Business
At Least 15 Dead in Collision Between Migrant Speedboat and Greek Coast Guard Vessel Off Chios
Athens — At least 15 migrants died after a high-speed speedboat carrying them collided with a Greek Coast Guard patrol vessel off the eastern Aegean island of Chios late Tuesday, authorities said Wednesday, in a rare direct vessel-to-vessel incident amid ongoing Mediterranean migration pressures.
The Hellenic Coast Guard reported recovering the bodies of 14 people — 11 men and three women — from the sea shortly after the crash in the Myrsinidio area near Vrontados. One additional woman succumbed to injuries in a hospital on Chios, raising the confirmed death toll to 15, all migrants. Another 25 people, including about 11 children, were rescued and taken to local medical facilities for treatment. Two Coast Guard officers sustained injuries in the collision and were also hospitalized.
A search and rescue operation involving patrol boats, a helicopter, and divers continued into Wednesday morning for any remaining missing individuals, though no additional survivors or bodies had been located by midday.
The incident occurred during an interception attempt, according to the Coast Guard. Officials stated the speedboat — believed to have originated from the Turkish coast — was making “dangerous maneuvers” while being pursued in the Chios Strait. The collision happened as the vessels closed in, though exact circumstances, including speed and evasive actions, remained under investigation.
This type of direct collision between a migrant vessel and a patrol boat is highly unusual in the Aegean Sea, a primary migration route from Turkey to Europe. Most fatalities in the region stem from capsizings in rough weather, overcrowded boats sinking, or drownings after vessels are abandoned. Direct impacts like this one highlight the risks of high-speed pursuits in crowded maritime corridors.
The migrants were predominantly Afghan nationals, per preliminary reports from Greek media and migration monitoring groups. Survivors described chaotic scenes, with people thrown into the water upon impact. Hospital sources in Chios confirmed treating numerous cases of hypothermia, fractures, and trauma among the rescued children and adults.
Greece’s coast guard emphasized that its vessels operate under strict protocols to prevent illegal crossings while prioritizing human life. The agency has faced repeated criticism from human rights organizations over alleged pushbacks and aggressive interceptions in the Aegean. In this case, no immediate allegations of deliberate ramming surfaced, but migrant advocacy groups called for a transparent probe.
The European Union’s border agency Frontex and international observers have long monitored the route, where thousands attempt the crossing annually despite dangers. The Aegean remains one of the deadliest migration paths, with hundreds dying each year from shipwrecks and exposure.
Wednesday’s tragedy drew swift reactions. The United Nations refugee agency UNHCR expressed deep concern and urged a full investigation to determine contributing factors. Human Rights Watch and other NGOs reiterated calls for safer legal pathways to Europe and an end to practices that endanger lives during enforcement.
Greek Prime Minister Kyriakos Mitsotakis’s government has maintained a firm stance on migration control since 2019, including fortified borders and rapid returns under EU-Turkey agreements. The incident could intensify debates ahead of EU migration policy reviews.
For the survivors now in Chios hospitals, the focus shifted to recovery and next steps. Many face asylum processing on the island or transfer to mainland facilities. Children among the injured received priority care, with psychologists on site to address trauma.
The speedboat, heavily damaged, was towed for examination as part of the ongoing inquiry. Authorities have not released details on the number of people originally aboard or the exact pursuit timeline.
This event underscores persistent challenges in managing irregular migration across the eastern Mediterranean. Smugglers continue using fast vessels to evade patrols, often at great risk to passengers. Greek officials have repeatedly warned of the dangers, while critics argue enforcement tactics exacerbate fatalities.
As rescue efforts wound down, attention turned to accountability and prevention. The Coast Guard reiterated its commitment to saving lives, noting the rescue of 25 people despite the tragedy.
The collision adds to a grim tally on the Aegean route. In recent years, similar pursuits have led to drownings when boats overturned, but direct collisions remain exceptional — making this incident particularly shocking.
