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Healey presented his first budget as Chancellor, and reiterated the UK's support of Ukraine on Wednesday. View More

In this articleRR.-GBFollow your favorite stocksCREATE FREE ACCOUNT Britain's Chancellor of the Exchequer John Healey holds the red Budget box outside 11 Downing Street ahead of the announcement of the Autumn Budget in the House of Commons in London, United Kingdom on October 28, 2026. Wiktor Szymanowicz | Future Publishing | Getty ImagesThe U.K. has set out a target date for defense spending to rise to 3% of GDP, as the finance minister announced billions in aid for Ukraine in a "clear message to Moscow".John Healey on Wednesday set a target date of 2030 for the 3% figure, while reaffirming its NATO commitment to reach 3.5% by 2035.Healey, who resigned as defense minister under the previous government over insufficient spending, presented his first annual budget as finance minister and highlighted a "new era of threat"."Today we send a clear message to Moscow: Britain will stand with Ukraine for as long as it takes," he said as he announced an additional £10 billion ($13.3 billion) in economic and military support, based on loans, export finance guarantees, as well as £500 million in urgent military funding for this winter.The government will set out the details of how it will meet its defense spending targets at the spending review next year, Healey told lawmakers."As we look ahead to the spending review, we start from a position of strength, with spending at that higher base, there will be choices we have to make about priorities," he said."Today, I'm getting work underway to get there in a fiscally sustainable way," Healey said against the backdrop of strained public finances and increasing borrowing costs.More defense news‘Project Firepower’: Inside Rheinmetall’s gunpowder expansion as Europe races to replenish its ammunitionEurope’s defense boom faces a new test: Can it actually deliver weapons?Ukraine’s drone playbook is wreaking havoc in Russia — and upending where NATO wants to investTank maker KNDS postpones IPO amid market struggles for defenseDefense stocks plummet on reports Germany is scrapping warships; Rheinmetall stock down 18%Why Europe is suddenly betting big on dronesHealey also said the National Wealth Fund and British Business Bank will deploy up to £5 billion over the next four years into defence, dual-use technologies and other sectors supporting national security to strengthen the UK defense industrial base, support domestic supply chains and attract private investment.Chris Beauchamp, chief UK market analyst at investing and trading platform IG, said Healey's announcement lacked detail but "it looks like defence will get the money Healey said was needed when he was defence secretary.""The precise path will come through next year, but it seems like the spending bonanza for Rolls-Royce and others is still on the way. It just might take a little while to arrive," he added.Healey also announced that Rolls-Royce will develop its next-generation turbine engine technology in partnership with the U.K. government, in an investment worth £2.5 billion. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

India has 290 GW of identified PSP potential, but operational and under-construction capacity is just 23.3 GW  View More

During the Singapore International Energy Week, India underlines the critical need for resilient energy supply chains. Union Minister Shripad Yesso Naik emphasizes diversifying energy sources to bolster security in the face of global disruptions. View More

