Paul Kimmage: Is the Coolmore tail wagging the Government's dog?
In Breeding the Racehorse — Federico Tesio's celebrated book on the principles of breeding and inheritance — there's a heartwarming story about a chance encounter between a stallion (Chaleureux), and a mare (Signorina), being paraded through the streets by her owner, Cavaliere Ginistrelli.
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Local Spain
7 minutes ago
- Local Spain
How tourist lets in Spain are pushing locals out of city outskirts
Despite the increasing amount of regulations aimed at controlling short-term lets in Spain, tourist rentals remain so profitable for many families and businesses that the phenomenon seems unstoppable. Just over 1.5 percent of properties in Spain are now tourist lets, but these are just the official numbers that don't factor in the unlicenced properties. Unsurprisingly, Airbnb-style lets are no longer limited to Spanish city centres and there are plenty on the outskirts too. Neighbourhood associations are reporting that this trend is driving residents not only out of the zonas centro (city centres), but out of the outer lying barrios (neighbourhoods) too. As tourist apartments located further out come with lower prices, they're proving popular among cost-cutting holidaymakers. In Madrid, locals are demanding that new restrictions on tourist apartments be extended to the entire city and not just the central areas. Those particularly affected by the increase in tourist apartments are those in Tetuán, Puerta del Ángel, San Lorenzo and Puente de Vallecas, traditionally working-class neighbourhoods of the Spanish capital. The mayor's new Plan Reside has been dubbed Plan Expulsa (Expulsion Plan) or Plan Especula (Speculate Plan) as a result. The opposition Socialists have criticised that within the last few months investment firms have bought more than 30 buildings in Puerta del Ángel to be turned entirely into tourist apartments. In the neighbourhood of Sant Antoni on the outskirts of Valencia, many new tourist apartments are being created and the council estimates that they could increase the population of the area by five percent. According to Ximo Muñoz, a member of the neighbourhood association, it will be very difficult for the area to be able to sustain such growth. And the problems are being witnessed not just in the outskirts of Valencia but also in nearby towns such as Manises and Quart de Poblet, where prices have increased by 42 percent compared to two years ago, or in Burjassot and Mislata, where housing is now 45 percent more expensive. A similar situation is being seen in Málaga, where neighbourhoods away from the centre are now the scene of stag and hen-dos, the constant rumbling of suitcase wheels and parties until the early hours of the morning. According to data from Málaga city hall, 37,000 malagueños (locals from Málaga) have been forced to leave the southern city over the past five years, due primarily to unaffordable housing. All these examples show how residents of Spanish cities who opted to live in the outskirts as a way of paying less are being pushed further out still as gentrification expands. Demand for long-term rentals and properties for sale in these barrios far outweighs supply, and tourists lets, including unlicenced ones, are playing a pivotal role in this. Spain's Ministry of Consumer Affairs recently ordered Airbnb take down 65,935 illegal tourist let ads from its website. In 2024, a report from Madrid Town Hall showed that there were more than 15,200 illegal tourist rentals in the city, one of the greatest concentration of them in the country. In the Andalusian province of Málaga there are 43,366 illegal tourist homes, according to data from the Ministry of Consumer Affairs, which represents more than half of 85,000 apartments illegally advertised as tourist accommodation in Andalusia. And in Valencia, the local government believes that of the 12,000 tourist apartments in the city, the vast majority of them are illegal. To try and curb the problem in Barcelona, the city's mayor even said he would aim to ban all tourist rental flats by 2028.
Leader Live
7 minutes ago
- Leader Live
Israeli forces halt aid boat carrying Greta Thunberg and detain activists
The activists had set out to protest against Israel's ongoing military campaign in the Gaza Strip and its restrictions on the entry of humanitarian aid, both of which have put the territory of some two million Palestinians at risk of famine. The Freedom Flotilla Coalition, which had organised the voyage, said the activists were 'kidnapped by Israeli forces' while trying to deliver desperately needed aid to the territory. 'The ship was unlawfully boarded, its unarmed civilian crew abducted, and its life-saving cargo — including baby formula, food and medical supplies —confiscated,' it said in a statement. Israel's Foreign Ministry cast the voyage as a public relations stunt, saying in a post on X that 'the 'selfie yacht' of the 'celebrities' is safely making its way to the shores of Israel'. It said the passengers would return to their home countries and the aid would be delivered to Gaza through established channels. It later circulated footage of what appeared to be Israeli military personnel handing out sandwiches and water to the activists, who were wearing orange life vests. Thunberg, a climate campaigner, was among 12 activists aboard the Madleen, which set sail from Sicily a week ago. Along the way, it had stopped on Thursday to rescue four migrants who had jumped overboard to avoid being detained by the Libyan coast guard. 'I urge all my friends, family and comrades to put pressure on the Swedish government to release me and the others as soon as possible,' Thunberg said in a pre-recorded message released after the ship was halted. Rima Hassan, a French member of the European Parliament who is of Palestinian descent, was also among the volunteers on board. She has been barred from entering Israel because of her opposition to Israeli policies toward the Palestinians. After a two-and-a-half-month total blockade aimed at pressuring Hamas, Israel started allowing some basic aid into Gaza last month, but humanitarian workers and experts have warned of famine unless the blockade is lifted and Israel ends its military offensive. An attempt last month by Freedom Flotilla to reach Gaza by sea failed after another of the group's vessels was attacked by two drones while sailing in international waters off Malta. The group blamed Israel for the attack, which damaged the front section of the ship. Israel and Egypt have imposed varying degrees of blockade on Gaza since Hamas seized power from rival Palestinian forces in 2007. Israel says the blockade is needed to prevent Hamas from importing arms, while critics say it amounts to collective punishment of Gaza's Palestinian population. Israel sealed Gaza off from all aid in the early days of the war ignited by the Hamas-led attack on southern Israel on October 7, 2023, but later relented under US pressure. In early March, shortly before Israel ended a ceasefire with Hamas, the country again blocked all imports, including food, fuel and medicine. Hamas-led militants killed around 1,200 people, mostly civilians, in the October 7 attack and abducted 251 hostages, more than half of whom have since been released in ceasefire agreements or other deals. Hamas is still holding 55 hostages, more than half of them believed to be dead. Israel's military campaign has killed more than 54,000 Palestinians, according to the Gaza Health Ministry, which has said women and children make up most of the dead. It does not say whether those killed are civilians or combatants. The war has destroyed vast areas of Gaza and displaced around 90% of the territory's population, leaving people there almost completely dependent on international aid. Efforts to broker another truce have been deadlocked for months. Hamas says it will only release the remaining hostages in exchange for a lasting ceasefire and an Israeli withdrawal, while Israel has vowed to continue the war until all the captives are returned and Hamas is defeated or disarmed and exiled.
