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Executives at Naturals say that if the Reliance stake talks fall through, they are looking to IPO in 2028.
Naturals, an Indian salon chain, is still 'in talks' with Reliance about a possible?stake-sale, but the discussions have slowed down as both sides are yet to converge on a deal structure. In an interview, Kumaravel stated. Naturals will go public in 2028, if the negotiations with Reliance do not bear fruit. Kumaravel said this on the sidelines of an event organized by Retailers Association of India (RAI) in Mumbai. He said that the talks, which were first announced in 2022, "stalled" after Reliance demanded a 51% share, while Naturals only wanted to sell 49%. This was to maintain control for several more years, before considering a bigger 'divestment. Kumaravel confirmed that Naturals was not in talks with any other investors. Reliance has not responded to a comment request. Naturals, with about 900 salons, is India's biggest organised salon chain, beating out competitors such as Lakme Salon and Geetanjali Salon in a market dominated by unorganised companies. The company reported a gross merchandise value (GMV) of 4.5 billion rupees (49.64 millions dollars) for fiscal 2025, and is expecting this figure to reach 6 billion rupees in the current financial year. This financial year, the company expects to reach 6? According to Ken Research, India's $10.8 billion beauty salon market is growing as younger consumers spend a greater amount on grooming. The?chain will add 100 salons in Pune this year. They are focusing on clusters of locations rather than dispersed ones. Reliance would be able to enter the salon and spa services through Naturals, as Indians are increasingly spending on skincare and makeup.
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Zivame, backed by Reliance, bets India's smaller cities with a fresh store blitz.
Zivame, a lingerie retailer backed by Reliance Industries, plans to open between 60 and 80 franchised stores in the next year. The company is looking to grow its business in 'India's smaller cities. Zivame, founded in 2011, was originally an online-only company. Since then it has expanded to physical stores. It now operates 174 exclusive brand outlets. Reliance Retail acquired a stake of the company in 2021, as part?of its wider push into apparel & innerwear. Zivame's next phase of expansion will be focused on India's Tier-2 and Tier-3 cities, where the demand is "increasingly similar to that of metro markets, as social media adoption accelerates," COO Kiruba Devi told delegates at a Retailers Association of India conference in Mumbai. She declined to provide a regional revenue split, but stated that the company had turned profitable during the last quarter. Without going into detail because the company now operates as a listed entity. Devi stated that the brand is exploring franchise agreements to expand overseas, initially focusing on Southeast Asia. She said that Southeast Asia was the "right place" for us to get involved immediately. Zivame has been in talks with the region and may launch a store by the end of next year. Zivame began as a lingerie aggregator, but has now expanded its product range to include shapewear, activewear, and loungewear. Devi stated that the company also plans to enter into children's clothing, but did not provide any further details. Reporting by Chandini monnappa in Mumbai and Praveen paramasivam; editing by Dhanya skariachan and Sonia cheema
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LME copper falls on stronger US dollar and thin Asia trade
Prices of copper weakened in the thin Asia trade on Monday as a stronger dollar and increased inventories, combined with weaker?demand, pushed down prices. Benchmark copper prices on the LME fell 0.5% to $12,782.50 per metric tonne at 0328 GMT. The London Metal Exchange's Wednesday settlement or rollover for maturing contracts will likely result in low volumes, and potentially volatile movements due to the Chinese Lunar New Year holiday. The dollar held gains for the day, as markets awaited the release on Wednesday of the minutes of the Federal Reserve meeting in January to get clues about the timing of possible rate cuts. Holders of other currencies will find greenback-priced metals more expensive. This could reduce demand and lower prices. On Monday, copper stocks in warehouses approved by the?LME increased from 211.850 to 7.975 tonnes. The highest level since April 2025. The metal stockpiles on the three largest metal exchanges in the world have also surpassed 1 million metric tonnes for the first time since more than 20 years, due to a buildup of inventory in response to a softening demand in China. Meanwhile, the world's top copper producer BHP Group reported a stronger-than-expected half-year underlying profit driven by copper, which, for the ?first time, surpassed iron ore in the top global miner's earnings, ?as prices ?for the metal surged on AI-fuelled demand. Other metals saw a 0.6% drop in zinc prices to $3,269.0 per ton, the lowest price for more than a month. Aluminium fell 0.3% to $3,041.0. This is the fourth consecutive session that aluminium has fallen. Lead fell 0.1% to $1.956, while tin rose by 1.5% to $45,225, and nickel remained at $17.100 per?ton. Tuesday, February 17, DATA/EVENTS 0430 Japan Tertiary?Act NSA Dec UK HMRC Payrolls Jan 0700 Germany ZEW Economic Sentiment Current Conditions Feb (Reporting and Editing by Ishaan Nandy in Bengaluru)