SINGAPORE: India has called for more resilient energy supply chains , with Minister of State for Power and New & Renewable Energy Shripad Yesso Naik underlining the need to diversify supply sources and strengthen the energy value chain amid growing global disruptions. Addressing around 1,000 delegates at the Singapore International Energy Week (SIEW) on Monday, Naik said energy security was closely linked to economic progress, industrial competitiveness and social advancement, making reliable and affordable energy supply a key priority. "Energy security is integral to our broader development objectives. The availability of secure, dependable and affordable energy is closely linked to a nation’s economic progress, industrial competitiveness and social advancement. Ensuring reliable supply, keeping energy affordable and advancing sustainability must therefore be pursued as mutually reinforcing priorities,” Naik said at the summit held annually by Singapore. The summit is being hosted by the Singapore Energy Market Authority during Oct 26-30. “Strengthening resilience requires countries to anticipate risks, diversify sources of supply and strengthen the entire energy value chain,” he underlined. Live Events At the same time, the nature of energy demand is changing. These evolving requirements call for forward-looking planning and timely investments, said the minister. “Energy security today extends beyond the availability of energy resources. The challenge is not simply to produce more energy, but to develop systems capable of delivering it efficiently, reliably and affordably, while adapting to emerging technologies and changing patterns of consumption,” he underscored. Naik said disruptions at mineral mines, critical shipping routes, semiconductor facilities or transformer manufacturing units could affect energy systems and communities thousands of kilometres away. Addressing these challenges call for both national preparedness and international cooperation, he said. At the same time, countries differ in their resource availability, stages of development, economic priorities and technological capabilities. International efforts must recognise these differences and support nationally determined pathways rather than prescribe a uniform approach to meeting energy needs. He pointed out that India's commitment to pursue development with sustainability is reflected in its achievements and enhanced climate ambitions. Naik met Gan Siow Huang, Singapore’s Minister of State for Foreign Affairs, Energy and Trade & Industry, and Francesco La Camera, Director General, International Renewable Energy Agency. He also met Lyonpo Sonam Tashi, Minister for Energy and Natural Resources of Bhutan. Naik will visit Sembcorp's Banyan Energy Storage System plant and the Keppel Seghers' Waste-to-Energy Plant at Tuas on the west coast of the island state on Wednesday, before returning to India. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now!

Coverage of GLP-1 drugs for weight loss is being dropped by many employer-sponsored healthcare plans as premiums soar, though workers have some new options. View More

