Category: 3. Business

Commercially sensitive information (CSI) has long been important in antitrust proceedings. Competitors’ exchange of or access to CSI, such as pricing strategies, production plans, customer data or future business objectives, increases transparency and reduces competitive uncertainty. This, in turn, enables firms to compete less vigorously and undermines independent decision-making. For this reason, the exchange of CSI between competitors is regarded by antitrust authorities, including the Competition Commission of India (CCI), as collusion.

But access to CSI began to gain prominence in Indian merger control with the CCI’s 2020 order in ChrysCapital/Intas. ChrysCapital was permitted to acquire a minority stake in Intas, if it relinquished its board seat and rights in a rival portfolio company. It also had to establish firewalls to prevent CSI exchange. ChrysCapital held less than 10% shareholding in each company. The CCI has ordered firewalls be maintained in other cases such as Google/Airtel, General Atlantic/Acko Tech, Northern TK/Fortis and Ruby/Singtel, to prevent investments, passive or otherwise, from leading to information sharing between actual or potential competitors, by directing information barriers not only at board level but also in operational and managerial areas.

The CCI has since heightened its vigilance of investors’ access to CSI, regardless of whether such access risked exchange with a competitor. In its recent decisions, the CCI has taken the view that access to CSI, directly or indirectly, disqualifies an entity from claiming the minority acquisition exemption. According to the CCI, the minority acquisition exemption applies only to routine or “ordinary course of business” investments without strategic intent. A board seat enabling the acquirer to take part in business decisions and gain access to CSI has been deemed strategic in cases such as TPG/SVF, Trian Holdco/Trian Fund and Sabic BV/Clariant.

In 2024, the CCI set out its concerns about CSI in its rules governing exemptions and green channel filings. Gaining access to CSI now independently disqualifies an investor from claiming any exemption from notification. The exclusion is no longer limited to control, ordinary course of business or material influence. Moreover, for an investor, access to CSI in any company that has horizontal, vertical or complementary overlap with a potential target company will equally disqualify them from filing through the green channel.

But what qualifies as CSI? With its growing significance and unclear contours, CSI led to some degree of uncertainty among companies and practitioners. In Goldman Sachs/Biocon, the CCI first provided examples of CSI. Goldman Sachs invested in optionally convertible debentures of Biocon that, if converted, would represent 3.81% of its total issued share capital at the time. Goldman Sachs also obtained access to CSI through information rights. The CCI decided that such access, in form and substance, was not available to ordinary shareholders and treated the transaction as strategic, rather than an ordinary course of investment.

Subsequently, the CCI defined CSI in its May 2025 updated FAQs. According to the CCI, any information essential to protect, maintain or enhance an undertaking’s competitive standing in the market qualifies as CSI. Examples are information about pricing, costs, profit margins, capacity usage, production, inventories, sales, market shares, territories, market entry or exit strategies, investment and risks. Other elements of a company’s strategic operations, such as annual business plans, budgets and board minutes, are also included.

Helpfully, the FAQs also set out what information is not considered CSI, providing much-needed certainty. They exclude publicly available information, audited or unaudited financial statements containing information usual in audited statements, information available to ordinary shareholders, historical data and ownership structure.

The CCI’s approach to CSI and its increasing role in antitrust control marks an evolution in India’s merger control framework. Access to CSI is no longer confined to concerns of a common shareholder passing information between competing portfolio entities. The regulator now considers access to CSI by investors, in and of itself, as “strategic” justifying the substantive review of a transaction, regardless of any other rights or the minority nature of the acquisition.

Hemangini Dadwal is a senior partner and Ashna Mahajan is an associate at AZB & Partners

Apple has launched an appeal against an “unprecedented” €500m (£430m) fine imposed by the EU on the company, in the latest clash between US tech companies and Brussels.

The iPhone maker accused the European Commission – the EU’s executive arm – of going “far beyond what the law requires” in a dispute over its app store.

