Global Funds Return But Largest India-Focused ETF in US Continues to See Outflows
Before the trading day starts we bring you a digest of the key news and events that are likely to move markets. Today we look at:
Good morning, this is Chiranjivi Chakraborty, an equities reporter in Mumbai. Local shares are likely to start the day flat, mirroring the dull city skies, with Nifty futures indicating a muted opening. This follows President Trump's announcement of unilateral tariff rates within two weeks, which has weakened Asian shares. Consumer price inflation data due later today is expected to moderate further, but may not be of much cheer to bulls with more rate cuts unlikely near term.
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Business Wire
16 minutes ago
- Business Wire
Archer Raises $850M Following White House Executive Order To Accelerate U.S. eVTOL Rollout, Cementing Its Industry-Leading Liquidity Position Of Approximately $2B
SANTA CLARA, Calif.--(BUSINESS WIRE)--Today Archer Aviation Inc. (NYSE: ACHR) raised an additional $850M following the White House's announcement last week of an Executive Order by President Trump to implement an eVTOL Integration Pilot Program in the United States. This program is focused on accelerating the deployment of eVTOL aircraft in the U.S. Archer intends to closely coordinate with the White House, Department of Transportation and the Federal Aviation Administration on how this can integrate into Archer's plans to ramp its operations in the U.S. ahead of the LA 28 Olympic Games at which Archer will serve as the Official Air Taxi Provider of the Olympic Games and Team USA. Archer believes cross-industry collaboration will be the key to the success of the eVTOL Integration Pilot Program and the U.S. achieving its goal of 'dominance' within this new category of aircraft. Next week, Archer will be at the Paris Air Show showcasing its Midnight aircraft and hosting delegations from more than 20 countries, including leadership from partner organizations in the UAE, Archer's first target 'Launch Edition' market. Archer CEO and founder Adam Goldstein is set to meet with the United States Secretary of Transportation, Sean P. Duffy, and acting FAA administrator, Chris Rocheleau, while at the show. Adam Goldstein, CEO and founder of Archer, said: 'This Executive Order is a seminal moment for Archer and the eVTOL industry. We now have the strongest balance sheet in the sector and the resources we need to execute both here in the U.S. and abroad. Archer's future couldn't be any brighter.' This new capital bolsters Archer's already strong balance sheet and cements the Company's position of leading the industry with a pro forma liquidity position of approximately $2B 1. With this fortress balance sheet, Archer is strategically positioned to execute across its engineering, certification and commercialization efforts, both in the United States and abroad. The financing provided for the purchase and sale of 85,000,000 shares of Archer's Class A common stock at a price of $10.00 per share in a registered direct offering. The net proceeds from the offering announced today will be used for general corporate purposes, with a focus on the build out of Archer's commercial capabilities, including infrastructure to support Archer's recently announced initiatives, both in the U.S. and Archer's 'Launch Edition' markets, and the development of an AI-based aviation software platform. The shares of Class A common stock were offered pursuant to an automatic shelf registration statement on Form S-3ASR (File No. 333-284812) filed with the United States Securities and Exchange Commission ('SEC') on February 11, 2025, which became automatically effective upon filing. Moelis & Company LLC is acting as the exclusive placement agent in connection with this offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Archer, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. A prospectus supplement relating to the shares of Class A common stock will be filed by Archer with the SEC. About Archer Archer is designing and developing the key enabling technologies and aircraft necessary to power the future of aviation. To learn more, visit Forward-Looking Statements This press release contains forward-looking statements regarding Archer's future business plans and expectations, including the satisfaction of customary closing conditions related to the offering, Archer's expected use of proceeds, success of its certification and commercialization efforts in the U.S. and abroad, the effects of the executive order described above, and implementation of the eVTOL Integration Pilot Program. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors. The risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in our filings with the SEC, including our most recent Annual Report on Form 10-K, most recent Quarterly Report on Form 10-Q and Form 8-K filed on June 13, 2025, which are or will be available on our investor relations website at and on the SEC website at In addition, please note that any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this press release. We undertake no obligation to update these statements as a result of new information or future events. Source: Archer Aviation Text: ArcherIR 1 Industry comparison is based on publicly available information as of June 12, 2025. Archer's pro forma liquidity position consists of: (i) its cash and cash equivalents on its balance sheet as of March 31, 2025; (ii) the additional gross proceeds it expects to receive at closing from today's financing; and (iii) the remaining amount available under its current at-the-market program. This estimate does not include up to ~$400M of additional capital from Stellantis to help scale Archer's manufacturing of its Midnight aircraft, which remains subject to entering into further definitive agreement(s) relating thereto.