Survivors’ accounts, filtered through interpreters, painted a picture of terror: high speeds, sudden impact, and people flung into cold February waters. One rescued migrant told local media the boat was overloaded and moving erratically to escape detection.
International maritime law requires vessels to render assistance in distress, a principle both sides invoke in post-incident statements. The investigation will likely scrutinize navigation logs, radar data, and witness testimonies from Coast Guard crews and survivors.
For Chios residents, the event brought somber reminders of the migration crisis at their doorstep. Locals have long assisted in rescues, providing food and clothing to arrivals.
As the death toll stands at 15 — with searches ongoing — the incident serves as a stark warning of the human cost in migration enforcement. Mediators and policymakers face renewed pressure to address root causes while ensuring safety at sea.
The Greek Coast Guard has not ruled out further developments in the case. An official statement promised cooperation with judicial authorities for a thorough review.
In the meantime, the Aegean remains a perilous frontier, where hope for a better life collides with the harsh realities of borders and seas.
Sen. Tim Scott, R-S.C., discusses crypto legislation, Kevin Warshs nomination to Fed chair amid the Jerome Powell probe and government funding on Mornings with Maria.
Senate Banking Committee Chair Tim Scott said Wednesday that he doesn’t think Federal Reserve Chair Jerome Powell committed a crime during his testimony last summer about the central bank’s costly renovation project.
Scott, R-S.C., said in an appearance on FOX Business’ “Mornings with Maria” that while he has other issues with how Powell has led the central bank and its monetary policy moves, he doesn’t believe that the Fed chair committed a crime in his testimony.
“As it relates to the DOJ investigation, I’ll tell you what I would tell a prosecutor if they came into my office. I was the one asking the questions, Jay Powell was responding to me. Obviously, he and I have very, very strong disagreements on many issues, No. 1,” Scott said. “No. 2, I believe that it’s time for a new Federal [Reserve] chair. Thank God almighty, we’re getting ready to get one.”
“No. 3, I found him to be inept at doing his job, but ineptness or being incompetent is not a criminal act. I believe what he did was make a gross error in judgment, he was not prepared for that hearing. I do not believe that he committed a crime during the hearing,” Scott said.
TRUMP SAYS HE WILL NOT DROP DOJ CRIMINAL PROBE INTO FED CHAIR JEROME POWELL
Senate Banking Chair Tim Scott, R-S.C., (left) said he doesn’t think Fed Chair Jerome Powell (right) committed any crime in his testimony last summer. (Andrew Caballero-Reynolds/AFP)
The Department of Justice opened a criminal inquiry into whether Powell misled Congress during his testimony before the Senate Banking Committee last summer about the Federal Reserve’s headquarters renovation, which has run over budget.
The criminal probe came against the backdrop of an effort by President Donald Trump and his allies to pressure Powell and the Fed into cutting interest rates to spur the economy.
Powell denied wrongdoing and called the probe a pretext for exerting political influence over monetary policy decisions.
TRUMP’S FED PICK KEVIN WARSH FACES UNEXPECTED ROADBLOCK OVER ONGOING POWELL PROBE
Fed Chair Jerome Powell said the DOJ’s investigation is a pretext for pressuring the central bank’s monetary policy moves. (Kent Nishimura/Getty Images)
A key member of the Senate Banking Committee, Sen. Thom Tillis, R-N.C., responded to the probe by vowing to block any Federal Reserve nomination until the DOJ’s investigation of Powell concludes.
“If there were any remaining doubt whether advisors within the Trump administration are actively pushing to end the independence of the Federal Reserve, there should now be none. It is now the independence and credibility of the Department of Justice that are in question,” Tillis said last month.
POWELL OFFERS ADVICE FOR NEXT FED CHAIR, ADDRESSES FUTURE AT CENTRAL BANK
Trump nominated Powell as Fed chair in 2017, but has repeatedly criticized his handling of monetary policy since he was confirmed to the role in 2018. (Olivier Douliery/Bloomberg/Getty Images)
Scott told Bartiromo on Wednesday that he thinks the investigation of Powell will be resolved and that will clear the path for considering the nomination of former Fed Governor Kevin Warsh to serve as the next chair of the central bank.
