When Republicans go for tax cuts and economic growth, they win elections. When they ignore the growth message, and especially when they ignore the growth message and spend more and more taxpayer money, they lose elections. It’s a simple formula, and I am worried that they are about to make a big mistake.

It’s not that our economy is collapsing, it is most certainly holding up very well during wartime. But there is $4 gas and a lot of prices are still rising. And affordability is important. And even the dependable TIPP poll shows that four out of 10 voters think their taxes are higher this year, and only one out of 10 think they’re lower. This despite the numerous tax cuts in the One, Big, Beautiful Bill, which regrettably was never properly sold to American voters.

Last night, I respectfully suggested this to a Senate leadership Republican, Shelley Moore Capito. “I don’t understand what you all are doing with these bills. You’re not going to re-fund” the Department of Homeland Security, I said. “No tax cuts, no inflation indexing for capital gains, no Pentagon military supplement, no voting rights bill, no waste, fraud, and abuse.” 

I added: “Senator Capito, you have to help me because I don’t understand. I think you are all going down the wrong road, ma’am” And she defended the narrow bill.

Yet I think there’s only going to be room for one big budget bill that could pass with 50 votes plus the vice president. This is the reconciliation process. The way matters stand now, the Senate is pushing a so-called “skinny” bill that just finances ICE and CBP for 3.5 years, for about $70 billion. 

Now I’m all for border security and ICE and the Customs bureau. Oddly enough, though, the rest of DHS, Coast Guard, the Federal Emergency Management Agency, and the Transportation Security Administration is not even included in this bill. Then again, the whole world wants voting rights reform to require photo identification and citizenship proof. But the GOP is ignoring that. Go figure. With $4 gas, a necessary casualty of destroying Iran, which I fully support, it’s a small price to pay. nonetheless working folks could use some more money in their pockets with more tax cuts.

Going back to President Reagan, supply-side tax cuts have always resonated positively with voters. President George W. Bush won the midterms by defending America against jihadists and by across-the-board tax cuts. That was back in 2002. Inflation index capital gains might perk up home sales to help the housing slump. Lowering marginal tax rates at least for the middle incomes. And what about waste, fraud, and abuse?

The Medicare administrator, Mehmet Oz, has already found $100 billion worth at Los Angeles alone. Where’s that in this budget? What about filling out the DOGE waste, fraud, and abuse? Hundreds of billions of dollars multiplied over 10 years would be phenomenal deficit reduction, on top of a growthier economy.

So far, we’re not hearing anything about these crucial policies. And they are popular policies. And my best guess is there’s only going to be one bite out of the fiscal apple, just like last year when I made the exact same argument. Let’s have popular policies that will attract all of the Republicans to a more ambitious budget bill that will show real leadership and accomplishment going into the midterm elections.

Please stop telling me what you can’t do and instead start telling working folks everywhere what can be done to help them out and make America growthier again. That’s a midterm victory.

Walmersley project also set to include retail and public open space

Hundreds of homes could be built on fields at the edge of a village near Bury, new plans reveal.

Developers are eyeing up green space on the outskirts of Walmersley for the project. Some 350 homes are proposed there, 40 per cent of which would be classed as ‘affordable’.

The development would also include employment and commercial buildings. A local retail centre would be built, as would a mobility hub, plans show.

A public open space would be delivered through the scheme too, with plans stating this is ‘subject to’ a change of use application being approved for part of the site.

Documents show the development would be located over an expanse of fields off Walmersley Road, to the north of the village. It would stretch from the recreation ground at the edge of Walmersley to the M66 exit road.

Multiple points of access would be created off Walmersley Road itself, with another two proposed off Walmersley Old Road.

The plan is in its early stages, with developers Hollins Strategic Land, Moldune Ltd and Belbeck Investments Ltd having only submitted an Environmental Impact Assessment (EIA) screening request to Bury council to date.

This asks the local authority whether an EIA is needed as part of the formal planning process and, if it is, what the scope of that assessment should be.

More details on the scheme are expected to be submitted in due course. Documents suggest plans will be considered in two parts, with an outline application seeking approval for the scheme in principle coming first.

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

This article was written by

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Procter & Gamble on Friday reported quarterly earnings and revenue that topped analysts’ expectations, as volume for its products grew for the first time in a year.

But looking ahead, executives warned about uncertainty caused by the war with Iran, like the effects on the company’s input costs and consumer spending. P&G will not provide a forecast for fiscal 2027 until its next earnings report in July.

“I’m very happy that I don’t have to give guidance today [for fiscal 2027],” CFO Andre Schulten said on the company’s earnings conference call Friday. “Because what do we know what the world looks like three months from now, with what we know today?”

