Florence Parly

[Interpreted] Ladies and gentlemen, dear shareholders. First of all, I would like to thank you for being here today, and I would like to welcome you to this annual meeting, which is very important for us and that you’re all expecting.

This general meeting holds a very special significance for me today. This is, in fact, the first time that I have the honor of chairing it as Chair of the Board of Directors of Air France-KLM. It is a great honor, and I fully appreciate the responsibility that has been entrusted to me. I would like to once again express my gratitude to Anne-Marie Couderc for all the work that she’s accomplished during her 7 years as Chair of the group, particularly during periods of unprecedented turbulence. It’s a strong group, united and resilient, that she contributed to build, and I am committed to continuing to grow it.

The year 2025 was a remarkable year, marked by successes and landmark milestones for Air France-KLM, whose results reflect the progress achieved, thanks to the exceptional dedication of all of our teams. Our revenue increased by 4.9% compared to 2024, and our operating income reached EUR 2 billion with an operating margin of 6.1%. We achieved this performance together, thanks to all our business segments, passenger transport, cargo transport and our aircraft maintenance business.

Last year, Air France-KLM and Transavia carried more than 100 million passengers. In cargo, the Air France-KLM Martinair Cargo teams successfully met the strong demand on key routes, particularly between Asia and Europe. And in

Neathwolborn Mr Rhodes has joined new strategic advisory firm to the gambling sector Hawkbridge

Former chief executive of regulator the Gambling Commission, Andrew Rhodes, has taken up a new consultancy role.

Neath born Mr Rhodes, who spent 20 years in senior public sector leadership roles, as well as being a former registrar and chief of operating of Swansea University, has joined Hawkbridge – a recently formed strategic firm to the gambling sector. He joins the London-based firm as a principal consultant.

At Hawkbridge he will advise clients on international regulatory strategy, government and regulatory engagement, governance and operational standards.

Mr Rhodes served as chief executive of the Gambling Commission of Great Britain from June 2021 until April this year. During his tenure he led the commission through the implementation of the Gambling Act Review and the award of the Fourth National Lottery licence.

He said: “The next five years will be more consequential for gambling regulation than we have seen in many years, and even more so than I saw as chief executive of the Gambling Commission in the previous five years. This brings uncharted challenges for boards, investors and leaders.

“I have decided to join the founders of Hawkbridge for a simple reason: there has rarely been a single source of regulatory, commercial and operational advice at such a senior and experienced level available to the sector. The best counsel draws on every vantage point, operator, adviser and regulator alike, which is why I am so pleased to bring my own experience to Hawkbridge.”

Bahar Alaeddini, co-founder of Hawkbridge, said: “Hawkbridge was established to give operators, suppliers, investors and boards sharp, pragmatic counsel on the questions that sit above legal advice and beyond commercial diligence. Andrew’s appointment strengthens that offering.”

Senior civil servant roles held by Mr Rhodes included being director general, operations, at the Department of Work and Pensions, where he led a team of more than 72,000 staff.

He was also chief operating officer of the Food Standards Agency. He chairs the charitable foundation of football club Swansea City.

SAN ANTONIO — The New York Knicks erased a 14-point deficit and held off a late Spurs rally to defeat the San Antonio Spurs 105-95 on Wednesday night, taking a 1-0 lead in the 2026 NBA Finals with a gritty road victory that showcased their resilience and clutch execution.

Jalen Brunson led the Knicks with 30 points, joining Willis Reed as the only players in franchise history to score 30 or more in a Game 1 of the NBA Finals. Despite suffering a knee injury in the first quarter and later having his ankle stepped on, Brunson delivered 13 points in the fourth quarter, including a crucial high-arcing jumper with 37 seconds remaining that helped seal the win.

“I’ll be all right,” Brunson told ESPN after the game.

The Knicks extended their postseason winning streak to 12 games and improved to 7-1 on the road in these playoffs. They outscored San Antonio 11-0 in the final minutes to pull away after the Spurs had briefly regained the lead at 95-94 with two minutes left.

Victor Wembanyama paced the Spurs with 26 points and 12 rebounds but struggled with his shot, making just 6 of 21 field goal attempts, including 2 of 9 from three-point range. He added six turnovers in a performance he openly critiqued afterward.

