The government’s flagship assault on Britain’s late payment culture could end in a “car crash” unless the new rules are drafted carefully and, crucially, enforced, a former small business commissioner has warned. His evidence: thousands of firms are already breaking the payment rules we have, and not one has been prosecuted.

Philip King, who served as interim small business commissioner during the pandemic, said previous attempts to fix the problem had fallen flat largely because nobody enforced them. “Unless we enforce this stuff, do we go any further forward?” he said.

His warning lands as the government’s overhaul of commercial payment rules, billed as the most significant shake-up in more than 25 years, reaches the House of Lords on Tuesday.

For small business owners, the package promises long-overdue relief. Large companies will be required to pay smaller suppliers within 60 days, interest will fall due automatically on overdue invoices, so-called retentions will be banned in construction, and the small business commissioner will gain powers to fine companies that mistreat suppliers.

King, a veteran campaigner on the issue and former chief executive of the Chartered Institute of Credit Management, welcomed the reforms. But he cautioned: “The issue is going to be how the regulations are written. If they are drafted well, they have a good chance of success. If they’re drafted badly, then there’s a car crash.

“The secondary issue is interpretation. The move to a maximum 60 days is great, but what if companies currently on 30-day payment terms move to 60?

“There’s all sorts of risks, it needs to be done really carefully. And enforcement is really important. If there’s a clear set of rules and an accountability factor to it, I think that would push things forward.”

His scepticism is well founded. The UK’s largest businesses already have a statutory duty to report their payment practices every six months, and failing to do so is a criminal offence. Yet at best only around half of the companies that should be filing reports are doing so, thousands regularly breach the rules, and no criminal enforcement action has ever been taken.

The stakes for the SME economy are considerable. The government says slow and late payment costs the economy £11 billion a year and “chokes growth, costs jobs, and forces too many good businesses to close”.

There is a further gap that should give owner-managers pause. The new rules target the payment performance of large businesses, yet a substantial share of the problem sits between small firms themselves. “An awful lot of late payments are small company to small company, yet any business with fewer than 250 staff, which is the vast majority of UK companies, isn’t captured by it. It’s not all-encompassing and there’s a risk in that,” King said.

Peers will now try to toughen the bill. Lord Leigh of Hurley and Lord Sharpe of Epsom are due to propose amendments including more resources for the commissioner’s office, which can mediate on payment disputes, alongside measures to stop large companies delaying payments over ESG clauses and a ban on cryptocurrency payments as a contractual term.

Leigh, the co-founder of Cavendish Corporate Finance, said he would also support a “cold shoulder” provision under which the worst offenders would be shunned by government, including on public contracts.

A spokeswoman for the Department for Business and Trade said: “Too many big companies have simply not been paying on time for years. To fix that, we need to work with large businesses to make sure our ambitious reforms get small businesses the money they deserve. Our new legislation will give the commissioner stronger powers to investigate and fine companies that are not fulfilling their reporting requirements.”

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Shares of Tips Music rallied as much as 11% to an intraday high of Rs 740 on the BSE on Monday after the company said its board will meet on July 22 to consider and approve the unaudited financial results for the quarter ended June 30, 2026, and a proposal for the buyback of its fully paid-up equity shares.

A share buyback (or repurchase) is a corporate action where a company buys its own outstanding shares from existing shareholders. Tips Music’s share price has risen 11% in the last one month and over 30% in 2026.

Tips Music Q4 snapshot

The company reported a 32% YoY increase in Q4 FY26 revenue to Rs 103.9 crore. Net profit for the quarter rose 93% YoY to Rs 59 crore from Rs 30.6 crore in the corresponding period last year.

During the quarter, it released 66 songs, including 47 film songs and 19 non-film songs, with Tu Jaane Hai Kahan among the notable releases. Its YouTube subscriber base expanded to 153.1 million during the quarter. For FY26, the board declared a cumulative dividend of Rs 13 per share, resulting in a total payout of Rs 166.18 crore.

