分类: business

  • Holiday-makers in limbo as Aussie travel firm AVG Travels collapses into liquidation

    Holiday-makers in limbo as Aussie travel firm AVG Travels collapses into liquidation

    A Melbourne-headquartered budget travel company that built its brand around the promise of affordable global getaways for Australian travelers has officially entered liquidation, leaving thousands of customers scrambling to salvage their upcoming holiday plans. AVG Travels, which marketed itself on the slogan of helping customers ‘travel more and spend less’ by offering discounted international tour packages, appointed insolvency specialists from firm McGrathNicol as liquidators this week, following growing public frustration and widespread reports of sudden tour cancellations ahead of scheduled departures.

    For days before the formal liquidation announcement, customers had already faced cascading uncertainty, with many sharing that their pre-booked trips had been abruptly canceled or flagged for review just 48 to 72 hours before their planned departure dates. The sudden collapse caught many travelers off guard, who had booked with the company specifically for its advertised low rates on popular international routes across Asia, including Japan, Sri Lanka and China.

    Curiously, AVG Travels’ public website remains active as of the latest update, still displaying promotional advertisements advertising deep discounts on holiday packages to the destinations the company has long specialized in. However, first-time visitors to the site are now greeted by a pop-up notification confirming the liquidation status, which reads: ‘Matthew Hutton and Mark Holland of McGrathNicol were appointed liquidators of AVG Travels Pty Ltd (In Liquidation) on 26 May 2026. Please direct any queries to McGrathNicol on AVGTRAVELS@mcgrathnicol.com.’ The identical notice has also been posted physically on the entrance of AVG Travels’ Melbourne headquarters, barring access to walk-in customers seeking assistance.

    In an official statement released following the appointment, McGrathNicol confirmed that it has taken full control of AVG Travels’ business operations and outstanding assets. The firm said it is currently conducting an urgent, comprehensive review of the collapsed travel company’s financial standing and day-to-day affairs, with the core goal of identifying the path forward that will preserve as much value as possible for all stakeholders, including affected customers and outstanding creditors. McGrathNicol also noted that all customers holding existing, pre-paid bookings with AVG Travels will be contacted directly with updates as the review process moves forward. Further details on the outcome of the liquidation process and potential refunds or recoveries for customers are expected to be released in the coming weeks.

  • Canada and Germany make liquefied natural gas deal as Carney looks to diversify from US

    Canada and Germany make liquefied natural gas deal as Carney looks to diversify from US

    TORONTO – A major milestone in transatlantic energy cooperation has emerged this week, as an anonymous official confirmed Tuesday that Canada has locked in a long-term liquefied natural gas (LNG) export agreement with Germany’s state-backed energy utility SEFE, short for Securing Energy for Europe. The deal will cover supplies from the proposed Ksi Lisims LNG terminal, a $10 billion Canadian (US$7.2 billion) project planned for British Columbia’s Pacific Coast on Pearse Island, near the Alaskan border. The official spoke on condition of anonymity ahead of a formal public announcement scheduled for Wednesday, and revealed that the agreement will see up to 1 million metric tons of LNG shipped from the terminal to Germany each year.

    This deal marks a critical step forward for the Ksi Lisims project, which has already secured all necessary construction permits but has not yet received a final investment decision from its developing consortium. British Columbia Premier David Eby had signaled earlier Tuesday that a binding offtake agreement with a major European buyer like SEFE would be a deciding factor pushing the consortium to greenlight construction, noting that finalized sales contracts are a required precursor to any final investment decision for large-scale energy infrastructure projects. The Ksi Lisims consortium has already secured similar offtake agreements with subsidiaries of two global energy giants: London-based Shell and France’s TotalEnergies.

    For Canada, the agreement aligns with a key trade priority set by newly elected Prime Minister Mark Carney, who has pledged to double Canada’s non-U.S. trade volume over the next 10 years. Currently, the country’s vast oil and gas sector ships nearly all of its energy exports to its southern neighbor, making diversification into European and other global markets a core economic and strategic goal.

    For Germany, the deal addresses ongoing energy security concerns that first emerged in 2022, when the Russian invasion of Ukraine prompted Moscow to cut most of its natural gas supplies to Europe. Prior to the war, Germany relied heavily on Russian piped gas to power its industry, heat residential homes, and generate electricity. The sudden supply cut sparked a continent-wide energy crisis that drove up inflation across the EU, pushed energy prices to record highs, and forced multiple industrial facilities to temporarily suspend operations. SEFE, originally the German subsidiary of Russian energy giant Gazprom, was nationalized by the German government in 2022 to stabilize the country’s energy market amid the crisis, and has since been working to lock in reliable alternative LNG supplies from non-Russian producers around the world.

