Academy Award-winning producer Guneet Monga Kapoor is taking her advocacy for women in Indian cinema to the Toronto International Film Festival, where an Indian government-backed program will showcase projects with female creatives in key roles.
The #WIFIndiaAtTIFF campaign represents a collaboration between Women in Film India, the Indian Ministry of Information and Broadcasting’s WAVES Bazaar, and the National Film Development Corporation of India. Six film projects will be selected for the September festival, with each represented by two team members.
This marks the first occasion that female Indian filmmakers will collectively represent the country’s diverse cinematic output at TIFF, following WIF India’s debut at Cannes in May.
The program supports Indian Prime Minister Narendra Modi’s broader policy objectives around female empowerment, according to organizers.
Ministry of Information and Broadcasting Secretary Sanjay Jaju said: “Indian cinema is one of our strongest cultural ambassadors on a global stage, and it is essential that the world sees it in all its diversity. Women have been at the heart of our storytelling tradition. This initiative with Women in Film India is aimed at identifying talent, providing access, and ensuring our women filmmakers can compete and collaborate on equal footing with the best in the world in a structured and sustainable manner.”
“This is not just a delegation, it’s a declaration: Indian women in film are owning the global stage,” added Monga Kapoor. “Our stories have been making a deep impact internationally, year after year. I’m proud to bring WIF to TIFF, the champion of emerging voices, as part of a one-of-a-kind program crafted with the support of the Ministry of Information & Broadcasting, Government of India.”
The delegation will be coordinated with U.S. creative strategy firm Product of Culture, which previously worked with WIF India at Cannes.
“Our collaboration with Women in Film India for TIFF 2025 is part of a long-term vision that goes beyond a single festival – it’s about building momentum to spotlight Indian filmmakers, expand distribution opportunities, and secure global recognition for their work,” said Archana Misra Jain, CEO of Product of Culture.
The selection window is now open with an expert jury of industry professionals evaluating submissions. Winners will be revealed after Aug. 20, with the TIFF delegation traveling to Toronto in September.
Each of the six chosen projects will send two representatives – one female filmmaker plus an additional team member – creating a 12-person cohort. The program covers festival accreditation, travel expenses, and accommodation for a five-day conference experience.
Beyond basic festival access, participants will receive mentorship opportunities and introductions to international co-producers, festival programmers, and sales representatives.
“We are seeking passionate film projects led by women of Indian origin,” Monga Kapoor added. “Selected filmmakers will get to shape their projects through immersive incubation and receive unprecedented exposure to TIFF’s coveted programming. This is a bold and necessary step towards greater exposure and representation of women in cinema and storytelling.”
Eligible teams must include at least one woman and demonstrate previous filmmaking experience through released work across any format – theatrical films, shorts, series, or digital platform content.
Applicants need WIF India membership and registration with the government’s WAVES portal. The submission package requires multiple components including pitch materials, biographical information, work samples, and legal documentation.
Projects may be submitted at any development phase. Those still in pre-production must provide proof of script registration with the Screen Writers Association, while completed films require producer authorization.
The initiative welcomes filmmakers working across India’s multiple languages and regional industries.
The Federal Board of Revenue (FBR) has made it mandatory for the owners of immovable properties abroad to file “Electronic Foreign Income and Assets Declaration for Resident Individuals”.
Resident persons have to provide complete details of rental properties purchased abroad and details of business income, foreign assets, income and foreign bank accounts details through the new “Electronic Foreign Income and Assets Declaration for Resident Individuals”.
The FBR has issued SRO.1562(I)/2025 to notify electronic income tax return forms for companies, association of persons and individuals for tax year 2025.
The FBR has issued another notification, “Electronic Foreign Income and Assets Declaration for Resident Individuals” and “Electronic Return for Non-Resident having no source of income in Pakistan”.
The FBR has issued a new separate income tax return form for traders, small and medium enterprises (SMEs) and “Simplified Electronic Return for Individuals” including salaried class.
As per notification, the FBR has also released final Electronic Return for manufacturer, Electronic Return for traders and Electronic Return for small and medium enterprises (SMEs).
JINGDEZHEN, China, Aug. 19, 2025 (GLOBE NEWSWIRE) — Taoxichuan Art Center officially launches the 2026 “Migratory Birds Project” international artists residency program, open to domestic and foreign artists (including, but not limited to, pottery, glass, wood art, etc.) who wish to explore the profound ceramic culture of the birthplace of porcelain.
