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How Workplace Grime Quietly Drains Billions From Business Bottom Lines

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How Workplace Grime Quietly Drains Billions From Business Bottom Lines

Almost none will mention the item that research suggests is silently taxing their payroll every single day — the physical cleanliness of their workplace.

The numbers are not small. As a company that cleans commercial spaces across one of the most competitive business environments on earth, we at Green Hands Cleaning Services Corp in New York City have watched businesses treat cleaning as a grudge purchase — the first line item cut when budgets tighten. The research says that instinct is spectacularly expensive. Here’s the evidence, and why the humble cleaning contract may be one of the most underrated productivity investments in business.

Your Desk Has 400 Times More Bacteria Than a Toilet Seat

Let’s start with the finding that made headlines around the world and still shocks every executive who hears it. Research led by Dr. Charles Gerba, a microbiologist at the University of Arizona, found that the average office desk harbours roughly 400 times more bacteria than the average toilet seat — around 10 million bacteria on a typical work surface.

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The reason is behavioural, not mysterious. Toilets get disinfected regularly because they’re perceived as dirty. Desks don’t, because they’re perceived as clean. Meanwhile, Gerba’s research found that the areas where employees rest their hands and eat lunch are bacterial hotspots: the average office phone carried around 25,000 bacteria per square inch, keyboards roughly 3,300, and computer mice about 1,600. The office kitchen fared even worse — communal sponges, fridge handles, and coffee pot handles ranked among the most contaminated objects in the entire building.

And contamination doesn’t stay put. A University of Arizona tracer study placed a harmless virus surrogate on a single office door handle at the start of a workday. Within four hours, the virus was detectable on more than half of all commonly touched surfaces in the office — and on the hands of roughly half the employees. One handle. Four hours. Half the workforce.

Now consider that 80% of common infections are transmitted by touch, according to widely cited public health research, and the business implications start coming into focus.

The £14 Billion Question: Sickness Absence Is a Cleanliness Problem

For UK readers, the macro numbers are sobering. The Office for National Statistics reported that UK workers lost approximately 185.6 million working days to sickness absence in 2022 — the highest on record — with minor illnesses such as coughs and colds consistently the single largest cause. Estimates of the total cost of sickness absence to the UK economy run into the tens of billions of pounds annually, and that’s before counting presenteeism: employees who turn up ill and work at a fraction of capacity, which research by Deloitte and others suggests costs employers considerably more than absence itself.

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Here’s where cleaning stops being janitorial and starts being financial. A frequently cited workplace hygiene study found that implementing a targeted disinfection programme for high-touch office surfaces reduced surface contamination dramatically — and related research on workplace hygiene interventions has associated proper cleaning protocols with reductions in employee absenteeism of up to 30–40% for illness-related absence. When flu season alone costs businesses billions in lost output, a professional cleaning regime targeting phones, keyboards, door handles, and kitchen surfaces isn’t overhead. It’s insurance with a measurable payout.

The pandemic taught every business this lesson at gunpoint. The follow-up lesson — that the economics of workplace hygiene were compelling before COVID and remain compelling after it — has been forgotten remarkably quickly. It’s a core reason demand for structured commercial programmes like https://www.greenhandscleaningservices.com/services/office-cleaning-new-york-city has remained well above pre-2020 levels even as pandemic-era anxiety has faded: the firms that measured the absence data kept the contracts.

Clean Workplaces Don’t Just Prevent Sickness — They Manufacture Productivity

The second body of evidence is, if anything, more commercially interesting than the first: cleanliness doesn’t merely stop losses. It actively improves output.

The clutter tax on cognition. Princeton University neuroscientists demonstrated in The Journal of Neuroscience that visual clutter competes for the brain’s processing capacity, measurably degrading focus and performance. Your employees’ brains are running background processes on every stack of paper and dusty surface in their field of vision.

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The air they breathe is a performance variable. A landmark Harvard T.H. Chan School of Public Health study (the COGfx study) found that workers in well-ventilated offices with low levels of indoor pollutants showed cognitive scores 61% higher than in conventional office conditions — rising to 101% higher in optimised environments. Dust-laden carpets, clogged vents, and grimy surfaces are direct contributors to the indoor air quality problem, and the US EPA estimates indoor air is typically two to five times more polluted than outdoor air. Given that office workers spend roughly 90% of their time indoors, the air inside your office is arguably a line on your P&L.

