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Imperial Brands warns protracted Iran war could hit costs and consumer demand including duty free

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But it reiterated its full-year guidance as it announced its first-half results

Imperial Brands' global HQ is in Bristol

Imperial Brands’ global HQ is in Bristol(Image: BAM Construction)

Tobacco giant Imperial Brands has warned a protracted conflict in the Middle East could impact input costs and consumer demand, including duty free, but has reiterated its full-year guidance.

Announcing its half-year results on Tuesday, the Bristol-headquartered Golden Virginia maker said tobacco pricing “more than offset” cigarette volume declines and was expected to have more of a benefit in the second half.

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Underlying revenue was up 1.8 per cent to £3.7bn, while first-half adjusted operating profit was £1.64bn pounds – up just 0.6 per cent on a constant currency basis – for the six months to the end of March, driven by strong demand in Europe and emerging markets.

Imperial confirmed it had completed a £809m share buyback in the period – as part of a wider £1.45bn scheme – and had increased its interim dividend by four per cent.

It also said its transformation strategy was “on track” to deliver £320m of cost savings a year by 2030.

Lukas Paravicini, chief executive, said: “In combustibles, robust pricing momentum has continued to deliver low single-digit growth, at constant currency, in both net revenue and adjusted operating profit.

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“In next generation products we continue to grow market share in all three categories. We have seen particularly strong growth in heated tobacco, following the rollout of our Pulze 3.0 device.

“Our modern oral portfolio has grown strongly in European markets, while in the US we have grown volume share in a competitive market.”

Looking ahead to the second half, Imperial said it would “continue to monitor” the situation in the Middle East, which had created a “more uncertain” macroeconomic environment.

“While tensions in the Middle East have led to a more uncertain macroeconomic environment, we continue to be confident of delivering a step-up in adjusted operating profit growth, in line with our full year guidance,” Mr Paravicini added.

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Imperial said it expected to generate free cash flow of at least £2.2bn in the 2026 financial year after 2030 Strategy costs and the first instalment of the Delaware settlement – a payout of $251.5m to rival cigarette maker Reynolds American by its US subsidiary ITG Brands.

“Looking beyond the current fiscal year, we remain committed to the plans and medium-term guidance we provided in our 2030 Strategy in March 2025 to generate another five years of sustainable growth and long-term shareholder value through a progressive dividend and an evergreen share buyback,” the company added.

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Keanu Reeves and Chad Stahelski Return Next Chapter

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Keanu Reeves

LOS ANGELES — Lionsgate has officially confirmed “John Wick: Chapter 5” is in active development, with Keanu Reeves reprising his iconic role as the legendary assassin and Chad Stahelski returning to direct. The announcement, made at CinemaCon in April 2025, has sent shockwaves through Hollywood and reignited excitement among fans who thought the saga ended with John Wick’s apparent death in the fourth installment.

The news marks a major victory for the billion-dollar franchise, which has redefined action cinema with its balletic “gun-fu” choreography, intricate world-building and relentless intensity. Reeves and Stahelski, longtime collaborators who first teamed up on the 2014 original, are said to have landed on a “truly phenomenal and fresh” story idea that justifies bringing the character back.

Lionsgate Motion Picture Group chair Adam Fogelson teased the project’s potential during recent interviews. “Chad and Keanu have an idea that they think can be really exciting,” he told Business Insider. “There are a lot of steps, so I wouldn’t want to put a timeline on it. But in terms of finding a core idea, they seem to have landed on something that they are excited about.”

Resurrection After Chapter 4’s Emotional Farewell

“John Wick: Chapter 4,” released in March 2023, grossed more than $440 million worldwide and earned widespread acclaim for its epic set pieces, including a memorable Arc de Triomphe car chase and a grueling staircase battle at Sacré-Cœur. The film appeared to conclude Wick’s story with a poignant funeral scene, leaving many believing the character had finally found peace.

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Yet the franchise’s enduring popularity — fueled by spin-offs like the Ana de Armas-led “Ballerina” (June 2025) and upcoming projects — convinced Lionsgate to push forward. Producers Basil Iwanyk and Erica Lee of Thunder Road Films, along with Reeves and Stahelski, emphasized they would only return with a story worthy of the legacy.

