New Delhi: The burden of adjustment in an imbalanced, conflict-ridden world should not fall disproportionately on countries in the Global South that don’t drive these imbalances, finance minister Nirmala Sitharaman said on Thursday.

India, like many developing economies, “remains largely peripheral to both the origination and propagation of global imbalances; yet, we continue to face their spill-over effects”, the minister said.

Sitharaman made the statements while representing India at a virtual meeting on the Global Convergence for Growth Summit, presided over by French President Emmanuel Macron, the finance ministry said in a post on microblogging site X.

“In today’s interconnected world, prosperity and challenges are shared, but the consequences of conflicts and uncertainty fall disproportionately on developing countries and the Global South. The situation demands coordinated global action,” the minister said during her intervention at the summit.

“We must strengthen multilateral cooperation to build resilient economies, accelerate sustainable development and ensure inclusive growth that benefits all,” she added.

The summit was held to bring together leaders of advanced and emerging economies to deliberate on ways to support a balanced and efficient global framework. The senior leadership of all the G7 nations and India, Brazil, China, Kenya, South Korea and the International Monetary Fund participated in the summit.
Making her observations on global imbalances, the minister said: “Not all imbalances are alike, some reflect differences in demographics, development stages, resource endowments, or economic structures.””Our focus should, therefore, remain on excessive and persistent imbalances while recognising that the scale of domestic needs varies significantly across countries,” she said.

Medium-term growth, MDB reforms
India’s growth is projected to remain strong at about 7% over the medium term, the minister said, stressing that the country remains the world’s fastest-expanding major economy.

The country’s growth is primarily led by domestic demand, with a largely market-determined exchange rate, she added.

Sitharaman called for better, bigger, more effective and more representative multilateral development banks (MDBs) that can deliver greater financing to developing countries and emerging economies. Bolstering their financing capacity, operational agility and responsiveness will be critical, she said.

Former Federal Reserve Chair Jerome Powell has reportedly sold a waterfront Maryland estate for $7.2 million.

The six-bedroom, eight-bathroom home on Gibson Island changed hands in an off-market sale on Aug. 4, less than three months after Powell concluded his eight-year term as chair of the Federal Reserve, Realtor.com reported, citing public property records.

The 7,155-square-foot home sits on a two-acre waterfront lot overlooking the Magothy River, the outlet reported.

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The home was not publicly listed on a multiple listing service, with the Baltimore Business Journal first reporting the sale.

Built in 2004, the shingle-style mansion features water views from nearly every main room, along with a waterfront swimming pool, stone terraces, a private pier with a boat lift and landscaped grounds, according to Realtor.com.

Powell purchased the property for $3.86 million in 2006.

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The former Fed chair and his wife, Elissa Leonard, continue to own another home on Gibson Island that they purchased for about $3 million, Realtor.com reported.

The couple’s primary residence is in Chevy Chase, Maryland.

Powell concluded his tenure as Fed chairman in May, with Kevin Warsh succeeding him.

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During his time leading the central bank, Powell frequently clashed with President Donald Trump over interest rate policy.

FOX Business reached out to Powell and Gibson Island Real Estate for more information.

OAKBROOK TERRACE, ILL. —Sara Lee Frozen Bakery is adding new frozen desserts to its Sweet Moments portfolio. The launch includes individual-sized cakes and four-layered cheesecakes.

The cakes are available in gooey butter cake, chocolate chip brookie and cinnamon caramel crunch varieties.

The cheesecakes include strawberry shortcake, lemon blueberry and fudge brownie varieties.

“Sweet Moments and its expansion come as consumer trends converge around demand for greater portion flexibility,” said Derek Wong, director of marketing, retail at Sara Lee. “Smaller households, the rise of ‘little treat’ culture and everyday indulgence, and the growing adoption of GLP-1 medications may be changing consumer behavior for different reasons, but together they point to greater interest in smaller portions and more flexible ways to indulge. Sweet Moments sits naturally at that intersection, giving consumers a premium dessert experience sized for one and giving retailers an opportunity to create occasions beyond traditional celebrations.”

The desserts may be purchased at retailers nationwide.

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The conflict in West Asia is reshaping India’s trade flows in unexpected ways, triggering a dramatic reordering of both import sources and export destinations.

The most striking shift has been Oman’s emergence as a key trade partner. Ranked only 30th among India’s import sources in April-May 2025, the Gulf nation has jumped to 10th place in the first two months of the current financial year. Imports from Oman surged 3.8 times to $3.4 billion, largely driven by energy shipments.

The changes extend far beyond the Gulf. The UAE slipped to fourth place among India’s import partners, while Russia reclaimed the second spot, followed by the US. India’s search for alternative LPG supplies helped lift imports from the US, while purchases from Brazil rose 2.8 times to $2.7 billion. Imports from Peru climbed 3.7 times to more than $2 billion, making it India’s 20th-largest import source compared with 35th a year earlier.