Despite that haziness, shares of the company rose more than 3% in morning trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

• Earnings per share: $1.59 adjusted vs. $1.56 expected
• Revenue: $21.24 billion vs. $20.5 billion expected

P&G reported fiscal third-quarter net income attributable to the company of $3.93 billion, or $1.63 per share, up from $3.78 billion, or $1.54 per share, a year earlier. Excluding restructuring costs and other items, the company earned $1.59 per share.

Net sales rose 7% to $21.24 billion. Organic sales, which strip out acquisitions, divestitures and currency, increased 3%.

P&G’s volume increased 2%, marking the first time in a year that it reported growing volume across the company. The metric excludes pricing, which makes it a more accurate reflection of demand than sales. Like many consumer companies, P&G has seen demand for its products shrink as shoppers try to spend less and stretch their laundry detergent and shampoo further.

“I would say, right now, the consumer in the U.S. is stable,” Schulten said on a call with media. “We see the bifurcation of the consumer segments continuing.”

Despite inflation fears, consumers haven’t started pantry loading toilet paper or paper towels yet, P&G said.

P&G’s beauty division, which includes Olay, Head & Shoulders and Pantene, was the star of the quarter, with 5% volume growth. P&G said it saw volume increases across its personal care, skin care and hair care categories.

The baby, feminine and family care segment saw volume increase 3%. The company saw higher demand for its diapers and family care products, which includes Bounty paper towels and Charmin toilet paper.

P&G’s fabric and home care division reported that volume rose 2% in the quarter, fueled by higher North American demand for its Tide detergent.

Grooming and health care were the two laggards of the portfolio. The grooming segment, which includes Gillette and Venus products, saw volume fall 2%. Health care, which houses Oral-B and Vicks, also reported that volume declined 2%.

The company reiterated its full-year forecast of sales growth between 1% and 5% and net earnings per share growth in the range of 1% to 6%.

“However, where we will land within those ranges has become more uncertain given the geopolitical dynamics in the Middle East,” Schulten said on the earnings call.

In the fiscal fourth quarter, P&G is projecting a $150 million hit from increased costs, largely driven by increased transportation costs stemming from higher fuel prices, Schulten said.

However, Schulten did say that if oil prices stay high, it would weigh on P&G’s profits. He told analysts that if the price of Brent crude oil stays around $100 per barrel, the company is projecting an annual after-tax headwind of $1 billion.

That increase in costs could lead to higher prices for consumers. However, P&G said it would likely avoid a straight price hike across its portfolio and instead focus those increases on premium products, mitigating any volume declines by leaning into the current K-shaped economy in which higher-spending consumers are doing better.

Plus, higher fuel prices would likely mean more budget-conscious shoppers.

“It’s unclear how much higher gasoline and energy costs will costs will impact near-term consumer spending in our categories,” Schulten said.

Correction: P&G reported adjusted EPS of $1.59. An earlier version of this story misstated the figure.

Mumbai: Valuations have been the big buzzword on Dalal Street for a while now but its suddenly gaining momentum. These days every conversation begins with the P/E ratio (price to earning ratio, which compares the current price of the share with its per share earnings) and ends with a loud proclamation that the valuations look ‘a bit stretched.’

However, many experts believe that looking at a ratio in isolation won’t help investors grasp the realities of the market and a higher valuation may not be the only deciding factor driving the market.

‘‘Valuations matter in the long run, but it need not have an impact in the short run. This is because there is never a right valuation for a stock, as it is a highly individual call,’’ says Mukesh Dedhia, director, Ghalla & Bhansali Securities.

‘‘For example, a stock with a higher P/E may be moving ahead further as there is greater demand for the stock because of its higher earnings possibility. So, there is always a bit of confusion about the right valuation,’’ he adds.

‘‘If you look at the broader market, it is difficult to get a value pick. But if you are doing a bottom up method, you would still find many stocks in the market with the right valuation,’’ says Rajiv Thakkar, CEO, Parag Parikh Financial Advisory Services. Though he is a firm believer of value investing, he says looking at a ratio alone won’t be the right way to investing in a stock.

‘‘There are many things you have to consider. For example, you have to find out whether the growth rate is sustainable or how much capital is required to keep the growth. Sometimes, there would be volume growth, but the margins could be under pressure. There are a host of issues to consider, just looking at a ratio is not enough,’’ he adds.
Some experts also believe that the higher valuations could be justified if foreign investors continue to pump money into the stock market with the hope of better performance by Indian companies.

‘‘The current valuations doesn’t justify the long term growth potential of India. The market is trading 17 times the earnings potential in 2011 and around 13.8 times the earnings forecast for 2012. It even carry a premium of around 50% to other emerging markets and around 25% premium to other global markets,’’ says Devendra Nevgi, Founder & Principal Partner, Delta Global Partners. He believes that the premium can be justified if the foreign investors continue to bet on Indian stocks.