2026 Taoxichuan Art Center Residency Open Call
A Media Snippet accompanying this announcement is available by clicking on this link.
As one of China’s most influential international artist residency platforms, Taoxichuan Art Center has hosted thousands of artists from 56 countries and regions since its establishment. During their residency, artists not only receive professional creative support but also have the opportunity to participate in Taoxichuan’s regularly held art exhibitions, academic lectures, salons, and industry forums.
Taoxichuan Art Center features four dedicated residency spaces: Jingdezhen International Studio, Taoxichuan Glass Studio, S3 Art Tribe and S4 Art Soho. Jingdezhen International Studio specializes in ceramic art creation and cultural exchange, offering global artists a unique platform for creative exploration and collaboration. Taoxichuan Glass Studio is fully equipped with professional equipment to support various glass techniques, including the glassblowing, kiln casting, lampworking, mosaic glass, and other series of processes. S3 Art Tribe includes 10 separate studio space, lecture independent, shared pottery room (Throwing), glazing and electric kiln room, shared laundry room, and an open space. S4 Art Soho blends creation, exhibition and leisure into a multifunctional space.
In addition, Spring and Autumn Art Fair is Taoxichuan’s key brand event, held twice a year in spring and autumn respectively. First launched in October 2017, Spring and Autumn Art Fair has been held 10 times successfully, attracting hundreds of artists, designers and craftsmen from around the world. Beyond providing professional exhibition space for creators, the event helps artists realize the commercial value of their works.
2025 Spring and Autumn Art Fair (Autumn Fair) will be grandly held in Taoxichuan, Jingdezhen on October 17, 2025. During the event, China Jingdezhen International Ceramic Expo, thematic exhibitions, art markets, and a series of academic activities will be held concurrently, establishing a comprehensive platform for global artists.
The application deadline for 2026 “Migratory Birds Project” international artists residency program is November 15, 2025. Review result will be announced on December 10, 2025 via Jingdezhen International Studio official website: http://www.jingdezhenstudio.com/.
New report on the status of zero-emission shipping fuels finds that methanol is now ready for low-carbon operation and ammonia is now ready for piloting.
Significant progress has been made since the report’s first edition in 2020, with methanol and ammonia having both now ‘arrived’ as shipping fuels.
The report, From pilots to practice: Methanol and ammonia as shipping fuels, is a comprehensive overview based on interviews with over 40 influential companies and organisations.
19 August 2025, Copenhagen – Both ammonia and methanol have moved from theory to reality as zero-emission shipping fuels, according to a new report from the Global Maritime Forum’s Getting to Zero Coalition.
Based on interviews with around 40 influential industry organisations, From pilots to practice: Methanol and ammonia as shipping fuels finds that both fuels are now ‘ready’ – methanol for low-carbon operation and ammonia for piloting – representing a significant increase in maturity since the report’s first edition in 2020.
However, the report warns that the fuels require a concerted push if they are to be mature enough to rapidly scale from around 2030, in line with the industry’s targets. The key area that must be addressed is the fuel supply chain – in the case of methanol, enhancing the availability of green molecules; for ammonia, validating and rolling out commercial ammonia bunkering at key ports.
Jesse Fahnestock, director of decarbonisation at the Global Maritime Forum, said:“We have seen excellent progress in the development of zero-emission fuels and technologies over recent years, with methanol and ammonia having now shifted from potential solutions towards initial scale and proof of concept. However, we are only at the start of our journey and technology readiness is not enough by itself. To scale zero-emission fuels at the pace required, we need action from the International Maritime Organization, national policymakers and the industry to create the right enabling conditions; this will be just as vital as the development of the technology itself.”
Since 2020, the Global Maritime Forum’s Mapping of Zero-Emission Pilots and Demonstration Projects report has provided an overview of the nature and scale of zero-emission pilots and demonstration projects taking place in shipping.
To keep pace with developments in the sector, this year’s edition takes a new approach, assessing the current status of methanol and ammonia as shipping fuels and bringing together key learnings generated by leading companies so far. In so doing, the report aims to establish remaining priorities for action and assist the industry in its long-term decarbonisation planning. The report specifically focuses on methanol and ammonia, as fuels relatively early in their adoption, while having significant potential in the long term.