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Exxon's local brand of petrol fined $11.3 Million by Australian court for misleading claims
The Federal Court of Australia fined 'Mobil Oil Australia' A$16m ($11.3m) for misleading claims about fuel sold in petrol stations located in certain parts of Queensland, said the country’s competition regulator on Tuesday. Exxon Mobil owns Mobil Oil Australia, which supplies petroleum, diesel and fuel products to retailers throughout Australia. The Australian Competition and Consumer Commission took the local unit in 2024 to court. They alleged that the company misled customers about the fuel sold at six branded petrol stations located in Queensland. ACCC released a statement on?Tuesday stating that Mobil had falsely claimed in August 2020 to July 2024 that their "Mobil synergy fuel" contained certain additives. The incident occurred at nine Mobil petrol stations located in north and central Queensland, including the towns and suburbs of Aitkenvale and Barcaldine. The regulator said that the fuel sold at the Mobil petrol stations was substantially the same, or similar to unadditised gasoline available at other non Mobil retail sites. ACCC stated that the claims were made by a variety of signage and branding in?the nine fuel stations that promoted Mobil Synergy Fuel. Mick Keogh, ACCC's Deputy Chair, said that it was very likely some people filled up at these stations thinking they were getting a better quality of fuel for their vehicle engine. In a statement, the ACCC said that the firm's "conduct" was a violation of Australian consumer law. Mobil responded to an email from stating that it had taken steps to either not install'specific benefit claims' on bowsers in the relevant sites, or to cover up or remove these claims at sites where Synergy is not used. The company acknowledged that errors had been made. Reporting by Rajasik Mukherjee, Editing by Sumana Naandy.
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Exxon's local brand of petrol fined $11.3 Million by Australian court for misleading claims
The Federal Court of Australia fined Mobil Oil Australia A$16 Million ($11.3 Million) for misleading claims made about fuel sold in petrol stations?in Queensland, said the country's competition regulator on Tuesday. Exxon Mobil owns Mobil Oil Australia, which supplies fuels such as petrol, diesel and other products to retailers in Australia. The Australian Competition and Consumer Commission took the local unit in 2024 to court. They claimed that the company misled its customers regarding fuel sold at six of their branded petrol stations located in Queensland. ACCC stated that Mobil acknowledged on Tuesday it had falsely claimed to consumers between August 2020 and the end of July 2024 that "Mobil synergy fuel" contained certain additives. Nine Mobil petrol station in north and central Queensland were involved. These include the towns and suburbs of Aitkenvale and Barcaldine as well as Biloela and Guthalungra. The regulator said that the fuel sold at the Mobil petrol stations is the same, or substantially the the same, as the fuel available at non-Mobil retail outlets. ACCC stated that the claims were made by a variety of signage and branding in the nine petrol stations which promoted the benefits Mobil Synergy Fuel. Mick Keogh, ACCC's Deputy Chair said: "Petrol is an essential item for many households. There is no other way to know what you are putting into your tank than by relying solely on the signs provided by the retailer." We thought it was very likely that people filled up at these stations because they believed they were getting a better quality of fuel with benefits to their car engines. ACCC added in its statement that the firm's behavior was in violation of Australian consumer law. The regulator stated that Mobil and the ACCC have 'agreed' to jointly submit to the court the proposed orders including penalties. The company did not immediately respond to our request for comment. ($1 = A$1.4152). Reporting by Rajasik Mukherjee, Editing by Sumana Niandy
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Japan's Nikkei slips as SoftBank drags; post-election momentum fades