About Tips Music

Founded in 1988, Tips Music is one of India’s leading listed music companies. Its portfolio includes several iconic Bollywood soundtracks from the 1990s, such as Khalnayak, Soldier, Coolie No. 1, Rangeela, Pardes and Taal.
Over the years, the company has expanded its catalogue with titles including Raaz, the Race franchise, Ramaiya Vastavaiya, Ajab Prem Ki Ghazab Kahani, regional films Ponniyin Selvan 1 and Ponniyin Selvan 2, and more recent releases such as Crew, HanuMan and the Saunkan Saunkne series.

The company’s music catalogue features more than 34,000 songs across multiple languages and genres. Its roster has included artists such as Alka Yagnik, Kumar Sanu, Udit Narayan, Sonu Nigam, A.R. Rahman, Diljit Dosanjh, Badshah, Arijit Singh, B Praak and Aditya Rikhari. Tips Music distributes its content across digital platforms, streaming services and broadcasters.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Available for over a year

Urgent action is needed to help people in their sixties on low incomes who face a delay of up to a year before they can claim their State Pension. That is the main recommendation of a new report from the Work and Pensions Committee. Pension age rises over the next two years from 66 to 67 and the committee of MPs fears some of the people affected by that delay face poverty unless the benefit rules are changed to give them more money. The Department for Work and Pensions says in February, 0.02% of the Universal Credit caseload was aged 65 or 66. It also welcomed the report saying it will consider the recommendations in due course.

There’s growing concern in the housing industry over the rise in a practice known as “gazundering”. It’s when people selling homes are told by buyers just days before exchanging, that they must drop the agreed price by thousands of pounds or risk losing the deal. The Conveyancing Association says it’s a growing problem and is urging the government to implement reforms which would stop the practice “without delay”. The government says it’s stopping gazundering by introducing “legally binding agreements that prevent buyers from walking away at the last minute without a valid reason, with fines for those who do.”

Money Box has found that a grant which can be used to install a heating system than can also act as air conditioning is not up and running, despite being announced in November. We’ll investigate why.

Presenter: Paul Lewis
Reporters: Dan Whitworth, Jo Krasner and Niamh McDermott
Editor: Jess Quayle
Senior News Editor: Sara Wadeson

Photo Credit: Witthaya Prasongsin via Getty Images

(First broadcast 12pm Saturday 18th July 2026)

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Shares of Bharat Heavy Electricals (BHEL) recently scaled a fresh 52-week high, but brokerages believe the rally may not be over yet after the Maharatna PSU posted a strong set of Q1FY27 results last week.

The company on Thursday reported a consolidated net profit of nearly Rs 377 crore for the April-June quarter, compared with a net loss of Rs 455.5 crore in the year-ago period. Revenue from operations jumped more than 40% year-on-year to Rs 7,697.72 crore from Rs 5,486.91 crore a year earlier.

The PSU’s operating profit margin improved sharply to 6.69% in Q1 FY27, from a negative 9.54% in Q1 FY26, while net profit margin rose to 4.89%. Its net worth rose more than 9% YoY to Rs 26,471 crore during the quarter under review, while earnings per share (EPS) stood at Rs 1.08.

After the release of the results, BHEL shares jumped to a fresh 52-week high of Rs 446.50 apiece on Friday, before seeing some profit booking today. The stock is overall up more than 43% in 2026 so far. In the longer term, the company’s shares have delivered 67% returns over one year, 336% over three years, and 561% over five years.

Also read |BHEL Q1 Results: Maharatna PSU posts net profit of Rs 377 crore in Q1, revenue jumps 40%

ICICI Securities on BHEL share price

ICICI Securities said BHEL has started the ongoing financial year 2027 on a strong note, with revenue growing 40% YoY. The PSU reported a net profit, positive for the first quarter, after Q1 FY19.

