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Asia
The Hindu BusinessLine

Liquor tax bonanza: States clock up to 82% jump in excise revenues; UP gets ₹10,000 cr in April-May, Haryana records 82% growth

As liquor sales remain a major source of revenue, experts note that this boom underscores the financial impact of state-level taxation policies amidst rising manufacturer prices. Alcohol sales are giving state revenues a dramatic high, with excise duty collections soaring up to 82 per cent in just two months. Uttar Pradesh topped the charts for total revenue collected, while Haryana clocked the highest growth rate. State excise duty represents the second-largest component of a State’s own tax revenue. This tax is levied by State governments on alcoholic liquors intended for human consumption, as well as on certain narcotic substances. Monthly key indicators of 10 key States, compiled by the Comptroller and Auditor General (CAG), showed that Uttar Pradesh earned over ₹10,600 crore in April-May period of FY27, which is nearly 9 per cent higher than corresponding period of FY26. During the same period, Haryana recorded maximum growth of over 82 per cent with absolute numbers reaching over ₹2300 crore. Karnataka was second in terms of absolute amount and Kerala was number two in percentage growth. Industry sources attribute this revenue surge to three main factors: a 14 per cent growth in consumption, excise rate hikes by several State governments, and upward revisions in base prices by manufacturers. Alcohol for human consumption is constitutionally debarred from Goods and Services Tax (GST). States and Union Territories can fix levies on their own. These include State excise duty on manufacturing, VAT (value added tax) on sales and cess. These levies could be ad valorem (percentage of the base value) or specific (fixed rupees per litre) and States/UTs can change the framework on their own. For example, Karnataka has become the first State in India to introduce alcohol-in-beverage (AIB)-based excise system, while Kerala has proposed reducing the sales tax on liquor with low-alcohol content. According to CAG’s Publication on State Finances 2024-25, State excise duty is a major component of SOTR accounting for 13.50 per cent of SOTR of all States in FY25. In FY25, Uttar Pradesh registered the highest state excise receipts at ₹52,575 crore, followed by Karnataka at ₹35,784 crore, Maharashtra at ₹25,466 crore, Andhra Pradesh at ₹19,882 crore, West Bengal at ₹19,521 crore, Telangana at ₹18,604 crore, Madhya Pradesh at ₹15,201 crore and Rajasthan at ₹15,104 crore. In the eight North-Eastern and two Himalayan States, Uttarakhand recorded the highest excise receipts at ₹4,362 crore, while Mizoram reported the lowest at ₹2 crore.

Liquor tax bonanza: States clock up to 82% jump in excise revenues; UP gets ₹10,000 cr in April-May, Haryana records 82% growth
North America
CNBC Economy

Here are the five big takeaways from Kevin Warsh's first meeting as Fed chairman

The Federal Reserve and Chairman Kevin Warsh on Wednesday followed the script on interest rates closely, voting to keep the benchmark level steady, but dropped several surprises that kept markets guessing about where things are heading. Markets didn't like it, with major averages swooning after the meeting and as Warsh spoke in his news conference. "Today we believe that the Federal Reserve's FOMC ushered in a new era of monetary policy in the United States." — Rick Rieder, head of fixed income at BlackRock. "New Fed Chair Warsh sounded a bit like old hawkish Fed governor Warsh at his press conference today repeating multiple times the need for the Fed to deliver on its mandate for price stability," — Krishna Guha, head of central bank strategy and economics at Evercore ISI. "The [task force] announcements signal an institution in active review rather than steady state, and investors should expect the operating framework of the Fed to look meaningfully different over Warsh's tenure than it did under his predecessor." — Jason Pride, chief of investment strategy at Glenmede. "Warsh wants his first impression to be as 'the reformer.' We'll see what that means later this year. In terms of the policy outlook, Fed watching just got harder." — Dario Perkins, managing director of global macro at TS Lombard. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Here are the five big takeaways from Kevin Warsh's first meeting as Fed chairman
Europe
The Guardian

Prediction markets surge in US as public health advocates call for support to combat gambling

