India's equity benchmarks open lower, dragged by Bajaj Finance
The Nifty 50 (.NSEI), opens new tab fell 0.47% to 24,940.85 points and the BSE Sensex (.BSESN), opens new tab lost 0.42% to 81,829.3 as of 9:17 a.m. IST.
Fifteen of the 16 major sectors declined at the open. The broader small-caps (.NIFSMCP100), opens new tab and mid-caps (.NIFMDCP100), opens new tab fell 0.5% each.
Non-bank lender Bajaj Finance (BJFN.NS), opens new tab slid 5.1% as multiple brokerages flagged asset quality stress in the MSME segment after the company reported a profit beat in the June quarter. Bajaj Finance was the top Nifty 50 loser.
Meanwhile, although the India-UK agreement should boost sentiment, the market is unlikely to see any major upside until there is clarity on U.S. trade negotiations, analysts said.
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Reuters
22 minutes ago
- Reuters
Legal cannabis blooms in Morocco but black market still beckons
BAB BERRED, Morocco, July 29 (Reuters) - Beneath the blazing summer sun, Abderrahman Talbi surveyed the neat rows of flourishing cannabis blooms in compact fields, reflecting on how his life has changed since he joined Morocco's burgeoning legal cannabis industry two years ago. Like many farmers in the northern Rif mountains who have long grown the crop illegally, Talbi is relieved that raids and seizures by the authorities are no longer a worry. "I can now say I am a cannabis farmer without fear," Talbi told Reuters. "Peace of mind has no price." Talbi's pivot to legal farming is an example of what Morocco, one of the world's biggest cannabis producers, hoped to achieve when it legalised cultivation for medical and industrial use, but not for recreational purposes, in 2022. Regulating cannabis farming brought with it hopes for fresh revenue and economic revitalisation in the impoverished Rif region. The step made Morocco a forerunner among major producing countries and the first in the Middle East and North Africa to join a global trend that has seen countries like Canada, Germany and Uruguay legalise production and use. It also hoped to lure farmers away from the illegal economy in the restive Rif mountains, where cannabis production has long been tolerated to facilitate social peace. Al Hoceima, a major city in Rif, saw the largest protests in Morocco in 2016-17 over economic and social conditions. Legalisation efforts have gained traction, with about 5,000 farmers joining the industry this year, from just 430 in 2023, says Morocco's cannabis regulator, or ANRAC. And legal production surged to nearly 4,200 tonnes last year, a 14-fold increase over the first harvest in 2023. Still, the black market remains dominant and lucrative due to demand for recreational use from Europe and regionally in Africa, potentially undermining efforts to fully regulate the sector. Morocco has 5,800 hectares (14,300 acres) of legally planted land, according to ANRAC. That's dwarfed by illegal cultivation spanning over 27,100 hectares, Interior Ministry data shows. While many farmers still choose illicit cultivation, they face the risk of increased crackdowns by authorities, which led to the seizure of 249 tonnes of cannabis resin by September last year, up 48% from all of 2023, according to the Interior Ministry. Mohammed Azzouzi, 52, spent three years in hiding for cannabis-related charges before receiving a royal pardon along with over 4,800 others last year. Now, he is preparing for his first legal harvest and hopes to earn more than the 10,000 dirhams ($1,100) he used to make in the illegal economy each year. The country's prohibition on growing cannabis for leisure use, along with bureaucratic red tape, limit legal farming, with every stage of the supply chain requiring a specific license from ANRAC, discouraging many a farmer from making the switch. A grower who wants to cultivate legally needs to join a licensed cooperative, which buys the farmer's product and processes it into derivatives or sells the resin to other licensed manufacturers. Talbi's cooperative, Biocannat, near the town of Bab Berred, 300 km (186 miles) north of Rabat, bought about 200 tonnes of cannabis last year from some 200 farmers, processing it into resin, supplements, capsules, oils and powders for medical and cosmetic purposes. About 60 km east of Biocannat, in the main producing area of Issaguen, farmer Mohamed El Mourabit was initially hopeful about the legalisation plan in 2021, but is less so now. "The process is too complicated," he said. And money talks, as well, for many farmers, who are lured by the higher rewards of the black market, despite its risks. While cooperatives take months to pay farmers about 50 dirhams per kilogram for the raw plant, on the illicit market, processed cannabis resin can fetch up to 2,500 dirhams per kilogram, farmers and activists say. To close that gap, legalisation advocates say growing for recreational use should be allowed, too. But it's not clear whether that will happen soon. Mohamed Guerrouj, head of ANRAC, said legalising recreational use would only be considered within a medical framework. "The goal is to develop Morocco's pharmaceutical industry ... not coffee shops," he said.
