In another massive blow to high-tax blue states, Apollo Global Management Inc. has announced plans to establish a second U.S. headquarters, scouting locations in Texas and South Florida.

The financial investment heavyweight allegedly shared with its teams on Sunday that it plans to open the second office while keeping its flagship New York City HQ, people familiar with the matter first told the Financial Times. The report also named Nashville as a possible option.

The move signals a growing trend of financial titans abandoning traditional hubs like NYC and San Francisco in favor of the Sun Belt, seeking lower taxes, better talent pools and a friendlier regulatory environment.

FC BARCELONA JOINS MIAMI BUSINESS BOOM, LEAVES N.Y.C. BEHIND FOR FLORIDA’S BUSINESS-FRIENDLY CLIMATE

Apollo did not immediately respond to Fox News Digital’s request for comment.

The flight of capital is no longer a post-pandemic trickle, as data shows that trillions of dollars in assets continue to flee high-tax jurisdictions. Between 2020 and early 2023, more than 370 investment companies moved their headquarters to a new state, according to a Bloomberg analysis.

These relocating firms brought a staggering $2.7 trillion in assets under management (AUM) with them, with New York and California alone losing an estimated $1 trillion each.

Florida, Texas, Tennessee and North Carolina have been the primary beneficiaries of the business migration, attracting new investments.

Fidelity and Vanguard, for instance, have expanded their presence in Texas, and Goldman Sachs is building a $500 million campus in Dallas. In 2021, Charles Schwab ditched San Francisco for the Dallas suburb of Westlake.

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When Citadel made the move from Chicago to Miami in mid-2022, what followed was a slew of corporate re-locations. The new year has already welcomed a fresh wave of company headquarters to Miami, with names like Palantir, D-Wave Systems, GFL Environmental and Trinity Investments. Wider South Florida has built itself up as an established global business hub with several landmark commitments from brands including ServiceNow, Playboy, Wells Fargo, Varonis, TracFone and a handful of others.

Tennessee is emerging as a dark horse in the race for financial dominance since AllianceBernstein, the global investment management firm, paved the way by moving to Nashville from New York in 2021.

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Companies in the private sector added 62,000 jobs in March, payroll processing firm ADP said Wednesday.

The figure is above economists’ estimates of a gain of 40,000 jobs. The prior month’s payrolls number was revised higher to a gain of 66,000 from an initially reported gain of 63,000.

“Overall hiring is steady, but job growth continues to favor certain industries, including health care,” said ADP chief economist Nela Richardson. “In March, this solid performance was accompanied by a boost in pay gains for job-changers.”

Education and health services added 58,000 positions, leading job creation in February. Construction added 19,000, information gained 16,000 and natural resources and mining added 11,000.

Leisure and hospitality added 7,000 jobs, while financial activities and other services each added 4,000. Professional and business services gained 1,000 positions in March.

The ‘Goldilocks’ era of Indian equities was already showing signs of weakness, but any hopes of a quick reversal have now come to a grinding halt. India’s markets are witnessing a historic shift in sentiment, with a record $13 billion in FII outflows in a month.

This is not just a correction; this is a rout. Over Rs 1.24 lakh crore was withdrawn in just March alone, the worst outflow in the history of Indian markets.

The energy squeeze

The major driving force has been the war in the Gulf. Brent crude prices have gone up by 51% in the past month to hit a four-year high of $119.50/barrel, after Iran closed the Strait of Hormuz.

With global brokerage Goldman Sachs forecasting crude to average $115/bbl through April, the import-driven Indian economy is facing a direct shock, fueling inflation, widening the trade deficit, and squeezing corporate margins.

All the importing countries in Asia are affected due to the rising oil prices, but the high FII outflows from India indicate that certain weaknesses were already in place.

Even when the first shots were not fired, investors were battling a weak rupee, weak earnings recovery, and high valuations, along with the US tariffs. The oil issue is simply the last catalyst.
And the change in sentiment is now stark. With geopolitical risks increasing, the dialogue has now shifted from an ‘India premium’ to an ‘India exit’.

Brokerages hit the panic button

Global institutions are rapidly recalibrating. Goldman Sachs has lowered its target price for Nifty to 25,900 from 29,300 and has downgraded India to “market weight.” The global brokerage has also lowered its earnings growth estimates by 9 percentage points cumulatively for CY26/27 to 8% and 13%.

Its models indicate that if oil prices remain $45 above average for three months, earnings growth could be down 9 per cent, a notion supported by history, where past oil shocks resulted in a 6-13 per cent downgrade.

