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North America
CNBC Finance

Sandwich chain Jersey Mike's files for IPO, reports 50% same-store sales growth in recent years

Sandwich chain Jersey Mike's filed for an initial public offering on Thursday, reporting that its same-store sales cumulatively climbed 50% from 2020 through 2025. Jersey Mike's plans to trade on the New York Stock Exchange under the ticker "JMKE." The company reported net income of $55 million on total revenue of $724 million last year, up from net income of $5 million on revenue of $653 million in 2024, according to the regulatory filing. Last year, Jersey Mike's annual system sales, which includes both company-owned and franchised locations, reached $4.3 billion, up 13% from the previous year. Its same-store sales increased 3% over the same period; the metric tracks sales growth at restaurants open at least a year. Broadly, the restaurant industry has seen same-store sales weaken over the last two years as consumers dine out less often to save money. Jersey Mike's filing comes as many companies feel more optimistic about going public, especially following the blockbuster SpaceX IPO. While the number of IPOs that have been priced so far this year lags behind the year-ago period, the number of companies that have filed to go public is up, according to Renaissance Capital. Artificial intelligence giants OpenAI and Anthropic are among the hopefuls that have submitted confidential filings with the Securities and Exchange Commission. Today, Jersey Mike's has nearly 3,300 locations, making it the second-largest hoagie sandwich chain in the U.S. behind Subway. About 2,000 of those restaurants were opened in the last decade. Nearly all of Jersey Mike's restaurants are franchised, so the bulk of its revenue comes from royalties and advertising fees. Despite a sluggish industry backdrop, the company announced in April that it had confidentially filed for an initial public offering. More than a year earlier, Blackstone bought a majority stake in Jersey Mike's in a deal that reportedly valued the chain at roughly $8 billion. After the transaction closed, Jersey Mike's tapped Charlie Morrison as its latest chief executive. Morrison previously led Wingstop for more than a decade, including during the chicken wing chain's public market debut. Jersey Mike's founder Peter Cancro began working at a Jersey Shore sandwich shop at age 14 in 1971. Four years later, he pulled together enough money to buy Mike's Subs. Cancro later changed the name and began franchising the chain. Following the deal with Blackstone, he has retained "meaningful equity" in Jersey Mike's and holds a seat on its board, according to a letter to fellow shareholders included in the regulatory filing.

Sandwich chain Jersey Mike's files for IPO, reports 50% same-store sales growth in recent years
North America
CNBC Finance

Stock market gains minted nearly 1 million new millionaires in 2025, new UBS report says

Nearly 1 million people became millionaires in 2025, largely thanks to a thriving stock market, according to a new report by UBS. The Swiss bank estimated that the United States is responsible for nearly half of these newly minted millionaires, adding an average of more than 1,200 new millionaires a day last year for an annual increase of about 441,000. Stock market gains boosted global personal wealth by 10.8%, the biggest jump since 2017 and more than double the rate of 2024 and 2023, UBS found. However, this robust growth was belied by declines in median wealth in most of the 56 markets monitored by UBS, pointing to a growing wealth gap. In the U.S., for example, median wealth per adult dropped nearly 20% from 2020 to 2025, while average wealth increased by about 10% over the same period of time, net of inflation, according to the bank's data analysis. UBS estimated that the world's millionaire population, which the bank puts at 58 million, owns nearly half of the world's wealth, or approximately $250.6 trillion. UBS economist James Mazeau told CNBC that richer individuals reaped bigger gains compared with the broader population last year as they have more exposure to financial markets, noting that the U.S. stock market rose by approximately 18% in 2025. "The higher you go in the wealth bands, the more wealth creation will tend to be linked to either the performance of your business or your investment portfolio — or both," Mazeau said at a media conference. These gains are also uneven among the ranks of millionaires. The bank estimated that the combined assets of so-called everyday millionaires, or individuals worth $1 million to $5 million, has jumped by 170%, net of inflation, since 2000. Over that same period, the collective fortune of richer peers soared by 343%. As for the world's billionaires, their collective net worth surged by nearly 25% in the year ended in April, according to UBS. However, the report noted that much of this rise was due to an increase in the number of billionaires, not just three-comma club members getting richer. The depreciation of the U.S. dollar last year also contributed to discrepancies in global wealth creation as the bank tracks wealth in terms of USD. America's millionaire population, while still the largest in the world, increased by a modest 1.9% in 2025, while most European and Middle Eastern markets saw higher percentage gains, including Turkey (6.4%) and the United Arab Emirates (3.5%). In terms of combined personal assets, the Americas' growth rate was estimated at 8.5%, outranking the Asia-Pacific region at 5.9% but less than half of the 17.5% rate seen in Europe, the Middle East and Africa. Mazeau said it is too early to predict how the Iran war will weigh on high-net-worth individuals in the Middle East. Asset allocation and currency trends are two of many factors that will determine the outcome. "It will really depend on what share of international assets are held by these investors. If you are, let's say, based in the Middle East, and most of your wealth is tied into U.S. stocks, and furthermore, you have a currency that's pegged to the U.S. dollar, well, the currency moves really don't matter at all," he said. "Now, if you tend to diversify your holdings into other investments that tend to be in currencies that have appreciated versus the U.S. dollar, and if we measure things in U.S. dollars, then that will, for 2026 get a bit better outlook."

