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Ambanis set to acquire minority stake in Hundred’s Oval Invincibles
Jan 31, 2025
THE OWNERS of the Indian Premier League (IPL) team Mumbai Indians have reportedly secured a deal to acquire a 49 per cent stake in Oval Invincibles, a franchise in England’s Hundred competition.
Reports on Thursday stated that Reliance Industries Limited (RIL), which owns Mumbai Indians, emerged as the successful bidder.
All eight city-based teams in the Hundred, each with a men’s and women’s side, are expected to be paired with preferred investors over the next week.
The England and Wales Cricket Board (ECB) aims to attract private investment to remain competitive in the global market and secure top international players.
According to ESPNCricinfo, RIL won a virtual auction for the minority stake, valued at around £60 million. The company will now enter an exclusivity period to negotiate terms with county club Surrey and the ECB.
Oval Invincibles, based at the Oval in London, are the reigning champions in the men’s Hundred competition.
Mumbai Indians are considered one of the most influential franchises in the IPL. Mukesh Ambani, chairman and managing director of RIL, is among India’s leading business figures.
Surrey chairman Oli Slipper had previously assured club members that Surrey "must and will retain the controlling stake" in the Invincibles.
The ECB has not commented on the deal and is expected to announce the results of all eight tenders once the process concludes in the coming days.
The Hundred has drawn criticism from some English county cricket supporters who argue that the tournament takes key players away from their teams during the domestic season.
However, the ECB has stated that proceeds from selling stakes in the eight franchises will help fund the 18 county clubs.
(With inputs from AFP)
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Lupa Foods CEO hails royal warrant as a mark of trust
Jan 31, 2025
THE Asian CEO of a UK-based food company with a royal warrant described the accolade as a “great sign of confidence” in its values.
Lupa Foods first received the royal warrant from Queen Elizabeth in 2001.
Originally known as Donatantonio, Lupa Foods started as a delicatessen shop in Clerkenwell, London, importing and selling ingredients from Italy.
CEO Manish Mandavia told Eastern Eye, “The royal warrant from King Charles is a great sign of confidence, recognising our company as a trusted supplier to the royal household.” With a history of 120 years, Lupa Foods now sources ingredients from more than 10 countries, including Italy, Egypt, Mexico and the Netherlands, serving approximately 150 UK customers with a diverse product range.
Mandavia said, “We’ve earned this recognition through our commitment to high-quality products, exceptional service, and strong environmental and social governance policies.
“As a company, we are at the forefront of sustainable practices, reducing plastic packaging, prioritising staff welfare, and considering our broader environmental and social impact.”
Companies granted the royal warrant – valid for up to five years – are recognised for suppling goods or services to the monarchy. Warrant holders are permitted to display the coat of arms of the associated royal on their packaging, advertising, or stationery.
Mandavia joined Lupa Foods in 2008 as finance director, tasked with driving business growth. He explained that the company specialises in sourcing high-quality ingredients from around the world for delivery in the UK.
“Despite challenges from Brexit, which significantly increased import regulations and costs, we persevered. In 2018, we purchased Compleat Food Network, a strategic move that doubled our turnover from £20 million to £40m. To streamline operations, I made crucial changes – outsourcing our warehouse and delivery fleet to third-party logistics providers, allowing us to focus on our core expertise of sourcing Mediterranean ingredients,” said Mandavia, describing the changes he brought into the business.
“We expanded our ingredient sourcing globally, moving beyond our Italian heritage to include suppliers from Spain, Holland, Germany, Poland, Egypt, Portugal and Mexico.
“This global approach transformed our business model, enabling us to offer a more diverse and comprehensive range of ingredients to our customers.”
In January, Lupa Foods was acquired by Geia Food, a Nordic food group with a combined annual turnover of £370m. The deal marked a transition in ownership for Lupa Foods, moving from being part of the ProVen VCT, owned by Beringea, to joining Geia Food, owned by PE firm Triton Partners.
Mandavia said he is very ‘excited’ about the acquisition.
“This is a chance to scale our operations and enhance our value proposition while continuing to deliver the tailored, highquality service our customers have come to expect. Together with Geia Food, we are ready to lead the way in providing innovative and sustainable food solutions for the UK market,” he said.
“The transaction promises increased funding for strategic growth, enabling Luca Foods to acquire complementary companies in food ingredients and manufacturing. By transitioning from a finance-owned to a food-company-owned structure, the business aims to leverage shared supplier networks and launch new product categories in the UK market.”
