Insiders say Shein is preparing for a possible Hong Kong IPO and may accelerate the process in coming months. The fast-fashion group is considering raising tens of billions of dollars, with final proceeds dependent on its valuation. No firm timetable has been set and a listing could still be delayed. Sources said last year shareholders forced Shein to cut its valuation to about $30 billion from more than three times that level.

State-owned Oil and Natural Gas Corp (ONGC) has approved adding 1.75 mln tonnes of strategic crude storage at Mangalore, Karnataka, documents show. Cost and timetable were not disclosed. The capacity will be managed by Indian Strategic Petroleum Reserves Ltd (ISPRL); existing underground facilities at three east- and west-coast sites total 5.33 mln tonnes, and two additional sites under construction will add 6.5 mln tonnes. ONGC said the project is of "national importance" and will develop supporting facilities under directions from the Ministry of Petroleum and Natural Gas.

CENTCOM said Iran does not control the Strait of Hormuz. Since early May the US military has assisted navigation through the strategic trade artery; more than 800 merchant vessels and 380 million barrels of crude oil have successfully transited.