Category: 3. Business

  • I called my recipe book Sabzi – vegetables. But the name was trademarked. And my legal ordeal began | Food

    I called my recipe book Sabzi – vegetables. But the name was trademarked. And my legal ordeal began | Food

    Vegetables, in my experience, rarely cause controversy. Yet last month I found myself in the middle of a legal storm over who gets to own the word sabzi – the Hindi, Urdu, Punjabi, Persian, Dari and Pashto word for cooked veg or fresh greens. It was a story as absurd as it was stressful, a chain of delis threatened me with legal action over the title of a book I had spent years creating. But what began as a personal legal headache soon morphed into something bigger, a story about how power and privilege still dominate conversations about cultural ownership in the UK.

    When the email first landed in my inbox, I assumed it must be a wind-up. My editor at Bloomsbury had forwarded a solicitor’s letter addressed to me personally, care of my publishers. As I read it, my stomach dropped. A deli owner from Cornwall accused me of infringing her intellectual property over my cookbook Sabzi: Fresh Vegetarian Recipes for Every Day. Why? Because in 2022, she had trademarked the word sabzi to use for her business and any future products, including a cookbook she hoped to write one day.

    My jaw clenched as I pored over pages of legal documentation, written in the punitive and aggressive tone of a firm gearing up for a fight. I was accused of “misrepresentation” (copying the deli’s brand), damaging its business and affecting its future growth, and they demanded detailed commercial reports about my work, including sales revenue, stock numbers and distribution contracts – information so intrusive that it felt like an audit. Buried in the legal jargon was a line that shook me. They reserved the right to seek the “destruction” of all items relating to their infringement claim. Reading the threat of my book being pulped was nothing short of devastating. It was also utterly enraging.

    Because sabzi isn’t some cute exotic brand name, it’s part of the daily lexicon of more than a billion people across cultures and borders. In south Asia, it simply means cooked vegetables. Shout it loudly in any household and someone will instinctively start chopping. For Iranians, sabzi refers to fresh herbs and greens and is part of the national psyche. Iran’s national dish is ghormeh sabzi, a fragrant herb-laden stew, and sabzi is the scent of Nowruz, the Persian New Year, where we eat herbed rice and grow fresh greens as a symbol of rebirth and renewal. As someone of both Pakistani and Iranian heritage, when I first had the idea of writing a vegetarian cookbook back in 2017, I knew that I wanted to call it sabzi to honour the two food cultures I grew up with.

    A man buying sprouting greens in Tehran as Iranians prepare for the Persian New Year, or Nowruz, earlier this year. Photograph: SASAN/Middle East Images/AFP/Getty Images

    But back to the deli’s threats. My publishers sought legal advice – which was clear: the claims were overreaching and we should fight them. Book titles can’t actually be trademarked and common cultural words should be exempt from intellectual property law (can you imagine if someone tried to trademark common food words like curry, pasta or tapas?) The evidence of alleged business harm was weak, amounting to a few emails from customers who seemingly couldn’t differentiate between the deli owner and my name on the cover of the book. The legal team responded robustly, and I stepped away imagining we’d hear more in a few weeks. Then everything exploded.

    One morning, I opened Instagram to find I was subject of a pile-on accusing me of copying the deli by calling my cookbook Sabzi. I noticed an unusual pattern in the people sending me aggressive messages: they were all women, all white, and all from Cornwall. I traced the comments back to the deli’s page and saw the owner had posted publicly about the legal action, naming me and framing it as a David-v-Goliath battle. This puzzled me, as business chains generally do rather better financially than food writers. Her statement also described herself as a “mother of two”, a detail that was later repeated in press coverage as though maternity itself conferred some kind of moral authority. As someone who has written extensively about infertility and recurrent pregnancy loss, I found the framing jarring. There are many places in the world where motherhood shapes your vulnerability – Sudan, say, or Gaza. But a privately educated deli owner, related by marriage to the former prime minister Clement Attlee, taking legal action against a writer over the title of a book whose title just means “vegetables” is not one of those situations.

    The cover of Yasmin’s Khan’s book, which was accused of misrepresentation

    The deli owner was working with a PR company to amplify her case so it wasn’t long before local and national journalists started getting in touch. I was dumbfounded as to why the case was being escalated in public, outside legal channels, but it was clear that she was determined to heighten the dispute. She reported my book for trademark infringement on Amazon and overnight it disappeared from the world’s biggest bookseller. Say what you like about Amazon (and I often do), but most books are bought there, particularly in the run-up to Christmas, so it’s an important platform for authors.

    My editor explained that under Amazon’s policies, only the complainant can revoke an infringement claim, which meant we could be waiting months – possibly until after court proceedings – for my book to reappear online. It was around that time that I stopped being able to sleep. The stress wasn’t abstract any more, it was a direct threat to my livelihood.

