The new Economy Minister says the airport could follow the example of its rival Bristol Airport in growing passengers while also expanding non related terminal activities

A thriving Cardiff Airport is “mission critical” to boosting Welsh economic competitiveness, says Minister for the Economy, Connectivity and Energy, Adam Price.

Mr Price said the loss-making airport has the potential to follow the example of nearest rival Bristol by driving passenger numbers and moving to profitability.

The Rhoose-based airport was acquired by the then Cardiff Bay administration of Carwyn Jones, back in 2013, for £52m from Spanish firm Abertis. Including the acquisition price the airport has received £200m in government support – with a significant amount of repayable debt converted into equity.

READ MORE: Economy Minister Adam Price on a new development agency the Development Bank of Wales and economic targetsREAD MORE: The Open University warns that student demand in Wales is outstripping funding

In March the former Labour Welsh Government saw off a legal challenge from Bristol when the Competition Appeal Tribunal ruled that plans to provide subsidy support of £205m over the next decade wasn’t a breach of state aid rules with around £20m already utilised. Bristol Airport is though still considering a potential appeal.

Around £100m of the subsidy has been earmarked for route development. Long-term the airport is aiming to get back to two million passengers, after last year experiencing a near 9% rise to just under one million. In 2019, prior to the pandemic, the airport attracted 1.6 million.

As well as being deployed to attract airlines, the subsidy support will also be utilised by the new administration to help it diversify away from passenger-related revenues, such as aviation maintenance, repair and overhaul (MRO) and freight.

Plaid is also pressing for the devolution of air passenger duty, although this proposal has been rejected by various UK governments over this last decade.

The airport comes under Mr Price’s extensive portfolio.

He said: “Having direct global links through an airport, and certainly in this case Cardiff Airport, is absolutely mission critical to closing the prosperity gap.

“Having a globally connected airport is so well correlated with those regions and nations that have gone through periods of accelerated economic growth. In our economic development policy we’re going to have a consistent and rigorous focus on scaling-up Welsh firms… more small firms becoming medium-scale and medium-scale becoming large-scale.

” But we will also be focused on foreign direct investment, both new investors in Wales but also the current firms located here that are going to build their footprints. That actually is a very important part of scaling up those Welsh firms through supply chain linkages (of inward investors), through building up clusters. And a very basic level investors every day are looking at options across the world and one of the first things they’ll do is go on Skyscanner.

If they find that they actually can’t fly directly easily to your country, then they’re going to maybe go somewhere else. So we have to get that right. And obviously a big part of the investment strategy at the airport is building those direct links.”

Over the week the airport launched a new direct scheduled service to Canada – the first route between the two countries since Zoom Airlines nearly two decades ago. For the summer season the Canadian airline has put around 30,000 tickets on sale for its four-times a week service to Toronto Pearson International – a hub airport providing over 100 connecting destinations across north America.

Mr Price said of the new route: “WestJet’s inaugural flight from Cardiff to Toronto is a powerful signal to the world that our nation is open for business.

“Direct transatlantic connectivity like this is exactly what Welsh businesses need to reach new markets, attract investment and grow and it reinforces our ambition to make Wales one of the best-connected economies in the UK.

Jon Bridge, chief executive of Cardiff Airport, said:“The arrival of WestJet’s direct service gives customers easier access to Toronto and onward destinations across North America, it firmly strengthens Cardiff Airport’s position as the international gateway for Wales.

We are proud to welcome WestJet and excited about the long-term potential of this partnership.”

Chris White-DeVries, WestJet senior manager hub strategy and airport affairs, said: “The launch of service between Cardiff and Toronto is an exciting milestone both for WestJet and the communities the route serves. WestJet’s new seasonal offering makes it easier for more people to discover everything South Wales and Canada have to offer, while staying closely connected to friends, family and business opportunities. Cardiff plays an important role in our growing transatlantic network, and we are proud to offer our guests from Wales more convenient access to Canada.”

In its last financial year to the end of March 2025, Cardiff Airport revenues improved from £19.33m a year earlier to £19.8m, while on a pre-Ebitda basis (earnings before interest, tax, depreciation, amortisation) and exceptional items it posted a positive £5.7m. However, when factoring in the receipt of an £11.8m Welsh Government grant linked to a five-year post-Covid recovery plan, the Ebitda figure slipped into the red at £5.57m.

Since being acquired by the Welsh Government the airport has accumulated losses of around £60m.

