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Asia
The Hindu BusinessLine

Expired food probe: Maharashtra suspends five Reliance, Eternal entities; Blinkit CEO named

FILE PHOTO: Maharashtra’s Food and Drug Administration has suspended licences of five Reliance and Eternal establishments amid a probe into the alleged diversion of expired food products. India’s food safety authority has named officials of Reliance Group entities and of Eternal’s Blinkit and Hyperpure units, including Blinkit CEO Albinder Dhindsa, in a probe over expired food products that have allegedly re-entered the food supply chain, according to case documents reviewed by Reuters. The Food and Drug Administration of Maharashtra state, home to Mumbai, has led a crackdown on food safety under its chief Tukaram Mundhe, 51, including shutting down some of Mumbai’s most popular eateries as well as outlets of Domino’s and Pizza Hut for poor hygiene. The state agency has also suspended the permit of a McDonald’s outlet. The latest case, which has led to a police complaint by the food safety authority, involves large retail and quick-commerce companies, which sell products to millions of households in the world’s most populous country. Maharashtra’s Food and Drug Administration, according to the documents reviewed by Reuters, said its officials visited some warehouses of Reliance Retail, Reliance Consumer and Zomato Hyperpure, and that company officials could not provide verifiable proof that disposal of expired food was actually carried out by their contractors. “The disposal agencies ... do not destroy the stock,” the case document alleged. In the case of a Zomato Hyperpure warehouse, a company representative named a contractor as its disposal agency which FDA officials could not trace, according to the documents. Reliance and Blinkit did not immediately respond to a Reuters request for comment. “Any attempt to divert expired, damaged or consumer-rejected food products meant for destruction back into the market is a serious matter that demands strict scrutiny and accountability,” Maharashtra’s FDA chief Tukaram Mundhe told Reuters. “No company, brand, business or individual is above the law when it comes to food safety.” Reliance Retail and Reliance Consumer are part of billionaire Mukesh Ambani’s business group. Zomato’s Hyperpure is a unit of Eternal, which also runs food delivery service Zomato and quick-commerce business Blinkit. The FDA probe said it found a pattern in which large retail and quick-commerce distribution warehouses handed over expired and customer-rejected food packages to contractors, who passed them on to unlicensed sorting yards. These sorting yards then separated packets that appeared saleable, which eventually reached other retailers and the consumer market, according to case documents from the probe.

Expired food probe: Maharashtra suspends five Reliance, Eternal entities; Blinkit CEO named
Europe
The Guardian

Starbucks reportedly exploring Chipotle takeover

A Chipotle Mexican Grill restaurant inside Aventura Mall, Miami, Florida. Photograph: Jeff Greenberg/Universal Images Group/Getty ImagesView image in fullscreenA Chipotle Mexican Grill restaurant inside Aventura Mall, Miami, Florida. Photograph: Jeff Greenberg/Universal Images Group/Getty ImagesStarbucksStarbucks reportedly exploring Chipotle takeoverMove would reunite chief executive Brian Niccol with chain he led before joining coffee company two years ago Starbucks has explored a takeover of Chipotle Mexican Grill, the Financial Times reported on Thursday, in a move that ⁠would reunite chief executive Brian Niccol with the burrito chain he led before joining the coffee giant two years ago. The potential deal comes as restaurant chains wrestle with uncertain demand from inflation-weary ⁠consumers and rising operating costs, prompting ⁠companies to look ​for new avenues of growth while facing pressure to improve profitability. Starbucks has worked with advisers in recent months on a takeover proposal for Chipotle, the FT reported, citing people familiar with the ⁠matter. Starbucks and Chipotle did not immediately respond to Reuters requests for comment. Shares of Chipotle, which has a market capitalization of nearly $39bn, were up about 6% on Thursday, while those of Starbucks were down about ⁠3%. Starbucks is worth about $107bn, according to LSEG data. Analysts said any acquisition would probably be a costly undertaking for Starbucks, which is ​still investing heavily in its turnaround efforts. “A deal could require ‌heavy borrowing or issuing shares,” said ‌Lale Akoner, global market strategist at eToro. “Without a compelling financial case, investors may view the deal as an expensive distraction.“ Starbucks is in ‌the midst of a turnaround under Niccol, who has prioritized customer satisfaction through investments in staffing and store improvements aimed at reducing wait times and restoring the coffeehouse atmosphere that helped make the chain a global brand. Since Niccol joined the company in September 2024, Starbucks has committed at least $500m to labor investments as part of its reorganization, contributing to pressure on profitability. As of the fiscal third quarter, adjusted operating margin was 14.4%, down from 16.7% in the same quarter two years earlier, according to LSEG data. Starbucks ‌has reported four consecutive quarters of comparable sales growth under Niccol, but in July he said that, “We have more work to do.“ “The timing of this would be a little weird, given that Starbucks is in ​the middle of their transformation and hasn’t yet shown the margin improvement investors are probably hoping for. Instead of jump-starting the transformation, at first blush, this seems more like jumping the shark instead,” said Brian Jacobsen, chief economic strategist, Annex Wealth Management.