Employees notice — and judge. A survey by Staples found that 94% of workers reported feeling more productive in a clean workspace, and 77% said they produce higher quality work in a cleaner environment. Separate research found a majority of employees judge their employer by the state of the workplace — with dirty toilets and grubby kitchens repeatedly cited in surveys as factors that damage morale and even influence decisions to stay or leave. In a tight labour market, that’s a retention issue wearing a mop’s disguise.

Clients judge faster than employees do. Multiple commercial surveys have found that around 95% of customers say exterior and interior cleanliness influences their perception of a business, and a significant share say they would not return to a business with dirty facilities — with unclean toilets being the most cited deal-breaker. First impressions form in seconds; grime forms them for you.

The Hybrid-Work Trap: Why Offices Are Getting Dirtier, Not Cleaner

Here’s a counterintuitive development from the post-pandemic workplace that business owners should understand: hybrid working has made office hygiene worse, not better.

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The logic seems backwards — fewer people should mean less mess. But three forces work in the opposite direction:

  1. Hot-desking multiplies exposure. When desks were assigned, each keyboard hosted one person’s microbes. Desk-sharing means every surface is now a rotating exchange point for the whole workforce. Studies of shared-desk environments have found significantly higher contamination on hot desks than on assigned ones.
  2. Cleaning contracts were cut to match headcount, not usage. Many firms reduced cleaning frequency proportionally to attendance — but a desk used by three different people across a week needs more attention than one used by a single occupant, not less.
  3. Intermittent occupancy creates its own problems. Water sitting in unused taps and appliances, dust accumulating in low-traffic zones, and kitchens used heavily on peak days but cleaned on schedules designed for even usage.

The businesses handling this well have shifted from fixed-schedule cleaning to usage-based programmes — deeper cleans aligned to peak occupancy days, disinfection of shared workstations between users, and periodic intensive cleans that reset the whole environment. It’s the model behind flexible offerings such as Green Hands’ custom cleaning plans, and it’s rapidly becoming the standard sophisticated tenants demand rather than a premium option.

What New York’s Hyper-Competitive Market Teaches Every Business

Operating in New York City is a stress test for any theory about commercial cleanliness, and a few lessons from our market translate directly to businesses anywhere — London, Manchester, or Leeds:

Lesson 1: The businesses that measure it, keep it. Our longest-standing commercial clients are the ones who tracked something — sick days, client feedback, Glassdoor mentions of the office environment — before and after establishing a proper cleaning programme. Cleaning survives budget reviews when it has a KPI attached. When it’s a vague “facilities” line, it gets cut, and the costs reappear elsewhere, unlabelled.

Lesson 2: Frequency beats intensity. A monthly blitz clean is far less effective than lighter, more frequent attention to high-touch points. Microbial recolonisation of surfaces happens within hours, not weeks. The University of Arizona door-handle study proved contamination spreads building-wide in half a working day — your cleaning cadence needs to respect that timeline.

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Lesson 3: The kitchen and the toilets are your brand. Employees forgive a scuffed floor. Surveys show they do not forgive a dirty kitchen or washroom — and neither do visiting clients. If budget forces prioritisation, prioritise where humans eat and where they’d rather not think about.

Lesson 4: Deep cleans are infrastructure, not indulgence. Carpets, vents, blinds, upholstery, and the zones behind and beneath furniture are where the Harvard air-quality findings live. Quarterly or biannual deep cleaning — the kind detailed at https://www.greenhandscleaningservices.com/services/deep-cleaning-service-new-york-city — is what keeps the daily cleaning meaningful, in the same way servicing a boiler keeps the radiators worth bleeding.

Lesson 5: Insurance and vetting are non-negotiable. Whoever cleans your premises has out-of-hours access to your offices, your equipment, and potentially your data environment. Insured, bonded, background-checked teams aren’t a luxury tier — they’re baseline commercial risk management.