Bristol Airport last year attracted 10.8 million passengers, of which around two million were attracted from South Wales. In its 2024 financial year the airport grew revenues from £179.2m a year earlier to £204.4m. Its pre-tax profit level rose from £3.8m to £12.2m. After taxation it posted losses of £1.69m. Its biggest revenue contribution came from car parking with £75.6m – more than three times the total revenues of Cardiff.

Mr Price said that Bristol has shown that airports can expand and be profitably – as well as serving a vital economic gateway role.

He was asked if there is potential for Cardiff Airport to work collaboratively with its rival, which is owned by Macquarie Asset Management.

He said: “Let’s for now just say I think there’s huge latent potential there (Cardiff) if we get that right, following Bristol Airport’s growth pathway by expanding passengers by expanding connections. That’s the kind pathway we want to go on with Cardiff Airport. How do we get there? I think I need to have some conversations with some of the board and the commercial leadership, but it is certainly something that we think is really important.”

The former Lloyds Bank regional headquarters is set to be redeveloped

One of Bristol’s most recognisable waterfront sites is set to be transformed under new plans.

Workspace firm Kinrise and real estate investment manager Mactaggart Family & Partners (MF&P) has secured planning permission for the redevelopment of Canons Wharf marking a major milestone in the reimagining of the Grade II listed estate on the city’s harbourside.

Canons House is one of the most recognisable properties in Bristol, made up of circular offices around a landscaped courtyard and the large crescent office building overlooking Lloyds Amphitheatre.

The ambitious redevelopment of the site will see the Canons House building – previously home to Lloyds Bank’s regional HQ – turned into a mixed-use campus, with 197,000 sq ft of Grade A offices alongside a range of facilities and cultural spaces.

The proposals include a coffee house with gardens; restaurants overlooking the harbourside; saunas, cold plunge, a performance gym and PT classes studio; podcast studio and 200-person auditorium for talks and events; and a rooftop boardroom and events space with views across the city.

According to Kinrise and MF&P, which acquired the site in 2024 for an undisclosed sum, the scheme will adopt a low-carbon retrofit approach, retaining the existing structure while introducing energy-efficient systems such as water-source heat pumps and all-electric infrastructure.

Kilian Kleine, investment director and head of development at Kinrise, said securing planning permission for Canons Wharf was “a significant step forward” in bringing the building back to life.

“Our vision is to create a workplace that is not only best-in-class in terms of design and sustainability, but one that genuinely adds to the energy of Bristol’s iconic harbourside,” he said.

Canons Wharf has long played a central role in the city’s commercial life. The transformation of the distinctive building will re-establish the site as a focal point for business, innovation and cultural events, while opening up new opportunities for engagement with the local community, according to the developers.

Work on the site is expected to start later this year.

“We are creating a destination where businesses and people can truly thrive,” added Mr Kleine. “Canons Wharf will be a place that reflects Bristol’s ambition, creativity and sense of community, and we’re excited to move into the next phase of delivery.”

KUWAIT CITY — Kuwait International Airport remained open on Tuesday, May 26, 2026, with commercial flights operating through active terminals as the airport continued its phased recovery from earlier regional disruptions.

Kuwait Airways and Jazeera Airways continued handling passengers through the airport’s main operational areas, while authorities kept the reopening process on a gradual track. The airport has returned to service in stages since the earlier suspension, but it has not yet fully returned to its pre-disruption pattern across all terminals.

Terminal 4 and Terminal 5 are the main passenger facilities in use. Kuwait Airways is operating from Terminal 4, while Jazeera Airways is using Terminal 5. That split reflects the airport’s phased approach, which has focused on restoring flight service carefully while repair work continues elsewhere in the complex.

Terminal 1 remains under repair and outside normal passenger flow. The airport’s recovery plan has centered on bringing back commercial operations while infrastructure work continues in the background. Officials have not publicly described the airport as fully normalized, and the current setup remains transitional.

For travelers, the practical effect is that flights are running, but passengers are still being advised to check directly with their airlines before heading to the airport. Terminal assignments, schedules and frequencies can change as airlines adjust to the available operating capacity and ongoing recovery work.

The Civil Aviation Authority has said the reopening has been handled gradually to support safety and reduce disruption. That approach has allowed the airport to serve passengers while repairs and operational checks continue across the facility. The result is an airport that is open and functioning, but still moving back toward full capacity.

Kuwait International Airport plays a major role in the country’s connectivity and economy. It links travelers to destinations across the Middle East, Europe, Asia and other regions, making it an important hub for business travel, family visits and tourism. Even a temporary disruption can affect airlines, cargo operators and companies that depend on regular air service.

