New York City Mayor Zohran Mamdani’s latest effort to close a widening budget gap is intensifying concerns among business leaders, as his proposal to scale back a key tax credit threatens a broad range of companies that rely on it to remain competitive.

FOX Business’ Gerri Willis joined “Varney & Co.” host David Asman to report on the proposal, which would reduce the pass-through entity tax (PTET) credit, used heavily by small- and mid-sized businesses, to help generate revenue for the city.

The PTET credit was introduced as a workaround to federal limits on state and local tax deductions (SALT) and has since become a financial lifeline for many businesses structured as S corporations and LLCs. Critics argue cutting it risks undermining those firms at a time when economic conditions remain uncertain.

O’LEARY SLAMS NYC TAX PLAN AS ‘SHEER BLIND STUPIDITY,’ DEFENDS WEALTHY INVESTORS

“Many states implemented a pass-through entity tax because many businesses file via the S corp or LLCs. And this became a workaround to keep them competitive,” Partnership for NYC President and CEO Steven Fulop said. “In a time where the economy is fragile in New York City, we’re saying just be cautious on these sort of things.”

The proposal is part of a broader push that includes higher income, property and corporate taxes, raising concerns about long-term economic stability and business retention.

TAX FIGHT HEATS UP AS NEW YORK TARGETS WEALTHY HOMEOWNERS

Gristedes CEO John Catsimatidis warned that the impact could extend beyond top earners, noting middle-income professionals and small-business owners could feel the strain.

“The people that make $300, $400, $500,000 a year, they are the ones… They have an option. They get up and leave,” Catsimatidis said during an appearance on “Varney & Co.” “You can’t destroy the real estate industry… In London, it’s been destroyed… If you do the same thing in New York that is a disaster.”

As policymakers weigh competing approaches, the outcome could shape how attractive New York remains for businesses navigating rising costs and fiscal uncertainty.

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Operator

Good morning, ladies and gentlemen. Welcome at the presentation of the financial results for the first quarter. We have Cezary Stypulkowski, CEO; Vice President responsible for Finance, Dagmara Wojnar; Vice President for Risk Division, Marcin Jablczynski; and Ernest Pytlarczyk, Chief Economist of the Bank. Over to Cezary.

Cezary Stypulkowski
President of Management Board

Good morning, ladies and gentlemen. The first quarter was successful for the bank. We recorded net profit at PLN 1.2 billion. We feel a revival of credit action both in retail and in corporate markets, maybe excluding mortgage loans, but that’s a separate topic. We see increasing digitization of Pekao S.A. clients who historically followed the market.

With respect to this trend and the capital position remains very strong. I would like to stress here that we maintain a low level of risk cost although we assume that there might be a certain increase here. Anyway, the boundaries within which we move were defined more broadly than the current actuals.

We see 11% growth in loan funding covering various categories. Return on equity continues at a decent expected level. Cost to income ratio is not set in stone in connection with the need to inject capital in the bank. But stays at almost 30.5%, excluding the effects of burdens of the first quarter, mainly in relation to the contributions to the fund for banking stability.

We see the developments that relate to the principal lines in which Pekao S.A. has been not sufficiently invested in particular with regard to micro market, but

Indian stock market tumbled on Thursday, with Sensex and Nifty cracking over 0.7% each, as oil prices soared to historic levels, the rupee plunged to an all-time low, along with other factors that dampened investor sentiment.

The benchmark indices had slipped over 1% each in the morning, with Sensex crashing over 1,200 points and Nifty falling below 23,800 briefly. However, markets recovered some losses by afternoon. At close, Sensex was down 583 points at 76,913l, while Nifty was down over 180 points at 23,998. The sharp drop erased nearly Rs 5 lakh crore from the total market capitalisation of all companies listed on BSE, pulling it down to Rs 464 lakh crore.

Zomato-parent Eternal, Hindustan Unilever (HUL), Tata Steel, UltraTech Cement, M&M, Trent, L&T and Axis Bank shares were the top losers on Sensex, falling nearly 2-3%. Bucking the trend, Sun Pharma shares jumped 2% to emerge as the top gainer.

