TUCSON, Ariz. — The FBI has determined that all three ransom notes circulated in connection with the disappearance of Nancy Guthrie, the 84-year-old mother of “Today” show co-anchor Savannah Guthrie, are fraudulent, a bombshell development first reported Tuesday by Reuters that strips away the central kidnapping-for-ransom narrative that has dominated five months of public coverage and family appeals.

An anonymous FBI official told Reuters the FBI assessed the authenticity of two ransom notes reported in early February, just days after Guthrie vanished, and a third, more recent ransom note that claimed to know the identities of her kidnappers.

“None of the ransom notes are believed to be genuine,” the FBI source told the publication.

A second law enforcement source familiar with the matter confirmed the FBI’s assessment that the ransom notes were not genuine. The official spoke on the condition of anonymity because of the ongoing nature of the investigation, and the FBI did not elaborate publicly on the specific methods used to reach its conclusions.

The revelation fundamentally reshapes the publicly understood picture of what happened to Nancy Guthrie after she was last seen at her Tucson, Arizona, home on the night of Jan. 31. The Guthrie family, responding to what they believed were genuine communications from kidnappers, made repeated public pleas to the alleged abductors in the weeks following her disappearance, with Savannah Guthrie telling them in one video message posted to social media, “we will pay.” Those appeals, posted alongside her siblings Camron and Annie Guthrie, were premised on the assumption that the ransom demands were real and that Nancy Guthrie was alive in the custody of those who had taken her. The FBI’s determination that all three notes were fabricated removes that premise entirely.

The first note, reported by TMZ, demanded a sum of cryptocurrency in the millions, setting two deadlines for payment on Feb. 5 and Feb. 9. TMZ also reported receiving nearly a dozen emails from the same man, with the first email sent just days after the abduction, saying he would divulge information in exchange for one bitcoin. The following day, the same sender wrote again saying time was “no longer of the essence,” suggesting Nancy had died after being taken to Mexico.

According to the FBI official who spoke to Reuters, investigators determined that the first two notes originated from the same sender, though the methods used to establish that connection were not disclosed. To test the authenticity of the first note and potentially identify those responsible, the FBI deposited a small amount of cryptocurrency into the account specified in the message. Those funds remained untouched and were never withdrawn, a finding that became a key piece of evidence supporting the conclusion that the sender had no actual connection to Guthrie’s disappearance.

The second note claimed Guthrie had died and was “buried in nature,” sources close to the investigation told NewsNation’s Brian Entin. That note, which was sent to KOLD, the NBC News affiliate in Arizona, had previously been described by NBC News as potentially credible, citing three people familiar with the situation. The FBI’s determination that it too was a fabrication represents a significant reversal from how the correspondence had been characterized in media coverage over the preceding weeks.

The third and most recent note was an email sent to TMZ claiming the sender possessed video evidence of the alleged abductor and of Guthrie on the day of her death, along with information that could identify the kidnappers. Pima County Sheriff Chris Nanos had publicly expressed skepticism about that communication before Tuesday’s FBI determination, voicing doubt about its authenticity on a local radio station shortly after it surfaced.

“People who call in fake ransom notes, people who claim for the sake of media and the family, they get out and disturb, in this case, an entire neighborhood,” Nanos said.

The Pima County Sheriff’s Department, which is leading the overall investigation in coordination with the FBI, declined to comment directly on Tuesday’s findings. Sheriff’s spokesperson Angelica Carrillo referred all questions about the ransom notes to federal authorities and confirmed only that the investigation remains active.

“We don’t have any updates, other than this is still an active investigation,” Carrillo said. She added that DNA samples and video evidence collected during the investigation remain under forensic examination.

With the ransom note narrative now formally closed by the FBI’s determination, the case returns its focus entirely to the physical evidence collected at the scene of Guthrie’s disappearance. Authorities have confirmed that blood found on the front porch of her Tucson home belonged to her based on DNA testing. Surveillance footage recovered from a doorbell camera, retrieved from corrupted backend server data after the camera itself was tampered with, showed a masked individual approaching the property in the early morning hours of Feb. 1, shortly before Guthrie’s pacemaker app recorded a disconnection from her phone at 2:28 a.m. A separate piece of DNA evidence, recovered from a glove found near the home that resembled the one worn by the masked figure in the footage, failed to match any profile in the FBI’s national CODIS database, prompting investigators to pursue genetic genealogy testing as an alternative path toward identification.