The caution comes from many corners, and Bernstein, Citi, and Nomura are among those taking a more defensive stance, cutting targets and warning of a brewing earnings downgrade cycle.

The most dire prediction comes from Bernstein, which says the crisis could trigger a ‘GFC-style’ scenario.

It has cut its target to 26,000 and a worst-case scenario of 19,000 on the Nifty index.

The fear is that of a macro-level shock: Inflation is soaring, and the RBI is forced to hike interest rates, resulting in a stranglehold on the economy, causing the GDP to grow at a rate of 2-3%, effectively a recession scenario for India.

The same scenario is also seen playing out by other brokerages, and they are just as alarmed. Even Citi has cut its target to 27,000 (from 28,500), and Nomura too has cut its target to 24,900 (from 29,300) and believes that a further 5% fall is a “distinct possibility.”

HSBC believes that every 10% move in oil results in a 1.3% fall in the markets, and currency weakness is also a factor.

India pays the bill

At its core, the problem stems from a simple structural fact: Unlike Brazil and Mexico, which are exporters and hence gain from a higher oil price, India loses out as it imports oil.

Clearly, the problem is especially painful for India and triggers what analysts call a classic ‘energy-led earnings downgrade’ cycle.

And while India is struggling to cope with the shock, the picture in the US and China paints a different story

US: Tech cushioning the blow

Despite a 5% drop in the S&P 500 since the war began on Feb 28, Wall Street has remained resilient. Brokerages are holding, and in some cases even raising, targets, betting that AI-driven growth and strong earnings will offset war risks.

Barclays has lifted its S&P 500 target to 7,650, while Citi sees 7,700 and Goldman holds at 7,600. The broader consensus around 7,500 signals that the US is still viewed as a growth engine capable of weathering $100+ oil.

China: The ‘green shield’ effect

China’s resilience is even more striking. Despite being the world’s largest oil importer, its markets have barely reacted, the CSI 300 is down just 4% since the conflict began.

This is because years of heavy investment in renewables and EVs have reduced dependence on fossil fuels, insulating the economy from oil shocks. Even with oil surging as much as 65%, the yuan remained stable and bond yields were contained.

As a result, Goldman maintains an “overweight” stance on China. Notably, no major brokerage has downgraded the market due to the conflict.

What FY27 could look like for India

Brickwork Ratings expects FY27 to have selective opportunities rather than broad-based rallies. Commodities are expected to do well due to infrastructure and geopolitical factors, equities will have headwinds due to global uncertainty and earnings, and debt will provide stability.

Kotak Institutional Equities also believes that “although the recent correction has been beneficial for risk-reward, valuations are high. Unlike March 2009 or 2020, when valuations were low and offered clear buying opportunities, the current situation is different. Long-term investors are advised to invest in a disciplined manner rather than hoarding cash.”

The contrast is stark. “If capital had been deployed into China, it would have been preserved. US markets will benefit from tech-driven growth. India is the most exposed market to an energy crisis, losing 1.3% for every 10% rise in oil prices and currency weakness.”

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

The shares of Cochin Shipyard rallied around 15% on Wednesday after the stock was added to the NSE‘s futures & options (F&O) segment, leading to expectations of greater liquidity and higher trading volumes.

The sharp surge also comes amid a bullish trend in shipyard stocks after Garden Reach Shipbuilders & Engineers (GRSE) reported its highest-ever annual turnover of Rs 6,400 crore for financial year 2026, marking a 26% jump from Rs 5,076 crore in the previous year.

Shipyard stocks rally

Cochin Shipyard shares surged to Rs 1,372 per share, while Mazagon Dock Shipbuilders shares jumped more than 13%. GRSE shares, meanwhile, surged over 19% on Wednesday morning. These stocks are the top gainers on the Nifty India Defence index, which itself is up around 6%.

The sharp surge in Cochin Shipyard’s share price led to a strong increase in its market value. The rally added more than Rs 4,700 crore to the company’s market capitalisation, bringing it close to Rs 36,100 crore.

The sharp surge also comes amid broader market optimism, as investors increasingly hoped for a sooner end to the raging war between Iran and US-Israel. Sensex surged around 2,000 points while Nifty climbed above 22,900 on Wednesday morning.