The current recovery has helped restore some of that activity. Flights are once again moving through the airport, and passengers are being processed through the terminals that are open. But the broader return to normal service remains incomplete, with work continuing to restore additional facilities and stabilize operations.

That distinction matters because “open” does not mean fully back to normal. The airport is operating, but its recovery remains phased. Some parts of the facility are still being repaired, and the airport’s long-term return to full strength will depend on the progress of that work.

Travelers using the airport are being urged to monitor airline updates, arrive with extra time and confirm their departure or arrival terminal before leaving for the airport. Because the recovery is still underway, changes can happen as airlines adapt to schedules, gate assignments and operational conditions.

The airport’s phased approach is designed to keep essential air service moving while allowing the remaining recovery work to continue. That means passengers are seeing active operations, but not every terminal or service is available at full capacity. The airport is functioning, but it is still in transition.

Kuwait International Airport’s role as a Gulf aviation hub makes that transition especially important. Restoring reliable service supports not only passengers but also businesses, tourism and trade. The airport’s reopening has been a key step in reestablishing the country’s air links after earlier disruptions, and officials continue to treat the process as a careful, step-by-step return.

For now, the situation is straightforward: the airport is open, commercial flights are operating and the phased recovery continues. Kuwait Airways and Jazeera Airways remain the main carriers using the active terminals, while Terminal 1 remains under repair. Travelers can fly through Kuwait International Airport on Tuesday, but the airport is still working toward a full return to normal operations.

HM Revenue & Customs has fired a fresh warning shot at Britain’s flexible workforce, urging an estimated 700,000 umbrella workers, and the agencies and end-clients that engage them, to steer well clear of a rapidly growing scheme that claims, falsely, that personal IOUs can be used to settle a tax bill.

In a formal issue briefing published this month, the tax authority confirmed it has seen a sharp uptick in attempts to discharge PAYE and other liabilities using so-called ‘Bills of Exchange’. Promoters, many of them linked to the recruitment and payroll sectors, are marketing the arrangements as a legitimate, and in some cases, brazenly, as a government-endorsed, route to wiping out a tax debt.

They are nothing of the sort.

“HMRC does not accept Bills of Exchange against a tax liability,” the department said bluntly, adding that Organised Crime Groups are “particularly active” in the temporary labour space where the schemes are being aggressively pitched.

What is a ‘bill of exchange’?

The instrument itself is a creature of Victorian commerce, codified in the Bills of Exchange Act 1882. In plain terms, it is a written note from one party requiring another to pay an agreed sum to them or to a third party on demand or at a fixed future date — the original mercantile ‘IOU’.

Crucially, even a properly drafted Bill carries no obligation on the recipient to accept it as payment. As HMRC reminds anyone tempted to try, “the recipient has no legal obligation to accept it”. The tax authority has made clear that it will not — and never has — accept a Bill of Exchange against a tax liability.

How the scam works

According to HMRC, the playbook used by promoters is depressingly familiar to anyone who has tracked the procession of tax avoidance schemes named and shamed in recent years. The pitch typically rests on four pillars:

• A claim that a Bill of Exchange can legally settle a debt with HMRC, in place of cash.
• Assurances that workers can sidestep PAYE or other employment tax obligations using the arrangement.
• A hefty fee, sometimes wrapped up as a ‘membership’ or ‘administration’ charge, to join or operate the scheme.
• Misleading suggestions that the model is HMRC-compliant or, more outrageously, government-backed.

Variations on the theme reference money orders, Public Trusts, Merchant Law and Negotiable Instruments, pseudo-legal language designed to give a thin veneer of sophistication to what amounts to a refusal to pay.

Why this matters for sme owners

For the small and medium-sized businesses that make up the backbone of the UK economy, the risks extend well beyond the individual workers being targeted. With incoming rules from April 2026 making recruitment agencies and end-clients jointly and severally liable for PAYE where an umbrella company sits in the labour supply chain, SMEs that engage contingent workers will be in the firing line if non-compliance is found further down the chain.

Put bluntly, a hospitality group using agency staff, a logistics firm bringing in temporary drivers, or a professional services partnership hiring through an umbrella could end up footing the bill if a Bill of Exchange scheme is later unwound, even if the directors never knew it existed.

Seb Maley, chief executive of compliance specialist Qdos, said the warning was a timely reminder of how exposed the supply chain has become.

“HMRC’s warning highlights the very real dangers that tax avoidance schemes continue to pose, not just to the some 700,000 people that work through umbrella companies but also the businesses that engage them,” he said.