Mandavia is a chartered accountant who began his career in E&Y. The Asian boss, who became the CEO of Lupa Foods in 2023, describes his leadership style as collaborative, prioritising staff empowerment through minimal micromanagement.
“My approach gives employees the freedom to make their own decisions and provides them with the space to perform. I like to maintain regular communication and receive updates, but largely, I believe in letting my team do their jobs effectively, intervening only when necessary to stay informed about their progress,” he said.
This philosophy helped create a diverse workplace, with employees from various backgrounds including Indian, Pakistani, Ghanaian, and Italian heritage, he said.
As a B2B company serving around 150 customers, Lupa Foods continues to adapt to changing business landscapes, he said.
On advice for aspiring Asian business leaders, the CEO said described the UK as a fantastic country, and said it operates as a meritocracy.
“Here, you’re judged on your ability and the person you are, rather than the colour of your skin or background. Make sure you work hard, stay focused on achieving results, and you’ll succeed. This is a wonderful place for people of colour to thrive.”
Mandavia said the company is focusing on sourcing ingredients from more diverse countries and categories.
Bobby Bawaw
“For instance, we’re looking at India as a potential source. If necessary, we may send someone on the ground to act as an agent or local market expert. Besides India, we’re also considering China and potentially South America as part of our sourcing plans,” he said.
Lupa Foods, which falls into the small to medium enterprise category, outsources several functions, such as HR, IT, logistics, and warehousing, which allows it to focus on sourcing high-quality ingredients and providing service to customers.
Another Asian-led company which received the royal warrant was Foodspeed. It has been serving the royal household for over 15 years and previously held a royal warrant from Queen Elizabeth since 2012.
Bobby Bawa, CEO of Foodspeed, expressed pride and honour in receiving the recognition. Foodspeed is a major supplier to the hotel, restaurant, and catering industry in London, providing milk, dairy products, and ingredients to over 500 clients.
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Labour announces pension reforms to rewire economy
Jan 30, 2025
PRIME MINISTER Sir Keir Starmer and chancellor Rachel Reeves met business leaders on Tuesday (28) to announce pension sector reforms that they hope will boost economic growth and investment.
Starmer and Reeves held the meeting in London’s finance centre with leading chief executives including Lloyds Banking Group’s Charlie Nunn, BT’s Allison Kirkby, Tesco’s Ken Murphy and BAE Systems’ Charles Woodburn, the government said.
At the meeting, Starmer and Reeves announced plans to release and reinvest corporate pension surpluses worth over £100 billion.
“To achieve the change our country needs requires nothing short of rewiring the economy,” Starmer said in a statement before the meeting. “It needs creative reform, the removal of hurdles, and unrelenting focus.”
The meeting came before the chancellor’s major speech on Wednesday (29), where she was set to outline plans to revive Britain’s stagnant economy.
That speech was likely to be closely watched after a rise in global borrowing costs earlier this month demonstrated how tight Britain’s public finances are. This led to speculation that Reeves may need to cut spending or raise taxes to keep to her self-imposed rules that limit borrowing.
Reeves and Starmer promised voters ahead of last July’s election that they would turn Britain into the fastest-growing Group of Seven economy.
But since Labour took power, the economy has lost momentum with many employers blaming Reeves’ first budget plan which included an increase in the tax burden on businesses.
The new plan will allow the pension surpluses to be reinvested back into companies or used to provide better employee benefits, rather than kept in safer but lower-return assets such as government bonds.
Downing Street said about 75 per cent of corporate defined-benefit pension schemes are in surplus, worth £160bn, but restrictions have meant that businesses have struggled to invest them.
A report by industry body Pensions and Lifetime Saving Association last year broadly supported more surplus sharing, but said surpluses could change based on market fluctuations.
In an interview last Thursday (23), the chancellor told Reuters she will announce changes if necessary in March to meet her fiscal rules, but added that it was important not to “jump the gun” with two months still to go.
“We’ve asked the independent Office of Budget Responsibility to do a forecast that will be published on March 26 and at that point, I’ll be setting out any changes that are necessary,” Reeves said in an interview on the sidelines of the World Economic Forum’s annual meeting in Davos, Switzerland. “I don’t think we should jump the gun. (There’s) another two months before the OBR produce their forecast.”
Media reports have previously said Reeves is more likely to cut spending rather than raise taxes after a sharp increase in social security contributions paid by employers, which she announced last year and is due to start in April.