Stock market gains minted nearly 1 million new millionaires in 2025, new UBS report says
North America
CNBC Finance

Nike results top estimates even as China sales drop 12%; retailer expects $986 million tariff refund

Nike on Tuesday posted quarterly earnings and revenue that topped Wall Street expectations, despite another sales decline in its key China market. Shares of Nike dropped as much as 8% in extended trading Tuesday before making up much of the losses. The company said its gross margin increased 8.9% during the quarter, largely due to an expected tariff refund of nearly $986 million after the Supreme Court struck down many of President Donald Trump's global duties. The tariff refunds contributed 52 cents to Nike's earnings per share for the quarter. Company executives said on a call with analysts that as of the end of the quarter, Nike had collected over $300 million of cash related to its tariff refund claims. Nike posted net income of $1.07 billion, or 72 cents per share, compared with $211 million, or 14 cents per share, a year earlier. Revenue climbed to $10.97 billion, down 1% from $11.10 billion in the prior-year period. Nike's revenue in North America, its largest market, climbed 3% to $4.83 billion. It fell short of analysts' expectations of $4.88 billion, according to StreetAccount. Sales in Nike's Greater China market dropped 12% to $1.30 billion. Even so, the company beat Wall Street's expectations of $1.24 billion in revenue. On a call with analysts, CEO Elliott Hill said the company is "fully committed to winning" the China market back. "Overall, the results aren't there yet," Hill said. "We know we're not living up to our full potential, particularly in Nike sportswear and Jordan streetwear, where sell through remains challenged, impacting both current discounting and future order books." For the full fiscal 2026, Nike reported net income of $3.11 billion, or $2.10 per share, compared with $3.22 billion, or $2.16 per share, in the prior year. As the company looks ahead, it reiterated the guidance provided last fiscal quarter, expecting earnings to be "flattish" through the first two quarters of fiscal 2027, according to Friend. Nike also expects gross margin for the first fiscal quarter of 2027 to be slightly positive.

Nike results top estimates even as China sales drop 12%; retailer expects $986 million tariff refund
Europe
BBC Business

