Latest Developments

Asia
The Hindu BusinessLine

2 rice export bodies seek review of Apeda move to appoint new law firm to handle Basmati GI, IPR cases

Two rice exporters’ organisations have urged the Commerce Ministry to reconsider the Agricultural and Processed Food Products Export Development Authority (Apdea) decision to “arbitrarily” appoint a new law firm to handle global cases on basmati geographical indication (GI) and intellectual property rights (IPR). However, Apeda sources said the law firm has been engaged after due process of tender by an expert selection panel. The All-India Rice Exporters Association (AIREA) and The Basmati Rice Millers and Exporters Association (Punjab), or BRMEA, in separate letters to Commerce Minister Piyush Goyal and Apeda Chairman Abhishek Dev, said the new law firm has been selected without consulting stakeholders and exporters. Both organisations said their representations do not question the law firm’s professional competence and were not against the law firm. One of the main reasons for raising concern was the law firm’s “conflict of interest.” “Our concern relates to institutional governance, stakeholder confidence and adherence to the Memorandum and Rules of BEDF (Basmati Export Development Foundation) in matters concerning protection of India’s Basmati Geographical Indication,” said AIREA President Satish Goel. “... it concerns the preservation of India’s long-standing legal doctrine, international credibility and the substantial public and stakeholder investment made over several decades,” said Bal Krishan Garg, President of BRMEA. Garg said one of the most contentious issues in recent years has been the demand to include Madhya Pradesh regions in the Basmati GI area. The law firm selected by Apeda had represented petitioners for the inclusion of some regions in the State where Basmati rice is grown. Apeda had been “historically opposing” the inclusion of Madhya Pradesh regions in the GI area for Basmati rice. “Any firm representing parties favouring the expansion of basmati rice growing area while simultaneously advising Apeda is in conflict of interest,” he said. “Concerns have been raised by stakeholders regarding past positions taken (by the law firm) in matters relating to the territorial scope of Basmati GI. Without commenting on the merits of such issues, we believe these concerns deserve consideration before any final appointment is made,” said AIREA’s Goel. The GI defines that Basmati rice is grown in the Indo-Gangetic plains. The law firm, picked by Apeda, questioned this and termed it arbitrary. It had also said that agro-climatic factors should prevail over historical and reputational considerations, and public perception has no “independent significance” in GI law, said BRMEA’s Garg.

2 rice export bodies seek review of Apeda move to appoint new law firm to handle Basmati GI, IPR cases
Asia
The Hindu BusinessLine

SEPC secures ₹673 crore SAIL expansion project

The projects are scheduled for execution over a period of 30 to 33 months, further enhancing SEPC’s long-term revenue visibility and execution pipeline. | Photo Credit: KAMAL NARANG The industrial infrastructure engineering, procurement and construction company is set to work on a 4.08 mtpa crude steel expansion project for IISCO Steel Plant in Burnpur comprising two key packages under the expansion project. The Coke Oven BOP (Balance of Plant) Package – COB-3 (excluding civil and structural works) is valued at ₹376.56 crore, while the Sinter Plant BOP Package – SP-2 (including civil and structural works) is valued at ₹296.77 crore. The aggregate contract value stands at ₹673.32 crore. The projects are scheduled to be executed over a period of 30-33 months, further enhancing SEPC’s long-term revenue visibility and execution pipeline. In a statement, the managing director of SEPC, Venkataramani Jaiganesh, said, “India’s steel industry is entering a phase of sustained capacity expansion driven by infrastructure development, manufacturing growth, and the nation’s long-term economic ambitions. We believe this order positions SEPC favourably to participate in this transformation while strengthening our order book and enhancing future revenue visibility.” 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.

