Musk on Departing DOGE: 'This Is Not the End'
"This is not the end of DOGE but really the beginning," Elon Musk says while accepting a gift for his tenure from President Donald Trump in the Oval Office. (Source: Bloomberg)
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Business Upturn
8 minutes ago
- Business Upturn
The Week That Was, June 1 to June 7, 2025: RBI cuts repo rate by 50 bps, BEL secures Rs 2,323 crore order, Musk-Trump feud escalates, Coal India signs MoU for rail infra
In a week marked by major policy announcements, strategic deals, and sectoral movements, the Reserve Bank of India (RBI) took centre stage by delivering a surprise 50 basis points rate cut on June 6, bringing the repo rate down to 5.50%. This marked the third straight reduction in 2025, totaling a 100 bps cut to support growth amid global uncertainty. RBI Governor Sanjay Malhotra signaled continued comfort with inflation, lowering the CPI forecast for FY26 to 3.7% from 4% and retaining GDP growth expectations at 6.5% for the year. In a liquidity-boosting move, the central bank also slashed the Cash Reserve Ratio (CRR) by 100 bps to 3%, to be implemented in four tranches between September and November, unlocking ₹2.5 lakh crore into the banking system. Further, the RBI raised the loan-to-value (LTV) cap for small gold loans up to ₹2.5 lakh from 75% to 85%, a move that significantly benefited gold financing stocks. Among corporate highlights, the RBI gave a clean regulatory signal to IndusInd Bank, affirming its accounting standards, which pushed its shares up by over 5%. Infrastructure firm Ashoka Buildcon, however, faced a setback as its ₹1,673 crore project under CIDCO's NAINA initiative encountered execution hurdles. In the energy and defense sectors, Coal India signed a key MoU with Indian Port Rail & Ropeway Corporation to develop rail infrastructure, while GRSE expanded its global presence by signing MoUs in Sweden and Denmark for cruise vessel and marine propulsion collaboration. Similarly, Bharat Electronics Limited (BEL) secured orders worth ₹2,323 crore from MDL and GRSE, strengthening its defense manufacturing portfolio. JSW Energy exited Beempow Energy for ₹302.66 crore, completing a strategic realignment, and RailTel bagged a ₹274 crore ITMS project in Maharashtra's Vidarbha Circle, aimed at enhancing road safety across blackspots and accident-prone zones. Meanwhile, KEC International won ₹2,211 crore worth of new orders across international T&D, pipelines, and cable supply businesses, reinforcing its infrastructure footprint in the Middle East and Africa. In the equity markets, Gravita India surged 4% on expectations of a government-backed critical mineral recycling scheme. Tata Investment gained 8% on reports of Tata Capital's impending IPO, while shares of ICICI Lombard and Go Digit also moved higher as the government weighed a 25% hike in third-party motor insurance premiums. Lastly, global cues remained mixed. While Asian markets were relatively steady, U.S. indices such as Nasdaq and S&P 500 dipped amid fresh tariff tensions and a high-profile online spat between Elon Musk and Donald Trump—an episode that dented Tesla's valuation and contributed to market volatility. Overall, the week was dominated by aggressive monetary easing, strong defense-industry momentum, and corporate actions that may shape the economic narrative for the weeks ahead. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Yahoo
11 minutes ago
- Yahoo
Prediction: in 12 months the dirt-cheap Shell share price could turn £10,000 into…
The Shell (LSE SHEL) share price looks cheap right now, with a price-to-earnings ratio of just 8.95. That's well below the average FTSE 100 P/E of 15 times. There's a reason for that, of course. Shell shares have fallen with the oil price, slumping almost 10% in 12 months. They're still up 67% over five years though. That's less than half the drop suffered by FTSE 100 rival BP. Shell seems to have a better idea how to navigate the push to net zero, but with the oil price hovering around $65 a barrel, it's still struggling. It's far from a done deal that Shell can bounce back from today's lows and make investors rich all over again. There is little sign the oil price is about to recover. With OPEC+ increasing production, it could fall further, especially as China struggles and Donald Trump brings volatility. Then there's the push towards net zero, which could go either way. Theoretically, building a new line of renewable energy will threaten fossil fuel behemoths, but we need them to help us push through the transition. This is particularly true given exponentially rising energy demand, thanks to AI and the rest. Shell's first-quarter results, published on 2 May, showed adjusted earnings of $5.6bn. That's a big drop from $7.73bn a year earlier but ahead of analyst expectations of $4.96bn. The company also announced another $3.5bn quarterly share buyback programme, marking the 14th consecutive quarter of at least $3bn in buybacks. Cash flow from operations came in at $9.3bn, slightly below consensus expectations of $9.6bn. So what about that dividend? A trailing yield of 4.4% is okay, but not exactly to die for. It's expected to creep up in 2026, but only to 4.49%. Shell isn't the dividend superstar it once was. Over the last 15 years, I would have expected shareholder payouts to compound at a decent clip. Instead, it's fallen by an average of 2.88% a year. The board didn't just slash its full-year dividend from 188 US cents in 2019 to 65.3 cents during the 2020 pandemic. It rebased it. While payouts have climbed at a decent clip since, they started from that lower level. In 2024, the total dividend was 139 US cents. That's at levels last seen in 2007. The 19 analysts serving up one-year share price forecasts have produced a median target