Muthoot Microfin’s third quarter net profit soared over 16 times at Rs 62.4 crore as compared with Rs 3.8 crore in the year-ago period, helped by a fall in provisions to cover bad loans.

Its credit cost for the quarter was seen at 3.3%, well below the guidance of 4-6% for the fiscal. Provisions in absolute terms were at Rs 106 crore as against Rs 164 crore in the year ago quarter, in line with a fall in gross non-performing assets ratio to 4.4% at the end of December from 4.6% three months prior.

Pre-provisioning operating profit however stood lower at Rs 175 crore as compared with Rs 252 crore.

The lender’s net interest margin for the quarter stood at 12%, up 11 basis points from the preceding quarter. Its gross loan portfolio grew 5.4% year-on-year to Rs 13,079 crore.

“The microfinance sector has emerged from a challenging phase with industry gradually returning to a sustainable growth path,” chairman Thomas Muthoot said.

GIC Housing Finance reported Rs 44 crore net profit for the third quarter of the fiscal, reflecting a 12% drop from the year-ago period’s Rs 50 crore. The lender’s total expenses stood higher at Rs 218 crore against Rs 214 crore while total income was higher at Rs 273 crore against Rs 270 crore. Its gross non-performing assets ratio rose to 4.24% at the end of December 2025 from 3.47% a year prior. The lender’s net profit margin declined to 16% from 18.4% a year back.

President Donald Trump on Friday signed an executive order to expand beef imports from Argentina as consumers face higher prices amid supply constraints impacting the U.S. cattle industry.

Trump’s order implements a trade framework he reached with Argentina in November that aims to increase beef imports to help mitigate the surge in beef prices that has occurred in recent years.

In 2018-19, ground beef prices were under $4 per pound but began rising during the pandemic and have been above $5 a pound since June 2023 while continuing to increase, reaching about $6.69 a pound in December, according to data from the Bureau of Labor Statistics (BLS). Sirloin steaks were around $8.50 a pound in 2019, but have been over $11 a pound since the summer of 2023 and hit $14.02 a pound in December.

Over the last year, ground beef prices are up 15.5% through December while the cost of a steak has risen 17.8%, according to the BLS’ consumer price index (CPI). A fresh read of the CPI inflation is due at the end of this week when January’s data is set to be released – though high beef prices are expected to persist due to domestic supply challenges.

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Cattle ranchers have reduced their herds due to drought and wildfire affecting key ranching regions in recent years, which left the nationwide cattle inventory at its lowest level in 70 years. Although some ranchers have started to slowly rebuild their herds, it takes at least two years to raise full-grown cattle.

Overhead costs for cattle ranchers have also climbed, with feed, labor, fuel and equipment expenses trending higher. 

Additionally, cattle imports from Mexico have been restricted due to the New World Screwworm, a parasitic infestation that can afflict livestock.

BEEF PRICES SOAR AS AMERICAN FAMILIES PAY STEEP PRICES FOR STEAKS AND BURGERS NATIONWIDE

Under the Trump administration’s announcement, the tariff-rate quota for imports of lean beef trimmings from Argentina will increase by 80,000 metric tons for calendar year 2026. 

The additional imports will be allocated entirely to Argentina and released in four quarterly tranches beginning on Feb. 13.

The White House said in a fact sheet that the action is intended to boost supply and make ground beef more affordable for American consumers, citing an 8.6% decline in domestic beef cattle inventory since 2020.

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The announcement drew pushback from the nation’s largest cattle industry group, which questioned whether increased imports would deliver the price relief the administration is promising.

“While we fundamentally disagree with the premise that increased imports can lower beef prices, NCBA is encouraged to see the Trump administration take necessary steps to address longstanding market-access challenges for U.S. beef in Argentina,” said Kent Bacus, executive director of international trade and market access at the National Cattlemen’s Beef Association (NCBA).

Bacus warned that Argentina’s history with foreign animal diseases raises concerns about expanding imports without stronger safeguards.

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“Given Argentina’s issues with foreign animal diseases, NCBA remains concerned that expanding imports from Argentina without increased inspection protocols and up-to-date audits could place American consumers and our cattle herd at unnecessary risk,” Bacus said.