watch nowVIDEO2:4302:43Bank of America CEO Brian Moynihan: We spend 'about $250 million or more' on GLP-1 drugs each yearSquawk BoxWith open enrollment season in swing, many employees may notice something conspicuously missing from their benefits menu — coverage of GLP-1 drugs for weight loss.More companies are dropping coverage completely or offering employees less generous payouts. In some cases, they're shifting to a different model altogether — offering employees a consolation prize of sorts — access to a weight management program through a third party.Coverage of these drugs for weight loss is pricey for employers — typically costing in the mid-$500s to mid-$600s per user monthly. Some companies say whatever the price, covering the drugs is worth it based on employee health. "We spend about $250 million or more on GLPs, and that's up from zero" four or five years ago, Bank of America CEO Brian Moynihan told CNBC's Andrew Ross Sorkin in August. "We see a great impact on the employees. ... Believe me, we're pounding everybody on price and trying to get as cheap [as possible]. But our view is that [because of] the long-term health benefits, plus there may be more short-term health benefits ... it's a good investment."Nevertheless, as healthcare costs continue to climb, more employers have been looking for an exit ramp on GLP-1 coverage for weight loss, and that includes bigger companies. A WTW annual health benefits survey fielded over the summer and being released in full on Wednesday found that 53% of employers with more than 100 employees cover GLP-1s for weight loss, down from 57% in 2025. That's the first decline in three years. What's more, 16% of employers said they cover the drugs now but are considering removing them, up from 9% last year. According to a recent Marsh survey of over 1,800 US employers, health insurance cost per employee is expected to rise 8.2% on average in 2027, the biggest increase since 2003, with GLP-1 use accounting for a full percentage point of the overall cost growth. Its experts have cited the soaring costs among reasons employers are considering dropping coverage for 2027."Employers are really balancing empathy with economics," said Caroline Susie, principal in Marsh's total health management practice.Some workers who use employer-sponsored health plans are being provided with options in the event of GLP-1 coverage being dropped, though nothing may match full health insurance coverage. Here are alternatives to expect.Direct-to-consumer programs Some employers are directing workers to buy GLP-1s through direct-to-consumer options like Novo Nordisk's NovoCare or Eli Lilly's LillyDirect. WTW's survey showed that 8% of employers have gone this route, and 28% were planning or considering it. Seth Friedman, pharmacy and health plans practice leader at Gallagher, estimated that 20% to 30% of the firm's clients have dropped coverage for 2027 and are sending employees the direct route. For employers, this move can mean significant savings. The percentage of U.S. adults who take GLP-1 medications for weight loss purposes climbed to 11% in 2026, up significantly from 3% in 2024, according to Gallup. What's more, 15% report having used the medicine for weight loss at some point, a nine-percentage-point boost."Many people will choose to pay for this on their own even if it's not covered by the plan," said Jeff Levin-Scherz, population health leader at WTW.The starting price for the lowest dose of Novo's Wegovy for self-pay individuals is currently $149 a month for the pill and $199 a month for the shot. Those prices are subject to change in 2027; Novo Nordisk says current promotional pricing may be modified or canceled. Lilly's Zepbound starts at $299 a month for a single-dose vial or multi-dose KwikPen.Direct-to-employer programsSome companies are moving to a direct-to-employer model, where they drop coverage through their traditional pharmacy program, but offer to reimburse some portion of an employee's out-of-pocket costs. "These 'alternative coverage' models enable employers to access more advantageous pricing and greater control over their contributions, without covering the drug on their PBM formulary," said a spokesperson for Vida Health, one of multiple vendors that works with employers in this area. Others include Noom and GoodRx.Employers can often design the program that works for their employees' needs, at a significant savings from paying for GLP-1 drugs through a pharmacy benefit manager, said Alysha Fluno, national pharmacy practice leader at Marsh. A PBM is a third-party administrator that manages prescription drug benefits for health insurers and employers.Based on direct-to-consumer prices, employers could fully subsidize, pay a vendor fee, and still spend much less than they would to purchase Wegovy, for example, through a PBM, according to WTW's Levin-Scherz.watch nowVIDEO2:1102:11GLP-1s for $50 a month?CNBC Digital Original VideoWeight-management programsSome employers are dropping coverage and contracting with third parties like CVS Weight Management, Noom, Omada Health, UnitedHealthcare, Vida and Virta, to offer weight-management programs to employees. Some employers offered these types of programs before, while others made them available only after dropping GLP-1 coverage for weight loss. According to 2025 data from Marsh, 25% of employers of 500 or more employees had a vendor partner for lifestyle modification and nutrition support. Employers, not employees, typically foot the bill for these programs, at a significant savings compared with GLP-1 coverage. Services can vary by member, but offerings generally include live or online coaching on behavior change, diet, exercise, nutrition and other health topics. Costs for these programs can run about $65 to $100 per employee per month, depending on what's offered, according to Marsh's Susie. Employers who choose a vendor that offers prescription services as well could pay $150 or more per month per participating employee. Service providers cite good results from their programs in recent years. Data from Omada Health show that 63% of members evaluated at 12 months after stopping a GLP-1 maintained or continued to lose weight. UnitedHealthcare's Real Appeal program data show that 88% of at-risk participants lost weight during the 52-week program designed to promote healthy eating, physical activity, improved well-being and a better health outlook. What's more, 37% of participants lost 5% or more in body weight. Meanwhile, initial program results reported by CVS Weight Management showed 90% weight loss maintenance for members up to 10–12 months after ending drug therapy.Provider offerings vary somewhat, but professional support is often a hallmark. "We want to make sure that if they go off GLP-1s for whatever reason, they maintain the behavior changes," said Cody Fair, chief commercial officer of Noom. "We're able to keep that weight off because they've retrained their brain and changed their habits," he said. Employee utilization, however, can be a challenge, said Gallagher's Friedman. "It's absolutely a commitment, and that's probably why you don't see a whole lot do it. Especially when they know they can just have their doctor write a script and go directly to Novo or Lilly."FSA, HSA money for medically necessary GLP-1sWhile these tax-advantaged accounts are not alone a replacement for a comprehensive health plan, GLP-1 medications are eligible for flexible spending account (FSA) and health savings account (HSA) reimbursement when prescribed by a licensed provider to treat a diagnosed medical condition, such as obesity. The disadvantage of using an HSA to pay for GLP-1s is that the dollars invested don't have a chance to grow tax-free for use later on in retirement.The annual employee contribution limit for an FSA is $3,400 in 2026. For 2026, the maximum annual HSA contribution limits set by the IRS are $4,400 for individuals with self-only coverage and $8,750 for those with family coverage. That will rise in 2027 to $4,500 for individuals and $9,000 for families. Official 2027 IRS contribution limits for FSAs have not yet been announced. "Benefits are there to cover those out-of-pocket costs," said Andrew Stocker, president of employee benefits at Voya Financial. "Employers need to educate employees about the benefits that do exist."watch nowVIDEO5:3205:32Eli Lilly CEO Dave Ricks: One-third of new GLP-1 pill patients are taking FoundayoHalftime Report Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Indian weddings are adding reel creators, drone shows and curated experiences to the bill. Couples are responding with DIY hacks, tighter budgets and financial planning to keep costs under control. View More

