Category: 3. Business

Mexican-themed chain Guzman y Gomez plans to open at least 15 restaurants in the US despite doubling its losses on its “relentless” bid to expand into the competitive American market.

Despite its struggles in the US, the company recorded more than $1bn in sales across its network for the first time and more than doubled its net profit to $14.5m in the 12 months to July – its first year on the Australian Stock Exchange (ASX).

Australian investors were rattled even though Guzman y Gomez lifted its overall revenue by 23% to $1.181bn, with the company’s share price plummeting by nearly 20% by close of trade on Friday after it published its yearly financial results.

The company’s co-chief executive officers, Steven Marks and Hilton Brett, told investors their ambition was to “become the best and biggest restaurant company in the world”.

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Marks and Brett said they were committed to their North American expansion and were “relentlessly focused on demonstrating proof of concept” in the US.

The duo said each American restaurant would need to make at least US$3m a year in order to be sustainable and “while it will take time, we are seeing momentum”.

Guzman y Gomez lost A$13.2m on its US stores in the 12 months to 30 June, up from a $6.5m loss in the 2023-2024 financial year.

There have been considerable doubts over whether the Sydney-headquartered company can crack the US market, which is notoriously difficult for Australian food retailers due to different tastes, supply chains and portion sizes.

During the year, Guzman y Gomez added two urban strip restaurants to its network in Chicago, taking the total number of restaurants in the Illinois capital – where the company is beginning its foray into the American market – to seven.

The company’s strategy focuses on building density in the Chicago market by “expanding inwards from the suburbs” in a bid to “to deepen penetration and strengthen brand presence”.

In February, Marks conceded to investors the company’s US sales weren’t “growing as fast as we’d like”.

Nevertheless, Guzman y Gomez plans to open two new US stores in the 2025-26 financial year and expects its losses in the American market to increase slightly during the 12-month period.

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Marks and Brett told investors they were optimistic given it took them 12 years for their Australian restaurants to average $40k per week in sales and another seven years to reach $100k.

The company fared much better at home over the past year, reporting network sales of nearly $1.1bn in Australia, partially driven by an increase in night-time and breakfast trading with the increased rollout of 24/7 stores.

When it debuted on the ASX in June last year, the company won over investors by announcing plans to increase the number of its Australian stores from fewer than 200 to more than 1,000 – a figure chosen to rival McDonald’s – and build its international network.

Marks and Brett said Guzman y Gomez was “on track” to open 40 new restaurants in Australia a year within four years and remained confident they could reach 1,000 stores.

The company had 256 restaurants around the world as of 30 June after opening 39 new restaurants in the 12 months prior, including 32 in Australia, four in Singapore, one in Japan and the two new US stores.

The owner of OnlyFans was paid $701m (£523m) in dividends last year as the streaming platform best known for offering adult content readies for a potential multibillion-dollar sale.

The UK-based company, which offers a range of subscription-based content from sex workers and celebrities, reported revenue of $1.4bn in its 2024 financial year, up 9% compared with the year prior, accounts filed at Companies House on Friday show. Pre-tax profit rose 4% to $683.6m.

More people than ever are using the platform, with the total number of creator accounts – which split their proceeds 80:20 with the business – up by 13% to 4.6m. The total number of fan accounts grew by 24% to 377.5m.

Overall, OnlyFans took in $7.2bn from its subscribers in 2024, up from $6.6bn the previous year.

The company said “significant growth and profitability” had been driven by an increase in platform users and higher earnings for existing creators.

It brings a major payout for its owner, Leonid Radvinsky, the Ukrainian-American entrepreneur behind the site, adding to the more than $1bn in dividends he had already received from the business as he profits from connecting porn stars more directly with their audiences.

OnlyFans accounts show it paid $497m in dividends to its owner, Fenix International, which is owned by Radvinsky, in 2024, up from $472m in its 2023 financial year. The business paid a further $204m to its owner in five tranches over the course of December to April.

The platform’s chief executive, Keily Blair, a former privacy lawyer who joined the business three years ago, said OnlyFans had “expanded in new verticals, demonstrating the strength and potential of the platform across a wide range of genres” in the year.

It comes after reports that Fenix held talks to sell the business for $8bn to a consortium of investors led by the Forest Road Company, a US investment firm.

The platform was founded in 2016 by the British entrepreneur Tim Stokely, then 33 years old. It was then sold to Radvinsky, a previous owner of adult websites, for an undisclosed sum in 2018.

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While its largest market is in the US, OnlyFans remains headquartered in London. The business has millions of creators on its platform, but employs just 46 people directly.

Radvinsky has a low public profile, although his personal website states that he holds a degree in economics from Northwestern University in the US and lives in Florida. He describes himself as a venture capital investor. Before acquiring OnlyFans he owned an adult webcam business.