The Nifty started Wednesday’s trade on a rather timid note. As the underlying index was quietly drifting downwards, the futures started trading at a deeper discount of nearly 10 points.

It was the last hour of trade that saw better volumes and a sharp movement. The fall amid global uncertainties has brought the Nifty once again to the level of 5400. Even the participation seems to be a little scared, as Nifty futures ended the day’s trade with an addition of over a million shares in open interest indicating creation of hedges.

As far as stock futures are concerned, we are very near to the highest-ever open interest with 195 crore shares in open interest. With nearly 70% of the stocks still trading with a premium, the bias among participants seems to be upwards. This would create a bit of pressure on the market in case of any macro uncertainty.

As we are almost half way through to expiry, it makes sense to continue with long positions, but along with long puts simultaneously so that losses are capped, still keeping all the upside open.

On the options side, Nifty August series open interest put-call ratio is at 1:58, indicating a moderately bullish composition. Even the implied volatilities element of the options which indicate the assumption of the risk remains very low. This indicates we may not see a huge downside as far as the August expiry is concerned. With over 10 million shares in 5300 August Put, the Nifty may find support around the level of 5300.

We feel one can do a Nifty bear ratio spread to hedge trading longs, by buying 1 lot Nifty August 5400 PE & selling 2 lots of Nifty August 5300 PE.
This strategy accrues profit within the 5200 & 5400 range in case the Nifty ends up in this range on expiry. On the event the Nifty heads upwards to close above 5400, one can still have a cash inflow and no cost of hedging. The strategy does incur loss below 5200, which we feel shall hold good for the August expiry.

(Bhavin Desai is Manager (derivatives), Motilal Oswal Securities )

Indian funds have grabbed seven out of the top 10 spots in the league table of leading small-cap funds across Asia, thanks to some canny stock-picking amid growing investor appetite for cheap stocks with potential to deliver multi-bagger returns.

An analysis of nearly 300 Asian small-cap schemes shows DSP BlackRock Micro Cap Fund leading the charge, delivering an 82% return over the past year. Managed by Vinit Sambre, who has been with DSP BlackRock for a little over three years, this fund has also soundly beaten the 58% rise of BSE’s Small-Cap Index since August 2009. The 30-share benchmark Sensex has gained 20% during this period while the wider BSE 500 Index is up 27%.

The other six schemes — Sundaram BNP Paribas Select Small Cap, HSBC Small Cap, JPMorgan Smaller Companies, Franklin India Prima, Franklin India Smaller Companies and ING Vysya CUB — have given investors returns between 44% and 57% on a trailing 12-month basis. These schemes manage anywhere between `46 crore and `954 crore.

Four of these funds were launched during the peak of the previous bull run between January 2007 and March 2008, and investors in them have also had to endure a massive erosion in their initial investment in the downturn that followed.

Mutual fund tracking firm Value Research called the DSP fund as an impressive product in the entire “small-cap universe”, noting that the stocks held by it were “credible, known names and there is a marked absence of momentum in the portfolio”. The fund’s holding includes companies with a high return on equity and strong leadership niches in their industries.

Value Research CEO Dhirendra Kumar said the closed-ended nature of some of these funds helped them weather the market turbulence. “These funds did not face redemption pressures through the declining phase. This, in turn helped them invest for the longer term,” he said.The DSP fund became open-ended in June this year and fund manager Mr Sambre has kept nearly 10% of his `311-crore corpus in cash to meet potential redemptions and to latch onto any opportunity in the market.

There are 10 small-cap funds in India, which manage roughly `3,450 crore in stocks. These account for just 2% of the total AUM under equity schemes.

Market experts say that as many large-cap stocks became fully priced and relatively unattractive over the past year, the rally shifted to small caps. Stocks such as cooler maker Symphony and luggage maker VIP Industries have led the small-cap charge in the market. Ahmedabad-based Symphony has surged 830% while VIP has risen 548% in the past 12 months. In comparison, top two gainers on the Sensex — Tata Motors and Tata Consultancy Services — are up 135% and 61%, respectively.

“Many small caps with excellent businesses were trading at a pathetically low valuations — many were trading below book value and at dividend yields of 5-7%,” says Deven Choksey, chief executive officer at KR Choksey Shares & Securities. “They just got purchased heavily.”

Even though small-cap funds have delivered solid returns in the past one year, experts say that investors must be cautious and have just 10-15% of their equity exposure in such funds or companies. This is largely because of the volatile nature of their stock performance.

“Investors should have a strong stomach and the ability to

withstand substantial declines in such funds,” says Mr Kumar at Value Research.

The luxury market in Italy continues to serve as a global benchmark, thanks to a unique combination of tradition, craftsmanship, and innovation.