SEPC secures ₹673 crore SAIL expansion project
Europe
BBC Business

Spain's visitor numbers hit new highs as tourists avoid Middle East

From the rooftop terrace of a hotel, Fede Fuster looks out across Benidorm, at the nearby high-rise buildings and the town's famous, sweeping beach. "With all its virtues and its defects this is a place we feel proud of," he says. "It's a place of opportunities." Fuster is the president of the local tourism association, and his family was one of the first to build a hotel in this Mediterranean city, in the 1950s. Benidorm's population is still only 77,000, but it swells to around five times that number in the height of summer, due to its status as one of Spain's prime tourism draws. Since the Covid pandemic left resorts like Benidorm virtually deserted and the Spanish tourism industry at a standstill there has been a remarkable recovery. Foreign arrival numbers into the country have broken records each year, and totalled 97 million in 2025. Currently the world's second-biggest tourist destination, just behind France, Spain is expected to consolidate its recent success in 2026. "I think this is going to be a great year," Fuster says. "I'm optimistic, we're talking about reaching 100 million tourists in Spain. If we keep growing like this we're going to be number one [in the world] very soon." Industry experts had originally expected 2026 to see more modest growth. But the outbreak of the US-Israeli conflict with Iran has made Spain an attractive alternative compared to Middle Eastern holiday destination Dubai, and countries in the eastern Mediterranean, such as Turkey and Cyprus. "In these moments of crisis, of [military] strikes or wars, the bookings always increase," says Fuster, who recalls a similar phenomenon in 2011, during the turmoil of the Arab Spring, although he insists he would prefer to compete with other countries without this advantage. "Any time that you have a crisis in the [eastern] Mediterranean or the Middle East, Spain is seen as a secure place to go," says Francisco Femenia-Serra, a lecturer in geography at Madrid's Complutense University. He explains that "part of the tourists that would normally go to Turkey or Egypt because of the [low] prices, for instance, might end up in Spain". Spain's official tourist arrival figures appear to bear this out. The country received 9.1 million international visitors in April, a new high for the month. This was 5.2% more, or 450,000 additional people, than April 2025.

Spain's visitor numbers hit new highs as tourists avoid Middle East
North America
CNBC Finance

Eli Manning's private equity firm acquires licensing company for NFL Flag in bet on youth sports

RCX has about 150 employees and makes money distributing sports products such as uniforms and equipment and servicing local parks and recreation centers. Financial terms of the deal weren't disclosed. The transaction is supported by a broad investor group including other former and current athlete partners Emmitt Smith, Larry Fitzgerald and Jameis Winston. The business of youth sports is well suited for private equity. It's supported by passionate customers, steady and reliable cash flows — every sports season comes with fresh fees — and it's decentralized. This lack of cohesion has led to a myriad of mobile apps and websites used to keep track of games, pay league fees, order equipment and chat with coaches. A standard private equity playbook is to roll up a variety of smaller leagues or apps, taking cost out by eliminating backend duplication and gaining scale via a series of acquisitions. This is starting to happen in youth sports. Josh Harris and David Blitzer, two of the most prominent private equity partners in the world, started Unrivaled Sports two years ago as their youth sports rollup investment vehicle. Still, there's distrust among some powerful people that the industry would put the desires of consumers ahead of its own mandate to earn returns for stakeholders. This has led to a group of Democratic congressmen to introduce a bill specifically to prevent private equity from investing in youth sports. The "Let Kids Play Act" would ban private equity firms from investing in youth sports. U.S. Rep. Chris Deluzio of Pennsylvania and Sen. Chris Murphy of Connecticut unveiled the bicameral bill last month. The congressional leaders said in a statement that youth sports was a $40 billion industry that's currently "dominated by private equity, with the singular goal of extracting as much profit as possible from families. "As a hockey dad, I've seen how viciously these private equity companies rip families off," Murphy said in the statement. Manning said his private equity firm is different. BVG's interest in RCX is to bring more scale to their programs and increase inclusivity, he said. "It's very much more access, keeping the prices low, and just growing this," Manning said. "The fact that you're working with the professional leagues, they don't want this to be a heavy cost to kids. They want more kids playing sports, being active, being out there. So our goal is to bring in capital so they can scale that, they can expand that." Manning's reputation would likely help his point that not all private equity firms are the same. He's been a major champion of flag football, including assistant coaching his daughters' teams. His goal is to establish flag football as a high school varsity sport for both girls and boys, he said.

