Latest Developments

Asia
The Hindu BusinessLine

Gujarat-based Transformers and Rectifiers weighs setting up of a transformer factory in UK

Transformers and Rectifiers (India) Ltd (TARIL) is considering setting up a transformer manufacturing base in the UK to tap demand from European power utilities and grid operators, with the company making sustained order flows a prerequisite for committing to local production. The Ahmedabad-based power equipment maker plans to first establish a sales and customer-support presence through its UK subsidiary, Maxwell Grid Transformers (UK) Private Ltd, before moving to local assembly and potentially full-fledged manufacturing, Managing Director and Chief Executive Satyen Mamtora told the businessline. The trigger for a manufacturing facility would be annual orders of around 2,000-5,000 MVA from the UK, Europe and neighbouring markets. “We would take that decision on demand, not on expectation,” Mamtora added. The proposed expansion would give TARIL a local presence in a market where investment in electricity networks, renewable energy connections and rising power demand could create opportunities for transformer suppliers. However, the company is keeping its initial commitment measured, with manufacturing contingent on whether regional demand can support the investment. TARIL’s board has approved an investment of £10 million in the UK subsidiary, to be made in one or more tranches through equity, debt, guarantees or other permissible instruments. The Indian parent will hold a 51 per cent stake. The subsidiary was incorporated in September 2026 but has yet to receive capital or commence operations. TARIL expects to make its first investment by the end of October and operationalise the entity by the end of the December quarter, Mamtora said. The first phase will focus on customer support, sales and servicing across the UK and Europe, with local assembly to follow. “The first priority is customer support and a sales presence in the UK and Europe, with local assembly capability to follow and, over time, the potential to evolve into a manufacturing base serving the region,” he said. The subsidiary’s approved business scope includes manufacturing and repairing transformers, selling and distributing TARIL products, and trading in transformer components. TARIL expects the UK business to begin generating revenue in the next financial year, with a medium-term contribution of around 2-3 per cent of consolidated revenue, Mamtora said. The company intends to target utilities, transmission operators, renewable energy developers, data centres and industrial customers. TARIL has an international presence spanning more than 40 countries, including the UK, Belgium, France, Germany, Italy and Turkey, and has installed more than 18,000 transformers worldwide, according to Mamtora. Exports accounted for about 8 per cent of revenue in the second quarter and approximately 15 per cent of the company’s order book. Around 20 per cent of its ₹21,000-crore inquiry pipeline comprised export opportunities, he said. The company is in advanced discussions with multiple customers in the UK and Europe but has not disclosed the prospective order values or volumes. Mamtora said announcements would be made as discussions conclude, in line with disclosure obligations. The ability to convert those discussions into firm orders will determine how quickly the subsidiary progresses from a sales and service operation to assembly and, potentially, manufacturing. The UK plan comes as TARIL continues to expand its manufacturing footprint in India. The company has more than 75,000 MVA of manufacturing capacity and is targeting utilisation of around 90 per cent at its plants. Its Changodar expansion (in Ahmedabad) is expected to begin commercial production around Diwali, followed by the expansion of its extra-high-voltage facility at Moraiya. TARIL has outlined investment of around ₹150 crore at Changodar and ₹900-1,000 crore in backward integration. 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.

Gujarat-based Transformers and Rectifiers weighs setting up of a transformer factory in UK
Asia
The Hindu BusinessLine

Crude oil likely to gain further next week as supply fears overshadow relief measures: Analysts