Stahelski has hinted the new film will feel “really different,” moving beyond the High Table’s influence to explore new threats and deeper layers of the Wick universe. Early indications suggest a narrative that could blend high-octane action with fresh emotional stakes, potentially addressing how Wick survived or re-enters the fray.

Franchise Expansion in Full Swing

“John Wick 5” forms part of Lionsgate’s ambitious Wickiverse strategy. The studio is rolling out multiple projects to keep momentum alive while the mainline sequel develops. “Ballerina,” set between Chapters 3 and 4, features Ana de Armas as a trained assassin seeking revenge, with Reeves appearing in a supporting role.

A Donnie Yen-led spin-off centered on the blind assassin Caine is in production, and an animated prequel film is also underway. Lionsgate has teased additional television series, video games and more, creating a sustained pipeline of content. A new video game collaboration with Saber Interactive, featuring Reeves’ likeness and voice, is slated for PlayStation 5, Xbox Series X|S and PC.

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This multi-platform approach mirrors successful expansions like the Marvel Cinematic Universe but stays grounded in the gritty, stylish realism that defines John Wick.

Keanu Reeves’ Enduring Commitment

At 61, Reeves continues to push physical boundaries. Known for performing most of his own stunts, the actor has described the role as one of the most demanding of his career. His dedication — from mastering jiu-jitsu and weapons handling to enduring brutal training regimens — has become legendary in Hollywood.

Reeves’ star power remains a driving force. His recent projects, including “Sonic the Hedgehog 3” and various indie dramas, show no signs of slowing, yet John Wick occupies a special place in his filmography. Insiders say Reeves views the character as a collaborative canvas he shares with Stahelski and the stunt team at 87Eleven Entertainment.

Chad Stahelski’s Visionary Direction

Stahelski, a former stunt coordinator who doubled for Reeves in “The Matrix,” has helmed every John Wick film. His background in martial arts and choreography infuses the series with authenticity and fluidity rarely seen in mainstream action. Under his guidance, the franchise elevated practical effects and long-take sequences to an art form.

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The director has expressed caution about overextending the story but appears energized by the new direction. “We’re open to it if we have something to say,” he previously noted, a philosophy that seems to have guided the Chapter 5 greenlight.

What Fans Can Expect

While plot specifics remain closely guarded, speculation centers on how the film will reconcile Wick’s Chapter 4 fate. Possibilities include flashbacks, alternate timelines, or a narrative twist that redefines his survival. New adversaries, deeper exploration of the Continental hotels and Continental rules, and expanded international locations are anticipated.

Casting details are scarce, but expect returns from core allies and fresh faces to challenge Wick. The signature blend of sleek suits, impeccable tailoring, haunting score by Tyler Bates and Joel J. Richard, and jaw-dropping action choreography will undoubtedly return.

Box Office Legacy and Cultural Impact

The John Wick series has grossed well over $1 billion globally, with each installment outperforming the last. Its influence extends far beyond ticket sales, inspiring a new wave of action filmmaking that prioritizes practical stunts over heavy CGI. Terms like “gun-fu” have entered the pop culture lexicon, and the films remain staples of “how did they do that?” breakdown videos.

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The franchise has also boosted Reeves’ status as an enduring action icon and elevated supporting stars like Ian McShane, Lance Reddick (who tragically passed in 2023) and Asia Kate Dillon.

Timeline and Production Outlook

No release date has been set for “John Wick: Chapter 5.” Lionsgate plans to prioritize the Caine spin-off and animated prequel first, suggesting a 2027 or 2028 window for the main sequel. Pre-production is expected to ramp up soon, with filming potentially beginning in late 2026.

As development advances, fans worldwide are already marking calendars and revisiting the earlier films. Social media buzz has been electric since the CinemaCon reveal, with hashtags like #JohnWick5 trending and fan theories proliferating.

For now, the Baba Yaga is back — and the underworld will never be the same. With Reeves and Stahelski at the helm, “John Wick: Chapter 5” promises to deliver the visceral thrills, emotional depth and breathtaking spectacle that made the series a modern classic. The wait may be long, but the anticipation is already lethal.

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Skechers-retailer Gaurik Fashions files draft papers for IPO with Sebi

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Skechers-retailer Gaurik Fashions files draft papers for IPO with Sebi
New Delhi-based fashion and lifestyle retail player Gaurik Fashions on Tuesday filed its draft red herring prospectus (DRHP) with market regulator Sebi to raise funds through its initial public offering (IPO).