    It was then – in a twist that still feels ridiculous to write – that a letter arrived from the Duchy of Cornwall, one of the monarchy’s oldest feudal estates, on behalf of the deli owner as her landlord. The letter argued in support of the deli’s right to trademark the word sabzi, a plot twist so colonial that I had to check whether the East India Company had been revived. I didn’t have “correspondence with Prince William’s estate about vegetables” on my 2025 bingo card and wondered what would come next. A note from King Charles demanding a Tupperware of leftovers?

    When a private estate providing income to the crown becomes involved in a legal dispute over the ownership of an Asian word for veg, the legacy of the entitlement at the heart of British colonialism is laid bare. And really, for me, it felt as if colonial entitlement were at the heart of this case. Throughout the saga, some argued that because the deli owner had some Iranian heritage (her father is from Iran and her mother is British), the dispute wasn’t about cultural appropriation. But people of colour know that heritage alone doesn’t guarantee solidarity. British politics offers its own examples of this – Priti Patel, whose family fled persecution in Uganda, and Suella Braverman, whose parents were economic migrants to the UK, have used some of the most inflammatory rhetoric against refugees and migrants in recent memory. You can share a heritage yet and still uphold the power dynamics of privilege.

    Because my lawyers advised silence, I couldn’t comment publicly. My friends, however, made up for it. Desi WhatsApp during a scandal is its own news channel: one half outrage, one half jokes about your ancestors rising from the grave. Their fury was laced with a weariness, though. When words born in our grandmothers’ kitchens become entangled in legal battles backed by establishment power, something has gone seriously wrong.

    Because this case is part of a much bigger pattern. For decades, companies in the global north, backed by western intellectual property laws, have attempted to control or commercialise food terms and ingredients from the global south. In the UK, the restaurant chain Pho sparked widespread outrage when it issued cease-and-desist letters to other Vietnamese restaurants for using the word “pho” in their names and later withdrew its trademark after public pressure.

    A similar backlash ensued after the celebrity chef David Chang’s Momufuku empire attempted to trademark “chili crunch”, a spicy condiment popular in east Asian homes, or when the US company RiceTec tried to patent “basmati”, the name of a rice grown in, and deeply entwined, with the heritage of India and Pakistan.

    Farmers and activists in the global south have also fought numerous biopiracy cases, not over words, but over seeds and plants. The examples raise the same questions about who gets to own and profit from traditional food culture. Monsanto’s patent relating to the use of Nap Hal wheat for chapati flour was later revoked; the Dutch company Health and Performance Food International secured patents over teff, Ethiopia’s 4,000-year-old staple grain (though these were later ruled invalid); and South Africa defeated attempts to trademark rooibos tea – yielding its manufacturers geographic rights over the term, in the same way that champagne, Darjeeling tea and Colombian coffee are protected descriptions.

    Farmers in the global south have long argued that these cases and attempts represent a new form of colonial extraction, carried out not by armies but by intellectual property and patent lawyers. For those of us in diasporas, these ingredients and words carry a different but equally emotional weight. They are bridges to our families, our histories and our identities.

    If my friends embraced me privately during this ordeal, the food world embraced me openly. As the news of the dispute spread, some of the UK’s most respected food writers rallied, with Rukmini Iyer, Rachel Roddy, Catherine Phipps, Olia Hercules, Debora Robertson and Nigella Lawson (among many more) posting clear-eyed arguments about why food culture belongs to everyone. It was incredibly moving to see others speak the words I could not and I’m for ever indebted to those who, through no ask from me, leapt to my defence. I suspect this happened because the food world is, by nature, collaborative. We blurb each other’s books and publicise the work of our peers. Food, after all, is a conduit to sharing. But also, I think it’s because we know that there is plenty of room for people working on similar themes to thrive. Just look at how many air-fryer cookbooks exist.

    As public pressure grew, the tone behind the scenes began to shift. I was informed that the deli would drop the case and withdraw the trademark, a quiet admission that it should never have been sought or granted. To my relief the book was reinstated with online retailers and although there has been no apology or statement reflecting on lessons, it’s still a win for all of us who do not want our cultures to be commodified.

    I hope the case leads to reflection in the UK trademark office and that training is introduced so that examiners develop greater cultural literacy. There also need to be safeguards against privatising common words and clearer routes of appeal. Food is something we share, not something we own, and it should stay in the hands of all those who keep it alive.

    Sabzi: Fresh Vegetarian Recipes for Everyday by Yasmin Khan is published by Bloomsbury (£26). To support the Guardian buy a copy at guardianbookshop.com. Delivery charges may apply.


