Rising Energy Costs Push Eurozone Business Activity to Sharpest Decline in Over Two Years EUROPE: Economic activity across the Eurozone contracted at its fastest pace in more than two years during May 2026, according to the latest S&P Global Flash PMI survey. The Composite PMI fell to 47.5 from 48.8 in April, marking a second consecutive month of contraction and its lowest level since October 2023. Rising living and energy costs weakened demand, particularly within the servic

ADH Expands HVAC Distribution Network Through Acquisition of cfm Distributors USA: Advantage Distribution Holdings (ADH) has acquired Missouri-based cfm Distributors, a well-established HVACR distributor operating six locations and a distribution centre across Missouri, Kansas, Iowa and Nebraska. The acquisition marks ADH’s second purchase since its formation in 2024 and expands its footprint to 13 locations across six US states. cfm’s President and CEO, Lauren Roberts, will

Somany Ceramics Delivers Strong FY26 Earnings Growth and Approves Investment in Manufacturing and Solar Expansion INDIA: Somany Ceramics reported a strong financial performance in FY26, with consolidated net profit rising 27.8% year-on-year to US$7.7 million (INR 7,407 lakh), compared with US$6 million (INR 5,798 lakh) in FY25. Consolidated revenue increased to US$291.9 million (INR 280,116 lakh), up from US$278.1 million (INR 266,778 lakh), while earnings per share also impr

Vietnam and Bangladesh Strengthen Trade Cooperation with Target to Double Bilateral Trade VIETNAM: Vietnam and Bangladesh reaffirmed their commitment to expanding economic and trade cooperation during the Vietnam–Bangladesh Business Forum and B2B Matching 2026 event held in Dhaka. The forum attracted nearly 200 delegates, including more than 25 Vietnamese companies and over 100 Bangladeshi businesses. Bilateral trade has consistently exceeded US$1.1 billion despite global eco

Gas Absorption Heat Pumps Return to the UK as a Transitional Low-Carbon Heating Solution UK: Pure Thermal has reintroduced the Italian-manufactured Robur gas absorption heat pump (GAHP) range to the UK market, positioning the technology as a transitional solution for commercial building decarbonisation. Widely used in the UK until 2014, GAHP systems can reduce gas consumption by approximately 40% compared with conventional boilers while delivering flow temperatures of up to 7

LUVE Expands Texas Manufacturing Facility to Support Growing US Cooling and Data Centre Demand USA: LUVE has expanded its production facility in Jacksonville, Texas, adding 20,000 m² of manufacturing space and increasing the site's total footprint to more than 30,000 m². The investment is aimed at supporting rising demand for cooling solutions across data centres, power generation and refrigeration applications. The company plans to recruit approximately 200 additional employ

Rising construction material prices Nepal: Nepal experienced a significant rise in construction material prices between February and June, creating cost pressure across infrastructure and building projects. Bitumen prices recorded one of the largest increases, rising by approximately 107%, while steel reinforcement bars increased by around 26%, cement by nearly 16%, and diesel prices also moved upward during the period. The increase affected road construction, housing develop

Daikin Thailand: Daikin Industries and Toyota Tsusho NEXTY Electronics established a new joint venture company in Bangkok, named Daikin Toyota Tsusho Electronics Thailand Ltd. The company will focus on embedded software development for air conditioning systems manufactured in Thailand. The partnership was formed to improve development efficiency, shorten development timelines, and strengthen software capabilities as HVAC systems become more advanced and digitally integrated.

Hitachi and Anthropic Partner to Advance Physical AI and Accelerate Global AI Transformation Japan/US: Hitachi and Anthropic PBC have announced a strategic partnership to strengthen Hitachi’s “Lumada 3.0” business model and accelerate the deployment of physical AI across mission-critical sectors including energy, transportation, manufacturing, and finance. As part of the collaboration, Hitachi will deploy advanced AI, including Anthropic’s Claude models, across business proce

Panasonic and British Gas Partner for Panasonic Aquarea Heat Pump Servicing and Maintenance UK: Panasonic Heating & Cooling Solutions has entered a partnership agreement with British Gas to provide servicing and maintenance support for Panasonic Aquarea Air Source Heat Pumps installed across the UK. Under the collaboration, British Gas’ qualified engineers, trained in maintenance, diagnostics, and repair of Panasonic Aquarea systems, will support homeowners nationwide to ensu

Defra Postpones Great Britain HFC Phasedown Reforms Beyond 2027 UK: The Department for Environment, Food and Rural Affairs (Defra) has confirmed that it will not introduce legislation in 2026 to amend the HFC phasedown steps scheduled from 1 January 2027 in Great Britain, following an assessment of 137 consultation responses. As a result, the existing HFC phasedown step outlined in Annex 5 of the F-gas Regulation will remain in effect for 2027. The consultation, conducted acr

Heat Pumps Gain Ground in South Korea as Subsidies Drive Residential Adoption SOUTH KOREA: South Korea’s residential heating market is undergoing a significant transition as heat pumps increasingly challenge traditional gas boilers. Supported by government electrification policies and generous subsidies covering up to 70% of installation costs, heat pumps are becoming more affordable for households. Major manufacturers such as Samsung Electronics, LG Electronics, and KD Navie