Samsung profits jump 1,800% as AI chip sales soar

South Korean technology giant Samsung Electronics says it expects to post a 19-fold jump in its profits, driven by global demand for artificial intelligence (AI) memory chips. The company forecast that it made 89.4tn won (£43.6bn; $58.4bn) between the start of April and the end of June, marking its third record quarterly operating profits in a row. Major South Korean firms like Samsung release forecasts of their earnings ahead of official detailed reports to help guide investors. Samsung's latest forecast, released on Tuesday ahead of its full results due later in July, comes as demand for semiconductors continues to outstrip supplies - which has pushed up prices. Samsung said in the preview, known as earnings guidance, that it brought in around 171tn won of sales during the quarter, more than double the amount for the same period last year. The company's projected earnings mark one of "the best quarterly performances ever", which was close to the tech sector record set by Nvidia earlier this year, said industry analyst Marc Einstein from Counterpoint Research. "This has everything to do with the AI boom as memory companies continue to ride a tidal wave driven by limited supply and unprecedented demand," he added. Research firm IDC said demand for semiconductors for data centres and other AI infrastructure has been "different from anything the memory industry has navigated", impacting the supply of chips for everyday electronics. "We do expect supplies to be tight through next year given the unabated demand from AI data centres," said tech devices researcher Bryan Ma from IDC. Samsung is one of the world's biggest semiconductor manufacturers, making chips for firms like Nvidia and Google along with its range of electronic devices. The shares major tech firms have soared in recent months due to surging demand for chips. Samsung's shares fell by more than 8% in Seoul on Tuesday morning as some investors had expected its profits to have been even higher. Its stock market value has more than doubled since the start of this year, while South Korean rival SK Hynix has jumped by more than 200%.

Samsung profits jump 1,800% as AI chip sales soar
Asia
The Hindu BusinessLine

Oxford Vaccine Group launches world’s first Phase I Bundibugyo ebolavirus vaccine trial

India’s Serum Institute will provide doses for the world’s first Phase I clinical trial for a vaccine against the Bundibugyo ebolavirus (BDBV) – being undertaken by the Oxford University’s Oxford Vaccine Group. The BDBV strain is responsible for the ongoing ebola outbreak in the Democratic Republic of the Congo (DRC), and Uganda. Over 600 deaths from ebola have been reported in DRC, according to latest reports. The trial will be conducted in Oxford and will assess the safety and immune response of the ChAdOx1 BDBV vaccine in 50 healthy adults between 18–55 years, they said in a joint statement. “Recruitment of volunteers into the study is now underway, where they will then attend screening visits. In the coming weeks, and following regulatory review for trial commencement, participants will then be vaccinated and attend follow-up visits in Oxford,” the note said. To speed up development of the vaccine candidate into clinical evaluation, “Serum Institute of India (SII) has manufactured and stockpiled approximately 620,000 doses of the ChAdOx1 BDBV vaccine candidate in two weeks for potential future use and has supplied 4,000 investigational doses for this Phase I trial,” the note said. The Coalition for Epidemic Preparedness Innovations (CEPI) is funding the University of Oxford and SII, as part of a $8.6 million programme to advance the development of Bundibugyo vaccines, the note said. The programme builds on CEPI’s strategic partnership with the University of Oxford and SII’s participation in CEPI’s Vaccine Manufacturing Facility Network, it added. Efforts are also underway, subject to regulatory approvals, to conduct clinical studies with partners -including the Medical Research Council/Uganda Virus Research Institute and London School of Hygiene and Tropical Medicine Uganda Research Unit, it said. The said vaccine was developed by scientists at the Oxford Vaccine Group (OVG) and Pandemic Sciences Institute and uses the same viral vector platform as the Oxford/AstraZeneca COVID-19 vaccine, the note explained. Professor Teresa Lambe, Calleva Head of Immunology at the Oxford Vaccine Group and Pandemic Sciences Institute, and the study’s Lead Scientific Investigator, said, “This milestone comes after only 57 days since the World Health Organization declared the outbreak a public health emergency of international concern.” Adar Poonawalla, Serum Institute’s Chief Executive added, “During outbreaks, speed, preparedness and global collaboration are essential to advancing vaccine candidates quickly and responsibly.” Dr Nicole Lurie, CEPI Executive Director ( Preparedness and Response), pointed out that the Bundibugyo epidemic is already the third-largest Ebola outbreak on record, as infection numbers are continuing to rise. If all goes to plan, CEPI expects to work with Oxford University and SII to support late-stage trials to generate data for emergency use authorisation or licensure, it said. The three entities are committed to “enabling rapid, affordable supply of Bundibugyo virus vaccines to affected countries and to the populations that need them,” it added. Earlier this month, the WHO had added the first molecular diagnostic test for the BDBV virus to its Emergency Use Listing (EUL). The test detects the virus by identifying its genetic material in blood samples, helping confirm infection rapidly and accurately, the WHO said. The EUL paves the way for easy adoption in low-resource regions. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Oxford Vaccine Group launches world’s first Phase I Bundibugyo ebolavirus vaccine trial
Asia
The Hindu BusinessLine