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  • Rio Tinto’s Nuton technology produces first copper

    TUCSON, Arizona–(BUSINESS WIRE)–
    Rio Tinto has successfully produced the first copper from the Johnson Camp mine in Arizona using its Nuton® Technology, marking a pivotal step forward in the development of this innovative copper processing technology.

    After more than 30 years of research and development, the first copper cathode using Rio Tinto’s proprietary bioleaching technology, which relies on microorganisms grown on site, was produced at Gunnison Copper’s Johnson Camp mine last month. The deployment involves the design and delivery of a technology package for a heap leach pad targeting production of approximately 30,0001 tonnes of refined copper over a four-year demonstration period. Rio Tinto is engaging with several potential customers in the U.S. to support the domestic copper supply chain.

    Rio Tinto Copper Chief Executive Katie Jackson said: “This is a breakthrough achievement for our Nuton technology, which is proving that cleaner, faster, and more efficient copper production is possible at an industrial scale. In an industry where projects typically take about 18 years to move from concept to production, Nuton has now proven its ability to do this in just 18 months.

    “Nuton has designed a modular system deployed as a technology package integrating biology, chemistry, engineering, and digital tools, allowing it to be rapidly scaled and tailored to different ore bodies, unlocking resources that have historically been considered uneconomic or challenging. We are actively partnering on projects in North and South America to assess the potential for future deployment at additional sites in the coming years.”

    Nuton relies on naturally occurring microorganisms to extract copper from primary sulphide ores, which are traditionally difficult to process. These microbes, grown at large scale in Nuton’s proprietary bioreactors, accelerate the oxidation of minerals in the crushed ore heap, generating heat and enabling copper to dissolve into a leach solution, which is then processed into 99.99% pure copper cathode.

    Significantly, processing copper ore with Nuton eliminates the need for concentration, smelting and refining, shortening supply chains and delivering copper cathode at the mine gate. It achieves recovery rates of up to 85% from primary sulphides, the most abundant copper bearing ores in the world.

    Nuton can also extend mine life and maximize resource use by extracting value from ores that would otherwise be classified as waste, increasing yield and revenue at both new and existing mines. Its environmental performance is expected to exceed conventional copper processing technologies, with up to 80% less water usage and up to 60% lower carbon emissions than the traditional concentrator route.

    At Johnson Camp, Nuton aims to produce copper with the lowest carbon footprint in the U.S. Through the purchase of 134,000 Green-e Energy certified renewable energy certificates, Nuton ensures 100% of the site’s electricity is matched by renewable sources. The copper produced is anticipated to have a mine-to-metal carbon footprint of 0.82-kilogram CO₂-e per kilogram copper, the lowest in the U.S. and substantially lower than the projected 2026 global average of 3.4 kilograms CO₂-e per kilogram among operating copper mines. Additionally, water intensity is anticipated to be 71 litres per kilogram copper, compared to the global average industry estimate of ~130 litres per kilogram of copper production2.

    Gunnison Copper Chief Executive Officer and President Stephen Twyerould said, “The first production of Nuton copper at Johnson Camp is the culmination of exceptional teamwork between Gunnison Copper and Rio Tinto’s Nuton team. Achieving this level of performance in such a short time frame shows what is possible when innovation, operational excellence, and a shared vision come together. With Nuton copper now entering the U.S. supply chain, this milestone underscores the critical role we can play in strengthening domestic access to cleaner, low-carbon copper.”

    While this milestone confirms Nuton’s engineering and operational viability, the next phase will focus on validating long-term technical performance. This includes multi-year testing, independent third-party verification, and internal review by Rio Tinto to ensure consistent recovery rates and environmental performance.

    ____________________

    1 Includes ~16kt from run of mine leaching pad and ~14kt from Nuton technology.
    2 Water and carbon emissions intensities for Johnson Camp and global averages have been validated by Skarn Associates, a leading provider of carbon and water intensity curves for the industry.

     

    Please direct all enquiries to media.enquiries@riotinto.com

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    Source: Rio Tinto


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  • Some Essex and Hertfordshire contactless rail tickets delayed

    Some Essex and Hertfordshire contactless rail tickets delayed

    Plans to expand contactless payments to 20 stations have been delayed by six months, a train operator has said.

    Greater Anglia announced last month it would introduce a tap-in tap-out ticketing system at barriers across several stations in Essex and Hertfordshire, including Stansted Airport.

    The system was due to be in place from 14 December, but Greater Anglia said on Wednesday it would now not happen until summer 2026, after issues were found and more work was needed.

    Martin Beable, Greater Anglia’s managing director, apologised, but said it was “essential” the service was reliable from day one.

    “We understand how frustrating it is when improvements like this are delayed, and I am very sorry for the disappointment this will cause some of our customer,” he said.