The sharp selloff in the stock market was broad-based, spilling over to small and midcap counters as well. The Nifty Smallcap 100 index declined 0.5%, while the Nifty Midcap 100 index tumbled nearly 1%. This came as India VIX, which measures volatility in the market, jumped around 6% to 18.46.

Nifty Metal and Nifty PSU Bank index declined around 2% each to emerge as the top sectoral loser. Nifty Pharma and Nifty IT meanwhile closed in the green. Around 1,976 stocks declined on NSE, while 1,295 advanced and 98 remained unchanged.

Here are the key factors impacting markets today:

1) Trump’s ‘extended blockade’ warning

US President Donald Trump said that the US blockade of Iranian ports could last months as peace talks remained stalled. While Iran has reportedly submitted a fresh peace proposal to end the weeks-long War, Trump is not satisfied. The Wall Street Journal said he had told national security officials to prepare for a prolonged blockade to compel the Islamic Republic to give up its nuclear programme.
“The blockade is somewhat more effective than the bombing. They are choking like a stuffed pig. And it is going to be worse for them. They can’t have a nuclear weapon,” Trump told Axios. His latest comments further spooked investors.

2) Oil prices cross $120/barrel

Oil prices surged amid escalating tensions, crossing $120 per barrel for the first time since Russia’s invasion of Ukraine in 2022. Brent crude futures rose around 4% to $123 per barrel in Thursday morning trade.

After comfortably falling below the $100 per barrel mark earlier this month, oil prices moved back above the crucial level last week as fresh attacks near the Strait of Hormuz raised concerns about supply disruptions.

3) Fed’s hawkish commentary

The US Federal Reserve kept its policy rates unchanged, with the decision being its most divided since 1992, as three officials dissented over guidance that still signalled a bias towards easing.

“Developments in the Middle East are contributing to a high level of uncertainty about the economic outlook,” the Committee said, adding that it remains attentive to risks on both sides of its dual mandate of growth and inflation.

4) Rupee weakens to all-time low

Rupee declined to a fresh all-time low of 95.07 against the US dollar on Thursday. Later, it pared some losses to close at 94.9050. Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, had warned that sustained FII outflows and elevated crude prices are pressuring the currency. “Higher oil prices are significantly increasing India’s import bill and inflation risks, limiting any meaningful recovery in the rupee,” he said. “The trend remains weak, with the currency consistently facing selling pressure on rebounds, indicating a lack of strong support at higher levels,” he added.

5) Global markets in red

Global markets mostly remained in the red as oil prices soared. Japan’s Nikkei tumbled nearly 1.3%, while Hong Kong’s Hang Seng and South Korea’s Kospi fell around 1.4% each, although China’s Shanghai Composite closed nearly flat in the green.

European markets remained mixed, with UK’s FTSE rising over 1%. France’s CAC fell 0.5% while Germany’s DAX gained 0.18%. Wall Street, however, closed nearly flat, with the Nasdaq ending the session in the green with marginal gains.

6) FII selling continues

Foreign investors remained net sellers of Indian equities on Wednesday, net selling shares worth Rs 2,469 crore, according to provisional data available on NSE. FIIs have now been net sellers of Indian equities for the sixth consecutive session.

While this does not reflect their trading activity today, sustained FII selling dampens investor sentiment and fuels the selloff in the market.

7) Bond yields soar

US Treasury yields rose to a one-month high after the Fed’s hawkish signal of growing inflation concerns. The yield on benchmark US 10-year notes rose 7.6 basis points to 4.43%, from 4.354% late on Tuesday, while the 30-year bond yield rose 5.7 basis points to 5.0011%. The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, rose 10.7 basis points to 3.951%, from 3.844% late on Tuesday.

Exit polls lead to volatility

Exit polls across four states and one union territory indicate a strong maiden electoral win for the Bharatiya Janata Party (BJP) in West Bengal, while incumbents are likely to retain power in Tamil Nadu, Assam and Puducherry, JM Financial said in its latest note. Kerala also appears set for a regime change, with the Congress-led United Democratic Front (UDF) likely to unseat the Left Democratic Front (LDF), which has ruled the state for the last 10 years, the domestic brokerage added.

Analysts say that exit polls often trigger short-term volatility, although their broader impact tends to be limited. Vishnu Tripathi, AVP at Garud Investment Managers, noted that such developments lead investors to reassess positions based on expected policy direction at the state level.