  • Ferrari unveils ‘Luce’, its first fully electric car, in a tough market

    Ferrari unveils ‘Luce’, its first fully electric car, in a tough market

    In a landmark moment for one of the world’s most iconic luxury automakers, Italian supercar brand Ferrari has pulled back the curtain on its first-ever fully electric vehicle, the Luce — marking the brand’s long-awaited entry into the premium clean mobility space, years after rivals including Porsche and Lamborghini launched their own electric high-performance models.

    Named for the Italian word for “Light”, the Luce made its debut in Rome, where executives including Ferrari chairman John Elkann presented the vehicle to Italian President Sergio Mattarella, and later to Pope Leo XIV at his summer residence in Castel Gandolfo, where the pontiff got a chance to sit behind the wheel. Ferrari confirmed that Elkann donated the car’s steering wheel to the pope as a symbolic gesture during the meeting.

    As the second four-door model in Ferrari’s 78-year history, following the Purosangue SUV launched in 2023, and the brand’s first five-seater, the Luce breaks with decades of Ferrari tradition that centered on sleek, two-seater sports cars built around roaring, high-output internal combustion engines. Today, nearly half of all Ferrari vehicles sold already feature hybrid powertrains, but the prancing horse brand took years to commit to a fully electric offering amid internal debate over preserving its signature driving experience.

    Engineered with performance at its core, the Luce boasts specifications that match the brand’s high-performance pedigree: it can hit a top speed of more than 310 kilometers per hour (192 miles per hour), accelerates from zero to 100 kilometers per hour in just 2.5 seconds, and is powered by a 122 kWh battery that delivers a range of more than 530 kilometers on a single charge. Weighing in at 2.26 tonnes, the car supports ultra-fast charging that can boost the battery from 10% to 80% capacity in just 20 to 25 minutes, per Ferrari’s official claims.

    While most core components were developed in-house at Ferrari’s facilities in Maranello, the brand tapped high-profile external design talent for the Luce: the vehicle’s styling was created by LoveFrom, the design collective founded by former Apple chief design officer Jony Ive — the mind behind many of Apple’s most iconic products — alongside renowned industrial designer Marc Newson. Ferrari describes the Luce as a “glass house”, featuring distinctive hidden headlights that are invisible when turned off, and a rear design that pays homage to classic Ferrari models including the 360 Modena. The vehicle is built in a purpose-built new factory at Ferrari’s historic Maranello headquarters in northern Italy, with first customer deliveries scheduled to begin by the end of 2026. Industry analysts project the starting price will exceed 700,000 euros ($815,000) before customizations.

    Despite the brand’s legacy and the Luce’s impressive specifications, the unveiling failed to win over investors, as the launch comes amid a broader global slowdown in consumer demand for electric vehicles that has forced many major automakers to scale back their EV ambitions. By midday Tuesday on the Milan stock exchange, Ferrari shares dropped 6.3% to 290.45 euros, making it the worst-performing stock on the index that day. This share drop follows a sharp decline in October 2025, when the first details of the Luce were released, and analysts expressed disappointment that Ferrari’s long-term profit forecasts fell short of market expectations.

    Ferrari has already adjusted its electrification roadmap in response to shifting market conditions: at the end of 2025, the automaker cut its 2030 target for electric vehicle share of its lineup from 40% to just 20%, reflecting broader industry caution around EV adoption. Many analysts remain skeptical that the high-priced Luce will deliver enough sales volume to meaningfully boost Ferrari’s bottom line. “We maintain the view that an electric model with a high price tag… will not generate significant volumes capable of bolstering Ferrari’s earnings,” Equita analysts wrote in a research note published Tuesday.

    Other analysts are more optimistic about the model’s financial prospects. Analysts at Banca Akros noted that while the Luce carries some risk of margin dilution, the extremely high starting price — which climbs even higher with popular customizations — offsets that risk, and the model is already projected to be profitable at launch. Banca Akros also highlighted comments from Ferrari CEO Benedetto Vigna, who expects half of all Luce orders to come from buyers who have never owned a Ferrari before, opening up a new segment of customers for the brand.

    Elkann emphasized in his debut speech that the Luce carries forward the core values that have made Ferrari a globally recognized symbol of luxury and performance, even as it moves the brand into a zero-emission future. Whether the new electric model will live up to that promise and win over both consumers and investors remains to be seen as the first deliveries approach later this year.

  • Ferrari’s first electric vehicle met with market skepticism

    Ferrari’s first electric vehicle met with market skepticism

    In a moment blending automotive history and high-profile ceremonial debut, Ferrari this week pulled back the curtain on its first fully electric production vehicle, the Luce, but the iconic Italian supercar brand’s big bet on electrification has immediately faced sharp market skepticism amid a shaky global EV landscape.