    “It is essential, however, that contactless ticketing works reliably from day one.

    “Our teams are working closely with our partners to complete this work as quickly as possible, and we remain committed to introducing contactless ticketing across these additional stations by summer 2026.”

    Greater Anglia said for the system to operate correctly, its fares must be fully integrated into Transport for London’s fare system, and additional work was required to ensure this was seamless.

    Stations affected by the delay include Billericay, Bishop’s Stortford, Chelmsford, Rayleigh, Sawbridgeworth.

    The expansion of the contactless system is part of an £18.7m investment from the Department for Transport to “make rail fares and tickets more convenient, accessible and flexible”.

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  • Isle of Man public sector rent rises to be linked to inflation

    Isle of Man public sector rent rises to be linked to inflation

    Rent rises for tenants in public sector housing will be directly linked to inflation in a bid to make the annual hikes more transparent, the Manx government has said.

    The Department of Infrastructure (DoI) said the new method of calculation would see rents for more than 6,200 public sector properties rise in line with the September Consumer Price Index (CPI) figure from April next year.

    The change would also see housing authorities given the discretion to add another 1% on top if felt necessary.

    It marks a move away from the current system, which saw rent rises decided by the DoI after taking representations from the island’s 15 local authority housing boards.

    The DoI said the changes would apply to tenants of its housing agencies and those in local authority homes after the previous rent calculator was deemed “not transparent enough”.

    A scenario where all landlords chose to impose the extra 1% rate every year is considered unlikely, a department spokesman said.

    The change, which has been mooted since 2022, aims to modernise the rent-setting process by aligning annual increases with the island’s economic conditions while improving financial predictability for landlords and tenants “on minimum or living wages”, he continued.

    A new safeguard clause has been added to the calculation, allowing the DoI to set a lower rent rate if inflation spikes and rent increases were deemed “untenable”.

    Housing Authorities would be required to notify both the DoI and tenants of their decision to impose any discretionary increases.

    Tenants would receive formal notice of their new rent levels ahead of the 2026 financial year, the department spokesman added.

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  • Refinancing is delayed at Thames Water. If Ofwat is playing hard, it should keep going | Nils Pratley

    Refinancing is delayed at Thames Water. If Ofwat is playing hard, it should keep going | Nils Pratley

    A good 20 months have passed since the shareholders of Thames Water declared they wouldn’t be putting another penny into the “uninvestable” company and would rather take a thumping write-off of their investment.

    So surely, you’d think, we must be nearing the endgame in the attempt by the creditors – the people who lent money to Thames – to rescue the company via a debt write-down and a recapitalisation with new equity. After all, the 100-odd class A bondholders have been negotiating with Ofwat, the regulator, since June. Indeed, they started work on their proposal six months before that, in case the original preferred bidder, the US private equity group KKR, took fright at the political heat on Thames, which is what happened.

    But no, the water torture goes on. “Discussions are taking longer than expected but this is a complex situation and the current phase of the restructuring plan will likely take a number of months to conclude,” Thames said within its half-year numbers on Wednesday. In theory some version of an outline agreement or update is still possible before Christmas, but don’t hold your breath.

    What to read into the delay? One hopes it means Ofwat, even as it awaits execution or reinvention under the government’s “reset” of water regulation, is playing hard and tearing chunks out of the creditors’ proposal.

    Three areas are critical. First, the terms of the refinancing. Back in October, the creditors tried to present their updated proposed terms as a model of generosity – the write-down on the class A debt would be £4bn, or 25%, rather than the 20% previously suggested. And there would be an injection of £3.15bn in equity. On both scores, you’ll find unattached financiers who think the would-be rescuers aren’t offering nearly enough to ensure a bulletproof balance sheet to attempt a 10-year turnaround of Thames. The debt write-off may need to be bigger (at least 30%) and the creditors may have to dig deeper on equity.

    Second, the creditors need to be clearer about how, precisely, they will “reprioritise” the £20bn of spending allowed over the next five years. A perennial problem with the water industry is that the line is blurry between spending on day-to-day operations and capital spending. It all needs to be spelled out in crystal-clear terms. The poor old customers must not be forced by stealth to finance project improvements they have already paid for.

    Third, the performance conditions – the even blurrier element in the package. The creditors argue that Thames needs leniency on fines to avoid a doom loop and requires targets on spillages and leaks that it has a chance of achieving. Maybe, but Ofwat – or its successor body – will still need stiff powers to fine Thames for underperformance: the company cannot be granted a free pass on fines. And it would be an outrage if Thames’s customers could be charged more via “outcome delivery incentives”, in regulatory-speak, if their supplier outperforms lowered standards it should have met years ago.