Export patterns have also undergone a significant shift. Singapore overtook China and the Netherlands to become India’s third-largest export destination during April-May, trailing second-ranked UAE by just $180 million. Tanzania emerged as the eighth-largest destination for Indian exports, up from 25th place a year ago, while South Africa climbed to 10th.

According to Commerce Secretary Rajesh Agrawal, exports of oil products and gems and jewellery have driven Tanzania’s rise, with shipments increasing from $800 million in April-May last year to $2.2 billion this year. Exports to Sri Lanka nearly tripled to $1.8 billion, lifting the island nation to 12th place among India’s export markets.
Singapore’s rise has been fuelled largely by a 2.2-fold increase in imports of Indian petroleum products, with exports touching $5.1 billion. The island nation has been among the economies most affected by disruptions caused by the conflict in West Asia, helping it edge past China despite a more than 25% increase in Indian exports to the world’s second-largest economy.
The disruption of shipping routes through the Strait of Hormuz, the vital gateway to the Persian Gulf, has elevated Oman’s strategic importance. Agrawal said Oman, with which India recently operationalised a free trade agreement, has opened the ports of Sohar, Salalah and Duqm for the transit of Indian goods to destinations across the region, including the UAE.
These arrangements have helped India restore exports to West Asia to nearly last year’s levels. Imports from the region, however, remain around 18% lower due to ongoing disruptions in energy supplies.

A nationwide healthcare uniform retailer is shutting all of its brick-and-mortar retail stores, the company said.

A message on the Scrubs & Beyond website reads: “All Retail Stores Closing.” No other explanation was given.

The company sells nurse scrubs and uniforms from top brands, including its own Beyond Scrubs line.

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It has more than 100 stores across 30 states, the website states. 

Many of the stores are holding going-out-of-business sales with discounts ranging from 20% to 40% off all merchandise.

FOX Business has reached out to Scrubs & Beyond’s parent company, Kindthread, for comment.

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The Scottsdale, Arizona-based Kindthread acquired and relaunched the Scrubs & Beyond brand and stores in 2022, the Post Bulletin newspaper reported.

Scrubs & Beyond has been in business for more than 20 years. In that time, the company became the largest retailer of healthcare apparel and accessories in the country, the website states.

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It is unclear how many employees will be impacted by the closings.

Energy Transfer is set to be the first major company to switch its primary listing from New York to the Texas Stock Exchange, or TXSE, in a boost to the nascent exchange. Kelcy Warren, chairman of the $75 billion pipeline company, is a major backer of TXSE’s parent company. Read more:

South Yorkshire’s Granby Nurseries has boosted its portfolio from nine to 13 nurseries

A Rotherham-based nursery group has expanded into Lincolnshire with the acquisition of four sites.

Granby Nurseries agreed a deal for First Timers in Wellingore, Head Start Ramsey Nursery in Boston and two Town and Country Nursery settings in Market Rasen and Louth. Granby was itself acquired by Sipra Deb in 2022 and since then it has also expanded into nine settings across South Yorkshire and Nottinghamshire.

Sipra Deb said: “This is a hugely significant milestone for our group. When I acquired Granby Nurseries, I already owned and operated four established settings through other companies. Since then, we have brought those businesses together as one wider group, grown our portfolio to nine settings and now, with this acquisition, to 13.

“I am incredibly proud of that journey and of the people whose commitment, hard work and belief have made our continued growth possible. First Timers, Head Start Ramsey Nursery and Town and Country Nurseries have each built excellent reputations within their local communities. Their values and commitment to children and families align closely with our own, making them a natural fit for our wider group.

“Our priority is to welcome and support the existing teams, preserve the individual identity and respected names of each nursery, and build upon the strong foundations already in place. This acquisition establishes a significant presence for us in Lincolnshire and gives the group an exciting platform for further sustainable growth.

“This deal would not have been possible without the collaborative and professional approach of everyone involved. We would like to thank all our advisers for their expertise and support in bringing the acquisition to a successful conclusion.”

A team from Yorkshire law firm Ramsdens Solicitors led by corporate and commercial senior associate Emma Spragg, alongside legal assistant Claudia Devers, advised on the acquisition. Ramsdens supported the transaction through the negotiation of the complex interlinked share purchase agreements, the disclosure process and associated ancillary documentation and due diligence arrangements. They worked alongside David Amies from Ridley & Hall and Paul Farmer from Callidus Law.

Andrea David, a former owner of the acquired nurseries, said: “Selling a business is a significant and often complex process, but the Ramsdens team were approachable, responsive and reassuring at every stage. They took the time to understand our position and worked closely with us to make sure everything progressed as smoothly as possible.

“We would also like to wish the new owner, Sipra Deb, and the wider team every success for the future as they take the businesses forward and begin this exciting new chapter.”

Emma Spragg, senior associate at Ramsdens Solicitors, added: “Completing a deal of this nature requires close collaboration between all parties. It was brilliant to support the transaction through to a successful conclusion and to play a part in the continued growth of the group as it establishes a significant presence in Lincolnshire.

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“We would like to wish everyone involved every success as the businesses begin this exciting new chapter as part of the wider group.”