    The luxury marque first revealed the Luce — whose name translates to “light” in Italian — to the public on Monday, just days before brand leadership gave exclusive previews of the five-seat, four-door model to Italy’s president and Pope Leo XIV at the pontiff’s summer residence in Castel Gandolfo, outside Rome. During the private viewing, Pope Leo slipped into the Luce’s driver’s seat, where Ferrari test driver Raffaele De Simone walked him through the vehicle’s steering wheel controls, with Ferrari chairman John Elkann seated beside him in the passenger compartment.

    Engineered to mark a new era for the 77-year-old performance brand, the Luce packs impressive technical specs: four independent electric motors (one for each wheel) deliver a total 1,000 horsepower, propelling the car from 0 to 100 km/h (0 to 62 mph) in just 2.5 seconds, with a maximum driving range of more than 530 km (329 miles) on a single charge. Pricing for the Italian market is reported to hit a staggering 500,000 euros, with U.S. pricing still yet to be officially announced.

    For Ferrari, the launch is far more than just adding a new model to its lineup. “We are not simply unveiling a new car, we are inaugurating a chapter that turns our vision into reality, strengthening Ferrari’s tradition of anticipating and shaping the future,” Elkann said in an official statement marking the debut. The brand, which already offers hybrid powertrain options across much of its lineup, has poured billions of euros into its electrification transition, though it recently scaled back its 2030 fully electric lineup target from 40% to just 20% amid shifting market expectations.

    Despite the brand’s ambitious long-term vision, the debut has been met with immediate pushback from investors, critics and consumers alike. By Tuesday trading, Ferrari shares plummeted 8.4% on the Milan stock exchange, while U.S.-listed shares of the automaker fell 5.3% as markets reacted to the high-risk launch. Auto industry critics have echoed that uncertainty, with many arguing the Luce deviates sharply from Ferrari’s signature design and positioning that has defined the brand for decades.

    “The internet has made up its mind, hasn’t it, if you’ve seen any of the comments on it. And it’s not universally loved from the outside,” said Matt Prior, editor-at-large for U.K.-based automotive outlet Autocar. While Prior praised the Luce’s refined interior, he noted the fundamental engineering shift from internal combustion to battery power has created unavoidable design tradeoffs. With the large battery pack mounted under the vehicle’s floor, the Luce sits taller than traditional Ferrari models, a change that compromises the sleek, low-slung profile the brand is famous for.

    “For a company whose entire history is based on making dynamic-looking sleek cars, it’s maybe harder for Ferrari to get around than it is for other manufacturers,” Prior explained.

    Industry analysts have also raised questions about the timing and positioning of the ultra-luxury EV at a moment when most global automakers are targeting mainstream consumers with more affordable electric models. Robby DeGraff, product and consumer insights manager at automotive research firm AutoPacific, called the Luce “perhaps the most controversial model to bear the stallion on its fenders,” questioning whether the brand’s loyal customer base demands a six-figure electric vehicle. Even so, DeGraff acknowledged the launch is a strategic move to help Ferrari comply with tightening global emissions regulations that will require all major automakers to expand zero-emission lineups in the coming decade.

    Ferrari’s launch comes at a uniquely challenging moment for the global EV market. While policy mandates — including the European Union’s requirement for a 90% cut in tailpipe emissions by 2035 — have pushed automakers to invest heavily in electrification, slowing demand growth in key markets and intensifying competition have forced many brands to scale back their electric targets, with several major manufacturers posting billions in losses on their EV divisions.

    Global electric car sales hit 20 million last year, meaning one in four new passenger vehicles sold worldwide is now electric, according to the International Energy Agency. European EV sales grew more than 30% in 2025, but the market has become increasingly cutthroat, with a flood of affordable, technologically advanced Chinese EV models grabbing market share from established European and American brands. EV adoption also remains uncertain in the U.S., where recent policy shifts have disrupted market planning, and even elevated consumer interest following the outbreak of the U.S.-Iran war has yet to translate into sustained, widespread sales growth.

    “The whole electric car market is not really where it could be,” Prior said. “And so much of it is legislation driven rather than natural demand driven.”

    The report was filed by Alexa St. John from Detroit, with additional contributions from Associated Press journalists Cassandra Allwood in London and Colleen Barry in Milan.

  • Australia secures 850,000 tonnes of fertiliser from Indonesia as Iran peace in doubt

    Australia secures 850,000 tonnes of fertiliser from Indonesia as Iran peace in doubt

    Geopolitical volatility in the Middle East has pushed the Australian government to lock in a critical emergency supply of agricultural fertiliser to shield the nation’s farming sector and food supply chain from potential global market disruptions. As hopes for a tentative de-escalation deal between the United States and Iran collapsed following fresh US military strikes on Iranian targets this week, Canberra moved to confirm an additional 80,250 tonnes of urea secured through a partnership with Indonesian fertiliser producer PT Pupuk and Australian industrial firm Incitec Pivot.

