Biography

Rustam Gilfanov is an entrepreneur, scientific researcher, and investor whose work has contributed to the modernization of winter road maintenance. By integrating applied research with industrial manufacturing, he helped establish one of Europe’s leading producers of multi-component anti-icing materials and founded a research institute dedicated to winter technologies. His career combines scientific research, industrial manufacturing, and environmental compliance in the anti-icing materials sector. Since 2015, Rustam Khalefovich Gilfanov has directed substantial international capital toward AI innovation and workforce transformation. His broader investment scope also encompasses new technologies and industrial innovation.

Contents:

• Rustam Gilfanov: Biography of His Early Years and Education
• Entrepreneurial Career
• Gilfanov Rustam: Anti-Icing Materials Production
• Innovative De-Icing Materials
• Product Line Expansion and International Market Entry
• Rustam Khalefovich Gilfanov: Scientific and Philanthropic Activities
• Career Highlights
• Rustam Gilfanov: FAQ

Rustam Gilfanov: Biography of His Early Years and Education

Rustam Gilfanov was born on March 20, 1976. His mother initially worked as a kindergarten teacher, later trained as an accountant, and eventually became a restaurant manager. His father worked at an oil refinery and later headed a production facility.

During his school years, he was an accomplished soccer player and served as captain of various teams. He also practiced Kyokushin karate, which was popular at the time. Though he considered pursuing a professional sports career, he ultimately decided to continue his education.

Initially, the future entrepreneur had planned to enroll in a foreign languages program. However, just five months before the entrance exams, he changed course and decided to study economics. From that point on, he devoted himself entirely to mathematics, working with tutors.

In 1993, Gilfanov Rustam Khalefovich started college as a Production Management major. While he found higher mathematics challenging, he excelled in subjects related to practical business management. He defended his thesis in 1998.

Entrepreneurial Career

During his second year at university, Rustam Gilfanov started his first business in retail trade.

In 1995, he founded his first company, engaging in procurement and supplies. It was through this venture that the entrepreneur earned his first real income. In 1999, he moved into a different sector, continuing with procurement and supply operations. He demonstrated a knack for identifying supply chain gaps and connecting manufacturers with buyers.

What proved particularly valuable was Gilfanov Rustam’s willingness to handle aspects of business that manufacturers themselves avoided—engaging in competitive bidding, working without advance payment, traveling beyond their home region, and actively marketing their products.

This work introduced Rustam Khalefovich Gilfanov to major clients. As trust grew, so did the volume of orders and his company’s market share. The entrepreneur focused on developing this business through the early 2000s, which provided him enough capital to eventually enter a new sector—the production of de-icing materials.

Gilfanov Rustam: Anti-Icing Materials Production

While collaborating with representatives from the transportation sector, Gilfanov Rustam Khalefovich became interested in the anti-icing materials sector. He conducted a detailed analysis and discovered that through the early 2000s, municipal authorities had primarily relied on salt and sand mixtures to combat ice. However, city officials were already beginning to seek more modern and environmentally safer materials. At that time, such advanced de-icing materials were relatively uncommon.

After analyzing the situation, Gilfanov studied the regulatory and technical requirements for anti-icing materials. He then established partnerships with specialized research institutions:

• a road research institute examined the properties of pavement surfaces and their interaction with vehicle tires
• a soil science department at a major university studied the impact of de-icing materials on soils
• an institute focused on human ecology and environmental health analyzed the effects of such materials on the human body

Working alongside scientists, Gilfanov Rustam Khalefovich succeeded in developing formulas for new anti-icing materials. These were multi-component compositions that met all requirements for effectiveness and safety. The entrepreneur funded laboratory and field testing. The results demonstrated that the materials effectively melted ice while having minimal impact on soil.

All components necessary for production (potassium, sodium, calcium, and formates) were sourced or manufactured locally. Rustam Gilfanov arranged with a fertilizer plant to produce the anti-icing materials using its manufacturing facilities.

