Business
Confidence level of industry improving: KV Kamath, ICICI Bank
ET Now: Talking of expectations from Narendra Modi, do not you think too much hope and money in essence is riding behind one man? Despite his good intentions, there are structural problems in the economy and even the Prime Minister does not quite have a magic wand?
KV Kamath: If you look back to 10 years ago, the economy was getting into near double digit growth even with all the structural problems. Now you have a leader who has a known bias for fixing things and making sure that things work. It is the same set of structure, the same set of people who are driving this. You have the right leader who can drive the effort.
ET Now: The other day we had Mr. Birla meet the Finance Minister and as he walked out of the meeting, he said he expects the economy to revive in three to six months. He says he is going to start investing in India now. We have not heard too many corporate leaders say that. You have a pulse of the mood of corporate India. When do you think will the corporate leaders start investing?
KV Kamath: The first sense comes from the market. It is the collective wisdom of the marketplace that there is action and we will move with speed. That improves the confidence level of industry. Now we need to see whether some of the ground conditions that are needed for people to get back to an investment mode are going to change. Today I read that with a large slate of reforms or projects which have been stuck are going to be addressed in the next few days. If that happens, you will see a sea change in the investment mindset, as it were.
ET Now: It could happen in three months itself. Is that what you think?
KV Kamath: I think that between three and six months it could start happening. But we want incremental investment to happen. There is enough to harvest in the first six months in terms of stuck projects and so on.
ET Now: The one cue that corporate India will also look forward to is the budget. Given the nature of the mandate that we have, the strength that this government have in the Parliament, would you expect tough reforms in this budget itself?
KV Kamath: I do not want to call or second-guess what somebody is working on. But I think it will be a budget where you try to have fiscal discipline and whatever is needed to get that discipline. Now in what measure, in what combination, is for the government to call. I think one thing that people will look for in the budget is fiscal discipline and a way to getting the deficit under control, say, over a three-year period. If it is well-constructed and well-articulated, you will see the cheer going up.
ET Now: Does the 4.1% number look a little tricky to you?
KV Kamath: If you eliminate waste, you eliminate what is theft and eliminate what is not needed, the 4.1 is achievable.
ET Now: When do you think fiscal and monetary policy will start working in tandem? When do you expect rates to turn?
KV Kamath: Regarding the monetary policy, we always say that let us see the constructive design of a fiscal deficit. We know what it is and where it will end. Once they see that construct as it were, for this year and, say, for two years on the line, then I should believe that they should have greater confidence to tinker with the rates, or inflation itself has to start dropping. We see several people have given several solutions starting with release food stocks, pushing the pedal on APMC reform, and so on. I am sure again this is something that the government will very quickly understand and take all the steps or some of the steps which would give policymakers confidence to get interest rates down. We should see it happen in this fiscal, in the next 12 months. I think it ought to start happening in the first six months.
ET Now: A quarter percent or more, through the course of the year?
KV Kamath: I have no call on this. Let us see what happens. Everything will depend on where the deficit number comes in and whether you are able to get the inflation rate moving down. If these turn out positive, rates could move fast.
ET Now: What is your outlook on growth in the short term, medium term, and long term?
KV Kamath: My long-term number does not have a single digit. It is two digits. So you can make a guess on it.
ET Now: During the term of this government?
KV Kamath: I think it will happen during the term of this government.
ET Now: The first term itself?
KV Kamath: It will happen in the first term of this government. That is for sure. If they progress the way they mean to, I am reasonably sure that we will see two-digit rate in the first term of this government itself.
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The stock market ended the week on a high note, with all three major indexes taking part in a broad rally on Friday.
The S&P 500 rose 0.9%. The Nasdaq Composite gained 1%. The Dow Jones Industrial Average gained 1%, or 508 points.
Stocks ticked higher after August’s consumer price index data fueled a surge in odds that the Fed will raise rates, removing some uncertainty from the market.
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A chocolate Frankenstein head filled with gummy candy being sold for more than $50 at Costco is going viral on social media.
The hefty Halloween treat weighs 5.5. pounds and includes a mallet to smash the monster’s head and get at the gummies, which are shaped like body parts.
The “Monster Mash Chocolate” made by Ten Acre Gifts sells for $54.99 at the wholesaler and for more than $60 online, although it appeared to be sold out on Costco’s website Saturday evening.
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Costco is selling a $55 “Monster Mash Chocolate” candy Frankenstein in time for Halloween. (Charles-McClintock Wilson/NurPhoto via Getty Images; Costco.com / Getty Images)
The label says the candy is 150 calories per serving and includes 25 servings.
While some Halloween fans were in love with the chocolate treat, others thought it was a little over the top.
One person on Instagram said they would consider it if they were hosting a Halloween party and another commented: “Hard pass but would make a great prank Christmas gift.”