Running the Numbers for Your Own Business

Sceptical? Good — run your own maths. Here’s the back-of-envelope model we suggest to every commercial prospect:

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  • Take your average fully-loaded daily cost per employee (salary, NI/benefits, overheads).
  • Multiply by your annual sick days per employee (UK average: roughly 5.7 days per worker, per ONS).
  • Assume a professional hygiene programme trims illness-related absence by a conservative 20% (well below the reductions reported in workplace hygiene studies).
  • Add a modest 2–5% productivity uplift from the environment effects documented by Harvard, Princeton, and the Staples survey data.

For a 30-person business with a £45,000 average fully-loaded cost, even the conservative version of that calculation typically lands between £25,000 and £60,000 in annual recovered value — against a cleaning programme costing a fraction of that. The ROI conversation ends quickly.

Then add the unquantifiables: the client who noticed the immaculate meeting room, the candidate who accepted the offer partly because the office “felt looked after,” the review that mentioned your premises. Cleanliness compounds.

The Bottom Line

Business leaders spend fortunes on productivity software, engagement consultants, and wellbeing programmes — while the physical environment their people inhabit eight hours a day carries 10 million bacteria per desk, air that measurably dulls cognition, and clutter that taxes every brain in the building.

The research verdict is unambiguous: workplace cleanliness is not a facilities expense. It is a performance input with one of the clearest, most measurable returns available to any business — a rare investment that simultaneously cuts costs (absence), raises output (productivity), protects revenue (client perception), and supports retention (morale).

The dirtiest secret in business isn’t hiding in the accounts. It’s sitting on the desk.

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About Green Hands Cleaning Services Corp

Green Hands Cleaning Services Corp is a professional commercial and residential cleaning company headquartered in East Elmhurst, Queens, serving businesses and homes throughout New York City, including Manhattan, Brooklyn, and Queens. The company provides office cleaning, commercial cleaning, janitorial services, disinfection services, and deep cleaning for workplaces of every size, alongside a full range of residential services including apartment cleaning, move-in/move-out cleaning, and recurring maid service. Fully insured and bonded, with vetted professional teams, custom cleaning plans, transparent pricing, and flexible scheduling — including same-day and after-hours service — Green Hands partners with businesses that understand a clean workplace is a competitive advantage, not a cost centre.

Green Hands Cleaning Services Corp
22-16 79th St, East Elmhurst, NY 11370, United States greenhandscleaningservices.com
+1 212-812-9418

 

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OpenAI rebrands AI agents as ‘dots’ amid security fears

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OpenAI CEO Sam Altman standing on stage at his company's annual developer conference in front of a screen with "dots" displayed behind it.

OpenAI has chosen to rename new versions of artificial intelligence tools widely known as agents. They are now being called “dots.”

Company boss Sam Altman, speaking in San Francisco on Tuesday during OpenAI’s yearly event for technology developers, referred to “dots” as “remarkably capable, always-on agents that can handle really anything you can think of.”

OpenAI in recent months has come under intense scrutiny as internal tests of its AI agents have revealed often unexpected and occasionally harmful actions, leading to more public and government fears.

Dots, however, were pitched as brightly colored cute cartoons meant to function as digital assistants for people with busy lives.

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The dots, Altman said, “can handle really anything you can think of.”

A glossy video was shown during the event, with people speaking to and naming animated versions of their “dots,” then giving them various tasks, like building a website and booking afterschool activities for their children.

Speaking about “my dot,” Altman almost entirely eschewed referring to the tool as an agent, which has been in common use for years. AI agents are essentially AI chatbots that are programmed to operate somewhat autonomously.

“You just give your dot a responsibility… and your dots will just get to work and keep working,” Altman added.

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The day prior to OpenAI’s Tuesday event, the company said it was delaying the launch of its latest model due to certain safety issues that showed up during internal testing.

Since July, the company has been dealing with a series of issues with its AI agents acting improperly. It has faced unprompted hacking into the AI platform Hugging Face, posting to third-party websites images that AI agents took from ChatGPT user chats, and accessing non-public information maintained by the Australian government.

OpenAI, as well as rival AI firm Anthropic, previously delayed public release of certain AI models due to potential risks, mostly pertaining to cybersecurity or hacking concerns.

Both companies also expect to be listed on the public stock market in the coming months. Anthropic likely will do so this year, while OpenAI is poised for 2027.