Trump nominated Warsh to the role last week, and Tillis reiterated his stance that he won’t consider Fed nominees until the DOJ probe is over.
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“I believe that we’re going to resolve that issue, we’re going to move forward and Thom Tillis will be voting for Kevin Warsh as the next chairman of the Federal Reserve. That’s my prediction,” Scott said.
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Business
General Motors Company (GM) Presents at Federal Reserve Bank of Chicago’s Automotive Insights Symposium Transcript
Kristin Dziczek
Well, thank you so much for coming back and staying with us. This you won’t want to miss. So it’s my pleasure to introduce our next session, managing transformation in a dynamic environment. [Operator Instructions] I’d first like to introduce our moderator, Mike Colias. Mike is the U.S. Auto Editor for Reuters. He’s long covered the auto industry and for the Wall Street Journal and Automotive News, and he’s the author of a 2025 book, Inevitable: Inside the Messy, Unstoppable Transition to Electric Vehicles. So he’s pretty ideally positioned to lead today’s fireside chat with GM’s CFO, Paul Jacobson.
And speaking of which we are tremendously honored that Paul has decided to join us. He’s a well-known around Detroit and in the auto industry since he joined General Motors in 2020 as the Executive Vice President and CFO. He’s established himself as an exceptional leader on GM’s executive team, demonstrating a remarkable financial stewardship during some very unprecedented business and industry challenges.
From navigating the post-pandemic supply chain disruptions to orchestrating GM’s strategic pathway to EV profitability and tariffs and what we can all agree has been a very uncertain policy environment. Under Paul’s guidance, GM has delivered impressive results in 2025 with robust earnings and a strong outlook. We are again thankful that Paul has agreed to join us today to share his insights.
I’ll bring Paul up for a few remarks, and then Mike will join him on stage for the Q&A.
Paul Jacobson
Executive VP & CFO
Well, thank you all. I was having to look around to figure out who
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Elf Beauty cosmetics
Courtesy: e.l.f Beauty
E.l.f. Beauty reported a huge earnings beat Wednesday and raised its guidance for the fiscal year.
E.l.f. stock was up as much as 15% in after-hours trading before losing the majority of those gains.
Here’s what the company reported for the third fiscal quarter, compared with analyst estimates from LSEG:
- Earnings per share: $1.24 adjusted vs. 72 cents expected
- Revenue: $490 million vs. $460 million expected
E.l.f. said net sales increased 38% to $489.5 million, from $355 million in the same period a year ago, driven by growth across the globe and across its retailers and e-commerce. It reported adjusted net income of $74.5 million, up from $43 million over the same period a year ago.
The company recently acquired celebrity Hailey Bieber’s skincare company, Rhode, in a roughly $1 billion deal, and it contributed $128 million to the company’s net third-quarter sales growth. E.l.f. told CNBC it’s projecting Rhode to contribute up to $265 million in net sales this year, up $65 million from its previous guidance.
E.l.f. also raised its full-year guidance, increasing its revenue outlook by a range of $42 million to $50 million.
“Our Q3 results, which included 130 basis points of market share gains for our namesake e.l.f. Cosmetics brand and a record-breaking launch of rhode in Sephora in the U.K., are a continuation of the consistent, category-leading growth we’ve delivered over the past 28 quarters,” CEO Tarang Amin said in a statement. “Our value proposition, powerhouse innovation and disruptive marketing engine continue to fuel our brands.”
— CNBC’s Jodi Gralnick contributed to this report.
Business
Nykaa Q3 Results Preview: PAT may surge up to 192% YoY led by BPC momentum; revenue to rise up to 28%
The estimates from ElaraCapital, Nuvama Institutional Equities and JM Financial have been taken into account. The margins could take a hit in the October-December quarter.
The company will announce its earnings on Thursday, February 5.