FOX Business’ Jasmine Baehr contributed to this report.

The Teesside company saw a big rise in profitability

One of the North East’s largest companies has reported a rise in both profits and turnover in what it describes as a “year of exceptional trading”. Middlesbrough-based Cleveland Cable Company has released accounts for the year to the end of April 2025 in which its turnover rose from £456.5m a year earlier to £486.7m.

Over the same period, operating profit went from £31.2m to £41.2m and retained earnings at the end of year stood at £184.6m, an increase of more than £30m over the year.

In the accounts, the company says it does not provide a geographical breakdown of its sales as that would be “prejudicial to the affairs of the company”. Cleveland Bridge’s headcount increased slightly during the year to stand at 598, with the increase coming in its operating and sales staff.

Despite the successful year, the company did not pay any dividend to shareholders, having had an £83.6m dividend 12 months earlier.

The success of Cleveland Cable, the largest cable supplier in the UK and Ireland, over nearly 50 years has made brothers Alastair and Michael Powell some of the North East’s most successful businessmen. The duo have an estimated wealth of £701m, according to the annual Sunday Times rich list, and also own The Keys restaurant in Yarm.

In the accounts Alastair Powell said: “The directors are pleased to report on yet another year of exceptional trading. Both sales and profits have continued to be buoyed by the strong demand from all our markets and continued inflationary pressures on market prices.

“We are delighted with our progress made with our major projects team, new facilities and overseas businesses. The balance sheet and liquidity of the company continues to be healthy due to strong trading performance.

Cleveland Cable Company was started in 1978 by the Powell brothers. Its Middlesbrough head office in Riverside Park covers a 12-acre site and has more than 160,000sq ft of warehousing.

The company has depots at Newcastle, Northampton, Warrington, Bristol, Glasgow, London and Birmingham. It has overseas sites in Ireland, Dubai, Saudi Arabia, Sweden, Germany, Italy, Portugal and Norway.

Among the projects the firm has worked on was an £8m scheme for the 2012 London Olympics and involved 940,000 metres of cable.

Elon Musk said Sunday that SpaceX is shifting its near-term priorities away from Mars and toward building what he described as a “self-growing city” on the moon, citing faster timelines and strategic urgency.

“For those unaware, SpaceX has already shifted focus to building a self-growing city on the Moon, as we can potentially achieve that in less than 10 years, whereas Mars would take 20+ years,” Musk wrote in a post on X.

“The mission of SpaceX remains the same: extend consciousness and life as we know it to the stars,” he added.

Musk said the moon offers a more practical testing ground because of its proximity to Earth.

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“It is only possible to travel to Mars when the planets align every 26 months (six month trip time), whereas we can launch to the Moon every 10 days (2 day trip time). This means we can iterate much faster to complete a Moon city than a Mars city,” Musk wrote.

He said SpaceX still plans to pursue its long-held goal of settling Mars but on a longer timeline.

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“That said, SpaceX will also strive to build a Mars city and begin doing so in about 5 to 7 years, but the overriding priority is securing the future of civilization and the Moon is faster,” Musk wrote.

The comments echo a recent Wall Street Journal report that said SpaceX has told investors it would prioritize lunar missions before attempting a Mars landing, targeting March 2027 for an uncrewed moon mission.

The shift marks a notable change from Musk’s long-standing public emphasis on Mars as SpaceX’s primary destination. As recently as last year, Musk said the company aimed to launch an uncrewed Mars mission by the end of 2026.

“No, we’re going straight to Mars. The Moon is a distraction,” Musk wrote in January last year in response to a post on X.

Musk has a long record of setting ambitious timelines for major projects – including electric vehicles and self-driving technology – that have often slipped beyond their original schedules.

The renewed focus on the moon comes as the United States faces growing competition from China to return humans to the lunar surface this decade. Humans have not visited the moon since NASA’s Apollo 17 mission in 1972.