No suspects have been publicly named or arrested in the case. The FBI has offered a reward of up to $100,000 for information leading to Guthrie’s location or to the arrest and conviction of those responsible. The Guthrie family separately offered an additional $1 million reward, bringing the total to $1.1 million. Neither the FBI nor the Pima County Sheriff’s Department has publicly confirmed whether Guthrie is believed to be alive, and Savannah Guthrie herself has acknowledged the possibility that “she may already be gone” while continuing to hold onto hope publicly.

The case has drawn national attention for months, driven in large part by Savannah Guthrie’s visible public role as a sitting anchor at one of American television’s most watched morning programs. Her repeated on-air appeals for information, continued even as she maintained her professional duties at the “Today” show, kept the case in the public eye throughout the investigation’s most active stretch, including during Tuesday’s broadcast when she again referenced the family’s $1 million reward and described the ongoing ordeal as one of “agony.”

With all three ransom notes now formally dismissed as fabrications, investigators face the sobering challenge of pursuing a case that has produced significant physical evidence, including blood, video footage and a DNA sample, but has yet to yield a named suspect or confirmed account of what happened to an 84-year-old woman nearly five months after she vanished from her home in the early hours of a February morning.

Polished Marble Floor Tile is a timeless choice for elevating the aesthetics of any interior space. Its luxurious appearance and natural shine make it a popular choice in home improvement and interior design.

However, maintaining the beauty of marble requires specific knowledge and care to ensure its longevity. This article will guide you through the essential practices to keep your marble floors looking stunning for years. From cleaning techniques to restoration strategies, we’ll cover everything you need to know about preserving the elegance of polished marble.

How to Care for Polished Marble Floor Tile

Caring for polished marble begins with understanding its unique characteristics. Marble is a porous natural stone, meaning it can absorb liquids and stains if not properly sealed. Regular sealing is a critical step in maintaining its appearance and preventing long-term damage. The Polished Marble Floor Tile from Zia Tile is an excellent choice for those seeking both beauty and durability in their flooring.

Incorporating a finishes schedule, which is a detailed plan of how often surfaces need maintenance, can help keep track of when your marble tile needs resealing. Typically, marble should be resealed every 6 to 12 months, depending on the foot traffic in the area.

Daily care involves sweeping with a soft-bristle broom to remove debris that can cause scratches. For more thorough cleaning, a pH-neutral cleaner specifically designed for marble is recommended to avoid any acidic reactions that can damage the stone.

Essential Cleaning Techniques for Marble Surfaces

To maintain the pristine look of your marble floors, employing the right cleaning techniques is essential. Use a microfiber cloth or mop for dusting, as these materials are gentle yet effective in capturing dust particles without scratching the surface. When mopping, ensure the mop is damp, not soaking wet, to avoid water seeping into the grout lines.

Marble surfaces can benefit from the use of a mood board during the design phase, which is a visual tool that helps in selecting complementary colors and materials. Consider using gentle cleaning agents that do not contain harsh chemicals or abrasives, as these can strip the marble of its natural sheen.

For stubborn stains, a paste made from baking soda and water can act as a poultice to draw out the stain. Apply the paste to the stain, cover it with plastic wrap, and let it sit for 24 hours before wiping clean. This technique can help maintain the color rendering of the marble, preserving its natural beauty.

Preventing Scratches and Damage on Marble Floors

Preventing scratches and damage is crucial for maintaining the allure of marble floors. One effective strategy is to use furniture pads or FF&E (furniture, fixtures, and equipment) solutions to minimize the impact of heavy objects on the floor. Additionally, placing rugs or runners in high-traffic areas can reduce wear and tear.

Another consideration is the use of sustainable design practices, which incorporate environmentally friendly materials and methods into your home. Choosing eco-friendly mats and rugs can protect your marble floor while aligning with greener building practices.

To further safeguard your marble, avoid dragging heavy objects across the floor. Instead, lift and carry items or use a dolly with inflatable tires that can easily roll over the surface without causing damage.

