NEW DELHI — Sensitive lists of components and suppliers, along with photographs of Apple’s unreleased iPhone 18 Pro models, have surfaced on the dark web as part of a sprawling data breach at Tata Electronics, one of Apple’s most important manufacturing partners in India, according to documents reviewed by Reuters and a person familiar with the matter.

The exposure threatens the carefully negotiated business relationships underpinning iPhone production, which Apple assembles from a vast network of suppliers around the world. The breach could also strain Apple’s relationship with Tata, given that most of the company’s supplier arrangements are fiercely protected trade secrets, and the leak could hand rivals, counterfeiters and even Apple’s own vendors an unprecedented look at exactly who manufactures what for the world’s most valuable consumer electronics company.

Reuters reviewed newly disclosed documents showing at least six files that map numerous iPhone 18 Pro components to the specific companies that supply them, including detailed information about chips on the device’s main circuit board, along with battery and camera components. According to a person familiar with the matter, Apple considers this kind of supplier-mapping information especially sensitive and is particularly troubled that the documents being shared on the dark web relate to models that have not yet been released. The data links specific suppliers to specific iPhone parts, information Apple deliberately does not disclose in its public supplier database, the person added.

Several of the leaked files carried Apple “confidential” watermarks and internal Apple code names consistent with the iPhone 18 Pro generation, according to the source. Among the leaked materials were photographs, dated early 2026, showing iPhones undergoing drop tests at a Tata manufacturing plant. The images depict what Reuters described as a conventional, slab-shaped, grey handset featuring a three-camera rear setup and the Apple logo. While Reuters said it could not independently confirm the exact model number shown in the photos, the source identified the devices in the images as iPhone 18 Pro units. Rumors circulating ahead of the device’s expected September unveiling suggest the iPhone 18 Pro will closely resemble last year’s iPhone 17 Pro, with design changes largely limited to a smaller Dynamic Island cutout.

The breach originated with a ransomware group calling itself World Leaks, which claimed responsibility for stealing more than 200,000 files from Tata Electronics and posting them on a dark web leak site beginning around June 10, alongside a downloadable link to a collection reported to total more than 630 gigabytes of data. Beyond the iPhone 18 Pro materials, the stolen trove reportedly included component design documents for older iPhone models, files related to Tesla components, given that Tesla is also a Tata client, and documents tied to Taiwan Semiconductor Manufacturing Co. and Qualcomm, both of which manufacture parts used in iPhones. News outlet AppleInsider first reported last week that iPhone 18 Pro-related documents were part of the broader Tata leak.

Tata Electronics publicly confirmed the cybersecurity incident last week, acknowledging it had detected the breach once it became apparent that World Leaks had published the stolen files. In response, the company has restricted internal access to sensitive systems and hired a global cybersecurity consultant to conduct a forensic audit of the incident. Spokespeople for both Apple and Tata did not respond to requests for comment from Reuters. World Leaks has also previously claimed responsibility for a separate breach involving Nike, and Reuters said it has not independently verified the authenticity of all the leaked data and was unable to immediately reach the World Leaks group for comment.

The timing and scale of the breach carry particular significance given Tata’s growing centrality to Apple’s manufacturing strategy. The company, which both supplies individual iPhone components and assembles complete devices as a contract manufacturer, has emerged as one of Apple’s most important manufacturing partners outside China, a shift that aligns closely with Indian Prime Minister Narendra Modi’s broader push to position the country as a global electronics manufacturing hub. That strategic bet appears to be paying off in measurable terms: according to research firm Counterpoint, India is on track to produce roughly 26% of the world’s iPhones in 2026, a dramatic increase from just 6% four years ago.

For both Apple and Tata, the breach strikes at the trust that underlies their expanding partnership at a particularly sensitive moment, as Apple continues to diversify its manufacturing footprint away from China and lean more heavily on Indian assembly and supply capacity. Reuters reported that Apple is actively investigating the incident and working with Tata on longer-term security measures intended to prevent similar breaches going forward, though the news agency noted the episode could nonetheless unsettle Apple’s confidence in the relationship.