America's Justin Gaethje celebrates after defeating Georgia's Ilia Topuria during the UFC event on the South Lawn of the White House in Washington DC. Photograph: Saul Loeb/AFP/Getty ImagesView image in fullscreenAmerica's Justin Gaethje celebrates after defeating Georgia's Ilia Topuria during the UFC event on the South Lawn of the White House in Washington DC. Photograph: Saul Loeb/AFP/Getty ImagesUS newsPrediction markets surge in US as public health advocates call for support to combat gamblingPlatforms like Kalshi and Polymarket operating in areas with limited resources for people with gambling problems Public health resources across the US are failing to keep pace with the rapid growth of online gambling, problem health advocates warned, after Donald Trump endorsed the controversial nationwide surge of prediction markets. Prediction market platforms, where users can wager on everything from Tony Award winners to World Cup goals, have pushed betting even further into American life. Leading brands like Kalshi marketed aggressively around the NBA finals. And Polymarket’s logo was plastered across the cage hosting the UFC fights at the White House last Sunday. The contested push of such platforms across the US, including in states that have long prohibited gambling, mean they are now operating – and heavily advertising their services – in markets with limited public resources for those who develop problems with gambling. “When you expand access and availability and normalization of it, you’re going to have more participation,” said Timothy Fong, an addiction psychiatrist and gambling researcher at UCLA. “When you have more participation and engagement in risky products, you’re going to have more problems, you’re going to have more side effects.” Since the US Supreme Court struck down a longstanding federal ban on sports betting in 2018, the digital gambling industry has boomed. Sports betting now legal in 39 states and Washington DC. And more recently, prediction market platforms have rapidly risen in prominence. Companies like Polymarket and Kalshi argue they are not gambling operators, which are typically regulated – and require approval to operate – on a state-by-state basis. Instead, they argue they offer “event derivatives”, overseen at a federal level by the US Commodity Futures Trading Commission (CFTC). That distinction has so far allowed prediction markets to operate across much of the country, including in states like Utah and Hawaii, where gambling has long been illegal. More than a dozen lawsuits filed in several states are challenging that interpretation, with regulators and lawmakers arguing the platforms should fall under state gambling laws. Trump’s administration has been sympathetic to the industry’s argument. And the US president weighed in himself last last month, claiming it to be “critically important” that the CFTC maintain “exclusive authority” over prediction markets, rather than states. “It is a major Industry, and we must protect it.” A CFTC spokesperson said: “Through the Commodity Exchange Act, Congress gave exclusive jurisdiction to the CFTC for regulating swaps, including prediction markets, to ensure a federal framework and prevent a patchwork of conflicting state laws.” They added: “The CFTC will defend that jurisdiction against overzealous states that attempt to bypass federal law.”

Prediction markets surge in US as public health advocates call for support to combat gambling
Europe
BBC Business

Fake romance to missed deliveries: How to protect yourself from three common scams

A record four million cases of fraudsters stealing money were registered last year, according to UK Finance, a banking trade body - with plenty more going unreported. Sam Little, a 35-year-old former contestant of BBC show The Traitors, revealed last week he had lost £40,000 in life savings to a phishing scam. "I like to think I'm savvy, but it can catch anyone," he said. Here are three of the most popular tricks used by fraudsters and how to avoid them. Fraudsters send out mass messages suggesting that the recipient needs to update their details. It is just a way of harvesting vital banking details in order to steal money. In the case of the "Hi Mum" text, the message is usually followed by an urgent request to send money. Banks reported a surge in "Hi Dad" scams in the run-up to Father's Day. Messages about missed deliveries usually include a link which, when clicked on, take the recipient to an official-looking website. It is run by fraudsters and gathers banking information which is then used in so-called remote-purchase fraud - when criminals buy things from stolen card details. Some £423m was lost this way last year, according to UK Finance. Experts urge people to avoid tapping on links. If a message claims to be from, for example, Royal Mail, then type out the genuine Royal Mail website. Card details can be stolen in many different ways, such as through data breaches. But fraudsters often need a One-Time Passcode (OTP) to complete a theft. These should be treated as carefully as bank details and never given to someone who calls pretending to authorise a transaction. It may seem obvious, but fraudsters are skilled in keeping you on the phone for ages to trick you into giving the number. The scam: "I love you, can you send money so I can visit you." The victim joins a dating website, chats to someone with whom they build a relationship over time, until eventually there is a request for money. On average victims of romance scams, which are at a record high, send 10 payments to the fraudster. Some never accept their loved one isn't real.

