Oil prices extended their skyrocketing rally on Monday, with Brent crude futures rallying more than 3% to near the $120 per barrel mark amid growing expectations of US troops conducting a ground offensive in Iran, further intensifying the war in the oil-rich Middle East.

President Donald Trump-led US administration is preparing for weeks of ground operations in Iran, the Washington Post reported yesterday. US Central Command said on X that it has deployed 3,500 Marines and sailors to the Middle East aboard the USS Tripoli, marking the largest American military buildup in the region in two decades.

Iran’s parliament speaker, meanwhile, warned that the country’s forces were “waiting for American soldiers” and would “rain fire” on any US troops attempting to enter Iranian territory. In his message, reported by Iranian state media, Ghalibaf also said: “The enemy signals negotiation in public, while in secret it plots a ground attack”.

Additionally, Yemeni Houthis launched their first attacks on ⁠Israel over ‌the weekend, widening the ongoing war and adding to inflation woes.

These developments led to a rise in worries for prolonged supply disruption for oil, spurring the rally in oil prices. Brent crude futures jumped over 3.4% to trade at $116 per barrel, while West Texas Intermediate (WTI) futures gained more than 3% to trade at $103 per barrel, as seen at around 8 am IST.

The war, which began earlier this month with US-Israeli strikes killing Iran’s former supreme leader Ayatollah Ali Khammenei and resulting in massive retaliation from Tehran, has spread across the Middle East. Fear now rises for a ground offensive and the entry of Yemen’s Iran-aligned Houthis.
Pakistan said it was preparing to host “meaningful talks” to end the prolonged war in the coming days, although Iran said it is ready to respond if the United States launches a ground operation.

What lies ahead?

Macquarie has warned that crude prices could surge to an unprecedented $200 a barrel if the Iran conflict drags into mid-year and keeps the vital Strait of Hormuz shut. “If the strait were to stay closed for an extended period, prices would need to move high enough to destroy a historically large amount of global oil demand,” the Macquarie analysts said in the March 27 report, as reported by Bloomberg. “The timing of the re-opening of the straits, and physical damage to energy infrastructure, is the main determinant of the longer-term impact on commodities,” it added.

Ambit Institutional Equities, in its report, said that even if geopolitical tensions cool off, oil prices will remain elevated, with $80 being the new normal for Brent due to infrastructure damage, geopolitical risk premiums, and inventory restocking.

“While physical damage assessments to upstream and refining infrastructure remain preliminary, initial indications point to meaningful disruptions. Layering on this, geopolitical risk premiums are being embedded in near-term crude prices. At the same time, demand is being amplified by inventory restocking as importers rush to rebuild depleted SPR and OECD stocks. Taken together, these three factors underpin our view of sustained near-term crude price elevation,” it wrote.

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

The Reserve Bank of India’s (RBI) emergency intervention to arrest the rupee‘s freefall amid the Iran war has set up a potential Rs 4,000 crore hit to the banking sector, as lenders race to unwind billions of dollars in arbitrage positions before an April 10 deadline.

The rupee rebounded nearly 1% to 93.85 per dollar on Monday after the RBI capped banks’ net open positions at $100 million at the end of each business day, a dramatic tightening that forces lenders to dismantle large one-sided bets against the currency. But the banking sector paid an immediate price.

Nifty Bank tumbled 2.5%, with Axis, Kotak, and IndusInd Bank leading losses with 3% declines, while ICICI, HDFC Bank, and SBI fell around 2% each.

The directive comes as the rupee has depreciated roughly 10% this fiscal year and 3.5% since the Gulf conflict began, falling from 85.57 per dollar on April 1, 2025, to 90.98 by February 27, a day before the war started, ultimately hitting a record low of 94.84 last Friday.