Japan's Nikkei stock average fell on Tuesday as the post-election euphoria waned and U.S. Presidents' Day'market holiday' left 'investors' with 'few' trading 'cues. As of 1300 GMT, the Nikkei Index was down by 0.6% to 56,451.43, extending its slide for a 4th consecutive session. The Topix index fell 0.4% to 3,771.16. Ryotaro?Sawada is a senior analyst at Tokai Tokyo Intelligence Laboratory. The price movement seems to be primarily driven by technicals and demand-supply. The post-general-election rally from last week, following fiscal dove Prime Minister ?Sanae Takaichi's landslide victory, also appeared to fade, ?he added. SoftBank shares fell 4.6%. They were the largest percentage losers, and the Nikkei index was weighed down by 170 points. Stocks of the technology and investment conglomerate have been fluctuating, with gains and losses in each of the last four sessions. Kawasaki Heavy Industries, a manufacturer of general engineering, lost nearly 4%, while Recruit Holdings - a provider of human resources?services - also suffered. Sumitomo 'Pharma', despite the overall sombre 'trend', turned out to be the biggest percentage gainer, with a 6% increase, just as Japan's Health Ministry is set to review its iPS cell therapy for advanced Parkinson disease. Sojitz shares jumped?5.7% following the announcement that it will increase imports of Australian rare earth elements from Lynas Rare Earths. Sumco, the high-purity maker of silicon, rose nearly 5%.
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Oil prices steady as traders assess supply risks ahead of key US-Iran discussions
Investors assessed the risks of a supply disruption after Iran conducted naval exercises near the Strait of Hormuz, just before nuclear talks with the U.S. that day. Donald Trump, the U.S. President, said on Monday that he will be "indirectly involved" in the Geneva talks. He also stated that he believes Tehran is interested in a deal. Trump stated at the weekend that a regime change in Iran would be "the best thing to happen." Brent crude futures fell 0.2% to $68.59 per barrel at 0106 GMT after a 1.3% rise on Monday. U.S. West Texas Intermediate crude oil was $63.73 a barrel, up 84c or 1.34%. However, the price increase included the entire Monday's movement as the contract had not settled that day because of the U.S. Presidents Day holiday. There are many markets closed for Lunar New Year on Tuesday, including those in mainland China, Hong Kong and Taiwan, South Korea, and Singapore. In a recent research report, Daniel Hynes, a?ANZ analyst, stated that "the market remains unsettling amid ongoing geopolitical uncertainty." The risk premium built into the oil price could quickly unwind if the tensions in the Middle East were to ease or if meaningful progress was made in the Ukraine crisis. Oil prices could be boosted by a negative outcome, or if the situation escalates. Iran started a military exercise on Monday at the Strait of Hormuz. This is a crucial international waterway and oil export path from Gulf Arab countries, who have appealed for diplomacy in order to resolve the dispute. Iran, along with Saudi Arabia, the United Arab Emirates Kuwait and Iraq, export the majority of their crude oil via the strait to Asia. Citi also said that if disruptions in Russian supply continue to keep Brent at $65-$70 per barrel in the coming months, OPEC+ will likely respond by increasing production from spare capacity. Three OPEC+ sources have said that OPEC+ is leaning toward a resumption of oil production increases in April as the group prepares to meet 'peak summer demand, and prices are bolstered due to tensions between U.S. and Iran relations. Citi stated that "it is our base case" that both Iran's and Russia's-Ukraine's deals will happen before or during this summer, contributing to the decline of prices to $60 to $62 per barrel Brent. (Reporting by Anushree Mukherjee in Bengaluru; Editing by Kevin Buckland)
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BHP profits beat forecasts, as copper outperforms iron ore on AI-driven demand
BHP Group reported a stronger-than-expected ?half-year underlying profit driven by copper, which for ?the first time surpassed iron ore in the top global miner's earnings, ?as ?prices for the red metal surged on AI-fuelled demand. BHP's shares jumped 7% to an all-time high, with investors applauding a much stronger-than-expected dividend and the prospect of sizeable payouts ahead, despite falling iron ore prices. The result is impressive as the demand for copper continues to grow, driven by the rapid increase in power consumption for artificial intelligence data centers and the move towards cleaner energy. This is driving competition between mining giants for high quality copper assets. BHP, world's largest copper producer, played down the importance of acquisitions and highlighted its own growth options. Last year, BHP walked away from an offer to purchase Anglo American. Visible Alpha's consensus was $6.03 billion. The underlying profit attributable for the first half rose by 22%, to $6.20 Billion. BHP declared a dividend of 73c per share. This