The manufactured de-icing materials turned out to be three to four times cheaper per square meter of usage than popular alternatives. Rustam Gilfanov even offered to deliver the first batch free of charge to one city so that road maintenance services could test the products.

Eventually, one major metropolitan area did purchase a small batch of material to test on a single street. The results were positive: the products demonstrated high effectiveness. In the following season, several regions placed their first orders. In subsequent years, they purchased increasingly larger quantities.

To manufacture de-icing materials in large volumes, in 2006 Gilfanov Rustam founded a dedicated plant. In 2007, production of a new anti-icing material line was launched there. The facility was built from the ground up and financed with revenues from initial orders. Initially, a small warehouse was erected, housing the first production equipment. Gradually, new facilities were added. Eventually, the plant established its own chemical-analytical laboratory. Gilfanov Rustam Khalefovich actively invested personal funds towards developing new technologies and scientific research.

This enabled the entrepreneur to introduce new brands and improved formulations to the anti-icing materials market.

Innovative De-Icing Materials

The plant founded by Gilfanov Rustam developed a proprietary product line that gained market share in the anti-icing materials sector.

Unlike outdated materials (sand-salt mixtures and similar compositions), whose functionality is limited exclusively to melting ice, this development has a significantly broader range of applications. It is a line of solid multi-component mixtures that remain effective even at extremely low temperatures.

The de-icing materials developed under Gilfanov’s leadership contain formates, marble chips, several fertilizers, and other additives. All of these are designed to enhance effectiveness while reducing environmental impact. The anti-icing compositions were formulated with careful attention to effects on infrastructure and the broader urban environment. The products are virtually neutral: they do not damage clothing, footwear, or fur products, do not degrade soil, and cause no harm to vegetation—their effect is comparable to ordinary water. The materials are also completely soluble. Furthermore, the application rate for this next-generation anti-icer is 10 times lower than that of sand and salt mixtures, which dramatically reduces dust formation and significantly cuts costs.

An additional advantage is that the composition can be tailored to the specific conditions of each region where it is used, accounting for climate, snow removal methods, precipitation patterns, soil types, and other local factors.

This approach to customizing formulations based on regional conditions was not widely adopted at the time.

Product Line Expansion and International Market Entry

Gradually, the facility founded by Gilfanov Rustam introduced new formulations to the market, including:

• a special composition for pedestrian areas, developed in collaboration with medical institutes and footwear industry experts, that is maximally safe for people and animals
• a de-icer for extreme conditions and arctic regions—effective at temperatures down to −40°F (−40°C)
• an anti-icing material designed for heavy trucks, enabling them to safely start and climb slippery inclines

• an anti-icing compound for airport use. This formulation is chloride-free, environmentally friendly, and safe for aircraft mechanisms. This product required the most complex development process
• a liquid solution for spring road cleaning that removes residual de-icing materials, fuel, oil, and other contaminants
• a composition for dust control on city streets that does not reduce tire traction
• a material used in refrigerated and freezer facilities to remove snow and ice and prevent them from reappearing

This extensive product line addressed a wide range of needs and captured various market segments. In 2012, the anti-icing materials developed by Rustam Gilfanov’s team began being used in EU and CIS countries. Today, the facility’s de-icing materials are used at major cultural and historical sites, airports, large automotive facilities, seaports, and environmentally sensitive areas across multiple countries.

Statistics showed that following the introduction of the firm’s products, the number of weather-related traffic accidents decreased significantly in many areas. In some cities, the rate dropped by two to three times. The plant’s de-icing materials have received numerous awards, including recognition for quality and environmental innovation. In 2023, it was named among the best ESG projects in the “Climate Change Mitigation and Low-Carbon Economy” category. The universal anti-icing material formulation accounted for the highest sales volume during the 2024/2025 season.

As the plant expanded, Gilfanov actively sought raw material sources. He identified suitable deposits and acquired several sites that are rich in minerals and chemical elements essential for the production of anti-icing materials: calcium, potassium, magnesium, and sodium.