“We believe this performance was driven by a pick-up in execution of projects won in the new cycle – these have better realisation. It has won new orders worth Rs 2.7 trillion over the last three years. BHEL reported Q1 FY27 order inflow (OI) of INR 267bn, taking its order book (OB) to Rs 2.6 trillion – 7.2x TTM sales. We expect execution to grow at a 13% CAGR over FY26–28 and profitability to improve further on the back of multiple levers,” it said.
The brokerage maintained its ‘Buy’ call on the shares of ICICI Securities, but increased its target price to Rs 520 apiece from Rs 450 apiece. The latest target price implies an upside potential of more than 23% from the stock’s previous closing price of Rs 422 apiece.

JM Financial on BHEL share price

JM Financial also noted that the company posted profit in the first quarter for the first time in eight years. The domestic brokerage named BHEL among its top 5 picks as the 97GW of the original target for thermal additions now extends to 110GW+.“Notwithstanding the current performance, we maintain FY27E revenue at Rs 419 billion (24% YoY), gross margin of at least 31.5% (29% in FY26) and EBITDA margin of 10.4% (6.9% in FY26),” JM Financial said. It maintained its ‘Buy’ rating on the shares of the company with a target price of Rs 481 apiece, implying a 14% upside potential.

Also read: Axis Bank shares fall 5% after Q1 earnings fail to cheer D-Street. What brokerages say

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

The Food and Drug Administration said Sunday that a Taylor Farms lettuce sample initially reported as positive for Cyclospora should be considered a false positive following an additional laboratory review.

“Due to the complexity in detection of Cyclospora, FDA laboratory experts re-reviewed the sample results and have concluded that the finding does not represent true amplification and should be considered a false positive,” the agency said.

The FDA said no product samples had produced a confirmed positive result for Cyclospora as of Sunday.

TAYLOR FARMS LETTUCE SAMPLE TESTS POSITIVE FOR CYCLOSPORA AS RECALL EXPANDS

Taylor Fresh Foods said the FDA informed the company that the initial result was incorrect.

“To be clear, at this moment, FDA has not identified a single positive product test result for Cyclospora,” the company said in a statement.

TAYLOR FARMS PREPARING RECALL, DENIES BRANDED SALADS TIED TO OUTBREAK

Taylor Fresh Foods also said the FDA apologized to the company over the erroneous result. The FDA did not include an apology in the agency language provided with the story.

The FDA said it notified Taylor Farms of the revised finding and continues to work with the company and its Taylor Farms de Mexico operation to ensure products implicated in the investigation have been removed from the market. The agency and its state partners are continuing to collect and analyze product samples.

Taylor Farms initiated a voluntary recall of iceberg lettuce sourced from central Mexico on July 17 after federal investigators traced lettuce served at certain Taco Bell restaurants to Taylor Farms de Mexico. The recall includes iceberg lettuce distributed to retail stores, restaurants and other food-service customers.

“Based on initial information provided by health officials, in an abundance of caution, we completed a voluntary recall of iceberg lettuce from central Mexico,” the statement continued. “Recalled product was limited to iceberg lettuce grown and processed in central Mexico. All other Taylor Farms products, including all Taylor Farms brand products available for purchase, are not involved in the recall.”

This comes after the FDA said on Saturday that a sample of shredded iceberg lettuce supplied by Taylor Farms tested positive for Cyclospora, which has sickened thousands of people across the U.S.

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Cyclosporiasis has been linked to shredded iceberg lettuce at Taco Bell restaurants in Indiana, Kentucky, Michigan, Ohio and West Virginia, leading to around 100 hospitalizations so far, according to the Centers for Disease Control and Prevention. No deaths have been reported.

Shares of HDFC Bank fell more than 5% on Monday after the private lender’s Q1 earnings failed to impress investors, wiping out nearly Rs 70,000 crore in market value, even as brokerages remained bullish on the stock.

HDFC Bank fell to an intraday low of Rs 774.55 apiece on the NSE, with its market capitalisation falling to less than Rs 11.93 lakh crore. This came after India’s private lender on Saturday reported a 5% year-on-year (YoY) rise in net profit to Rs 19,060 crore for the April-June quarter of the ongoing financial year 2027.

