Latest news with #Swiss
Economic Times
20 minutes ago
- Business
- Economic Times
VCs smell a big opportunity as petcare expands beyond food
A surge in pet adoption since the Covid pandemic, coupled with the rapid expansion of petcare services and the rise of quick commerce, is prompting both risk-capital and strategic investors to seek opportunities in the petcare startup space. ADVERTISEMENT On Monday, Swiss multinational Nestlé SA announced a minority investment in Drools, turning the Bengaluru-based pet food brand into a unicorn, or a privately held firm valued at $1 billion or more. Supertails, a digital petcare platform backed by Fireside Ventures, is in talks to raise $24–25 million in a fresh round, people aware of the matter said. Heads Up For Tails, a petcare brand and retail chain backed by Peak XV Partners, is also in discussions for a new round of funding, sources a Gurgaon-based veterinary care startup, recently closed a $26-million funding round led by Bessemer Venture the last five years, petcare startups — which are broadly categorised as either product-driven offerings or services — have raised $198 million in funding across 20 deals, according to data provided by Venture Intelligence. ADVERTISEMENT Petcare startups have raised $198 million 20 deals over five years. 'Investors see this as a very healthy category because on the one side, there is growth and on the other side, it is a pure retention-based category with good margins,' said Vineet Khanna, cofounder of Supertails. ADVERTISEMENT Founded in 2021, Supertails has raised $30 million so far, including $15 million from RPSG Capital Ventures in February 2024. Prior to the Nestlé investment, Drools had raised $60 million from L Catterton in 2023. ADVERTISEMENT India's petcare market, currently valued at $3.5 billion, is expected to reach $7–7.5 billion by 2028, according to a report by Redseer Strategy Consultants. The number of pets in Indian households has grown from 26 million in 2019 to 32 million in 2024, the report noted.'Higher disposable incomes, delayed marriages, and lower fertility rates are contributing to increased demand for companionship (of pets),' Khanna said the industry is growing consistently with strong retention of consumers, 'especially as people spend more across categories.' ADVERTISEMENT Legacy FMCG players and consumer companies have also entered the fray. In August 2023, Godrej Consumer Products committed Rs 500 crore to the category through a joint effort with Godrej Agrovet. Earlier, Nestlé India acquired Purina Petcare India from its global parent for Rs 125.3 crore, and Emami picked up a 30% stake in petcare brand Cannis Lupus Services India. Currently, Mars, the maker of Pedigree and Royal Canin, remains the market leader in pet nutrition in larger players, startups like Heads Up For Tails, Supertails, Goofy Tails, and Just Dogs have built product-led offerings, while Vetic, Petmojo, The Pet Nest, and Happy Pettings are focused on services like vet care, grooming, and product purchases are increasingly made online, especially on platforms like Amazon, Flipkart, and quick commerce services like Blinkit and Zepto.'Ecommerce created the initial demand, but quick commerce is what's taking it to the next level,' said Renu Bisht, founder of brand consultancy Commercify360. 'Now, even in tier-II cities, pet owners can access a wide range of products without visiting niche offline stores.'Non-food categories such as grooming, supplements, toys, and accessories are now growing faster than core pet food, industry experts said.'If food is growing at 18–20% year-on-year, non-food segments like healthcare and accessories are clocking over 25% growth,' Khanna noted. 'Pet parents today are far more aware of their pets' needs.' Prayag Mohanty, principal at Fireside Ventures, said, 'The pandemic was a clear tailwind. People were at home and started looking for companionship. That growth has continued across the category.'