Additionally, in 2025, the facility expanded its market presence by launching food-grade salt production. The firm also plans to begin manufacturing medical saline solutions.

Rustam Khalefovich Gilfanov: Scientific and Philanthropic Activities

In 2009, Rustam Gilfanov founded the Research and Production Association Institute of Ecology and Energy-Saving Technologies. It was later renamed the Research Institute of Winter Technologies and Innovation (informally known as the Institute of Winter). The organization conducts fundamental scientific research, tests new technologies, and evaluates materials. Its key division is its scientific testing laboratory center, equipped with modern analytical equipment.

Key Institute of Winter Activities

• Analysis of global AIM experience
• Advanced industrial technology testing
• Fundamental compound research
• Quality control of anti-icing materials
• New winter maintenance technology study
• Laboratory methodology development
• Industrial refrigeration solutions

Since 2015, Rustam Gilfanov’s biography has included strategic investments in AI and workplace evolution across international markets. His approach targets the infrastructure reshaping how people work, backing productivity tools powered by artificial intelligence, talent development platforms, and professional reskilling ventures. His investment strategy focuses on enterprise software with network effects and high switching costs. He invests in platforms for AI-driven productivity, workforce development, and professional reskilling.

He also actively invests in new technologies and industrial innovations, including advanced production methods, smart manufacturing solutions, and cutting-edge industrial processes that drive efficiency and scalability across sectors.

In 2024, Rustam Gilfanov, biography of whom has long been closely tied to scientific work, entered a doctoral program, passed his qualifying examinations, and began working on his dissertation. His research focuses on the continued development of the anti-icing materials sector.

Gilfanov Rustam is also the author and co-author of several patents for inventions:

• “Preparation for removing snow-ice cover”

• “Method for producing de-icing materials on the basis of calcium chloride”

• “Anti-glaze composition (versions) and method of its manufacturing”

• “Dry mixture for killing oil and gas wells and treatment of bottomhole zone formations”

• “Synthesis modifier for treatment of liquid hydrocarbon fuel in magnetic field”
• “Method for producing anti-icing materials using evaporation units and a granulator”

Beyond the scientific aspect of his biography, Rustam Gilfanov actively participates in community life. He sponsors hockey and basketball teams and has also supported a comedy competition team.

Sports and Cultural Sponsorships

• Youth hockey
• Basketball
• Swimming
• Wushu
• Rhythmic Gymnastics
• Powerlifting
• Paralympic athletes
• Free Public Ice Rink
• Ballet

Additionally, Gilfanov Rustam financed the creation of a free public ice skating rink modeled after similar popular urban attractions. He served as a sponsor for a cultural project featuring outdoor ballet performances that draws up to 10,000 spectators.

Career Highlights

• Gilfanov spent most of his career developing anti-icing materials for various applications and climatic conditions
• Before manufacturing anything, he spent significant time working with research institutes to understand how de-icing materials affect roads, soil, and human health
• He founded a dedicated research institute in 2009 that developed 17 certified testing methodologies for anti-icing compounds
• He holds five patents, including applications beyond de-icing such as oil well treatments and fuel modification technologies

Rustam Gilfanov: FAQ

1. What cost advantage did Gilfanov Rustam Khalefovich’s formulations achieve compared to alternatives?

The de-icing materials developed by Gilfanov Rustam Khalefovich were three to four times less expensive than existing alternatives while maintaining superior performance.

2. What distinguishes Gilfanov Rustam’s approach to formulation?

Gilfanov Rustam developed formulations adapted to specific regional conditions, including climate, soil composition, and precipitation patterns.

3. What research institution did Rustam Khalefovich Gilfanov establish in 2009?

Rustam Khalefovich Gilfanov founded the Research and Production Association Institute of Ecology and Energy-Saving Technologies, later renamed the Research Institute of Winter Technologies and Innovation.