The bank’s net interest income, which is the difference between interest earned and interest expenses, rose 7% YoY to Rs 33,534 crore in Q1 FY27 from Rs 31,438 crore in Q1 FY26. HDFC Bank’s gross non-performing assets (NPA) fell more than 3% YoY to Rs 35,846 crore, but net NPA increased slightly to Rs 12,357 crore during the quarter under review.

Jefferies on HDFC Bank share price

Jefferies maintained its ‘Buy’ call on the shares of HDFC Bank with a target price of Rs 1,050 apiece. This implies an upside potential of more than 28% from the stock’s previous closing price of Rs 819.6 apiece.

HDFC Bank remains one of the international brokerage’s top picks, while it noted that the company’s June quarter earnings were in-line with estimates, as slight miss on NII was offset by lower opex and credit cost. The bank’s desire to participate in corp lending lifted loan growth to 16% YoY, but dragged NIMs by 12 bps QoQ, limiting NII growth to 7%, Nomura said, adding that slower growth in opex (slow branch/staff growth) and lower credit costs (low slippages) aided profits.

“We tweak earnings estimates for FY27 and FY29. Improvement in margins should aid earnings that should grow at 15% CAGR in PBT (ex-treasury/ one-offs) over FY26-29 with ROE of 13% in FY27. Valuations at 1.8x FY27 adjusted PB and 14x PE are attractive,” Jefferies further said.

Nomura on HDFC Bank share price

Nomura also has a ‘Buy’ call on the shares of HDFC Bank, with a target price of Rs 950 apiece, implying nearly 16% upside potential. The international brokerage noted that the bank reported a largely in-line Q1 FY27 performance.

“We raise our FY27F loan/deposit growth estimates to 16%/17% (from 13%/15%). FY27-28F EPS estimates are largely unchanged, as lower top-line is offset by lower provisions and opex. On the FCNR(B) scheme, management expects to gain a handsome market share, though it did not disclose any quantum. Leadership continuity and FCNR execution remain key near-term monitorables, in our view,” it added.
Also read | HDFC Bank shares fall 5% after Q1 results. Should you buy, sell or hold the stock?

Anand Rathi on HDFC Bank

Anand Rathi Share and Stock Brokers has a ‘Buy’ rating on the shares of HDFC Bank and a target price of Rs 963 apiece, implying an upside potential of more than 17% from the stock’s previous closing price.The domestic brokerage noted that despite some pick-up in loan growth to 15.5% YoY, HDFC Bank’s credit growth remained well below peers such as ICICI Bank and Axis Bank. “HDFC Bank has been unable to close the post-merger gap with ICICI across key operating metrics, including NIM, loan growth and CASA ratio. Given that CASA growth continues to lag loan growth, we believe it will take longer for the bank to narrow the funding cost gap with ICICI. Consequently, we do not expect loan growth or RoE to sustainably exceed 14% over the medium term. In addition, we see some uncertainty around the RBI extending the tenure of the current CEO, given the recent developments at the bank,” it said.

Nevertheless, Anand Rathi maintained its ‘BUY’ rating, supported by reasonable valuations and favourable sector tailwinds. Among large-cap private banks, it continues to prefer Axis Bank and ICICI Bank.

Motilal Oswal on HDFC Bank share price

Motilal Oswal also reiterated its ‘Buy’ rating on HDFC Bank shares, with a target price of Rs 2,050, implying an upside of around 28%. The domestic brokerage said that the private lender reported a largely in-line quarter, supported by healthy business growth and lower provisions, although net interest margin (NIM) remained the key disappointment, contracting 12 basis points QoQ to 3.26%. Loan growth was led by the SME and corporate segments, while retail lending remained relatively subdued.

JM Financial on HDFC Bank share price

JM Financial has maintained its Add rating on HDFC Bank with a revised target price of Rs 900, implying an upside of around 10%. While the domestic brokerage said the bank’s liquidity coverage ratio (LCR) of 115% and a credit-deposit ratio of around 96% limit its ability to accelerate loan growth, it remains constructive on the bank’s medium-term margin outlook, expecting NIM to improve as high-cost borrowings gradually run off.

