Venture capital firm Peak XV Partners, formerly Sequoia Capital India & South East Asia, exited Indian fintech company One MobiKwik Systems through a block deal worth more than Rs 130 crore ($13.76 million) on Tuesday, Reuters reported, citing a source with direct knowledge of the matter.

Peak XV sold around 60.8 lakh shares, representing nearly 7.7% equity in the company, at an average price of Rs 214 per share, the source said. The price is at a 4.88% discount to the previous closing price of Rs 225 on the BSE.

Investment firms Florintree Advisors, Viridian Asset Management, Dymon Asia and Karma Capital were among the buyers in the deal, the news report stated. Peak XV had been an early institutional investor in One MobiKwik, and the latest transaction marks its complete exit from the fintech company, the source added.

Shares of One MobiKwik Systems rallied as much as 8% to their day’s high of Rs 243 on the BSE on Tuesday, extending gains for a second consecutive session and rallying 20% over the same period.

The sharp surge in One MobiKwik share price comes after the company announced that the Reserve Bank of India (RBI) has approved its application for a Non-Banking Financial Company (NBFC) licence, marking a key milestone in its efforts to strengthen its financial services business.

The licence will allow the launch of a new lending arm, MobiKwik Financial Services Private Limited (MFSPL), a wholly owned subsidiary of the group. Through this entity, the company plans to expand its regulated lending capabilities, introduce innovative credit products, and serve a wider base of consumers and merchants with greater efficiency and control.
The development is in line with the group’s long-term strategy of building a full-stack fintech platform focused on accessible, responsible and technology-driven financial products.The NBFC will build on the group’s existing strengths, including a customer base of more than 186 million users, a trusted brand, and strong technology infrastructure along with risk underwriting and collections capabilities.

MFSPL, the group’s in-house NBFC, is expected to help launch new credit products with faster go-to-market execution, offering both secured and unsecured lending solutions to consumers and MSMEs in underserved geographies. Operations will begin after receipt of the Certificate of Registration (CoR) from the RBI upon fulfilment of certain conditions.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Swiss airline Edelweiss is planning to add an extra rotation to Zurich Airport over the summer season

Flights from Cornwall to Switzerland are set to increase this summer after Swiss airline Edelweiss announced changes to its Newquay to Zurich schedule.

The carrier has confirmed it will run an extra Friday rotation between Cornwall Airport Newquay and Zurich Airport across the peak summer period.

The route, which currently runs Wednesdays and Sundays each week, will operate three times a week between July 3 and August 21. The extra flight rotation brings the Zürich-Newquay route to its highest frequency since launch.

Cornwall Airport said having flights on Fridays would allow business travellers an end-of-week return option, allowing for shorter outbound trips without the need to extend stays due to limited flight windows.

Nigel Scott, commercial director of Cornwall Airport Newquay, said: “This is a very positive development for Cornwall Airport Newquay and a clear endorsement of the Zurich route’s performance within the Edelweiss network.

“The increased frequency during peak summer reflects strong demand for Cornwall and the success of our partnership in developing the route.

“Additional capacity will support inbound tourism, enhance connectivity via Zurich and provide greater flexibility for passengers. We look forward to building on this momentum with Edelweiss in the seasons ahead.”

The news comes just weeks after Cornish carrier Skybus cancelled all future flights between Newquay and London. The airline had been operating the daily route from the county to the capital under a public service obligation after previous operator Eastern Airways collapsed.

The agreement, which was funded by Cornwall Council and the Department for Transport, was scheduled to run until the end of May, but the last flight took place on Thursday, April 2.

“Due to circumstances beyond our control, services will now cease earlier than planned,” Skybus wrote in a statement on its website.

“Customers with bookings for travel throughout April and May are being contacted directly. All affected customers are entitled to a full refund, which will be processed back to the original method of payment.

“We sincerely apologise for the disappointment and inconvenience this will cause and appreciate your understanding.”

Skybus boss Jonathan Hinkles blamed the “huge rise” in fuel costs following the conflict in the Middle East as well as sharp fall in passenger numbers for the cancellation of the route.

The United Arab Emirates said Tuesday it is pulling out of OPEC and OPEC+, a move that could reshape production strategy as global oil markets face supply constraints and rising demand expectations.

The departure frees the UAE from group production quotas, giving it greater flexibility to increase output and expand its role across crude, petrochemicals and natural gas markets. Officials signaled the shift is aimed at positioning the country for long-term global energy demand growth.

UAE Energy Minister Suhail al-Mazrouei told Reuters the decision followed a “careful look” at national energy strategy and was a “sovereign national decision” grounded in long-term economic priorities. He said operating outside the group will allow the UAE to better meet future global demand.

“Being a country with no obligation under the group will give us flexibility,” al-Mazrouei said, adding the move comes at a time when global consumers require stable supply and strategic reserves are being drawn down.

GORDON CHANG: US SHOULD EXPAND SANCTIONS ON CHINA-LINKED NETWORKS TO HIT IRAN OIL REVENUE

The timing also reflects ongoing constraints on global oil flows, particularly through the Strait of Hormuz — a key chokepoint between Iran and Oman that typically carries about one-fifth of the world’s oil and liquefied natural gas shipments. Disruptions and security threats in the region have tightened supply routes and added volatility to energy markets.