    Ofwat’s negotiating hand is not strong because the government clearly prefers a “market-led” solution. Ministers, or some of them, are terrified of Thames ending up in special administration, AKA temporary nationalisation (even if they shouldn’t be, in this column’s view).

    But ministers and regulators alike will know there is a likelihood that US hedge funds, led by Elliott Management, would emerge as the biggest shareholders in Thames if the restructuring goes through. They are the opportunistic crew who bought into the debt at distressed prices. It won’t be cuddly UK pension funds, investing via bond-only funds, who emerge at the top of the pile in the internal shuffle between creditors.

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    The terms of any deal blessed by the regulator and government must be seen to be severe. The creditors’ October proposal, like June’s, looked too greedy. If the latest delay means Ofwat is insisting on tougher terms, so it should. Even at this late stage, do not go soft. And remember, you are free to recommend special administration.

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  • India's Bengaluru airport says 73 IndiGo flights cancelled on Dec. 4 – Reuters

    1. India’s Bengaluru airport says 73 IndiGo flights cancelled on Dec. 4  Reuters
    2. India Faces Widespread Travel Disruptions as Major Airlines Cancel Over 20 Key Flights Across the Country, Affecting Routes to Abu Dhabi, Amsterdam, London, Mumbai, Pune, Delhi, and More – New Update  Travel And Tour World
    3. Mohali: Flyers hassled as 25 IndiGo flights delayed  Hindustan Times
    4. “‘IndiGo Standard Time’ Now Linked To Delays”: Pilots Body Jabs Airline  NDTV
    5. Seven flights from Nagpur cancelled, ripple effect today  The Times of India

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  • Hyundai Motor Group Showcases Hydrogen Technologies Across the Value Chain at World Hydrogen Expo in Korea

    SEOUL, December 4, 2025 – Hyundai Motor Group (the Group) is showcasing hydrogen innovations at the World Hydrogen Expo (December 4–7), reaffirming its hydrogen leadership. Korea’s largest hydrogen industry exhibition brings together over 250 companies from more than 25 countries under the theme ‘Hydrogen Pioneers: Innovate, Unite, Accelerate.’

    The Expo, held for the first time following the combination of the annual H2MEET exhibition and the conference, is supported by four government ministries1. Held at KINTEX 2 in Goyang, Korea, it is expected to attract 40,000 attendees, including industry leaders and the general public. The event underscores the country’s growing prominence as a global hydrogen hub and the Group’s central role in advancing the transition to clean energy.

    “With the rapid increase in power demand driven by the spread of AI, expanding renewable energy is essential. Hydrogen offers the most powerful solution to store and utilize renewable energy, complementing its intermittency and enhancing overall efficiency,” said Jaehoon Chang, Vice Chair of Hyundai Motor Group. “By converting surplus electricity into hydrogen, we can ease the burden on power grids and make energy systems more flexible. Hydrogen is the ultimate game changer for the future energy transition,” he added.

    Hydrogen, Beyond Mobility, New Energy for Society

    Through its affiliates Hyundai Motor Company, Kia Corporation, Hyundai Steel Company, Hyundai Engineering & Construction Co. (Hyundai E&C), Hyundai Engineering Co., Hyundai Glovis Co. and Hyundai-Rotem Co., the Group is showcasing innovative hydrogen technologies under the Group’s dedicated hydrogen brand and business platform HTWO.

    The Group’s booth features various technologies, many of which are being unveiled for the first time (marked below as “NEW”). These innovations span the hydrogen value chain and are categorized under Production, Storage & Refueling, Mobility, and Industrial Application. These advancements reflect the Group’s commitment to driving sustainable energy innovation and scaling hydrogen applications across industries.

    Production: The Group is advancing diverse hydrogen production technologies to enhance energy efficiency and resilience. At the Expo, interactive displays provide visitors with an intuitive understanding of production processes. Highlights include:

    • PEM Electrolysis: The Group’s new hydrogen fuel cell production plant in Ulsan will produce high-efficiency polymer electrolyte membrane (PEM) electrolyzers as first production in Korea. Also, the Group is building 1 MW-scale electrolysis-based production sites in Buan and Boryeong. A collaboration with the Jeju government aims to develop 500 MW-scale mass production technology by 2029, with plans for a 1 GW electrolysis facility in the Southwest region.
    • Waste-to-Hydrogen (W2H): Innovative projects in Cheongju and Paju convert organic waste into hydrogen, tailored to meet local hydrogen demand. The Group is also leading its first overseas W2H ecosystem project in Indonesia.
    • *NEW* Ammonia Cracker: A large-scale hydrogen extraction technology with a production capacity of 640 kg/day2, currently in design and demonstration in collaboration with Jeonbuk Special Self-Governing Province.