Restoration and Maintenance for Longevity of Marble Tiles

For marble floors showing signs of wear, restoration can rejuvenate their appearance. This process often involves professional polishing, which uses specialized equipment to buff out scratches and restore the tile’s shine. Engaging professionals who understand the intricacies of marble restoration ensures the best results.

Periodic maintenance should also include a site plan review, which assesses the current condition of the flooring and identifies areas that may require attention. A comprehensive spec book can guide you through the necessary steps for ongoing care, outlining everything from cleaning products to restoration procedures.

Considering acoustic treatment in rooms with marble floors can enhance the overall environment by reducing noise, creating a more pleasant living space. This is particularly beneficial in open-plan designs where sound can travel more freely.

Conclusion

Maintaining the beauty of Polished Marble Floor Tile requires consistent care and attention to detail. By following proper cleaning techniques, preventing damage, and engaging in regular maintenance, you can ensure that your marble floors remain a stunning feature of your home. Embrace these strategies to enjoy the timeless elegance of marble for years to come.

Mumbai: Shapoorji Pallonji (SP) Group would use a part of its 18.37% Tata Sons equity to launch a ₹25,500-crore bond issue Monday, multiple people familiar with the high-yield fundraising told ET.

Its terms require that within 18 months of the issue, either Tata Sons announces an initial public offering (IPO), or SP Group reaches a settlement with the Tata holding company on its ownership.

“The bond’s terms themselves acknowledge that monetisation of the Tata Sons stake is central to repayment,” said a banking industry official. “Central bank clarifications on indirect public funds and asset-based classification of NBFCs increase the likelihood of a Tata Sons listing, which, while not guaranteed, provides incremental comfort on SP Group’s ability to monetise its biggest asset over time.”

Last Wednesday, the central bank implemented a new definition for systemically important non-banking financial companies, called upper-layer NBFCs, bringing such entities with assets exceeding ₹1 lakh crore under the umbrella that requires mandatory public listing of shares. The move appears to have all but shut the door for the parent of the country’s largest business group to remain privately held.
Tata Sons, with an asset base of more than ₹1.75 lakh crore, was classified as an NBFC-UL on the asset-based framework that replaced a complex metric. The company’s majority owner, Tata Trusts, earlier passed a resolution saying Tata Sons should remain unlisted. Two of its vice chairmen-Venu Srinivasan and Vijay Singh-have subsequently said in public statements that a listing would be a positive outcome.

Clarity on ‘Public’ Funds
Their public comments have become a source of discord among trustees, including chairman Noel Tata, who has firmly opposed a listing. In the revised NBFC-UL framework, RBI has clarified that indirect public funds include money received through associates and group entities that themselves have access to public funds.
The clarification removes the scope for companies to argue they are outside the definition of public funds merely because group companies who invested in them did not borrow debt for such investment. The clarification comes a week after RBI briefly omitted the definition from its June 24 revised NBFC-UL framework before restoring it in the updated circular effective July 1.“RBI had also clarified this issue in FAQs dated April 29 that if a group company has invested in an NBFC and it has access to public funds, then such an NBFC will be considered to have access to public funds,” said an investor in the existing series of SP Group bonds.

Tata Sons meets this criterion as group companies have access to public funds invested in Tata Sons rights issue, said this investor. SP Group will likely pay 18.95% for the series of bonds to primarily refinance existing debt. “The bond issue will be launched on Monday, with settlement likely in the following week,” said a person familiar with the development. A spokesperson at SP Group did not respond to ET’s mailed requests for a comment.

‘DELEVERAGING’ TARGETS
The zero coupon, unlisted and unrated non-convertible debentures (NCDs) will be issued by Eqvizen Investment, while Cyrus Investments will pledge Tata Sons shares as collateral.

The financing also includes a deleveraging covenant requiring repayment of at least Rs 13,500 crore within 24 months of issuance. Failure to meet the repayment obligation would constitute an event of default, providing investors with additional safeguards.

The issue is part of SP Group’s refinancing exercise against its Tata Sons stake, including borrowings raised by Goswami Infratech. The refinancing, originally targeted for completion by the end of April, was delayed to July after market volatility triggered by the US-Iran conflict disrupted execution, prompting the group to seek additional time from creditors as debt maturities approached.