“Bills of Exchange are marketed as legitimate, or even falsely HMRC-approved, despite being anything but. And the truth is, they can leave anyone who uses them with massive tax bills, penalties and years of uncertainty.”

A recurring theme

The Bills of Exchange alert is the latest in a long line of HMRC interventions against schemes targeting the contractor and umbrella market. As the Institute of Chartered Accountants in England and Wales has noted, the recurrence of these models, repackaged with new language but the same flawed mechanics, points to a stubborn problem at the lower end of the labour supply chain.

It also lands at a moment when IR35 and broader off-payroll rules continue to weigh heavily on Britain’s freelance economy. With tax pressures already cited by contractors as their single biggest concern, the proliferation of dubious ‘solutions’ promising to ease the burden is hardly surprising — but the consequences for those drawn in can be severe.

What businesses should do now

Owner-managers and finance directors engaging temporary labour are being urged to:

• Audit their supply chain and confirm the tax status of every umbrella provider in use.
• Refuse to deal with any operator promoting Bills of Exchange, money orders or ‘negotiable instrument’ structures as a means of settling tax.
• Encourage workers to check payslips against HMRC’s own pay-checker tool, and to flag anything that looks too good to be true.
• Take advice from a qualified tax professional, not an agency salesperson, before signing up to any payroll model that promises unusually high take-home pay.

HMRC has urged anyone already caught up in a Bills of Exchange arrangement to come forward and make a disclosure, warning that those who do not act may face enforcement action, interest, penalties and even insolvency proceedings.

For SME owners, the message from the Revenue could hardly be plainer: if the promoter says it’s a clever way around the rules, it almost certainly isn’t.

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Human connection remains one of the most consistent forces shaping how people experience life. For Asif Choudhury MD, relationships have long been a central focus, not only in professional settings but also in personal and community life. His experiences reflect a simple idea. Strong relationships are built through trust, consistent communication, and a willingness to support others over time.

From this point of view one can see that the nature of our connectedness has a significant impact on all aspects of daily life. At the same time staying connected can have a positive effect on an individual’s overall health as well as on the strength and cohesiveness of the entire community.

The Importance of Staying Connected

Maintaining relationships requires effort, but the value of those connections often becomes clear during difficult moments. Dr. Choudhury has spent years interacting with individuals from different backgrounds, which helped reinforce the importance of staying present and engaged with others.

Connection does not always require large gestures. In many cases, it comes from consistent communication and being available when others need support. Simple acts such as checking in, listening, or offering guidance can strengthen bonds over time.

His background shows that connection is not limited to family or close friends. It also extends to broader communities. Regular interactions, whether through cultural events or informal gatherings, create opportunities for people to remain engaged and feel supported.

These interactions build familiarity. Over time, familiarity leads to trust, and trust becomes the foundation of lasting relationships.

Family as a Foundation for Long Term Relationships

Understanding connection has its roots in family relationships. Dr. Choudhury has been shaped by his own family situation, which is based on these same values, including the value of helping others and staying close with family and friends.

Family connections provide consistency. They often remain stable even when other areas of life change. This stability can create a sense of belonging, which supports emotional well being.

At the same time, maintaining family relationships requires effort. Communication plays a key role. Listening, understanding different perspectives, and showing patience can help strengthen these bonds.

In many cases, family relationships also influence how individuals approach other connections. The habits formed within a family environment often carry into friendships and community interactions.

Building Trust Over Time

Trust does not develop quickly. It requires consistency and reliability over extended periods. Dr. Choudhury’s experiences reflect how trust is built through actions rather than words.

One of the key elements of trust is follow through. When individuals consistently do what they say they will do, it creates confidence in the relationship. Over time, this reliability becomes a defining characteristic.

Another important aspect is honesty. Open communication allows people to understand each other more clearly. It also reduces misunderstandings, which can weaken relationships if left unresolved.

Trust also involves empathy. Taking the time to understand someone else’s perspective helps create stronger connections. It shows respect and reinforces the idea that the relationship is valued.

These principles apply across different types of relationships. Whether in friendships, family connections, or community interactions, trust remains a central factor in long term stability.

Communication as the Core of Meaningful Relationships

Clear and consistent communication plays a central role in maintaining relationships. Dr. Choudhury’s approach reflects the importance of listening carefully and responding thoughtfully.

Effective communication is not only about speaking. It also involves paying attention to what others are saying and understanding their needs. This level of engagement helps strengthen connections.