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And both companies have lately been clear that they believe AI poses a genuine risk on a large scale, be it to public infrastructure or public safety.

Speaking last week to the UN, Altman pleaded for “national and international” AI standards on measuring the capabilities of an AI tool, assessing related risks, AI safeguards, and the degree to which human oversight over such tools is maintained.

Dario Amodei, the head of Anthropic, told the UN that if the speeding development of AI was not properly managed and overseen, future versions of the technology “could be a risk to humanity as a whole.”

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UK chancellor uses bitcoin to mock Nigel Farage

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UK chancellor uses bitcoin to mock Nigel Farage

UK Chancellor of the Exchequer John Healey has compared Nigel Farage’s fiscal policies to a “BTC account” handled by one of the UK’s most financially irresponsible prime ministers.

UK Chancellor of the Exchequer! “Don’t make me laugh,” John Healey has compared Nigel Farage’s fiscal policies to a “BTC account” handled by one of the UK’s most financially irresponsible prime ministers.

This is from Healey the most useless piece of communist crap ever appointed to this position. This man is really as stupid as they come. Support the British people? NO, he supports the communist socialist failed agenda and the EU, like the rest of Labour’s traitor MPs. Certainly not you the British people, and you voted for the new Communist socialist Islamic republic of Britain.

Now he and Burnham are going to piss all over you while calling for another referendum on rejoining the dictatorship called the EU, OH, AND THEY WILL USE THE WORD DEMOCRACY, SOMETHING THEY DON’T SUPPORT AND NEVER HAVE.

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Healey’s jab at the Reform leader during Labour’s 2026 party conference referred to the perceived economic failure of the UK’s shortest-serving prime minister, Liz Truss.

Truss’s financial policies were widely criticised for their negative impact on financial markets. This led to a rebellion from several Tory MPs, and she was forced to resign within 44 days of her premiership.

Healey appeared to suggest that a “BTC account” is an equally financially irresponsible form of finance, and that only by pairing it with Truss would you recreate the “fantasy funding” ideals of Nigel Farage.

Healey’s comments upset a lot of Bitcoiners, who claimed his “derogatory” description of a “BTC account” demonstrated “staggering ignorance.”

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Freddie New, CEO of the BTC Lightning transaction fee firm B HODL, said Healey is “gleefully ignorant that he thinks it is possible to have a ‘BTC account.’”

UK podcaster Peter McCormack said, “Healey making a dismissive joke about Bitcoin shows that he likely has a woeful understanding of economics, particularly scarcity.”

Most criticisms were technical and took offence at the use of the word “account,” which contrasts with the phrase “crypto wallet” used by crypto holders.

Healey wants a ‘new age of industrialisation’

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Healey was defence secretary under Sir Keir Starmer’s leadership before he resigned in June. He argued that the government wasn’t willing to spend enough on national defence. 

During yesterday’s conference, Healey announced new measures to support a “new age of industrialisation,” which includes a £300 million investment from Rolls-Royce toward its factories, and £6 billion in government contracts to build new submarine docks. 

A so-called “Union Learning Fund” was also announced, as were a National Wealth Fund to help create 130,000 jobs by 2030, and a £100 million-backed local apprenticeship scheme. 

Got a tip? Send us an email securely via Protos Leaks. For more informed news and investigations, follow us on X, Bluesky, and Google News, or subscribe to our YouTube channel.

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El Pollo Loco to open first New York restaurant

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El Pollo Loco to open first New York restaurant

El Pollo Loco will open its first New York City restaurant next year as the California chain looks to become a national player.

El Pollo Loco has closed three development agreements for a total of 15 restaurants in the New York area over the next five years, the company announced on Tuesday. The first location will open in Queens in mid-2027.

Founded in Mexico in 1975, El Pollo Loco opened its first U.S. restaurant in Los Angeles. The majority of its locations are still concentrated in California, but its footprint has grown to more than 500 restaurants across 10 states. It is best known for its bone-in grilled chicken, although its menu has grown.

CEO Liz Williams wants to make El Pollo Loco into a national chain. To expand outside its Southwestern stronghold, El Pollo Loco will open restaurants on the East Coast and then move its way back to the West, she said.