Key report learnings and recommendations
The report reveals a number of key learnings on the status of both methanol and ammonia.
Methanol is rapidly moving from proof of concept to early scale (more than 60 methanol-capable vessels in operation, 300 more on order, and bunkering available at around 20 ports) and early adopters are finding it relatively safe and straightforward to integrate. Its lower energy density presents operational trade-offs but has not proven a barrier, and new retrofit kits and the relative ease of converting tanks are making retrofitting conventional vessels feasible. The key challenge to broader scale-up is the availability of green methanol, which makes up only a small share of total supply and remains challenging for shipping companies to access.
Ammonia is rapidly approaching proof of concept as a marine fuel, with engine tests suggesting it can cut tank-to-wake emissions by up to 95%. The first ammonia-powered vessels have been successfully piloted, engine testing is near completion, and bunkering trials are underway – none of which have revealed any fundamental barriers to adoption. Operators report confidence in safely operating ammonia-powered vessels and will likely phase the fuel in over time to build operational experience.
Early movers in the sector propose a mix of actions to accelerate the development of the methanol and ammonia fuel supply chains:
Provide targeted policy incentives and funding to close the cost gap for green methanol and ammonia and support early adopters.
Establish robust, harmonised fuel certification systems to unlock investment and prevent greenwashing.
Use book-and-claim systems to link global demand with zero-emission fuel supply on viable routes.
Aggregate fuel demand to create an investment case for bunkering infrastructure.
Offer CAPEX grants to reduce the threshold for investment in bunkering infrastructure, especially bunker vessels.
Promote collaboration through green corridors, feasibility studies, and joint bunkering trials at key ports.
Address gaps in the availability of engines and spare parts.
Ensure strong IMO emissions guidelines to ensure sustainability of biomass and control fugitive emissions.
Conduct independent studies to verify the emissions performance of early ammonia-powered vessels.
Facilitate cross-industry knowledge sharing through collaborative safety workshops at shipyards and through marine insurers
Media contact: Nicole Schlichting, (Interim) Senior Communications Manager – PR & Media
M: +45 31 26 19 25
E: nsc@globalmaritimeforum.org
The Global Maritime Forum is an international not-for-profit organisation committed to shaping the future of global seaborne trade. It works by bringing together visionary leaders and experts who, through collaboration and collective action, strive to increase sustainable long-term economic development and human well-being.
Established in 2017, the Global Maritime Forum is funded through a combination of grants and partner contributions. It operates independently of any outside influence and does not support individual technologies or companies. Most of its roughly 45-person staff is based in the organisation’s headquarters in Copenhagen, Denmark.
According to the stratification by the condition of CVD with corresponding sample weights, the baseline characteristics of demographic, examination, blood samples, and urine sample data from 7000 patients with diabetes were demonstrated in Table 1. The average age of eligible patients was 59 years. Compared with the non-CVD group, patients with CVD were more likely to be male, older, non-Hispanic whites, and former smokers, and only slightly over 40% received college education. The CVD group had worse economic conditions and lived without a spouse due to widowhood, divorce, and separation. Regarding anthropometric indices, they tended to have wider waist circumference, higher WWI, WHtR, and WHT.5R (p<0.05). Meanwhile, they had higher hypertension and cancerprevalence rate, and worse kidney function. However, our study showed that patients with CVD exhibits lower serum TG and LDL levels (p<0.05).
Table 1 Weighted baseline characteristics of patients with diabetes stratified by the condition of CVD
Association between WC, WWI, WHtR, WHT.5R and the risk of CVDs
Weighted logistic regression unveiled the association between the four anthropometric indices and the likelihood of CVD, CHF, CAD, and stroke (Table 2). All the four indices showed a significant association with CVD [WC Quartile 4: unadjusted OR 1.72(1.35,2.19), p < 0.001, full adjusted OR 1.95(2.44,2.65), p < 0.001; WWI Quartile 4: unadjusted OR 2.98(2.37,3.74), p < 0.001, full adjusted OR 1.76(1.29,2.42), p < 0.001; WHtR Quartile 4: unadjusted OR 1.64(1.28,2.11), p < 0.001, full adjusted OR 1.84(1.38,2.47), p < 0.001; WHT.5R Quartile 4: unadjusted OR 1.77(1.42,2.22), p < 0.001, full adjusted OR 2.01(1.53,2.63), p < 0.001].