The Mechanics of Pain

The potential losses stem from how banks had structured their foreign exchange operations. Lenders built substantial arbitrage positions by buying dollars in the onshore market at lower premiums and selling them in the offshore non-deliverable forwards market at higher premiums, exploiting the spread between the two segments. The size of such positions is estimated at $25 billion to over $50 billion, according to Reuters.
“We understand that the forex derivative market is dominated by larger banks (Indian banks like SBI, ICICI, HDFC, Axis, and leading foreign banks operating in India) with gross onshore positions of $30-40bn that offset each other,” wrote Prakhar Sharma and Vinayak Agarwal of Jefferies. “The normal trade is for banks to buy USD in the onshore market (at a lower premium) and sell/ square off in the offshore market (at a higher premium) to generate a spread and build depth in the market.”
The analysts warned that unwinding these positions could trigger mark-to-market losses in the fourth quarter. “Every Rs1/USD dual movement in INR on $30-40 bn of book can lead to a one-time loss of Rs 30-40 bn (Rs 3,000-4,000 crore) for the banking sector,” they noted. If the gap between rupee-dollar rates in the NDF market and the onshore market widens to Re 1 during unwinding, traders said banks could face losses of up to Rs 4,000 crore, reflected in current fiscal year books, as banks had calculated open positions after netting off hedged NDF trades.

Why the RBI Acted

The central bank’s intervention comes amid intense pressure on the rupee from multiple fronts. The currency has tumbled through key psychological levels in quick succession, pressured by surging crude oil prices and concerns that the Gulf war may not end soon.

The spread between offshore and onshore markets had widened significantly amid heightened volatility and risk aversion tied to oil-driven pressures linked to the Iran war.

“The measure compels lenders to scale back large positions and curbs their ability to build aggressive one-sided bets against the rupee,” said Jigar Trivedi, Senior Research Analyst at IndusInd Securities. “The intervention comes as the rupee has declined more than 4% over the past month, falling to around 94.82 per US dollar. Pressure has been compounded by sustained capital outflows, including over $11 billion withdrawn from Indian equities and record bond outflows of $1.6 billion in March, further weakening demand for the currency.”

Banks seek relief

The banking sector has sought leniency from the RBI on implementation. “Our conversations with banks indicate that the RBI is considering some relief, which may include grandfathering existing contracts and applying limits only to new contracts,” Jefferies analysts wrote. “It may also consider extending the deadline beyond April 10 to allow for smoother forex market movement and reduce MTM impact on banks.”

Most large and mid-sized banks with net open positions exceeding $100 million are expected to sell dollars to comply with the directive, potentially triggering a wave of onshore dollar selling as they rush to unwind arbitrage positions.

Not everyone views the potential losses as catastrophic. Fund manager Samir Arora offered a contrarian take: “Just relax about this supposed Rs 4,000 crore loss on FX unwinding. In just the past month, the INR has depreciated by over 4%. These positions would not have been set up for the first time at Friday’s close. Banks would be sitting on significant gains by now (which equity markets may not have fully priced in), and they will simply give up some of those profits. Big deal.”

Arora also suggested the impact may be concentrated elsewhere: “Some of the larger positions may have been taken by more aggressive foreign banks (like Citi, etc.). That’s not a major concern for our markets.”

The road ahead

While the RBI’s move may provide temporary support to the rupee, traders remain cautious about the currency’s trajectory. If the West Asia conflict persists and crude oil prices remain elevated, the focus could quickly shift back to the 96–97 per US dollar range in April as the next pressure zone, traders warned.

The unwinding may also create winners. Appreciation of the rupee in the NDF market could lead to gains for hedge funds and foreign banks in forex derivatives, Jefferies analysts noted.

For now, the central bank has bought breathing room for the rupee, but at a cost the banking sector is likely to bear in its Q4 earnings.

Inflation is a normal part of global economic cycles. It may be caused by factors like increased production costs or higher demand, as well as changes in fiscal policy. While these may be beyond our control, the results ultimately affect us all. For business owners, especially those managing small or medium-sized enterprises, inflation can present serious challenges. Thus, businesses must build their defenses against the consequences of inflation to ensure survival and resilience during periods of economic pressure.

In this article, we will explore practical strategies you can use to strengthen your business against the effects of inflation, helping safeguard profitability and maintain stability during challenging economic periods.

Reinforcing Cash Flow Management

While cash flow is a primary consideration for businesses at all times, it becomes even more important when dealing with inflation and its effects. A strong cash flow can help secure a substantial financial cushion during unpredictable economic times. You can manage this by closely tracking receivables and payables, so that you can spot potential problems early. Additionally, if you act as a supplier to other businesses, you can offer discounts for early payments, which can speed up cash flow and improve liquidity. Likewise, you can look into tightening credit terms or using invoice factoring to help keep cash flowing smoothly.