In this context, investors remember the sharp market volatility around the 2024 General Elections. After voting concluded, exit polls predicted a landslide victory for the National Democratic Alliance (NDA), led by Prime Minister Narendra Modi. They projected that the BJP would win more than 272 seats in the 543-member Parliament, while the NDA could win up to 370 seats. This had pushed markets sharply higher on Monday (June 3, 2024), a day before the correction.

As the session began on June 4, 2024, investors panicked as early trends in the actual results diverged sharply from expectations. The BJP failed to reach the halfway mark on its own, and the NDA won 293 seats to form the government, although with fewer seats than expected. Sensex and Nifty fell nearly 6% each on June 4, 2024, wiping off a significant portion of investors’ wealth.

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

RIYADH, Saudi Arabia — Cristiano Ronaldo delivered another trademark moment Wednesday, netting his 970th career goal to propel Al Nassr to an eight-point lead atop the Saudi Pro League with four matches remaining, underscoring the Portuguese superstar’s enduring brilliance at age 41.

The five-time Ballon d’Or winner continues to defy expectations in his fourth season with Al Nassr, blending veteran savvy with relentless scoring form. His latest strike against rivals Al Ahli not only tightened the title race but fueled talk of a third consecutive Golden Boot in the Saudi league while keeping his sights set on the historic 1,000-goal milestone.

Ronaldo’s performance comes amid a strong campaign. He has tallied 24 league goals and 26 across all competitions in 2025-26, maintaining elite efficiency despite reduced minutes designed to preserve him for Portugal’s 2026 World Cup campaign. Al Nassr sits atop the table, two wins from potential silverware, with Ronaldo serving as both scorer and talisman.

The goal against Al Ahli sparked chaotic celebrations and highlighted Ronaldo’s enduring aura. Opposing player Merih Demiral’s provocative display with an Asian Champions League medal drew a swift social media retort from Ronaldo referencing his five UEFA Champions League titles, reminding critics of his unmatched pedigree.

Off the pitch, Ronaldo briefly made headlines in February when he reportedly went on strike over perceived lack of squad investment by Al Nassr’s backers compared to rivals. The situation resolved quickly, with Ronaldo affirming his commitment. “I belong to Saudi Arabia,” he told reporters, praising the country’s welcome for him and his family.

Injury concerns surfaced earlier in 2026 when a hamstring issue sidelined him for several weeks, prompting his omission from Portugal’s March friendlies against Mexico and the United States. Coach Roberto Martinez insisted the absence was precautionary and Ronaldo’s World Cup participation remains assured. Ronaldo returned with a brace in a 5-2 thrashing of Al Najma on April 3.

Data from recent matches shows a deliberate workload management strategy. Ronaldo has not completed a full 90 minutes since late February, often substituted around the 70- to 80-minute mark. The approach has preserved his sharpness without diminishing impact, a testament to modern sports science and Al Nassr’s focus on peak condition for the summer’s global showcase.

Ronaldo’s club form bolsters Portugal’s hopes ahead of the 2026 World Cup, where the Selecao landed in Group K alongside Colombia, Uzbekistan and Congo. At 41, Ronaldo will make history as the first player to appear in six World Cups. He confirmed to CNN in a November interview that the tournament will “definitely” be his last.

“I will be 41 years old and I think it will be the moment,” Ronaldo said during a video link from Portugal training to a Saudi tourism event. He acknowledged one or two years remain in his playing career but expressed optimism about his current sharpness and enjoyment of the game.

The World Cup represents unfinished business for Ronaldo, who has never lifted the trophy despite a record 143 international goals in 266 appearances. Portugal enters as favorites in their group, though questions linger about Ronaldo’s optimal role as younger talents emerge. Some analysts suggest his presence could both inspire and complicate tactical setups for coach Roberto Martinez.

Beyond club and country, Ronaldo’s influence extends into business and legacy-building. He recently acquired a stake in Spanish club Almeria, signaling growing off-field ambitions. Rumors of a post-Al Nassr move, including potential MLS interest alongside Lionel Messi, have surfaced, but Ronaldo has dismissed immediate exit talk.

Former players and pundits remain divided on his future. Some urge retirement after the World Cup to preserve his legacy, while others marvel at his consistency. Ronaldo has averaged goals at a rate that could see him reach 1,000 before year’s end or early 2027 if he sustains his current pace.