Crude oil prices are poised for another volatile week, with supply worries in West Asia keeping markets on edge and stalled US-Iran talks adding to fears of fresh disruptions, even as efforts to ease shortages offer some relief, analysts said. Investors will track weekly crude stocks data from the American Petroleum Institute (API), Cushing inventories, overall US oil stocks and crude imports for signals on the supply-demand balance. The Strait of Hormuz remains a key source of uncertainty, with any disruption to shipments through the critical waterway threatening to further tighten global supplies. The domestic commodities market will remain closed during the morning session on Tuesday due to Dussehra. “Our outlook remains cautiously bullish, with price movements likely to be driven primarily by geopolitical developments and actual supply disruptions rather than headlines alone,” said Ajit Mishra, SVP of Research at Religare Broking. Recent declines in US crude inventories have provided additional support. A further escalation in geopolitical risks could push Brent crude towards $115-120 per barrel, Mishra said. On the Multi Commodity Exchange, crude oil futures for November delivery rose by ₹566, or 6.4 per cent, over the past week to close at ₹9,394 per barrel. In international markets, Brent crude futures for December delivery gained $5.14, or nearly 5 per cent, over the week to settle at $109.86 per barrel, touching the $110-level on Friday. West Texas Intermediate futures for the same delivery month advanced $8.01, or nearly 9 per cent, to settle at $99.02 per barrel. “Crude oil's muted response to a series of bearish headlines signals a market increasingly dominated by physical supply constraints rather than policy-driven optimism,” Navneet Damani, Head of Research - Commodities at Motilal Oswal Financial Services Ltd. He said G7 stock releases, a US-Russia diesel deal and plans to ease sanctions on Moscow's shadow fleet had raised hopes of improved supplies, but the measures have failed to trigger a sustained decline. Logistical bottlenecks and an uneven recovery in supply continue to constrain crude availability. The increase in West Asian exports in September was largely driven by Saudi Arabia. However, vessel attacks, Houthi threats and limited capacity on alternative routes leave regional flows exposed to further disruptions.

Crude oil likely to gain further next week as supply fears overshadow relief measures: Analysts
Europe
BBC Business

Roofing scammers con homeowners out of thousands of pounds

Image source, Iryna MelnykByLucy Hooker and Anuk Weerawardana, Business reportersPublished4 hours agoScammers pretending to be legitimate workmen are charging homeowners thousands of pounds for roofing work that is not completed, done badly or not necessary, according to Citizens Advice. The consumer advice charity says one in 10 of all the scams it recorded over the past year were related to roofing, making it the most common type of scam brought to them. It can leave victims like Crystal, from the Midlands, thousands of pounds out of pocket. The 68-year-old was frightened and found it hard to sleep after a rogue builder left her roof with dislodged bricks and blocked gutters. She said she felt pressured into agreeing to having her roof re-done and paid a total of £5,500, only for the original contractor to send his son instead, who left work in the eaves incomplete. "We had heavy rain a couple of weeks after he did the job, and it ended up like a waterfall coming down the wall," she said. "They took the lead off my neighbour's side of the chimney, which caused bricks to fall into his attic and the rain to go into his house," she told the BBC. In the year to August the Citizens Advice Consumer Service received 9,000 complaints about roofing work, including problems with construction, repairs and weatherproofing. Of those 2,205, or about one in four complaints, were suspected scams, up from 2,098 the year before. Dame Clare Moriarty, chief executive of Citizens Advice, urged consumers to carry out thorough checks on traders before agreeing to hire them. "Scammers exploit the fact that roofs are out of sight and reach, knowing most people can't easily inspect the work themselves," she said. Victims also reported aggressive and intimidating behaviour, with three quarters of fraudsters using "doorstep" sales tactics.

Roofing scammers con homeowners out of thousands of pounds
Europe
BBC Business

Debt advice that may leave you owing even more money

Image source, Getty ImagesByKevin PeacheyCost of living correspondentPublished4 hours agoAn increasing number of people are missing credit card repayments as finances are stretched by rising bills. Lenders have told the Bank of England they expect the number of unpaid credit card debts to keep going up this autumn. This could lead to more demand for advice on how to deal with debts – but, if you are struggling and need help, there are some traps to avoid. And it is worth remembering that impartial advice is available free of charge from debt charities. So here's what to think about. If you find yourself with money troubles, it can be tempting to seize any opportunity to get things back on track. Social media and internet search pages are full of supposed quick-fix debt solutions. Cold calls and WhatsApp messages also promise debt help. But they may well come with upfront fees, unrealistic claims about writing off debt, and pressure to make a quick decision. Impartial, authorised debt advice comes free. You can find a provider on the government-backed Moneyhelper website, external Check whether a firm offering debt help is authorised by the regulator, the Financial Conduct Authority (FCA). You should cross-check the authorisation details they give with the FCA's register, external Anyone unhappy with the service from an authorised firm can complain and, if you are still not happy, go to the independent Financial Ombudsman Service. Alison Walters, director of consumer finance at the FCA, said: "Anyone struggling with debt deserves advice that puts their interests first. "Free, impartial debt advice is available to everyone, and no one should be pressured or misled into paying for a debt solution that may not be right for them."