The Sun
25 minutes ago
- The Sun
McDonald's axing four items from menus TODAY including ‘best ever' McFlurry and popular burger
MCDONALD'S is axing four items from menus today including a beloved burger and popular McFlurry. Fans have just hours to try the fast-food before the items vanish from menus today, July 29. Products getting the boot include the Toffee Crisp McFlurry and The Cheesy McCrispy. The dessert, which features vanilla ice-cream and chunks of the popular chocolate bar, has been on menus since June 18. You can expect to pay £2.49 for the treat, if you are keen to try it before it goes. The Cheesy McCrispy is also being taken off menus today. The burger, which costs £6.69 on its own, is made with a chicken breast fillet in a crunchy coating that is served with lettuce, crispy onions, pickled onion chutney, bacon, white cheddar cheese slices and cheese sauce. If you want to make it a medium meal it cots £8.49, although prices can vary between restaurants. Elsewhere, the popular Katsu Wraps, which come with grilled or crispy chicken and launched, are also vanishing from menus. Finally, Halloumi Fries are also available to order for the last time this Tuesday. They cost just £2.99, or £9.59 for a sharebox. But it is not all doom and gloom, as the popular fast-food chain is set to unveil a whole new menu from tomorrow, Wednesday, July 30. McDonald's Global menu restaurant That includes a brand new Jaffa Cake McFlurry, which combines dairy ice cream swirled with chocolate-covered shortcake pieces and topped with orange sauce. A regular tub of the treat will cost £2.49 when it lands on shelves and contains 331 calories. The fast-food giant is also treating fans to a brand new way to enjoy a fizzy drink. Customers will be able to pick up a cup of Sprite Zero with a pump of either Green Apple or Mango & Passonfruit flavourings. You can check out the full list of menu items arriving in restaurants below: Sprite Zero with syrup - £2.19 (Medium), six calories (Green Apple flavour) or five calories (Mango & Passionfruit flavour) Jaffa Cakes McFlurry - £2.49, 331 calories Chicken Big Mac - £5.19, 531 calories Chilli Cheese Bites - £2.69, 936 calories Steakhouse Stack - £6.49, 632 calories Big Tasty - £7.19, 802 calories Big Tasty with Bacon - £8.09, 849 calories 6 Spicy Chicken McNuggets - £4.89, 254 calories Big Arch - £7.99, 1,057 calories The Fajita Chicken One - £3.69, 362 calories (grilled) or 490 calories (crispy) Milky Way McFlurry - £2.49, 350 calories The Big Arch, which launched on menus last month, will remain on menus for longer. McDonald's regularly switches up its menu to make way for new goods. How to save money at McDonald's Research by The Sun found a Big Mac meal can be up to 30% cheaper at restaurants just two miles apart from each other. You can pick up a Big Mac and fries for just £2.99 at any time by filling in a feedback survey found on McDonald's receipts. The receipt should come with a 12-digit code which you can enter into the Food for Thought website alongside your submitted survey. You'll then receive a five-digit code which is your voucher for the £2.99 offer. There are some deals and offers you can only get if you have the My McDonald's app, so it's worth signing up to get money off your meal. The MyMcDonald's app can be downloaded on iPhone and Android phones and is quick to set up. You can also get freebies and discounts on your birthday if you're a My McDonald's app user.
Reuters
25 minutes ago
- Reuters
Uber loses UK Supreme Court appeal over tax on rival apps
LONDON, July 29 (Reuters) - Uber's (UBER.N), opens new tab rival taxi operators will not face a 20% tax charge on their profit margins outside of London after the United Kingdom's Supreme Court on Tuesday ruled that private-hire operators do not enter into a contract with passengers. Uber had brought the case following a 2021 decision by the United Kingdom's Supreme Court that its drivers were workers, which had an impact on Uber's tax and other obligations. The company sought a declaration that private-hire taxi operators enter into a contract with passengers and London's High Court ruled in its favour last year. That decision meant that operators must pay value added tax (VAT) at 20%, but the ruling was reversed by the Court of Appeal in July 2024 following a challenge by private hire operators Delta Taxis and platform Veezu. Uber brought an appeal to the Supreme Court, which on Tuesday unanimously dismissed Uber's appeal. In a separate case, Estonian ride-hailing and food delivery startup Bolt this year defeated an appeal by Britain's tax authority HMRC about on what it has pay VAT at 20%. HMRC has since been granted permission to challenge the ruling that Bolt is only liable for VAT on its margin, rather than the full cost of the trip, at the Court of Appeal.