Starbucks reportedly exploring Chipotle takeover
North America
CNBC Finance

Paramount's hard-fought takeover of Warner Bros. Discovery closes Tuesday. Here's how we got here

It's been just over a year since Paramount Skydance set out to buy one of Hollywood's most iconic institutions. After repeated rejections, a subsequent bidding war, a series of regulatory approvals, an antitrust challenge by state attorneys general and a timely settlement, the David Ellison-run company is set to close its acquisition of Warner Bros. Discovery on Tuesday. The combined company, what amounts to one of the largest media conglomerates in history, will be newly named Skydance and trade under the ticker symbol "SKYD." It will bring together two of the most storied film studios and control nearly one-third of basic cable programming. June 9, 2025: Warner Bros. Discovery announces its plan to split into two public companies: a streaming and studios company and a global networks company. The plan to separate WBD's movie properties and streaming platform from its cable channels comes as media companies grapple with how to maintain profitability in the face of declining linear viewership and a broad shift to streaming. Aug. 7, 2025: Paramount closes its long-awaited merger with Skydance, the company founded by Ellison, a tech executive and the son of Oracle co-founder Larry Ellison. Within days, newly installed CEO David Ellison buys the multiyear rights for TKO Group's UFC in a $7.7 billion deal. Within a month, Ellison acquires the rights to produce a film based on the Call of Duty video game franchise and signs a multiyear deal with "Stranger Things" creators the Duffer Brothers. The series of investments fits into Ellison's plan to "define the next era of entertainment," a strategy he outlines in a letter to shareholders. Sept. 11, 2025: CNBC reports that Paramount is preparing a bid for Warner Bros. Discovery. Shares of both companies jump on the day of the news, and WBD shares notch their best day ever to that point. Late September and early October 2025: Warner Bros. Discovery rejects three takeover bids from Paramount Skydance. Paramount's third bid is for slightly less than $24 per share and 80% cash, CNBC reports at the time. In a letter to WBD's board dated Oct. 13, Paramount lays out how its offer delivers "superior value" for shareholders over plans to split the company into two separate entities. Oct. 21, 2025: Warner Bros. Discovery says it is open to a sale after receiving "unsolicited interest" from multiple parties. CNBC reports that Netflix and Comcast are among the interested suitors. WBD says it will continue to plan for the split while conducting a "strategic review." Mid-November 2025: Comcast, Netflix and Paramount submit formal takeover bids for Warner Bros. Discovery. Offers from Comcast and Netflix are for the company's film and streaming assets, namely Warner Bros. studio and HBO Max. Paramount Skydance's bid is for the entirety of WBD, including its linear TV networks. Dec. 5, 2025: Netflix announces it has reached a deal to acquire Warner Bros. Discovery's film and streaming assets in a deal worth nearly $83 billion on an enterprise basis. WBD says it will spin off its TV networks, including TNT and CNN, into Discovery Global, in line with its plan from June. Before the deal is officially announced, attorneys from Paramount Skydance pen a letter to WBD CEO David Zaslav questioning the "fairness and adequacy" of the sale process and accusing WBD of favoring Netflix. Dec. 8, 2025: Paramount Skydance launches a hostile bid for the entirety of Warner Bros. Discovery, seeking to upend the Netflix agreement. Paramount announces that it will go straight to WBD shareholders with an all-cash, $30-per-share offer. "We're really here to finish what we started," Ellison tells CNBC's "Squawk on the Street" in announcing Paramount's plan. "We put the company in play." Jan. 7, 2026: Warner Bros. Discovery rejects Paramount's offer again, doubling down on its deal with Netflix. Despite a guarantee in late December that billionaire Larry Ellison will backstop the financing of the Paramount-WBD deal, the Warner Bros. Discovery board unanimously recommends that shareholders reject the takeover bid from Paramount.

