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Amitabh Kant, India’s G20 Sherpa, has stepped down from his post, marking the end of a 45-year career in public service. In a statement, Kant said, “I have made the decision to embrace new opportunities and move forward in life.” He expressed his gratitude to Prime Minister Narendra Modi for the opportunity to serve as G20 Sherpa, saying, “I am incredibly thankful to the Prime Minister of India for accepting my resignation as G20 Sherpa and for having given me the opportunity to drive a range of developmental initiatives and contribute to the growth, development, and progress of India.” Kant also thanked his colleagues and peers: “I am grateful to all my colleagues, peers and friends for their patience, understanding, and support.” Looking ahead, Kant said he plans to stay engaged with India’s developmental journey: “I now look forward to contributing to India’s transformational journey towards Viksit Bharat by facilitating and supporting free enterprise, startups, think tanks, and academic institutions.” Before his role as G20 Sherpa, Kant, a 1980-batch IAS officer of the Kerala cadre, served as CEO of NITI Aayog (2016–2022), India’s policy think tank, where he led several flagship initiatives aimed at inclusive and sustainable development. Kant was instrumental in launching and scaling campaigns such as Make in India, Startup India, Incredible India, and the Aspirational Districts Programme. As G20 Sherpa, Kant represented India when the country assumed the G20 presidency and hosted the 2023 G20 Summit.  During his tenure at NITI Aayog, Kant also spearheaded the National Multidimensional Poverty Index, India’s SDG Index, the Behavioural Insights Unit, and the National Mission on Transformative Mobility.

A Chennai-bound British Airways Boeing Dreamliner on Sunday (June 15) returned to London due to a technical snag. British Airways said all the passengers and crew members landed safely. The airline did not share details about the departure time of the flight, the number of passengers and crew on board, and for how long the aircraft remained airborne before it returned to London. “The aircraft returned to Heathrow as a standard precaution after reports of a technical issue,” British Airways said. The live flight tracking website Flightradar24.com said British Airways flight BA35 was scheduled to depart at 12:40 pm and had to arrive in Chennai at 3:30 am. It departed from London Heathrow at 1:16 pm Data from Flightradar24.com said the flight BA35 remained airborne for nearly two hours before returning to London Heathrow. The development comes days after a London-bound Air India Boeing Dreamliner crashed in Ahmedabad killing 241 passengers and crew members on board. Only one passenger survived one of the deadliest aviation tragedies.

  “Oil is up $10 per barrel from the lowest levels we have seen in quite a long time. It doesn’t look like an oil shock. It looks like a price adjustment,” said Richard Yetsenga, Group Chief Economist at ANZ Research. He noted that a month ago, the market was pricing in excess supply, but now it is factoring in tighter supply. On the broader market response to Middle East tensions, Yetsenga said the global economic impact remains limited. “We shouldn’t gloss over the enormous human cost, but the size of the economies is relatively modest,” he said. “It does affect oil prices, and the oil market has moved. But so far, it is not just a US asset market signal – the signal from most markets is that this is an oil market issue, not a global economic problem.” Also Read | Nomura doesn’t see Fed rate cuts before December despite soft inflation On trade agreements, Yetsenga said expectations for rapid deals were always unrealistic. “The probability of some 80 trade agreements being reached in three or four months was always extremely low,” he said. While some countries may get extensions, he said that a handful of countries having their agreements extended doesn’t mean everybody has their agreements extended. However, he viewed the US administration’s recent approach positively. The US appears to be keen on ensuring that there is minimal economic or market damage from the trade agreements. That is the most important signal, he said. Also Read | Rare earth edge gives China stronger hand in US trade tension: Lyn Alden In India, Yetsenga acknowledged recent strength. “That monetary injection by the Reserve Bank of India (RBI) has sent a powerful signal,” he said. Lower inflation trends are also a positive sign. “India looks like a very solid story in a global economy that is dealing with quite a few headwinds.” Regarding China, Yetsenga said a trade framework with the US is in place, but the details – especially in areas like rare earths and tech exports – will be key. While a pickup in China’s retail spending is good news, he cautioned that it may not last. “That doesn’t seem consistent with what we are seeing in household behaviour, and the loss of consumers in China is  likely to be a drag on spending.” For the full interview, watch the accompanying video Catch all the latest updates from the stock market here