Central banks rarely mention silver in their official communications. Their press conferences focus on inflation, employment, and the policy rate, with the occasional nod to financial stability and currency markets.

Yet anyone who has watched the silver price move through a full rate-hiking and rate-cutting cycle at SD Bullion or any other reputable chart knows that monetary policy is doing more of the work than the headline numbers suggest. The relationship is indirect, sometimes delayed, and always eventually unmistakable.

The Real Interest Rate Channel

The cleanest link between central bank policy and silver runs through real interest rates, which are simply nominal rates minus expected inflation. When a central bank holds nominal rates below the rate at which prices are rising, the real rate is negative, and holding cash becomes a slow loss of purchasing power. Non-yielding assets, including silver, benefit because the opportunity cost of owning them has collapsed. When the central bank then cuts nominal rates further, as has happened repeatedly since mid-2025, the silver price tends to respond by grinding higher.

The Federal Reserve publishes its policy statements, minutes, and economic projections on a schedule that markets watch intensely. Precious metals investors who take the time to read those documents rather than skim headlines about them develop a meaningfully better sense of where the silver price is headed in the months following each meeting.

The Credibility Question

Central banks trade on credibility. When markets believe the central bank will do what it says, long-term inflation expectations stay anchored and precious metals remain a niche holding. When credibility wobbles, whether because of political interference, fiscal dominance, or a messy policy reversal, expectations drift higher and metals tend to benefit. The recent surge in the silver price is partly a story about industrial demand, but it is also a story about gradually eroding confidence in the ability of monetary authorities to keep a lid on inflation across multiple economies.

Currency Effects That Amplify the Move

When a major central bank eases policy while others hold firm, the corresponding currency tends to weaken on the foreign exchange market. A weaker dollar has historically been one of the most reliable tailwinds for the silver price, because silver is priced globally in dollars and a cheaper dollar makes the metal more affordable for buyers paying in euros, yen, or renminbi. The resulting foreign demand boost is often underestimated by investors who focus only on domestic buying behavior.

The Sovereign Gold Buying Spillover

Central banks themselves do not typically buy silver in meaningful quantities, but their gold purchases have indirect effects that eventually reach the silver market. The sustained accumulation of gold reserves by emerging market central banks over the past several years has supported the gold price and, through the gold-to-silver ratio, eventually drawn silver higher. More recently, Russia’s formal inclusion of silver in its state reserve framework marked the first meaningful break from the gold-only precedent and hints at a potential shift that other countries may eventually follow.

Why the Silver Price Reacts More Than Gold

Silver is a smaller, more volatile market than gold. When the same monetary policy news hits both metals, silver typically moves further in either direction. Investors who understand this relationship can use the gold-to-silver ratio as an early warning indicator. A sharp compression in the ratio after a central bank meeting suggests investors are rotating into the higher-beta metal and anticipating further easing. A widening ratio suggests the opposite. Neither signal is infallible, but both add information.

What to Watch on the Calendar

The Federal Reserve’s scheduled meetings set the tempo, but the European Central Bank, the Bank of England, the Bank of Japan, and the People’s Bank of China all matter. A synchronized dovish turn across multiple majors produces the strongest moves in the silver price, because the corresponding currency effects reinforce rather than offset each other. Isolated dovish shifts at a single central bank produce more muted reactions, particularly when other majors are holding firm.

The Long View Across Cycles

Across multi-year horizons, the silver price has tended to rise during periods of easy monetary policy and weaker currencies, and to struggle during periods of tight policy and strong currencies. The 1970s, the 2000s, and the current decade all fit the pattern. The 1980s and much of the 1990s do not. An investor with the patience to sit through a full monetary cycle and the discipline to accumulate when real yields are deeply positive and silver is unloved has historically been rewarded for the waiting. That is a harder habit to build than watching the daily move, but it is the one that actually produces returns that matter.

A Realistic Framing

The silver price is not a puppet on a central bank string. Industrial demand, physical inventories, and investor sentiment all push and pull at the number every day. But the broad direction across quarters and years is closely tied to what central banks are doing, and to what markets believe they will do next. Investors who follow monetary policy with even moderate attention pick up on shifts months before most retail participants notice, and the returns that flow from that early awareness are exactly the returns that active silver allocation is supposed to generate.