Debt advice that may leave you owing even more money
Europe
The Guardian

Oil and gas prices jump on Middle East shipping attacks, sending bond yields higher and stocks lower – business live

Eurozone finance ministers and the European Central Bank will urge France today to pass its 2027 budget to calm bond ⁠markets, as French borrowing costs ⁠hover at 25-year ​highs, senior euro zone officials told Reuters. France is at the centre of a bond market storm, fuelled by worries over the country’s large budget deficit and looming presidential election next year. Its ⁠10-year bond yield has jumped nearly 80 basis points (bps) since the start of September and hit its highest level since July 2002, just short of 5%. That is driving up the government’s borrowing costs ⁠and making things even harder. Eurozone finance ministers and the ECB meet in Luxembourg this afternoon for monthly ​talks and the surge in French borrowing costs will ‌be discussed. I think the clear answer is “no“. I would expect the Eurogroup to recognise that France has all the means to respond. The proper response is to agree on a budget. That’s kind of a no-brainer. So I would expect this to be the main message. The ECB can buy bonds of a eurozone country on the secondary market if their prices move in an unjustified way ‌to protect the proper transmission of monetary policy. But officials said this does not apply to what is currently happening in France. A second senior eurozone official said: Everybody has their own mandate. The European Central Bank has a mandate to ​maintain price stability, and governments have a mandate to maintain the fiscal stability of their countries. Everybody should do their own job. France said last month that its budget deficit will exceed the government’s target of 5% of GDP this year. It plans to sell a ​record €340bn of bonds in 2027 to ​fund the government and refinance Covid-era debt. Eurozone officials said there was concern about ​French borrowing because it created ‌conditions for a broader ​crisis, but added there was no ​sign of contagion yet to other countries in the currency bloc. Since the creation of the euro in 1999, France – the European Union’s second biggest economy and a key political player – has only had a budget deficit below the EU’s ceiling of 3% six time.

Oil and gas prices jump on Middle East shipping attacks, sending bond yields higher and stocks lower – business live
Europe
The Guardian

Oil prices jump 5% on Middle East tensions and US hurricane threat

Crude oil is offloaded at the Banyas terminal in Tartus, Syria. Photograph: Anadolu/GettyView image in fullscreenCrude oil is offloaded at the Banyas terminal in Tartus, Syria. Photograph: Anadolu/GettyOilOil prices jump 5% on Middle East tensions and US hurricane threatGlobal bond market sell-off continues and stocks fall amid reports White House has asked to see options for more strikes against Iran Oil prices have risen sharply amid fears about escalating tensions in the Middle East and a squeeze on production from the threat of a hurricane off the US coast. Brent crude, the international benchmark, rose by 5% to $105.3 a barrel on Thursday, triggering a wave of selling in the global bond and stock markets. In the UK, the yield – or interest rate – on the 10-year government bond hit its highest level since July 2007, rising by six basis points to 5.515%. Investors appear concerned that rising oil prices could stoke higher inflation. The yield on the 30-year bond – the UK’s benchmark cost for its long-term borrowing – rose by three basis points to 6.0117%, after touching 6.036% on Wednesday, the highest since January 1998. The climbing cost of government borrowing places further pressure on John Healey, as he prepares to deliver his first budget, on 28 October. The market swings came after the Atlantic reported that the White House had asked the Pentagon to draw up options for strikes against Iran before the US midterm elections. The report cited unnamed officials in Donald Trump’s administration who said the size and targets of potential strikes, and whether they would go ahead, were still being debated. The report has weakened hopes that Trump will refrain from escalating the conflict with Iran before the midterm polls next month. A “limited operation” could be followed up with more substantial action after the midterms, it states. Another wave of strikes against Iran represents further risk to oil supply from the Middle East, with the US-Israeli war against Tehran now entering its eighth month. Attacks on tankers in the strait of Hormuz have reached their highest levels of ⁠the war, ⁠cutting ​traffic through the waterway and deepening fears about supply. The latest attack came ⁠on Wednesday, when a tanker was hit by projectiles off the north coast of Qatar, causing casualties, according to ​United Kingdom Maritime ‌Trade Operations. Oil prices also rose in response to a squeeze on production in the Gulf of Mexico, after Tropical Storm Isaias strengthened to become the first hurricane of the Atlantic season. Shell and Chevron said they were shutting down production as the storm approached the region, forecast to make landfall on Friday or Saturday.