Cochin Shipyard is one among the 8 stocks added to NSE’s futures & options (F&O) segment from today onwards. The other seven stocks on the list include Adani Power, Hyundai Motor India, Force Motors, Godfrey Phillips India, Motilal Oswal Financial Services, Nippon Life India Asset Management and Vishal Mega Mart.
In a circular issued on Monday, NSE announced the market-wide position limits, trading member-wise position limits, FII/FPI (Category I & II), mutual fund position limits, trading member proprietary limits and client-level limits.Cochin Shipyard shares saw strong trading volumes of more than 54 lakh after the inclusion into the F&O segment, according to data on NSE at 12 pm. The stock has fallen nearly 10% in one month, and is down 17% in 2026 so far. In the longer term, the stock has rallied more than 467% in three years.

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

Across South Carolina, residential architecture is evolving rapidly. From coastal retreats in Charleston to modern developments in Greenville, more homeowners are building multi-story properties to maximize space, views, and property value. With this shift, residential elevators are no longer considered a luxury; they are quickly becoming an essential feature in many South Carolina homes.

The Rise of Multi-Story Living

One of the main drivers of the growing demand for home elevators is the rise in multi-level housing. In coastal areas like Myrtle Beach and Hilton Head Island, homes are often built on elevated foundations due to flood zone regulations. This means stairs are unavoidable, and navigating multiple floors daily can become inconvenient over time.

Residential elevators provide a practical solution, allowing homeowners to move effortlessly between levels while improving overall accessibility. They also make it easier to transport heavy items, groceries, or even elevator cargo such as furniture and luggage without strain.

Aging Population and Accessibility Needs

South Carolina has a growing population of retirees and aging homeowners who prefer to stay in their homes rather than relocate. This concept, known as aging in place, is a major driver behind the rise of residential elevators.

As mobility becomes a concern with age, stairs can pose safety risks. Installing a home elevator ensures that homeowners can maintain independence and access every part of their home safely. Compared to alternatives like stair lifts, elevators provide a more comfortable, long-term solution that accommodates wheelchairs, walkers, and caregivers when needed.

Increased Property Value and Market Demand

In today’s competitive real estate market, buyers are looking for homes that offer both luxury and functionality. Residential elevators add significant value to a property, especially in upscale areas of South Carolina.

Homes equipped with elevators appeal to a broader range of buyers, including retirees, families with accessibility needs, and luxury home seekers. In high-demand coastal markets, an elevator can be a key differentiator that sets a property apart.

Additionally, as more buyers expect modern features, homes without elevators may become less competitive over time. Installing one is not just about convenience it’s a strategic investment.

Convenience for Everyday Living

Beyond accessibility, residential elevators greatly enhance day-to-day living. Carrying laundry, groceries, or heavy items up and down stairs can be exhausting, particularly in larger homes.

With a home elevator, these daily tasks become effortless. Whether it’s transporting suitcases after a trip or moving household items between floors, elevators simplify routines and reduce physical strain.

This convenience is especially valuable for families, where multiple members may need to move items frequently throughout the day.

Technological Advancements and Design Flexibility

Modern residential elevators have come a long way in terms of design and technology. Today’s systems are more compact, energy-efficient, and customizable than ever before.

Homeowners can choose from a variety of styles, including sleek glass elevators, traditional enclosed systems, and space-saving models that fit seamlessly into existing homes. Advanced safety features, quiet operation, and smart controls make them user-friendly and reliable.

Because of these innovations, working with professional home elevator installers has become easier, as they can tailor solutions to fit the specific layout and design of each home.

Safety and Long-Term Planning

Safety is another key reason why residential elevators are becoming essential. Falls on stairs are one of the leading causes of injuries in homes, particularly among older adults. Elevators reduce this risk significantly by providing a safe and stable way to move between floors.

For homeowners planning long-term, installing an elevator during construction or renovation is a proactive decision. It ensures that the home remains functional and accessible for years to come, regardless of changing mobility needs.

Coastal Lifestyle Considerations

South Carolina’s coastal lifestyle also plays a role in the growing popularity of home elevators. Beach homes often involve multiple levels, outdoor living spaces, and frequent hosting of guests.

An elevator makes it easier to accommodate visitors of all ages and mobility levels, enhancing the overall experience of coastal living. It also simplifies moving items like beach gear, groceries, and luggage between floors.

Conclusion

Residential elevators are no longer just a luxury feature; they are becoming a necessity in South Carolina homes. With the rise of multi-story living, an aging population, and increasing demand for convenience and accessibility, elevators offer practical solutions that enhance both lifestyle and property value.

From improving safety to simplifying daily tasks and supporting long-term living, home elevators are a smart investment for modern homeowners. As more people recognize their benefits, residential elevators will continue to play a vital role in shaping the future of housing across South Carolina.

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Leicestershire-based tile chain also planning head office changes

Retailer Topps Tiles has revealed 23 branches are set to close amid challenging conditions in the home improvement sector and mounting costs.