Paramount's hard-fought takeover of Warner Bros. Discovery closes Tuesday. Here's how we got here
Europe
The Guardian

Disney accuses Trump officials of ‘blatant violations’ of constitution amid FCC battle

Lawyers in court said ABC faces a ‘chilling effect’. Photograph: Mario Anzuoni/ReutersView image in fullscreenLawyers in court said ABC faces a ‘chilling effect’. Photograph: Mario Anzuoni/ReutersABCDisney accuses Trump officials of ‘blatant violations’ of constitution amid FCC battleLawyers tell judge ABC being unfairly targeted as US regulator seeks review of network’s local TV station licenses Lawyers for Disney accused the Trump administration of “blatant violations of the US constitution” and censorship on Tuesday in the first court hearing over the Federal Communications Commission’s early review of the media giant’s eight local television station licenses. District judge Loren AliKhan seemed unswayed by government arguments that the order to force Disney’s ABC to apply years early to renew local television station licenses was tied to an investigation into parent company Disney’s hiring practices. ABC, Disney and its station group filed suit against the FCC in August, seeking to block the US media regulator from taking any further steps to punish or pressure the network in connection to the order. In its lawsuit, ABC argued that the FCC’s actions – taken at the behest of the Donald Trump-appointed chair, Brendan Carr – were actually intended to chill the network’s speech, which the president and Carr have argued is tilted against the administration. In legal filings and during Tuesday’s hearing, the network cited past threats by the president and the FCC chairman that jeopardized the licenses of television networks, including ABC on several occasions, for editorial purposes. “These are blatant violations of the US constitution,” the prominent trial lawyer Beth Wilkinson, arguing on behalf of ABC, told the judge during the approximately two-hour hearing. She said ABC faced a “chilling effect” that has affected – and will continue to impact – its editorial decision-making, as the network steers clear of political bookings and any other programming decisions that could spark further ire from the Trump administration and Carr. “That chilling effect has been happening and will happen every day,” she said, causing “irreparable harm” to the network and its ability to broadcast independent news for the benefit of the American people. ABC has said it has stopped booking politicians on the daytime talkshow The View and chose to air a July speech by Trump on its streaming platform so as not to antagonize the president. “Our editorial decisions are being affected right now,” Wilkinson said, noting the significance of decisions about how to cover next month’s pivotal midterm elections. “We are watching everything we do … We have already altered our conduct because of the fear of retaliation.” She also noted that ABC recently chose to air a Jimmy Kimmel-conducted interview with Texas US Senate candidate James Talarico on YouTube, rather than television, “because the FCC has no control over YouTube”. Dimitar P Georgiev, representing the FCC defendants, argued that “there is no reason to believe the early renewal order has prompted changes to the plaintiffs’ editorial decisions”. He also argued that the US district court for the District of Columbia was not the proper jurisdiction for the case, saying that ABC could instead appeal any adverse decision to the US court of appeals for the District of Columbia. ABC is seeking a decision from the judge to enjoin the FCC from taking any further actions against the network’s licenses. “We are asking to stop pure retaliation, putting us in a process that we should never have to be in,” Wilkinson said.

Disney accuses Trump officials of ‘blatant violations’ of constitution amid FCC battle
Europe
BBC Business