Furthermore, building and maintaining a cash reserve can give you flexibility when unexpected expenses arise. To maximize your savings, consider building your reserves with an online business banking account like Maya that offers competitive rates. Alternatively, if maintaining a buffer is challenging, you could look into establishing access to a line of credit or other financing options in advance. By preparing ahead of time, you can keep operations running even when costs suddenly rise.

Strengthening Pricing Strategies

A sound pricing strategy can shield your business against shrinking margins when costs rise. This involves having a clear understanding of your market and your customers, while underlining your value proposition. For example, if your products or services are considered essential or deliver unique benefits, you may be able to gradually adjust prices without losing customer trust. You can effectively execute this by tracking competitor pricing and monitoring customer feedback, then identifying areas where you can add value without significantly increasing costs.

Be mindful, however, that price changes should be measured and transparent. A sudden, steep increase can alienate customers, while smaller, clearly communicated adjustments can maintain loyalty. Furthermore, explaining how inflation is affecting your business and the steps you’re taking to preserve quality can foster understanding and help customers accept changes. Optionally, you might also explore flexible pricing models, such as tiered packages or optional add-ons, to give customers choices while protecting your margins.

Focusing on Core Products and Services

Inflationary periods can present significant supply chain challenges. Under these conditions, it’s important to concentrate your resources where they will deliver the greatest return. This means identifying your highest-margin, highest-demand offerings and giving them priority over less profitable products. Moreover, determining these essential products or services through analyzing sales data and cost structures allows you to reduce spending on low-performing items and focus marketing efforts where they will have the most impact instead.

That said, scaling back on underperforming offerings doesn’t mean neglecting innovation. Rather, it’s a means to refine your core portfolio and ensure that every allocation supports profitability, especially in the face of limited resources.

Improving Financial Planning and Forecasting

Along with inflation comes uncertainty, making financial planning more important than ever. To help anticipate operational challenges such as rising supply costs and changes in customer purchasing behavior, make it a point to update your forecasts regularly. This enables you to respond proactively rather than reacting to crises after they occur. Similarly, scenario planning, which involves creating projections from the best to the worst cases, can prepare you for a range of outcomes.

Additionally, differentiating between fixed and variable costs helps you make informed operational decisions during periods of rising prices. Knowing the difference between the two can help you come up with a strategy to reduce one or both costs, whether it means improving production efficiency or negotiating with suppliers for better deals. Finally, reviewing your budget frequently and comparing actual results to forecasts will help you spot variances early and adjust accordingly.

Controlling Operational Costs

Operational efficiency is a priority during inflationary periods. One way to ensure optimal productivity is by streamlining your workflows. By eliminating redundant steps, you can reduce labor expenses and improve productivity. You can apply this to your business by consolidating supplier orders to secure better pricing or improving inventory management to avoid overstocking. Likewise, you can try to negotiate long-term contracts to lock in more favorable rates. However, when implementing workflow changes, it’s important to ensure that quality or customer experience is not diminished as a result.

Investing in Efficiency and Technology

Technology can be an ally during inflationary periods as it allows you to do more with fewer resources. As such, you can leverage modern solutions by automating repetitive tasks and improving accuracy in areas like inventory management and order processing. This can lead to more efficient service and lower operating costs over time.

Furthermore, investments in tools like updated point-of-sale systems or customer relationship management platforms can deliver significant returns, justifying the upfront costs of these upgrades.

Diversifying Revenue Sources

Diversifying income sources can help balance risk and provide stability, helping businesses brace for sudden changes in the market. To this end, you might consider expanding into new markets or offering complementary products. You may also look into adding subscription-based services that can generate recurring income. Diversification allows a business to capture new customer segments, which provides a safety net in case one area of the business is affected by economic slowdowns.

Inflation can give rise to fluctuations that may significantly affect both individuals and businesses. As a business owner, it’s crucial to manage operational costs and efficiency to protect profitability and ensure stability. Meanwhile, effective communication with customers and suppliers can help maintain loyalty and support during periods of uncertainty. Along with planning and vigilance, these business practices are not just measures to guard against the challenges of inflation, but are sound strategies that can build your resilience overall.

Victoria has announced that it will be providing free public transport for one month amid the ongoing fuel crisis.

Tasmania, on the other hand, will offer free public transport all the way until July.

Victoria, Tasmania to Offer Free Public Transport

According to a report by 9News, trains, trams and buses will be free from March 31 until the end of April. This means that there is no need for passengers to touch on or off during this period.