Miscommunication can create distance. Small misunderstandings, if not addressed, can grow into larger issues. Addressing concerns early helps maintain clarity and prevents unnecessary tension.

Communication also supports emotional connection. Sharing experiences, thoughts, and concerns allows people to relate to one another more deeply. This shared understanding strengthens the relationship over time.

Consistency is another important factor. Regular communication, even in small ways, helps maintain a sense of connection. It shows that the relationship remains a priority.

Supporting Others Through Everyday Actions

Support does not always come in significant or visible ways. Often, it is expressed through small, consistent actions. Dr. Choudhury’s experiences highlight how everyday support can have a meaningful impact.

Offering time is one of the simplest ways to support others. Being available to listen or provide guidance can help individuals navigate challenges more effectively.

Providing encouragement also plays a role. Positive reinforcement can help others feel more confident and supported in their decisions.

In some cases, support involves sharing knowledge or experience. Offering practical advice can help others make informed choices. This type of guidance often strengthens relationships because it reflects a genuine interest in another person’s well being.

Support also builds trust. When individuals know they can rely on someone, it reinforces the strength of the relationship.

Community Involvement and Shared Connections

Connections often extend beyond personal relationships into the broader community. Dr. Choudhury has been involved in community activities that emphasize the importance of shared experiences.

Community engagement creates opportunities for people to interact and build relationships outside of their immediate circles. These interactions can lead to new connections and a stronger sense of belonging.

Cultural and social events often serve as gathering points. They provide spaces where individuals can connect, share ideas, and support one another.

Community involvement also encourages collaboration. Working together toward a shared goal helps strengthen relationships and builds mutual respect.

These connections contribute to a larger support system. When individuals feel connected to their community, it can enhance overall well being and create a sense of stability.

Balancing Personal and Social Relationships

Maintaining relationships requires balance. While staying connected is important, individuals also need time for personal reflection and growth.

Dr. Choudhury’s experiences reflect the importance of finding this balance. Engaging with others while maintaining personal space allows relationships to develop in a healthy way.

Overcommitment can lead to stress, which may affect the quality of relationships. Setting boundaries helps ensure that interactions remain meaningful rather than overwhelming.

At the same time, making time for relationships is essential. Prioritizing connection, even in small ways, helps maintain consistency.

Balance also involves understanding different needs. Each relationship may require a different level of attention. Recognizing these differences helps maintain harmony.

Lessons from a Life Centered on Helping Others

A consistent theme throughout Dr. Choudhury’s life is the focus on helping others. This approach naturally strengthens relationships because it reflects a genuine interest in the well being of others.

Helping others does not always require large efforts. Small acts of kindness and support can have a lasting impact. Over time, these actions build stronger connections.

This perspective also encourages a sense of responsibility. Being mindful of how actions affect others helps maintain positive relationships.

It also reinforces the importance of empathy. Understanding the challenges faced by others allows individuals to respond in a supportive and thoughtful way.

These values contribute to long term relationship building. They create a foundation based on respect, trust, and shared understanding.

Staying Connected in a Changing World

Modern life presents new challenges for maintaining relationships. Busy schedules and increased reliance on technology can make it more difficult to stay connected.

Despite these challenges, the principles of connection remain the same. Consistent communication, trust, and support continue to play a central role.

Technology can also offer new ways to stay connected. Messages, calls, and virtual interactions allow people to maintain relationships even when distance is a factor.

However, in person interaction still holds value. Face to face communication often strengthens relationships in ways that digital communication cannot fully replace.

Finding a balance between these methods can help maintain strong connections in a changing environment.

Why Meaningful Relationships Continue to Matter Over Time

Relationships shape how individuals experience life. They provide support, create a sense of belonging, and contribute to overall well being.

Dr. Choudhury’s experiences reflect how these connections develop over time. Through consistent effort, communication, and support, relationships can remain strong even as circumstances change.

The importance of connection extends beyond individual relationships. It also influences communities and social environments. Strong relationships contribute to a more supportive and connected society.

Maintaining these connections requires effort, but the benefits are long lasting. Relationships built on trust and communication tend to remain stable over time.

A Lifelong Commitment to Connection and Community

Building and sustaining meaningful connections with other people is not just a process that happens in one portion of our lives; instead, it’s an ever-evolving journey. Based on Dr. Choudhury’s experiences, continued connection is based on three major elements: consistency, empathy, and a sincere interest in other people.

These principles remain relevant across different settings. Whether in family relationships, friendships, or community involvement, the foundation remains the same.

Strong relationships are built through small, consistent actions. They are maintained through communication and strengthened through trust.