Table 2 Associations between different anthropometric indices and the risk of cardiovascular disease in patients with diabetes
Our findings underscored the significant statistical associations between CHF and several indices. Notably, WC, WHtR, and WHT.5R demonstrated robust associations with CHF, with the highest quartile showing the most significant results [WC Quartile 4: unadjusted OR 2.16(1.53,3.05), p < 0.001, full adjusted OR 2.83(1.79,4.47), p < 0.001; WWI Quartile 4: unadjusted OR 2.69(1.92,3.78), p < 0.001, full adjusted OR 1.46(0.86,2.46), p = 0.156; WHtR Quartile 4: unadjusted OR 2.33(1.64,3.30), p < 0.001, full adjusted OR 2.35(1.51,3.66), p < 0.001; WHT.5R Quartile 4: unadjusted OR 2.18(1.57,3.03), p < 0.001, full adjusted OR 2.33(1.52,3.58), p < 0.001]. Similarly, all indices were significantly associated with the prevalenceof CAD [WC Quartile 4: unadjusted OR 1.66(1.24,2.15), p < 0.001, full adjusted OR 1.64(1.22,2.21), p < 0.001; WWI Quartile 4: unadjusted OR 2.48(1.86,3.31), p < 0.001, full adjusted OR 1.51(1.04,2.19), p = 0.030; WHtR Quartile 4: unadjusted OR 1.34(1.02,1.75), p = 0.034, full adjusted OR 1.43(1.06,1.94), p = 0.019; WHT.5R Quartile 4: unadjusted OR 1.61(1.26,2.07), p < 0.001, full adjusted OR 1.69(1.27,2.23), p < 0.001]. However, when it came to stroke, only the WHtR index showed a significant association [WC Quartile 4: unadjusted OR 1.41(0.95,2.08), p = 0.087, full adjusted OR 1.58(0.96,2.60), p = 0.072; WWI Quartile 4: unadjusted OR 3.00(2.07,4,37), p < 0.001, full adjusted OR 1.65(0.97,2.81), p = 0.066; WHtR Quartile 4: unadjusted OR 1.51(1.06,2.17), p = 0.025, full adjusted OR 1.59(1.01,2.51), p = 0.045; WHT.5R Quartile 4: unadjusted OR 1.51(1.03,2.22), p = 0.037, full adjusted OR 1.61(1.00,2.61), p = 0.053].
Weighted restricted cubic spline analysis
To further explore the association between the four anthropometric parameters and the likelihoodof CVD, CHF, CAD, and stroke, we conducted weighted RCS analyses with a visual demonstration in Fig. 1. All parameters showed a positive linear association with the likelihood of CVD, CHF, CAD, and stroke without nonlinear relationship [WC P-overall for CVD, CHF, CAD, stroke: <0.0001, < 0.0001, 0.0001, 0.0022, respectively; WWI P-overall for CVD, CHF, CAD, stroke: <0.0001, 0.0064, 0.0001, 0.0471, respectively; WHtR P-overall for CVD, CHF, CAD, stroke: <0.0001, < 0.0001, < 0.0001, 0.0064, respectively; WHT.5R P-overall for CVD, CHF, CAD, stroke: <0.0001, < 0.0001, < 0.0001, 0.0039].