    The new shipment is part of a broader 250,000-tonne urea agreement arranged through Indonesia, and marks the sixth additional critical input delivery secured via the Australian government’s $10.7 billion Fuel and Fertiliser Security Facility. The first of these extra shipments are scheduled to arrive on Australian shores in the coming weeks. Export Finance Australia, which was recently granted expanded regulatory powers to support private suppliers in sourcing critical fuel and fertiliser cargoes amid global instability, facilitated the transaction.

    The tense standoff in the Middle East carries outsized importance for Australian supply chains: roughly 20 percent of the world’s total crude oil exports transit through the Strait of Hormuz, a key chokepoint whose security has been thrown into doubt by the renewed hostilities. Urea, a core input for modern agricultural production, is heavily dependent on global energy markets for its manufacturing and shipping, meaning supply disruptions in the Middle East can quickly send fertiliser prices soaring and cut off access for domestic producers.

    Agriculture Minister Julie Collins emphasized that stabilizing fertiliser supplies is a core priority for keeping Australia’s food production network operational during a period of unprecedented global uncertainty. “We have been working around the clock to help secure the critical inputs our farmers and producers need, including fuel and fertiliser,” Collins said. “Supporting the purchase of additional fertiliser shipments is about getting more fertiliser into Australia at a time of global uncertainty, helping to provide our farmers and producers with confidence for the future. The additional fertiliser we’ve secured from Indonesia, in partnership with industry, is the result of our Government’s careful and considered work to strengthen Australia’s relationship with Indonesia.”

    Trade Minister Don Farrell added that the federal government remains committed to partnering with industry and agricultural peak bodies to maintain consistent, reliable supply chains for the nation’s critical agricultural sector. “The Albanese Labor government will always support Australian farmers, and the many jobs and communities this vital sector sustains across the country,” Farrell said.

    The new fertiliser deal comes just days after Prime Minister Anthony Albanese announced a separate agreement to secure 660,000 additional barrels of jet fuel from China, following high-level diplomatic talks with Chinese Premier Li Qiang. Albanese warned that even if a peace deal is reached in the Middle East in the near term, lingering supply chain disruptions will continue to impact global energy and commodity markets for some time.

    “The longer the conflict goes on, the more enduring the impact will be, the economic tail,” Albanese said. “We are very hopeful that the positive signs of a de-escalation and peace in the region will lead to a conclusion. We know, though, this is volatile and uncertain times, and I want to make it clear that when the conflict ends, that doesn’t mean that the economic tail concludes. There will be a period of time before ships are able to go through the Strait of Hormuz.”

    As of this week, the government reports that national stockpiles of key fuels have improved since the outbreak of open hostilities between the US, Israel and Iranian-aligned forces on February 28. Current national reserves hold five more days of petrol, two additional days of diesel (bringing the total to 38 days) and two extra days of jet fuel (totaling 31 days) compared to levels recorded at the end of February. In addition to the new deals with Indonesia and China, the government has also arranged alternative fuel shipments from other regional partners including South Korea and Brunei as part of its broader $10.7 billion strategy to bolster national fuel and fertiliser security.

  • ASX 200 slips as US attacks on Iran spook traders and send oil prices soaring

    ASX 200 slips as US attacks on Iran spook traders and send oil prices soaring

    A three-day consecutive gain for Australia’s domestic sharemarket came to an abrupt end on Tuesday, as renewed geopolitical tensions in the Middle East upended market forecasts and sent global crude oil prices surging by 2.3% in a single trading session. The sudden shift in sentiment followed conflicting developments in US-Iran diplomacy that left global investors scrambling to adjust their risk positioning.

    The benchmark ASX 200 closed the session down 34.20 points, a 0.39% drop that pushed the index to 8657.80. The downturn began immediately after the opening bell, when news broke of new US military strikes targeting Iranian assets, injecting fresh uncertainty into a region already roiled by ongoing conflict. The broader All Ordinaries index followed a similar trajectory, falling 32.80 points, or 0.37%, to settle at 8882.60. Against this backdrop, the Australian dollar edged slightly higher against the US dollar, hitting 71.67 US cents by market close.

    Oil emerged as the defining volatility driver of the session. Just hours before Australian markets opened, crude prices had fallen overnight after both US and Iranian officials announced a tentative, in-principle peace deal that would reopen the strategically critical Strait of Hormuz, a chokepoint through which roughly 20% of global oil supplies pass daily. That optimistic shift was completely erased, however, following reports of explosions near Bandar Abbas, Iran’s key coastal hub for access to the strait.

    IG market analyst Tony Sycamore explained that the blasts shattered growing market confidence that a breakthrough in US-Iran tensions was finally at hand. “These doubts have emerged just as markets were growing increasingly confident that a breakthrough was imminent, seemingly ignoring the fact that five previous attempts had fallen apart at the eleventh hour,” he noted. By the close of trading, Brent Crude had jumped 2.3% to settle at $US98.34, equal to around $A137.21, erasing all prior losses from the overnight session.