In the end, connection is not defined by a single moment. It is shaped by repeated efforts over time. Those efforts create relationships that provide support, stability, and a sense of belonging that continues to grow.

Jefferies has raised its target price on auto component maker Belrise Industries while reiterating its bullish stance on the stock, citing strong earnings growth, robust order wins and an expanding global footprint in aerospace and defence.

Jefferies’ India autos and auto parts team has maintained a ‘Buy’ rating on Belrise Industries with a revised price target of Rs 250, implying a 19% upside from the previous close of Rs 210.50. The target price has been increased from Rs 215 and is based on 26x FY28 estimated earnings per share (EPS).

The upgrade in target price comes on the back of in-line March quarter performance and a positive medium-term earnings outlook. For the March quarter, Belrise’s EBITDA and profit after tax (PAT) rose 5% and 17% year-on-year, respectively, broadly in line with Jefferies’ estimates. Total operating income grew 12% year-on-year to Rs 25,528 million, driven by a robust 21% year-on-year increase in manufacturing revenues, even as trading revenues declined 21%. Manufacturing revenue growth was led by an 18% increase in the two- and three-wheeler (2W+3W) segment, 32% in commercial vehicles (CVs), and 70% in passenger vehicles (PVs) from a low base.

EBITDA margin in the March quarter contracted 90 basis points sequentially to 11.4% on account of higher “other expenses”, including a one-off cost linked to an overseas acquisition. Jefferies noted that 4Q “other expenses include a one-time start-up cost of Rs 95 mn (40 bp of revenues) to overhaul machinery, legal and professional expenses, and personnel expenses relating to the acquisition of SDM in France.” Despite near-term cost pressures from higher commodity, fuel, transportation, and labour costs, the brokerage said Belrise still expects FY27 margins to be broadly similar to FY26, supported by cost pass-through to customers and internal cost controls.

For FY26, Belrise’s revenues grew 15% year-on-year to Rs 95,091 million, EBITDA rose 13% to Rs 11,538 million and recurring PAT jumped 41% to Rs 5,020 million, with EBITDA margin at 12.1%. The company has also sharply strengthened its balance sheet, with net debt-to-EBITDA down to 0.1 times in FY26, compared with 1.0 times in FY25. Jefferies expects Belrise to deliver a 26% CAGR in EBITDA and 30% CAGR in EPS over FY26–28, aided by organic growth and earnings accretion from the planned merger of group entities in FY28.

The brokerage highlighted strong new order traction as a key driver of its positive view. Belrise has won two new orders: one for exhaust systems and fuel tanks for a top-selling model of a 2W/3W OEM, which Jefferies believes is from TVS Motor, and another for exhaust systems and other components for a Japanese OEM. These programmes are slated to start production in 2QFY27 and 4QFY27, and “should add ~Rs3bn of annual revs on full ramp-up (~3% of FY26 top line),” the report said.

Aerospace diversification

Jefferies also underscored Belrise’s strategic moves to diversify beyond its core two-wheeler business into higher-value global niches. “With two recent acquisitions in France and the UK, Belrise has entered into [the] global aerospace components supply chain,” the analysts wrote, adding that the company has “also entered into a strategic agreement with an Israeli company to jointly pursue opportunities in defence.” While revenue contributions from aerospace and defence are likely to remain modest in the near term, Jefferies believes they “have the potential to meaningfully boost growth in the medium to long term.”On the demand side, Jefferies expects Belrise to benefit from a cyclical upturn in India’s two-wheeler market. The brokerage projects India’s 2W production to grow at a 9% CAGR over FY26–29, supported by the impact of the GST cut in September and a recovery in domestic demand, though it flagged higher retail fuel prices and a weak monsoon as potential headwinds. Belrise, established in 1996, is described as “one of India’s leading 2W metal component players”, with about a 24% market share in its key product categories of chassis and exhaust systems. The company derives about 65% of its revenues from 2W components, around 10% from four-wheelers and roughly 20% from commodity trading.

At the current market price, the stock has already delivered a strong run-up, gaining 14% calendar year-to-date and outperforming the Nifty 50 index by 22 percentage points. Jefferies acknowledged that Belrise’s valuation at 29 times FY27 estimated earnings “appears rich”, but argued that it is “justified given healthy growth and an expanding business footprint.” The revised target price of Rs 250 factors in this growth trajectory and is anchored on a 26 times multiple on March FY28 earnings per share.