    Storage & Refueling: The Group’s advanced hydrogen storage and refueling technologies aim to expand infrastructure, improve operational efficiency, and simplify deployment. Highlights include:

    • *NEW* Second generation 700-bar Mobile Hydrogen Refueling Station (HRS): Hyundai Motor developed Korea’s first mobile hydrogen refueling station (HRS). The flexible and scalable 350-bar mobile HRS is currently operating in Jeju to supply green hydrogen. A second generation 700-bar mobile HRS is exhibited at the event, mounted on a XCIENT Fuel Cell Tractor.
    • *NEW* Packaged HRS Concept: Debuting a modularized, simpler and more space efficient HRS concept, enhancing urban deployment feasibility with multi-level and underground technologies.
    • *NEW* Automatic Charging Robot-Hydrogen (ACR-H): A state-of-the-art refueling robot developed by the Hyundai Motor Group’s Robotics LAB, leveraging advanced AI technology to automate the entire process from vehicle recognition to refueling fuel cell electrified vehicles (FCEVs) such as the NEXO.
    • *NEW* Liquid Hydrogen Storage System: A mock-up demonstrating large-scale hydrogen storage as liquid at temperatures under -253°C, ensuring safe and efficient energy supply for industrial and commercial use.

    Mobility: The Group is showcasing a wide array of hydrogen-powered mobility solutions, from passenger and commercial vehicles to groundbreaking applications across various industries. Highlights include:

    • Passenger Vehicle: The all-new NEXO
    • Commercial Vehicles:
      • *NEW* Universe Fuel Cell Hydrogen Bus product enhancement model
      • XCIENT Fuel Cell electric heavy-duty truck with new V-shaped radiator grille design
    • Innovations Beyond Conventional Vehicles:
      • *NEW* Automated Guided Vehicle (AGV) powered by hydrogen fuel cell used in port logistics, enhancing operational efficiency with advanced hydrogen fuel cell systems.
      • Hydrogen fuel cell tram powered by a flat-type fuel cell system, set to be deployed in Ulsan and Daejeon cities, Korea ―soon to become the world’s longest catenary-free tram route.
      • Kia has developed a hydrogen-powered ATV (All-Terrain Vehicle) designed for demanding and specialized environments. The Group also introduced R&D projects focused on advancing hydrogen-powered mobility for special-purpose use cases. By leveraging HTWO’s hydrogen value chain, the Group aims to enhance energy resilience and support sustainable mobility solutions.
    • Expanding Fuel Cell System Applications:
      • Hydrogen-powered equipment — a hydrogen fuel cell boat, a hydrogen fuel cell agricultural tractor, and a hydrogen fuel cell forklift — all utilizing the Group’s fuel cell technology.

    Industrial Application: The Group’s innovative hydrogen technologies extend beyond mobility, showcasing the versatility of hydrogen in industrial applications. Highlights include:

    • *NEW* Mobile Power Generator: A mock-up mobile power generator, equipped with swappable hydrogen storage modules, capable of replacing hydrogen storage tank using an internal crane, reducing downtime and improving efficiency.
    • *NEW* Hydrogen Burner: An eco-friendly system developed by Hyundai Motor utilizes heat generated from burning a hydrogen-air mixture. The burners are applied to paint ovens at Hyundai Motor’s Ulsan automobile plant and will be gradually expanded to other high-temperature processes and production sites worldwide.
    • 100kW Fuel Cell Power Generator: A power generator developed by Hyundai Motor, leveraging the fast start-up and agile power control capabilities of the engine-type fuel cell system. 100 kW hydrogen fuel cell generators will be introduced and operated at Kia and Hyundai Glovis facilities in Pyeongtaek Port.

    Hyundai Motor Group’s Interactive Engagements at World Hydrogen Expo

    The Group goes beyond exhibition by offering a range of interactive activities at the Expo, aiming to engage visitors directly and showcase the future of a hydrogen-based society in a tangible and impactful way.

    As part of the Expo, the Group is set to host the HTWO Award Ceremony, honoring six transportation industry representatives who have made significant contributions to the expansion of hydrogen electrified commercial vehicles. The recipients are recognized for their efforts in expanding introduction of hydrogen-powered buses, trucks and refueling stations, which are key to accelerating the transition to a hydrogen-based mobility ecosystem.

    In addition, the Group will offer an exclusive Test Drive Program for Hyundai Motor’s FCEV, The all-new NEXO, running from December 5 to December 7. Registered participants will have the unique opportunity to experience NEXO’s advanced design, spacious interior, and outstanding driving firsthand performance. The 30-minute drive along a 15-kilometer route highlights the vehicle’s cutting-edge capabilities and reinforces Hyundai’s leadership in hydrogen mobility, providing an immersive experience that brings hydrogen mobility to life.

