The California Democratic Party is supporting a proposed one-time wealth tax on billionaires of up to 5%.

Californians will decide whether to adopt the proposal during the 2026 midterm election.

The party’s executive board voted in favor of backing the proposal on Sunday, according to The Sacramento Bee.

BILLIONS IN TAXPAYER INCOME ARE LEAVING TWO ICONIC STATES — AS A NEW ECONOMIC MAP EMERGES

The San Francisco Standard reported that according to Jane Natoli, who sits on the party’s resolutions committee, an initial vote barely failed to clear the 60% bar required for ratification, earning 59.2% support. But another vote cleared the threshold, scoring about 61.7% support, the outlet noted.

As the close votes demonstrated, Democrats are divided on the issue.

SOME RICH CALIFORNIANS ARE GIVING AWAY CASH TO SKIRT THE STATE’S PROPOSED BILLIONAIRE TAX

U.S. Rep. Ro Khanna, D-Calif., supports the proposal.

But Gov. Gavin Newsom, who is term-limited from running for re-election, has said he will vote against it. 

CONSERVATIVES FLIP SCRIPT ON NEWSOM AFTER HE DEMANDED 25TH AMENDMENT FOR TRUMP: ‘PROPPED UP A VEGETABLE’

CLICK HERE TO DOWNLOAD THE FOX NEWS APP

“But I’m voting no because this measure dedicates almost all of the revenue it raises to a single category of state spending,” he wrote in a June Substack post. “So here is what I support: A national billionaires’ tax. A true minimum tax on billionaires — a modern Buffett Rule — that ensures the people at the very top pay at least the tax rate their own workers pay.”

New Delhi: The burden of adjustment in an imbalanced, conflict-ridden world should not fall disproportionately on countries in the Global South that don’t drive these imbalances, finance minister Nirmala Sitharaman said on Thursday.

India, like many developing economies, “remains largely peripheral to both the origination and propagation of global imbalances; yet, we continue to face their spill-over effects”, the minister said.

Sitharaman made the statements while representing India at a virtual meeting on the Global Convergence for Growth Summit, presided over by French President Emmanuel Macron, the finance ministry said in a post on microblogging site X.

“In today’s interconnected world, prosperity and challenges are shared, but the consequences of conflicts and uncertainty fall disproportionately on developing countries and the Global South. The situation demands coordinated global action,” the minister said during her intervention at the summit.

“We must strengthen multilateral cooperation to build resilient economies, accelerate sustainable development and ensure inclusive growth that benefits all,” she added.

The summit was held to bring together leaders of advanced and emerging economies to deliberate on ways to support a balanced and efficient global framework. The senior leadership of all the G7 nations and India, Brazil, China, Kenya, South Korea and the International Monetary Fund participated in the summit.
Making her observations on global imbalances, the minister said: “Not all imbalances are alike, some reflect differences in demographics, development stages, resource endowments, or economic structures.””Our focus should, therefore, remain on excessive and persistent imbalances while recognising that the scale of domestic needs varies significantly across countries,” she said.

Medium-term growth, MDB reforms
India’s growth is projected to remain strong at about 7% over the medium term, the minister said, stressing that the country remains the world’s fastest-expanding major economy.

The country’s growth is primarily led by domestic demand, with a largely market-determined exchange rate, she added.

Sitharaman called for better, bigger, more effective and more representative multilateral development banks (MDBs) that can deliver greater financing to developing countries and emerging economies. Bolstering their financing capacity, operational agility and responsiveness will be critical, she said.

Not all vessels are deterred from passing through because the Houthi threat is only targeted at Saudi shipping, with the total number sitting at about 50% of pre-attack levels.

But the number of ships loading crude oil for export to Asia passing through has dropped to about four per day, Kpler added, the lowest point since the start of the war.

A spokesperson for Hapag-Lloyd, the global shipping giant, said some of its vessels were still passing through the Red Sea but that it would “monitor developments closely and will adjust the network if circumstances change”.