4. How many patents does Rustam Gilfanov hold?

Rustam Gilfanov is the author or co-author of six patents, covering innovations from anti-icing compositions to oil well treatments and fuel modification technologies.

5. When did Rustam Khalefovich Gilfanov begin investing in technology sectors beyond manufacturing?

Rustam Khalefovich Gilfanov has been making strategic investments in AI-powered workplace tools, talent development platforms, and professional reskilling ventures across international markets since 2015. He also actively invests in new technologies and industrial innovations.

Macy’s on Wednesday beat Wall Street’s quarterly sales and profit expectations as its namesake brand showed signs of progress, yet still gave a cautious outlook for the year ahead.

For the fiscal year, the company – which includes its namesake chain, higher-end department store Bloomingdale’s and beauty retailer Bluemercury – said it expects sales of between $21.4 billion and $21.65 billion and adjusted earnings per share of $1.90 to $2.10.

Both of those would represent a drop from this past fiscal year, when revenue totaled $21.8 billion and adjusted earnings per share were $2.15. Macy’s sales outlook roughly matched or exceeded analysts’ expectations of $21.42 billion, but its adjusted earnings guidance came in shy of Wall Street’s expectations of $2.17 per share for the year, according to LSEG.

Macy’s said it expects comparable sales, an industry metric that takes out short-term factors like store openings and closures, to range from a 0.5% decline to a 0.5% increase. 

In an interview with CNBC, CEO Tony Spring said Macy’s results show that its strategy is working. All three of its brands grew in the fiscal year and holiday quarter. It marked the fourth consecutive quarter of Macy’s beating Wall Street’s sales guidance. And for the first time in three years, Macy’s returned to positive growth, with comparable sales increasing 1.5% for the full year. 

Even in recent weeks, he said Macy’s shoppers have shown “continued resiliency” as they spend on fresh clothing and gravitate to newer brands and trendier items. 

Yet, he said Macy’s and other retailers have new unknowns that make the year ahead harder to predict and caused the company to take a “prudent” approach with its outlook.

“Given the environment that we operate in, it makes sense for us to not put a hockey stick out there and suggest that we have visibility into what the remainder of the year is going to reveal itself to be,” he said.

“Where will gas prices be the remainder of the year? How long will the conflict go on in the Middle East? Will the tariffs be refunded? Will other tariffs be enhanced or raised? Will the resilient consumer continue?” he said. “We’re not economists. The team is really focused on controlling what they can control.”

The company’s full-year guidance takes into account  “macroeconomic and geopolitical factors that could influence discretionary spend,” according to a news release. It said the outlook anticipates a larger hit from tariffs in the first half of the year than the second half, with the first quarter “having the most meaningful impact.” It also includes the impact of investments that the company is making in revamping its stores, as well as the effect of fewer store closures. 

Spring said the company has continued to include the pre-Supreme Court ruling level of tariffs in its full-year forecast. He said it expects Macy’s tariff bill to ease later this year because it will be lapping the year-ago impact of tariffs.

If the company gets a refund or if tariffs wind up at a lower level, “that will be a benefit” for Macy’s, he said.

Here’s how the department store operator performed during its fiscal fourth quarter, compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:

• Earnings per share: $1.67 adjusted vs.$1.53 expected
• Revenue: $7.64 billion vs. $7.62 billion expected

Shares of Macy’s rose about 6% in premarket trading.

Macy’s net income for the three-month period that ended Jan. 31 rose to $507 million, or $1.84 per share, compared with $342 million, or $1.21 per share, in the year-ago period. Adjusting for one-time items including impairment and restructuring costs, the retailer reported earnings per share of $1.67. 

Sales fell from $7.77 billion in the year-ago quarter. 

Macy’s is about two years into a three-year effort to strengthen its struggling namesake brand, lean into its better-performing and more luxury-focused chains Bloomingdale’s and Bluemercury and speed along the business’ supply chain and tech operations. That turnaround strategy has been led by Spring, who stepped into the company’s top role about two years ago. 