Israel Iran War LIVE Updates: The long-simmering tensions between Israel and Iran have erupted into open conflict, with both countries launching direct attacks over the weekend in a dramatic escalation that has drawn global concern and halted nuclear negotiations. It began early Friday, June 13, when Israel carried out surprise airstrikes targeting Iran’s nuclear infrastructure, including key facilities in Natanz and Isfahan. The strikes, which Israeli officials described as the start of a campaign to dismantle Iran’s nuclear programme, reportedly killed top Iranian military leaders and scientists. Among the dead were Gen. Hossein Salami, head of the Islamic Revolutionary Guard Corps, and Gen. Mohammad Bagheri, Iran’s chief of staff. In response, Iran launched a barrage of missiles at Israel late Saturday, June 14, striking the Galilee region and killing four civilians in an apartment building. Explosions echoed across Israeli cities as air raid sirens blared. Israel’s Defence Minister declared, “Tehran is burning,” as Israel hit back with further strikes — this time targeting Iran’s Defence Ministry headquarters and facilities allegedly linked to its ballistic missile and energy programmes. The Israeli military claims its campaign has eliminated high-value targets, including nine senior scientists, and severely damaged Iran’s nuclear infrastructure. Iranian authorities confirmed damage to four critical buildings at the Isfahan uranium conversion facility, though they denied any off-site radiation leaks. International leaders are calling for restraint, warning that the region teeters on the brink of a broader war. France blamed Iran for escalating tensions, while Pakistan condemned the Israeli attacks. The UN nuclear watchdog said it’s assessing the full extent of damage to Iran’s nuclear facilities.

Finance HomeMarket NewsHere’s why Sterlite Tech shares are up 10% on Monday Finance Last week, the company had bagged an order worth ₹2,631 crore from BSNL, under the BharatNet project, for Middle-Mile connectivity in Jammu & Kashmir and Ladakh regions. The order was won in a joint venture with Dilip buildcon. Shares of Sterlite Tech Ltd. surged as much as 10% on Monday, June 16, after the company announced that it has expanded its Data Centre portfolio to meet emerging requirements for AI data centres. The stock is among the top gainers in the broader markets today. The company, in an exchange filing, said that it has launched a new generation of Data Centre solutions, which range from Cabling to end-to-end connectivity offerings, designed to power the demands of AI-driven data centre infrastructure. Sterlite expects the global data centre market to reach $517 billion by 2030, growing at a compounded annual growth rate (CAGR) of 10.5% during this period. “This new-age solution is engineered to meet the exact requirements of hyperscalers, colocation players, enterprises, and telecom service providers to build scalable and sustainable data centre infrastructure. The new data centre solutions include high-performance fibre and copper cabling solutions designed for modern buildings, campuses, and data centres. “Copper systems ensure reliable data, security, and AV connectivity, while the riser and campus fibre cabling support high-speed, low-latency networking for smart infrastructure,” the company said in its statement. In order to make these solutions available in India, Sterlite has partnered with Tech Data – India, which is a TD SYNNEX subsidiary. Tech Data’s portfolio is focused on segments like cloud, cybersecurity, big data/analytics, AI, IoT, mobility and Everything as a Service. Last week, the company had bagged an order worth ₹2,631 crore from BSNL, under the BharatNet project, for Middle-Mile connectivity in Jammu & Kashmir and Ladakh regions. The order was won in a joint venture with Dilip buildcon. Sterlite, along with Dilip Buildcon will build, operate and maintain the broadband network. Shares of Sterlite Tech had surged 11% on Thursday after announcing the order win. The stock is up another 10% today at ₹91.67. Despite the recent surge, the stock trades below its 52-week high levels of ₹155.