ARLINGTON, Texas — Australia and Egypt will write a new chapter in World Cup history Friday when they meet in the Round of 32 at AT&T Stadium, with the Socceroos seeking their first-ever knockout-stage victory and the Pharaohs aiming to extend their breakthrough run in the tournament.

The match, scheduled for 1 p.m. local time (6 p.m. BST), pits two teams that advanced from the group stage with contrasting styles and storylines. Australia finished second in Group D with a workmanlike campaign, while Egypt claimed a spot in the knockout rounds for the first time in their history after securing second place in Group G.

Both sides carry historic weight into the fixture. The Socceroos have never won a World Cup knockout match, falling short in previous appearances. Egypt, making their debut beyond the group stage, showed resilience with a mix of draws and a notable victory.

Tony Popovic’s Australia side opened with a 2-0 win over Turkiye but followed with a 0-2 loss to the United States and a scoreless draw against Paraguay. The team conceded twice across three matches while managing just two goals, underscoring a defensive approach that has carried them this far.

Egypt, under Hossam Hassan, drew with Belgium, beat New Zealand 3-1 and drew with Iran. The Pharaohs displayed attacking variety, with five different players finding the net in the group phase, reducing reliance on any single star.

The fixture offers intrigue in midfield control and attacking transitions. Australia’s compact shape may limit space, but Egypt’s creative options, led by Mohamed Salah, could prove decisive on the counter. Salah, with extensive international experience, remains a constant threat.

Australia relies on goalkeeper Mathew Ryan and midfield leadership from Jackson Irvine. Younger talents like Nestory Irankunda, who has already scored at the tournament, add dynamism. The Socceroos will need greater final-third output than shown in groups to advance.

Egypt’s lineup features Salah alongside Omar Marmoush and others providing depth. Goalkeeper Mohamed El Shenawy brings experience, while the defense kept clean sheets in qualifying.

Head-to-head history is limited, with Egypt winning a 2010 friendly 3-0 and a 1987 draw. Recent form favors neither decisively, though Egypt’s attacking depth gives them an edge in many previews.

Tactical battles will center on containing Salah while Australia seeks to exploit transitions. Both teams are expected to start cautiously in their first knockout meeting.

The venue, AT&T Stadium, provides a neutral, high-capacity stage for the occasion. Fans from both nations are anticipated to create an electric atmosphere in Texas.

Advancing to the Round of 16 would mark a milestone for either side. For Australia, it would break knockout barriers. For Egypt, it would validate their group-stage progress.

The match underscores the World Cup’s global appeal, featuring teams from different confederations with distinct footballing traditions. Australia brings physicality and organization, while Egypt offers flair and clinical finishing potential.

Coaches Popovic and Hassan have prepared meticulously. Australia’s resilience was evident in the Paraguay draw, while Egypt’s Belgium result highlighted their competitiveness.

Injuries appear minimal for both, allowing near-full-strength lineups. Predicted formations include Australia in a 4-3-3 and Egypt in a 4-2-3-1, setting up a balanced contest.

Beyond the pitch, the game highlights football’s unifying power. National pride is high, with supporters traveling far for the occasion.

Broadcast coverage will reach global audiences, with free-to-air options in several markets. The fixture offers drama typical of knockout football, where one moment can define a campaign.

As teams finalize preparations, focus remains on execution under pressure. Australia must improve attacking threat, while Egypt seeks to convert possession into goals.

The Round of 32 stage tests depth and adaptability. Both squads blend experience with emerging talent, promising an engaging encounter.

World Cup progression carries significant sporting and cultural importance. A victory propels one nation forward while ending the other’s run.

Analysts anticipate a tight affair, potentially decided by individual brilliance or defensive lapses. Set pieces and transitions could prove pivotal.

The winner advances to face stiffer competition, raising the stakes. Both teams recognize the opportunity to create lasting memories.

Friday’s clash at AT&T Stadium embodies the tournament’s spirit. Australia and Egypt, separated by geography and history, meet with shared ambition on football’s biggest stage.

