In a surprising turn of events, British retail sales climbed by 0.5% in August compared to July, according to official data released on Friday. This figure exceeded the 0.3% growth forecast by a Reuters poll of economists. Despite this positive trend, many households continue to grapple with inflationary pressures, with inflation holding steady at 3.8% last month and food prices escalating at an even faster rate.
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Trump says US seeks control of Afghanistan’s Bagram air base given up in withdrawal
In a significant geopolitical development, the United States has expressed its intention to regain control of the Bagram air base in Afghanistan. President Donald Trump announced this ambition during a joint press conference with British Prime Minister Keir Starmer in London on Thursday. Trump emphasized the strategic importance of the base, particularly its proximity to China, stating, “We want that base back.”
Bagram air base, originally constructed by the Soviet Union, served as the primary hub for U.S. military operations in Afghanistan following the September 11, 2001, attacks. It remained operational until the U.S. withdrawal in 2021, which led to the Taliban’s resurgence and control over the country. The base has since been vacated, leaving behind a symbol of America’s two-decade-long military presence in the region.
However, the Afghan government has dismissed the possibility of a U.S. return. Zakir Jalal, an official from Afghanistan’s foreign ministry, stated on social media platform X that Afghanistan and the U.S. should engage without any American military presence. He advocated for bilateral relations grounded in mutual respect and shared interests.
Meanwhile, U.S. officials have been engaging with Afghan authorities to address the issue of American citizens detained in Afghanistan. Adam Boehler, the Trump administration’s special hostage envoy, and Zalmay Khalilzad, a former U.S. special envoy for Afghanistan, met with the Taliban’s foreign minister, Amir Khan Muttaqi, to discuss these matters. Notably, the U.S. does not officially recognize the Taliban government, which assumed power after the 2021 withdrawal.
The push to reclaim Bagram underscores the complex and evolving dynamics between the U.S. and Afghanistan, as both nations navigate their post-withdrawal relationship. While the U.S. views the base as a strategic asset, Afghanistan remains firm in its stance against foreign military presence on its soil.
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Adani Group stocks rise as SEBI’s dismissal signals end to Hindenburg overhang
Adani Group stocks experienced a significant uptick on Friday, with gains ranging from 0.2% to 8.4%, following the Indian markets regulator’s dismissal of certain allegations made by short-seller Hindenburg Research. The Securities and Exchange Board of India (SEBI) cleared two charges against the conglomerate, signaling a potential end to its regulatory challenges. Adani Total Gas led the surge with an 8.4% rise, marking its best performance in over four months, while Adani Enterprises saw a 4.2% increase. Adani Power climbed 7.4%, bolstered by Morgan Stanley’s ‘overweight’ rating. The SEBI’s investigation, initiated in 2023, scrutinized claims of tax haven usage and undisclosed related-party transactions. However, the regulator concluded that these transactions did not violate disclosure norms or constitute market manipulation. Deven Choksey of DRChoksey FinServ noted that the SEBI order could restore investor confidence, which had been shaken by the Hindenburg report. Despite the initial $150 billion market value loss, some Adani stocks have rebounded, with Adani Power, Adani Ports, and Ambuja Cement recovering significantly. However, other group stocks remain 20% to 80% below pre-Hindenburg levels. ICICI Securities highlighted that the regulator’s decision removes a major overhang, potentially boosting institutional investor confidence in Adani Ports.
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Italian deputy PM talks up autos ties with China amid EU trade tensions
Italy’s Deputy Prime Minister Matteo Salvini emphasized the potential for enhanced collaboration between Italy and China in the automotive and transportation sectors during an interview with China’s state news agency Xinhua. The remarks were made amidst ongoing trade tensions between Beijing and the European Union (EU), particularly over allegations of unfair subsidies to Chinese carmakers. Salvini, who also serves as Italy’s transport minister, highlighted the ‘broad prospects for cooperation’ in areas such as smart roads, high-speed rail, and autonomous driving technologies. He praised China’s advancements in high-speed rail, noting that while Italy aims to achieve speeds of 300 km per hour, China is already exploring speeds of up to 500 km per hour. Additionally, he lauded China’s progress in artificial intelligence and innovation. Despite Italy’s support for the European Commission’s 2024 decision to impose tariffs on Chinese electric vehicles, the country has sought to maintain positive relations with Beijing. Prime Minister Giorgia Meloni’s government has continued to welcome Chinese investment, even after Italy’s withdrawal from China’s Belt and Road Initiative. Salvini expressed optimism about the potential for infrastructure development between the two nations. However, the broader EU-China relationship remains strained, with the EU imposing tariffs on Chinese electric vehicles and China retaliating with anti-dumping duties on European pork and brandy, as well as investigations into the dairy sector.