“This won’t solve every problem but it’s an immediate step to help Victorians right now while we keep working on new solutions to make Victoria more affordable,” Premier Jacinta Allan said.

Free public transport in Tasmania, meanwhile, began Monday, according to the BBC.

“We know the rising cost of fuel is impacting the family budget, and that’s why we have again taken strong and decisive action to protect Tasmanians,” Premier Jeremy Rockliff said.

In addition, Tasmania’s transport minister, Kerry Vincent, likewise noted that paid-for school buses would also be made free.

NSW Doubles Down on Decision Not to Offer Free Public Transport

While many Aussies may be hopeful that other states will follow their lead, New South Wales has already doubled down on its decision to not offer free public transport.

“When it comes to public transport, as I think you flagged earlier, we are obviously looking at what our options would be, but I can definitely tell you it’s an expensive decision,” State Treasurer Daniel Mookhey said

According to a separate 9News report, Mookhey added that NSW is not completely counting the option out. It simply wants to wait and see what happens with the Middle East conflict.

However, Transport Minister John Graham seems to have already ruled out the possibility.

“We’ve seen some other states move on some calls for free public transport,” said Graham. “I want to be clear, the NSW government isn’t going down the path of free public transport for a couple of days or for a month.”

“This situation will last more than a month,” he pointed out. ” We need to keep our powder dry to be able to assist the broader economy.”

The New York Times’ popular word-grouping game Connections delivered another brain-teasing challenge Monday with puzzle #1023, featuring a grid that mixed counterfeit terms, casual tinkering, rental giants and snack brands with a twist.

Players logging into the NYT Games platform on March 30, 2026, faced 16 words: ERSATZ, FRITZ, TINKER, TOY, YUTZ, FUTZ, DOLLAR, DUMMY, HERTZ, PLAYS, MOCK, MESS, FAUX, BUDGET, TRUFFLES, AVIS. The objective remained the same — sort them into four groups of four based on subtle thematic connections, with mistakes costing precious attempts.

Connections has grown into a daily ritual for millions since its launch, testing vocabulary, lateral thinking and cultural knowledge. Monday’s edition earned a low difficulty rating of 1.3 out of 5 from NYT testers, though some solvers reported it felt trickier due to overlapping decoys. The official companion noted one-word reveals per category level: DUMMY for the easiest (yellow), FUTZ for green, DOLLAR for blue and YUTZ for the toughest purple.

Gentle Hints to Crack the Grid

Solvers often start with the most obvious cluster. Here are progressive hints without full spoilers for those still working the puzzle:

• Yellow (easiest): Words suggesting something fake or counterfeit, common in fashion knockoffs or stand-ins.
• Green: Verbs for fiddling or casually adjusting something without serious intent — think idle hands at a workbench.
• Blue: Major players in an industry you encounter at airports or when reserving wheels for a trip.
• Purple (hardest): Familiar snack or chip brands, each with an extra letter tacked on at the start.

Tricky overlaps included words like “mock” and “toy” that could tempt wrong groupings, or rental names blending with budget-related terms. NYT intentionally plants such red herrings to raise the challenge.

Full Answers and Category Breakdown for NYT Connections #1023

Spoiler alert: Full solutions below.

Yellow: Imitation — DUMMY, ERSATZ, FAUX, MOCK These synonyms all point to artificial or counterfeit versions — ersatz substitutes, faux materials or dummy replicas. “Mock” often appears in trial runs or imitations.

Green: Play Around (With) — FUTZ, MESS, TINKER, TOY All describe informal, aimless activity — futzing with a gadget, tinkering in the garage, toying with an idea or messing about. These capture that low-stakes experimentation many do on a lazy afternoon.

Blue: Car Rental Companies — AVIS, BUDGET, DOLLAR, HERTZ The big four in the rental business. Travelers know them well from airport counters: Avis for reliability, Budget for value, Dollar for deals and Hertz as a longtime leader. One solver noted the category clicked quickly after a recent flight.

Purple: Snack Brands Plus Starting Letter — FRITZ, PLAYS, TRUFFLES, YUTZ This clever twist added an initial letter to well-known snacks: Utz (chips) becomes YUTZ; Ruffles becomes TRUFFLES; Lay’s becomes PLAYS; and Ritz becomes FRITZ. The purple category often features such wordplay, delighting some and frustrating others.