Amid high power demand, the power ministry has allocated additional electricity to several states including Gujarat. Gujarat has received 1.6 GW of electricity, which includes extensions from existing allocations. Tamil Nadu and Jammu & Kashmir also received additional power based on their requests, with specific allocations from different sources. The allocations aim to meet the states' short and long-term power needs effectively. View More

New Delhi: Amid high power demand in Gujarat, the power ministry has allocated additional electricity to the state from central generating stations for short as well as long term, people aware of the development said. Tamil Nadu and Jammu & Kashmir have also got additional allocation, following requests from these states. Gujarat got 1.6 GW, Tamil Nadu around 421 MW and Jammu & Kashmir received 329 MW. Some of the power will be from gas-based power plants as well. Also read: Peak power demand falls as cooling needs ease For Gujarat, this comes as a relief considering the current high demand from the domestic and industrial segments, one of the persons said. In Gujarat, peak demand on October 24 was around 28.3 GW, almost the same as it saw in much of June. Live Events Of the total allocation to Gujarat, around 716.3 MW from NTPC power stations is an extension of existing allocation for another year till March 2028, which was allocated in June 2022. The order dated October 19, and seen by ET, said this power was to be allocated from NTPC Ltd 's Barh-I and Dadri-I power stations by another year. Another 330 MW for Gujarat is from NTPC's Farakka thermal units, which is allocated only for November. This capacity allocation is currently with Punjab. The state has also been allocated 164.4 MW from North Eastern Electric Power Corporation (NEEPCO) Ltd's Assam gas-based power station and 216.65 MW from NTPC's Bongaigaon thermal power station, which are long-term supplies. The Centre allocates power from central generating stations to states based on their requirements and availability of generating capacity. Such allocations can include unallocated or surrendered power, allowing states to secure additional electricity without waiting for new generation capacity to be commissioned. E-mail seeking response from the power ministry remained unanswered till the time of publishing. Tamil Nadu's allocation is from NTPC's Bongaigaon plant, Subansiri hydro projects and Subansiri Lower project on a long-term basis, proportionally, as and when the units are commissioned. For Jammu & Kashmir, the allocation of 329.4 MW is from relinquished power of Bihar from Farakka stage-I & II from December to February. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

Several companies, including REC, Coal India, NTPC and Godrej Consumer, are set to announce September-quarter results and dividends. Meanwhile, Indian equities ended lower on Friday, with the Nifty 50 down 0.39% and its technical outlook remaining weak. View More

The ?company, which began operations in India earlier this year, ?will first build an inverter manufacturing plant that is ?expected to be operational by the second quarter of 2027 View More

Goa's government has announced a 7% value-added tax on aviation turbine fuel, starting in October 2026. IndiGo has expressed support for this decision, encouraging other states to implement similar strategies. The airline believes this change will enhance air connectivity and support Goa's tourism industry. The notification alters the existing VAT rate under the Goa Value Added Tax Act of 2005. View More

