A START-UP, co-founded by a British Indian, aims to deploy driverless vans this year to deliver food from two of the UK’s best-known retailers.
Wayve has plans to run the service in London under tests with Ocado and Asda with which the autonomous vehicle firm has signed deals.
It has recently raised £147m to scale up its technology to use artificial intelligence in logistics.
The start-up which counts Virgin Group founder Sir Richard Branson, Eclipse Ventures and Balderton Capital among its investors, has so far received the backing worth £190.28m.
It had announced its partnership and a $14m (£10.33m) investment from Ocado Group in October last year.
“Wayve’s technology will be used in an autonomous delivery trial in London commencing in 2022. Wayve is also working with one other big UK grocer, Asda,” it had said.
With a fleet of autonomous Jaguar I-Pace vehicles, Wayve plans to expand beyond London as it has tested its technology in five other cities in the UK.
Artificial intelligence expert Amar Shah founded the company alongside Alex Kendall in London in 2017. Shah led the firm as its CEO till 2020.
Wayve is in the same space as Google spin-off Waymo. But the key difference is that Waymo is dependent on “lidar” sensors and detailed mapping while Wayve’s technology relies on cameras.
“The approaches today, mostly by the trillion-dollar technology organisations you see in North America, revolve around an approach that is based on high definition maps, hand-coded rules, and complex sensor systems that tell the car how to drive," Kendall told The Times.
“We've put together a system that learns how to drive with data. [It] can generalise to a new city it’s never seen before. That was a real eye-opening moment and an industry first.”
Wayve has bigger plans for the future - it wants to use its technology in passenger vehicles.
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Shoplifting surge costs retailers record £2.2bn
Feb 01, 2025
SHOPLIFTING across the UK has spiked in recent months costing stores a record £2.2 billion ($2.7bn) in losses, a leading retail organisation warned.
"Retail crime is spiralling out of control," the British Retail Consortium said in its latest annual report, adding that thieves were also becoming more violent towards staff.
Cases of "retail violence and abuse increased over 50 per cent to more than 2,000 incidents a day".
In the 12 months to September 1, 2024, a total of 45,000 cases involving violence or abuse were recorded in UK stores, out of which 25,000 involved weapons.
"Shopworkers are often in a vulnerable situation, facing intimidation from someone potentially carrying a weapon and possibly under the influence of alcohol or drugs," the report said.
Chris Brook-Carter, head of the Retail Trust, said that "almost half of the retail workers we've surveyed told us they currently fear for their safety."
"Nearly two thirds are stressed and anxious going to work due to this unacceptable level of retail crime," he added.
The total cost of retail crime including crime prevention has now reached "a colossal £4.2bn, of which £2.2bn is a direct result of customer theft", the report added.
"A lack of police action" over the years "has given these criminals a licence to steal, and a green light for aggression," said Helen Dickinson, head of the consortium.
Two main factors were also blamed for the rise in shoplifting: rising food prices and the spread of automated checkouts.
(AFP)
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What to expect from India's budget
Jan 31, 2025
INDIAN prime minister Narendra Modi's government will present the annual budget on 1 February, with a focus on economic growth, job creation, and trade policies amid global uncertainties.
Finance minister Nirmala Sitharaman will deliver the budget speech.
The budget comes as India faces slowing economic growth, inflation concerns, and trade disruptions. Economists expect measures to boost disposable income, support local manufacturing, and provide relief to the middle class.
"We could see a nod from the government, to signal to the middle class that we are aware of your challenges and we would like to raise disposable incomes, which increases spending power," Priyanka Kishore, director and principal economist at Asia Decoded, said.
The government is considering personal income tax cuts, Reuters reported last month. Tariff reductions on key imports to encourage domestic manufacturing are also expected. Dhiraj Nim, an economist at ANZ, said tax cuts on fuel and cooking gas may also be introduced.
India’s job market remains a concern despite strong economic growth. Last year’s budget allocated nearly £19.4 billion over five years for job creation programmes, but these schemes have not yet been implemented due to delays in finalising details.
"They will focus more on direct measures for employment generation and skilling," Kishore said.
Trade policies and global supply chain strategy
India is also preparing for potential disruptions from US trade policies. To support local production, the government may offer lower tax rates to companies manufacturing in India, reduce import duties on intermediate goods, and increase tariffs to counter cheaper imports from China, Nomura economists said.
India sees an opportunity to gain a larger share of the global supply chain due to trade shifts. A government source said India is considering import tax cuts on components used in local production, including mobile phone parts like printed circuit board assemblies, camera module components, and USB cables.
Additionally, the government may introduce incentives for the textile and garment industry, including financial support and tariff reductions on key inputs. This comes as Bangladesh’s exports face challenges due to political instability.
Infrastructure spending will likely remain a priority. Government spending in this sector has played a key role in recent economic growth, but the current fiscal year’s £102.8 billion infrastructure allocation is expected to fall short of targets, according to ICRA economists.
The budget is also expected to increase spending for the agriculture sector by around 15 per cent, the highest increase in six years, alongside moderate increases in key subsidies to support rural economic recovery.
Fiscal strategy and growth outlook
India plans to project higher economic growth in the budget, according to Reuters. The economy is expected to grow between 6.3 per cent and 6.8 per cent in the next fiscal year, lower than the 8.2 per cent growth recorded in 2023-24 but in line with global forecasts.
"Headwinds to growth include elevated geopolitical and trade uncertainties and possible commodity price shocks," the Finance Ministry said in its annual economic survey.
The government will have to balance spending measures with its fiscal constraints. India’s fiscal debt-to-GDP ratio remains above 80 per cent, which is high for emerging markets, Nim said. The fiscal deficit target for the next financial year is expected to remain at 4.5 per cent of GDP, according to a Reuters poll.
With limited fiscal space, the burden of economic recovery may shift to the Reserve Bank of India, analysts said. The government is expected to borrow £132.7 bn in the next fiscal year, slightly higher than this year’s £130.2 bn borrowing plan.
Focus on women, the middle class, and social policies
Modi has indicated that the budget will include measures to support women, the middle class, and lower-income groups.
Speaking before the budget session, he referred to Lakshmi, the Hindu goddess of wealth, and said he prayed for "special blessings for the poor and middle class."
He also stressed the need for ensuring equal rights for women, free from religious and sectarian divides. "Significant decisions towards this goal will be taken during this session," Modi said.
India's president Droupadi Murmu, in her address to parliament, echoed the government’s focus on economic policies benefiting the poor, middle class, youth, women, and farmers.
"The nation is witnessing major decisions and policies being implemented at an extraordinary speed, with the highest priority given to the poor, middle class, youth, women, and farmers," she said.
The budget session will also include discussions on various policy bills and proposals. Modi said these measures will strengthen the country’s economy and governance framework.
(With inputs from agencies)
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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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