In April, the commission fined Apple €500m after finding the company had breached the Digital Markets Act by preventing app developers from steering users to cheaper deals outside the app store.

Last month, Apple overhauled its app store rules to comply with the EU order to scrap its technical and commercial curbs on developers in order to avoid fines of 5% of its average daily worldwide revenue, or about €50m a day.

As a result Apple introduced new fee structures for developers using its app store. On Monday, Apple accused Brussels of making it deploy “confusing” business terms in order to avoid the threat of fines.

“Today we filed our appeal because we believe the European Commission’s decision – and their unprecedented fine – go far beyond what the law requires,” said Apple, announcing an appeal to the general court, the second highest court in the EU. “As our appeal will show, the EC is mandating how we run our store and forcing business terms which are confusing for developers and bad for users.”

Apple also accused the commission of unlawfully expanding the definition of “steering” – or the language and methods the company allows developers to use when guiding consumers outside its app stores.

The company said officials on Brussels had changed the definition by, for instance, not just focusing on whether app developers should be allowed to link to an external website, but also on whether developers should be permitted to promote offers inside an app.

Donald Trump’s senior trade adviser, Peter Navarro, has accused the EU of using “lawfare” against big US tech companies, describing the use of regulations against American companies such as Apple and Meta as part of a barrage of “non-tariff weapons” used for by foreign states against the US.

Henna Virkkunen, the European Commission vice-president responsible for tech sovereignty, said in April that the EU will not rip up its tech rules in an attempt to agree a trade deal with the US. In January, Mark Zuckerberg, the chief executive of the Facebook owner Meta, accused the EU of “institutionalising censorship” via its digital rules.

Trump has set a 9 July deadline to seal a trade deal with the bloc – with the threat of imposing a 50% tariff on EU imports into the US if agreement is not reached.

Tom Smith, a competition lawyer at Geradin Partners and a former legal director at the UK’s Competition and Markets Authority, said Apple “fundamentally hates” attempts to change its app store.

“The blunt truth is that it is worth spending a few million on legal fees in order to disrupt and delay the development of a more open app ecosystem, which is a market that is worth many billions a year to Apple,” he said.

The European Commission has been approached for comment.

BOGOTA, Colombia, July 7, 2025 /PRNewswire/ — Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC, the “Company” or “Ecopetrol” and together with its subsidiaries, the “Ecopetrol Group”) has completed the acquisition of 100% of the shares of Wind Autogeneración S.A.S., from Enel S.A.S. The transaction was approved by Ecopetrol’s Board of Directors in December 2024. Ecopetrol executed the share purchase agreement and recently completed conditions precedent for closing, including regulatory and anti-trust authorizations.

The Windpeshi project, located in La Guajira, between the municipalities of Uribia and Maicao, will have an installed capacity of 205 MW for wind power generation. This capacity will be immediately integrated into the self-consumption portfolio of the Ecopetrol Group. The renewable energy project is expected to contribute an average of 1,006 GWh/year, corresponding to approximately 8-9% of Ecopetrol Group’s energy demand.

Once operational, the Windpeshi Project is expected to contribute to energy cost optimization and the commitment to accelerate the energy transition in Colombia, with a decarbonization benefit of approximately 4.8 million tons of CO2 emissions and estimated investments of nearly $350 million between 2025 and 2027.

Ecopetrol plans to restart construction of the project no later than the end of 2025, with the expectation of starting operations before 2028. For development and construction, Ecopetrol plans to engage top-tier contractors who meet high quality standards and have experience in projects of this type.

Ecopetrol’s engagement and intercultural dialogue with ancestral authorities and leaders of the Wayuu indigenous communities who live in the area impacted by the project, is expected to be a key part of the development. Ecopetrol plans to carry such engagement in coordination with national, regional, and local authorities and entities.