    Nearly all market sectors felt the downward pull of the uncertainty: 10 of the ASX’s 11 core sectors closed the session in negative territory, led by utilities, consumer staples, and Australia’s big four banks. Even the energy sector, which typically rises alongside crude prices, ended the day lower, dragged down by coal producers that reversed the strong gains they posted a day earlier, which had followed a deadly explosion at a major Chinese coal mine that disrupted global supply.

    Utilities were hit particularly hard after the national regulator announced an upcoming cut to retail electricity prices. Origin Energy shares dropped 2.30% to $10.64, while competitor AGL fell 2.79% to $8.70. Among consumer staples, major supermarket chains Woolworths and Coles slipped 0.75% and 0.56% respectively, while Treasury Wine Estates saw shares plummet 3.90% to $4.43.

    Australia’s four largest national banks all posted losses ahead of the release of key domestic inflation data scheduled for Wednesday. Economists forecast that headline annual inflation will rise to 4.4%, while the Reserve Bank of Australia’s preferred trimmed mean inflation measure is expected to come in at 3.4%. Current market pricing suggests slowing inflation growth, paired with last week’s unexpected jump in national unemployment, will give the RBA room to keep the official cash rate on hold at 4.35%. By close, Commonwealth Bank of Australia fell 0.18% to $164.30, Westpac dropped 0.44% to $36.61, National Australia Bank led the big four losses with a 0.76% drop to $37.99, and ANZ slipped 0.31% to $35.66.

    A handful of individual companies posted outsized moves on the day. Market operator ASX Ltd itself suffered its worst single-day performance since 2000, with shares plummeting 13% to an eight-week low of $51.03. Mexican fast food chain Guzman Y Gomez trimmed recent gains, falling 2.22% to $19.42, one day after the company confirmed it would fully exit the US market to focus on its domestic and Asian operations.

    Against the broader market downturn, two companies delivered strong positive gains off the back of promising business updates. Online electronics retailer Kogan soared 18.60% to $4.08 after releasing a mid-financial year update showing gross sales grew 18.2% and total revenue jumped 18.1% over the first 10 months of the fiscal year. Medical device manufacturer Fisher & Paykel Healthcare also rallied sharply, with shares jumping 9.2% to $30.05 after reporting a 24% year-on-year rise in full-year net profits that outperformed market expectations.

  • World stocks and oil prices are mixed after the US launches strikes in southern Iran

    World stocks and oil prices are mixed after the US launches strikes in southern Iran

    Global financial markets delivered a mixed performance across European and Asian trading sessions on Tuesday, rocked by conflicting signals: fresh U.S. military strikes inside southern Iran paired with ongoing optimism from former U.S. President Donald Trump about ongoing peace talks to end the regional conflict.

    The U.S. military confirmed Monday that it had launched what it described as proportional self-defense strikes targeting Iranian missile launch facilities and watercraft reportedly used to lay naval mines. The operation was framed as a protective measure for U.S. military personnel facing imminent threats from Iranian forces, with officials noting they exercised restraint out of respect for an existing ceasefire between the two sides. As of Tuesday, Iran had not issued any official response to the strikes, and key details — including the full scope of the alleged threats that prompted the attack and the impact on diplomatic negotiations — remained undisclosed.

    This military escalation comes even as Trump claimed via social media that talks to resolve the conflict are “proceeding nicely,” leaving investors caught between competing signals about the trajectory of regional tensions. Market analysts have highlighted the disconnect between investor pricing and on-the-ground diplomatic progress. “Markets are behaving as though a full Iran breakthrough already exists, even though the hardest parts of the negotiation remain unresolved,” noted Stephen Innes, a strategist at SPI Asset Management, pointing out that while Washington has publicly signaled optimism, Tehran has repeatedly pushed back against claims that a final deal is imminent.

    Early trading in Europe reflected the uncertainty: Germany’s benchmark DAX index shed 0.7% to close at 25,214.08, while France’s CAC 40 dropped 0.9% to 8,187.07. Bucking the regional downward trend, London’s FTSE 100 gained 0.7% to reach 10,540.40. U.S. equity futures pointed to a positive open when Wall Street reopens Tuesday, with S&P 500 and Dow Jones Industrial Average futures both climbing 0.5%, following the Memorial Day holiday that closed U.S. markets Monday.

    Across Asian trading sessions, performance was similarly uneven. Tokyo’s Nikkei 225 pulled back 0.3% to 64,996.09, retreating from the all-time closing high above 65,000 it set on Monday. China’s major indexes posted modest losses: the Shanghai Composite Index dipped 0.2% to 4,145.33, while Hong Kong’s Hang Seng Index remained nearly flat at 25,599.45. South Korea’s Kospi led regional gains, jumping 2.6% to 8,047.51 as markets rebounded from a Monday holiday closure. Australia’s S&P/ASX 200 edged down 0.4% to 8,657.80.