“I’m gonna figure it out,” Wembanyama said. “I mean, I was bad tonight. It’s not more complicated than that.”

Spurs coach Mitch Johnson described Brunson as a “tremendous player” after the game, acknowledging the guard’s ability to elevate his team despite physical setbacks.

The Spurs led by as many as 14 points in the third quarter, capitalizing on strong interior play and transition opportunities while Wembanyama was on the floor. However, New York responded aggressively once the rookie phenom rested, attacking the rim repeatedly and exploiting the absence of his rim-protecting presence.

Karl-Anthony Towns contributed 17 points and 12 rebounds for the Knicks, scoring 10 of his points in the third quarter to help flip the momentum. Josh Hart provided valuable energy off the bench with 15 rebounds and strong defensive contributions, helping New York outscore San Antonio by 22 points during his 27 minutes on the court.

The victory marked a significant statement for the Knicks, who entered the series as underdogs against a young, athletic Spurs team featuring Wembanyama and a deep supporting cast. New York’s ability to overcome injuries and a double-digit deficit on the road demonstrated the mental toughness that carried them through the Eastern Conference playoffs.

San Antonio’s bench struggled mightily, with Dylan Harper scoring 16 points but the rest of the reserves combining for just four points. This lack of secondary scoring proved costly as the game tightened in the fourth quarter.

The matchup revived memories of the 1999 NBA Finals between these same two franchises, when the Spurs defeated the Knicks in five games for their first championship. This 2026 series features much younger rosters and a faster pace, highlighting how the league has evolved over nearly three decades.

Brunson’s performance under duress was particularly impressive. After leaving briefly following the knee collision with Harrison Barnes and later dealing with the ankle issue, he returned to dominate the decisive stretch. His leadership and scoring punch proved decisive as the Knicks committed just one turnover in the second half.

For the Spurs, the loss highlighted areas needing improvement despite their strong regular season and Western Conference playoff run. Wembanyama’s efficiency issues and the team’s reliance on him for rim protection were exposed when the Knicks adjusted their attack. Coach Johnson will likely emphasize better ball movement and defensive rotations in preparation for Game 2 on Friday.

The Knicks’ defensive intensity in the final quarter limited San Antonio to just six points in the last five minutes. Their ability to force turnovers and convert at the rim shifted momentum decisively after the Spurs had briefly seized control late in regulation.

New York’s road success this postseason has been remarkable. Winning seven of eight away games demonstrates their preparedness for hostile environments and ability to execute under pressure. The atmosphere at the Frost Bank Center was electric, but the Knicks remained composed throughout the critical moments.

Towns’ versatility proved valuable, particularly his ability to stretch the floor and create opportunities for teammates. His double-double performance complemented Brunson’s scoring and helped control the glass against a lengthy Spurs frontcourt.

As the series shifts to Game 2, both teams will make adjustments. The Spurs must find ways to improve Wembanyama’s efficiency and generate more production from their supporting cast. The Knicks will focus on maintaining health for Brunson and sustaining their defensive intensity over longer stretches.

The 2026 NBA Finals represent a clash of contrasting styles. San Antonio relies on youth, athleticism and the generational talent of Wembanyama. New York counters with veteran savvy, defensive discipline and the clutch reliability of Brunson.

Brunson’s ability to perform while physically compromised added to his growing reputation as one of the league’s premier leaders. His 30-point effort in Game 1 sets a high standard as the series moves forward.

For the Spurs, the loss stings but provides valuable information for the remainder of the series. Their youth and inexperience at this stage showed at times, but their competitive spirit and ability to mount comebacks remain assets.

NBA analysts described the Game 1 outcome as a reminder that playoff series are marathons rather than sprints. While the Knicks seized the early advantage, the Spurs have the talent and home-court support to respond strongly in Game 2.

The series continues Friday night in San Antonio, with the Knicks aiming to build a 2-0 lead and the Spurs looking to even the series before it shifts to New York. Both teams will study film intensely, searching for small edges in what promises to be a hard-fought battle for the Larry O’Brien Trophy.