The exposed documents also reportedly reveal more granular details about Apple’s broader sourcing strategy, including specific instances in which the company relies on multiple suppliers for a single component versus cases where it depends on just one or two vendors for a particular part. That kind of information is considered highly valuable competitively, since it effectively reveals where Apple’s negotiating leverage with suppliers is strongest and where the company may be more vulnerable to supply disruptions or price pressure from a limited pool of vendors.

With the iPhone 18 Pro and iPhone 18 Pro Max still on track for their expected unveiling in September, the leak adds an unusual layer of public scrutiny to a product cycle Apple typically manages with extraordinary secrecy. Apple has not commented publicly on the specific contents of the leaked files or on whether the exposure will affect the company’s design, supplier negotiations or launch timeline for the upcoming devices, leaving open questions about how significantly this breach might shape the company’s relationship with one of its fastest-growing manufacturing partners heading into one of its most closely watched product launches of the year.

State Bank of India (SBI) was Motilal’s preferred PSU pick for its all-round execution and healthy growth trajectory. It is also its top pick in the housing loans segment. “Among the PSBs, SBI remains the most aggressive, offering competitive pricing, improved TAT, and lending under the CGTMSE scheme. Lending based on the CGTMSE scheme involves continuous monitoring of stock reports, cash flows, and debtor lists, reflecting strong underwriting practices,” Motilal Oswal Financial Services said. It has a ‘Buy’ call on the shares of SBI, with a target price of Rs 1,300 apiece.

Shares of Cobram Estate Olives jumped Monday, climbing 33 cents, or 8.11%, to $4.40, pushing Australia’s largest extra virgin olive oil producer toward the upper end of its 52-week trading range as investors continued to bet on the company’s ability to capitalize on tight global supply and rising health-conscious demand for premium olive oil.

The gain extends a strong run for the stock over the past several months. Shares have climbed sharply from their 52-week low of $1.82, with the stock recently breaking above the $4 mark for the first time in some time after trading in a range closer to $3.60 to $3.95 for much of June. The rally has been significant enough to push Cobram Estate’s market capitalization to roughly $1.8 billion, with the stock now trading at a forward price-to-earnings ratio well above the average for Australia’s broader food industry, a premium analysts have generally attributed to the company’s structural growth story rather than near-term earnings alone.

Cobram Estate, formerly known as Boundary Bend Limited, owns Australia’s two top-selling homegrown extra virgin olive oil brands, Cobram Estate and Red Island, which together account for roughly half of all olive oil sold by value in Australian supermarkets. Founded in 1998 by Paul Riordan and Rob McGavin, the company has built what it describes as the largest vertically integrated olive oil operation of its kind, owning everything from olive groves and nurseries to mills, bottling facilities and a dedicated olive science laboratory. The company exports to 18 countries and has expanded its footprint significantly in the United States in recent years.

Much of the bullish sentiment surrounding the stock has centered on Cobram Estate’s positioning to benefit from ongoing supply disruptions in Europe, historically the dominant source of global olive oil production. Years of drought and extreme heat across major Mediterranean growing regions, particularly in Spain and Italy, have repeatedly squeezed European harvests, pushing global olive oil prices to elevated levels and creating an opening for diversified, geographically spread producers like Cobram Estate to capture market share, particularly in the lucrative U.S. retail and food-service channels. Analysts have pointed to the company’s year-round, multi-continent production base, spanning groves in Victoria, Australia, and California, as a structural advantage that allows it to smooth out the kind of single-region harvest volatility that has periodically hit European competitors.