Economic Times
7 minutes ago
- Economic Times
Chennai-based Lalithaa Jewellery Mart files DRHP for Rs 1,700 crore IPO to fuel southern expansion
Lalithaa Jewellery Mart, a Chennai-headquartered jewellery retailer offering gold, silver, and diamond jewellery designed for southern Indian markets, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 1,700 crore through an initial public offering (IPO). ADVERTISEMENT The proposed Rs 1,700 crore IPO comprises a fresh issue of up to Rs 1,200 crore and an offer-for-sale (OFS) of Rs 500 crore by promoter M. Kiran Kumar Jain. The company also plans a reservation for eligible employees with a bidding discount and may undertake a pre-IPO placement of up to 20% of the fresh issue size, which would proportionally reduce the fresh issue. Proceeds from the fresh issue will be primarily deployed towards capital expenditure for setting up new stores in India, amounting to Rs 1,014.50 crore, with the balance allocated for general corporate purposes, the company said in its filing. The issue will follow the book-building process, allocating no more than 50% of the net offer to qualified institutional buyers (QIBs), and reserving at least 15% and 35% for non-institutional investors and retail individual investors, respectively. The company proposes to list its shares on the National Stock Exchange of India and BSE Ltd. Founded in 1985, Lalithaa Jewellery Mart opened its first store in Chennai's T. Nagar, a hub for silk and jewellery retail. The company operates 56 stores across southern India's Tier I, II, and III cities, including 22 in Andhra Pradesh, 20 in Tamil Nadu, seven in Karnataka, six in Telangana, and one in Puducherry, spanning a total operational area of 6,09,408 sq. ft. As of December 31, 2024, 47 of these stores each cover more than 5,000 sq. ft. According to a CRISIL report cited in the DRHP, Lalithaa Jewellery Mart recorded the highest operating revenue per store among key organised jewellery players in India between fiscal years 2022 and 2024. It is also ranked the second fastest growing regional jewellery player based on operating revenue growth during the same period, posting a compound annual growth rate (CAGR) of 43.62%. ADVERTISEMENT The company's jewellery schemes, 'Dhana Vandhanam' and 'Free-yo-Flexi,' have attracted repeat customers, with 420,261 active enrolments as of December 31, 2024. Lalithaa Jewellery Mart runs two manufacturing units in Tamil Nadu, one at Thirumudivakkam, Chennai, and another at Maraimalai, Kanchipuram, the latter through its wholly owned subsidiary Asita Manufacturing Private Limited. From December 2024, operations commenced at the Thirumudivakkam facility. The company employs a total of 563 Karigars across both manufacturing units. ADVERTISEMENT The company also operates one of India's largest jewellery stores in Vijayawada, with a carpet area of 1,00,000 sq. ft., alongside large-format stores in Somajiguda (98,210 sq. ft.) and Vishakhapatnam (65,000 sq. ft.), making them among the largest jewellery retail outlets in the country, according to Lalithaa Jewellery Mart reported a 26.07% increase in restated consolidated revenue from Rs 13,316.80 crore in fiscal 2023 to Rs 16,788.05 crore in fiscal 2024, driven by the rise in store count from 47 to 53, higher gold rates, and increased gold sales. For the nine months ended December 31, 2024, the company posted revenue of Rs 12,594.67 crore and profit after tax of Rs 262.33 crore. ADVERTISEMENT The Indian gems and jewellery retail industry was valued at Rs 6.49 trillion in fiscal 2024 and is expected to grow at a CAGR of 13–14% to reach Rs 12–12.2 trillion by fiscal 2029. South India remains the largest jewellery-consuming region, accounting for 38–43% of the country's overall jewellery Rathi Advisors and Equirus Capital are the book-running lead managers for the issue, while MUFG Intime India serves as registrar. ADVERTISEMENT Also read | IPO calendar: 4 new issues, 1 listing lined up in a busy mid-June week (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