Al-Mazrouei said the UAE did not directly consult with other producers, including Saudi Arabia, before making the decision. He added the country believes the move can be made without significantly disrupting markets given existing supply constraints.

The exit raises questions about coordination among OPEC+ producers, which have historically relied on production limits to manage global supply and influence prices. The UAE has been a longtime member of the group.

UAE officials have expressed frustration with regional allies over their response to recent security threats. Anwar Gargash, diplomatic adviser to the UAE president, said Gulf Cooperation Council countries provided logistical support but fell short politically and militarily.

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“The Gulf Cooperation Council countries supported each other logistically, but politically and militarily, I think their position has been the weakest historically,” Gargash said at a forum on Monday. “I expect this weak stance from the Arab League and I am not surprised by it, but I haven’t expected it from the (Gulf) Cooperation Council and I am surprised by it.”

The UAE’s departure will be effective May 1. 

Reuters contributed to this report. 

LAS VEGAS — Tom Cruise delivered one of the standout moments of CinemaCon 2026 on April 14, presenting the first teaser footage from his highly anticipated new film “Digger” and declaring 2026 a promising year for cinema during a high-energy appearance that reminded Hollywood of his enduring star power.

The 63-year-old actor, joined onstage by director Alejandro G. Iñárritu, shared glimpses of the Warner Bros. comedy described as “a comedy of catastrophic proportions.” Cruise, clearly energized, told the audience of theater owners that the industry has gotten off to a strong start and expressed excitement for the films still to come.

“Digger,” set for theatrical release on October 2, 2026, marks Cruise’s first project under his new multi-year deal with Warner Bros. Discovery. The film, shot over six months in the United Kingdom, features Cruise as a powerful figure on a frantic mission to prove he is humanity’s savior before a disaster of his own making destroys everything. The ensemble cast includes Jesse Plemons, John Goodman, Riz Ahmed, Sophie Wilde and Emma D’Arcy.

Cruise’s red-carpet appearance at the Dolby Colosseum in Caesars Palace drew cheers as he posed with industry figures including J.J. Abrams, Patton Oswalt and Alejandro González Iñárritu. Photos of the star smiling broadly circulated quickly online, with many noting his youthful energy and enthusiasm. He narrowly avoided an awkward encounter with ex-wife Nicole Kidman, who also attended the convention.

The “Digger” presentation highlighted Cruise’s ongoing commitment to big-screen theatrical experiences. Following the blockbuster success of recent “Mission: Impossible” entries, the actor continues pushing for original, event-style movies rather than streaming-first releases. Insiders say the Warner Bros. partnership gives him significant creative control and resources to deliver large-scale spectacles.

Cruise also addressed the audience about the broader state of the industry. “I had a lot of fun at CinemaCon seeing so many friends,” he posted afterward. “The year has already gotten off to a great start for cinema, and I’m looking forward to all the films still to come in the year ahead from countless hardworking and talented artists!”

Beyond “Digger,” Cruise has several major projects on the horizon. Paramount confirmed at CinemaCon that development is officially underway for “Top Gun 3,” with Cruise reprising his iconic role as Pete “Maverick” Mitchell. The sequel comes after the massive success of “Top Gun: Maverick” in 2022, which grossed nearly $1.5 billion worldwide.

Talks continue for other potential sequels, including “Edge of Tomorrow 2” with Emily Blunt and a possible follow-up to “Days of Thunder.” Cruise’s post-“Mission: Impossible – The Final Reckoning” (2025) slate shows a strategic mix of high-stakes action and more character-driven work with acclaimed directors.

The actor’s personal life also remains a point of public interest. Reports suggest Cruise has made reconnecting with daughter Suri, now 20 and attending Carnegie Mellon University under the name Suri Noelle, a priority in 2026. Sources close to the family describe ongoing efforts to rebuild their relationship after years of estrangement following his 2012 divorce from Katie Holmes.

Despite the personal headlines, Cruise’s focus appears firmly on work. His dedication to practical stunts and theatrical releases has earned him respect across Hollywood generations. At CinemaCon, theater owners gave him enthusiastic applause, viewing him as one of the few remaining stars capable of driving audiences back to cinemas.

Industry analysts see 2026 as a pivotal year for Cruise. With “Digger” positioned as a potential awards contender and box-office performer, followed by the “Top Gun” sequel, he could deliver multiple hits in a single calendar year. His ability to blend commercial appeal with artistic credibility under directors like Iñárritu positions him uniquely in today’s fragmented entertainment landscape.

Cruise’s influence extends beyond acting. His advocacy for practical effects and large-format exhibition continues shaping studio decisions. Warner Bros. executives praised his hands-on approach during production of “Digger,” noting his energy on set and commitment to storytelling.

As footage from the “Digger” teaser spreads online, anticipation builds for the October release. Early descriptions paint the film as a bold departure — a dark comedy with high-stakes elements that play to Cruise’s strengths while allowing Iñárritu’s signature intensity.

For fans, Cruise’s CinemaCon appearance offered reassurance that one of Hollywood’s most bankable and dedicated stars remains at the top of his game. Whether dangling from airplanes or delivering dramatic monologues, Tom Cruise continues proving that movie stars can still anchor major theatrical events in an era dominated by franchises and streaming.

With multiple projects advancing and a clear passion for the big screen, 2026 looks set to be another landmark year in Cruise’s remarkable career. As he told the CinemaCon crowd, the future of cinema remains bright — and he intends to play a starring role in it.