As kickoff approaches, anticipation builds for a match rich in narrative and potential for history. One

SYDNEY — Australia’s fuel supply crisis, triggered by the escalation of the U.S.-Iran conflict in late February and the subsequent disruption to oil shipping through the Strait of Hormuz, has entered a new phase of cautious stabilization after months of emergency government intervention, rationing measures and airline schedule cuts that exposed the country’s deep structural vulnerability as one of the world’s most fuel-import-dependent developed nations.

The crisis began almost overnight. Fuel prices began to rise at the start of March, after U.S. President Donald Trump, along with Israel, launched coordinated military strikes on Iran on February 28. Iran then retaliated, launching strikes at Israel and at U.S. military bases in Bahrain, Jordan, Kuwait, Qatar, Saudi Arabia and the United Arab Emirates. The closure of the Strait of Hormuz, through which roughly a fifth of the world’s traded oil typically flows, immediately tightened global supply and sent fuel costs surging across every Australian capital city.

The Maritime Union of Australia warned in early March that Australia’s fuel security crisis had been laid bare by the escalating international conflict and the effective closure of the Strait of Hormuz, one of the world’s most critical oil shipping routes.

MUA National Secretary Jake Field framed the situation bluntly.

“The closure of the Strait of Hormuz during the recent attacks on Iran is a stark warning of the volatility of Australia’s access to global fuel supply chains,” Field said. “We mustn’t gamble our economic stability on uninterrupted access to foreign fuel markets. We cannot assume that geopolitical tensions will always resolve before our reserves run dry.”

By late March, Australia’s fuel reserve levels had deteriorated to alarming lows, with the country holding roughly 39 days of petrol supply and just 30 days of diesel, figures the government acknowledged publicly as it convened emergency National Cabinet meetings. Prime Minister Anthony Albanese made a rare live address to the nation, outlining a National Fuel Security Plan and announcing a series of emergency measures. The most immediately visible of those was a halving of the fuel excise.

“Today, we cut the fuel excise in half, cutting the tax on every litre of petrol by 26 cents,” Albanese said in his address. “Those savings have started showing up at your petrol station. For our truckies, we have cut a heavy vehicle road user charge to zero. Both these measures will be in place for the next three months.”

The government also moved on multiple supply-side fronts simultaneously. Key actions included securing more fuel internationally through a $7.5 billion Fuel and Fertiliser Security Facility, building long-term fuel resilience through a $3.2 billion Australian Fuel Security Reserve, and temporarily amending Australia’s fuel quality standards to allow higher sulfur levels, enabling around 100 million litres a month of additional fuel supply to enter the country that would not otherwise have met domestic standards.

In April 2026, the government announced it had received a massive shipment of 100 million litres of jet fuel and 50 million litres of diesel from Asia. That delivery helped arrest the decline in reserve levels, though analysts cautioned that replenishing stockpiles to pre-crisis levels would require sustained, uninterrupted shipping for months.

The crisis hit Australia’s aviation sector particularly hard. Qantas and Jetstar issued a statement on May 1 announcing that they would extend their domestic flight cuts amid the fuel crisis. “Given fuel prices remain significantly elevated, the Group has extended previously announced schedule changes across its international and domestic network between July and September.” People who have booked passage on any of the impacted flights were contacted directly and offered either a refund or an alternative flight. The airline had previously cut its domestic flights by five percent from May to June, with that reduction now extended through September.

Remote and regional Australia has borne the heaviest burden throughout the crisis. The Northern Territory and regional Queensland have been identified as the most at-risk areas, with some remote communities already experiencing intermittent fuel shortages. The government worked with the Coalition of Peaks and other First Nations groups specifically to address fuel, energy and food security in remote communities, acknowledging that supply chain fragility hits hardest in areas with the longest logistics chains and the least alternative options when primary supply routes are disrupted.

Structurally, the crisis has relit a long-running policy debate about Australia’s domestic refining capacity and strategic reserve holdings. The MUA noted that for decades, successive governments allowed domestic fuel capacity to be dismantled. Australia’s strategic fuel reserves were effectively offshored, with public money spent storing fuel overseas. Refinery after refinery closed, leaving Australia importing the overwhelming majority of its refined petrol and diesel, reliant on foreign refineries, foreign-owned tankers and shipping lanes that run through contested waters.