Jefferies, however, cautioned investors about key risks to its positive thesis on the stock. Chief among them is Belrise’s high dependence on its top customer, “which, based on industry characteristics, we believe is Bajaj,” the report said. Other risks include weaker-than-expected two-wheeler demand and higher-than-anticipated pressure on margins from input costs and competition. Even so, the brokerage summed up its stance by stating: “We maintain a Buy with a Rs 250 TP (Rs 215 earlier), based on 26x FY28E PE,” reflecting confidence in “healthy growth and an expanding business footprint” across 2Ws, 4Ws, exports, aerospace and defence.

Sri Lanka’s central bank stunned markets by raising its policy rate by an outsized 100 basis points on Tuesday, the biggest hike in four years, as policymakers scrambled to stem inflation and support a currency buckling under soaring energy prices.

Economic growth in the South Asian nation, only just recovering from a devastating 2022 financial crisis ‌that left businesses and households ⁠deeply scarred, ⁠is expected to take a hit from the turmoil in the Middle East.

The Central Bank of Sri Lanka (CBSL) raised the overnight policy rate to 8.75% from 7.75%, blaming higher inflation and a depreciating rupee due to the U.S.-Israeli war with Iran.

Seven out of a dozen economists and analysts polled by Reuters had forecast only a 25 basis-point or slightly higher change to the rate, citing the deepening impact on foreign reserves from the conflict.

Sri Lanka, fully reliant on imported fuel, has been battered by the Iran war-driven energy shock that has forced a 40% fuel price hike, rationing, and even public holidays on Wednesdays.

“Similar to several regional peer currencies, the Sri Lanka rupee experienced notable depreciation pressures in ⁠recent weeks, although conditions ‌have since eased to some extent,” the central bank said in a statement, referring to the currency’s 8.7% tumble since early March.
Annual inflation has jumped from 2.2% in March to 5.4% last month, although that is well below the 70% ⁠peak during the crisis. Headline inflation is likely to remain above the target of 5% in the period ahead, before easing and stabilising around it, the CBSL said in its statement.

Sri Lanka’s stock market opened 0.5% lower following the policy announcement, while the currency held broadly steady at 327 rupees per dollar.

BIGGEST HIKE SINCE MARCH 2023, GROWTH SET TO SLOW

The central bank last changed rates in May 2025 when it reduced them by 25 basis points to boost growth. Tuesday’s 100-basis-point hike was the biggest increase since a similar hike during the depths of the financial crisis in March 2023.

“This 100bps rate hike suggests the CBSL is shifting gears from supporting growth to defending price stability,” said Udeeshan Jonas, strategy head at Colombo-based equity research firm CAL. He has ‌cut his 2026 growth forecast to 3.0% from 4.2% following the move.

The central bank and finance ministry had projected growth of between 4% and 5% in January.

“The central bank clearly expects the supply-side pressures from the Iran conflict – specifically oil price volatility and subsequent pressure on the rupee – to ⁠have a prolonged, sticky impact on domestic inflation rather than being a transitory blip,” Jonas added.

Emerging economies are bearing the brunt of the Iran war as soaring energy prices, supply disruptions, and capital outflows threaten to trigger stagflation. India, which depends heavily on overseas crude imports, is grappling with a sharp decline in the rupee, forcing the central bank to step in to defend the currency.

Sri Lanka’s reserves decreased 3.8% to $6.7 billion in April after it spent $1.5 billion on fuel imports in the first four months of the year, with the fuel bill surging 77% in March alone.

Backed by a $2.9 billion programme from the International Monetary Fund, the island is clawing its way out of the 2022 upheaval caused by a severe shortfall of dollars.

The IMF Executive Board will meet on Wednesday to decide whether Sri Lanka will receive $700 million under its programme, which would help to top up its reserves.

HOUSTON — Kevin Durant was named to the All-NBA Second Team on Monday, earning the honor for the 12th time in his career and tying for the seventh-most selections in NBA history.

The Houston Rockets forward, who turned 37 in September, continued to defy age with a standout 2025-26 season that saw him average 26.0 points, 5.5 rebounds and 4.8 assists over 78 games. He shot 52.0% from the field, 41.3% from three-point range and 87.4% from the free-throw line while playing 36.4 minutes per game.

Durant became the 10th different player in Rockets franchise history to earn All-NBA recognition and the first since former teammates James Harden and Russell Westbrook achieved the feat in the 2019-20 season. The selection adds to his already illustrious résumé and underscores his enduring excellence even as he enters the later stages of his career.