The company, which operates stores for Skechers, Guess, Bugatti and several other brands across multiple locations, proposed to raise funds through an IPO, which would comprise a fresh issue of 62 lakh equity shares along with an offer for sale (OFS) of 8 lakh shares by existing investor Aries Opportunities Fund.

How will Gaurik Fashions use the IPO proceeds?

Gaurik Fashions aims to get listed on the stock exchanges BSE and National Stock Exchange (NSE). It said that the proceeds from the fresh issue will be primarily used to strengthen its retail footprint through the launch of new stores for the global footwear brand Skechers. It added that a portion of the funds will also be invested in its wholly owned subsidiary, Gaurik Lifestyle, for opening new Guess outlets, and in subsidiary Nuvora Retail for expansion of Bugatti stores, including funding initial inventory requirements.

Additionally, the company also plans to use part of the IPO proceeds towards repayment of debt at both the parent and subsidiary levels, along with fulfilling general corporate needs. Credora Partners and Unistone Capital are acting as the book-running lead managers to Gaurik Fashions’ IPO, while MAS Services has been appointed registrar.


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About Gaurik Fashions

Gaurik Fashions is a franchise-based business specializing in apparel and sportswear, associated with global brands. As of March 2026, Gaurik Fashions managed 59 stores across 14 states and union territories, with outlets located in some major high-footfall locations, including DLF Mall of India, DLF CyberHub, Select Citywalk and DLF Promenade in Delhi NCR.

Gaurik Fashions reported an EBITDA margin of 26.14%. Its Skechers business recorded an average revenue per square foot of Rs 16,157 during the nine months ended December 2025, while Bugatti reported revenue per square foot of Rs 46,636. Guess posted an average selling price of Rs 7,299 and average order value of Rs 11,303, reflecting continued traction in the premium fashion segment, the company said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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Oil market enters tight supply phase after years of underinvestment: Nikhil Bhandari

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Oil market enters tight supply phase after years of underinvestment: Nikhil Bhandari
As crude oil edges towards the $100-per-barrel mark, questions are once again being raised about whether global investment flows are set to pivot back into the energy sector after years of relative underinvestment. Against the backdrop of tightening supply dynamics, slowing capex, and an uneven energy transition, market participants are reassessing the medium-term outlook for oil, refining, and renewables.

Speaking to ET Now, Nikhil Bhandari from Goldman Sachs highlighted that the industry is entering a structurally tighter phase, driven less by demand shocks and more by years of restrained investment.

Underinvestment sets the stage for tighter oil markets
“We came underinvested on energy, on crude heading into this event. We had last wave of some of the non-OPEC supply projects, long cycle projects completing by the end of this year. But starting next year, we do not have a lot of non-OPEC supply growth coming. We have capex which is down, reserves are down, exploration activities are down in the last few years, while we think the peak oil demand is still about 10 years or longer away,” he said.

He added that current price signals are still insufficient to trigger a meaningful investment cycle revival.

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“At the current forward curve of oil where three-year out forward curve is at $75–76 per barrel, we do not think the incentive is there for the capex to return because most big oil companies are still budgeting $75 around crude already in their budget. So, to get them to invest more capex, we need the backend to go up.”

Refining sector faces deeper structural stress
Beyond upstream supply, Bhandari flagged even sharper constraints in refining.
“In the refining side, we have closed more capacities than we have added in the last few years because it has been a relatively more stranded industry in the age of climate change.”
While peak oil demand expectations have shifted repeatedly—from 2021 during the pandemic to now potentially the 2030s or 2040s—he noted that demand destruction is not uniform across segments.

He said: “We think that transition will continue. However, there is still an income growth angle in emerging markets globally. Even when we are moving towards electrification and renewables, given there are so many people who do not have access to energy, as income grows, there is always an S-curve, disproportionate increase in energy consumption growth relative to GDP growth.”

India, China and the next phase of demand growth
On regional demand, Bhandari pointed to diverging trends across Asia’s two largest economies.

“In China, we think the peak oil demand will come somewhere towards the late part of 2020s. In fact, some products like diesel and gasoline are already passing their peak, but petrochemical demand and jet fuel demand is still growing.”

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For India, however, the demand trajectory remains structurally stronger.