On the regulatory side, the Department of Climate Change, Energy, the Environment and Water extended key emergency measures into the second half of 2026. The government extended the 20% reduction of the Minimum Stockholding Obligation for diesel and petrol to September 30, 2026, providing ongoing flexibility for industry to respond quickly in the event of another significant spike in demand. The government also worked with the fuel sector to secure authorization from the Australian Competition and Consumer Commission to coordinate supply across companies, unlocking bottlenecks that had slowed distribution at key points during the worst of the shortage.

With the tentative U.S.-Iran ceasefire announced over the weekend and shipping beginning to resume through the Strait of Hormuz, Australian fuel reserve levels have begun a slow recovery. Petrol prices across capital cities, while still elevated compared to pre-crisis levels, have begun easing from their March and April peaks as more tankers complete deliveries and the government’s emergency import agreements supply additional volume into the domestic market.

However, the Maritime Union and independent energy analysts alike have warned that the current improvement in supply conditions should not be mistaken for a resolution of the underlying structural weaknesses the crisis exposed. The MUA called on the federal government to rebuild sovereign fuel storage capacity onshore, maintain reserves that comfortably exceed international minimums, protect and expand domestic refining capability to reduce reliance on imported finished fuels, and establish an Australian-flagged strategic shipping capability to guarantee fuel delivery in future crises.

The government’s own updated guidance, reflecting the latest supply situation as of early July, acknowledged that while immediate supply pressures had eased, the crisis had exposed systemic gaps in Australia’s energy security framework that will require sustained, multi-year policy investment to address. Fuelplan.gov.au, the official government tracking site launched during the crisis, continues to publish daily updates on reserve levels, petrol prices across all capital cities and crude oil benchmarks to keep the public informed as the recovery continues.

Ben Powell, chief investment strategist for APAC at BlackRock Investment Institute, said he is turning more constructive on Indian equities after the recent underperformance. In an interview with Himadri Buch, Powell spoke about India as an investment destination, IT stocks and US bond yields, among other topics. Edited excerpts:

Is the worst of the foreign investor selling in India over?

Over the last couple of quarters, Indian equities have had a more difficult time, largely driven by things beyond India’s control. One is the AI super boom, and two is the conflicts in the region and the consequent energy shock. Energy prices have come all the way back down, and oil supply looks quite abundant globally. So, for India, that is good news. India is very close to the top of the list, and you could see a continuation of foreign flow back into India, creating a so-called virtuous circle.

After two years of underperformance, are Indian stock market valuations still expensive right now?
India’s premium has almost entirely disappeared now. So the valuation is more reasonable versus other emerging markets. When we look forward over the next six or 12 months, we can have more confidence in the earnings forecast. That is quite encouraging for Indian equities.

Where does India sit in your emerging markets basket?

We are neutral on emerging market equities. Neutral is not bearish; it means fully invested. We want to take a little bit of profit in some of the AI super boom. It’s not that we are negative on Taiwan and Korea.
So, we are taking emerging market equity to neutral within that mix tactically, and for India, I am turning a little bit more constructive. Within the mix, the relative preference is adjusting more in the direction of Indian equities on the tactical side in the next six months.
What is your assessment of the sharp sell-off in Indian IT stocks?
We will have to wait and see. We call it scarcity and abundance. People are hoping that AI can create an abundant future, but we are not there yet, so we need to treat the world as it is.

There is not much evidence of the impact on jobs, and the US labour market continues to be very strong. For now, it feels the market has a little bit oversold indiscriminately. AI is a big deal, we agree with that. But the skill as an investor is to be more nuanced, to pick your spots.

US bond yields have risen 4.3% to 4.4% with markets expecting the new Fed chair to be hawkish. What will be the interest rate trajectory there?

The Fed is not going to do much is our judgment, because all of us are wrestling with a very complicated world. Their uncertainty and reluctance to move policy is completely reasonable, given a very uncertain path of inflation, growth and unemployment. So the Fed will be on pause for this year, trying to work out what is going on, including the impact of AI.

The uncertainty around inflation is very high, so we think US 10-year yields can go higher, even when the Fed is waiting and seeing.

What does higher US bond yields mean for the AI investment story?
The 10-year yields can go up, and AI trade can continue. We are underweight in US government bonds, long duration, and overweight US equities. The reason is earnings.