The Goa government has set a 7% value-added tax (VAT) rate on aviation turbine fuel (ATF), with the revised rate taking effect from October 24, 2026. The state had last set VAT on this category of ATF at 15% in March 2024, before cutting it to 7% in the latest notification. IndiGo has welcomed the decision, urging other states to consider similar measures as aviation fuel costs remain high. The airline said rationalising VAT on ATF would strengthen air connectivity, support Goa’s tourism sector and help make air travel more accessible. In a post on X, IndiGo thanked Chief Minister Pramod Sawant for the decision, describing it as a progressive step towards strengthening the aviation ecosystem. The airline also expressed hope that other states would follow suit. The notification, issued by Goa’s Department of Finance (Revenue and Control) on October 23, amends Schedule C of the Goa Value Added Tax Act, 2005. It prescribes a 7% VAT rate for “Aviation Turbine Fuel other than covered by entry (1) above”, replacing the existing entry at serial number two. Live Events — IndiGo6E (@IndiGo6E) The revised provision retains a distinction between this category of ATF and fuel covered under the preceding entry. IndiGo said similar measures by other states could help improve the accessibility of air travel at a time when ATF costs remain elevated. The airline did not announce any corresponding change in airfares. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

Adani Power CEO Khyalia said that the company remained focused on delivering reliable, high-quality electricity on schedule to meet India’s rising baseload requirements. India’s growing appetite for electricity is strengthening the case for thermal power, he added. View More

Adani Power is making progress with plans to add 23,720 MW of thermal power capacity amid rising electricity demand in India, CEO SB Khyalia said on October 23 as the company announced its Q2 earnings. CEO Khyalia said that the company remained focused on delivering reliable, high-quality electricity on schedule to meet India’s rising baseload requirements. India’s growing appetite for electricity is strengthening the case for thermal power, he added. Geopolitical developments and climate-related uncertainties have reinforced the importance of domestic coal-based generation in securing the country’s long-term electricity supply, Khyalia said. Thermal capacity expansion gathers pace Adani Power is pursuing a programme to add 23,720 MW of new thermal power capacity. Two projects nearing completion are the 1,320 MW Korba Phase-II supercritical thermal power project and the 1,600 MW Mahan Phase-II ultra-supercritical thermal power project. Also read | Adani Energy's 'smart' bet comes with a Rs 29,519 crore revenue potential Live Events At Korba Phase-II, the first 660 MW unit has been synchronised with the grid and is expected to be commissioned shortly. The second unit is scheduled to enter service in the fourth quarter of FY27. Mahan Phase-II is expected to be fully commissioned in the early part of FY28. Work is also progressing on the 1,600 MW Raipur Phase-II and 1,600 MW Raigarh Phase-II ultra-supercritical projects. Both have crossed 65% completion in less than 30 months since construction began, with commissioning scheduled for FY29. Coal-based generation gains share The expansion comes as electricity consumption rises across the country. India’s power demand increased 11.5% YoY to 502 BU in Q2 FY27, while generation advanced 11% to 536 BU. Rapid economic growth and a weak monsoon contributed to the increase in demand. Reduced hydropower generation potential, alongside higher electricity consumption, lifted coal- and lignite-based power’s share of total supply to 66% in the quarter, from 65% in Q2 FY26. These sources accounted for 73% of the additional electricity generated during the period. Also read | KEC International bags new orders worth over Rs 1,000 cr The aggregate plant load factor (PLF) of India’s coal-based power plants rose to 68% in Q2 FY27, compared with 62% in the corresponding quarter a year earlier, indicating higher utilisation of existing capacity. Big profit jump in Q2 In Q2, with Adani Power saw a sharp rise in quarterly earnings as demand climbed and its capacity expansion gathered pace. It reported a 134% year-on-year rise in consolidated net profit to Rs 6,919 crore for the second quarter of FY27, while revenue from operations increased 45% to Rs 19,439 crore. Adani Power on Friday reported a 134% year-on-year (YoY) increase in consolidated net profit to Rs 6,919 crore for the second quarter of FY27, compared with Rs 2,953 crore in the corresponding period last year. Revenue from operations grew 45% to Rs 19,439 crore from Rs 13,457 crore a year earlier, according to the company’s regulatory filing. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 60% to Rs 8,231 crore against Rs 5,150 crore in the year-ago quarter. The company’s consolidated power sales volume increased 11.5% YoY to 26.4 billion units (BU) in Q2 FY27, up from 23.7 BU in Q2 FY26, supported by stronger electricity demand. Adani Power also reported an improvement in its EBITDA margin to 42.3% from 38% in the year-ago period. The company’s reported figures described this as a 400% increase. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)