OnlyFans also noted in its accounts that it continued to invest in its trust and safety measures, amid tighter online safety rules in the UK. While the platform offers a variety of different content genres outside pornography, including sports and lifestyle, it has a strict 18+ age limit.

BANGKOK — Nvidia CEO Jensen Huang said Friday that the company is discussing a potential new computer chip designed for China with the Trump administration.

Huang was asked about a possible “B30A” semiconductor for artificial intelligence data centers for China while on a visit to Taiwan, where he was meeting Nvidia’s key manufacturing partner, Taiwan Semiconductor Manufacturing Corp., the world’s largest chip maker.

“I’m offering a new product to China for … AI data centers, the follow-on to H20,” Huang said. But he added that “That’s not our decision to make. It’s up to, of course, the United States government. And we’re in dialogue with them, but it’s too soon to know.”

Such chips are graphics processing units, or GPUs, a type of device used to build and update a range of AI systems. But they are less powerful than Nvidia’s top semiconductors today, which cannot be sold to China due to U.S. national security restrictions.

The B30A, based on California-based Nvidia’s specialized Blackwell technology, is reported to operate at about half the speed of Nvidia’s main B300 chips.

Huang praised the the Trump administration for recently approving sales of Nvidia’s H20 chips to China after such business was suspended in April, with the proviso that the company must pay a 15% tax to the U.S. government on those sales. Chip maker Advanced Micro Devices, or AMD, was told to pay the same tax on its sales of its MI380 chips to China.

As part of broader trade talks, Beijing and Washington recently agreed to pull back some non-tariff restrictions. China approved more permits for rare earth magnets to be exported to the U.S., while Washington lifted curbs on chip design software and jet engines. After lobbying by Huang, it also allowed sales of the H20 chips to go through.

Huang did not comment directly on the tax when asked but said Nvidia appreciated being able to sell H20s to China.

He said such sales pose no security risk for the United States. Nvidia is also speaking with Beijing to reassure Chinese authorities that those chips do not pose a “backdoor” security risk, Huang said.

“We have made very clear and put to rest that H20 has no security backdoors. There are no such things. There never has. And so hopefully the response that we’ve given to the Chinese government will be sufficient,” he said.

The Cyberspace Administration of China, the country’s internet watchdog, recently posted a notice on its website referring to alleged “serious security issues” with Nvidia’s computer chips.

It said U.S. experts on AI had said such chips have “mature tracking and location and remote shutdown technologies” and Nvidia had been asked to explain any such risks and provide documentation about the issue.

Huang said Nvidia was surprised by the accusation and was discussing the issue with Beijing.

“As you know, they requested and urged us to secure licenses for the H20s for some time. And I’ve worked quite hard to help them secure the licenses. And so hopefully this will be resolved,” Huang said.

Unconfirmed reports said Chinese authorities were also unhappy over comments by U.S. Commerce Secretary Howard Lutnick suggesting the U.S. was only selling outdated chips to China.

Speaking on CNBC, Lutnick said the U.S. strategy was to keep China reliant on American chip technology.

“We don’t sell them our best stuff,” he said. “Not our second best stuff. Not even our third best, but I think fourth best is where we’ve come out that we’re cool,” he said.

China’s ruling Communist Party has made self-reliance in advanced technology a strategic priority, though it still relies on foreign semiconductor knowhow for much of what it produces.

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AP Videojournalist Taijing Wu in Taipei contributed to this report.

The Securities and Exchange Commission of Pakistan (SECP) has introduced the Angel Fund, a new category of Venture Capital Fund designed to invest primarily in unlisted securities and financial assets of early-stage startup companies.

The announcement came through a notification issued on Monday, amending the Private Fund Regulations, 2015. The Angel Fund will operate as a sub-category of Venture Capital Fund under a closed-end structure, excluding hedge funds from its scope.

According to SECP, an “Eligible Investor” for the Angel Fund includes individuals who earned at least Rs5 million in the previous financial year or hold net assets of at least Rs15 million, excluding personal residences. Such investors must also provide a declaration confirming their understanding of private fund investment risks. Qualified institutional buyers are also eligible.

The revised regulations further define categories such as “Financial Close,” which marks the stage when financing and investment arrangements are finalized, and funds are ready for deployment. Additionally, other fund types outlined include the “Fund of Funds,” which invests in units of other private funds, the “Hedge Fund,” which uses diverse trading strategies, the “Impact Fund,” which focuses on socially responsible investments, and the “Infrastructure Fund,” which supports projects in transportation, utilities, and energy.

By introducing the Angel Fund, SECP aims to open new avenues for financing early-stage companies, strengthen the startup ecosystem, and attract investors to Pakistan’s growing entrepreneurial landscape.