That U.S. expansion strategy took a major step forward late last year when Cobram Estate entered into a binding agreement to acquire California Olive Ranch for approximately $170 million, a deal structured with $88.5 million in cash, $70 million in vendor notes and a $15 million earn-out payment. The acquisition cleared U.S. antitrust review in March and was expected to complete by the end of that month, giving Cobram Estate a substantially larger footprint in the American premium olive oil market. Management has projected the deal would be roughly 9% accretive to earnings per share starting in fiscal 2027, the first full year following integration of the two businesses.

The company’s broader financial trajectory reflects that growth ambition. Cobram Estate derives the majority of its revenue from Australian operations, with the country contributing roughly $177.6 million in revenue against $60.8 million from its U.S. business in recent reporting, though that balance is expected to shift further toward the U.S. as the California Olive Ranch integration progresses. Consensus forecasts have pointed to annual revenue growth approaching 36%, well ahead of the broader Australian market, alongside projected earnings growth in the mid-20% range annually, underpinning much of the optimism reflected in the stock’s recent climb.

Cobram Estate has continued to invest in its leadership team to support that expansion. The company recently appointed Toni Brendish, a veteran of blue-chip consumer goods companies including Kimberly-Clark and Colgate-Palmolive and former chief executive of Westland Milk Products in New Zealand, as a non-executive director, bringing decades of fast-moving consumer goods and agricultural sector experience to the board. The company also added Daniel Masters as a non-executive director, whose involvement helped structure the California Olive Ranch acquisition, including securing US$25 million in debt funding from AGR Partners to support the transaction.

Not every signal surrounding the stock has been uniformly positive. Some technical and valuation-focused analysts have flagged that the stock’s rapid appreciation has pushed it toward, or in some assessments beyond, estimates of its underlying fair value, with at least one widely cited model placing fair value modestly below recent trading levels, suggesting the market may currently be pricing in a more optimistic scenario than some conservative earnings forecasts would support. Other analysts have offered more cautious longer-term revenue and earnings projections, citing the risk that climate-driven cost pressures and the capital intensity of an aggressive U.S. expansion could squeeze margins even as top-line growth remains strong. The central swing factors most commonly cited by analysts tracking the stock include actual harvest outcomes across both Cobram Estate’s Australian and Californian growing regions in any given year, along with the risk that today’s elevated global olive oil prices and tight European supply could ease more quickly than currently anticipated, potentially narrowing the pricing advantage that has supported the company’s recent earnings momentum.

Cobram Estate has historically paid a single, partially franked annual dividend to shareholders, typically distributed in December, and offers a dividend reinvestment plan allowing investors to direct some or all of that payout toward purchasing additional shares rather than receiving cash. The company’s most recent annual dividend came in 36% higher than the prior year’s payout, reflecting the broader improvement in earnings that has accompanied its expanding operations.

Looking ahead, Cobram Estate is scheduled to report its full fiscal year 2026 results on Aug. 28, a release that will give investors a clearer picture of how effectively the company has converted its investments in U.S. production capacity, brand recognition and distribution into actual shelf space, sales volumes and sustained pricing power, particularly as the integration of California Olive Ranch progresses and global supply conditions in the broader olive oil market continue to evolve.

Shares of Vedanta Iron & Steel surged 10% to Rs 35.65 during Tuesday’s trading session, extending their winning streak to 11 consecutive sessions. The stock has now gained over 70% since its market debut earlier this month.

The company was listed on the NSE and BSE on June 15, 2026, following the Vedanta Group’s demerger. It debuted at Rs 20 per share on the NSE, giving it a market capitalisation of around Rs 7,821 crore. After the sustained rally, the company’s market value has nearly doubled to approximately Rs 13,941 crore.

Investor sentiment received an early boost after Azim Premji-backed Premji Invest’s PI Opportunities AIF V LLP acquired shares worth Rs 102 crore soon after the company’s market debut, signalling strong institutional confidence in the newly listed entity.

Vedanta Iron & Steel has outlined an ambitious growth strategy aimed at becoming a resource-backed integrated steel platform, leveraging its long-life iron ore reserves and operational integration. The company plans to expand capacity across key product segments, including ferro-silicon, ductile iron pipes, wire rods, and rebars.