“We think India will contribute hugely to the incremental energy demand growth out of Asia for the next 10 to 15 years. India has entered that sweet spot of $2000 to $3000 GDP per capita where every increase in GDP from here has a more disproportionate increase in the consumption of energy.”

Renewables growth strong, but grid constraints persist
On the accelerating renewable buildout, Bhandari cautioned against assuming a linear displacement of fossil fuels, particularly oil.

“That transition is not coming more at the expense of oil, that is coming more at the expense of coal.”

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He noted that India’s power system is already undergoing rapid structural change, but integration challenges remain significant.

“We still need a lot of batteries, the grid to work flawlessly on evacuation, HVDC lines, and smart grids. We need to invest more aggressively in the grid and batteries as well.”

He also flagged a growing risk of curtailment in high-renewable systems, citing China’s experience where 15%–20% curtailment has been observed.

Downstream stress and product shortages emerge
Bhandari’s most immediate concern, however, lies in downstream oil markets.

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“The bigger stress is in the products. It is diesel, jet fuel, and naphtha where most barrels coming in from the Middle East are producing more diesel and jet fuel as output, which we are producing less right now.”

He warned that inventory depletion is already underway.

“If the strait were to close for another two months, we think we create a risk of hitting tank bottoms at a global level on product inventory by 4Q this year.”

India, while a net exporter of refined products, is not insulated.

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“India carries relatively lower levels of oil and product inventory compared to Korea, Japan, China, etc.”

Early inflation signals already visible
The impact is already filtering through industrial supply chains.

“We are already seeing 40% to 50% inflation in packaging, plastics, PET, and mineral water bottles. Edible oil cooking packaging prices are up nearly 100%.”

Bhandari stressed that while the system is not yet in outright shortage, it is firmly in deficit.

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“We are in deficit already. Every day demand is higher than supply today and we are drawing inventory.”

Outlook: a structurally tighter energy system
Summing up, Bhandari described the current phase as one where underinvestment, transition complexity, and regional demand divergence are combining to create sustained tightness in global energy markets.

The result, he suggested, is not just a cyclical spike in oil, but a multi-year structural squeeze across crude, refined products, and energy infrastructure.

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Top 10 Accounting Mistakes Small Business Owners Make (and How a CPA Can Help)

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Top 10 Accounting Mistakes Small Business Owners Make (and How a CPA Can Help)

Introduction: The Importance of Avoiding Accounting Mistakes

Each dollar counts when it comes to small companies’ accounts. On the other hand, correct financial management is vital for long-term success. However, it is natural that accounting errors are common among small business owners, who won’t have the time, resources, or expertise to check out the complicated financial necessities.

Moreover, these mistakes can lead to excessive monetary setbacks, tax issues, and compliance issues. And, these issues may avoid a boom or, in worst instances, lead to business closure. Find more information about accounting and advisory services to keep your organization growing seamless.

Many of those errors are preventable in many cases. This is where a Certified Public Accountant (CPA) can play a critical position in figuring out and rectifying them. It may also contribute to bringing know-how to safeguard business finances and ensure sound accounting practices.

Let’s discover ten commonplace accounting errors small commercial enterprise owners make and how a CPA’s steering can make all of the difference.

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Common Mistake #1: Mixing Personal and Business Finances

One of the most common mistakes small commercial business owners make is combining private and commercial corporate budgets. This is actually not a way. This oversight can create severe headaches and subsequently make it challenging to sound corporate costs accurately, claim deductions, or manage coins glide effectively.

Not most effective is mixing finances which subsequently create confusion. However, business owners unintentionally and additionally increase the danger of felony troubles. And, because of this the IRS calls for clear barriers between private and corporate transactions.

A CPA can offer important assistance by means of putting in place structures that separate commercial corporate finances from personal ones. By organizing devoted bank accounts and credit strains for commercial enterprise prices, a CPA guarantees that data are clean and compliant.

This organization simplifies bookkeeping and allows in appropriately tracking fees. It also permits smoother cash float management. This is all of which are critical for monetary readability.

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Common Mistake #2: Inaccurate Tax Reporting and Deductions

Filing taxes may be overwhelming for small business owners. Especially, when it comes to reporting income and deductions accurately. Many businesses either overlook capacity deductions, consisting of office fees, journey costs, and device, or mis report their earnings.

This can cause costly consequences, missed possibilities for tax financial savings, or even audits.