As part of its plan, Macy’s said it would close about 150, or more than a quarter, of its namesake stores by early 2027.

So far, Spring said Macy’s has closed a little over 80 of its namesake stores and is still planning to hit the approximately 150 closures. He declined to share how many new Bloomingdale’s and Bluemercury stores the company may open and where those will be located, but said he sees a lot of opportunity to reach new markets.

Across the company, comparable sales for the fourth quarter grew 1.8% including owned and licensed merchandise and its third-party marketplace.

In the fourth quarter, comparable sales for the Macy’s namesake banner grew 0.4%. When including only the stores that Macy’s plans to keep open, comparable sales increased 0.6%. Comparable sales for Bloomingdale’s jumped 9.9%, and for Bluemercury grew 1.3%.

Bloomingdale’s posted its best holiday season ever, which Spring attributed to the retailer’s assortment, strong store and digital experience and ability to draw shoppers across generations.

During the holiday season, Spring said Macy’s, Bloomingdale’s and Bluemercury drew in customers and less frequent, seasonal shoppers who sprang for pricier brands and items, including fragrances, sunglasses and shoes, as they looked for gifts.

And even since the gift-giving season has passed, Macy’s has not seen a change with consumer spending, Spring said.

“The middle- and upper-end consumer, which is the majority of our business, is resilient,” he said. “They are buying new things, fashionable things, wardrobe changes, [they’re] not as interested in essentials at this moment in time, and then, obviously the lower-income tiers are more choiceful.”

He said the department store operator’s approach of carrying products across a wide range of prices has been “one of the best antidotes” to an unpredictable economic backdrop.

Led by Spring, the company has tried to address criticisms that its Macy’s department stores carried stale merchandise, relied on too thin of staffing and had disorganized shelves and displays that had driven shoppers to competitors. 

While shuttering some of its namesake stores, the company pledged to invest in the approximately 350 Macy’s stores that will remain open. It has stepped up staffing, added new brands and sharpened its visual displays at a growing number of locations.

The company began with a test at 50 stores and has now scaled up to more Macy’s namesake locations. At the 125 locations where it has increased investment, sales outperformed the rest of the Macy’s chain, with comparable sales growth of 0.9%.

Spring told CNBC the company has now added 75 more stores, bringing the total to 200 “reimagined” stores. That represents about 60% of Macy’s namesake locations that it plans to keep open, he said.

Some of the biggest changes Macy’s has made at namesake stores include hiring more employees who can help customers and allowing local leadership the flexibility to put those employees in parts of the store where they can make the biggest difference, Spring said.

“It always comes down to the quality of the assortment and the quality of the people and the quality of the experience. And I think we’ve tried to address all three,” he said. “We’ve added brands. We’ve edited brands. We’ve made sure the shopping environment is more pleasant, less dense, [with] better storytelling, and we’ve added people to the stores.”

He said the stronger store business has lifted digital sales, which account for one-third of the brand’s overall sales.

Along with those changes, more of Macy’s namesake stores now carry newer, trendier and often more expensive brands including Theory, Reiss, Good American and Rodd & Gunn. Spring said those have been well-received and Macy’s plans to add them to more locations.

Shares of Macy’s closed on Tuesday at $16.92, bringing the company’s market value to $4.5 billion. As of Tuesday’s close, the company’s stock is up nearly 25% over the past year, outpacing the roughly 20% gains of the S&P 500 during the same period. Shares of Macy’s have fallen about 23% year to date, however. 

MUMBAI, India — Bollywood’s most anticipated action thriller sequel, “Dhurandhar: The Revenge,” starring Ranveer Singh and directed by Aditya Dhar, is set to storm theaters worldwide on March 19, 2026, with paid previews kicking off in India on March 18. The film, a direct continuation of the 2025 blockbuster “Dhurandhar,” has generated massive hype following its explosive trailer, early censor screenings and a fresh wave of viral reviews — even as it navigates controversy over promotional materials and community objections.