Also read | HDFC Bank Q1 Results: Net profit rises 5% YoY to Rs 19,060 crore, NII up 7%

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

But it says its strategy still leaves it better positioned than its European rivals

Ryanair saw its profits tumble by more than a third as soaring jet fuel costs driven by the Iran conflict began to bite. The budget carrier had previously shielded itself from escalating fuel prices by locking in energy costs through hedged contracts.

However, Ryanair revealed the cost of the 20 per cent of its jet fuel that remained unhedged more than doubled in the first quarter of this year, reaching $150 per barrel.

As a result, the airline’s operating costs surged 11 per cent to €3.8bn in the three months to June, while its pre-tax profit plummeted by 36 per cent to €593m.

The carrier, which is listed in both Dublin and New York, announced in May that it would slash some of its fares to drive up passenger volumes and counter the weakened demand brought about by the Middle East conflict, as reported by City AM.

Passenger numbers climbed six per cent in the first quarter of this year, yet reduced ticket prices meant the airline’s revenue dipped by one per cent to €4.3bn over the period.

Fares were subdued at the start of this year because “the Middle East conflict led to consumer hesitancy, concerns about EU jet-fuel shortages, economic uncertainty and later bookings,” chief executive Michael O’Leary told investors.

“Despite a recent, slight, uptick in volumes, and less price stimulation, second-quarter pricing is trending modestly down year-on-year and the final first-half fare outcome is heavily dependent on the strength of close-in bookings in August and September,” he added.

Airlines have warned that concerns over potential travel disruption stemming from the Iran conflict are prompting holidaymakers to leave bookings to the last minute, making it increasingly difficult for carriers to plan effectively.

Ryanair said its “conservative” jet fuel hedging strategy still leaves it better positioned than its European rivals.

The carrier revealed that 80 per cent of its fuel requirements for the current financial year are locked in at $67 per barrel.

However, Ryanair’s energy costs are set to rise sharply next year, with 15 per cent of its requirement for the 2028 financial year hedged at $85 per barrel.

Stockbroker Panmure Liberum suggested Ryanair’s update would be seen as “slightly disappointing” by the market, after the firm’s profits fell short of analyst forecasts.

In June, the airline handed O’Leary a six year extension as part of a new contract which could see him given 10 million additional shares.

Stan McCarthy, Ryanair chairman, said he is “pleased to report” that O’Leary has agreed to extending his leadership “for the benefit of all shareholders.”

O’Leary, renowned for his larger-than-life personality and forthright manner, is amongst Ireland’s most wealthy businessmen.

Ryanair’s profits have fallen sharply as war in the Middle East sent jet fuel prices soaring and customers reluctant to book flights.

The Irish airline’s pre-tax profits dropped 34% to €593m (£503m) between April and June while sales were flat as the company was forced to cut fares to stimulate demand.

Ryanair also said it expects summer fares to be slightly lower than last year due to “consumer hesitancy” around air travel.

The price of fuelling a plane has jumped since the US and Israel launched strikes against Iran in February and while Ryanair said it had “hedged” or struck deals for the most future fuel costs, those not included in these arrangements had more than doubled.

Overnight, crude oil prices continued to rise, surpassing $90 (£67) a barrel for the first time in a month, after a weekend of intense exchanges of fire between the US and Iran.

Traffic through the Strait of Hormuz – an essential route for global oil and gas supplies – has ground to a halt.

Brent crude, the global benchmark for oil prices, rose by 2.5% on Monday.

Looking ahead, Ryanair said its fares for the key summer period between July and September are “trending modestly down” on the same period last year.

It warned that its results for the year will be “highly sensitive” to external factors such as conflict escalation in the Middle East and Ukraine as well as the price of unhedged jet fuel.

Shane Oliver, head of investment strategy at AMP, a fund manager, said: “The longer the strait remains closed and the war escalates, the greater the risk that oil prices will have to rise to around $150 a barrel to bring demand down to match the hit to supply.”

He said: “This is not our base case but it’s a high risk again.”