was higher than the market estimate of 63c, and represents a payout of 60%. Andy Forster said, "It was an excellent result," a BHP investor and portfolio manager for Argo Investments. "They exceeded everyone's dividend expectations." BHP's operating profits for the six-month period ending December 31 were $7.95 billion, which is higher than the $7.50 billion earned by iron ore. This represents 51% of BHP's total operating earnings, which were $15.46 billion. This was due to a 32% increase in the realised price of copper and a surge in precious metals prices. Iron ore production in the first half of 2008 was at a record high, and prices rose as well. Inflation is driving up production costs, and the 'push' to concentrate on copper coincides with an?expected ease in iron ore prices as supply increases over the next few years. This week, iron ore prices fell to a low not seen in seven months. Iron ore unit costs increased by 7%, to $19.41 a metric ton during the first half of 2018. Takeovers - No Burning Required BHP's Chief Executive Officer Mike Henry stated on a conference call with media that given the company's organic growth options it did not feel any pressure to pursue acquisitions or mergers in order to grow copper. He said that he had the means to pursue the few discrete opportunities that would fit our very strict criteria, but he didn't feel a burning need to do so. Rio Tinto was negotiating to purchase Glencore. The deal would have been a major one for the global copper industry, but Rio Tinto backed out of the talks earlier this month, citing disagreements over valuation. BHP is pushing to increase its copper production towards the end decade. It raised the lower end of its copper output forecast for this coming year to between 1.9 and 2 million tons in January. This was due to strong operational performance at its copper assets. It announced on Tuesday an 18 billion dollar multi-year plan for developing copper, gold and silver mines in northern Argentina at its Vicuna Corp. joint venture with Canada’s Lundin Mining. The unit is capable of producing more than 500,000 tonnes of copper per year in peak production by the end next decade. Henry stated that "tough negotiation" continued with?China regarding iron ore supplies as CMRG (the state buyer) tries to get better terms for Chinese Steelmakers. He said that he is confident the issues will be solved, but it will take some time. BHP reported that it had experienced a 'price impact' from CMRG’s ban on Jimblebar Fines in its quarterly report for January, but didn't provide any further details in its earnings report. The miner has announced an agreement to stream silver with Wheaton Precious Metals. Wheaton will pay $4.3 billion upfront at the completion of the project, and deliver silver from Antamina's share of production. Henry explained that this payment was part of the $10 billion BHP is aiming to raise through existing assets. This could boost BHP's dividend payout for the entire year.
Thames Water stops bosses' bonus after ministers object
Thames Water, the company at the center of the public outcry against Britain's privatised industry for water, has stopped a bonus program for its executives, after ministers raised objections to the payments.
Debts in the billions have plagued the company, Britain's largest water provider with 16 million customers.
The company secured a loan of 3 billion pounds in February to prevent a financial collapse. Some of the money went to senior managers for bonuses up to 1 million pounds ($1.34million) or 50% of their salary, as part of a retention program.
Steve Reed, the Environment Minister told LBC Radio in London on Wednesday that bonuses are "outrageous". He said he told Thames Water to take "all actions" necessary to stop them.
Thames Water said that it had suspended the program and would await the guidance of the water regulator Ofwat. Ofwat prevented Thames Water from paying bonuses to executives from customer money last year.
A spokesperson for Thames Water stated that the board never intended to oppose the government's desire to reform the water sector.
The board decided to suspend the retention program after recent discussions.
The British government is looking to reform the water industry, which has been criticized by environmental groups and customers for causing damage to Britain's rivers and increasing customer bills while failing to invest. A government-commissioned review will be published in June.
Reed stated that waterways will become cleaner due to a large increase in inspections of sewage pollution over the past nine months, which led to the launch of criminal investigations against water companies.
The new legislation, which was passed in September of last year, aims to strengthen the supervision of water companies. Penalties include imprisonment for managers who obstruct investigations on the contamination of rivers and lakes.
(source: Reuters)