The Leicestershire-headquartered tile specialist said the closures, representing 7% of its 319-strong portfolio, will help reduce expenses as part of “significant self-help measures”, which also include savings being delivered at its head office.

Topps said the branches are underperforming, with eight already shuttered since last September and the remaining sites set to close over the coming six months.

The company did not reveal what effect the moves would have on its workforce or specify cost-saving targets, though it confirmed affected employees would be offered positions elsewhere within the business where feasible.

The group currently has approximately 1,850 staff members.

Topps Tiles chief executive Alex Jensen said: “In light of subdued consumer sentiment and geopolitical uncertainty as well as the cumulative impact of cost inflation, the management team is implementing a targeted programme of self-help measures weighted towards the second half.

“These actions are designed to support year on year profit growth and provide a stronger financial platform for 2027 and beyond.”

The business reported sales declined 0.1% to £142.7 million in the six months to 28 March, though it noted revenues were affected by a “lengthy” competition process and disposal programme required to address competition concerns following its acquisition of CTD from administration in 2024. Excluding the CTD business, sales climbed 2.1%, although the company noted growth decelerated sharply to 0.6% in the second quarter.

The group said it outperformed the broader DIY and home improvement market, yet shares still slipped 3% following the update.

The ongoing cost-cutting measures are expected to weigh on sales while strengthening profitability, the group added.

Ms Jensen assumed the role of chief executive on December 8, succeeding longstanding former boss Rob Parker upon his retirement.

Topps’ acquisition of CTD out of administration came under scrutiny from the Competition and Markets Authority (CMA), which ordered the company to divest a number of CTD stores to address its concerns.

The retailer retained 22 CTD stores, reduced from an initial 31.

In December, it also acquired the brand of collapsed rival Fired Earth in a £3 million rescue deal, after the Oxfordshire-based competitor fell into administration in October, leading to the closure of its 20 UK showrooms and 133 redundancies.

Topps confirmed the group remains on course to return the CTD arm to profitability in 2025-26, having recorded like-for-like sales growth of 1% across the division in the first half to March 28.

The company posted a statutory pre-tax profit of £8.3 million in the year to September, a marked turnaround from a £16.2 million pre-tax loss the previous year. Half-year figures are due to be published on May 19.

Oil fell over 4% on Wednesday, reversing earlier gains as ongoing Middle East tensions rattled markets, even amid reports that the U.S.-Israeli conflict with Iran could be easing.

The June Brent contract dropped 4.35% to $99.45 per barrel by 7:05 am GMT, while May U.S. WTI crude slipped 3.99% to $97.34 per barrel.

Prices rose earlier on Wednesday but turned lower as uncertainty over the Middle East conflict ‌prompted investors to ⁠lock in ⁠gains.

“The dip is likely due to a lull during Asian hours with profit taking amid signals from the U.S. that the war may come to a conclusion in the near term,” said Emril Jamil, senior analyst at LSEG.

Brent futures for June delivery settled down more than $3 on Tuesday following unconfirmed media reports that Iran’s president was ready to end the war.

President Donald Trump told reporters on Tuesday that the U.S. could end the military campaign within two to three weeks and that Iran does not ⁠have to ‌make a deal to end the conflict, his clearest declaration yet that he wants to wind down the month-long war.
Still, even if the conflict ends, infrastructure damage is likely ⁠to keep supplies tight, analysts say. Oil prices will depend on how quickly supply chains normalize afterwards, said Priyanka Sachdeva, senior market analyst at Phillip Nova.

“Even if it starts to de-escalate, the flow of tankers won’t resume right away … shipping costs and insurance, tanker movement will take time to return to normal,” Sachdeva said, adding that the actual damage to oil infrastructure could only be assessed afterwards.

Trump has indicated he could end the war before reopening the Strait of Hormuz, a key route through which 20% of global oil and liquefied natural ‌gas trade flows, according to a Wall Street Journal report.

“Even with diplomatic channels reportedly still active and intermittent comments from the U.S. administration predicting a short end to the conflict, the combination of limited tangible ⁠diplomatic progress, continued maritime attacks and explicit threats against energy assets keeps supply risks skewed to the upside,” LSEG analysts said in a note.

OPEC oil output dropped 7.3 million barrels per day in March compared with the previous month, a Reuters survey showed on Tuesday, illustrating the impact of forced export cuts because of the closure of the strait.

Meanwhile, U.S. crude oil output fell by the most in two years in January following a severe winter storm that knocked production offline in large swathes of the country, data from the Energy Information Administration showed on Tuesday.