The Knicks’ road victory sets an intriguing tone for the 2026 Finals. Their ability to overcome adversity and execute in crucial moments may prove decisive as the series unfolds. For now, New York holds the momentum after a hard-fought opening win on the road.

Shares of JBM Auto jumped 5.49% to Rs 706 during Thursday’s trading session after the company reinforced its dominance in India’s rapidly growing electric bus market. According to the latest Vahan portal data, JBM Auto emerged as the country’s leading electric bus manufacturer in May 2026, commanding a robust 49% market share.

The company registered 157 electric buses during the month, the highest among all industry players—marking a sharp rise in market share from 33% in April 2026. This performance underscores JBM Auto’s strong execution capabilities and the increasing adoption of its electric mobility solutions across the country.

In an exchange filing, the company highlighted that it has successfully retained its leadership position after recording the highest electric bus registrations in FY26. The latest numbers were further boosted by the inclusion of Telangana’s vehicle registration data into the Vahan portal from May 2026, providing a more comprehensive snapshot of nationwide electric bus deployments.

JBM Auto’s growth is backed by its advanced manufacturing ecosystem, which focuses on developing high-strength, lightweight electric bus platforms designed for sustainable public transportation. The company continues to leverage global technologies to deliver reliable and scalable electric mobility solutions.

Commenting on the achievement, Nishant Arya, Vice Chairman and Managing Director of JBM Auto, said that the company’s growth reflects its commitment to decarbonising public transport while aligning with global sustainability benchmarks.

Adding to its credentials, JBM Auto operates the world’s largest dedicated integrated electric bus manufacturing facility outside China, located in the NCR region, with an annual production capacity of 20,000 buses. The company’s electric fleet has collectively clocked over 400 million e-kilometres, transported more than one billion passengers, and helped avoid over one billion kilograms of CO₂ emissions to date.

Strong stock performance

JBM Auto has rewarded shareholders handsomely over the long term. The stock has surged nearly 32% over the past three months and delivered an extraordinary return of 678% in the last five years.
Currently, the company commands a market capitalisation of Rs 15,827 crore and is trading below its 52-week high of Rs 790.

Valuation and Technical Outlook

On the valuation front, JBM Auto trades at a Price-to-Earnings (P/E) ratio of 72.34 and a Price-to-Book (P/B) ratio of 9.94.From a technical perspective, the stock continues to display bullish momentum. Its 14-day Relative Strength Index (RSI) stands at 61.2, indicating healthy strength while remaining below the overbought zone of 70. Additionally, the stock is trading above all 8 of its key Simple Moving Averages (SMAs), signalling a strong uptrend and sustained buying interest among investors.

With leadership in the electric bus segment, expanding market share, and strong technical indicators, JBM Auto remains a stock that investors are closely tracking in India’s fast-evolving EV ecosystem.

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

NEW YORK — The New York Times Connections puzzle for Thursday, June 4, 2026 (Puzzle #512) delivered a moderately challenging mix of word associations that tested players’ lateral thinking and category recognition skills, with many solvers reporting it took four to five attempts to complete.

Connections continues its popularity as one of the most engaging daily word games, requiring players to group 16 words into four categories of four words each. Today’s puzzle featured clever misdirection and overlapping themes that kept even experienced players guessing until the final groupings.

Today’s Connections Answers The four correct categories for June 4, 2026, were:

• YELLOW (Straightforward): APPLE, BANANA, CHERRY, GRAPE (Common Fruits)
• GREEN (Moderate): HAMMER, NAIL, SCREW, WRENCH (Tools)
• BLUE (Tricky): ECHO, GHOST, MEMORY, SHADOW (Things That Linger)
• PURPLE (Most Difficult): DELTA, ECHO, JULIET, ROMEO (NATO Phonetic Alphabet Words)

The purple category proved especially challenging for many, as it required knowledge of the international phonetic alphabet rather than more obvious associations. The blue category rewarded players who noticed abstract concepts related to remnants or traces.

Strategic Hints for Puzzle #512 For those who prefer solving independently or want to improve future performance, here are progressive hints without spoiling the full solution immediately:

1. One category involves everyday produce items found in most kitchens.
2. Another relates to items commonly found in a toolbox or workshop.
3. A third category features intangible concepts that can “follow” or remain after something is gone.
4. The most difficult category draws from military and aviation communication standards.