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To succeed in new markets, the chain will have to build its brand awareness in a crowded space where consumers are watching their budgets.

“Being a 50-year-old brand, people have seen it over the years and have always had that curiosity, but we have our work cut out,” Williams said.

Under Williams’ leadership, El Pollo Loco has embarked on a turnaround focused on modernizing its restaurants and expanding its menu into more convenient options, like wraps and chicken tenders. The efforts have started to pay off for the chain, which has reported three straight quarters of same-store sales growth.

“In the current quarter, we’ve expanded margins, and the business model is healthy overall,” Williams said. “The brand has gotten even stronger and healthier.”

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El Pollo Loco has also been expanding quickly during her tenure. When she began in March 2024, the chain was in just six states. Now, it is in 10. And while it opened nine restaurants last year, El Pollo Loco is projecting 10 to 18 new locations by the end of 2026.

Investors like the company’s trajectory. Shares of El Pollo Loco have climbed 44% over the last year. The S&P 500 rose more than 15% over the same period.

Its comeback coincides with a challenging time for the restaurant industry. Burger and taco chains have been facing soaring costs for beef. Consumers have been dining out less frequently to save money, which has intensified competition between eateries.

El Pollo Loco has also had to contend with more competition as restaurants aim to cash in on growth in the chicken category. McDonald’s and Taco Bell — Williams’ former employer — have expanded their chicken options in recent years, fueled by consumer market research. And chicken-focused chains have been expanding quickly, from newcomer Dave’s Hot Chicken to Southern names like Zaxby’s and Raising Cane’s.

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In 2024, El Pollo Loco was the eighth-largest chicken chain by U.S. sales, with 2.1% market share, according to Barclays.

But with its focus on grilled chicken and Mexican-inspired flavors, El Pollo Loco stands out from the crowd, Williams said.

“Everyone is talking about wanting to eat a little better and really thinking through their choices,” Williams said. “Everyone loves fried chicken … However, in terms of what you’re able to eat every single day, grilled chicken is just a better option.”

The expansion news comes as El Pollo Loco shakes up its leadership.

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The company on Friday said in a regulatory filing that Damon Thomas will join the company as chief operating officer. He joins the company from Shake Shack.

Tara Hinkle was also recently tapped as the chain’s new chief development officer. She previously held roles at The Coffee Bean & Tea Leaf, Taco Bell and Starbucks before joining the company in July.

Correction: This story was updated to reflect that Williams said the company’s brand has gotten stronger and healthier. A previous version misquoted her.

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Bangkok floods threaten to shave 0.3 percentage points from Thailand’s 2026 growth

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Bangkok floods threaten to shave 0.3 percentage points from Thailand’s 2026 growth

Severe flooding in Bangkok and surrounding provinces is projected to reduce Thailand’s 2026 economic growth by 0.3 percentage points, lowering estimates to 2.1%. Immediate losses are estimated at 11 billion baht nationwide, with some assessments ranging up to 33.8 billion baht, and Bangkok bearing the largest share of damage.

The capital experienced significant rainfall that overwhelmed drainage systems, disrupting transport, commerce, and supply chains, particularly affecting small businesses. The government declared special holidays to ease pressure, while banks introduced relief measures. The final economic impact depends on how quickly flooding subsides and whether further disruptions occur.

Thailand’s latest flooding could reduce annual economic growth by 0.3 percentage points this year, as widespread disruption across Bangkok and surrounding provinces weighs on businesses, transport and household spending.

The flooding could lower Thailand’s 2026 growth rate to 2.1%, from an earlier estimate of 2.4%, according to economist Aat Pisanwanich, who was quoted by Reuters in a recent article. Third-quarter growth could decline by approximately 0.5 percentage points to 1.7%.

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The immediate economic losses have been estimated at 11 billion baht, or approximately $320 million, nationwide. A separate assessment by Rangsit University placed the potential losses between 16.9 billion and 33.8 billion baht, with a moderate-damage scenario reaching 25.345 billion baht.

Bangkok is expected to bear the largest share of the losses, at approximately 10.586 billion baht. The estimate covers the period from September 24 to 27 and includes disruptions to commerce, services and travel.