IRDAI mandates independent validation of insurers’ preparedness for implementing Ind AS

The Insurance Regulatory and Development Authority of India (IRDAI) has mandated an independent validation of insurers’ preparedness for implementing Indian Accounting Standards (Ind AS), requiring an external review of governance, systems and transition processes during the first year of adoption. In a circular providing additional information and clarifications on the IRDAI (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024, the insurance regulator said every insurer would have to obtain an independent validation of its Ind AS implementation process. The requirement will apply in FY2026-27 for insurers adopting Ind AS from that year and in FY2027-28 for insurers that have been granted regulatory forbearance. The independent validation will assess whether insurers have established a robust implementation framework, including a Board-approved strategy and roadmap, governance and accountability mechanisms, adequacy of actuarial, finance, risk and IT resources, data management practices, transition plans under Ind AS 101 and Ind AS 117, and technology readiness, the IRDAI said. The validation should be conducted on an ongoing basis throughout the first year of implementation, with the independent validator engaged from the first quarter itself to facilitate timely review and course correction. The independent validation report will have to be submitted to the insurer’s Board every quarter before completion of the audit or limited review of Ind AS financial statements. An annual report must also be filed with the regulator before publication of the audited Ind AS financial statements, the circular said. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

IRDAI mandates independent validation of insurers’ preparedness for implementing Ind AS
Asia
The Hindu BusinessLine

IKEA India to quadruple sales by 2030 on the back of accelerated retail expansion, says CEO Patrik Antoni

IKEA India aims to quadruple its sales by 2030 and said it is witnessing strong double-digit growth as it accelerates its retail expansion plans. Earlier this year, the Swedish furniture and home furnishings major, which has invested over ₹10,500 crore in India so far, said it plans to more than double its investments by 2030. Patrik Antoni, CEO, IKEA India told businessline, “We are witnessing a solid double-digit growth trajectory with growth in sales and store visitations. India is a key growth market for us from the long-term perspective. We are quite bullish on the market with its large base of consumers, a growing economy and rapid urbanisation.” He added that the company intends to more than double its investments in India by 2030. “At the same time, we are aiming to quadruple our sales by 2030 to about ₹8,000 crore. This will mean our focus will be both on growing our existing stores as well as adding new stores. So we have said to have at least 25 new stores by 2030 and a strengthened e-commerce presence. We also intend to double the number of co-workers to 5,000 from the current 2,500, with a focus on skill development,” Antoni added. The company said while it’s focusing on expanding through large format stores, it also aims to become more accessible to Indian consumers through small and medium-sized stores. “Previously, we were expanding with larger store formats. But there has been a shift in consumer behaviour and they want us to be closer to them. So over the past two years, we have been executing the new expansion strategy, where we will continue to add larger format stores offering the full experience. At the same time, there will be more additions of small and medium-sized format stores to become more accessible,” he added. IKEA has also been ramping up its e-commerce presence in India. “Already, 30 per cent of our sales come from the e-commerce channel, which will increase. We see good traction when we connect the offline and online experiences. In markets where we already have an established presence, we are seeing the e-commerce channel growing faster due to an increase in brand awareness and brand knowledge after consumers experience the brand at stores,” Antoni noted. Meanwhile, the company is also ramping up sourcing and exports from India. “With our rapid expansion, we expect to significantly grow sourcing from India. Harmonisation of international and Indian standards has now happened to a large extent, which is a step in the right direction, and is crucial for us to grow export volumes from India,” he added. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

IKEA India to quadruple sales by 2030 on the back of accelerated retail expansion, says CEO Patrik Antoni
North America
CNBC Finance