Burnham promises to curb non-compete rules in job contracts

Image source, Getty ImagesByPaul SeddonPolitical reporterPublished9 October 2026Andy Burnham has promised to curb companies' ability to restrict what their workers can do after leaving their job. In a speech, the prime minister said the use of non-compete clauses in employment contracts had "gone too far" and was holding innovative UK companies back. He added the clauses had forced workers to go without pay after leaving a role, as well as making it harder for growing firms to hire new staff. Ahead of the Budget later this month, he also said there was "more to do" on tax to encourage promising firms to stay in the UK. Sir Keir Starmer's government had been exploring possible restrictions on non-compete clauses since late last year, including a total ban, banning them above a certain salary threshold, or limiting how long they can last. Although commonly associated with the financial services and technology sectors, research cited by the government has estimated around 5 million jobs in Britain are covered by the clauses, typically lasting around six months. Speaking at a business summit in Manchester, Burnham confirmed his government would press ahead with new legislation to ensure the clauses can "no longer be a barrier" to hiring new staff. He added that their use had stopped workers leaving to join other companies, or founding their own firms instead, adding: "I think that's a drag on innovation." Referencing a landmark 1995 court ruling that is credited with revolutionising the football transfer market in Europe, he said he hoped reining in non-compete clauses could prove the "Bosman ruling for the innovation sector". Burnham did not specify the scope of the restrictions he is planning, but suggested they would apply to the "everyday economy" as well as helping "promising start-ups and scaling firms". It is understood that the government is planning to unveil details of the proposed restrictions, which were first reported by Politico, external and The Financial Times, external, alongside the Budget on 28 October. Responding to the prime minister's comments, the Recruitment and Employment Confederation warned against "sweeping" changes to non-compete rules, adding they played a "vital role" in protecting commercially sensitive information and client relationships.

Burnham promises to curb non-compete rules in job contracts
Europe
BBC Business

Ex-Deutsche Bank trader jailed for rigging rates has conviction overturned

Another former banker sentenced in one of the biggest scandals of the financial crisis has had his conviction overturned following a long-running legal battle. The Court of Appeal has quashed the conviction of Christian Bittar, a former Deutsche Bank trader who went to prison in 2018 for "manipulating" the benchmark interest rate, Euribor. It comes after the same UK court overturned five convictions of ex-Barclays bankers in the rate rigging trials earlier this week. Bittar, who watched proceedings via video link from Switzerland because he was not granted a visa to attend court, told the BBC: "I have waited a very, very long time for this day." The financial crisis began in 2008, sending huge economic shockwaves across the world and triggering recessions in many countries. There was a public backlash against bankers, held by many to be responsible for the crisis, while the financial sector was protected by taxpayer-funded bailouts. The Libor scandal erupted in 2012, when it was discovered that at the outbreak of the financial crisis, banks had been misrepresenting their positions during the process of setting the lending rate, helping to boost profits and mask difficulties. Some 19 City traders were convicted in the US and UK between 2015 and 2019 across nine criminal trials held in London and New York. Only one former trader in the world now remains convicted: former Barclays trader Peter Johnson, who was also one of the original whistleblowers in the interest rate rigging scandal. He pleaded guilty on advice that he had little chance at winning at trial. The court confirmed that he too has now applied to appeal against his conviction. The news has already prompted lawyers and senior politicians to press for the Bank of England and the Treasury to release all their records about their own roles in interest rate 'rigging' during the financial crisis, amid concerns raised of a cover-up of the role of central banks and governments. Speaking after his conviction was quashed, Bittar said: "Finally the injustice of what I and others suffered has been recognised. "I am so grateful for those who stood by me through this ordeal and those who worked so tirelessly to correct it."

Ex-Deutsche Bank trader jailed for rigging rates has conviction overturned
Asia
The Hindu BusinessLine

India plans BS-VII emission norms for new cars and SUVs from April 2029

India plans to introduce BS-VII emission standards for new cars and SUVs from April 2029, with vans and heavy-duty vehicles to follow. | Photo Credit: iStockphoto The government plans to roll out BS-VII emissions standards for new cars and SUVs from April 2029, followed by small goods delivery and pick-up vans from April 2030 and heavy-duty vehicles from April 2031, a senior government official said on Wednesday. The official further said the road transport and highways ministry has approved the proposed guidelines, and new norms will fully align with Euro 7 norms, with draft notifications expected this week. BS, or Bharat Stage, refers to India’s vehicle emission standards that set limits on pollutants such as carbon monoxide (CO), nitrogen oxides (NOx), hydrocarbons (HC) and particulate matter (PM). These standards are aligned with European emission norms and are enforced to gradually phase out vehicles that emit higher levels of pollutants. India has enforced BS-VI norms since April 2020. India skipped BS-V and moved directly to BS-VI to accelerate pollution control. These vehicles emit far lower pollutants and require low-sulphur BS-VI fuel. 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.