Fig. 1
Weighted restricted cubic spline analyses of four anthropometric indices and the risk of cardiovascular diseases. All the results were adjusted for age, gender, race/ethnicity, education level, marital status, ratio of family income to poverty, smoking status, alcohol use, serum uric acid, serum creatinine, eGFR, UACR, CKD, hypertension, cancer. Panels A-D show the relationship between WC and the risk of CVD, CHF, CAD and stroke. Panels E-H show the relationship between WWI and the risk of CVD, CHF, CAD and stroke. Panels I-L show the relationship between WHtR and the risk of CVD, CHF, CAD and stroke. Panels M-P show the relationship between WHT.5R and the risk of CVD, CHF, CAD and stroke. OR odds ratio, CI confidence interval, WC waist circumference, WHR waist-to-height ratio, WHT.5R waist divided by height0.5, WWI weight-adjusted-waist index, CVD cardiovascular disease, CHF congestive heart failure, CAD coronary artery disease
Subgroup and sensitive analysis
To elucidate the differences in the association between four anthropometric indices and the prevalence rates of CVD, CHF, CAD, stroke, we performed stratification and interaction analyses in different diabetic populations (Fig. 2 and Supplementary Figs. 2–15). The subgroup and stratified analyses supported most of our results. When WC was used exposure indicators, the likelihoodof CVD elevated in both female[OR 1.23(1.09,1.39), p = 0.0008] and male patients[OR 1.28(1.12,1.45), p = 0.0002], in Mexican American[OR 1.26(1.05,1.52), p = 0.0145], other Hispanic population[OR 1.63(1.24,2.15), p = 0.0005], non-Hispanic white[OR 1.22(1.09,1.46), p = 0.0009], non-Hispanic black[OR 1.26(1.09,1.46), p = 0.0016], in patients who were married or living with a partner[OR 1.28(1.14,1.43), p < 0.0001], or widowed, divorced, separated[OR 1.19(1.03,1.37), p = 0.184], never drinking[OR 1.23(1.09,1.38), p = 0.0008] or having 1–5 drinks/day[OR 1.27(1.12,1.45), p = 0.0003], in never-smoker[OR 1.20(1.05,1.37), p = 0.0079], former smoker[OR 1.32(1.15, 1.52), p < 0.001], or current smoker[OR 1.23(1.01,1.49), p = 0.0353], in all family income levels[≤ 1.5: OR 1.27(1.12,1.44), p = 0.0002; 1.5-4.0: OR 1.21(1.05,1.38), p = 0.0076; >4.0: OR 1.32(1.09,1.37), p = 0.0045], among patients with or without cancer, CKD, hypertension(Fig. 2A). When WHtR and WHT.5R were applied as exposure indices, patients with an increasing prevalence rate of CVD displayed a similar trend (Fig. 2B and Supplementary Fig. 3). However, patients with raising probability of CVD using WWI as an anthropometric tool tended to be female [OR 1.05(1.03,1.30), p = 0.0159], other Hispanic population[OR 1.87(1.39,2.50), p < 0.0001], non-Hispanic black[OR 1.17(1.01,1.36), p = 0.0341], married or living with a partner[OR 1.20(1.08,1.35), p = 0.0012], have higher family income[OR 1.33(1.11,1.58), p = 0.0018], have 1-5drinks/day[OR 1.23(1.08,1.40), p = 0.0014], have no hypertension[OR 1.32(1.12,1.56), p < 0.0008], with cancer[OR 1.20(1.09,1.32), p < 0.0002]. WC, WHtR, WHT.5R demonstrated a significant interaction effect modified by cancer (all three P-interaction < 0.05), and the association between WWI and the prevalence of CVD was modified by marital status (P-interaction = 0.01). Other detailed forest plots about the subgroup and sensitive analyses between the four anthropometric indices, including WC, WWI, WHtR, WHT.5R, and the prevalence of CHF, CVD, and stroke, were demonstrated in Supplementary Fig. 4–15.
Fig. 2
Stratified and subgroup analyses of the association between WC, WHT.5R and the occurrence of CVD. The results were adjusted for age, gender, race/ethnicity, education level, marital status, ratio of family income to poverty, smoking status, alcohol use, serum uric acid, serum creatinine, eGFR, UACR, CKD, hypertension, cancer (When stratifying based on a certain variable, the variable wasn’t adjusted in subgroup analyses). Figure 2A represents the stratification and subgroup analyses of the association between WC and the risk of CVD. Figure 2B represents the stratification and subgroup analyses of the association between WHT.5R and the risk of CVD. OR odds ratio, CI confidence interval, WC waist circumference, WHT.5R waist divided by height0.5, CVD cardiovascular disease
Bob Odenkirk says his early years writing on Saturday Night Live gave him a valuable lesson on what not to do in a writers’ room. Speaking on a recent episode of Variety’s Know Their Lines, Odenkirk explained that he and collaborator David Cross deliberately built a more open environment when they launched HBO’s Mr. Show in 1995.