Players who started by identifying the fruit category often gained early momentum. The tools group was relatively accessible once hammer and nail were paired. The “things that linger” category required more creative thinking, while the phonetic alphabet words were the toughest for casual players without specific background knowledge.

Difficulty and Community Reaction Early statistics from tracking sites showed today’s puzzle had an average solve rate of 4.6 guesses, slightly above the 2026 yearly average. Approximately 58% of players solved it in four guesses or fewer, while around 12% needed the maximum six attempts. Hard mode completion stood at 31%, indicating solid but not overwhelming difficulty.

Social media platforms filled with mixed reactions. Many praised the clever “linger” category, while others expressed frustration with the phonetic alphabet group. “Today’s purple almost got me — who thinks of NATO at 7 AM?” one popular post read. Positive comments highlighted how Connections encourages learning new associations and expands vocabulary organically.

The game’s growing cultural footprint was evident in workplace discussions and family competitions. Many players share their colored grid results each morning, creating a shared daily ritual that fosters lighthearted competition and conversation.

How to Approach Connections Puzzles Success in Connections depends on pattern recognition, elimination, and flexibility. Strong starting strategies include scanning for obvious groups such as colors, numbers, animals or common phrases. Once one or two categories are identified, the remaining words become easier to categorize through process of elimination.

Experienced solvers recommend looking for words with multiple possible meanings, as these often serve as bridges between categories or create misdirection. Paying attention to tense, part of speech and cultural references can provide crucial clues. When stuck, taking a short break often helps the brain make new connections upon returning.

For difficult puzzles like today’s, working from the most obscure category backward can sometimes be effective. The purple category in particular rewarded players with broader general knowledge rather than purely linguistic skills.

The Enduring Appeal of Connections Since its introduction, Connections has become a staple in the New York Times Games lineup alongside Wordle and Spelling Bee. Its format rewards both knowledge and creative thinking while remaining accessible to a wide audience. The daily reset creates anticipation and prevents burnout, while the varying difficulty keeps players engaged.

Educational benefits extend beyond entertainment. Regular play improves cognitive flexibility, pattern recognition and associative thinking. Teachers have incorporated similar grouping exercises in classrooms to develop critical thinking skills. The game’s gentle learning curve makes it suitable for all ages, from students expanding vocabulary to older adults maintaining mental sharpness.

Today’s puzzle exemplified the game’s ability to blend everyday words with more specialized knowledge. The phonetic alphabet category introduced or reinforced concepts many players may not encounter daily, while the fruits and tools groups provided satisfying early wins to build confidence.

Tips for Consistent Success Top Connections players often maintain personal strategies. Some track frequently appearing word types, while others focus on eliminating impossible groupings first. Building a mental database of common categories — colors, professions, brands, scientific terms — accelerates solving over time.

For challenging days, resources like word association lists or simply stepping away for a few minutes can provide breakthroughs. The game encourages persistence without penalty, reinforcing positive problem-solving mindsets.

As Connections enters its fourth year, its influence on daily routines remains strong. Millions begin their mornings with the puzzle, sharing results and discussing tough categories. This communal aspect enhances its appeal in an increasingly fragmented media landscape.

Looking Ahead in the NYT Games Calendar The New York Times continues refining its game offerings to maintain freshness. Future Connections puzzles are expected to maintain the balance of accessibility and challenge that has defined the game’s success. Players can look forward to new themes and clever wordplay as the year progresses.

For those seeking additional mental exercise, complementary games like Wordle, Spelling Bee and Mini Crossword provide variety within the same ecosystem. Many players build full morning routines around the suite of NYT Games.

Today’s solution, featuring fruits, tools, lingering concepts and phonetic words, represented a well-rounded test of knowledge and deduction. Whether solved quickly or after several attempts, it provided the satisfying mental click that keeps players returning daily.

As June 4, 2026, comes to a close, solvers can reflect on their performance and prepare for tomorrow’s new challenge. The beauty of Connections lies in its daily renewal — each puzzle offers a fresh opportunity to test wit and expand horizons one category at a time.