Bangkok bears the largest impact

The capital received around 320 millimetres of rain over two to three days, overwhelming drainage systems and flooding entire neighbourhoods. Water levels began to recede in several areas after the rain eased, but residents in some communities remained stranded or dependent on evacuation centres, as was reported by varoius medias like Internazionale.

The economic impact has extended beyond direct damage to buildings and vehicles. Businesses have faced difficulties moving workers, receiving supplies and delivering products, while shops in flooded areas have struggled to reopen.

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Transport interruptions have also reduced consumer activity. Residents unable to travel to work or commercial districts have postponed purchases, while companies have incurred additional costs for alternative routes, temporary closures and emergency repairs.

The government declared special holidays for civil servants in Bangkok and three surrounding provinces on September 28 and 29 in an attempt to reduce travel and ease pressure on the transport system. However, the measure also reflects the scale of the disruption facing the Bangkok metropolitan area.reuters

The Stock Exchange of Thailand will continue operating during the special holidays, maintaining trading on the SET, mai, TFEX, LiVEx and related platforms. The decision is intended to preserve financial-market continuity even as parts of the capital remain affected by flooding.nationthailand

Pressure on supply chains

In the other hand, the Federation of Thai Industries has warned companies to protect workers, review transport routes and prepare for further disruption. Water levels in reservoirs and canals remain a concern even after rainfall has eased in parts of the country.

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The risk is particularly significant for businesses that depend on just-in-time deliveries. Delays affecting warehouses, roads, ports or industrial facilities can spread quickly through supply chains, even when the original flooding is concentrated in a limited number of districts.

Banks have begun offering relief measures to affected households and companies. Krungthai Bank and Export-Import Bank of Thailand are providing repayment assistance, lower interest rates and additional liquidity to customers facing losses or cash-flow problems.

Those measures could prevent temporary disruption from becoming a wider credit problem. However, debt relief cannot replace lost inventory, damaged equipment or the income businesses lose during forced closures.

The flooding has also exposed differences in economic vulnerability. Large companies may have insurance, backup facilities and alternative suppliers. Small businesses and informal operators often have fewer reserves and are more likely to face a permanent loss of income after several days without sales.

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Growth outlook becomes more fragile

The estimated 0.3 percentage-point reduction in annual growth would not by itself push Thailand into recession. But it adds another obstacle to an economy already dealing with moderate expansion, high household debt, external uncertainty and persistent energy costs.

The final impact will depend on how quickly water levels fall and whether additional rainfall causes a second wave of disruption. A rapid recovery could limit the damage, while prolonged flooding could increase losses through reduced production, weaker consumption and delayed investment.

For now, Thailand’s economic response is focused on drainage, emergency assistance and financial relief. The next stage will be more difficult: restoring businesses, repairing infrastructure and determining whether the country’s cities and supply chains are prepared for increasingly frequent climate shocks.

The final economic cost remains uncertain. The Federation of Thai Industries has warned that disruption can spread through supply chains, affecting raw-material deliveries, worker mobility, warehouses and machinery. At the same time, economists have stressed that a rapid recovery in affected areas would limit the damage, meaning the duration of the flooding is now more important than the initial rainfall event.

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The floodwaters may recede within days. The economic consequences will last longer, particularly for smaller businesses that cannot afford another interruption before the recovery from this one is complete.

The episode also exposes a longer-term investment issue. Bangkok’s vulnerability to extreme rainfall creates recurring costs for retailers, manufacturers, logistics operators and property owners. Beyond emergency relief, businesses and policymakers face increasing pressure to invest in drainage capacity, flood barriers, water-management systems and continuity planning.

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Develop sets $458 million growth capital budget

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Develop sets $458 million growth capital budget

Growth will continue at Bill Beament-led Develop Global in FY27, following the release of its guidance metrics for the upcoming year.