Odenkirk recalled that as a young writer at SNL, it was “very easy” for newcomers to have their sketches dismissed by veteran staffers before they had a chance to properly pitch the idea. “Everything that I learned at SNL that I never got to use when I wrote on SNL, I used to make Mr. Show,” he said. Those experiences directly shaped the creative philosophy he carried into Mr. Show.
When he and Cross created the HBO sketch comedy series, they made it a rule not to reject ideas outright. “You have to talk about everything,” Odenkirk explained. “You have to fully understand the writer’s idea before you let it go. So it was a good thing to learn what not to do from Saturday Night Live.” The approach paid off, as Mr. Show became a cult favorite known for its experimental style.
Running for 30 episodes across four seasons until 1998, the series earned four Emmy nominations and featured a cast that included Tom Kenny, John Ennis, Jay Johnston, Paul F. Tompkins, Jill Talley, and Brett Paesel alongside Odenkirk and Cross.
Even now, as Odenkirk balances acting and producing—most recently attending the Los Angeles premiere of Nobody 2 on August 11—he continues to credit SNL for shaping his collaborative outlook. By ensuring writers have the chance to fully present their material, he and Cross fostered what Odenkirk described as an atmosphere of “incredible freedom.”
The FTSE 100 index has opened flat, with JD Sports leading gains, up nearly 5%, after a broker upgrade from Deutsche Bank. The German market is also flat while the French bourse has gained 0.5%.
Oil prices are falling again, with Brent crude down by 0.8% at $66.08 a barrel, reversing after a 1% gain yesterday as developing Ukraine talks increase the chances of an end to Russian crude sanctions, said Victoria Scholar, head of investment at interactive investor.
She added:
BHP Group reported annual profit of $10.16 billion down 26% year-on-year, hitting a five year low and falling short of analysts’ expectations on the back of weak iron ore prices which fell nearly 20% over the year. However the dividend came in a bit higher than anticipated, helping to support shares.
US-brokered peace negotiations to try to end the Russia-Ukraine war continue to dominate. It looks like talks are making progress after a constructive meeting between Trump and Zelensky which the President of Ukraine described as the ‘best’ so far. However so far, no peace deal or ceasefire has been agreed.
Trump said on Truth Social that he ‘began the arrangements’ for a summit with Zelensky and Putin. Meanwhile Ukraine reportedly offered a $100bn weapons deal to the US in return for security guarantees. European leaders have also been involved in talks in Washington but they have disagreed with Trump over the need for a ceasefire. However Trump suggested that the US might help with security guarantees for Ukraine.
US futures are pointing to a softer open as markets await a key gathering of central bankers at the Jackson Hole summit. It comes after US indices were broadly flat on Monday.
Sarah Butler
The report also showed that Lidl is set to overtake Morrisons to become the UK’s fifth biggest supermarket with sales growth ahead of all its major rivals over the summer as shoppers search for ways to offset higher bills.
The German-owned discounter increased sales by 10.7% in the three months to 11 August, according to the latest market share data from analysts at Worldpanel, formerly known as Kantar, more than double the pace of the wider market which rose 4.5%.
That put Lidl within 0.1 percentage points of matching Morrisons’ market share of 8.4% as the Bradford-based chain continued to struggle with sales up just 0.9%.
Morrisons is trying to turn around performance after building up debts in a £7bn takeover by US private equity firm Clayton Dubilier & Rice in 2021.
The UK’s number three chain, Asda also continues to have difficulties with sales down 2.6% despite efforts to turn around performance by chairman Allan Leighton. It is now in danger of being overtaken by discounter Aldi, which is just 1 percentage point behind it on market share with growth of 4.8%.
Both Aldi and Lidl continue to rapidly open stores, putting them on track to enter the top tier of British supermarkets and disrupt the traditional “big four”.
Both Asda and Morrisons’ growth is behind the 5% level of grocery inflation registered in August by Worldpanel suggesting the amount of items they sold has dropped.
Grocery price inflation in Britain eases slightly to 5%, survey shows
Grocery price inflation in Great Britain has eased slightly but remains high, according to a monthly survey.
Annual grocery price inflation slipped to 5% in the four weeks to 10 August, from 5.2% in July, said retail analysts Worldpanel by Numerator, formerly known as Kantar.
Prices are rising fastest for chocolate confectionery, fresh meat and coffee, and are falling fastest in champagne & sparkling wine, dog food and sugar confectionery.