Backed by nearly 4 billion tonnes of iron ore reserves and resources, which provide over 50 years of raw material security, the company is building an integrated business model designed to create long-term value across the iron ore and steel value chain.

The company operates across India and Africa, with businesses spanning iron ore exploration, mining, and processing. Its product portfolio includes steel, wire rods, TMT bars, pig iron, ductile iron (DI) pipes, ferro-silicon, cement, and metallurgical coke.
The sharp rally in Vedanta Iron & Steel shares appears to be driven by a combination of strong institutional buying and positive investor sentiment surrounding the Vedanta Group’s demerger. Market participants are increasingly betting on the value-unlocking potential of the standalone steel business, with sustained buying interest keeping the stock firmly in the upper circuit.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

UK Export Finance has fired the largest single shot in its century-long history, setting aside a fresh £50 billion to bankroll British defence exports at a moment when the world is rearming faster than at any time since the Cold War.

The new Defence Export Fund takes the government’s export credit agency from an £80 billion ceiling to a total capacity of £130 billion, with the additional £50 billion ring-fenced to support large-scale defence sales and shore up Britain’s competitiveness in a market that is expanding at remarkable speed. For an agency that has spent 100 years quietly underwriting the deals that keep British goods moving across borders, it is a statement of intent.

The timing is no accident. Global military expenditure climbed to a record $2.7 trillion in 2024, a 9.4 per cent year-on-year jump that, according to the Stockholm International Peace Research Institute, was the steepest rise since at least the end of the Cold War. Spending rose across all five of the world’s regions, driven by the war in Ukraine, conflict in the Middle East and a broad reappraisal of national security among Western governments. Allies are not only spending more, they are actively shopping for the kind of advanced capability that British industry is well placed to supply.

The mechanics are straightforward enough. UKEF will guarantee the bank loans taken out by British defence exporters as they fulfil contracts, and it will provide or back the financing extended to other countries buying British defence products. In practice that means a UK manufacturer can compete for a major overseas order knowing the financing is underwritten by the government, while the purchasing nation gets access to a competitive, state-backed payment package alongside the kit itself.

That combination, world-leading hardware paired with government-backed finance, is what ministers hope will tip large contracts in Britain’s favour. The fund is open to defence businesses of every size, from established prime contractors to the smaller firms looking to break into international markets for the first time, a constituency that has historically found export finance hard to navigate.

It is a theme UKEF has been building towards for some time. The agency has already widened its toolkit for smaller exporters, unveiling new products designed to help SMEs trade globally and to remove some of the friction that has long deterred first-time exporters from chasing overseas work.

The Defence Export Fund does not arrive out of nowhere. UKEF has been steadily deepening its defence portfolio, backing landmark deals that include air defence systems for Poland and Ukraine and submarine rescue vehicles for Indonesia, transactions that translate into skilled jobs and economic value spread across the UK rather than concentrated in a single region.

The numbers have grown accordingly. Defence transactions worth more than £5 billion are now routine for the agency, and it supported a total of £10 billion of defence business in the 2024/25 financial year alone. With that trajectory showing no sign of flattening, the new allocation is designed to let UKEF meet rising demand without running up against its own limits.

That ambition sits within a wider government push to treat defence not merely as a security obligation but as an engine of industrial growth. Westminster has moved to boost domestic weapons production and cut reliance on imports, while a separate drive aims to give smaller defence firms easier access to Ministry of Defence contracts. The export fund is the international-facing piece of that same strategy.

‘Allies are actively seeking what Britain can build’

Tim Reid, chief executive of UKEF, framed the move as a response to genuine demand from partner nations. “Security is a strategic priority for governments worldwide, and the UK’s defence sector offers pioneering capabilities that allies are actively seeking,” he said. “With billions of pounds available in new export financing, we are strengthening the sector’s global competitiveness while backing skilled British jobs and supporting long-term economic growth.”