RTÉ News
31 minutes ago
- Business
- RTÉ News
US court blocks Trump's tariffs from going into effect
A US trade court has blocked President Donald Trump's tariffs from going into effect in a sweeping ruling that the president overstepped his authority by imposing across the board duties on imports from nations that sell more to the United States than they buy. The Court of International Trade said the US Constitution gives Congress exclusive authority to regulate commerce with other countries that is not overridden by the president's emergency powers to safeguard the US economy. "The court does not pass upon the wisdom or likely effectiveness of the president's use of tariffs as leverage. That use is impermissible not because it is unwise or ineffective, but because [federal law] does not allow it," a three-judge panel said in the decision. The Trump administration minutes later filed a notice of appeal and questioned the authority of the court. The decisions of the Manhattan-based Court of International Trade, which hears disputes involving international trade and customs laws, can be appealed to the US Court of Appeals for the Federal Circuit in Washington DC and ultimately the US Supreme Court. Mr Trump has made charging US importers tariffs on goods from foreign countries the central policy of his ongoing trade wars, which have severely disrupted global trade flows and roiled financial markets. Companies of all sizes have been impacted by Mr Trump's swift imposition of tariffs and sudden reversals as they seek to manage supply chains, production, staffing and prices. A White House spokesperson said US trade deficits with other countries constituted "a national emergency that has decimated American communities, left our workers behind, and weakened our defence industrial base - facts that the court did not dispute". "It is not for unelected judges to decide how to properly address a national emergency," Kush Desai, the spokesperson, said in a statement. Financial markets welcomed the ruling. The US dollar rallied following the court's order, surging against currencies such as the euro, yen and the Swiss franc in particular. Wall Street futures rose and equities across Asia also rose. The ruling, if it stands, weakens Mr Trump's strategy to use steep tariffs to wring concessions from trading partners, draw manufacturing jobs back to US shores and shrink a $1.2 trillion US goods trade deficit, which were among his key campaign promises. Without the instant leverage provided by the tariffs of 10% to 54% that the president declared under the International Emergency Economic Powers Act (IEEPA) - which is meant to address "unusual and extraordinary" threats during a national emergency - the Trump administration would have to take a slower approach of lengthier trade investigations under other trade laws to back its tariff threats. The ruling came in a pair of lawsuits, one filed by the nonpartisan Liberty Justice Center on behalf of five small US businesses that import goods from countries targeted by the duties and the other by 13 US states. The companies, which range from a New York wine and spirits importer to a Virginia-based maker of educational kits and musical instruments, have said the tariffs will hurt their ability to do business. "There is no question here of narrowly tailored relief; if the challenged tariff orders are unlawful as to plaintiffs they are unlawful as to all," the trade court wrote in its decision. At least five other legal challenges to the tariffs are pending. Oregon Attorney General Dan Rayfield, a Democrat whose office is leading the states' lawsuit, called Mr Trump's tariffs unlawful, reckless and economically devastating. "This ruling reaffirms that our laws matter and that trade decisions can't be made on the president's whim," Mr Rayfield said in a statement. Mr Trump has claimed broad authority to set tariffs under IEEPA. The law has historically been used to impose sanctions on enemies of the US or freeze their assets. Mr Trump is the first US president to use it to impose tariffs. The Justice Department has said the lawsuits should be dismissed because the plaintiffs have not been harmed by tariffs that they have not yet paid and because only Congress, not private businesses, can challenge a national emergency declared by the president under IEEPA. In imposing the tariffs in early April, Mr Trump called the trade deficit a national emergency that justified his 10% across the board tariff on all imports, with higher rates for countries with which the United States has the largest trade deficits, particularly China. Many of those country-specific tariffs were paused a week later. while working on a longer term trade deal.