A CPA brings understanding to make sure correct tax reporting and deduction optimization. With a CPA’s assistance, small businesses can keep away from filing mistakes, maximize valid deductions, and limit their tax legal responsibility.

CPAs additionally stay cutting-edge with tax legal guidelines and changes, making sure compliance and positioning commercial enterprise proprietors to shop money on taxes.

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Top 10 Accounting Mistakes Small Business Owners Make (and How a CPA Can Help)

Common Mistake #3: Neglecting Regular Bookkeeping

For busy marketers, keeping books updated may be a low precedence amid day by day commercial enterprise needs. However, neglecting normal bookkeeping can quickly lead to faulty financial statements, cash float problems, and even compliance disasters.

Consistent bookkeeping is the muse of sound monetary control, enabling enterprise owners to make informed choices primarily based on real-time monetary information.

A CPA can offer crucial support via overseeing or enforcing steady bookkeeping techniques. With a CPA’s assistance, small agencies can preserve correct records, get well timed insights into their monetary health, and keep away from the pitfalls of omitted bookkeeping.

A CPA can also advise software or systems that streamline bookkeeping, making it less difficult for business proprietors to live prepared.

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Common Mistake #4: Mismanaging Cash Flow

Cash float management is a critical factor of any enterprise, yet many small corporations war with it. Failing to tune incoming and outgoing coins can cause cash shortages, payment delays, or maybe an incapacity to cowl fees. Cash float mismanagement can stifle a commercial enterprise’s boom, making it challenging to spend money on necessary resources.

A CPA can offer techniques to enhance cash flow management via helping small organizations create correct coin waft forecasts, display payment schedules, and identify capability coin gaps.

With a CPA’s steering, business proprietors can hold sufficient working capital, lessen financial stress, and ensure a constant flow of budget to help each day operations.

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Common Mistake #5: Ignoring Financial Statements

Financial statements provide a photo of a commercial enterprise’s monetary fitness, however they’re frequently disregarded by small commercial enterprise owners who might not absolutely recognize their significance.

Failing to study or recognize economic statements method missing out on essential insights into revenue traits, expenses, and profitability.

A CPA can help small enterprise proprietors interpret those financial statements and use them as a tool for strategic decision-making.

By often reviewing balance sheets, income statements, and cash glide statements, a CPA allows commercial enterprise owners to stay privy to their economic role, become aware of areas for development, and make knowledgeable financial alternatives that align with commercial enterprise dreams.

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Common Mistake #6: Improper Payroll Management

Payroll is a complex region that involves correctly calculating employee wages, taxes, and blessings. Mistakes in payroll control can lead to problems like underpayment, overpayment, or payroll tax errors, that can bring about fines or sad employees.

A CPA can assist streamline payroll techniques, ensuring that each one’s calculations are correct, tax requirements are met, and employees are compensated as they should be and on time.

A CPA’s know-how in payroll tax compliance also facilitates organizations to avoid penalties and decrease administrative complications.

Common Mistake #7: Overlooking Sales Tax Obligations

Small groups selling products or services are regularly required to accumulate and remit income tax, but the guidelines can range by way of place and product kind, making compliance an assignment.

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Overlooking income tax responsibilities or miscalculating tax fees can result in fines or penalties that hurt the enterprise’s price range.

A CPA with knowledge of neighborhood sales tax rules can help small enterprise proprietors in understanding their tax responsibilities, putting in place systems to song income tax, and making sure timely bills to keep away from penalties.

This proactive method helps corporations maintain compliance and keep away from high priced surprises.

Top 10 Accounting Mistakes Small Business Owners Make (and How a CPA Can Help)

Common Mistake #8: Failing to Plan for Tax Season

Many commercial enterprise owners method tax season without practice, mainly to ultimate-minute scrambling, mistakes, and overlooked deductions. Failing to organize records and files earlier can increase the risk of submitting mistakes and save you organizations from taking benefit of ability tax savings.

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A CPA can manualize small business owners in yr-spherical tax making plans, ensuring that they’re prepared properly earlier than tax season.

From organizing financial statistics to figuring out deductions at some stage in the year, a CPA makes tax season practicable, reducing pressure and ensuring that filings are correct and optimized.

Common Mistake #9: Not Budgeting for Growth

Small enterprise owners regularly awareness of instant charges, neglecting to devise and finances for long-time period boom. Without a clear economic plan, it can be difficult to scale the commercial enterprise, manage investments, or steady funding.

