Indian Jewellers Accelerate Global Rollout From Dallas to Doha
Please log in to ensure you can read our agenda-setting intelligence, analysis and advice. Or get in touch at support@businessoffashion.com if you experience difficulties.
A few years ago, 125-year-old Vummidi Bangaru Jewellers (VBJ) started doing roadshows across the US, prioritising cities with high concentrations of Indian Americans. The jeweller that once made an elaborate gold sceptre for former prime minister Jawaharlal Nehru to symbolise the transfer of power from the British to India now does around 30 sleek events annually for clients in cities like Chicago, Dallas and Atlanta.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
27 minutes ago
- Yahoo
US-China trade talks to resume for a second day
By Kate Holton and Alistair Smout LONDON (Reuters) -Top U.S. and Chinese officials will resume trade talks for a second day in London on Tuesday, hoping to secure a breakthrough over export controls for goods such as rare earths that have threatened a global supply chain shock and slower economic growth. Investors are hoping that the two superpowers can improve ties after the relief sparked by a preliminary trade deal agreed in Geneva last month gave way to fresh doubts after Washington accused Beijing of blocking exports that are critical to sectors including autos, aerospace, semiconductors and defence. The talks come at a crucial time for both economies, with customs data showing that China's exports to the U.S. plunged 34.5% in May, the sharpest drop since February 2020, when the outbreak of the COVID-19 pandemic upended global trade. While the impact on U.S. inflation and the jobs market has so far been muted, the dollar remains under pressure from U.S. policymaking. The two sides met at the ornate Lancaster House in the British capital on Monday to discuss disagreements around the Geneva deal, and are due to resume talks early on Tuesday before both sides are expected to issue updates. The U.S. side is led by U.S. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer, while the Chinese contingent is helmed by Vice Premier He Lifeng. The inclusion of Lutnick, whose agency oversees export controls for the U.S., is one indication of how central rare earths have become. China holds a near-monopoly on rare earth magnets, a crucial component in electric vehicle motors. Lutnick did not attend the Geneva talks at which the countries struck a 90-day deal to roll back some of the triple-digit tariffs they had placed on each other. Trump's often erratic policymaking on tariffs has roiled global markets, sparked congestion and confusion in major ports, and cost companies tens of billions of dollars in lost sales and higher costs. The second round of meetings between the two sides comes four days after Trump and Xi spoke by phone, their first direct interaction since Trump's January 20 inauguration. Following the call Trump said Xi had agreed to resume shipments to the U.S. of rare earths minerals and magnets, and Reuters reported that China has granted temporary export licenses to rare-earth suppliers of the top three U.S. automakers. But tensions remain high over the export controls, after factories around the world started to fret that they would not have enough of the materials they need to keep operating. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
an hour ago
- Yahoo
Creditors table £17bn plan for Thames Water but call for regulatory leniency
A group of Thames Water lenders have put forward plans for a multibillion-pound rescue deal of the troubled supplier that would see them pump in new cash but ask for leniency in how it is regulated. Creditors including US and UK investment firms – such as Aberdeen, Elliott Management and BlackRock – have submitted a plan to regulator Ofwat to overhaul £17 billion of Thames Water's debts, including investing another £3 billion in new equity and a further £2 billion of funding. It would also involve writing off 'several billion' pounds' worth of debt and a 'complete loss for existing shareholders' in what they claim would be the 'largest financial loss suffered by investors on an infrastructure asset in British history'. Under the proposals submitted to Ofwat, customer bills would not increase by more than the regulator has already approved over the next five years. But the creditors are asking for leniency on performance targets and compliance, and warned that without a 'regulatory reset' Thames Water's 'pollutions, asset health deterioration, and customer service levels are likely to worsen'. They are holding intensive talks with Ofwat in the hope of securing approval for their deal in early July. The plans come after US private equity giant KKR last week pulled out of a rescue deal to inject much-needed cash into Britain's biggest water supplier, which has 16 million customers and is sinking under £19 billion of debt. It threw the future of Thames Water into doubt once more and raised the threat of temporary nationalisation by the Government if a deal cannot be agreed. A spokesperson for the creditors said their turnaround plan was 'designed to fix the root causes of Thames Water's problems, restore its balance sheet, rebuild customer trust, and provide the financial investment and operational capabilities to fix the fundamentals of the business once and for all'. They added: 'The plan seeks to break from the patterns of the past by delivering customers' priorities and improved outcomes for the environment in the shortest possible timeframe. 'The creditors include some of the largest investors in UK water companies, as well as UK and global infrastructure more broadly, with a proven track record of corporate turnarounds and long-term stewardship. 'These investors have the funding and experience required to deliver a transformation of the company's performance which is intended to mark a departure from past failings, creating a 'new' Thames Water that works effectively alongside Government, regulators, and customers to deliver for the environment and economic growth.' The creditors are the bondholders who effectively own Thames Water after the High Court earlier this year approved a financial restructuring through a loan of up to £3 billion to ensure it can keep running until the summer of 2026. Other investment and pension firms in the group include Apollo Global Management, M&G and Silver Point Capital. As part of their plans, the creditors would appoint a new board at Thames Water to run the utility. They would commit to spending £20.5 billion over the next five years, as agreed under the current five-year plan with Ofwat. But they are calling for a 'pragmatic approach' to regulation – including 're-basing incentives and performance targets – and 'realistic levels of compliance'. 