Fake romance to missed deliveries: How to protect yourself from three common scams
Europe
BBC Business

'I couldn't sleep when I heard the last bank would close'

When 84-year-old Maggie Dodd discovered that the last remaining bank in her town was closing, she began to panic. "I mean I couldn't sleep that first night when I realised. I thought what am I going to do?" Now her nearest branch is in Oban, almost an hour's drive - 37.2 miles - away and she's worried about banking online. "There's so much of this scamming business, and I'm always worried that I'll hit something and press the wrong thing." That's why she has 'buddied up' with her 83-year-old friend Ina Callander to try banking at the local post office. "Maggie was really upset and I thought, why not help her? Because that's what friends are for." Lloyds Banking Group, which owns the Bank of Scotland, say the branch at Lochgilphead is no longer viable as most of their customers prefer to bank online. But BBC Your Voice was approached by residents in the town who are worried about the impact the closure will have on elderly and vulnerable people, as well as local businesses. Karen McCurry, who runs the wellbeing centre Snowdrop Argyll, set up the buddy scheme used by Maggie and Ina. She says: "I had people approaching me, telling me they weren't sleeping at night because the bank was going to close - and that's massive. "We always try to think of solutions and how to make things easier for somebody. "We can't change what's happening outside a lot of the time, but we can help somebody feel a bit better about it, a bit more confident."

'I couldn't sleep when I heard the last bank would close'
North America
CNBC Finance

JetBlue to reduce Newark, LaGuardia footprint as it forges ahead in Fort Lauderdale

JetBlue Airways told CNBC on Wednesday that it will close its flight attendant base at Newark Liberty International Airport in New Jersey and tech operations bases there and at LaGuardia Airport in New York this fall as it seeks to reduce costs and beef up service in Fort Lauderdale, Florida, though it noted that no staff will lose their jobs. JetBlue said it is ending seasonal service between Newark and Los Angeles and Las Vegas. It said staff could bid or transfer to other bases. "We're operating in a fast-changing landscape where competitors are constantly adding, reducing and shifting flying in response to market conditions," JetBlue President Marty St. George and COO Warren Christie said in a staff note, which was seen by CNBC. "We have to be just as agile, entering markets where we see opportunity and exiting those that no longer support our long-term goals. Standing still while competitors make moves isn't an option." The airline is already the top carrier at Fort Lauderdale, though it was previously second to Spirit Airlines, the South Florida-based discounter that collapsed on May 2. Competitors have also added service to the region. JetBlue earlier Wednesday said it would expand daily, cross-country flights with its lie-flat business class, Mint, from Fort Lauderdale, Florida, to San Diego on Nov. 19 and will add more Mint-equipped flights this winter to San Francisco and Los Angeles. That will include up to eight daily Fort Lauderdale to Los Angeles flights and three a day to San Francisco. JetBlue has spent years trimming unprofitable routes and cutting costs to return to steady profitability. Its last profitable quarter was two years ago, and the Fort Lauderdale-Hollywood International Airport push is a big part of its strategy, St. George told CNBC earlier this month. The airline is scouting space for a high-end airport lounge there, too, he said. Mint-equipped planes are lucrative and those seats carry a big premium. A one-way Mint seat from Fort Lauderdale to Los Angeles on Jan. 10 topped $3,000 and went as high as $4,522 while a basic coach ticket on that route was going for as little as $244. The JetBlue executives told staff Wednesday that they know the Newark reductions raise questions about their plans at LaGuardia Airport, where JetBlue's one-time acquisition target, Spirit, operated out of the Marine Air Terminal until it shut down. "Any future opportunities that could come from the LGA slot auction process remain uncertain and would take time to develop," they said. "We must make decisions based on the operation we know we will fly, not on potential outcomes that may or may not materialize in the future." JetBlue executives have called out the high costs of operating at airports like LaGuardia. "We are much, much smaller at LaGuardia than we were four years ago because it's a $40 [enplanement fee] airport for us. And the fountain is really pretty, but ... I think people would rather have low fares than a really nice fountain," St. George said at a JPMorgan industry conference in March, referring to the 25-foot-tall water feature in the airport's Terminal B.