Lack of budgeting also can lead to overspending in a few regions, leaving insufficient price range for essential business needs.

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A CPA can assist in creating an in depth budget that aligns with the business’s growth goals. By setting economic dreams, allocating sources wisely, and looking forward to destiny prices, a CPA helps small agencies prepare for expansion and manage assets correctly.

This proactive budgeting fosters sustainable boom and monetary stability.

Common Mistake #10: Attempting to Handle Everything Alone

Small business owners are frequently fingers-on, taking over a couple of roles to shop charges. While self-sufficiency is valuable, trying to control all components of accounting without professional assistance can lead to errors and inefficiencies that hinder the enterprise’s fulfillment.

A CPA presents precious support by handling complicated economic tasks and supplying expert advice tailored to the enterprise’s needs. By partnering with a CPA, enterprise owners can cognizance of what they do best—walking their commercial enterprise—while knowing that their finances are in capable hands.

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This collaboration complements financial accuracy and frees up time for commercial enterprise proprietors to recognize the boom.

The Role of CPAs in Correcting and Preventing Mistakes: Insights from Evans Sternau CPA

Evans Sternau CPA, a Texas-primarily based accounting organization, exemplifies the critical role CPAs play in helping small corporations avoid accurate accounting errors. With a team of experienced professionals, Evans Sternau CPA assists customers in organizing their finances, navigating tax complexities, and imposing customized techniques that streamline operations.

They offer small commercial enterprise proprietors with the information to keep away from fines, decorate coins drift, and acquire monetary performance. Partnering with a knowledgeable CPA firm like Evans Sternau CPA guarantees that enterprise proprietors acquire the insights and guidance they need to navigate economically demanding situations confidently and avoid commonplace pitfalls.

Top 10 Accounting Mistakes Small Business Owners Make (and How a CPA Can Help)

Final Words: Making a CPA Part of Your Business Team

The long-time period fee of operating with a CPA extends beyond mere monetary accuracy. CPAs provide small enterprise owners peace of thoughts, understanding that their price range are so as and that they’ve an ally in achieving economic stability and boom.

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Regular consultations with a CPA can prevent the common errors we’ve mentioned, helping organizations keep compliance, optimize coins waft, and make informed selections.

If you’re a small commercial enterprise owner, do not forget enlisting a CPA as a key part of your group. With the expertise of a CPA, you may avoid highly-priced accounting errors, role your enterprise for sustainable increase, and focus on what matters most—building a thriving organization.

The funding in a CPA’s steerage is not best a step toward better financial fitness however additionally a strategy circulates in the direction of lengthy-time period achievement.

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Uniper SE (UNPRF) Q1 2026 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Uniper SE (UNPRF) Q1 2026 Earnings Call May 12, 2026 2:30 AM EDT

Company Participants

Sebastian Veit – Executive VP & Head of Investor Relations
Michael Lewis – CEO, Chief Commercial & Sustainability Officer and Chairman of Management Board
Christian Barr – CFO & Member of Management Board

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Conference Call Participants

Louis Boujard – ODDO BHF Corporate & Markets, Research Division
Anna Webb – UBS Investment Bank, Research Division
Ingo Becker – Kepler Cheuvreux, Research Division

Presentation

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Operator

Ladies and gentlemen, welcome to the Uniper Analyst and Investor Conference Call First Quarter Results 2026. At our request, this conference will be recorded. [Operator Instructions] May I now hand you over to the Executive Vice President, Group Finance and Investor Relations, Sebastian Veit, who will start the meeting today. Please go ahead.

Sebastian Veit
Executive VP & Head of Investor Relations

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Thank you, operator, and good morning, everyone. I’m pleased to welcome you to our results call on the first quarter results 2026. Next to me on today’s call are Michael Lewis, our Chief Executive Officer; and Christian Barr, our Chief Financial Officer. Michael will present company highlights followed by Christian covering financial results for Q1 2026. And as usual, we will wrap up with a Q&A session at the end. And now, let me hand over to Michael Lewis, please.