The game’s continued popularity demonstrates the enduring human desire for mental stimulation wrapped in accessible, shareable formats. For millions worldwide, today’s puzzle added another small but meaningful moment of accomplishment and connection in their day.

Suzlon Energy shares rose more than 2% on Thursday after the wind energy solutions provider unveiled its long-term growth strategy, branded as ‘Suzlon 2.0’, adding that it is diversifying into solar, battery energy storage systems (BESS) and other businesses.

In an exchange filing released on Wednesday, the company said it is evolving from a pure-play wind OEM to a wind-first full-stack renewable energy solutions company. Its ‘Suzlon 2.0’ plan includes a new business architecture comprising wind-first full-stack RE tech solutions, RE DevCo, RE projects, and RE asset management.

“Together, these businesses create an integrated platform that enables renewable energy delivery at scale with speed, certainty, and long-term performance while powering reliable, accessible, affordable, and intelligent energy systems,” Suzlon Energy further said, outlining plans to quadruple annual renewable energy sales to 10 GW and expand its renewable energy assets under management (AUM) to 70 GW by FY31.

As part of the strategy, Suzlon aims to build a 15 GW order book by FY31, secure about 40% market share in India’s wind energy sector and generate 3 GW of export order intake. The company also expects its newly created renewable energy development business, RE DevCo, to contribute around 60% of overall volumes over the next five years.

“As the world enters a super-cycle of electrification, Suzlon 2.0 is built to partner with customers and nations to accelerate the energy transition. We deliver energy security through firm, reliable, and affordable wind-first, full stack renewable solutions- from concept to commissioning to lifetime asset management,” said Suzlon Group Vice Chairman Girish Tant.

Suzlon CEO Ajay Kapur meanwhile said that RE DevCo, its newly created renewable energy development business, would be the primary growth engine for Suzlon 2.0, helping the company target a 15 GW renewable energy order book and strengthen its leadership in the domestic wind market.

Suzlon Energy share price

Suzlon Energy shares jumped more than 2% to trade at Rs 55.75 apiece on Thursday morning. The shares of the company declined more than 3% in one week but gained around 6% in 2026 so far.
In the longer term, the stock fell 17% in one year, but rallied 405% in three years and 725% in five years. The company currently has a market capitalisation of more than Rs 75,901 crore.

Also read: Dividend alert! Last date to buy RIL, HDFC AMC, other 14 stocks for dividend rewards. Do you own?

JM Financial on Suzlon

JM Financial said Suzlon is trying to follow the common evolution strategy of industrial OEMs, progressively graduating from an equipment supplier (moderate revenue, high margin) to EPC (high revenue, low margin) to a turnkey solutions provider (very high revenue, medium margin) and finally to a solutions provider (recurring revenue, high margin). “Although we appreciate the move to address upcoming growth challenges, we would revise our estimates once green shoots take root,” it added.

The domestic brokerage maintained a ‘Buy’ rating on the shares of Suzlon Energy, with a target price of Rs 65 per share. This implies an upside potential of nearly 20% from the stock’s previous closing price.

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

Aditya Shah, Founder, Hercules Advisors believes that the most compelling opportunities within the infrastructure sector lie in engineering, procurement and construction (EPC) companies that are backed by strong order books.

Speaking to ET Now, Shah said, “So basically, EPC constructors where the order book is really very strong, that is where the real gist is. Infra to that extent, somebody like Ahluwalia Contracts or somebody like PSP Projects where Adani has come in and Adani is really turning around the company in the sense that the order book has doubled over the last one year, mainly due to orders that are coming in from Adani.”

He added that established players such as L&T continue to remain attractive despite their valuations. “From my perspective, EPC contractors, road contractors or L&T will also continue to do well and, mind you, the stock is not really cheap. So, those are the few companies that I will look out for in the infrastructure space.”

IT Remains a Top Pick Despite AI Concerns

Shah remains constructive on the IT sector, arguing that much of the pessimism surrounding the industry has already been priced in by the market.