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Dave & Buster’s interim CFO Cory Hatton buys $25,999 in stock

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Dave & Buster’s interim CFO Cory Hatton buys $25,999 in stock

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Market veterans favour value plays over crowded, expensive themes

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Market veterans favour value plays over crowded, expensive themes
After two difficult years for Indian equities, there is scope for reasonable returns as valuations turn less demanding, according to senior market participants who spoke to ET. Large caps look better placed, while the outlook is more cautious on mid- and small-caps. Financials, manufacturing and consumption are among the preferred themes, while views on technology are sharply divided

NEELESH SURANA, CIO, Mirae Asset Mutual Fund

MARKET OUTLOOK: India looks better positioned than sentiment suggests and is a natural hedge against crowded AI trade. Valuations are no longer a headwind, while domestic fundamentals are sound. Any global trade rotation could be meaningful. Key risks are elevated crude, rising developed market bond yields, El Niño and heavy equity issuance. Overall, we expect low-teens returns.
PREFERRED INVESTMENT STRATEGY: Our strategy is a barbell, combining quality stocks with strong earnings upgrades at sensible valuations with holding sector leaders that have corrected over the past two years and are now in value zone.

THEMES LOOKING ATTRACTIVE: Banking, consumer discretionary, healthcare and manufacturing. Sector leaders, impacted by FPI selling over the last two years, are now attractive.

THEMES TO STAY AWAY FROM: Slow-growth or disruption prone sectors like consumer staples and IT. Cautious on narrative-driven, richly-valued sectors like capital goods.


Read more: Goldman Sachs identifies 42 Indian stocks riding AI build-out

JANAKIRAMAN RENGARAJU, CIO – India Equities Templeton Global Investments

MARKET OUTLOOK: The 12-month base case for Indian equities may not be quite euphoric, but it is constructive. Largecap valuations are more reasonable, while higher mid- and small-cap multiples call for greater prudence. Globally, the picture has deteriorated. Unresolved conflicts have entrenched inflationary pressures, while rising interest rates and heavy fiscal debt reinforce each other. Tariff uncertainty continues to cloud trade growth, while questions are emerging over the viability of massive AI investments, even as enthusiasm and valuations remain elevated.PREFERRED INVESTMENT STRATEGY: Adopt a tone of ‘cautious optimism’ over the medium term.

THEMES LOOKING ATTRACTIVE: Financials, industrials and capital goods, consumption and electronic manufacturing, which are linked to capex pick up, rising affluence and credit growth.

THEMES TO STAY AWAY FROM: Avoid expensive small and mid-caps with weak cash generation and businesses dependent on endless equity funding.

Read more: SIPs offer steady gains as most fund categories beat benchmark indices

ANISH TAWAKLEY, CIO, DSP Mutual Fund

MARKET OUTLOOK: Economy remains in good shape, while valuations are now neutral. This should translate into reasonable market returns broadly in line with earnings growth.

PREFERRED INVESTMENT STRATEGY: Don’t chase narratives that have already played out, rather look at sectors that have been underperforming since the last 2-3 years.

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THEMES LOOKING ATTRACTIVE: Private banks, insurance companies, automobiles and cement.

THEMES TO STAY AWAY FROM: Careful about companies where promoters are diluting (either through primary or secondary sales) or where private equity is selling, including IPOs. Promoter dilution and PE sales happen when performance and valuations are close to peaks. Cautious on metals, IT and FMCG. For IT, the problem is not AI but the fact that Indian listed companies are losing market share to GCCs set up in India.

R SIVAKUMAR CIO, Axis Mutual Fund

MARKET OUTLOOK: The outlook is constructive. Economic slowdown over the last few quarters appears to be more cyclical than structural. Valuations in parts of the market remain elevated, particularly within mid- and small-caps.

PREFERRED INVESTMENT STRATEGY: Alpha generation is likely to come from selective stock picking rather than broad market direction. A balanced approach across largecaps, which offer valuation comfort and resilience, and select mid-cap opportunities, which continue to deliver superior earnings growth, remains appropriate.

THEMES LOOKING ATTRACTIVE: Constructive on manufacturing, power and electrification, energy transition, select financials, particularly banks and capital-market-linked businesses, as well as export-oriented companies.

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THEMES TO STAY AWAY FROM: Investors should avoid chasing momentum in overcrowded themes. In technology, we remain watchful of disruptions and pricing pressures emerging from AI-led changes in the global IT services landscape

SHANKAR SHARMA, Founder, GQuant

MARKET OUTLOOK: Barring occasional rallies, I do not see the Indian markets outperforming the world or even the peer group. The Vaibhav Suryavanshi Syndrome afflicts Indian companies: domestic success is mistaken for globally transferable skill. Largecaps have thrived on India’s easy pitch, building market capitalisation rather than global scale and brands. When domestic growth fades, competing overseas will require an entirely different mindset. There will be pockets where money is going to be made; but in aggregate, Indian returns will disappoint for the coming year.