Many players achieved perfect or near-perfect solves, posting sequences like yellow-blue-green-purple or variations. Community discussions on Reddit’s r/NYTConnections lit up with shared victories and the occasional groan over the purple pun.

Why Connections Continues to Captivate

The game’s appeal lies in its balance of accessibility and depth. Unlike crosswords that demand obscure knowledge, Connections rewards pattern recognition and everyday cultural fluency — from Broadway to road trips to pantry staples. Monday’s mix of imitation terms, playful verbs, travel brands and snack puns reflected that broad reach.

Editor comments in past companions highlight how categories draw from “the world we live in,” blending high and low culture. With a simple interface and shareable results (colored emoji grids flooding social media), the puzzle fosters friendly competition among friends, families and online communities.

For newcomers, strategy tips include scanning for obvious synonyms first, then tackling outliers. Pay attention to misdirection — words that fit multiple themes loosely. And remember, four mistakes end the game, so deliberate guesses pay off.

Broader NYT Games Ecosystem

March 30 also brought fresh installments of companion games. Wordle fans tackled their daily five-letter challenge, while Strands offered its own word-search twist. The Mini Crossword provided a quick solve for commuters. Together, these games form a morning routine for puzzle enthusiasts worldwide.

Connections streaks remain a point of pride. Some players maintain months-long runs, celebrating “genius” or “perfect” outcomes. Monday’s low difficulty may have boosted streaks for many, though the purple category tripped up those missing the snack-brand wordplay.

Looking ahead, NYT Games continues refining the experience. Recent updates improved mobile play and added optional hints in companion articles. The team behind the puzzles — including editors who test and calibrate difficulty — aims to keep entries fresh without alienating casual solvers.

Whether you nailed all four categories in order or needed a few hints, Monday’s puzzle offered satisfaction through its clever connections. If you struggled with the car rentals or the augmented snacks, you’re far from alone — that’s the beauty of a game that rewards both knowledge and creative leaps.

Fans can access the official NYT version at nytimes.com/games/connections. Third-party sites often provide practice boards or archived solutions, but nothing beats the daily thrill of the real grid.

For tomorrow’s hints and beyond, check back with reliable sources or the NYT companion articles. In the meantime, keep sharpening those lateral-thinking skills — the next puzzle waits.

Starting a pizza business in the Philippines can be an exciting and profitable venture. With the country’s growing love for Western-style fast food, influenced by urbanization and a young population, pizza has become a staple in many households, offices, and gatherings. According to recent market trends, the food service industry in the Philippines is experiencing significant growth, with pizza outlets witnessing steady expansion due to the popularity of delivery services such as GrabFood and Foodpanda. However, success requires careful planning, adherence to local regulations, and a deep understanding of the Filipino market. In this comprehensive guide, we’ll walk you through the essential steps to launch your pizza business, whether it’s a small food cart, a delivery-only operation, or a full-fledged pizzeria. By the end, you’ll have a roadmap to turn your pizza dreams into reality.

Step 1: Conduct Thorough Market Research

Before diving in, understand the landscape. The Philippines has a competitive pizza market dominated by chains like Pizza Hut, Domino’s, and local favorites like Shakey’s and Greenwich. However, there’s room for independents, especially those offering unique twists like Filipino-inspired toppings (e.g., adobo or sisig pizza) or affordable, customizable options.

Start by identifying your target audience. Are you catering to students in university belts like Quezon City or Manila? Busy professionals in business districts like Makati or BGC? Or families in residential areas? Survey potential customers through social media or local forums to gauge preferences—do they prefer thin crust, thick crust, or stuffed crust? What price points are acceptable? Filipinos are price-sensitive, so aim for pizzas ranging from ₱99 for personal sizes to ₱500 for family ones.

Analyze competitors: Visit nearby pizza shops, note their menus, pricing, and customer flow. Use tools like Google Trends or social media insights to see rising searches for “pizza delivery near me” in your area. Consider economic factors—post-pandemic, delivery and takeout have surged, with online orders making up over 50% of sales in urban areas. Factor in inflation; as of 2026, food costs are rising, so source ingredients locally to maintain healthy margins (aim for a 60-70% gross profit on pizzas).

Finally, assess feasibility. A small pizza cart might cost ₱50,000-₱200,000 to start, while a full restaurant could run ₱1-5 million. Research via sites like FilipiKnow or DTI resources for industry reports.