Oil prices jump 5% on Middle East tensions and US hurricane threat
North America
CNBC Finance

Modelo owner Constellation is getting creative to bring back beer drinkers as overall demand weakens

Constellation Brands beat quarterly earnings and revenue expectations as its beer brands gained market share, but continued consumer caution tempered results. As it navigates high food and fuel prices and choosy shoppers, Constellation is turning to special occasions and diversification to help drive sales. The maker of Modelo Especial, Corona and Pacifico on Tuesday reported fiscal second-quarter adjusted earnings of $3.74 per share on $2.63 billion in revenue, ahead of Wall Street estimates of $3.56 and $2.54 billion, respectively. Beer revenue rose 5% to roughly $2.47 billion, while beer shipments increased 5.5%. However, the company said beer depletions, a measure of sales from distributors to retailers and other customers, declined slightly during the quarter, indicating consumer demand was softer than shipment growth suggests. "We have spent much of the first half rebuilding distributor inventory levels," said Constellation Brands CEO Nicholas Fink on the company's earnings call on Wednesday. "While there is always going to be month-to-month variability, September depletions are trending in the right direction." The broader backdrop remains challenging for beer sellers. U.S. beer sales fell 1.8% year over year in the two weeks ended Sept. 19, according to Nielsen's latest data. Still, Fink said September beer depletions improved even beyond the benefit of a later Labor Day, and that the recovery was broad-based across channels. He said consumers were "across the board" engaging in the category. Some analysts said the results indicated elevated gas prices have dampened Constellation's performance. “Progress [for Constellation] had accelerated to start 2026, but has been derailed by higher fuel costs,” Roth Capital analyst Bill Kirk wrote, though he said Constellation continues to deliver against its fiscal 2027 plan. Kirk has a buy rating and $209 price target on the stock, compared with the roughly $116 a share price as of Wednesday. Fink said Constellation saw particular strength in club stores, which have benefited as cash-strapped shoppers seek deals on fuel and groceries. The company is also working to better tailor its product and pack sizes across channels, as consumers make different choices depending on where they are shopping, and for what occasion. That focus on events also extends to younger drinkers. Fink said consumers are increasingly buying beer for specific moments, rather than treating it as a default purchase, and Constellation is leaning into sports, music, beach activations and other occasions to drive sales. Chief Financial Officer Garth Hankinson said Constellation has been selective with price increases, keeping them at the low end of its usual range given the "macroeconomic backdrop and the impact that that's having on our consumer." Hankinson said it is "much more cost-effective to retain your consumers than it is to try to regain your consumers."

Modelo owner Constellation is getting creative to bring back beer drinkers as overall demand weakens
Asia
The Hindu BusinessLine

Nippon India Small Cap, SBI Small Cap, HDFC Small Cap, Bandhan Small Cap and Quant Small Cap: How small-cap funds are beating the liquidity squeeze despite rising valuations