Directed, written and produced by Aditya Dhar under Jio Studios and B62 Studios, the 3-hour-49-minute epic (certified ‘A’ by India’s Central Board of Film Certification on March 17) picks up where the first installment left off. Ranveer Singh reprises his role as Hamza Ali Mazari — the undercover alias of Indian agent Jaskirat Singh Rangi — who delves deeper into Pakistan’s criminal underworld to track down a powerful antagonist known as Majo while confronting personal betrayals and escalating threats.

The cast boasts a powerhouse ensemble: Sanjay Dutt as S.P. Choudhary Aslam, Arjun Rampal as Major Iqbal, R. Madhavan as Ajay Sanyal, Sara Arjun as Yalina Jamali and others in pivotal roles. Yami Gautam, who makes a cameo, praised the film in late February as “beyond extraordinary” and “an experience the audience will never forget.” The sequel was shot back-to-back with the original, principal photography wrapping in October 2025 after starting in Bangkok in July 2024.

The first film, released December 5, 2025, became a massive commercial hit despite mixed critical reception, grossing huge figures and sparking debates over its portrayal of espionage and India-Pakistan dynamics. It was banned in several Gulf countries over specific dialogue and re-released globally in March 2026 to build momentum for the sequel. A post-credits tease in the original confirmed the duology’s second part.

The “Dhurandhar: The Revenge” trailer, dropped in early March, has been widely lauded for its gritty, bloodier tone, high-octane action sequences, dark humor and Ranveer Singh’s commanding performance. Reviewers described it as teasing a “baahubali-level” spectacle, with Dhar’s direction promising intense backstory revelations on Hamza’s transformation and vendetta. Music by Shashwat Sachdev, including the viral track “Aari Aari,” adds to the cinematic fire.

Early buzz exploded after overseas censor screenings. Dubai-based critic and censor board member Umair Sandhu posted a glowing review on March 13, calling the film “the Baahubali 2 of this era” and giving it 5 stars, claiming it left him “speechless” and predicting 3000 crore worldwide collections. He hailed Ranveer’s “lifetime performance” and Dhar’s comeback vision, declaring Pushpa and Baahubali series pale in comparison. Other first reactions echoed praise for the first half’s “zabardast” pacing and overall “crazy cinema.”

However, not all early feedback has gone unchallenged. Some alleged positive reviews went viral on social media, prompting Ranveer Singh’s fans to call out potential “fake reviews” and planted hype. Discussions on platforms like Reddit and X highlight cautious optimism, with fans excited but wary of overpromising after the first film’s polarizing reception.

The film faces fresh controversy just days before release. Reports emerged March 18 that a Sikh community member issued a legal notice to the makers, Ranveer Singh, CBFC and the Ministry of Information and Broadcasting over an AI-generated promotional poster. The image reportedly shows Singh’s character in a turban while holding a cigarette, drawing objections for alleged misrepresentation. The issue has sparked online debates about sensitivity in character portrayal.

Marketing remains aggressive. The original “Dhurandhar” received a rare worldwide re-release starting March 12 (India) and March 13 (overseas) on about 500 screens to refresh audiences ahead of the sequel. Premieres for “The Revenge” are slated March 18 in the U.S. and Canada on premium large-format screens, a format usually reserved for major Hollywood events.

Industry observers predict a blockbuster opening, with pre-sales and advance bookings surging amid festive timing coinciding with Gudi Padwa, Ugadi and Eid al-Fitr. Projections from trade sources suggest strong potential in domestic and overseas markets, especially in Telugu, Tamil, Kannada and Malayalam versions alongside Hindi.

Speculation about a third installment swirled after reports that makers urged Dhar to consider expanding the saga, though the director has expressed interest in reuniting with Singh for a mythological action project instead. For now, focus remains on delivering a satisfying conclusion to the duology.