As part of its energy transition strategy, the Windpeshi Project marks the beginning of Ecopetrol’s era of non-conventional renewable energy projects in the department of La Guajira, recognized worldwide as one of the regions with the greatest potential for solar and wind energy development. The Windpeshi Project is also the first of its kind developed entirely by Ecopetrol.

From the date hereof, Ecopetrol begins the process of integrating Wind Autogeneración S.A.S. into the Ecopetrol Group’s corporate and organizational structure.

Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA’s shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla – Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector.

This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company’s prospects for growth and its ongoing access to capital to fund the Company’s business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company’s competitiveness and the performance of Colombia’s economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements. 

For more information, please contact:

Head of Capital Markets (a)
Daniel Hurtado
Email: [email protected] 

Head of Corporate Communications (Colombia)
Marcela Ulloa
Email: [email protected] 

SOURCE Ecopetrol S.A.

British steelmakers face a nervous wait to discover if they will be hit by US tariffs, after the UK government said it was trying to complete a deal to protect the industry from Donald Trump’s trade war.

The US has set a 50% tariff on foreign steel and aluminium imports. While the UK has brokered a reduced rate of 25% and is trying to bring it down to zero, a deal has not yet been completed.

On Monday, Downing Street refused to confirm it was confident it could eliminate US tariffs on UK steel before Trump’s deadline on 9 July.

A spokesperson for No 10 said: “Our work with the US continues to get this deal implemented as soon as possible.

“That will remove the 25% tariff on UK steel and aluminium, making us the only country in the world to have tariffs removed on these products.

“The US agreed to remove tariffs on these products as part of our agreement on 8 May. It reiterated that again at the G7 last month. The discussions continue, and will continue to do so.”

The Trump administration has said it will send letters to trading partners without a deal by 9 July. On Monday, Trump caused some confusion over whether tariffs would be implemented by the 9 July deadline, before his commerce secretary, Howard Lutnick, said tariff rates would take effect on 1 August.

When asked again whether ministers were confident British producers will not be hit by the original 50% tariff, the Downing Street spokesperson said that “discussions continue”.

“We have very close engagement with the US, and the US has been clear that it wants to keep talking to us to get the best deal for businesses and consumers on both sides,” they said.

Starmer and Trump signed off a UK-US trade deal at the G7 summit in Canada last month. Under the agreement, the UK aerospace sector will face no tariffs at all from the US, while the car industry will have 10% tariffs, down from 25%.

The US executive order implementing the deal highlighted the British steel industry, noting the UK “has committed to working to meet American requirements on the security of the supply chains of steel and aluminium products … and on the nature of ownership of relevant production facilities”.

It likely reflects worries in the US about Jingye Group, which owns British Steel despite the fact that the British government took control of the company in April to stop the closure of its Scunthorpe plant. The Trump administration has sought assurances that China’s Jingye does not use British Steel as a route to circumvent US tariffs.

As demand for clean energy tech rises, the global copper market is facing a supply-demand gap that analysts warn could be near impossible to close if production remains at its current levels.

Adding to the market volatility are US president Donald Trump’s threatened tariffs, and his executive order to fast-track US exploration and mining of critical minerals, including copper, in international waters.

In the face of supply chain uncertainty, countries are prioritising sovereign access to copper. This means targeting new or previously inaccessible deposits, often deeper and more remote than previously seen, while innovators rush to develop technology that could make lower-grade ore economically viable.

While Australia is by no means the biggest copper producer (ranking eighth globally in 2024), it is home to the world’s second largest copper reserves, making it a key player in any long-term production strategy.

With questions over how nations will meet copper demand without triggering further instability, we look at the projects working to keep Australia’s supply afloat in an uncertain time.

Copper: rising demand, lagging supply

Currently, copper demand sits at around 25 million tonnes (mt) per year. However, estimates suggest that the market trajectory is pushing towards a demand of 50mt by 2050.

Ollie Brown, an economist at GlobalData, told Mining Technology that this demand, similar to other critical minerals, is primarily driven by electric vehicles, grid renovations and renewable energy initiatives.