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India’s Urban Company plans big bet on instant home services, CEO says
Urban Company, India’s leading home-services provider, is intensifying its focus on delivering services within an hour, aiming to cater to the growing demand for instant solutions in a market accustomed to rapid deliveries of groceries and gadgets. This strategic shift comes on the heels of the company’s successful IPO, which marked one of the most anticipated stock market debuts of the year. Traditionally known for allowing customers to schedule services like facials and faucet repairs, Urban Company is now emphasizing speed with its new ‘Insta Help’ service, enabling users to book domestic workers in just 15 minutes. CEO Abhiraj Singh Bhal highlighted the significance of instant services, stating that they could create a sustainable competitive advantage and drive customer engagement. As of June 30, the company boasted 7.02 million annual transacting customers. Urban Company plans to invest heavily over the next two to three years to build a dense network of service professionals in its core markets, though this may pressure profit margins. The company faces competition from startups like Pronto and Snabbit, which promise services in as little as 10 minutes. Analysts note that while the market potential for instant services is significant, logistical challenges and operational complexities could hinder growth. Despite these hurdles, Urban Company’s online on-demand services market is projected to grow at a compound annual growth rate of 22.4% from 2023 to 2030.
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Apple’s iPhone 17 launch draws hundreds in long queue at its Beijing store
On September 19, 2025, Apple’s latest iPhone 17 series made its debut in Beijing, drawing hundreds of eager customers to the flagship store in the bustling Sanlitun district. The launch marked a significant moment for Apple in China, the world’s second-largest economy, as analysts predict the new models could revitalize the company’s market share amid fierce competition from local brands like Xiaomi and Huawei. Shuke Wang, a 35-year-old customer, was among the early adopters, opting for the Pro Max model priced at 9,999 yuan ($1,406). He praised the series’ redesign, particularly the orange variant, though he found it slightly flashy. The Pro Max’s extended battery life also stood out as a key selling point. Apple highlighted the base model’s enhanced features, including a brighter, scratch-resistant screen and an improved front-facing camera optimized for horizontal selfies. Despite a 6% decline in shipments during the first eight weeks of Q3, analysts remain optimistic. Chiew Le Xuan of Omdia forecasts an 11% year-over-year increase in iPhone shipments in China for the second half of 2025, driven by the new series. The iPhone 17 Pro Max, with its major redesign, is expected to outperform its predecessor and become Apple’s top-performing model in the Chinese market by 2026. Meanwhile, the iPhone Air, featuring e-SIM support, is seen as a technological testbed for future innovations, though its slim design compromises battery life and camera quality, which may limit its appeal among Chinese consumers. Apple’s ability to navigate regulatory hurdles for e-SIM services with Chinese telecom operators will also play a crucial role in its success.
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Exclusive: FDA nicotine pouch pilot to ease manufacturers’ research burden, transcript shows
The U.S. Food and Drug Administration (FDA) has announced a significant shift in its regulatory approach to nicotine pouches, a popular smoking alternative, through a new pilot program. Internal meeting transcripts reveal that the FDA will no longer require manufacturers to conduct costly, product-specific studies to assess their impact on public health. Instead, the agency will rely on existing general research to evaluate the effectiveness and safety of these products. This move marks a departure from the FDA’s historically stringent review process, which has been a major hurdle for companies like Philip Morris International, Altria, and British American Tobacco, whose brands Zyn, On!, and Velo are expected to benefit from the pilot. The FDA’s decision aims to streamline the approval process while maintaining a focus on public health, particularly in helping smokers transition away from traditional cigarettes. However, experts have raised concerns about the potential risks, including the possibility of increased youth usage and the lack of product-specific data to ensure the safety and efficacy of individual offerings. The pilot program, while still in its early stages, could set a precedent for future regulatory changes in other nicotine product categories, such as vapes. The FDA has emphasized that the program does not lower scientific standards, but critics argue that the move may compromise public health safeguards.