The agency, which sets out its broader approach in its strategic financing for industrial growth, has set itself a clear target. By 2029 it aims to help UK firms win more than £12.5 billion of new export contracts through its finance offer, with defence expected to account for a growing slice of that total.

For Britain’s defence businesses, large and small, the message is that the financing constraint which once kept them on the sidelines of the biggest deals has been substantially loosened. Whether that translates into the contract wins ministers are banking on will depend, as ever, on the firms themselves. But the cheque book has rarely been bigger.

---

With geopolitical tensions easing and crude oil prices retreating to pre-war levels, investors are shifting their attention to the upcoming earnings season for the next market trigger. The June quarter results are expected to provide clarity on whether Indian companies can navigate input cost pressures while sustaining growth.

Speaking to ET Now, Pankaj Tibrewal from IKIGAI Asset said the investment environment has steadily improved over the past few months as several earlier headwinds have started turning into positives.

“We have been constructive since March. Crude prices have returned to pre-war levels, and the AI-led markets have seen a significant shakeout. The next big trigger for markets will be the first-quarter earnings,” he said.

Revenue Growth May Beat Expectations

While the Street remains cautious about margins because of elevated raw material costs, Tibrewal believes analysts are underestimating the potential for stronger revenue growth across Corporate India.

“The biggest disconnect is top-line growth. Many companies have already taken price hikes, and revenues could surprise positively, even if margins remain under pressure,” he said.
He expects operating leverage to cushion part of the margin impact and support earnings in several sectors.
Home Improvement Sector in Focus
Tibrewal identified the home improvement segment as one of the strongest opportunities, citing favourable industry dynamics in tiles and wood panels.

“Branded tile players are gaining market share as Morbi manufacturers struggle with higher gas costs. Dealer feedback points to a significant pickup in volumes,” he said.

He also expects strong performance from wood panel companies and sectors benefiting from import substitution.

“Chinese imports have reduced sharply in segments like MDF, while chemicals, textiles, engineering and auto ancillaries are also seeing improving momentum,” he said.

A Stock Picker’s Market
Rather than expecting gains across the board, Tibrewal believes investors should focus on businesses with strong earnings visibility. “This is a stock picker’s market. The opportunity lies in identifying sectors and companies where growth is clearly visible,” he said.

Nifty Earnings Growth Seen at 10–13%
Despite near-term cost pressures, Tibrewal expects double-digit earnings growth for the benchmark index this year, supported by banks and cyclical sectors.

“I do not think 10% to 13% Nifty earnings growth will be a challenge. Banking, metals and cement should all contribute meaningfully,” he said.

He also expects nominal GDP growth to drive stronger corporate revenues.

“Corporate India’s top-line growth should improve as nominal GDP remains healthy, and operating leverage will support earnings,” he said.

Demand Remains Healthy
According to Tibrewal, companies are no longer worried about weak demand despite higher prices. “Companies are not talking about demand destruction. The key challenges are supply chains and raw material costs, while demand remains reasonably good,” he said.

He remains particularly optimistic about the broader market.

“Many companies can compound earnings at 20% to 25% annually. That is where the best bottom-up opportunities lie,” he said.

Private Banks Offer a Contrarian Bet
Although foreign investor selling has weighed on banking stocks, Tibrewal believes the sector’s fundamentals remain among the strongest in years.

“Private banks are very attractively valued. The challenge is technical because FIIs have been persistent sellers,” he said.

He expects sentiment to improve once foreign selling subsides.

“Bank balance sheets are in the best shape they have been in for years. Once FII selling stops, banking stocks could quickly return to favour,” he said.

FII Flows Could Return
Tibrewal believes India could benefit if global investors rotate away from overheated AI-driven markets.

“I am hopeful FIIs will return in the second half of the fiscal year. India looks attractive in dollar terms, while the AI trade globally appears to be entering a mature stage,” he said.