Step 2: Learn the Art of Pizza Making

Pizza is all about quality. If you’re new, enroll in culinary courses at institutions like TESDA-accredited schools or specialized pizza workshops. Hands-on experience is key—work part-time at a pizzeria to learn dough preparation, sauce recipes, and baking techniques.

Focus on authentic methods: Use high-quality flour like Caputo for Neapolitan-style or local alternatives for cost savings. Experiment with toppings—blend Italian classics (pepperoni, cheese) with Pinoy flavors (longganisa, mango). Invest in recipe development; a signature pizza can set you apart. Remember, consistency is crucial; train yourself on portion control to maintain taste and costs.

For beginners, online resources like YouTube tutorials on “New York-style pizza” or “wood-fired oven techniques” are helpful, but nothing beats practice. Aim to perfect 5-10 core recipes before launch.

Step 3: Create a Solid Business Plan

A business plan is your blueprint. Outline your vision: Will it be a brick-and-mortar store, food truck, delivery-focused, or franchise? For franchises like Jimini or 3M Pizza, expect investments from ₱300,000-₱1 million, including training and branding.

Include financial projections: Startup costs (equipment, rent, ingredients), monthly expenses (utilities, salaries), and revenue forecasts. Break-even analysis is vital—sell 50-100 pizzas daily at ₱200 average to hit ₱300,000 monthly revenue.

Detail marketing strategies, operations, and risks. Use templates from DTI or BPI’s business resources. If seeking loans, banks like BDO require this for funding under programs like SME loans.

Step 4: Handle Legal Requirements and Registrations

Compliance is non-negotiable in the Philippines. Start with business structure: Sole proprietorship for simplicity (register with DTI for ₱200-₱500) or corporation for scalability (SEC registration, ₱5,000+).

Key permits:

• Barangay Clearance: From your local barangay hall; requires lease contract and ID (₱100-₱500).
• Mayor’s Permit/Business Permit: From the city/municipal hall; submit DTI/SEC cert, lease, and clearances (fees vary by location, ₱1,000-₱10,000 annually).
• Sanitary Permit: From the local health office; ensures hygiene (requires health certs for staff, ₱300-₱1,000).
• BIR Registration: Get TIN, register books of accounts, and apply for official receipts (free, but taxes apply).
• FDA License to Operate (LTO): Mandatory for food businesses; submit application with site plan and product list (₱2,000-₱5,000).
• Fire Safety Inspection Certificate: From BFP (₱500-₱2,000).
• Employee Registrations: SSS, PhilHealth, Pag-IBIG if hiring staff.

For foreigners, adhere to the 60/40 rule (60% Filipino ownership). Processing takes 2-4 weeks; use services like Commenda for assistance. Non-compliance can lead to fines or closure.

Step 5: Choose the Right Location and Setup

Location drives foot traffic. High-traffic areas like malls, schools, or offices are ideal, but rents are high (₱20,000-₱100,000/month). For delivery, a central kitchen in affordable spots like Quezon City works.

Setup options:

• Food Cart/Kiosk: Mobile and low-cost; great for starters.
• Delivery-Only: Use cloud kitchens to cut overheads.
• Full Restaurant: Space for dine-in; include ambiance like Italian decor.

Lease wisely—negotiate terms. Design for efficiency: Kitchen layout with oven at center.

Step 6: Acquire Equipment and Source Suppliers

Essential gear: Pizza oven (gas/electric, ₱50,000-₱200,000), dough mixer (₱20,000), refrigeration (₱30,000), prep tables, and POS system (₱10,000).

Source ingredients: Flour from local mills, cheese/tomatoes from importers like Strianese. Join groups on Facebook for suppliers. Aim for bulk buys to reduce costs—pizza boxes at ₱5-10 each.

For sustainability, use eco-friendly packaging, appealing to Gen Z customers.

Step 7: Hire and Train Staff

Start small: 2-5 employees (chef, cashier, delivery riders). Salaries: ₱15,000-₱25,000/month. Hire via JobStreet or referrals; require food handling training.

Train on recipes, customer service, and hygiene. Comply with labor laws—provide benefits and fair wages.

Step 8: Develop Marketing and Sales Strategies

Build buzz: Use social media (Facebook, Instagram) for promos like “Buy 1 Take 1.” Partner with delivery apps—Grab takes 20-30% commission but boosts visibility.