Wall Street Journal
29 minutes ago
- Wall Street Journal
Oil Prices Jump After Israel's Attack
Benchmark U.S. crude futures rose by more than 10% to trade above $75 a barrel, the highest price since January and before President Trump's April tariff announcements had energy traders penciling in slower economic growth and lower fuel demand. Optimism over an Iran nuclear deal and the prospect of eased sanctions on the country's oil exports added pressure to prices earlier this spring. But now traders are showing they don't see much chance that the U.S. will lift restrictions on Iranian barrels any time soon, and that there may be additional disruptions to the region's oil output.
Politico
31 minutes ago
- Politico
Los Angeles is about to get a lot smoggier
With help from Camille von Kaenel THE DAY AFTER: It's getting hotter in Los Angeles — and we're not talking about ICE raids or wildfires. President Donald Trump on Thursday killed California's vehicle emissions rules, designed to reduce emissions and pollution in smoggy regions like SoCal, delivering on his Day 1 executive order to quickly roll back electric vehicle mandates around the country. 'We officially rescue the U.S. auto industry from destruction by terminating California's electric vehicle mandate, once and for all,' Trump said at a White House ceremony before signing three resolutions nixing rules aimed at phasing out gas-powered cars and heavy-duty diesel trucks. Gov. Gavin Newsom offered a glimpse of California's next steps: Besides the obvious lawsuit (the state's 26th under Trump 2.0, for those keeping track at home), he put out an executive order to start developing new regulations — to be approved under a future Democratic administration — and start tracking which car and truck manufacturers are still following the state's ZEV sales targets. That data would be used to offer compliant companies preferential treatment, like incentives to encourage drivers to buy their vehicles. But there's very little the state can do in the near term to replace the rules aimed at weaning drivers off fossil fuels to meet lofty climate goals and reach federal pollution standards. 'It's impossible without unbelievably massive, draconian steps that are politically untenable, like no-drive days,' said Craig Segall, a former deputy executive officer at the California Air Resources Board and a policy consultant. Meanwhile, there's another threat coming. The Trump administration could attempt to sanction California for failing to meet federal air quality standards under the Clean Air Act — standards they've assured the state won't reach. As CARB Chair Liane Randolph cautioned state lawmakers during a hearing last month, it could be years before a court decision is reached, and the state will have to find alternatives or risk losing billions of federal highway dollars. That threat is especially acute for California, which has struggled for decades to reduce the nation's worst smog in the Los Angeles area and Central Valley and comply with the Clean Air Act. The American Lung Association released a report earlier this year that found California's now-dormant rules could have reduced 75 tons of smog-forming nitrogen oxides a day and saved residents billions in medical bills. If history holds, it may already be too late for state officials to avoid a fight with the EPA. The agency threatened sanctions against the state in 2019, during Trump's first term, just days after it revoked an earlier version of its electric vehicle rules. 'It is hard to imagine that they will not threaten sanctions,' said Ann Carlson, who led the National Highway Traffic Safety Administration under then-President Joe Biden. 'The president clearly has it out for California, and Los Angeles is obviously in his sights.' EPA, when asked about the possibility of sanctions, said in a statement that it 'will continue to implement the Clean Air Act as provided in law and will continue to hope that California can get into attainment after decades of nonattainment.' The auto industry doesn't appear ready to strike a bargain with California. John Bozzella, president and CEO of the Alliance for Automotive Innovation, the industry's main trade group, blasted the state's rules in a statement, calling them 'harmful to auto affordability, to consumer choice, to industry competitiveness and to economic activity.' But California will have at least one car company on its side. Stellantis, which inked a deal last year to follow the EV rules even if they went away, reaffirmed its commitment Thursday. 