Ford achieves quality milestone, as CEO targets flawless new vehicle launches

DETROIT — Ford Motor regularly promotes itself as a cornerstone of American manufacturing, business and truck leadership with its best-selling F-Series pickups, but it also has led the U.S. in one area that it isn't so proud of: vehicle recalls and quality issues. They've plagued the Detroit automaker's earnings, degraded customer trust and stained Ford's reputation for much of the past decade. The automaker has issued 53 recalls for more than 12 million vehicles so far this year after an industry record of 153 recalls covering 13 million cars and trucks in 2025. But that period for Ford is coming to an end, CEO Jim Farley told CNBC during an exclusive interview, as the automaker notched a key quality milestone. He said Ford has learned from its past mistakes and will use that knowledge to attempt to flawlessly launch a litany of new products in the coming years. "Our best days are in front of us as we continue to execute this quality turnaround for our investors, for employees, for our customers," Farley said during a phone interview. "We're going to have all new vehicles across our entire North America range in a couple of years, and so that whole new lineup, we have to launch all those perfectly." Doing so will be a difficult task. New vehicle launches, especially ones with emerging technologies such as software-defined systems and electrified powertrains, are complex, and one issue can have a ripple effect on an entire product line. It's something Farley knows all too well. Such issues have cost Ford billions of dollars in losses under his nearly six-year tenure leading the company. The automaker this week added to its 2026 recall total by recalling 741,195 SUVs and F-150 pickup trucks that varied in age from the 2018 to 2021 model years. Investors have been closely watching the issues, saying unneeded warranty costs are a risk to the company's guidance and future business plans. Warranty costs are the expenses an automaker incurs to cover repairs, replacements and other costs for defective parts or workmanship under a certain period of time or miles driven after customers purchase a new vehicle. Ford said it reduced warranty and materials costs by $1.5 billion in 2025, when adjusted for volume and mix, and is targeting an additional reduction in warranty and material costs in 2026. This follows the company's warranty costs reaching a high of $4.8 billion in 2023. "While warranty costs had been a clear drag to earnings over the past several years, Ford appears to have 'turned the corner,'" Barclays analyst Dan Levy said in a May 15 investor note, citing four consecutive quarters of year-over-year warranty benefits. "We believe the 1Q warranty improvement is encouraging, yet believe further improvement will still be needed." The company last week received outside validation of its yearslong efforts to turn around its product issues as the Ford brand was named the top mass-market brand in the U.S. in J.D. Power's initial quality ranking. After the news was released on June 25, Ford stock rose 2%, making it the company's second-best trading day of the month.

Ford achieves quality milestone, as CEO targets flawless new vehicle launches
Europe
BBC Business

Phone contract comparisons 'amounted to mis-selling' student loans, MPs say

Image source, Getty ImagesByHayley ClarkeEducation reporterPublished4 hours agoComparing student loan repayments to phone contracts or cinema tickets "amounted to mis-selling" by government, a group of MPs has said. In a new report, the Treasury Committee also said students were not told clearly enough loan terms could change retrospectively, and called for a U-turn on the decision to freeze the income threshold at which some graduates start repaying their loans. Last year, Chancellor Rachel Reeves said the repayment threshold for students with Plan 2 loans would be frozen at £29,385 between 2027 and 2030, instead of rising with inflation. Both the government and Student Loans Company said the committee had made "an important contribution" to the student finance debate. A spokesperson for the Student Loans Company said they "recognise the importance of ensuring that students and borrowers across all repayment plans have access to clear, accurate and timely information about student finance". A government spokesperson said ministers were "already taking decisive action" and would "continue to look for ways to make the system fairer for students, graduates and taxpayers in a financially sustainable way". Plan 2 loans were taken out by students in England between September 2012 and July 2023, and are still issued in Wales. Graduates automatically pay back what they earn above the repayment threshold at a rate of 9%. Freezing that threshold means graduates start repaying their loans sooner, or pay more as their salaries increase with inflation while the threshold remains the same. The committee's report referenced a BBC investigation which found the government compared student loan repayments to £30-a-month phone contracts in promotional presentations to teenagers a decade ago. As this was "inaccurate for higher earners", that "amounted to mis-selling", the report said. The committee noted that while the government's student loan policies were exempt from consumer protection laws, it expected the government "to comply with not only the law, but basic fairness and common decency". Oliver Gardner, founder of campaign group Rethink Repayment, said the inquiry had concluded "what we have known for years".

Phone contract comparisons 'amounted to mis-selling' student loans, MPs say