With earnings season approaching, investors will closely watch whether stronger revenue growth and resilient demand can offset cost pressures and provide the next leg of the market’s rally.

This article was written by

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Americans preparing to hold a Fourth of July barbecue this weekend will face higher costs for their burgers and hot dogs amid stubborn inflation, a new report finds.

The American Farm Bureau Federation’s Summer Cookout Cost Survey finds that in 2026, a classic Fourth of July cookout for 10 people will cost $73.82, or about $7.38 per person. That amounts to an increase of $2.90, or 4% compared with a year ago.

The basket of goods used to measure the cost year to year includes cheeseburgers, chicken breasts, pork chops, potato chips, pork and beans, fresh strawberries, ingredients for homemade potato salad and fresh-squeezed lemonade, as well as chocolate chip cookies and ice cream.

“While this year’s total is the highest since Farm Bureau began conducting the summer cookout survey in 2016, the increase closely reflects broader inflation,” the group wrote.

INFLATION ROSE AGAIN IN MAY AS ELEVATED ENERGY PRICES SQUEEZE CONSUMERS

“The cost of the cookout basket rose about 4%, while overall inflation in the United States increased 4.2% over the 12 months ending in May,” the Farm Bureau said. “That means families are seeing higher prices at the grocery store, but this year’s cookout cost is generally moving in line with the broader economy.”

The report noted that the cost of the basket is little changed from a year ago when deflating the value using the consumer price index (CPI) inflation metric, with the cost of this year’s basket at $22.03 in 1982-84 dollars, slightly lower than the $22.06 observation using last year’s data.

That means that “while families are paying more dollars at checkout, the purchasing-power cost of the basket is nearly flat from last year,” the Farm Bureau added.

Among the food items in the basket, the report noted that several of the main proteins cost more as the two pounds of ground beef are up 5.5% to $14.06, which is the highest beef price recorded in the survey’s history. Drought has caused the size of the national cattle herd to trend to a 70-year low, while ranchers also face higher operating costs.

SUMMER STICKER SHOCK: THE 14% ‘BURGER TAX’ HITTING YOUR BACKYARD BBQ THIS WEEKEND

Chicken breasts are also 3.5% more expensive than last year, with two pounds now costing $8.06. Pork chop costs also rose 4.7% to $14.79 for three pounds, though they remain below the 2024 price despite this year’s rise.

Strawberries had some of the largest price increases in the basket of goods, with two pints costing $5.27, an increase of 12.4% from last year. The Farm Bureau attributed part of that to a damaging frost in Florida that impacted young plants this spring, as well as higher costs of labor, fuel, refrigeration and transportation.

Lemonade costs have risen 3.9% in the last year to $4.54 for 2.5 quarts, mainly due to the rise in the price of lemons, given sugar prices holding steady.

The largest increase of any item in the basket was pork and beans, which rose 13.8% to $3.06 for 32 ounces. The Farm Bureau noted higher aluminum costs contributed to the rise.

BANK OF AMERICA CARDHOLDERS CAN VISIT 250 MUSEUMS FREE DURING JULY 4 WEEKEND

Desserts were also more expensive than a year ago. The price of a pack of chocolate chip cookies rose 6.3% to $4.25, while a half-gallon of ice cream rose 5.3% to $5.99 from a year ago.

Two items tracked by the Farm Bureau declined in price, with potato salad dropping 17.8% from a year ago to $2.91 amid the decline in egg prices with the recovery of egg-laying flocks from an avian flu outbreak.

Potato prices have also contributed to a decline in both the cost of potato salad and bags of potato chips, which are down 0.8% from a year ago to $4.76 apiece.

The Farm Bureau’s analysis also noted that the cookout cost varies by region, with Americans in the West facing the highest cost at an even $80 this year, a figure which is $6 above the national average.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The other three regions in the analysis were below the national average of $73.82, with the Northeast the cheapest at $71.35, followed by the Midwest at $71.45 and the South at $72.08.