SEO your website; run Google Ads targeting “pizza near me.” Loyalty programs, events, and collaborations (e.g., with influencers) drive sales. Budget 5-10% of revenue for marketing.

Step 9: Launch and Manage Operations

Soft launch first: Test operations, gather feedback. Monitor inventory to avoid waste (pizzas have short shelf life).

Use software for orders and finances. Scale gradually—add branches once profitable.

Challenges and Tips for Success

Common hurdles: Competition, rising costs, supply chain issues. Mitigate with innovation (vegan options) and cost control.

Stay updated on trends like health-conscious pizzas. Network via associations like the Philippine Franchise Association.

Starting a pizza business in the Philippines demands passion, planning, and persistence. With the right approach, you can tap into a market worth billions. Begin small, focus on quality, and adapt to customer needs. Remember, success stories like local chains started from humble beginnings. Ready to dough it? Get started today!

Banking stocks plunged up to 3% on Monday as investors fled on fears that the Reserve Bank of India’s emergency forex restrictions could trigger mark-to-market losses of up to Rs 4,000 crore in the current quarter.

Nifty Bank tumbled 2.5%, with private lenders Axis Bank, Kotak, and IndusInd leading the rout with 3% losses, while ICICI Bank, HDFC Bank and SBI fell around 2% each. The selloff came even as the rupee surged nearly 1% to 93.85 per dollar, recovering from Friday’s record low of 94.84, after the RBI tightened limits on banks’ foreign exchange positions.

The central bank’s directive, effective April 10, caps banks’ net open positions in the rupee at $100 million at the end of each business day, forcing lenders to dismantle massive arbitrage trades estimated at $25-50 billion.

“Every Rs 1/USD dual movement in INR on $30-40 billion of book can lead to a one-time loss of Rs 30-40 billion for the banking sector,” warned Prakhar Sharma and Vinayak Agarwal of Jefferies, who estimate gross onshore positions at $30-40 billion, dominated by major lenders including SBI, ICICI, HDFC, Axis, and leading foreign banks.

The analysts flagged that unwinding positions by April 10 may lead to MTM losses in the fourth quarter. “This may have an impact on banks’ profit in 4QFY26 as they may need to take MTM hit on March 31, 2026,” they wrote, adding that the sector has sought leniency from the RBI.

Traders said if the gap between rupee-dollar rates in the offshore non-deliverable forwards market and the onshore market widens to Re 1 during unwinding, banks could face losses of up to Rs 4,000 crore. These losses could be reflected in banks’ books for the current fiscal year, as they had earlier calculated open positions after netting off hedged trades in the NDF market.
The potential hit stems from how banks structured their forex operations. “The normal trade is for banks to buy US$ in the onshore market (at a lower premium) and sell or square off in the offshore market (at a higher premium) to generate a spread and build depth in the market,” the Jefferies analysts explained. The spread had widened significantly amid volatility and the rupee’s fall on heightened risk aversion and oil-driven pressures linked to the Iran war.Banks are lobbying for relief. “Our conversations with banks indicate that RBI is considering some leniency that may include grandfathering of existing contracts and applying limits on new contracts,” the Jefferies analysts wrote. “It may also consider extending the time limit from April 10 to a further date to smoothen forex movement and MTM impact on banks.”

Most large and mid-sized banks with net open positions exceeding $100 million are expected to sell dollars to comply with the directive, triggering a wave of onshore dollar selling as they rush to cut arbitrage positions.

But prominent fund manager Samir Arora dismissed the panic. “Just relax about this supposed Rs 4,000 crore loss on FX unwinding,” he tweeted. “Just in the past month the INR has depreciated by over 4%. All these positions would not have been set up for the first time at the Friday, March 27 close. These banks would be in the money big time till now (which equity markets did not know or account for), and now they will give up some of those profits. Big deal.”

Arora suggested foreign banks may bear much of the impact: “Some of the bigger positions may have been taken by more aggressive foreign banks (like Citi etc), who knows, but we do not care beyond a point for them as far as our market is concerned.”

The Jefferies analysts noted that appreciation of the rupee in the NDF market may lead to profits for hedge funds and foreign banks in the forex derivative markets, a reversal that could benefit offshore players even as Indian banks take losses.

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