Here’s what estimates say about these four key parameters:
1) PAT
— Elara Capital: Rs 60 crore, up 128% YoY and 88% QoQ
— Nuvama: Rs Rs 64 crore, up 139% YoY and 89% QoQ
— JM Financial: Rs 78 crore, up 192% YoY and 117% QoQ
2) Revenues
— Elara Capital: Rs 2,869 crore, up 27% YoY and 22% QoQ
— Nuvama Institutional Equities: Rs 2,902 crore, up 28% YoY and 24% QoQ
— JM Financial: Rs 2,859 crore, up 26% YoY and 22% QoQ
3) EBITDA
— Elara Capital: Rs 202 crore, up 43% YoY and 27% QoQ
— Nuvama Institutional Equities: Rs 209 crore, up 48% YoY and 31% QoQ
— JM Financial: Rs 215 crore, up 52% YoY and 35% QoQ
4) EBITDA margin
Nuvama has pegged the Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) at 7.2% in Q3FY26, down 100 bps YoY and down 40 bps QoQ. Meanwhile, JM Financial sees margin expansion of 130 bps YoY, indicating sustained operating leverage.
(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)
Both sides have shared the broad outlines of the deal but not the details, with early indications suggesting India will grant the U.S. only limited access to its agricultural market.
WILL INDIA LOWER TARIFFS ON US CORN, SOYBEANS OR SOYMEAL?
India, which bans genetically modified (GM) food crops, is unlikely to lower tariffs on imported farm goods such as corn, soybeans and soymeal as it seeks to protect millions of small farmers who eke out a living on meagre incomes.
The United States primarily produces GM corn and soybeans, limiting the scope for market access in India.
Unlike China, which buys millions of tons of corn and soybeans from the United States, India’s import requirements for both crops are relatively small.
India is holding large stockpiles of corn and soymeal, an animal feed derived from crushing soybeans for soyoil.
While India is the world’s largest importer of soyoil, sourcing supplies mainly from Brazil, Argentina and the United States, its overseas purchases of soybeans remain negligible, including from Africa where non-genetically modified oilseeds are produced. India also has ample supplies of domestically produced ethanol, made from corn, rice and sugarcane, making it unlikely to concede to requests for imports of either ethanol or corn as feedstock for ethanol production.
While the U.S. has pushed for greater access to India’s dairy market, long protected by high import duties and non-tariff barriers, New Delhi is likely to keep the sector off the table given its importance to farmer livelihoods.
The average herd size in India is only two to three animals per farmer, compared to hundreds in the United States – a difference that puts small Indian farmers at a disadvantage, Indian officials have argued.
WHERE ELSE COULD INDIA CEDE GROUND IN AGRICULTURE?
India could agree to lowering tariffs or allowing expanded import quotas on farm products such as almonds, walnuts, pistachios, apples, pears and berries. New Delhi could also lower trade barriers for fruits and vegetables, wine and spirits – the areas that do not tend to hurt Indian farmers.
Since India is already import-dependent for almonds, walnuts, pistachios, apples, pears and berries, it would be easier for Prime Minister Narendra Modi’s Bharatiya Janata Party to sell any lowering of import barriers on these premium farm products to voters and other political constituencies.
Similarly, President Donald Trump’s administration can tout access to Indian markets as a major win for American farmers.
WHY AGRICULTURE REMAINS SENSITIVE ISSUE FOR INDIA
Although the farm sector contributes a relatively modest 15% to India’s almost $4 trillion economy, it sustains nearly half the country’s 1.4 billion people.
Nearly 80% of Indian farmers are smallholders, owning two hectares of land or less, which limits their income. But farmers form an influential voting bloc, and successive governments have sought to avoid angering millions of growers.
The Samyukt Kisan Morcha, an umbrella group of farmers’ organisations, and its top leaders including Rakesh Tikait have already taken Modi’s government to task over its trade deal with Washington.
The Equal Employment Opportunity Commission (EEOC), which enforces workplace discrimination laws, announced on Wednesday it has demanded company records going back to 2018, including the use of race and ethnicity data, and whether such information influenced executive pay.
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