of around 3,027p. If correct, that's a handsome increase of around 21.5% from today. Combined with that yield, this would give investors a total return of 26%. Based on that, if somebody invested £10,000 in the stock today, it would grow to £12,600 in a year. Obviously, nobody can predict the future like that. I use it only as a guide to market thinking. Here's another. Of the 32 analysts giving one-year stock ratings, an impressive 23 name Shell a Strong Buy. Four say Hold and five say Sell. Shell continues to face risks, as the oil price slows, net zero spreads confusion, and the global economy struggles. It may look cheap, but there's no guarantee its shares will suddenly close the valuation gap. But for those wanting exposure to energy, today's low valuation does make Shell worth considering. More so than BP, in my book. The post Prediction: in 12 months the dirt-cheap Shell share price could turn £10,000 into… appeared first on The Motley Fool UK. More reading 5 Stocks For Trying To Build Wealth After 50 One Top Growth Stock from the Motley Fool Harvey Jones has positions in Bp P.l.c. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Motley Fool UK 2025
Yahoo
30 minutes ago
- Yahoo
Washington grocery workers may strike following union vote
Jun. 6—The union that represents about 56,000 mostly grocery and health workers across Washington, North Idaho and northeastern Oregon voted Thursday night to authorize a strike of employees working at grocery stores owned by Albertsons and Kroger. The vote, however, simply authorizes a strike and does not immediately call for one. It does not involve workers of Rosauers, Safeway, Albertsons and Fred Meyer in the Spokane area because they authorized a contract that does not expire until next year. Safeway is owned by Albertsons, and Fred Meyer is owned by Kroger. Tom Geiger, special projects director for the United Food and Commercial Workers International Union, or UFCW, said the vote Thursday night mostly involves workers at Albertsons and Kroger stores in Western Washington. "We authorized a strike to fight for better wages, better staffing, and a fully funded health care plan so that we can deliver the kind of service our customers deserve," Vickie Logerstedt, a cashier at Redmond Ridge QFC, said in a news release. "We have been more than patient for months, but these companies have offered nothing but crumbs and mealy language. Time has run out." Efforts to reach the corporate offices of Albertsons, which is based in Boise, and Kroger, based in Cincinnati, were not immediately successful on Friday. The strike-authorization vote follows two major events: The UFCW launched major opposition to the now-failed merger attempt between Albertsons and Kroger, and ongoing contract negotiations for workers in Western Washington, Colorado and California, Geiger said. A federal judge in Oregon and a Washington state judge ruled against the merger in December . The proposal would have been the largest merger of grocery store giants. Had it gone through, it would have led to the loss of Safeway stores on the South Hill and Spokane Valley, based on a previously released list of store sales. The two grocery companies first announced merger plans in 2022 to get bigger to take on retail competitors Amazon and Walmart. That proposal spawned lawsuits from the attorneys general of Washington and Colorado, and the Federal Trade Commission filed a federal suit in Oregon. All sought to block the deal over concerns that it would reduce customer choices and bargaining positions of employees across the country. Then in January, the UFCW began negotiating new contracts for workers of stores in Western Washington for a contract that expired in the first week of May. Geiger said the union and grocery stores agreed to extend the terms of the former contract during negotiations. But talks stalled after the company's offer, said Rich Smith, communications director for the UFCW. "The wages were insulting; staffing is a core issue, and right now they are underfunding the health care," Smith said. Based on that offer, the union put two questions to its membership, Geiger said: whether workers approved the offer, and authorized a strike. Some "97% rejected the offer and voted to authorize the strike," Geiger said. "We feel it is a pretty clear message. Often, they have boiler-plate statements that say, 'We believe the best way to reach a good agreement is at the bargaining table.' We agree. "But we've been at the bargaining table for five months telling the employers what is needed, and they haven't been good listeners." Despite the vote to authorize a strike, the extension of the former contract calls for a 72-hour notice before the workers can begin one, Geiger said. The parties are scheduled to resume talks on a potential new contract. "Hopefully, we'll see something change up next week," Geiger said. Fred Meyer president Todd Kammeyer said in a news release that his company is committed to reaching a balanced and fair agreement with his workers. "A strike at this stage is an unnecessary and disruptive action — especially given the meaningful wage increases and industry-leading healthcare we're offering at the bargaining table," Kammeyer said in the release. "We remain committed to continuing negotiations in good faith and urge union leadership to do the same." While the negotiations are separate, Albertsons workers in Colorado voted on Thursday night to authorize a strike. California worker votes for the strike are continuing. All told, if all the UFCW workers do decide to walk out, it could affect up to 100,000 employees across the western U.S. Joe Mizrahi, secretary-treasurer of UFCW local 3000, the largest private-sector union in Washington, said the support of the strike-authorization votes should serve as a wake-up call.