Earlier this month, a sharp sell-off in British government bonds, driven to a large degree by shifts in US interest rate expectations ahead of the inauguration of president Donald Trump, forced Reeves to say she would act to meet her fiscal rules if needed.
Market borrowing costs have fallen back in the last week and as of last Thursday, British gilts were the third best-performing bonds among the Group of Seven countries this year.
“Just looking at what’s happened year to date, we’re in line with our peers to just look at bond yields,” Reeves said. On the spike in yields earlier in the month, Reeves said: “It’s not a UK phenomenon. It’s not a targeting of the UK.”
Since her October 30 budget that raised borrowing and increased tax on employers to restore public services and investment, economic data has largely turned against Reeves, adding to the likelihood that she will need to do more to meet her rules.
These include balancing day-to-day spending with revenues by the end of the decade and for public sector net financial liabilities to fall as a proportion of gross domestic product. “We are taking out those barriers that have stopped businesses investing and growing in Britain,” Reeves said. “I am confident that we can get those growth numbers up.”
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Government backs Heathrow’s third runway for economic growth
Jan 29, 2025
THE GOVERNMENT has announced its support for a third runway at Heathrow Airport, with chancellor Rachel Reeves stating that the expansion would drive economic growth while aligning with climate commitments.
"I can confirm today that this government supports a third runway at Heathrow and is inviting proposals to be brought forward by the summer," Reeves said in a speech, adding that the project "would unlock growth."
Prime minister Keir Starmer has made infrastructure projects a key part of his economic agenda since taking office in July. Writing in The Times on Wednesday, he said the government would "kick down the barriers to building, clear out the regulatory weeds and allow a new era of British growth to bloom."
Heathrow, which handled a record number of passengers last year, welcomed the decision. "A third runway and the infrastructure that comes with it would unlock billions of pounds of private money to stimulate the UK supply chain during construction," Heathrow CEO Thomas Woldbye said.
The expansion plan has faced legal and environmental challenges. In 2020, the Supreme Court overturned a ruling that had blocked construction on environmental grounds, clearing the way for Heathrow to proceed.
The project was initially expected to begin in 2022 under the previous Conservative government but faced delays due to regulatory hurdles and the impact of the Covid-19 pandemic.
The estimated cost of building the runway was £14 billion a decade ago, but the figure is now expected to be significantly higher due to inflation.
Reeves, speaking in Oxfordshire, said, "We will work with the private sector to deliver the infrastructure that our country desperately needs."
She also announced plans for a Growth Corridor between Oxford and Cambridge, aimed at improving transport links and housing.
The government estimates that the initiative could boost the UK economy by up to £78 billion by 2035.
Climate concerns
Reeves stated that the third runway would be developed "in line with our legal, environmental and climate objectives."
Energy secretary Ed Miliband, who has previously opposed Heathrow’s expansion over environmental concerns, said any new runway must align with the UK's goal of achieving net zero carbon emissions by 2050.
Bob Ward, a researcher at the London School of Economics, welcomed the government's focus on economic growth and net zero. However, he cautioned that the project "should not proceed until the government shows exactly how it will be compatible with the UK's carbon budgets and net zero target."
The government is also expected to support expansion plans at Gatwick and Luton airports, having already approved upgrades at Stansted and London City airports.
The UK economy has remained stagnant since Labour's landslide election victory in July. Some opposition lawmakers and analysts have linked the slow growth to Reeves’ decision in her first budget to raise business taxes.
(With inputs from AFP)
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After Uber, Ola also refutes claims of charging Apple users more than Android users
Jan 25, 2025
INDIAN ride-hailing company Ola has denied claims that it charges users differently based on their phone models. The statement comes a day after its competitor Uber also dismissed similar allegations.
The Central Consumer Protection Authority (CCPA), acting on directives from consumer affairs minister Pralhad Joshi, had issued notices to Ola and Uber following media reports and complaints.
The reports alleged that users with Apple devices were charged higher fares for the same rides compared to those using Android devices.
"We have a homogenous pricing structure for all our customers and do not differentiate based on the operating system of the user's cellphone for identical rides," an Ola spokesperson said.
Ola stated it has clarified the matter with the CCPA and is working to address any misunderstandings.
"We have clarified the same to the Central Consumer Protection Authority (CCPA) today, and we will work with them to clear any misunderstanding in this regard," the spokesperson added.
Uber also denied the allegations earlier, while Apple and Google have not yet responded to Reuters' requests for comments.
(With inputs from Reuters)
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