    Complementing these activities, the Group will also host the Hydrogen Academy, an educational program designed to deepen visitors’ understanding of Hyundai Motor Group’s hydrogen business. Led by executives and experts from the Group affiliates, this program offers attendees an exclusive opportunity to learn about the Group’s hydrogen technologies, current business developments, and future vision, fostering broader engagement and knowledge sharing within the hydrogen community.


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  • HSBC’s chair search ends where it began

    HSBC’s chair search ends where it began

    One scoop to start: One of the world’s largest sovereign wealth funds is suing a US private equity firm, accusing it of attempting to short-change investors on the sale of a portfolio company to another one of its funds.

    And another: Bond investors have told the US Treasury they are concerned about Kevin Hassett’s potential appointment as Federal Reserve chair, worrying he will cut interest rates aggressively to please President Donald Trump.

    And another thing: One of the largest middle men in First Brands’ financings has said that “a lot of people made a lot of money” lending to the bankrupt car parts maker, as they chased the high yields that it paid on its debt.

    Welcome to Due Diligence, your briefing on dealmaking, private equity and corporate finance. This article is an on-site version of the newsletter. Premium subscribers can sign up here to get the newsletter delivered every Tuesday to Friday. Standard subscribers can upgrade to Premium here, or explore all FT newsletters. Get in touch with us anytime: Due.Diligence@ft.com

    In today’s newsletter:

    HSBC board completes chair search but continues soul search

    After hearing pitches from high-profile names such as Goldman Sachs executive Kevin Sneader and ex-UK chancellor George Osborne, the HSBC board ended its chaotic search for a new chair right back where it had started.

    On Wednesday the board announced it had unanimously decided to hand the job to Brendan Nelson, a former KPMG partner who has been in the role as interim chair since October.

    The way the process unfolded is likely to raise questions about the effectiveness of the board at one of London’s largest listed companies.

    For those who haven’t been following, HSBC just conducted one of the messiest chair searches in recent memory. In fact, the last time a bank fumbled a succession process this badly may have been HSBC itself 15 years ago.

    A confluence of factors made the process particularly difficult for the board.

    Former chair Sir Mark Tucker’s surprise announcement earlier this year that he would leave at the end of September — about a year earlier than initially planned — left the board rushing to fill one of the highest-profile and most demanding roles in banking.

    Despite wading through about 100 names, HSBC’s leadership was pressed to find executives who had: (1) financial services experience (2) intimate knowledge of China (3) diplomat-like skills to navigate a fraught relationship between the US and China (4) the time and energy to do a job with a gruelling travel schedule that pays far below what most of them are taking in.

    In fairness, the board did try to loosen up a bit on the required skills. But then they couldn’t agree on whether a candidate actually had them or not. 

    Was living in Hong Kong “Asia experience” as it pertains to HSBC or did living somewhere else in Asia also count? Did living in Asia necessarily mean that the person could wield power in Beijing? 

    They got around those questions by landing on Nelson, who has essentially no Asia experience to disagree on.

    But we may all be back here very soon. Nelson, who is 76-years-old, is unlikely to see the job through a six or nine year term and this could be a way for the board to conduct another process out of the spotlight.

    Blue Owl spends $200mn to boost its stocks

    It’s been a wild month for private credit giant Blue Owl.

    After floating a merger of two of its funds early in November, it was forced to backtrack after an FT report outlined how the deal could leave some investors with large haircuts. 

    Shares in Blue Owl and its public credit funds slumped through much of the month as Wall Street grappled with the aborted deal, amid rising fears of falling yields and rising defaults hitting debt markets.

    But Blue Owl has been adamant that the market is overly bearish on the New York-based asset manager, which is one of the largest lenders globally to data centres and software companies. 

    It has paraded out executives to financial media to dispute assertions that “cockroaches” lie in private credit portfolios amid an over 30 per cent slide in the alternative asset manager’s share price this year. 

    On Tuesday evening, Blue Owl disclosed that it has repurchased $200mn in stock across three of its public companies: its asset manager and its two largest publicly traded credit funds. 

    The stock purchases included about $35mn coming from company executives and rank-and-file employees, Blue Owl said, and are being used to close large discounts to their reported valuations, one of the key factors for its heartburn over the past month.

    As DD’s Antoine Gara reported, the New York-based asset manager had proposed merging its inaugural private credit fund for retail investors with its far larger public fund, OBDC

    But the structure would have left investors with a 20 per cent haircut, given the acquiring fund’s trading discount. 

    The $200mn in stock purchases have driven a recovery in the trading prices of Blue Owl’s companies. But whether the gains are enduring will be the big test.