Eli Manning's private equity firm acquires licensing company for NFL Flag in bet on youth sports
Europe
BBC Business

You may be saving for retirement without realising it. Here's how to check

We all know we are supposed to put something away for a rainy day, including our old age, it is just hard to find the money. A recent report suggested more than three-quarters of workers are set to miss out on a moderate standard of living in later life. But there is a simple check you can do now that could put you in a more comfortable financial position when you get older. It will help make sure you don't miss out on free money from your employer. You may even find out you are already saving for your retirement without realising it. Most workers aged 22 and over, and earning more than £10,000 a year (or £192 a week; or £833 a month) should automatically see some of their wages transferred to pension savings. Usually, 5% of your salary will go into a pension savings pot (this is an additional pension pot, separate from what you'll eventually receive in a state pension). If you don't put this money into a pension, it will be taxed, so you will lose some of it anyway. Crucially, your employer will then add money into the pot, the equivalent of at least 3% of your wages. This is money you can only access in retirement, so if money is really tight then you can opt out and have the money in your wages now. But the more money saved and invested now, the more it will grow over time, data shows.

You may be saving for retirement without realising it. Here's how to check
Europe
The Guardian

Disney racks up $4.2bn deficit on Paris parks

Disneyland Paris, in Marne-la-Vallée, east of Paris, on 16 October 2023. Photograph: Ian Langsdon/AFP via Getty ImagesView image in fullscreenDisneyland Paris, in Marne-la-Vallée, east of Paris, on 16 October 2023. Photograph: Ian Langsdon/AFP via Getty ImagesWalt Disney CompanyDisney racks up $4.2bn deficit on Paris parksExclusive: Analysis shows resort has yet to recoup Disney’s investment despite record revenue and 16m annual visitors Disney has still not recouped $4.2bn of its investment in Disneyland Paris after more than 30 years, even though the resort is now its best-performing international outpost, according to an analysis of recent filings. The sprawling theme park complex swung open its ornate iron gates in 1992 and now attracts about 16 million visitors every year. It is wholly owned by Disney and is home to two theme parks – the fairytale-inspired Disneyland and Disney Adventure World, which launched its largest-ever expansion in late March. The lavish land, themed to the hit animated movie Frozen, is part of a $2.5bn (€2bn) investment by Disney, and its new chief executive, Josh D’Amaro, was on hand for the opening alongside Emmanuel Macron. Before the festivities, the resort’s parent company, Euro Disney Associés (EDA), posted sparkling results. They showed that in the year to 30 September 2025, the introduction of dynamic pricing led to EDA’s revenue rising 8.4% to a record $4bn (€3.4bn), which beat every other Disney resort outside the United States. It gave a magic touch to Disney’s theme parks division, which produced nearly 40% of the company’s $94.4bn revenue and 57% of its $17.6bn operating income last year. EDA’s net income surged almost threefold to an all-time high of $304.2m (€260m), though this was still a drop in the ocean compared with the red ink that the company spilled in its first 25 years. Disney doesn’t break out the results of individual theme parks in its US filings, but French disclosure obligations shine a spotlight on the performance of Disneyland Paris. Analysis of more than three decades of its filings reveals Disney’s blockbuster deficit, which is ultimately due to the enormous size of the resort: Disney wanted a massive plot of land to lock out rivals, and it got what it wanted, as the site spans 5,510 acres (2,230 hectares), making it nearly a fifth the size of Paris. But it came with a catch. The French government sold Disney the land on the condition the company shared ownership with public shareholders. Disney therefore owned 49% of Euro Disney shares privately, with the remainder listed on the Euronext exchange. This structure led to the company filing detailed accounts and cast a dark spell on its bottom line. As Disney wasn’t the company’s majority owner, it didn’t pour money into it as it had done with its US parks. Instead, 59.8% of the $4.9bn (FF23.7bn) construction cost was covered by bank loans, with the remainder coming from the public and Disney, which provided just $132.1m (FF833m). Clouds soon gathered as French tourists objected to high ticket prices, the lack of alcohol in its restaurants and English being the first language. Weighed down by its debt mountain, Euro Disney has only posted a net profit 13 times since 1992, with its combined losses coming to a staggering $3.7bn (€3.3bn). Just one year after opening, Philippe Bourguignon, the Euro Disney chair, said in the annual report that “the severe imbalance in Euro Disney’s financial structure has become such a burden that it is jeopardizing the very existence of the company”. By the end of 2015, Disney had invested $1.3bn in four rights issues by the company and paid $214.3m to buy assets from it, which were then leased back, giving it a cash injection. Disney even paid off its bank borrowings and replaced them with a low-interest loan before converting $750.7m of it to equity.