However, the sector is currently undergoing a period of significant transformation, driven by a profound shift in the purchasing habits of high-end customers. Communicating with this audience now requires a more sophisticated approach: it is no longer enough to simply highlight the product; brands must build experiences, meanings, and relationships.

In this article, we will explore the evolution of the luxury market and the modern marketing strategies for engaging with this new audience.

How has the luxury consumer changed?

According to recent analyses of high-net-worth individuals

(HNWIs)—those in the highest income brackets globally—the concept of luxury is gradually evolving toward more fluid forms that are less tied to traditional channels. This approach, often referred to as “non-linear luxury,” reflects a growing search for meaning, authenticity, and emotion. In fact, the contemporary consumer is no longer limited to purchasing exclusive goods but tends to prioritize intense and engaging experiences, both in the physical and digital worlds.

The focus is shifting increasingly toward sensations, the experiential dimension, and a brand’s ability to create deep, personalized connections. Simply highlighting a product’s features is no longer enough to attract consumers: it has become essential to build a value ecosystem that integrates storytelling, experience, and innovation.

New Generations and New Values

Purchasing decisions are increasingly driven by emotional factors. Luxury is becoming a means of self-expression rather than a status symbol. Brands must therefore craft authentic and relevant narratives. This concept is being driven primarily by Millennials and Gen Z, who are redefining the market by bringing new demands to the table:

• sustainability and social responsibility
• authenticity and transparency
• personalized experience

At the same time, the modern consumer is more aware and selective, and expects tailor-made products and services.

Omnichannel as the standard

Integration across channels has therefore become essential. Omnichannel enables a seamless and consistent experience, where digital and physical reinforce each other. In luxury, this means:

• continuity between boutiques and digital channels
• personalization across all touchpoints
• brand consistency in every interaction

Why Are Luxury Brands Focusing on Digital Marketing?

Even the biggest names in luxury—both Italian and international—with decades of history behind them, have realized that relying solely on brand reputation is no longer enough. The market is changing, customers are evolving, and digital has become an essential tool for staying connected with the public and offering something truly memorable. Thanks to websites crafted with meticulous attention to detail, dedicated apps, or customizable online experiences, brands can convey their identity in an authentic and unique way. It’s not just about selling a product, but about building a genuine connection with the customer, making the brand feel like a complete experience capable of conveying values, style, and personality. This is why many companies in the sector turn to expert digital marketing agencies in Italy, capable of combining creativity, technical expertise, and knowledge of the local market.

Communication Strategies for the High-End Audience

Communicating with a high-end audience today goes beyond simple product promotion. Luxury customers seek experiences, stories that engage them, and interactions that align with the brand’s values and identity. All of this can be summarized as follows: every touchpoint becomes an opportunity to strengthen the bond with the consumer and bring luxury to life in a memorable way. Below, we describe the main touchpoints in luxury marketing.

Advanced Storytelling and Contemporary Values

The brand narrative remains at the heart of every luxury marketing strategy, but historical storytelling alone is no longer enough. Brands must incorporate contemporary values, create content that resonates emotionally, and establish an authentic connection with the customer. In addition to telling the story of who you are, you must make the consumer feel like part of your world, offering an experience that aligns with your brand identity.

Immersive and interactive experiences

Exclusive events and in-person moments remain important, but digital offers unique opportunities: from websites that act as immersive digital “business cards”, as in the case of the Venetian brand Barovier&Toso, to interactive content that conveys the craftsmanship, tradition, and magic of the product through simple cursor interactions. Even big names like Aston Martin manage to convey sensations and historical values through images and website design, integrating innovation with classic storytelling. Beyond websites, virtual reality and interactive experiences further expand the possibilities: Gucci, Rolls-Royce, and Jaguar, for example, have experimented with immersive campaigns that transport the consumer directly into the brand’s world, transforming the online experience into something more than a simple digital visit.

Among these, Gucci’s “La Famiglia” campaign, developed in collaboration with Google Gemini, has transformed the brand’s traditional e-commerce site into a true narrative playground. Users can interact with symbolic stories and unique characters, experiencing the narrative firsthand and discovering the brand’s identity in an original, engaging, and surprising way.

Selective and high-quality digital marketing

In the luxury sector, it’s not about reaching as many people as possible, but about deeply engaging the right ones. Brands focus on top-tier editorial content, curated platforms, and collaborations with influencers who are truly aligned with their identity. Digital thus becomes a tool for reinforcing the brand’s uniqueness and building lasting connections, without ever compromising the exclusivity and sense of premium quality that defines luxury.

In conclusion, digital enables brands to reach new audience segments and manage targeted campaigns, without ever losing that sense of exclusivity that lies at the heart of luxury. For high-end brands, the goal goes beyond the use of standard tools like chatbots or generic influencers: the focus is on creating personalized and memorable experiences that strengthen the relationship with those who already know the brand and win over new customers in a natural and distinctive way.