India plans BS-VII emission norms for new cars and SUVs from April 2029
Europe
BBC Business

Boots has a new owner: Three ways it could affect you

Image source, Getty ImagesByMichael RaceBusiness reporterPublished4 hours agoIf you have been looking to buy a health or beauty product, the chances are you will have shopped at a Boots somewhere in the UK. The pharmacy and retailer is a stalwart of Britain's high streets, where it has served generations of customers for decades. But now it is set to enter its 178th year under new ownership after an £7bn deal was agreed this week - here's three ways it could affect your shopping experience. Upgrading its portfolio of 1,800 stores is high on the list of Boots' new owners, Wittington Investments. This is the holding company of the Westons - a wealthy and retail-steeped Canadian family who used to own Selfridges and currently own several large retailers across the Atlantic. The UK branch of the family also controls the owner of Primark, Associated British Foods (ABF). Business has been good for Boots in recent years, and new-look beauty areas in some of its bigger shops have given shoppers more of a department store experience, according to Sofie Willmott, an associate director and analyst at GlobalData Retail. Since the opening of its first beauty-only store in 2023 in the Battersea Power Station development, it says it has redesigned over 180 beauty halls, while also opening its first fragrance concept store and an Opticians dedicated to luxury eyewear. "They should invest in the rest of the chain because they've got such a big store portfolio that I think some of the smaller stores have really lacked investment over time, and I think that is something that they need to kind of catch up with," Willmott says. A more "consistent" look would also be an improvement, Willmott adds. "At the moment there is a bit of a disconnect." Jackie Naghten, a retail industry veteran who has worked for the likes of Top Shop, Marks & Spencer and Debenhams, thinks Boots' stores need to be made "more functional" by not having their health hubs "squeezed in the corner". But Yasmin Trimble, 22, who buys beauty products from Boots, likes how the easy stores are to navigate. "You can get everything you need...it is not confusing. It has got a cleaner aesthetic to it as well."

Boots has a new owner: Three ways it could affect you
North America
CNBC Finance

AstraZeneca CEO says Summit drug could drive next generation of cancer combinations after $2 billion investment

AstraZeneca CEO Pascal Soriot told CNBC on Monday that Summit Therapeutics' lead drug could help power next-generation cancer treatment combinations that could be the "future of cancer care." Soriot's comments in an exclusive interview with CNBC come a week after the pharmaceutical giant announced a $2 billion equity investment and clinical collaboration with the biotech company to test potential cancer drug combinations. At the heart of that investment is Summit's ivonescimab, which is a first-in-class bispecific antibody that works by attacking cancer through two pathways simultaneously: PD-1, which acts like a brake on immune cells, and VEGF, a signal that helps tumors grow new blood vessels. Blocking both unleashes the body's immune system to attack cancer cells and cuts off the blood supply that tumors need to grow. Soriot called that medication the "next generation" after an initial wave of drugs that only target PD-1, such as Merck's immunotherapy Keytruda. Ivonescimab made waves globally after head-to-head clinical trials showed it outperformed Keytruda – the reigning standard of care and one of the highest-grossing drugs in history – in patients with advanced non-small cell lung cancer. Soriot particularly sees an opportunity to combine Summit's drug with AstraZeneca's portfolio of targeted cancer treatments called antibody-drug conjugates. Summit's drug "in particular is very exciting because it can help address a certain number of tumor types that can be better treated in combination with antibody-drug conjugates, better treated than with existing first-generation PD-1 agents," he said. AstraZeneca's investment equates to a roughly 12% stake in Summit, and it's not an outright acquisition or licensing agreement. That means Summit retains full permission and commercial rights to ivonescimab, which has sparked massive interest and a multi-billion dollar gold rush into drugs that work the same way. Soriot spoke with CNBC from the site of AstraZeneca's new more than $1 billion research and development facility in Kendall Square in Cambridge, Massachusetts. The company on Monday announced the opening of the 570,000 square-foot site, where scientists will develop next-generation treatments across obesity, breast cancer, COPD and rare diseases, among other areas. AstraZeneca said those new products will help the company grow beyond 2030. The center will use robotics, continuous automation and agentic AI to aid the drug discovery and development process, the drugmaker added. "It's faster, lower cost of research and development, more products that are delivered to better products that are delivered to patients," Soriot said. "We are on the race against disease, and there's a lot of unmet needs out there."

AstraZeneca CEO says Summit drug could drive next generation of cancer combinations after $2 billion investment