'Stellantis continues to honor its agreement with CARB,' Stellantis spokesperson Jodi Tinson said in a statement. — AN Did someone forward you this newsletter? Sign up here! QUICK JAB: Trump also used his White House signing ceremony to take a jab at Tesla CEO Elon Musk, with whom he's been beefing since the billionaire left his administration. 'Now we know why Elon doesn't like me so much,' Trump quipped during a wide-ranging that also touched on topics like inflation and his disdain for wind turbines. Trump later said that Musk never asked him to save EV rules and that 'he got a little bit strange' over other 'smaller things.' — AN DELAYS DELAYS: California officials are delaying some of their own climate rules, too. The California Public Utilities Commission decided to give builders a little more time to wean themselves off natural gas and propane Thursday when it pushed back the date by which it would end an incentive for buildings that use both natural gas or propane and electricity. Builders can now claim a subsidy for extending an electrical line to a building that also uses natural gas or propane until June 30, 2027, instead of June 30, 2025. The CPUC had decided to end the subsidy to subtly disincentivize the mixed-fuel buildings but pushed it back Thursday because of a 'material shortage in supply chain' and 'permitting delays,' according to a summary Thursday. Also this week: CalRecycle granted packaging manufacturers an 18-month extension Wednesday to meet new requirements to label products 'compostable,' citing the risk of market disruption and customer confusion. — CvK AND THEN THERE WERE THREE: Sacramento isn't the only West Coast state capital in a cap-and-trade debate. A bipartisan group of Oregon lawmakers is considering setting up a more robust carbon market, but can't agree how to spend the money, Anne C. Mulkern reports for POLITICO's E&E News. Oregon Republicans supported using market revenues for projects that include freeway widening. But a coalition of climate, health and disadvantaged community advocates are pushing back, saying larger highways would increase driving and planet-warming emissions. A cap-and-invest program approved by the state Legislature would likely replace a smaller carbon market set up by the state's environmental agency, which started in January. The Oregon lawmakers hope to have a framework by early 2026, when they reconvene for the next legislative session. — AM, CvK RAIL REBUFF: The leader of California's high-speed rail project is not giving up on $4 billion in federal grants quietly. High-Speed Rail Authority CEO Ian Choudri slammed the Trump administration in a letter Thursday, calling its justification for a proposed termination of Biden-era grants 'unfounded' and 'outright misleading.' 'Hostility to public investments in high-speed rail, and to California's leadership — hostility that dates back to FRA's initial attempt to revoke federal funding to the Program in May 2019 — appears to be the real basis for the proposed determination,' Choudri wrote, referring to the Trump administration's attempt to terminate a $1 billion grant during his first term. The Federal Railroad Administration announced earlier this month that it was prepared to claw back federal funding, arguing that the project has no viable path forward. The agency, in a 315-page report, said the rail line hadn't identified $7 billion needed to finish its initial Central Valley line, and cited instability in cap-and-trade auction revenues, the project's largest funding source. Choudri rejected those claims, pointing to a Newsom proposal that would guarantee at least $1 billion annually from cap and trade through 2045 and an October FRA report that didn't find significant compliance issues with grant criteria. — AN — An Environmental Defense Fund and Cornell University report details how state insurers of last resort can drive climate resilience with mitigation discounts and grants. — The Leadership Counsel for Justice and Accountability's Asha Sharma opines against Newsom's proposal to reauthorize cap and trade without pollution-reducing reforms in the Fresno Bee. — United Farm Workers and Faith in the Valley have received increasing reports of ICE agents in the Central Valley.