Disney racks up $4.2bn deficit on Paris parks
Asia
The Economic Times

Silver beats gold, stocks and bonds in 10-year returns. Here's the data

In the last 10 years, silver topped the return chart, outperforming gold, equity and bonds. Here is how the asset classes performed, as reported by ETWealth. Silver as an asset class has delivered a 21.3% return in the last 10 years. Silver is gaining not just from investment demand, but also from its vast industrial usage across electronics, solar energy and electric vehicles. Gold has delivered a return of 18.5% in the last 10 years. Gold has reinforced its role as an effective hedge against macroeconomic uncertainty. In 2026, gold continues to shine with an 11.7% return as investors prioritise capital preservation over aggressive return-seeking amid global volatility, geopolitical risks and concerns over economic growth. Mid caps and small caps delivered returns of 16.4% and 13.2%, respectively, in the last 10 years. Mid- and small-cap segments have shown relative resilience, supported by some strong domestic sectors. Large caps delivered a return of 11.1% in the mentioned time period. Large-cap stocks are facing pressure from foreign investor outflows. In 2026 so far, large caps are down 10.2%. G-sec 10-year and short-term debt funds delivered returns of 6% and 5.9%, respectively, in the mentioned time period. Short-term debt has ranked third among asset classes this year, as investors opt for capital preservation and liquidity in a volatile environment. Long-term debt has delivered marginal losses, saddled with rising bond yields and ongoing interest rate uncertainty. Real estate delivered a return of 5% in the last 10 years. Real estate has delivered the weakest returns over the long term. This can be attributed to regulatory disruptions, low rental yields and a shift in household savings towards financial assets.

Silver beats gold, stocks and bonds in 10-year returns. Here's the data
Asia
The Hindu BusinessLine

"West Asia Crisis has impacted fertilisers and Pharma sectors", says Union Minister JP Nadda

The Union Minister for Health and Family Welfare and Chemicals & Fertilisers, Jagat Prakash Nadda, said that the ongoing West Asia crisis has affected global supply chains linked to the fertiliser and pharmaceutical sectors, but assured that the Government of India has taken adequate measures to ensure that farmers and consumers do not face any hardship. Addressing mediapersons in Shimla, Nadda on Saturday said India had proactively diversified its sourcing strategy and strengthened supply arrangements to shield the country from disruptions arising out of geopolitical tensions in West Asia. Responding to a question from ANI regarding the impact of the crisis on the pharmaceutical and fertiliser industries, Nadda said the government had adopted a multi-pronged approach to safeguard supplies of medicines, medical devices and fertilisers. "Despite the West Asia crisis, we have ensured that there will be no shortage of medicines, medical devices or fertilisers in India. Our farmers and citizens will not face any difficulty, and we have already diversified our supply sources to safeguard national interests." Said JP Nadda. "The situation in West Asia is a matter of concern, but we have strategically prepared ourselves. Despite the crisis, we are fully capable of ensuring that the people of India do not suffer any adverse impact. We have made all necessary preparations and have closely monitored pharmaceuticals, medicines, medical devices and other critical supplies," he said. Nadda said the government has also taken steps to secure fertiliser imports from countries outside the Strait of Hormuz region. "We have moved towards alternative sources of fertilisers and are issuing fresh tenders with countries such as Indonesia, Australia, Russia and China, which are outside the Strait of Hormuz route. We have sufficient fertiliser stocks for the ongoing Kharif season and are already preparing for the Rabi season," he said. The Union Minister asserted that the Centre's focus was not on predicting the duration of the crisis but on ensuring uninterrupted supplies for citizens."We are not asking whether the crisis will last 15 days or one month. Our priority is that our people should not face any difficulty. Farmers in the country will not be affected," he added. On being asked about the increasing frequency of climate-related disasters in Himachal Pradesh and other Himalayan regions, and concerns over extensive construction activities and highway cutting, Nadda acknowledged the concern and said the Centre had already initiated studies on the issue. "Your concern is very valid. I cannot authenticate all the reasons at this stage, but after the recent disasters, the Government of India assigned experts to undertake studies. Such analyses are being carried out not only for Himachal Pradesh but also for Uttarakhand," he said. Nadda said he was not immediately aware of the latest status of the reports, but confirmed that scientific assessments were underway to understand the causes behind the increasing incidents of natural disasters in the Himalayan region. The remarks came amid growing concerns over global supply disruptions due to tensions in West Asia and recurring extreme weather events that have triggered landslides, flash floods and infrastructure damage across Himalayan states in recent years. 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.