Changan Pakistan has announced a limited-time promotional offer on its popular Alsvin sedan, providing customers with up to Rs. 275,000 in savings along with ready delivery on selected variants.

The offer is available through Changan Auto Mehran Motors and will remain valid until August 31, 2025.

Features and Highlights

The top-tier variant of the Changan Alsvin comes equipped with several premium features aimed at elevating the driving experience.

These include a power sunroof, premium leather seats, and a 7-inch touchscreen infotainment system. The infotainment system supports various connectivity options and adds a modern touch to the cabin layout.

These upgrades are available on the top-of-the-line model, which continues to be a strong contender in Pakistan’s compact sedan segment.

Limited-Time Discount

The promotional campaign allows buyers to save up to Rs. 275,000 on new Alsvin bookings.

The discount applies to immediate purchases made through authorized dealers and is subject to availability.

Changan aims to make this offer more accessible by offering ready delivery, eliminating long wait times that are common in the market.

Booking and Contact Details

Customers interested in availing the offer can contact Changan Auto Mehran Motors at the following numbers:

• 0301 8227027
• 0301 8227032
• 0301 8217155
• 0301 2030097
• 0301 8220147

The dealership is accepting bookings and inquiries throughout the week until the offer ends on August 31, 2025.

For months, the Federal Reserve chair, Jerome Powell, has ignored demands from Donald Trump to cut interest rates and defied the US president’s calls to resign.

On Friday, as Trump ramps up his extraordinary attack on the central bank’s independence, Powell will set out where he thinks the world’s largest economy is headed in a closely scrutinized speech at the Jackson Hole symposium in Wyoming.

As Trump’s erratic trade strategy continues to enshroud the US economy in a fog of uncertainty, investors, economists and officials hope Powell will provide hints of the Fed’s plans for the months ahead.

At five consecutive meetings, the Fed has left rates unchanged, despite the president’s calls for rapid cuts. Before moving, most policymakers wanted more clarity on the economic impact of his policies, including sweeping tariffs on imports, and deportations.

Things might be about to change. At the Fed’s next rate-setting meeting, in September, traders currently put the chances of a rate cut at 73.5%, according to CME’s FedWatch tool. It would be the first in nine months.

At the Fed’s last meeting, in July, where it again opted to leave its benchmark interest rate unchanged, two governors opposed the decision – the first time multiple governors have voted against the majority since 1993.

After the meeting, official employment data showed that jobs growth stalled this summer – prompting Trump to fire the federal official in charge of labor statistics – as inflation continued to rise.

a interactive graph of interest rate cuts from August 2019 to July 2025

At the Jackson Hole symposium in Wyoming today, Powell will address the economic outlook. It will be the last time he speaks as chair at the annual jamboree of central bankers, with his term due to expire next May.

A parade of those aspiring to replace Powell – believed to include the two governors who called for rate cuts at the last Fed meeting, Christopher Waller and Michelle Bowman, and Kevin Hassett, director of Trump’s national economic council – will be interviewed in the coming weeks.

The Trump administration meanwhile continues to encroach on the Fed’s independence under Powell, whom the US president has described as a “numbskull” in a string of personal attacks online.

Trump paid a rare presidential visit to the central bank’s headquarters in July, touring costly renovations that he has suggested – without evidence – are tantamount to fraud.

Earlier this week, Trump called on a Fed governor, Lisa Cook, to resign after one of his allies, the US Federal Housing Finance Agency head, Bill Pulte, alleged that she had committed mortgage fraud. Cook said she had “no intention of being bullied” into stepping down.

TOKYO — Clad in an elegant kimono of pale green, tea ceremony instructor Keiko Kaneko uses a tiny wooden spoon to place a speck of matcha into a porcelain bowl.

She froths up the special powdered Japanese green tea with a bamboo whisk after pouring hot water with a ladle from a pot simmering over hot coal.

Her solemn, dance-like movements celebrate a Zenlike transient moment, solitude broken up by the ritualistic sharing of a drink.

No wonder Kaneko and others serious about “sado,” or “the way of tea,” are a bit taken aback by how matcha is suddenly popping up in all sorts of things, from lattes and ice cream to cakes and chocolate.

No one knows for sure who started the global matcha boom, which has been going on for several years. But it’s clear that harvests, especially of fine-grade matcha, can’t keep up with demand.

Matcha is a type of tea that’s grown in shade, steamed and then ground into a very fine powder. It’s processed differently from regular green tea, with the best matcha ground using stone mills, and switching from one to the other takes time. No farmer wants to switch and then find that matcha fever has died.