Only six players in NBA history have more All-NBA selections than Durant. The 12-time honoree joins an elite group that includes legends like LeBron James, Kareem Abdul-Jabbar and Kobe Bryant. His ability to maintain elite production at an advanced age places him among the most remarkable performers the league has ever seen.

This season, Durant joined an exclusive club of five players — alongside Giannis Antetokounmpo, Jaylen Brown, Luka Dončić and Nikola Jokić — to average at least 25.0 points, 5.0 rebounds and 4.0 assists. He is the only player in NBA history with eight seasons of averaging 25-plus points while shooting at least 50% from the field and 40% from three-point range.

At 37, Durant became the oldest player in league history to score 2,000 points in a season. He ranked second on the Rockets in total minutes played and became just the fourth player aged 37 or older — joining LeBron James, Michael Jordan and Karl Malone — to average at least 36.0 minutes per game.

Durant finished 11th in the NBA in scoring and has now averaged at least 25.0 points per game in 17 consecutive seasons, second only to LeBron James. He also ranked among the league leaders in three-point efficiency and defensive field goal percentage, showcasing his two-way impact even as he approaches his late 30s.

The forward climbed the NBA’s all-time scoring list during the season, moving from eighth to fifth place by passing Wilt Chamberlain, Dirk Nowitzki and Michael Jordan. He now trails Kobe Bryant for fourth place by 1,047 points. Durant also surpassed career milestones of 32,000 points, 8,000 rebounds and 5,000 assists. Only Kareem Abdul-Jabbar, LeBron James and Karl Malone have reached those combined thresholds.

The Rockets acquired Durant in a blockbuster trade before the 2024-25 season, pairing him with a young, athletic core built around Alperen Şengün and Amen Thompson. His veteran presence and elite scoring have helped accelerate the team’s contention window in the competitive Western Conference.

Durant’s selection comes after a season in which the Rockets pushed for playoff positioning despite injuries and lineup adjustments. His ability to elevate teammates while maintaining individual excellence has been a key factor in Houston’s resurgence as a Western Conference contender.

NBA Commissioner Adam Silver praised Durant’s longevity and consistency in a statement released with the All-NBA teams. The honor recognizes not only statistical dominance but also Durant’s influence on the game and his adaptability across different team contexts throughout his career.

This marks the latest chapter in a career filled with accolades. Durant has won two NBA championships, two Finals MVPs, four scoring titles and was named league MVP in 2014. His 12 All-NBA selections reflect sustained excellence across multiple franchises, including the Seattle SuperSonics, Oklahoma City Thunder, Golden State Warriors, Brooklyn Nets, Phoenix Suns and now the Rockets.

The Rockets organization expressed pride in Durant’s achievement. The team has benefited from his mentorship of younger players and his willingness to embrace a leadership role while still performing at an All-NBA level. His presence has helped elevate the play of teammates and established a winning culture in Houston.

Durant’s efficiency at his age is particularly noteworthy. Few players have maintained such high shooting percentages while shouldering heavy scoring responsibilities deep into their careers. His work ethic and commitment to conditioning have been cited by coaches and teammates as reasons for his sustained success.

The 2025-26 season presented challenges for the Rockets, including roster turnover and injuries. Durant’s ability to step up and deliver consistent performances helped stabilize the team during critical stretches. His scoring outbursts and defensive versatility provided a reliable foundation for Houston’s playoff push.

As the NBA moves toward the 2026-27 season, Durant’s future remains a point of interest. At 37, questions about longevity naturally arise, yet his performance this year suggests he has plenty left to contribute. The Rockets will look to build around his veteran leadership while continuing to develop their young core.

Durant’s journey from high school phenom to NBA superstar has been marked by resilience and evolution. He has adapted his game over time, adding new skills and embracing different roles while maintaining the scoring prowess that made him a perennial All-Star.

The All-NBA selection provides validation for Durant’s decision to join the Rockets and continue chasing championships. His impact extends beyond statistics, influencing team culture and inspiring younger players who grew up watching his highlight-reel performances.

For the Rockets, Durant’s recognition strengthens their position as a rising contender in the Western Conference. The franchise, which has endured rebuilding periods in recent years, now features a mix of veteran excellence and youthful potential that positions it for sustained success.

As the league prepares for the 2026 NBA Draft and free agency, Durant’s latest honor serves as a reminder of the enduring appeal of elite talent. His ability to perform at the highest level well into his late 30s sets a new standard for longevity in the modern NBA.

The 12th All-NBA nod cements Durant’s place among the all-time greats. As he continues adding to his legacy in Houston, basketball fans can expect more memorable moments from one of the game’s most prolific scorers and versatile forwards.