New Straits Times
an hour ago
- Business
- New Straits Times
Dollar surges after US court blocks Trump's tariffs
SINGAPORE: The US dollar rallied on Thursday in knee-jerk reaction to a court blocking President Donald Trump from imposing his import tariffs on other countries, providing some relief for the currency that has struggled this year due to trade uncertainty. The Manhattan-based Court of International Trade said the US Constitution gives Congress exclusive authority to regulate commerce with other countries that is not overridden by the president's emergency powers to safeguard the US economy. In response, the Trump administration filed an appeal within minutes. "It's almost impossible to know if the tariffs will be completely unwound by this. But in the hypothetical situation that they are, it's natural to see dollar appreciation," said Yunosuke Ikeda, head of macro research at Nomura in Tokyo. "Trump's tariffs will lead to stagflation pressure on the US economy, so reversing those tariffs would be a positive for the dollar." US assets including the dollar, equities and longer-dated Treasury bonds have witnessed sharp declines in recent months as investors reassessed historic assumptions around the strength and outperformance of US markets as Trump's erratic trade and tax policies sap confidence and spur inflation. On Thursday, the dollar reversed some of those moves and rose 0.72 per cent against the yen to 145.86 and 0.63 per cent against the Swiss franc to 0.8326. The euro slid 0.42 per cent to US$1.1245 and sterling fell 0.30 per cent to US$1.3432. That left the dollar index , which measures the US currency against six major peers, back above 100 for the first time in a week. The index, though, is down 8 per cent this year and analysts remain sceptical of a sustained dollar rally and expect a long court battle over tariffs. "There's an initial reaction of a stronger dollar and weaker yen. However, considering judicial processes like appeals, I don't expect a continuous rise in the dollar," said Hirofumi Suzuki, chief FX strategist at SMBC. The greenback has weakened about 2 per cent against the Japanese yen, nearly 6 per cent against the Swiss franc and 4 per cent against the euro since Trump slapped harsh levies on global economies on April 2, while the broader dollar index has fallen more than 3 per cent. "The markets are buying back the dollar on the news, rather than selling the yen," said Tohru Sasaki, chief strategist at Fukuoka Financial Group. "But if the dollar continued to rise to above 148 yen, speculative short yen positions may be forced to unwind, causing the dollar-yen pair to rise even more," he said. US stock futures and Asian bourses jumped on a risk-on rally. Traders also cut their expectations for interest rate cuts by the Federal Reserve to 42 basis points of easing compared to 50 basis points earlier in the week, LSEG data showed. Investor focus this month has been on the bond market, with lacklustre demand for longer-dated debt globally drawing attention to worsening government deficits. Traders are also watching progress of a budget and spending bill in the US Congress that is expected to add trillions of dollars of debt. But sentiment about the US economy has improved after Trump delayed on the weekend a plan to impose 50 per cent tariffs on European Union imports and investors are on the lookout for any signs of improving relations between the United States and its trade partners.
Business Recorder
an hour ago
- Climate
- Business Recorder
Mud and rock bury Swiss village after glacier collapse, one person missing
GENEVA: A huge chunk of a glacier in the Swiss Alps broke off on Wednesday, causing a deluge of ice, mud and rock that buried most of a mountain village that had been evacuated due to the risk of a rockslide, authorities said. One person is currently missing, officials said. Drone footage broadcast by Swiss national broadcaster SRF showed a vast plain of mud and soil completely covering part of the southwestern village of Blatten, the river running through it and the wooded sides of the surrounding valley. 'We've lost our village,' Matthias Bellwald, the mayor of Blatten told a press conference after the slide. 'The village is under rubble. We will rebuild.' Stephane Ganzer, an official in the canton of Valais where Blatten is located, told Swiss media that about 90% of the village was covered by the landslide. 'An unbelievable amount of material thundered down into the valley,' said Matthias Ebener, a spokesperson for local authorities. One person was missing, Ebener said. Officials gave no further details on the person during the press conference. Officials said millions of cubic metres of rock and soil have tumbled down since Blatten was first evacuated this month when part of the mountain behind the glacier began to crumble, sparking warnings it could bring the ice mass down with it. A video shared widely on social media showed the dramatic moment when the glacier partially collapsed, creating a huge cloud that covered part of the mountain as rock and debris came cascading down towards the village. Experts consulted by Reuters said it was difficult to assess the extent to which rising temperatures spurred by climate change had triggered the collapse because of the role the crumbling mountainside had played. Christian Huggel, a professor of environment and climate at the University of Zurich, said while various factors were at play in Blatten, it was known that local permafrost had been affected by warmer temperatures in the Alps. The loss of permafrost can negatively affect the stability of the mountain rock which is why climate change had likely played a part in the deluge, Huggel said. The extent of the damage to Blatten had no precedent in the Swiss Alps in the current or previous century, he added. The rubble of shattered wooden buildings could be seen on the flanks of the huge mass of earth in the drone footage. At least four killed and 17 trapped in China landslides: state media Buildings and infrastructure in Blatten, whose roughly 300 inhabitants were evacuated on May 19 after geologists identified the risk of an imminent avalanche of rock and ice from above, were battered by the rockslide, officials said. SRF said houses were destroyed in the village nestled in the Loetschental valley in southern Switzerland. Swiss President Karin Keller-Sutter expressed her solidarity with the local population as emergency services warned people the area was hazardous and urged them to stay away, closing off the main road into the valley. 'It's terrible to lose your home,' Keller-Sutter said on X.