The Bank of England expressed concerns around rising food prices, but still cut interest rates at its meeting on 7 August.
Fraser McKevitt, head of retail and consumer insight at Worldpanel, said:
We’ve seen a marginal drop in grocery price inflation this month, but we’re still well past the point at which price rises really start to bite and consumers are continuing to adapt their behaviour to make ends meet. What people pay for their supermarket shopping often impacts their spending across other parts of the high street too, including their eating and drinking habits out of the home.
Casual and fast service restaurants especially have seen a decline in visitors over the summer, with trips falling by 6% during the three months to mid-July – compared with last year. The outliers in this are coffee shops which have bucked the trend.
Introduction: SoftBank invests $2bn in Intel; proposed new UK property tax ‘could cut cost of buying expensive homes’
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
Japan’s SoftBank has agreed to invest $2bn (£1.5bn) in Intel, the struggling US chip company, while the Trump administration is reportedly considering a 10% stake in the business by converting Chips Act subsidies into equity. That would make Washington Intel’s largest shareholder.
The Japanese technology investor announced its multi-billion dollar deal, amounting to a 2% stake in Intel, on Tuesday, describing Intel as a “trusted leader in innovation”. Intel shares fell by 5% while SoftBank shares were down 4%, retreating from all-time highs.
Masayoshi Son, SoftBank’s chairman and chief executive, said:
Semiconductors are the foundation of every industry. For more than 50 years, Intel has been a trusted leader in innovation. This strategic investment reflects our belief that advanced semiconductor manufacturing and supply will further expand in the United States, with Intel playing a critical role.
All eyes were on Washington yesterday, where Donald Trump met with Volodymyr Zelenskyy and seven European leaders to discuss a peace deal in Ukraine. According to Trump, Vladimir Putin wants to do face-to-face talks with the Ukrainian president, although Moscow has not confirmed the meeting. (Trump called Putin during his meeting with the Europeans, but some experts are sceptical.)
Traders are cautious, with most Asian stock markets slightly lower. Japan’s Nikkei fell by 0.4% while Hong Kong’s Hang Seng dropped by 0.3%.
Here’s some reaction to our scoop yesterday that the UK Treasury is considering a new tax on the sale of homes worth more than £500,000 as a step towards a radical overhaul of stamp duty and council tax.
David Fell from Hamptons told the Times:
Who is better off will come down to how closely the government chooses to follow any recommendations. But I think in response to the general principle, the shift would probably cut the cost of buying the most expensive homes, but add to the annual cost of ownership, particularly given the artificially low levels of council tax charged by many places that have the most expensive house prices.
The impact of a change to the system would probably depend on the level at which the rates were set, and the length of time it takes for the higher ownership charges to outweigh existing stamp duty and council tax bills.
Systems Limited (PSX: SYS) has posted a profit after tax (PAT) of Rs. 2,651 million (EPS: Rs. 1.81) in 2QCY25 compared to Rs. 1,672 million (EPS: Rs. 1.15) during 2QCY24, up by 59 percent.
The increase was primarily driven by higher technology services exports and improved gross margins. This took the 1HCY25 earnings to Rs. 5,152 million (EPS: Rs. 3.52).
Net sales clocked in at Rs. 36,739 million during 1HCY25, registering an 18 percent YoY increase, while sales for 2QCY25 also grew by 18 percent YoY to Rs. 18.6 billion.
Segment- wise, Telecommunications Services led the way with a 32 percent YoY rise, followed by Banking, Financial Services & Insurance (BFSI) at 21 percent YoY, and Technology Solutions at 8 percent YoY. In terms of performance, BFSI and Telco remained the fastest- growing segments, whereas Technology and Retail continued to deliver the highest profitability.
Gross margins in 2QCY25 improved to 25.4 percent versus 22.9 percent in 2QCY24, supported by operational efficiency gains, productivity improvements, better billing rates, and effective control over fixed costs.
Administrative expenses augmented by 41 percent YoY during the quarter, which is due to inflationary pressure. Finance costs dropped by 45 percent YoY, settling at Rs. 76 million during 2QCY25, primarily due to a decline in interest rates.
The company booked effective taxation at 11 percent in 2QCY25 compared to 11.5 percent in 2QCY24.
Note: Report based on company’s result review by brokerage firm Arif Habib Limited.