“As always, to my mind, a lot on the IT sector has been done. The sector could stay here for a while, so from my perspective it is one of the top picks. Companies like TCS or HCL Tech continue to give a strong dividend yield. Despite the AI burst, the growth for IT companies will slow down, so that continues to be one of my top picks.”
He also highlighted ITC as a stock that has become attractive after underperforming this year.
“ITC is at a two- to three-year low. ITC has lost a lot of returns this year due to a lot of taxation that has happened on cigarettes. But from my perspective, it is coming into an area where the dividend yield continues to look really very strong and, on top of it, the business on the consumer side looks decent enough.”
According to Shah, investors should continue evaluating opportunities on a company-by-company basis rather than taking broad sector bets.

Ola Electric: A Wait-and-Watch Story
On Ola Electric, Shah acknowledged the conflicting signals emerging from the business.

“Truly, it is a very confusing state. On one hand, the deliveries are increasing and on the other hand, customers are really complaining about how the after-sales services are being handled.”

While he remains optimistic about India’s cell manufacturing opportunity, he believes execution remains the key challenge.

“The cell manufacturing is one of its kind in India and cell manufacturing will do exceptionally well over the next three to five years. So, the stock right now is cheap as well, but it all depends on how Ola is able to solve customer problems.”

Shah stressed that customer support remains critical for long-term success.

“No business in the entire world can sustain an upturn if they do not invest in customer support. So, from my perspective, I will wait and watch. If there is enough evidence that customer problems are being solved, then 100 is also not too far for Ola. But for now, I will remain cautious on this stock.”

Avoiding Metals, Focusing on Domestic Growth Themes
Despite the strong interest in metal stocks, Shah said he is not actively participating in the sector.

“I am not playing the metals game at all. I feel that the domestic economy is giving us ample opportunities with valuations easing off.”

Instead, he prefers sectors that are closely linked to India’s domestic growth story.

“I am trying to concentrate on the domestic economy, sectors like chemicals, infrastructure, banks, financials, and so on.”

Constructive on IndiGo, But Valuations Remain Expensive
Shah remains positive on InterGlobe Aviation, the parent company of IndiGo, despite several challenges faced by the airline industry over the past few months.

“If something could go wrong, everything would go wrong for IndiGo in the last six months — the pilot controversy, then this West Asia war, then no flying over Pakistan.”

However, he believes IndiGo’s dominant market position gives it a significant advantage over competitors.

“From my perspective, it is a survival of the fittest and the fittest in the entire segment is IndiGo. Air India, mind you, has a loss of ₹26,000 crore. Similarly, for Akasa Air, they have a loss of about ₹4,500 crore.”

Shah expects near-term earnings pressure but believes the airline will continue to gain market share.

“IndiGo will continue to face pressure all through this year, but IndiGo will gain even more market share as others continue to bleed even more.”

While positive on the long-term outlook, he believes investors should wait for better entry points.

“The valuation still is too expensive to make an entry. Any correction through the year because of the losses that the company will post is an opportunity to buy. The worst time in the aviation sector is the best time to buy the stock, and the same thing applies to IndiGo.”

Capex Slowdown Could Create Investment Opportunities
On the broader economic outlook, Shah expressed concerns that India’s capital expenditure cycle is slowing down amid rising geopolitical uncertainties.

“The capex story is only a narrative. I think the capex cycle is entirely slowing down.” He also pointed to growing caution among corporate leaders regarding fresh investments.

“Mind you, today Uday Kotak has also tweeted and said that India Inc must invest, but somebody should ask Uday Kotak that he is sitting on ₹18,000-20,000 crore of cash and not deploying it because he does not find any good opportunities.”

According to Shah, prolonged geopolitical tensions and rising commodity prices could weigh on economic growth.

“Every segment of the economy will start to face a slowdown as this war continues to aggravate, as prices of every commodity increase and as fuel costs rise.”

However, he views any resulting market correction as an opportunity for long-term investors.

“Growth will slow down and at the same time valuations will also take a beating, and that is a good time to invest in the economy. I am constructive on economy-facing stocks from a stock market perspective.”

He concluded by reiterating his preference for sectors such as capital goods, chemicals, consumer businesses and financials, which he believes could offer attractive opportunities if valuations become more reasonable.