The remarks also arrive amid major financial and strategic shifts at SpaceX. Less than a week ago, Musk announced that SpaceX had acquired artificial intelligence company xAI – which he also leads – in a deal valuing SpaceX at $1 trillion and xAI at $250 billion.

Supporters of the move say it could bolster SpaceX’s longer-term plans for space-based data centers, which Musk has argued could be more energy-efficient than Earth-based facilities as demand for AI computing power grows.

SpaceX is also preparing for a potential public offering later this year that could raise as much as $50 billion, potentially making it the largest IPO in history.

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On Monday, Musk said in response to a user on X that NASA will account for less than 5% of SpaceX’s revenue this year, despite the company’s central role in NASA’s Artemis moon program, which includes a roughly $4 billion contract to land astronauts on the lunar surface using Starship.

“The vast majority of SpaceX revenue is the commercial Starlink system,” Musk wrote.

Reuters contributed to this report. 

Sebi on Monday proposed a sharp reduction in the minimum investment required from individual investors in social impact funds to Rs 1,000 from the existing Rs 2 lakh, in a move aimed at widening retail participation and easing fundraising for not-for-profit organisations (NPOs) on the Social Stock Exchange (SSE).

In its consultation paper, Sebi also proposed extending the registration period for NPOs on the SSE without fundraising and lowering the minimum subscription requirement for issuing Zero Coupon Zero Principal Instruments (ZCZP).

The regulator said the measures are intended to “further strengthen the SSE framework, facilitate ease of fund raising and encourage greater participation by NPOs”.

Under the current Alternative Investment Fund (AIF) Regulations, individual investors are required to invest a minimum of Rs 2 lakh in a social impact fund that invests exclusively in securities of NPOs listed or registered on the SSE.

Sebi has now proposed lowering this threshold to Rs 1,000 to align it with the existing minimum application size for Zero Coupon Zero Principal Instruments (ZCZP) under the ICDR norms, thereby enabling wider retail participation in social impact investments.

On the registration front, Sebi has suggested extending the period during which NPOs can remain registered on the SSE without raising funds from the existing two years to three years.
The proposal has taken into account practical challenges faced by NPOs, including delays in statutory and regulatory approvals, and would be subject to approval by the SSE.In addition, the regulator has proposed reducing the minimum subscription requirement for ZCZP issuances from 75 per cent to 50 per cent in select cases.

This relaxation would apply only to projects where costs and outcomes can be implemented on a clearly identifiable per-unit basis, ensuring that partial subscription does not adversely affect project execution, Sebi said.

In such cases, SSEs would be required to carry out due diligence to ensure that funds raised at the lower subscription threshold can still be meaningfully deployed towards the stated objectives.

Also, the regulator said that funds would be refunded to investors if the minimum subscription requirement is not met.

Marc Bircham
Executive Chairman of the Board

Good morning, and welcome to the 2025 Annual Meeting of Stockholders of Sports Entertainment Gaming Global Corporation. I am Marc Bircham, Chairman of the Board, I will serve as Chair of today’s meeting.

This meeting is being held virtually via live audio webcast. Before turning to the formal items of the business, I would like to welcome the other members of our Board of Directors to today’s meeting. Mr. Tam Hassan; Mr. Christopher Gooding; Mr. Paul Jordan; and Mr. Warren Macal.

I’d also like to acknowledge the other members of our management team who are present at today’s meeting, including Rob Stubblefield, our Chief Financial Officer, Interim CEO and President; who will act as secretary of the meeting; Dennis Ruggeri, our Compliance Officer; and Greg Potts, our Chief Operator; also joining us today is Amar Ali, the company’s outside General Counsel; and Boladale Lawal & Co, the managing partner of our company’s independent accounting firm.

Finally, I would like to welcome Vito Cirone, representative of Continental Stock Transfer and Trust Company, who is with us today and has taken an oath of the inspector of election. That oath will be filed within minutes of this meeting. This meeting is now called to order. We will conduct the formal part of the meeting and most of votes have been taken and the polls are closed. The votes will be report concluding the formal part of the meeting. Therefore, they will answer any appropriate questions during the meeting from stockholders that was submitted in advanced and posted in accordance with the meeting rules of conduct and