JetBlue to reduce Newark, LaGuardia footprint as it forges ahead in Fort Lauderdale
North America
CNBC Finance

Hollister partners with Target to tap into $89 billion back-to-college shopping market

Abercrombie & Fitch's Hollister is branching out of its apparel roots and partnering with Target to start selling home and dorm decor for the first time as both brands look to new categories to drive growth. The collaboration, dubbed The Hollister Collection at Target, will launch online, in most Target stores and select Hollister locations on June 28 and will feature almost 60 items across men's and women's apparel and bedding. Hollister's tie-up with Target comes as both companies contend with declines in discretionary spending and waning consumer confidence, which have forced retailers to get creative to entice shoppers to spend. Hollister, Abercrombie's brand targeting shoppers ages 13 to 22, has been comfortably growing for much of the past year but is looking to become more of a lifestyle brand that sells more than clothes. By offering a wider assortment, especially across a larger footprint, Hollister can acquire new customers, encourage existing shoppers to spend more and create a new pipeline for organic growth. On the other hand, Target already has a large home and dorm decor department but has long leaned on brand collaborations as a competitive differentiator, especially because they're not as common at rival Walmart. Across the business, it has regularly brought in buzzy names like Kendra Scott, Diane von Furstenberg, Bombas and Champion, even before it was dealing with sluggish sales and shrinking profits. For both companies, the collaboration offers access to the lucrative back-to-college shopping market, which reached $88.8 billion last year, or about $1,325 in spending per person that participates, according to data from the National Retail Federation. Within that market, spending on dorm or apartment furnishings has been steadily growing for more than a decade. In 2025, it reached $12.8 billion, second only to electronics or computer-related equipment. Hollister's expansion into home and dorm decor comes as sister brand Abercrombie & Fitch expands into outside footwear brands like Puma, Sperry and Hunter as a means to drive growth. In interviews with CNBC, executives said category expansion across the business can both draw in new customers and entice existing shoppers to spend more. With Target's "brick-and-mortar presence, we should be able to expose the Hollister brand to people who aren't shopping with us today," said Corey Robinson, the company's chief product officer, overseeing both the Abercrombie and Hollister brands. "And then with those customers who love us so much today, to be able to be an even bigger part of their lives is something we're looking forward to." Under the terms of the collaboration, Hollister and Target are working together to design the products while Target, given its expertise in the space, will handle manufacturing, Robinson said. The collaboration will last at least through next year with drops expected during the fall, holiday and spring 2027 shopping seasons. "Moving beyond just bedding and thinking about blankets, wearable blankets, plush, that's how we will evolve the partnership," Robinson said. "With our target age, dorm is top of mind. From a seasonality perspective, there's a lot of ways you can refresh your dorm, and decorate with newness based on seasonality." Get this delivered to your inbox, and more info about our products and services.

Hollister partners with Target to tap into $89 billion back-to-college shopping market
North America
CNBC Finance

Carvana’s new vehicle strategy turns dealership into ‘playground,’ test-drive center with sales all online