In the Saudi Pro League, Ronaldo’s presence has elevated the competition’s profile globally. Matches draw record audiences, and his professionalism sets standards. He recently voiced concerns about player complaints and referee criticism, urging focus on elevating the league to European levels.

Al Nassr’s continental ambitions remain alive. The club advanced deep into AFC Champions League competitions, with Ronaldo contributing key goals, including his 969th in a dominant win over Al Wasl.

At 41, Ronaldo’s physique and dedication continue to set him apart. Rigorous training, diet and recovery protocols enable performances that younger players struggle to match. His aerial ability, penalty prowess and leadership remain elite, even as his explosive pace has moderated.

The 2025-26 season has not been without challenges. Early-year results tested Al Nassr’s unbeaten run, and squad depth questions arose amid transfer market comparisons with rivals like Al Hilal. Yet Ronaldo’s scoring touch — including a double on his return from injury — has steadied the ship.

Portugal’s path to World Cup glory will test Ronaldo’s adaptability. With stars like Bruno Fernandes, Bernardo Silva and rising talents pushing for prominence, Martinez must balance Ronaldo’s experience with tactical fluidity. Ronaldo’s leadership, however, remains unquestioned; teammates view him as motivational bedrock.

As the Saudi league season hurtles toward its climax, Ronaldo stands on the cusp of more silverware and personal milestones. A league title would cap another dominant chapter, while the looming World Cup offers a final shot at football’s ultimate prize on American soil — a stage he last graced in a 2014 club friendly.

Fans worldwide continue to celebrate Ronaldo’s longevity. Social media erupts with each goal, debates rage over his place in the GOAT conversation alongside Messi, and young supporters discover his highlights for the first time. His journey from Madeira prodigy to global icon spans more than two decades of excellence.

Ronaldo has repeatedly credited mental strength and passion for his sustained success. “I see many bad things,” he noted recently about league culture, advocating professionalism as the path forward. That mindset has defined his career and continues to drive him as the curtain prepares to fall on one of sport’s greatest stories.

With Al Nassr pushing for domestic glory and Portugal eyeing World Cup contention, Ronaldo’s 2026 remains packed with purpose. Whether he reaches 1,000 goals this year or lifts major silverware, his impact transcends numbers. At an age when most players have long retired, the Portuguese phenomenon keeps rewriting what’s possible.

The football world watches with anticipation. For Ronaldo, every goal, every match and every headline adds another chapter to a legacy already etched in history — one that may culminate on the grandest stage one final time.

Sticker Mule is demanding Google fix what it says is a “misleading” error that labeled its business ads as funded by its CEO’s political campaign.

In a legal letter obtained by FOX Business, the company said its ads were incorrectly tagged in Google’s Ads Transparency Center as “Paid for by Constantino for Congress,” despite having no ties to campaign financing. Sticker Mule CEO Anthony Constantino, a Republican, is running for Congress in New York’s 21st District.

“This mislabeling is erroneous, misleading, and must be immediately and permanently corrected,” the company wrote. ” … Sticker Mule has never used Constantino for Congress funds to pay for its ads, nor have any Sticker Mule ads promoted Anthony Constantino as a political candidate.”

The company said the issue likely stems from a technical glitch in Google’s election ad verification system — possibly triggered by an employee logged into both business and campaign ad accounts during verification.

GOOGLE CO-FOUNDER RIPS CALIFORNIA BILLIONAIRE TAX: ‘I FLED SOCIALISM’

Sticker Mule noted Google had previously acknowledged and temporarily fixed the problem after it was flagged.

The company is now calling on Google to remove the label, explain the root cause, confirm the fix in writing and ensure it does not happen again. 

If not resolved, Sticker Mule said it may escalate the issue to federal regulators, including the Federal Trade Commission (FTC) and the Federal Election Commission (FEC).

The dispute comes as Constantino faces a March 2026 FEC complaint alleging he improperly used campaign funds to promote his business. The complainant is described in filings as an ally of Assemblyman Robert Smullen, his Republican primary opponent.

Constantino denied the allegations, calling them “meritless” and blaming Google’s labeling error. He also noted some of the ads cited date back to 2023, before his campaign existed.