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Global economy takes Trump shocks in stride, for now
Despite a turbulent start to President Donald Trump’s tenure, marked by aggressive tariff policies and attempts to influence the Federal Reserve, the global economy has demonstrated surprising resilience. Over the past eight months, equity and bond markets have remained stable, with stock prices surging and inflation fears subdued. This stands in stark contrast to earlier predictions of economic collapse and recession during Trump’s initial months in office.
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Australian prime minister heads to New York, may meet Trump for first time
Australian Prime Minister Anthony Albanese is set to embark on a pivotal visit to the United States this week, with expectations of a crucial meeting with President Donald Trump. The discussions are anticipated to focus on the AUKUS defense partnership and the growing influence of China in the Indo-Pacific region. Albanese will first attend the United Nations General Assembly in New York, where he is scheduled to participate in a reception hosted by Trump. Although a formal bilateral meeting has not been confirmed, Trump hinted at a forthcoming engagement with Albanese, stating that the Australian leader would visit him ‘very soon.’
The AUKUS pact, a trilateral security agreement between Australia, the United Kingdom, and the United States, is designed to counter China’s rapid naval expansion. However, the partnership is currently under review by the Pentagon, raising questions about potential new conditions. Former Australian ambassador to Washington, Arthur Sinodinos, emphasized the importance of securing Trump’s in-principle support for the nuclear-powered submarine deal to bolster investor confidence. King Charles III has also endorsed AUKUS, describing it as a ‘vital collaboration’ during Trump’s recent UK visit.
At the UN General Assembly, Albanese plans to advocate for Palestinian statehood and address Australia’s controversial law banning social media for children under 16. Both positions diverge from U.S. policies, with Trump criticizing foreign regulations he deems unfavorable to American tech companies. Despite these differences, both nations share a common goal of reducing China’s dominance in the supply of critical minerals. Over 20 Australian critical minerals companies recently met with Trump administration officials to explore collaborative opportunities.
Trade discussions will also be on the agenda, with Australia urging the U.S. to uphold a free trade agreement that benefits Washington. Australia has already secured a favorable 10% baseline tariff, the best deal offered to any country. Additionally, under U.S. pressure to increase defense spending, Australia announced an extra A$12 billion ($8 billion) to upgrade a shipyard in Western Australia for AUKUS submarine maintenance.
Australia’s strategic ties in the Pacific Islands remain a key interest for the U.S., although recent setbacks in Vanuatu and Papua New Guinea have hindered efforts to limit China’s influence. China has opposed exclusive treaties that restrict sovereign nations from cooperating with third parties, further complicating regional dynamics. Sinodinos warned that other players are capitalizing on perceived disengagement by the U.S., Australia, and New Zealand in the region.
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Thai central bank intervenes to slow currency moves, says official
The Bank of Thailand (BOT) has stepped in to moderate the rapid appreciation of the Thai baht, which recently hit its strongest level in four years. Assistant Governor Chayawadee Chai-anant confirmed the central bank’s intervention during a press briefing on Friday, emphasizing the institution’s commitment to managing currency volatility. ‘We are closely monitoring and managing the baht’s movements, as reflected in the rise in foreign reserves,’ she stated. The baht was trading at approximately 31.86 per U.S. dollar, marking an 8% increase this year—the second-largest gain among Asian currencies, trailing only the Taiwan dollar. Chai-anant attributed the baht’s surge to a combination of factors, including a weaker U.S. dollar, Thailand’s current account surplus, gold trading activities, and political developments. She also noted that the central bank has no immediate plans to implement a gold tax, citing the need for further discussions. The BOT’s strategy remains focused on preventing excessive fluctuations in the currency, ensuring stability in the financial markets.