PREFERRED INVESTMENT STRATEGY: The future of the Indian stock market lies in getting “techified”. Tech has been my theme in the last 2 years since the bear market started in India and I have actually made money even in this very-very tough market. This is not going to change anytime soon. Pharmaceuticals is also going to be a good place to be in.

THEMES LOOKING ATTRACTIVE: For me, tech is 80% of the allocation and pharma is 20% and there is nothing else that I am interested in India.

THEMES TO STAY AWAY FROM: Companies which service the domestic Indian consumer. That trade is on its way out and this is not where I would deploy a lot of capital.

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Accountancy firm Hazlewoods move to larger offices in Cardiff to support expansion

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The firm has relocated to the South Gate House office scheme

The Cardiff team of Hazlewoods

Accountancy and business advisory firm Hazlewoods has relocated to larger offices in Cardiff to support expansion plans.

Having set up its first office in Wales at the Capital Tower office building in 2024, it has now moved its team of 34 to South Gate House.

Tom Davies, director at Hazlewoods Cardiff, said: “This is an exciting step for Hazlewoods and reflects the progress we have made since launching in the city less than two years ago. We have built a very strong team here and have been really encouraged by the response from both new and existing clients, reflecting our commitment to developing deep relationships across the region.

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“The new office gives us the space to continue growing while maintaining the collaborative approach that is such an important part of the way we work.”

Bruce Black, corporate tax director, said: “This move creates the environment we need to continue finding and developing local talent to build the team, while maintaining the high level of service our clients expect from Hazlewoods. It reflects just how positively the Cardiff office has developed in such a short space of time.

“The team in Cardiff has done a great job of growing the business and I look forward to seeing that continue. We have the expertise, ambition and people to build a really strong presence in Wales, and the new office gives the team a great base from which to do that.”

Hazlewoods is one of the largest independent accountants and business advisers in the South West and Wales, with more than 600 employees and a growing presence in Cardiff, alongside its offices in Cheltenham and Bristol.

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The firm provides audit, accounting, tax and advisory services to corporate and private clients and is particularly well known for its specialist sector expertise across the UK. Last year, the firm recorded a turnover of £54.3m.

Its managing partner, James Morter, said: “It has been very gratifying to see the way that Hazlewoods has been welcomed into Cardiff. Early on, we identified a gap in the Welsh market for a firm of our size and experience, and when you combine that with the talent pool in the city, it felt like a natural next step.”

Property advisory firm Knight Frank represented Hazlewoods on the deal, while its building consultancy team supported the fit-out of the new space.

Mark Sutton, office agency partner at Knight Frank’s Cardiff office, said: “Hazlewoods was looking for a space that could support its continued growth in Wales, while offering excellent connectivity and the flexibility to create a workplace suited to its needs.

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“South Gate House provided the right combination of quality space and a prime city-centre location, and it has been a pleasure to support the team through the move.”

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Perpetua Resources at Mining Forum Americas 2026: shift to construction

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Perpetua Resources at Mining Forum Americas 2026: shift to construction

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Business & Hustles

What Trump’s potential US diesel export ban could mean for you

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A driver returns a fuel nozzle after refueling a tractor trailer with diesel fuel at a Chevron truck stop in Tracy, California.

For the US economy, a ban could deliver short-term relief at the pump by flooding the domestic market with excess supply.

However, energy analysts warn it could backfire.

David Fyfe, chief economist at Argus Media, notes that cutting off American supply would likely cause international prices to skyrocket.

That would push up global freight, food, and industrial costs, ultimately “feeding inflation back into the global economy”.

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“At a stroke, the US’s reputation as a reliable supplier of energy to the world would be shot,” Fyfe added.

Removing more than a million barrels of daily American supply would trigger a fierce bidding war among importing nations in Latin America and Europe.

Sarah Raffoul, analytics manager at Argus Media, noted that while higher international prices would eventually curb demand, the immediate gap would severely strain trade relationships and accelerate global inflation.

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