SOCIAL MEDIA TRIAL VERDICT: WHAT HAPPENS NOW, HOW MUCH WILL TECH GIANTS REALLY PAY?

“For some reason they were mislabeled and we asked Google to fix that as it’s hurting our brand. Smullen has already been served with multiple cease and desists for lying,” Constantino wrote in a March 30 post on X.

Smullen has pushed back, disputing the explanation, according to WPTZ.

“It’s quite clear that my opponent has been violating the federal law, having to do with co-mingling his business and campaign activities and funds,” Smullen said. “He’s been lying about it, this whole thing.”

Earlier this year, President Donald Trump endorsed Constantino in the race.

“It is my Great Honor to endorse America First Patriot, Anthony Constantino, who is running to represent the fantastic people of New York’s 21st Congressional District,” Trump wrote on Truth Social.

TECH CEO WHO WENT VIRAL FOR PRO-TRUMP EMAIL DEFENDS CALL TO ACTION OVER ‘POLITICAL HATE’

Constantino told Fox News Digital at the time that he spoke with Trump and was honored to receive the nod. 

“He noted every primary candidate he endorses wins, so I look forward to winning the general election and making everyone who supported me very proud once I am in Congress,” Constantino said.

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Google and Smullen did not immediately respond to FOX Business’ request for comment.

Fox News Digital’s Brian Flood and Louis Casiano contributed to this report.

Persimmon says new home enquiries have ‘softened slightly’ but the FTSE 100 housebuilder is still seeing higher forward sales

Yorkshire housebuilder Persimmon has raised concerns over escalating supply costs linked to the Iran conflict, as demand starts to ease. The firm, one of Britain’s biggest housebuilders, announced it is beginning to encounter inflationary pressures within its supply chain, which it warned could affect its finances as early as the second half of this year.

The Government is relying on housebuilders to deliver its target of 1.5m homes, yet industry figures have cautioned that building material costs could surge as a result of the Iran conflict.

The FTSE 100 company said: “There are early signs of increased inflation in the supply chain, driven by higher energy costs, which are likely to impact the second half of 2026 and into 2027. We are looking to mitigate these where possible through our strong relationships with our suppliers and subcontractors.”, as reported by City AM.

However, the housebuilder confirmed it has yet to witness any “material impact” from the ongoing Middle East conflict. Despite the looming threat of inflation, Persimmon reported that net sales per week are 3% up on last year, with forward-looking sales up by 7% to £1.8bn.

The housebuilder’s share price climbed by more than 2% in early trading, reaching 1,053p, as stockbrokers praised the company’s robustness.

Mark Crouch, analyst at eToro, said: “Persimmon’s update suggests a housing market that, for now, is holding firm, but the bigger picture for UK housebuilders is rapidly darkening. Persimmon’s numbers look solid enough, forward sales up, pricing holding firm, and volumes broadly in line with expectations.”

Property analysts have cautioned that expectations of interest rates remaining elevated for longer owing to the Iran conflict have prompted Britons to delay home purchases, as they await more favourable mortgage rate offers. Persimmon reported that enquiries for new properties have “soften slightly” in recent weeks, though the housebuilder noted that sales have remained “resilient”.

“We continue to be mindful of the potential effects on consumer confidence and affordability, with some increases in mortgage rates seen since early March,” the company stated.

In its full-year update at the close of last year, the housebuilder highlighted a “supportive” economic climate, as the construction and property sectors bounced back from a spell of uncertainty surrounding the Budget. Persimmon recorded an 11% rise in profit, climbing to £397m in the year ending December.

However, sentiment around housebuilders has shifted markedly since the Iran conflict started in February, as demand for house purchases has taken a knock from concerns that interest rates will remain higher for an extended period. Earlier this week, Taylor Wimpey became the latest housebuilder to temper its outlook with a cautious update, warning that construction costs could be poised to increase.

And earler this month, Barratt Redrow – Britain’s biggest housebuilder – announced it would significantly reduce its land acquisition spending, pointing to the need for prudence given the economic fallout from the Iran war. Meanwhile, housebuilder Berkeley saw its share price tumble at the beginning of the month after announcing it would halt land purchases entirely, citing an “unprecedented increase in cost and regulation”.

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