Amid growing demand, he says the global copper market is defined by “lagging supply”, while Trump’s threatened tariffs from the beginning of this year are “rattling global prices.”

While Trump has not set a levy against copper specifically, he has made it clear that he wants to cut back on imports and increase domestic production.

In February 2025, he commissioned the US Department of Commerce to investigate potential national security risks of copper imports ─ the first step towards potentially curbing these goods.

While the tariffs and their impacts remain conjecture at this stage, Nicolas Psaroudis, APAC economist at GlobalData, told Mining Technology the threat of restrictions contribute to uncertainty and price volatility.

“Internationally, export restrictions could disrupt global copper supply chains,” he explains. “A sudden drop in supply could tighten global scrap availability, drive up international prices, and strain smelters already facing concentrate shortages.”

If nothing else, the situation has proven an unwelcome reminder of the fact that global mineral supply chains remain vulnerable to the whims of trade tensions and has added to calls to bolster domestic production.

Lawrence M. Cathles, professor of earth and atmospheric sciences at Cornell University, says Western nations need to be more willing to expand operations to avoid market dependence.

“It’s not enough to say copper is important while refusing to do the work,” says Cathles. “We don’t want anybody to control any major commodity, but just not wanting that isn’t enough. You’ve got to have policies and plans in place to avoid undesirable situations – and part of that is mining in our own territory.”

Yet while Australia has no shortage of copper ore, the issue lies in accessing it.

Unlocking Australia’s copper

According to Dan Wood, exploration geologist and University of Queensland (UQ) adjunct professor, one of the main challenges is finding copper ore that’s viable for development.

“Almost all of the large deposits theoretically available to replace one of the top-ten producing mines that will close in the early-2050s have all failed at least one mining feasibility study,” he says.

These failures are mainly due to low ore grades and remoteness, as well as low copper prices. Even if prices rise enough to make low-grade copper development viable, Wood cautions that oversupply could trigger a feedback loop: more copper brings prices down, undoing the gains.

To make the most of Australia’s deposits, Wood says more should be done to access deeper ore bodies. One potential method is caving, when the rock is ‘undercut’ or drilled beneath the surface and recovered as it falls.

While the practice is not uncommon – for instance, it is used in Sweden for iron ore – little is known about how to safely mine beyond a certain depth, and education and training around the method remains low.

“Caving isn’t uncommon, but the scary thing is there are so few people left in the world who really understand it,” Wood states. “If you go deeper than around 1.4 kilometers, there isn’t much data on the rock stressors. Take Rio Tinto’s Resolution deposit in Arizona. You have to go down nearly two kilometers before you reach the top of the ore, and the rocks that deep are nearly 100 degrees centigrade.”

Initiatives to train the next generation of caving miners do exist – for instance UQ has partnered with Rio Tinto and the University of Mongolia to scale up caving expertise at Rio’s Oyu Tolgoi mine in Mongolia. However, Wood warns the process is a long one.

“We’re looking at a 20-year journey to end up with a cohort of properly trained and, most importantly, experienced caving engineers,” he says. “This skills gap is serious and unless addressed will be a major drag on future copper supply towards 2050.”

Aside from education, technology may provide another route to increasing supply, with innovators looking to make low-grade ores viable development options.

A holy grail for copper?

One project, a collaboration between UQ and start-up Banksia Minerals Processing (BMP), is developing a more environmentally friendly means of extracting copper from low-grade resources.

The process relies on hydrometallurgy rather than pyrometallurgy (water rather than heat) to extract copper from the ore; dissolving, purifying and then recovering metals from liquid using electricity.

While the process itself isn’t new, having been practiced in the late 1970s in the US, the team had a breakthrough in the purity of the copper produced, making it more viable for commercial deployment.

The method also addresses another issue plaguing copper miners – that of impurities.

Currently, smelters have strict regulations on how many impurities can be processed alongside the copper ore (with arsenic a particularly problematic contaminant).

