednesday reported mixed quarterly results, as underwhelming demand for its products resulted in weaker-than-expected sales.
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Shares of the company fell roughly 3% in morning trading.
Here’s what Procter & Gamble reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
Earnings per share: $1.43 adjusted vs. $1.41 expected
Revenue: $21.2 billion vs. $21.38 billion expected
P&G reported fiscal fourth-quarter net income attributable to the company of $3.04 billion, or $1.26 per share, down from $3.62 billion, or $1.48 per share, a year earlier.
Excluding restructuring costs, transaction gains and other items, the company earned $1.43 per share.
Net salesrose 2% to $21.2 billion. The company’s organic revenue, which excludes acquisitions, divestitures and currency fluctuations, was unchanged for the quarter, thanks to flat volume across P&G’s portfolio.
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During P&G’s full fiscal year 2026, the company has reported volume growth in just one quarter. Like many consumer companies, it has seen demand for its products weaken as shoppers have grown more value conscious, opting for value packs or stretching their products’ lifespan longer.
“For the fourth quarter, we saw improving global share trends versus prior period, but headline results were impacted by trade dynamics in the U.S. and the spike in input costs,” CFO Andre Schulten said on the company’s earnings conference call.
He later said that P&G plans to return to growing its sales through a mix of both price and higher volume.
“In a broader sense, we’ve had in the post-Covid period, 100% of growth driven by price,” Schulten said. “We will return … to a more balanced model.”
The company has been focusing on innovation and strengthening its core brands, like Tide, to win back shoppers.
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Schulten said that P&G plans to spend more on media, which has grown increasingly fragmented, making it more difficult to connect with consumers. The company is also navigating the changing world of digital commerce, which now includes shopping agents and artificial intelligence-powered search.
Which segments are selling
For the fiscal fourth quarter, P&G’s beauty division was the top performer, posting 3% volume growth. The segment includes Pantene shampoo and Olay and SK-II skincare products.
Fabric and home care was the only other reporting segment to see volume growth. The division, which includes Tide detergent and Swiffer, reported that its volume rose 1% in the quarter.
P&G’s baby, feminine and family care division as well as its grooming business both reported that volume fell 1%.
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Health care was the worst performer for P&G this quarter. The division, which houses Oral-B and Vicks, saw its volume shrink 3%, fueled by declining sales of its oral care products.
Looking ahead to the next fiscal year, the company is not projecting a significant upswing in demand for its products.
For fiscal 2027, P&G expects core earnings per share in a range of $6.89 to $7.11. The company is also projecting all-in sales growth in the range of 1% to 3% compared with the prior year.
“The low end of the range protects for additional softness in underlying market growth rates,” Schulten said. “The high end would require acceleration in underlying market growth rates and market shares.”
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Wall Street was anticipating earnings per share of $7.04 and revenue growth of 2.7% for fiscal 2027.
P&G is currently estimating a $1 billion headwind after taxes from higher costs for raw materials, energy and transportation. Combined with its projections for a higher net interest expense, lower non-operating income and unfavorable exchange rates, P&G anticipates an 8% — or 56 cent — drag on its earnings per share for fiscal 2027.
P&G also announced Wednesday that CEO Shailesh Jejurikar will become chair of the board, effective Aug. 1, in addition to his current role. He replaces former chief executive Jon Moeller.
The diverse, North East-based group published full year results to the London Stock Exchange
A Hargreaves worker next to part of the 650m conveyor system it has constructed on a section of the HS2 route near Aylesbury.(Image: Hargreaves Services)
Industrial group Hargreaves Services has delivered its highest pre-tax profits in 12 years amid growth across its diverse offer.
The County Durham-based group saw revenue climb nearly 33% to £351.4m in the year to end of May as pre-tax profits surged more than 130% to £40.3m. Underyling pre-tax profits were up 93.2% to £34m.
Growth came from all three of Hargreaves’ key areas including its Services division, its Land regeneration business and its German joint venture. Hargreaves bosses said the bumper results were evidence that its strategy of recent years across those divisions had worked.
Highlights included the first work secured on the Lower Thames Cross as well as resolution to its deal with Devon mining partner Tungsten West. In the Land division, two pieces of renewable energy land were sold for an initial cash sum of £15.6m – helping the board to decide on a £20m return of surplus cash to shareholders via a tender offer.
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And in Germany, where Hargreaves operates a raw materials supply and metals recycling businesses, results improved for the third year in a row. Executives said the German economy was “starting to turn a corner” with lower fuel costs also figuring.
Group chair Roger McDowell said: “The year just ended was a one of strong operational and financial performance for Hargreaves. We delivered continued progress across the group, maintained financial discipline, and returned significant capital to shareholders through both dividends and share buybacks.
“With a strong balance sheet, high-quality businesses and growing opportunities in infrastructure-related markets for our Services division, we enter the new financial year well positioned to deliver further growth and long-term value for all stakeholders.”
The 2026 results are the last before longstanding CEO Gordon Banham steps down at the end of July. He will take up a new role managing the group’s investment in its German joint venture and overseeing the development of the zinc recycling plant in Duisburg.
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Mr Banham has been instrumental in transforming Hargreaves from a coal-based company into the diversified industrial services group it is today. He was thanked by Mr McDowell, who said the board will miss his “vision, commitment and entrepreneurial flair”. Mr Banham will be succeeded as CEO by Simon Hicks, who joined the group in May 2025 as chief operating officer.
Looking ahead, Hargreaves investors were told the Services business enters the new financial year with a strong order book and excellent visibility of future revenues across key markets such as infrastructure, clean energy and environmental services. Hargreaves Land is also expected to realise further value from its portfolio.
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