Business Recorder
an hour ago
- Business
- Business Recorder
US court blocks Trump's tariffs, says president exceeded his authority
NEW YORK: A US trade court on Wednesday blocked President Donald Trump's tariffs from going into effect in a sweeping ruling that the president overstepped his authority by imposing across-the-board duties on imports from nations that sell more to the United States than they buy. The Court of International Trade said the U.S. Constitution gives Congress exclusive authority to regulate commerce with other countries that is not overridden by the president's emergency powers to safeguard the U.S. economy. 'The court does not pass upon the wisdom or likely effectiveness of the President's use of tariffs as leverage. That use is impermissible not because it is unwise or ineffective, but because [federal law] does not allow it,' a three-judge panel said in the decision. The Trump administration minutes later filed a notice of appeal and questioned the authority of the court. The decisions of the Manhattan-based Court of International Trade, which hears disputes involving international trade and customs laws, can be appealed to the U.S. Court of Appeals for the Federal Circuit in Washington, D.C., and ultimately the U.S. Supreme Court. Trump has made charging U.S. importers tariffs on goods from foreign countries the central policy of his ongoing trade wars, which have severely disrupted global trade flows and roiled financial markets. Companies of all sizes have been whipsawed by Trump's swift imposition of tariffs and sudden reversals as they seek to manage supply chains, production, staffing and prices. A White House spokesperson on Wednesday said U.S. trade deficits with other countries constituted 'a national emergency that has decimated American communities, left our workers behind, and weakened our defense industrial base – facts that the court did not dispute.' 'It is not for unelected judges to decide how to properly address a national emergency,' Kush Desai, the spokesperson, said in a statement. Financial markets cheered the ruling. The U.S. dollar rallied following the court's order, surging against currencies such as the euro, yen and the Swiss franc in particular. Wall Street futures rose and equities across Asia also rose. The ruling, if it stands, blows a giant hole through Trump's strategy to use steep tariffs to wring concessions from trading partners, draw manufacturing jobs back to U.S. shores and shrink a $1.2 trillion U.S. goods trade deficit, which were among his key campaign promises. Without the instant leverage provided by the tariffs of 10% to 54% that Trump declared under the International Emergency Economic Powers Act (IEEPA) – which is meant to address 'unusual and extraordinary' threats during a national emergency – the Trump administration would have to take a slower approach of lengthier trade investigations under other trade laws to back its tariff threats. The ruling came in a pair of lawsuits, one filed by the nonpartisan Liberty Justice Center on behalf of five small U.S. businesses that import goods from countries targeted by the duties and the other by 13 U.S. states. The companies, which range from a New York wine and spirits importer to a Virginia-based maker of educational kits and musical instruments, have said the tariffs will hurt their ability to do business. 'There is no question here of narrowly tailored relief; if the challenged Tariff Orders are unlawful as to Plaintiffs they are unlawful as to all,' the trade court wrote in its decision. At least five other legal challenges to the tariffs are pending. Oregon Attorney General Dan Rayfield, a Democrat whose office is leading the states' lawsuit, called Trump's tariffs unlawful, reckless and economically devastating. 'This ruling reaffirms that our laws matter, and that trade decisions can't be made on the president's whim,' Rayfield said in a statement. Trump has claimed broad authority to set tariffs under IEEPA. The law has historically been used to impose sanctions on enemies of the U.S. or freeze their assets. Trump is the first U.S. president to use it to impose tariffs. Trump's new tariffs take effect, with 104% on Chinese goods The Justice Department has said the lawsuits should be dismissed because the plaintiffs have not been harmed by tariffs that they have not yet paid, and because only Congress, not private businesses, can challenge a national emergency declared by the president under IEEPA. In imposing the tariffs in early April, Trump called the trade deficit a national emergency that justified his 10% across-the-board tariff on all imports, with higher rates for countries with which the United States has the largest trade deficits, particularly China. Many of those country-specific tariffs were paused a week later. The Trump administration on May 12 said it was also temporarily reducing the steepest tariffs on China while working on a longer-term trade deal. Both countries agreed to cut tariffs on each other for at least 90 days.