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Costco is selling a chocolate Frankenstein head filled with gummy candy that weighs 5.5 pounds. (Costco.com / Unknown)
“Costco looked at Halloween and said, ‘What if a piñata… but medically concerning?’” someone else joked on X.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COST | COSTCO WHOLESALE CORP. | 904.77 | +2.39 | +0.26% |
Another X user professed: “This is now a priority need in my life…”
LINES WRAP AROUND BLOCK AS CUSTOMERS WAIT HOURS FOR VIRAL DOT CAKES THAT SELL OUT WITHIN MINUTES
Shoppers walk by a Costco Halloween display in New York. (Lori Van Buren/Albany Times Union via Getty Images, File / Getty Images)
“Imagine explaining to someone that your Halloween candy comes with its own demolition tool,” someone else posted on X, and another user joked, “A hammer for Halloween candy is insane. Costco wass like, safety can wait.”
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The product was even selling on eBay for as much as $100.
FOX Business has reached out to Costco for comment.
SpaceX CFO Bret Johnsen provided an update on the company’s sales targets and Starship test flight plans while speaking at a Goldman Sachs conference on Thursday. The rocket maker landed a new AI compute customer worth about $13 billion annually, while the Starship flight later this month will mark the spacecraft’s first revenue-generating mission. SPCX stock rose Friday, trading near…
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1539 ET – Oil futures slip but post weekly gains on escalating conflict in the Middle East, with Yemen’s Iran-backed Houthis stepping up attacks on Saudi facilities and making territorial advances to strengthen their position near the Bab al-Mandeb Strait. “Although much of today’s price pullback appears attributable to talk of Middle East countries discussing a reopening of the Strait of Hormuz, and some bearish demand aspects to today’s monthly IEA report, the larger negative driver in our opinion, is simply a deserved market correction following this week’s dramatic gains,” Ritterbusch & Asosciates says in a note. WTI settles down 2.4% at $100.05 a barrel for a 9.4% weekly gain. Brent falls 2.8% to $104.61 and is up 8.7% on the week. (anthony.harrup@wsj.com)
Oil Demand Loss More Damaging for Developing Countries
1239 ET – The IEA’s latest estimate for a 2.5 million barrels-a-day drop in oil demand this year because of the U.S.-Iran conflict puts losses on a par with declines in 2008/09 combined during the global financial crisis, says Raymond James investment strategy analyst Pavel Molchanov. “In developed economies, oil demand destruction involves mostly mild effects, such as suspended airline routes. In lower-income countries, more painful impacts—factory closures, fuel rationing—are visible.” The IEA sees demand barely recovering pre-conflict levels in 2027, “and a portion of demand destruction may be permanent,” he adds.(anthony.harrup@wsj.com)
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Authentic Brands Group continues to grow its network of partners for Lee.
On Friday, the global brand and entertainment company announced a strategic partnership with Union Group for Lee in Mexico. The agreement will take effect following Authentic’s previously announced acquisition of Lee from Kontoor Brands, which is expected to close in the second half of 2026.
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Union Group will serve as Lee‘s strategic operating partner in Mexico, leveraging its extensive capabilities and expertise across product development, sourcing, retail, wholesale distribution and e-commerce.
The fully integrated operator has more than 40 years of experience in Mexico, including overseeing the operations for several of Authentic brands. Their partnership began more than a decade ago with Nautica and has since expanded to include Aéropostale, SHAQ, Reebok, Quiksilver, among others.
“Union Group has been a trusted partner to Authentic for many years,” said Victor Alvarino, SVP head of Mexico, Authentic. “Their strong operating capabilities, retail relationships and deep understanding of the Mexican consumer make them an ideal partner for Lee. Lee is an iconic brand with tremendous heritage and significant growth potential in Mexico, and together we have a great opportunity to accelerate its growth and build the brand for the long term.”
Authentic has inked several deals for Lee in recent weeks. Shanghai Huizhong, a wholly owned subsidiary of the HiMaxxGroup, will be the operating partner for Lee across China, Hong Kong and Macau. Authentic also formed strategic partnerships for Lee with One Jeanswear Group for North America and Experience Group across Europe.
“We are proud to expand our longstanding partnership with Authentic by welcoming Lee,” said José Tawil, CEO of Union Group. “Lee is an iconic global brand with a rich heritage and strong foundation in denim and lifestyle, one that generations of Mexican consumers have known and loved. We look forward to working alongside Authentic to bring Lee back to the top of mind position it deserves—e expanding the brand in Mexico and creating new opportunities for its long-term growth.”
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Saudi Arabia’s oil industry was already reeling. The kingdom’s crude-oil production fell to its lowest level in more than three decades last month, dropping by 2.3 million barrels to 6 million barrels a day in August, the International Energy Agency said in a report Friday. Saudi Arabia produced around 9.4 million barrels a day on average last year.
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