James Vaughan, head of the university’s Hydrometallurgy Research Group, explains the limits are getting increasingly difficult to meet.

“Miners are having to cherry pick ore bodies, and it’s a significant limitation on the amount of material that can actually be pulled out of those mines,” he said. “That’s a problem when we need more and more copper.”

While the typical smelting method sees arsenic exiting as a gas that can be harmful to both workers and the environment, using a water-based method stores the arsenic in a stable, and disposable, form.

By addressing this challenge, Leigh Staines, managing director of BMP, says the new technology could unlock copper resources previously deemed unfeasible.

“Our hypothesis is that more than half of known copper resources out there are restricted from development due to those smelter intake limitations,” she says. “By enabling a feasible pathway for processing of those resources, we’re then able to unlock the commercial viability of bringing that supply to market.”

The tech can be integrated into modular plants that are anticipated to be far cheaper to construct than traditional smelters ─in the order of hundreds of millions rather than billions ─ and running on an estimated 50% less energy.

As a result, the team say the project could pave the way for an economically viable onshore processing option, and bolster Australia’s supply chain independence.

“We see a real opportunity from a sovereign supply perspective – gaining access to not only copper itself but the by-products from copper concentrate,” Staines says. “In the longer term, if this takes off, I really do think it will become the new norm.”

Yet while innovations such as these show Australia is already on its way to unlocking copper’s potential, another persistent concern is that without sufficient funding, even the best tech won’t close the gap.

Sustainable future

On the global stage, Arthur F. Thurnau, professor of mineral resources at the University of Michigan warns the West is underfunding its mining workforce.

“Governments in Australia, Canada, the EU and the US do not seem to fully appreciate the magnitude of the difference in education and training between these regions and China,” he says. “Specifically, in the fields of geology and mining, China has more faculty and graduate students within a single university (such as the China University of Geosciences Beijing), than the sum of Australia, Canada, the EU and the US”

Without closing the gap, Thurnau warns that Western nations will be forever trying to catch up to China. “

For Cathles, government attitude is also an issue, though he points more towards a lack of realism in the demand for copper in the path to net zero.

“If the goal is to electrify everything and thereby dramatically increase copper demand – double or even triple it – you can’t just suddenly mine more because the mining infrastructure cannot be expanded quickly,” he says.

Instead, he calls for long-term planning: building a skilled workforce and pursuing a more pragmatic clean energy transition that reduces pressure on supply chains.

There may be promising alternatives, he adds, such as battery chemistries that use less copper, pairing renewables with backup systems like gas-powered plants, or a focus on rolling out hybrid rather than fully electric vehicles. While these options may mean it takes longer to reach net zero, Cathles said they lessen the strain on copper production.

“Let’s be sensible,” he says. “We need grounded policies. We shouldn’t place sudden, unrealistic demands on sectors that we know can’t respond quickly.”

Whether through education, innovation, or a more measured path to net zero, one thing is clear: the world must confront the widening gap between copper demand and supply.

As Cathles and Thurnau both emphasise, the solution won’t come from mining alone. It will require strategic investment in human capital, realistic energy policies, and a willingness to adapt. Without these, Western nations, including Australia, risk falling behind – not only in production capacity, but in their ability to lead a sustainable energy transition.

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The Viral, Category-Defining, Multi-Use Lip Innovation is Dominating the Long-Lasting Makeup Market

LONDON, July 7, 2025 /PRNewswire/ — Wonderskin, the trailblazing beauty brand behind TikTok’s favorite peel-off lip color, has officially solidified its reign in the long-wear makeup space. The brand’s Wonder Blading Lip Stain Masque—a viral sensation and multi-award-winning innovation—has achieved the #1 ranking in the Lip Stain category on Amazon US, holding the top spot for 12 consecutive months.