“If the Strait of Hormuz reopened, most ships could probably leave the region fairly quickly. However, restoring normal cargo flows would take much longer.

“Services have been suspended and ships redeployed elsewhere, so a return to normal flows would most likely take three to four months.”

Despite the talks with Oman, Iran has said that no deal is imminent that would reopen the strait to normal traffic.

Its foreign ministry ministry spokesman Esmaeil Baqaei said any agreement would not lift the current restrictions while US “aggression” continued.

Peter Sand, chief analyst at Xeneta, another ship-tracking company, said the fighting had taken the shipping industry “back to to square one” and that things were in “a terrible state, regardless of which shipping type you’re you’re looking at”.

“The alternatives for getting cargo, whether that’s hydrocarbons or container shipping, are really not great… it is really still troubling times with no clarity and no change of fortunes within sight.”

Unions at Santander and TSB have opened negotiations over how staff in duplicate roles will be assessed for redundancy, following the completion of Santander’s acquisition of TSB from Spanish owner Sabadell.

The deal, agreed at £2.65 billion, completed on 30 April, according to Santander UK’s announcement of the completed cash acquisition. The combined group employs about 23,000 people and is targeting £400 million in cost savings.

Santander has not confirmed how many jobs will go across the enlarged business. TSB has already announced 130 redundancies ahead of the formal transfer of staff under the Transfer of Undertakings (Protection of Employment) regulations, and further cuts are expected as the group pursues its savings target.

The two banks use different metrics for assessing staff performance. It is understood that unions at both are in talks about how to create a single system for evaluating individuals in the redundancy process.

One source said: “It goes without saying that in any merger there are going to be synergies that the banks will realise. And there is going to be an impact on jobs.

“There will be duplication of roles. I’m sure every role will be evaluated, wherever there are people doing similar roles.”

A spokeswoman for Santander said: “We have not yet made operational decisions on jobs [as part of the integration]. However, we will ensure that our colleagues are informed of any changes at the appropriate time.”

A spokesman for TSB said: “Whenever we make any changes to our business, the priority is to consult first with impacted colleagues to ensure they’re fully supported.”

Under government guidance on business transfers and TUPE, employees’ jobs, terms and conditions and continuity of employment usually transfer to the new owner, with redundancy among the exceptions. The regulations apply regardless of the size of the business.

Speaking to Bloomberg last year, José García Cantera, chief financial officer of Banco Santander, said cost savings would “come from projects that TSB is currently running that we will not need to do when the two banks merge”.

He said: “Yes, we think there will be savings; yes, we think these savings will offer us better products at lower cost to the customers; but not all of these costs [savings] will come from job cuts or branch closures.”

Sources said staff at Santander were broadly relieved at the merger with TSB, after news reports had at one stage suggested the bank’s Spanish owner might seek to exit the UK market entirely. It is understood some TSB staff have started looking for new jobs in anticipation of cuts.

The redundancy talks follow a separate dispute over working patterns. TSB told its workforce of about 5,000 that they will be required to work in an office three days a week from April 2027, and the TBU union is preparing to take cases to the Employment Tribunal over members it says cannot change their arrangements for personal or medical reasons. TSB did not previously have a formal office attendance requirement.

Santander has also confirmed it will retire the TSB brand and fold the lender into its UK arm, ending a name that dates to a Dumfriesshire parish savings scheme founded in 1810. TSB operates around 175 branches and has roughly five million customer accounts.

Sabadell acquired TSB from Lloyds Banking Group for £1.7 billion in 2015. Mahesh Aditya, chief risk officer of Banco Santander, took charge of Santander UK at the beginning of March to lead the integration.

---

Shares of Zee Entertainment Enterprises (ZEEL) fell over 12% to Rs 101.50 on the BSE on Monday after Sebi’s final order in the unauthorised pledge of immovable property case. The regulator imposed a Rs 30 lakh fine and barred the company from accessing the securities market for two months.