The Japanese agricultural ministry has been working to boost tea growth, offering help for farmers with new machines, special soil, financial aid and counseling to try to coax tea growers to switch to matcha from regular green “sencha” tea.

“We don’t want this to end up just a fad, but instead make matcha a standard as a flavor and Japanese global brand,” said Tomoyuki Kawai, who works at the tea section of the agricultural ministry.

Production of “tencha,” the kind of tea used for matcha, nearly tripled from 1,452 tons in 2008, to 4,176 tons in 2023, according to government data.

Japan’s tea exports have more than doubled over the last decade, with the U.S. now accounting for about a third. Much of that growth is of matcha, according to Japanese government data. The concern is that with labor shortages as aging farmers leave their fields, the matcha crunch may worsen in coming years.

Other countries, including China and some Southeast Asian countries, also are producing matcha, so Japan is racing to establish its branding as the origin of the tea.

Tea ceremony practitioners aren’t angered by the craze, just perplexed. They hope it will lead to people taking an interest in sado, whose followers have been steadily declining. But they aren’t counting on it.

The tea ceremony is “reminding us to cherish every encounter as unique and unrepeatable,” said Kaneko, who is a licensed instructor.

She pointed to the special small entrance to her tea house. Noble samurai had to stoop to enter, leaving their swords behind them. The message: when partaking of tea, everyone is equal.

The purity and stillness of the ceremony are a world apart from the hectic and mundane, and from the craze for matcha that’s brewing outside the tea house.

The Matcha Crème Frappuccino is standard fare at the Starbucks coffee outlets everywhere. While matcha, a special ingredient traditionally used in the tea ceremony, isn’t meant to be drunk in great quantities at once like regular tea or juices, it’s suddenly being consumed like other fruit and flavors.

Matcha drinks have become popular at cafes from Melbourne to Los Angeles. Various cookbooks offer matcha recipes, and foreign tourists to Japan are taking home tins and bags of matcha as souvenirs.

It’s a modern take on traditions perfected by the 16th century Buddhist monk Sen no Rikyu in Kyoto, who helped shape the traditions of tea ceremony and of “wabi-sabi,” the rustic, imperfect but pure and nature-oriented aesthetic often seen as synonymous with high-class Japanese culture.

Minoru Handa, the third-generation chief of suburban tea store Tokyo Handa-en, which sells green and brown tea as well as matcha, says the appeal of matcha is in its versatility. Unlike tea leaves, the powder can be easily mixed into just about anything.

“The health boom and the interest in Japanese culture have added to the momentum,” he said, stirring a machine that was roasting brown tea, sending a pungent aroma through the streets.

“It’s safe and healthy so there’s practically no reason it won’t sell,” said Handa.

His business, which dates back to 1815, has a longtime relationship with growers in Kagoshima, southwestern Japan, and has a steady supply of matcha. To guard against hoarders he limits purchases at his store to one can per customer.

Handa, who has exhibited his prize-winning tea in the U.S. and Europe, expects that growers will increase the supply and shrugs off the hullabaloo over the matcha shortage.

But Anna Poian, co-director and founder of the Global Japanese Tea Association, thinks lower-grade matcha should be used for things like lattes, since one has to put in quite a lot of fine-grade matcha to be able to taste it.

“It’s a bit of a shame. It’s a bit of a waste,” she said.

The best matcha should be reserved for the real thing, she said in an interview from Madrid.

“It is a very delicate, complex tea that is produced with the idea to be drunk only with water,” she said.

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Yuri Kageyama is on Threads: https://www.threads.com/@yurikageyama

Changan Pakistan has introduced a temporary relief initiative for vehicle owners affected by the ongoing monsoon season. The company is offering up to 50% off on repairs for vehicles damaged due to rain or related weather conditions.

Offer Details

The discount applies to both Changan and Deepal vehicles and covers labor charges and rain-related repair costs up to a limit of PKR 30,000. The offer will remain valid until August 31, 2025.

Scope of Repairs

The campaign is aimed at addressing damage caused by seasonal rainfall, including electrical faults, water ingress, body damage, and other mechanical or cosmetic issues linked to exposure to water. Affected vehicle owners are encouraged to bring their vehicles to authorized service centers for inspection and assessment of repairs.

Eligibility and Conditions

To qualify for the discount:

• The vehicle must be a Changan or Deepal model
• Damage must be linked to monsoon-related incidents
• Total repair cost covered by the discount is capped at PKR 30,000
• All services must be performed at authorized Changan workshops

Service centers will determine eligibility based on a physical inspection of the damage.

Company Statement

In its official communication, Changan stated that the initiative is part of its ongoing commitment to support customers during adverse weather conditions. The campaign aims to alleviate the financial burden of essential repairs resulting from seasonal rainfall.