N Chandrasekaran's surprise announcement to step down from Tata Sons in February marks a victory for family scion Noel Tata, head of the charitable trusts that control India's biggest conglomerate. The two clashed over strategy and next-generation roles, sparking intervention from New Delhi. "This is very much the beginning of the Noel Tata era," said Saurabh Mukherjea. Noel has until February to find a new leader for the $280bn group, which produces steel, owns Jaguar Land Rover and Air India, and employs over 1mn people. Tata Sons lacks a succession plan and faces pressure to float its holding company.

Meanwhile, Anthropic investors expect the AI start-up to float at a valuation of $2tn or more in October, eclipsing SpaceX in what would be the largest ever IPO. Seoul's Incheon airport has overtaken Dubai as the world's busiest international hub. Other top stories: Putin's visit to disputed Kuril Islands drew a rebuke from Japan; South Korea now requires a week-long course for trading single-stock funds; US 30-year bond yields hit 5.22%; and the president of Guggenheim Investments had her phone seized by the FBI.

The race to succeed UN Secretary-General António Guterres has seven candidates, facing challenges to multilateralism and funding. The UN's relevance and survival are at stake.