'Without the regulatory support requested, the creditors believe that customers will remain exposed to the risk of a continued 'doom loop' of underperformance and non-compliance,' according to the creditors. 'A clean slate that would see Thames Water and investors held to account to deliver an ambitious trajectory for the company's return to compliance,' they added. A spokeswoman for Ofwat said the regulator had been 'engaging regularly' with Thames over the funding plans. 'We have commenced a thorough review of the submission from the group of senior creditors,' Ofwat said. 'The submission includes their turnaround plans, approach to financial resilience and proposals for governance. 'Our focus is on assessing whether the plans are realistic, deliverable and will bring substantial benefits for customers and the environment.' Liberal Democrat MP Charlie Maynard, who has previously appealed against a £3 billion rescue deal for the utility, said: 'What will it take for the Government and the regulator to put a stop to this horror show Thames Water customers are forced to suffer through and pay for? 'Having created a mountain of debt, all at customers' expense, this latest plan for Thames Water would let them continue to pollute with impunity.' He said his party's plan would be to put Thames Water into special administration and then have it become mutually owned by its customers. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Britain will lead the world in new nuclear golden age
Whatever your political stripe, it is clear that energy security is a crucial responsibility for any government. Today's announcements by this Government – that we are embarking on the biggest expansion of new nuclear power in over half a century – speak to that central imperative. Russia's invasion of Ukraine and the cost of living crisis that followed for both families and businesses, showed how vulnerable we are as a country because of our dependence on fossil fuels. This challenge of energy security and the demands of the climate crisis mean that it is in our interests to shift as fast as possible to clean, homegrown power. The demand for that power is expected to at least double by 2050. That's why we need all the clean, homegrown sources that we can get to meet the demands we face. New nuclear is a crucial source of firm, baseload power. Sixteen years ago, when I was the Energy Secretary, I identified eight potential sites for new nuclear, one of which was Sizewell. When we left government in 2010, I assumed that one of my coalition or Conservative successors would get the project over the line – but they didn't. It has taken until 2025 for a government to allocate the funding required to make the project happen. Today, we are setting aside £14.2bn to fund Sizewell C – so we can power the equivalent of around 6m homes with clean, homegrown energy that we control. Sizewell C will support around 10,000 jobs at peak construction and support thousands more nationwide, as well as creating 1,500 apprenticeships. The company has already signed £330m in contracts with local companies and will boost supply chains across the UK with 70pc of contracts predicted to go to 3,500 British suppliers. Good industrial jobs from Sheffield to Derby, Scotland to South East England, paid at high wages. To progress the plant, we are securing a funding model that fairly spreads upfront costs between industry, government, and consumers. We are also backing a new form of nuclear technology in the UK – small modular reactors (SMR). These offer a huge industrial and jobs opportunity for our country and could help fuel heavy industry and data centres across Britain. We will announce the outcome of the small modular reactor competition imminently – helping us to get ahead in the global race to lead in this new technology, with an ambition to deploy one of the first SMR fleets in Europe. The Government is also looking to provide a pathway for advanced nuclear technologies to be deployed in the UK. Taken together this represents a new golden age for nuclear – the biggest building programme in a generation. Once SMRs and Sizewell C come online this, along with Hinkley Point C, will deliver more new nuclear to grid than over the previous half century combined. As we drive forward on nuclear, we are determined to lead the world in the technologies of the future. We are ramping up spending on nuclear fusion research – with over £2.5bn of funding this parliament, including helping progress a fusion power station on the site of a former coal-fired power plant at West Burton. We are choosing to go big on nuclear, as part of our Plan for Change to invest in Britain's future, rather than accept the decline of recent times. This is what the Chancellor's Spending Review is all about: renewing the country with investments and projects that will produce jobs, prosperity and put more money in working people's pockets. For too long, Britain has not made the investments we need in energy and other critical national infrastructure. That is where this Government, led by the decisions of the Prime Minister and Chancellor, is different. We are choosing to double down on Britain's strengths and invest in the future – boosting our energy security, creating good jobs, unlocking new export opportunities and driving growth. There is another crucial thing this drive for new nuclear does – it supports our energy security and protects our home for the future by shifting away from reliance on fossil fuels. I believe it is a cherished value of many Telegraph readers to protect the things we treasure from generation to generation. Our countryside and way of life face a grave threat from the climate crisis. Clean power is about investing in future generations, with jobs and opportunities. It also gives us the chance to leave a safer, more prosperous legacy for future generations. That's why our drive to new nuclear is the right thing for today and for the future of our country. Ed Miliband is the Secretary of State for Energy and Climate Change Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