"West Asia Crisis has impacted fertilisers and Pharma sectors", says Union Minister JP Nadda
Asia
The Hindu BusinessLine

India's Russian oil imports rise in May as refiners boost purchases

India remained the world's second-largest buyer of Russian fossil fuels in May, importing an estimated 5.8 billion euros (USD 6.7 billion) worth of Russian hydrocarbons as refiners stepped up crude purchases from Moscow, European think tank Centre for Research on Energy and Clean Air (CREA) said in a report. Crude oil accounted for about 83 per cent of India's imports from Russia during the month, valued at 4.8 billion euros, while oil products and coal imports stood at 550 million euros and 429 million euros, respectively. "India's total crude import volumes recorded an 8 per cent month-on-month increase in May. This is partially explained by a 21 per cent month-on-month increase in Russian imports," CREA said. Some of India's largest refining hubs recorded notable increases in Russian crude arrivals. Unloaded volumes at the Vadinar refinery in Gujarat rose 36 per cent from April levels, while deliveries to the Jamnagar refining complex in the state increased 14 per cent. According to CREA, state-run refiners also expanded purchases after resuming imports earlier this year. The New Mangalore and Visakhapatnam refineries, which had halted Russian crude imports at the end of November 2025, continued buying Russian oil after restarting purchases in March. Russian crude deliveries to New Mangalore rose 13 per cent month-on-month in May, while imports at Visakhapatnam jumped 42 per cent, it said. The Paradip refinery on Odisha's east coast also unloaded its highest volume of Russian crude in two years, underscoring the continued attractiveness of discounted Russian barrels for Indian refiners despite evolving geopolitical and sanctions-related pressures. India emerged as one of the largest buyers of Russian oil since Western sanctions and trade restrictions reshaped global energy flows following Moscow's invasion of Ukraine. Indian refiners have consistently increased purchases of discounted Russian crude, helping offset higher energy costs while boosting refining margins and exports of petroleum products. The latest figures suggest Russian oil continues to account for a significant share of India's crude import basket, even as the country diversifies supplies from the Middle East, Africa and the United States. According to CREA, China bought 50 per cent of Russia's crude exports in May, followed by India (36 per cent), Turkiye (6 per cent), and the EU (5 per cent). "In May 2026, China remained the largest global buyer of Russian fossil fuels, accounting for 38 per cent (Euro 7.0 billion) of Russia's export revenues from the top five importers. Crude oil made up 69 per cent (Euro 4.8 bn) of China's purchases, followed by pipeline gas (Euro 618 million), then coal (Euro 525 million), and lastly LNG (Euro 510 million). Oil products (Euro 479 million) constituted the remainder of China's imports," it said. CREA said despite the EU's ban on imports of oil products made from Russian crude on January 21, 2026, 10 shipments of oil products from refineries using Russian crude were unloaded at EU ports in the month of May.

India's Russian oil imports rise in May as refiners boost purchases