This powerhouse product known for its patented technology, takes only 60 seconds to stain lips for unrivaled WOW factor all-day staying power, captivating millions across social media and establishing its place as the leading solution for high-performance, multi-use color. Wonderskin’s Lip Stain Masque consistently ranks first for “lip stain” search results on Amazon, with best-selling shade Whimsical frequently topping customer favorites.

In celebration of this milestone, and as a thank you to the Amazon and Prime members who helped make it happen, Wonderskin is launching never-before-seen Amazon Prime Day promotions of up to 40% off all products. The limited time offers run July 8 through July 11, giving beauty lovers the perfect opportunity to stock up on the viral favorite and discover new must-haves. Selected as a top Amazon Prime Day deal, Wonderskin expects to triple its sales from last year, driven by surging demand and unmatched visibility.

“Securing the number one position on Amazon is a milestone that reflects more than just strong sales—it shows our deep connection with beauty consumers who demand performance, versatility, and innovation. The Wonder Blading Lip Stain Masque isn’t just viral—it’s redefining what long-wear makeup means in today’s market.” – says Marina Kalenchyts, Co-Founder & Brand Director, Wonderskin.

With over 127,000 units sold in February 2025 alone, the brand’s continued sales momentum paints a clear picture: beauty lovers want lasting color that keeps up with their lives. Month-over-month growth further reinforces the demand, with a 41.3% sales increase from January to February 2025, and a 21.5% jump the month prior.

Wonderskin’s ability to combine patented innovation with real-world results has positioned it as a category leader in the long-wear, multi-use beauty space. As the brand continues to push boundaries with bold formulations and next-gen delivery systems, its Wonder Blading Lip Stain Masque remains the benchmark for modern lip color.

About Wonderskin
Launched in 2020, Wonderskin is a next-generation beauty brand known for creating high-performance, long-lasting products that challenge traditional beauty norms. Anchored by its viral Wonder Blading Lip Stain Masque, the brand delivers science-backed formulas that empower consumers to express their style with ease and confidence. With a focus on innovation, quality, and sustainability, Wonderskin continues to lead the charge in redefining modern beauty.

MEDIA CONTACT
5WPR
[email protected]

SOURCE Wonderskin

A potential cyber criminal has made contact with Qantas, the airline has confirmed, after a major attack on its network exposed the personal records of up to 6 million customers.

In a statement on Monday evening, a spokesperson for Qantas said the Australian federal police (AFP) had been engaged but the airline would not confirm if a ransom was being sought for the compromised personal data.

“A potential cyber criminal has made contact and we are currently working to validate this,” the spokesperson said.

“As this is a criminal matter, we have engaged the Australian federal police and won’t be commenting any further on the detail of the contact.

“There is no evidence that any personal data stolen from Qantas has been released but, with the support of specialist cyber security experts, we continue to actively monitor.”

A spokesperson for the AFP confirmed it was investigating and said further comment would be provided at an “appropriate time”.

“The airline has been highly engaged in assisting authorities and the AFP with investigating this incident,” they said in a statement.

On 2 July, Qantas suffered a major cyber-attack, with data including customer names, email addresses, phone numbers and birth dates of up to 6 million customers potentially breached.

Qantas said a cyber criminal targeted a call centre and gained access to a third-party system that held customer information.

The company detected the unusual activity last Monday and shut it down, but believed a “significant” amount of personal information may have been taken.

The airline said the breach did not include credit card details, personal financial information or passport details.

No frequent flyer accounts were compromised, and passwords, pins and log-in details had not been accessed, the airline said.

The alleged culprit has yet to be identified but the attack has similarities to a ransomware group known as Scattered Spider.

The group has targeted airlines in the US in recent weeks by engaging in what are called social engineering attacks, or “vishing”. They involve calling the IT support for large companies, often impersonating employees or contractors to deceive IT help desks into granting access and bypassing multi-factor authentication.

The incident is the latest in a series of cyber-attacks on large companies in Australia, after the attack on Optus, Medibank and the country’s $4tn superannuation sector.