Sebi on Friday barred ZEEL founder Subhash Chandra and CEO Punit Goenka from the securities market for one year each and imposed a total penalty of Rs 1.48 crore over the unauthorised pledge of the company’s Hyderabad land to secure loans for promoter-linked Essel Group entities.

Sebi said its investigation was triggered after ZEEL’s statutory auditor, Deloitte Haskins & Sells LLP, reported in its FY19 audit that the title deeds of certain immovable properties were missing.

The regulator said the original title deeds of ZEEL’s Hyderabad land were deposited with Indiabulls Housing Finance on December 27, 2018, to create a first-ranking mortgage securing loans availed by four Essel Group companies. The entities had together borrowed Rs 726 crore, while Essel Home acted as the co-borrower.

According to the company’s statement released on the BSE, it is currently evaluating the Sebi order in consultation with legal advisors.

In a separate development, ZEEL shareholders approved a Rs 3,144 crore fundraise through convertible warrants to the promoter group at Friday’s EGM. The resolution secured 76.64% of votes, exceeding the 75% approval threshold required by law.
However, the Sebi curbs on capital-markets access for the promoters and the company could introduce regulatory ambiguity around ZEEL’s plans to issue fully convertible warrants to an entity within the promoter group, according to Ashish K Singh, managing partner, Capstone Legal. He further added that in the absence of a Sebi directive on the preferential warrant issue, the outcome of the EGM would stand. ZEEL and the borrowing entities i.e. Subhash Chandra and Punit Goenka were alleged to be related-parties, as per the final order by Sebi. However, ZEE’s financial statements revealed that the borrowing entities were not disclosed as related parties, and the use of the Hyderabad land for securing their loans was not disclosed as a related-party transaction.

Sebi had alleged that the borrowing entities were ultimately controlled by Subhash Chandra, Punit Goenka and their family members through multiple layers of shareholding, making the transaction a related party transaction under accounting standards.

Also Read | Sebi bans Zee’s Subhash Chandra, Punit Goenka from markets for a year

According to the final order by Sebi, Chandra signed the declaration and acknowledgement on behalf of ZEEL, stating all necessary corporate approvals had been obtained before creating the mortgage. However, the investigation did not find any prior approval of the Audit Committee, the Board of Directors or the shareholders of ZEEL for the creation of security over the Hyderabad land.

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

Manuka honey, produced by bees foraging on the nectar of the Leptospermum scoparium plant native to New Zealand and parts of Australia, continues to attract scientific interest for its distinctive bioactive profile. Unlike conventional honeys that rely primarily on hydrogen peroxide for antimicrobial effects, Manuka honey contains high levels of methylglyoxal, or MGO, a stable compound that drives much of its non-peroxide antibacterial activity. Ratings such as Unique Manuka Factor, or UMF, and MGO content help consumers identify potency, with higher numbers generally indicating stronger antimicrobial capacity.

Research accumulated through 2025 and into 2026 supports several potential benefits when the honey is consumed or applied topically in medical-grade form. Experts emphasize that results depend on quality, dosage and individual health status, and that Manuka honey is not a substitute for conventional medical treatment.

One of the most firmly established benefits is its broad-spectrum antibacterial activity. Laboratory and clinical work has shown effectiveness against a range of bacteria, including some antibiotic-resistant strains. The combination of high sugar content, low pH and MGO creates an environment hostile to microbial growth. Nutritionist Lucy Miller has noted that research suggests it can inhibit antibiotic-resistant bacteria, including MRSA, through this multi-factor mechanism.