A bl.portfolio analysis of liquidity stress data released by the mutual fund industry body AMFI shows that actively managed small-cap mutual funds have reduced their estimated liquidity risk over the past year, despite a sharp rise in valuations. The Nifty Smallcap 250’s price-to-earnings (PE) ratio rose to 34.45 as of September 30, 2026, from 29.96 a year earlier, indicating richer valuations. However, the category’s average time to liquidate 50 per cent of a portfolio fell to 11.9 days from 17.6 days. Our analysis suggests that the improvement was driven largely by higher market trading volumes and changes in portfolio composition, including greater exposure to relatively liquid stocks and an increase in the number of holdings. We analysed AMFI’s liquidity stress-test data for 31 smallcap schemes for September 2025 and September 2026, covering liquidation time for 25 per cent and 50 per cent of portfolios, market-cap allocation, cash holdings, AUM and instrument-wise portfolio composition. Here are the key findings: The category’s average time required to liquidate 50 per cent of a portfolio fell to 11.9 days in September 2026 from 17.6 days a year earlier. The time required to liquidate 25 per cent also declined to 6.2 days from nine days. Of the 31 schemes analysed, 19 recorded an improvement in their 50 per cent liquidation time. Most large schemes saw meaningful improvement. Tata Small Cap reduced its liquidation time from 63 days to 35 days, Quant Small Cap from 71 to 46 days, HDFC Small Cap from 69 to 52 days, SBI Small Cap from 61 to 51 days and Nippon India Small Cap from 43 to 27 days. Only five schemes saw their liquidation time increase, including Bandhan Small Cap, from 14 to 19 days, and Invesco India Smallcap, from eight to 13 days. Seven schemes reported no change, all of them relatively small schemes. The improvement was broad-based, particularly among larger schemes, indicating a reduction in estimated liquidity stress even as valuations rose. One key reason for the improvement was increased trading activity in smallcap stocks. The total traded value of Nifty Smallcap 250 stocks on the NSE rose 24 per cent to ₹31.8 lakh crore during April-September 2026, from ₹25.6 lakh crore during the preceding six months. This matters because the liquidity stress test estimates the time required to liquidate a portfolio partly on the basis of stocks’ trading volumes. Higher traded volumes mean a given position can theoretically be sold faster, lowering the estimated liquidation time. The share of Nifty Smallcap 100 index stocks in the overall smallcap fund portfolio increased to 22 per cent in September 2026 from 18 per cent a year earlier. These stocks generally have higher trading activity and deeper market liquidity than smaller, less-traded stocks, potentially improving portfolio liquidity. Seven of the 31 schemes also increased their allocation to midcap stocks. Among them, Quant Small Cap, DSP Small Cap, HDFC Small Cap and Bandhan Small Cap raised their midcap allocation by one to seven percentage points.

Nippon India Small Cap, SBI Small Cap, HDFC Small Cap, Bandhan Small Cap and Quant Small Cap: How small-cap funds are beating the liquidity squeeze despite rising valuations
North America
CNBC Finance

Disney+ to stream upcoming Super Bowl

Disney announced Wednesday that its streaming service Disney+ will air the upcoming Super Bowl in February. The 2027 championship game, as well as two Monday Night Football games leading up to the Super Bowl, will be available to all Disney+ subscribers in the U.S. Disney had previously announced that its ESPN sports division would produce the Super Bowl in 2027 for the first time ever. The game will air on ESPN and Disney's broadcast network, ABC. Interest in the upcoming Super Bowl is already high. Disney said on its most recent earnings call that ad spots for the game are already sold out, the earliest sellout in Super Bowl history, according to a press release. The announcement is the latest move in Disney's efforts to expand its live sports streaming offerings. The media company last year launched a standalone ESPN streaming service, bringing the content outside the cable bundle. In August, Disney announced that Formula E — the open-wheel racing championship for electric cars — will be available to Disney+ subscribers beginning Dec. 18. Other streamers are also using live sports to bolster their portfolios. CNBC reported last week that Alphabet's YouTube is actively searching for additional live sports rights. YouTube already pays roughly $2 billion annually for the rights to "NFL Sunday Ticket," which will last until the end of the 2029-30 season. Netflix will air five NFL games during the 2026-27 season. Netflix Chief Content Officer Bela Bajaria said in a CNBC interview last month that the company would be open to acquiring the rights to international NFL games if they become available. 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.

Disney+ to stream upcoming Super Bowl