DALLAS — Carvana is aiming to bring its online strategy for selling used vehicles to sales of new cars and trucks. But don't expect the company to actually sell you a vehicle at one of its seven Stellantis franchised dealerships. Instead, the online vehicle retailer said it intends to use such dealerships as service locations, test-drive centers and potentially "playgrounds" for consumers to decide what vehicle they would like to buy through Carvana's online platforms, marking a stark contrast from how traditional franchised dealers handle new products. "Every single car that we sell, whether it's used or new, is online," Tom Taira, Carvana president of special projects who's leading the new vehicle operations, told CNBC during an interview at its franchise in Texas. "That's a very inherent difference. Even coming into the store, you're buying it online, and that's a big difference in how people think about it." Shares of Carvana fell 10% during trading Wednesday, which coincided with CarMax, the company's largest rival, beating Wall Street's quarterly expectations but reporting margin pressure and declining gross profit per retail used vehicle. Through its used vehicle sales, Carvana has become the most valuable auto retailer in the U.S. with a more than $70 billion market cap. Carvana's target with the new vehicle business is to grow its market share and customer base as well as assist used vehicle sales through trade-ins and other means, according to Taira. If the company is successful, the strategy could cause a ripple effect across the U.S. franchised dealership model, which the National Automobile Dealers Association says includes 16,990 retailers that topped $1.3 trillion in sales last year. This week marks the first time Carvana has publicly talked about its plans for new vehicles since it purchased its first Chrysler-Dodge-Jeep-Ram franchised store for Stellantis early last year in Arizona. Its network has since grown to other Carvana-popular markets in Sacramento and San Diego, California; Dallas; Atlanta; Cleveland; and Boston. "When we got into new cars, we said the only way we're going to make this happen is to ensure that it goes the Carvana way. That we actually sell cars exactly the same way that we do to used car customers," Taira said during a media event at its Dallas location. "Why break something that already works?" Carvana spent roughly $171 million on its acquisitions of new Stellantis vehicle franchised dealerships, excluding its most recent purchase of a retailer in Ohio, according to public filings. The company declined to disclose any further investments in the stores to implement its strategy. Taira and the company also declined to disclose Carvana's new vehicle sales so far or its future expansion plans for additional brands or other Stellantis dealerships. CNBC previously confirmed that the company has quickly grown its new vehicle sales, including a location in Arizona becoming the top-selling dealer in the country for Stellantis. "We believe that this was worth it to us, as long as we could go out and increase share and increase the pie," Taira said. He declined to comment on whether the new vehicle business is profitable.

Carvana’s new vehicle strategy turns dealership into ‘playground,’ test-drive center with sales all online
Asia
The Hindu BusinessLine

ITC shifts growth strategy to manufacturing, agriculture and distribution

ITC has outlined a new growth blueprint centred on manufacturing, agriculture and distribution, signalling a strategic shift beyond consumer brands as the company’s primary source of competitive advantage. According to its FY26 annual report, ITC plans to leverage more than 250 manufacturing facilities, nearly 70 lakh retail outlets, around 7,500 MSME partners and almost 90 per cent domestic value addition to drive its next phase of growth. The shift marks an evolution in ITC’s strategy. Instead of treating manufacturing, agriculture, research, digital capabilities and distribution as support functions for individual businesses, the company is positioning them as shared enterprise capabilities that can be leveraged across its portfolio to create scale, improve efficiency and strengthen long-term competitiveness. At the heart of this strategy is one of India’s largest manufacturing ecosystems. ITC today operates more than 250 manufacturing facilities, supported by around 7,500 MSME partners, with nearly 90 per cent domestic value addition across its businesses. Rather than viewing this network purely as production capacity, the company increasingly sees it as a strategic asset that can accelerate innovation, improve speed-to-market and strengthen supply-chain resilience. The report also highlights continued investments in smart manufacturing, automation and digital technologies to improve productivity while enabling businesses to share common manufacturing and sourcing capabilities instead of creating parallel infrastructure. ITC’s products today reach nearly 70 lakh retail outlets through a multi-channel network spanning direct distribution, wholesale, modern trade, e-commerce and quick commerce. Increasingly supported by digital tools, the network is positioned not merely as a route to market but as shared infrastructure capable of supporting multiple consumer businesses simultaneously. The strategy allows newer businesses to leverage an established distribution backbone instead of building independent networks, reducing both cost and time-to-market. Agriculture is also being repositioned from a sourcing function to a strategic capability. Backed by decades of farmer relationships and extensive procurement networks, the agri business now underpins food, exports and value-added manufacturing while strengthening traceability, domestic sourcing and supply-chain resilience. Together with nearly 90 per cent domestic value addition, it reflects ITC’s increasing emphasis on integrating sourcing with manufacturing and consumer businesses. Perhaps the most significant message in the annual report is how ITC now describes itself. Rather than presenting manufacturing, agriculture, research, packaging, technology and distribution as separate business verticals, the report repeatedly positions them as capabilities that reinforce one another across the enterprise. That represents a subtle but important evolution—from building a diversified portfolio of businesses to building an integrated operating platform capable of supporting multiple growth engines. The approach also lays the foundation for several emerging businesses across agriculture, sustainable materials and value-added manufacturing that leverage these shared capabilities. Unlike earlier phases of diversification, these businesses are being built on common enterprise platforms rather than as standalone ventures—a model that could define ITC’s next phase of growth. 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.

ITC shifts growth strategy to manufacturing, agriculture and distribution