Wound healing represents another area with comparatively strong clinical support. A 2025 study on non-healing venous leg ulcers found that topical Manuka honey led to complete healing in all patients within seven weeks, faster than a comparator antimicrobial dressing group that required up to 14 weeks. Medical-grade formulations have demonstrated reduced bacterial load, promotion of granulation tissue and improved comfort in diabetic foot ulcers, pressure injuries and certain postoperative wounds. GP and functional medicine specialist Dr. Nirusha Kumaran stated that medical-grade Manuka honey has been shown to reduce bacterial load, support tissue regeneration and, in some cases, accelerate healing compared with conventional dressings.

Cochrane reviews have previously indicated that honey dressings can shorten healing times for mild burns and some surgical wounds relative to traditional options, though researchers consistently call for larger trials. The honey’s ability to maintain a moist wound environment, lower local pH and provide osmotic effects contributes to these outcomes.

Anti-inflammatory properties have been documented in both cellular and animal models. Manuka honey can modulate cytokine expression and support a shift from pro-inflammatory to resolving phases of healing. In one experimental study on acute wounds, treatment was associated with lower levels of the pro-inflammatory marker IL-1β and higher levels of the anti-inflammatory IL-10 by day 10, alongside improved histological repair.

Oral health benefits form a further category of interest. Studies have suggested that Manuka honey may help reduce plaque accumulation and clinical signs of gingivitis. Its antibacterial action against oral pathogens offers a plausible mechanism, though it is typically used as a complementary measure rather than a replacement for standard dental hygiene.

Sore throat and upper respiratory comfort are commonly cited traditional uses that align with the honey’s demulcent and antimicrobial qualities. The viscous texture coats mucous membranes while bioactive compounds may help limit bacterial or inflammatory irritation. Evidence here is more limited than for wound care but remains consistent with broader honey research on cough and throat symptoms.

Antioxidant capacity is another attributed benefit. Manuka honey contains phenolic compounds, flavonoids and other molecules that can neutralize free radicals and support cellular defenses against oxidative stress. These properties underpin investigations into its potential role in supporting overall resilience and recovery.

Emerging research has explored prebiotic-like effects. Certain indigestible carbohydrates in honey can promote the growth of beneficial gut bacteria. One 2026 study examining Manuka honey in probiotic milk and yoghurt formulations found enhanced growth of Bifidobacterium bifidum and reduced viability of E. coli during storage, suggesting possible supportive roles in fermented products and digestive environments.

Preliminary laboratory and animal data have also examined anti-cancer potential. A UCLA-led preclinical study reported that Manuka honey reduced tumor growth by 84 percent in mice with estrogen-receptor-positive breast cancer cells without major effects on normal cells. Researchers observed downregulation of signaling pathways involved in cell growth and survival, along with induction of apoptosis. A separate 2025 review highlighted multi-targeted effects in various cancer models, though clinical translation remains distant and requires far more rigorous human trials.

Skin applications beyond wounds include management of conditions such as acne, eczema and dermatitis. The honey’s antibacterial, moisturizing and anti-inflammatory characteristics may help calm irritated skin and limit bacterial contributions to breakouts. Medical-grade products are preferred for such uses to ensure sterility and consistent activity.

Digestive support, including potential benefits for certain ulcers or gastrointestinal discomfort, has been suggested in smaller studies and traditional use. The combination of antimicrobial action and coating effects may offer relief in specific contexts, though evidence is less robust than for topical wound care.

Quality remains critical. Experts advise selecting products with verified UMF or MGO ratings, typically UMF 10+ or MGO 250 and above for meaningful antibacterial activity. Consumer-grade honey is not equivalent to sterilized medical-grade preparations used in clinical settings. Infants under 12 months should never consume honey of any type because of the risk of botulism.

While enthusiasm for Manuka honey is high, researchers caution that many studies remain small or preclinical. The strongest data support topical use in wound management. For internal consumption, benefits appear supportive rather than transformative, and individuals with diabetes or other conditions should consider the sugar content and consult clinicians. As investigations continue into mechanisms, optimal dosing and specific applications, Manuka honey occupies a distinctive place among natural products with measurable bioactive effects.