    Energy markets also tracked the conflicting developments, with oil prices splitting gains and losses. International benchmark Brent crude climbed $3.03 to settle at $96.45 per barrel on Tuesday, recovering most of the nearly $5 drop it posted Monday, but still holding below the key $100 per barrel threshold. U.S. benchmark West Texas Intermediate crude fell $3.67 to $92.97 per barrel.

    Currency trading saw minimal volatility: the U.S. dollar inched up slightly to 159.09 Japanese yen, up from 158.91 yen in the previous session, while the euro weakened marginally to $1.1636, down from $1.1645.

    The current market volatility stems from shifting expectations around a potential peace deal between the U.S. and Iran. Just one day earlier, global markets rallied after regional Middle Eastern officials signaled Washington was close to finalizing an agreement that would end the ongoing conflict, reopen the critical Strait of Hormuz shipping lane, and require Iran to dismantle its stockpile of highly enriched uranium. To date, however, no timeline for finalizing the deal or implementing its key terms has been confirmed.

    A finalized peace agreement would resolve widespread regional security concerns that have roiled energy markets after Iranian missiles and drone strikes targeted key Gulf economic hubs including the United Arab Emirates. It would also clear the way for the resumption of full global shipping through the Strait of Hormuz, which carries roughly 20% of the world’s daily oil supplies, and support the reconstruction of damaged energy infrastructure across the region.

  • Ferrari unveils first fully electric car

    Ferrari unveils first fully electric car

    Italian luxury supercar manufacturer Ferrari has made a historic pivot in its decades-long lineup, unveiling its first-ever fully electric vehicle, the Luce, scheduled to hit markets by the end of this year with a starting price tag of $640,000.

    Breaking with almost every design convention the brand is known for, the Luce marks Ferrari’s first five-seater model, developed in a five-year collaboration with LoveFrom, the design studio founded by former Apple chief design officer Sir Jony Ive. Unlike traditional Ferrari sports cars, which prioritize two-seat aerodynamics and high-performance petrol powertrains, the new model pairs a fully electric architecture with a entirely refreshed silhouette that has split automotive enthusiasts and industry observers.

    Each wheel of the Luce is powered by a custom electric motor built entirely in-house at Ferrari’s facilities. This setup propels the vehicle from 0 to 60 miles per hour in just 2.5 seconds, matching the acceleration of the brand’s top-tier performance petrol models. Ferrari’s decision to manufacture every component internally is not an accident: the automaker says it will be able to service and repair the vehicle for decades, preserving long-term resale value for owners, a key priority for luxury collectors.

    The launch comes at a time of widespread uncertainty for electric vehicle ambitions among Western legacy luxury automakers. High-end supercar rivals including Lamborghini have scrapped plans for fully electric lineups, refocusing on hybrid powertrains amid sluggish consumer demand for luxury EVs. Germany’s Porsche has also scaled back its EV expansion, squeezed by weak sales in China’s crowded luxury market and punitive tariffs on EV imports in the United States. Broader industry trends have followed this pattern: Ford and Volkswagen have both re-committed to petrol vehicle production, particularly in the U.S., where demand for EVs has fallen short of forecasts and policy incentives have been rolled back under the current administration. Even Jaguar faced widespread backlash when it unveiled an all-electric concept that abandoned the brand’s signature classic styling, a parallel that critics have already drawn to Ferrari’s new launch.

    Social media reaction to the Luce reveal has been sharply polarised, echoing the broader industry divide. Some automotive fans have condemned the move, with posts on X arguing that Ferrari has betrayed its brand identity just as Jaguar did, with one commenter dismissing the new model as “straight to the junkyard trash.” But other observers have hailed the Luce as a bold step forward, calling it an “absolute masterclass in design” and a potential game-changer for the high-end EV segment.

    Ferrari’s leadership has pushed back against criticism, framing the divided reaction as an expected part of disruptive innovation. Flavio Manzoni, Ferrari’s chief design officer, acknowledged in an interview that an all-electric, five-seat Ferrari is inherently polarising, but expressed confidence that consumer opinion will shift in the coming months as audiences grow accustomed to the new design. The company has also stressed that it will continue producing petrol-powered and hybrid models alongside the new Luce, avoiding a full pivot away from the powertrains that built its brand identity.

    As Europe’s most valuable automaker, Ferrari has long relied on a strategy of limited production and extreme exclusivity that has insulated it from many of the market pressures facing mass-market and even other luxury competitors. Still, the automaker has not escaped the broader industry downturn: its share price has fallen more than 25% over the past 12 months, aligning with a global slump in luxury goods demand driven by persistent worldwide inflation that has cooled consumer appetite for high-ticket discretionary purchases.