Do you see signs of an AI bubble?
We think the AI boom will continue. This should mean we have earnings strong enough to drive these companies and the overall market forward, even as the 10-year yield goes a little bit higher over the next six months.

“Kia Connect is a customer convenience feature, not a certified security vehicle tracker,” the firm told the BBC.

“Therefore, it does not provide live‑tracking functionality for stolen vehicles.

“Release of location details of a vehicle via Kia Connect is possible, however this must be done in full compliance with all applicable laws, in particular GDPR, and the authorities to minimise risk to the customer.”

GPDR is Europe’s data protection law, and an almost-identical version applies in the UK.

According to the Information Commissioner’s Office, Britain’s data regulator, users have the right to access their information and organisations need to respond to the request from someone who can be identified from personal data within one calendar month.

In the event of standard vehicle theft, the police have no formal powers to demand this data without specific consent from the Home Office, which is rarely sought on these occasions, the BBC understands.

It is up to individual car manufacturers to share data with law enforcement depending on their own policies.

Kia does offer a security vehicle tracking service in the US to subscribers who take out its premium package, but this is not available in the UK or Europe.

An 89-year-old family bakery has become the latest high-street casualty of Britain’s mounting cost crisis, closing its doors for good and taking with it one of the more unlikely celebrity business partnerships of recent years.

Coughlans Bakery, which ran a chain of shops across Kent, Surrey, West Sussex and south London, ceased trading on Tuesday after slipping into voluntary liquidation. The comedian Romesh Ranganathan, who became a co-owner in 2024 and once billed the tie-up as “the partnership of the century”, said he was “gutted” by the collapse.

The Crawley-born presenter, known for his deadpan stage style, reposted a video from managing director Sean Coughlan to his 1.4 million followers with the caption: “Gutted isn’t the word.” Ranganathan, who is vegan, had first thrown his weight behind the business because of its range of plant-based products.

For Coughlan, whose family firm first opened its ovens in 1937, the arithmetic simply stopped adding up. He laid much of the blame on the government’s decision to lift employers’ National Insurance contributions in April last year, a move that raised the headline rate to 15 per cent and lowered the threshold at which employers start paying, alongside a business-rates bill he said had “absolutely smashed local business”. The change, set out in the National Insurance Contributions (Secondary Class 1 Contributions) Act 2025, has landed hardest on labour-intensive trades such as retail and hospitality, where wage bills dominate the cost base.

Those pressures were then compounded by a spike in fuel prices following the recent conflict in the Middle East, which Coughlan estimated had cost the company an extra £20,000 a week. The summer heatwaves that pushed the South East towards 35C proved, in his words, the “nail in the coffin”. With shoppers staying at home, weekly takings roughly halved while the outgoings, he noted, “remained exactly the same”.

Coughlan was unsparing about the human cost, and generous towards his celebrity backer. “I feel like we’ve absolutely let him down,” he said. “Everything he’s done, it’s been from the heart.” Ranganathan, he added, had been “amazing”.

The affection was mutual among customers. When the comedian appeared behind the counter of the Dorking High Street branch last year, a large queue quickly formed down the pavement. Josie Smith, who works near the Crawley shop, told BBC Radio Sussex she was “really sad” to see it go. “It brings a lot of people together. It is a massive shame.” Her colleague Kaitlin Stinton praised staff who were “dedicated to their jobs, always making you happy”.

Coughlan said the firm had chosen the orderly route of voluntary liquidation specifically so that it could still pay suppliers and employees, a decision that speaks to a proprietor trying to do right by his people even as the shutters came down. “It’s heartbreaking,” he said.

Coughlans is far from alone. Industry data shows three pubs, bars and restaurants now shutting every day as tax and cost rises bite, while the £28bn National Insurance shock has run well ahead of Treasury forecasts. Trade press, too, has tracked the toll, with The Caterer among those charting a wave of closures across food and drink. With high-street closures set to surge as the business-rates burden grows, the loss of a beloved 89-year-old baker is unlikely to be the last story of its kind this year.

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By Jennifer Nash

The economic mover and shaker this week is Friday’s employment report from the Bureau of Labor Statistics. This monthly report contains a wealth of data for economists, the most publicized being the month-over-month change