Michael Lewis
CEO, Chief Commercial & Sustainability Officer and Chairman of Management Board

Thanks, Sebastian, and very good morning, everyone, from my side, and thanks very much for joining the call. And let me start by highlighting the results of the first quarter, and I’m pleased to say we had a very good start into the financial year of 2026. Our operational earnings in the first quarter matched our expectations as presented during our full year 2025 Investor and Analyst Call in March. Group adjusted EBITDA ended up with EUR 407

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It’s Just Plane Obvious: Delta Is Set To Benefit From The Jet Fuel Crisis (NYSE:DAL)

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It's Just Plane Obvious: Delta Is Set To Benefit From The Jet Fuel Crisis (NYSE:DAL)

This article was written by

“In investing, what is comfortable is rarely profitable.” – Robert Arnott I am a “Value” and “Growth” retail investor, looking for opportunities in emerging and undervalued stocks, often counter to conventional thought. I use fundamentals to back up my argument, and also like to highlight stocks which I believe to be overvalued. I have enjoyed nice gains from using my strategies, finding value in everything from Research in Motion, SuperValue, ZipCar, and ClearWire to Apple, Netflix, Tesla and Google (before they all jumped 60% – 2000% or more). I have been actively trading for more than a decade, focussing primarily on stocks. With the privilege of having lived in New York for many years, I have attended multiple shareholder meetings, conferences and sector exhibitions. Over time, I have found that I am particularly interested in innovation – across every sector. Being a small business owner, I enjoy seeing first hand how certain companies directly affect consumers, for better or worse, by doing my own research through channels such as assessing website and store traffic, eBay and other 3rd Party Website sell-through, and customer satisfaction/feedback. There are always good investments to be made, and I try to find them by looking for a combination of growth, unique opportunity, and value – to both shareholder, and arguably more importantly, to its own customers.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in DAL over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Hilton Worldwide Holdings: Valuation Has Gone A Bit Too Far

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Hilton Worldwide Holdings: Valuation Has Gone A Bit Too Far

Hilton Worldwide Holdings: Valuation Has Gone A Bit Too Far

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Blake Morgan appoints first ever co-heads of its Wales office

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Partners Daniela Smith and Lee Fisher will share the role having succeeded Eve Piffaretti

Blake Morgan partners Daniela Smith, Eve Piffaretti and Lee Fisher.

Law firm Blake Morgan has appointed co-heads of its Cardiff head office marking the first time the role has been shared in the firm’s history.

Partners Daniela Smith and Lee Fisher have taken up joint leadership bringing a combined total of more than 50 years’ experience at the firm between them. They succeed Eve Piffaretti who was head of office for more than seven years.

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Ms Smith is a partner in the real estate team, with extensive experience across all aspects of commercial property work for both the public and private sectors. She has been involved in many of the firm’s highest-value and most high-profile transactions, including acting on the £250m regeneration of 40 acres at Roath Basin in Cardiff Bay.

READ MORE: Scarlets Rugby extends sponsorship tie-up with food wholesaler Castell HowellREAD MORE: The best in HR and people development in Wales revealed

Mr Fisher started his legal career as a trainee solicitor with Morgan Bruce (one of Blake Morgan’s legacy practices) in 1995 and is now recognised as one of the leading commercial litigation and intellectual property lawyers in Wales. His practice concentrates on high-value commercial disputes and on leading the brand protection and intellectual property practice nationally. He is also a fully accredited mediator for commercial and IP matters.

Ms Smith said: “It’s a privilege to step into this role alongside Lee at such an exciting time for the office and for Wales. I’ve spent my entire career here, and my commitment to the firm has only deepened over time. I’m looking forward to building on everything Eve has created and to making sure this office continues to be somewhere people are proud to work.”

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Mr Fisher said: “Daniela and I have complementary practices and a shared set of values, so I’m genuinely excited about what we can do together. Eve leaves a remarkable legacy, not just through her hard work but in the culture she’s built, of which Blake Morgan is understandably proud. Our job is to honour that and keep pushing it forward. Wales has a fantastic business community, and I want Blake Morgan to continue to be right at the heart of it.”

Ms Piffaretti said: “It has been an absolute pleasure and privilege to support and champion this office, its people, clients, and communities for more than seven years. I’m delighted to hand over to Daniela and Lee, given their genuine, long-standing contribution and commitment to the firm’s success in Wales. I have no doubt they will take the office from strength to strength in the years ahead. I look forward to supporting them and know that they will excel in the role

Blake Morgan also has offices in London, Manchester, Oxford, Reading and Southampton. It employs more than 500 of which 90 are partners.

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