  • India’s trade minister says visit by Canada’s Carney reset ties after 2023 killing of Sikh activist

    India’s trade minister says visit by Canada’s Carney reset ties after 2023 killing of Sikh activist

    OTTAWA, Ontario — After years of heightened tensions sparked by a high-profile diplomatic dispute, India and Canada are moving rapidly to reset their bilateral relationship, with top trade officials laying out ambitious goals for expanded economic cooperation and a long-stalled free trade agreement. India’s Commerce and Industry Minister Piyush Goyal, currently on an official visit to Canada, confirmed that Prime Minister Mark Carney’s late February trip to New Delhi — the first visit by a sitting Canadian prime minister to India in eight years — created a transformative opening for reworking ties between the two nations.

    Relations between Canada and India reached a crisis point in 2023 under Carney’s predecessor Justin Trudeau, after Canadian officials publicly alleged Indian government involvement in the shooting death of Sikh activist Hardeep Singh Nijjar near Vancouver. New Delhi forcefully rejected the accusations, and countered that Trudeau’s administration was offering safe haven to extremists aligned with the Khalistan movement, which seeks to create an independent Sikh homeland and is labeled a banned extremist organization by the Indian government. Bilateral trade talks, which had been ongoing since 2010, were suspended by Ottawa that same year.

    Speaking during his visit alongside Canadian International Trade Minister Maninder Sidhu, Goyal said Carney’s diplomatic outreach has already reshaped the two countries’ approach to one another. “It has set in motion the pathway to a complete overhaul of this relationship, setting new agendas, new goals,” Goyal stated, adding that the reset is progressing “very, very rapidly.”

    Goyal’s visit is accompanied by the largest Indian business delegation ever sent to Canada, consisting of more than 100 senior industry leaders representing India’s key sectors including mining, renewable and conventional energy, automotive manufacturing, and aerospace. During his trip, Goyal has already held meetings with Carney and Canadian Foreign Affairs Minister Anita Anand, with additional scheduled talks with chief executives of major Canadian firms, startup founders, and representatives of Canadian pension funds.

    The minister confirmed that both sides are prioritizing reaching a final free trade agreement by the end of 2024, marking a critical milestone in the renewed engagement. A Canadian trade delegation traveled to New Delhi for preliminary talks earlier this month, and a follow-up Indian delegation is set to convene further negotiations in Canada later this year. Beyond the FTA, Goyal announced a shared target to triple bilateral trade volume to $50 billion USD by 2030.

    During Carney’s trip to India, the two sides signed a raft of bilateral agreements, highlighted by a 2.6 billion Canadian dollar ($1.9 billion USD) deal to supply roughly 22 million pounds of uranium to India for its civilian nuclear energy program. The deal represents one of the first concrete economic gains from the diplomatic reset.

    Vina Nadjibulla, vice president of research and strategy at the Asia Pacific Foundation of Canada, noted that the renewed cooperation aligns with broader strategic shifts for both nations. Both countries are increasingly seeking to diversify their economic partnerships and reduce overreliance on the United States, which a growing number of global partners view as an increasingly unstable trade and political actor. India, in particular, has ramped up trade diplomacy in recent years, finalizing new trade deals with the European Union, the United Kingdom, and New Zealand before turning to deeper engagement with other Western economies.

    “India is now pivoting to Europe as well as to other Western economies like Australia and Canada to be able to meet its needs for capital, technology and innovation,” Nadjibulla explained, framing the Canada-India reset as part of a long-term strategic realignment for New Delhi in the global economy.

  • The rise of the fruit that tastes like custard

    The rise of the fruit that tastes like custard

    In the arid, drought-prone farmlands of southern India, where farmers have spent decades digging deep borewells and sinking most of their income into chasing scarce water supplies, an unlikely native fruit is emerging as a game-changing opportunity for agricultural resilience and profitable growth. Custard apple, a knobbly, sweet fruit with creamy flesh that owes its name to its dessert-like flavor, has long grown wild across India’s dry regions – but recent agricultural innovation and targeted crop development are turning this hardy native species into a high-demand commodity for both domestic and global markets.

    The story of this transformation begins with farmers like Ashoka Shivareddy, who carried a lifelong passion for agriculture even after his family abandoned their Kolar district farm due to mounting drought-related losses and moved to Bengaluru in 2005 to open a small vegetable shop. Shivareddy went on to build a career as an artificial intelligence software engineer, but never lost his connection to the land he grew up on. In 2018, he decided to revive his family’s abandoned property, approaching the venture with a data-driven, scientific mindset focused on finding a crop that could thrive in the region’s harsh, low-rainfall conditions.

    “I was searching for a crop that could survive on minimal water, grow solely with natural rainfall, and not require heavy pesticide inputs,” Shivareddy explained. That search led him to custard apple, a fruit that already grew wild across his local region, where small-scale farmers harvested wild fruits for local market sales. To maximize output on his land, Shivareddy adjusted traditional planting practices, spacing trees closer together than the standard industry approach, and selectively cultivated three high-performing varieties with complementary benefits. The strategy has already delivered impressive results: he harvested roughly 20 tonnes of fruit last year, and projects output will climb to 25 tonnes this year, with strong demand from both domestic buyers and international importers.