    The Italian company bringing financial engineering to Europe

    One of Europe’s hottest private companies, backed by the investment fund Baillie Gifford and telecoms billionaire Xavier Niel, wants the continent to embrace technological dynamism and create a rival to Silicon Valley.

    But the American tradition that Milan-based Bending Spoons appears to be adopting is Wall Street-style financial engineering.

    In recent years the company, which reached an $11bn valuation this autumn, has been on a buying spree of digital commerce IPOs and under-appreciated internet companies.

    Its latest target is Eventbrite, the online ticketing platform, which Bending Spoons announced this week that it’s buying for $500mn.

    Earlier this year it bought Vimeo, the video platform, for $1.4bn. Before that it took the streaming technology company Brightcove private for $233mn.

    The portfolio doesn’t exactly scream tech dynamism. (In October the company announced it was buying AOL, the software company famed for the internet dial-up service it retired in September.)

    But investors — among them also Fidelity, former Google CEO Eric Schmidt and celebrity Bradley Cooper — may instead be looking to the company’s financial innovations.

    Bending Spoons paid a large premium for the companies it took private, albeit based on depressed stock prices.

    Eventbrite, Vimeo and Brightcove listed in an era when investors were more tolerant of growth companies with fuzzy business models. In the case of Eventbrite, its shares have fallen almost 90 per cent since its 2018 IPO.

    Bending Spoons — named for a mind-control scene in The Matrix — is betting smart management and a roll-up strategy such as those more commonly seen in the US can restore value to the internet zombies.

    Even if the valuations never recover, Bending Spoons thinks it can squeeze out profits from the steady cash flows of the subscription-based companies, forever.

    That’s where it diverges in a key way from US-based private equity companies: Bending Spoons claims it never plans to sell.

    Job moves

    • H/Advisors Abernathy’s chief executive Tom Johnson is leaving the communications firm. He’s being replaced on an interim basis by Carina Davidson, who’s worked at the company for almost three decades.

    • Jeroen van Kwawegen has left Bernstein, Litowitz, Berger and Grossmann, where he headed the corporate governance litigation practice, to start his own practice, JVK Law. He was a member of the BLBG team that successfully sued Tesla to block the $55bn pay package for Elon Musk.

    • Wilson Sonsini managing partner Doug Clark is retiring after leading the firm since 2012. Partners Caz Hashemi and Megan Baier will take over as managing partners in August.

    • JPMorgan has announced a leadership shake-up in its equity capital markets business. Ashish Jhajharia will become head of ECM in Europe, the Middle East and Africa. Vittorio Rivaroli will become head of continental Europe ECM. And Paul Mihailovitch and Stefan Weiner have been appointed as vice-chairs of capital markets.

    Smart reads

    Strategic reset Investors could be forgiven for growing impatient with Strategy, FT Alphaville writes, as bitcoin’s biggest corporate evangelist sells shares to build a dollar reserve.

    Market return After getting a well-timed loan from the Trump administration and winning unexpected election victories in October, Argentine President Javier Milei’s government is preparing to issue foreign bonds for the first time in years, Bloomberg writes. It’s a stunning change in sentiment since September.

    State capital Another company backed by Donald Trump Jr’s venture capital firm has landed a US government contract, the FT reports.

    News round-up

    Ovo founder aims to retake control after proposing £200mn investment (FT)

    Glencore slashes 1,000 jobs as part of cost-cutting drive (FT)

    Trump sons’ bitcoin venture sheds almost 40% of its value in crypto turmoil (FT)

    Binance names co-founder Yi He as co-chief executive (FT)

    AI era requires ‘totally different’ approach to regulation, says FCA boss (FT)

    Meta poaches senior Apple designer Alan Dye to support AI glasses push (FT)

    Activist campaigns more likely to target female CEOs (FT)

    Due Diligence is written by Arash Massoudi, Ivan Levingston, Ortenca Aliaj, Alexandra Heal and Robert Smith in London, James Fontanella-Khan, Sujeet Indap, Eric Platt, Antoine Gara, Amelia Pollard, Kaye Wiggins, Oliver Barnes and Julia Rock in New York, George Hammond and Tabby Kinder in San Francisco, and Arjun Neil Alim in Hong Kong. Please send feedback to due.diligence@ft.com

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  • Role of Carbon Capture, Utilization, and Storage in Decarbonizing India’s Steel Sector – Climate Policy Initiative

    1. Role of Carbon Capture, Utilization, and Storage in Decarbonizing India’s Steel Sector  Climate Policy Initiative
    2. The costs of India’s hunger for cheap steel  Financial Times
    3. India’s ‘steely’ resistance in face of climate goals, and a fashion-forward country  ThePrint
    4. India Must Boost Public Finance to Scale Green Steel: IEEFA Report  Deccan Herald
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