    While the species’ natural hardiness allows it to survive months without irrigation, traditional custard apple varieties have long faced significant commercial limitations. Local wild varieties such as Balangar have an extremely short shelf life – often just three to four days after harvesting – which limits farmers’ ability to sell beyond local markets, and they also contain a high number of seeds, making them less appealing to consumers. That’s where institutional agricultural research has stepped in to drive improvement, according to Dr. Sakthivel T, principal scientist at the Indian Institute of Horticulture Research (IIHR) based in Bangalore.

    Dr. Sakthivel’s team developed a new hybrid custard apple variety called Arka Sahan, which addresses many of the key flaws of traditional strains. The hybrid can last up to a week at room temperature, contains far fewer seeds, and delivers a much higher proportion of edible pulp. Over the past two decades, this improved variety has spread widely across southern India, delivering major gains for farmers without requiring them to expand their land holdings. “By boosting pulp recovery from just 30% in wild varieties to 70% in Arka Sahan, we have effectively doubled the usable harvest farmers can get from the same amount of land,” Dr. Sakthivel noted. Today, his team is focused on solving another key challenge: the tendency of custard apple pulp to turn brown quickly after extraction, which limits its use in processed food products. Researchers are testing new processing equipment and preservation techniques to help the pulp retain its characteristic pale, creamy color for longer, opening up new commercial opportunities in value-added foods like ice cream and milkshakes.

    In Maharashtra, India’s top custard apple producing state which accounts for nearly one-third of the country’s total output, independent farmer-breeder Navnath Malhari Kaspate has spent decades developing his own improved variety, after noticing that the crop had been largely overlooked by formal research for years. Kaspate traveled across India collecting custard apple seeds from diverse regions, brought them back to his farm, and spent years cross-pollinating varieties to develop higher-yielding, more commercially viable strains. Developing a new stable custard apple variety takes 12 to 15 years of selective breeding, a long, slow process that requires decades of patience and experimentation. His work ultimately produced NMK-01, a high-yield variety named for his initials that launched commercially in 2014.

    Today, Kaspate grows custard apple on nearly 50 acres of land, achieving yields of roughly 10 tonnes per acre. The improved shelf life and hardiness of NMK-01 have unlocked export opportunities that were previously out of reach for Indian custard apple growers. “We have started exporting to Gulf countries, and even shipped large volumes to Europe, something that had never been done at this scale before,” Kaspate said. He continues his breeding work today, focused on developing a new variety with improved visual appeal and stronger natural disease resistance.

    Exporter Manoj Kumar Barai, who ships NMK-01 to markets across the United States, the United Arab Emirates, Saudi Arabia, and Europe, says the variety is ideal for international trade thanks to its thicker skin, longer shelf life, higher pulp content, and sweeter flavor compared to older strains. Even with these improvements, exporting the delicate fruit requires extremely precise logistics: every step from harvesting timing to transport to packing, airport transfer, and customs clearance must be tightly scheduled, as every hour of delay impacts the fruit’s freshness. Custard apple is highly sensitive to high temperatures, so road transport is often scheduled overnight to avoid the peak midday heat in regions where summer temperatures can climb to 40°C, and fruit is pre-cooled for five hours before being packed in custom-designed corrugated boxes that protect produce and maintain cool temperatures during transit, then shipped in refrigerated vans and cold storage before being loaded onto air freight.

    An increasing share of exports are now shipped as frozen pulp or powder, a shift Barai describes as a revolution for the Indian custard apple industry. While frozen pulp must be stored and transported at -18°C, it is far cheaper to ship than whole fresh fruit, allows for large-volume transport over multi-week periods without spoilage, and is in high demand by overseas ice cream manufacturers, bakeries, and specialty cafes. Back in Kolar, Shivareddy plans to expand his own business by adding pulp processing to sell both whole fruit and value-added pulp products, and plans to build a processing unit that can utilize portions of his harvest that would otherwise go unsold. The shift to processing does require significant upfront investment in cold storage and extraction equipment, which Shivareddy says requires a change in mindset for many small-scale custard apple farmers.

    “Custard apple sits in an unusual position in Indian agriculture,” Shivareddy explained. “Demand is rising rapidly, but farming hasn’t adopted high-tech methods because the crop is naturally so hardy. It grows in poor soil, needs almost no extra water, and survives entirely on rainfall. Farmers don’t need expensive irrigation systems, sensors, or controlled growing environments, so technology adoption stays low.” Even with that barrier, the growing global demand for this drought-resilient, nutrient-dense fruit is driving steady growth across India’s custard apple sector, turning a forgotten wild crop into a viable, profitable agricultural commodity that supports small-scale farmers in some of the country’s driest regions.