As theaters prepare for packed houses, “Dhurandhar: The Revenge” stands as one of 2026’s biggest cinematic events — a high-stakes blend of patriotism, revenge, espionage and star power. Whether it lives up to the hype or faces backlash over content sensitivities, the film is poised to dominate conversations this week. Audiences can expect non-stop action, emotional depth and Ranveer Singh at his intense best when it hits screens March 19.

Israel claimed Wednesday to have killed Iranian Intelligence Minister Esmail Khatib in an overnight airstrike on Tehran, marking a potential major escalation in the ongoing conflict between the two nations and dealing what could be a severe blow to Iran’s security apparatus, according to Israeli officials and media reports.

The announcement came amid a flurry of high-profile assassinations attributed to Israel, including the recent killing of Iran’s top security official, Ali Larijani, and the commander of the Basij paramilitary unit, Gholamreza Soleimani. Iranian authorities have not confirmed Khatib’s death, leaving the claim unverified as of Wednesday afternoon. If true, Khatib’s elimination would represent the highest-ranking Iranian government figure targeted since the war intensified in early 2026.

Israeli Defense Minister Israel Katz confirmed the operation in a statement, vowing that Israel would continue to pursue and eliminate members of Iran’s leadership. “We will not stop until the threats against our people are neutralized,” Katz said during a briefing in Tel Aviv. He described Khatib as a key architect of Iran’s intelligence operations against Israel, including alleged espionage and cyber activities.

Israeli Channel 12 reported that Tel Aviv was still assessing the strike’s results, with intelligence sources indicating a high probability of success but awaiting final confirmation. Similarly, Channel 15 suggested Khatib was believed to have been killed, citing anonymous military assessments. The airstrike targeted a secure facility in Tehran where Khatib was reportedly meeting with senior officials, according to an Israeli official speaking on condition of anonymity because they were not authorized to discuss operational details publicly.

Iran’s state media remained silent on the claim as of Wednesday evening Tehran time, though social media and opposition outlets buzzed with unconfirmed reports. Iran International, a London-based Persian-language broadcaster often critical of the regime, reported that Khatib was indeed the target, with no immediate word on his fate. Social media posts from users in Iran and the diaspora speculated on the implications, with some claiming additional casualties, including family members of Supreme Leader Ayatollah Ali Khamenei.

The strike follows Israel’s acknowledged killing of Larijani on Tuesday, which prompted vows of revenge from Tehran. Iran’s Supreme National Security Council described Larijani’s death as a “cowardly act” and promised a “proportional response.” Larijani, a former speaker of Iran’s parliament and a close ally of Khamenei, was targeted in a separate airstrike, according to Israeli military posts on social media. Soleimani, unrelated to the late Quds Force commander Qassem Soleimani killed in a 2020 U.S. drone strike, was also claimed eliminated by Israel in recent days.

This series of targeted killings underscores the deepening rift between Israel and Iran, fueled by years of shadow warfare involving proxies, cyberattacks and assassinations. The current escalation traces back to October 2023, when Hamas’ attack on Israel sparked a broader regional conflict, but tensions have boiled over in 2026 with direct confrontations. Israel has accused Iran of orchestrating attacks through groups like Hezbollah in Lebanon and the Houthis in Yemen, while Iran blames Israel for sabotage operations inside its borders, including strikes on nuclear facilities and scientists.

Khatib, appointed Iran’s intelligence minister in 2021, has been a vocal critic of Israel. In June 2025, he claimed without evidence that Iran had seized a “treasure trove” of Israeli nuclear secrets, including documents that could enable strikes on hidden facilities. He warned that any Israeli attack on Iran’s nuclear sites would trigger an immediate response. In November 2025, Khatib boasted of an “epidemic” of Iranian infiltration into Israeli ranks, citing arrests of Israeli officers accused of spying for Tehran. These statements positioned him as a hardliner in Iran’s security establishment, making him a prime target for Israeli operations.

The U.S., Israel’s closest ally, has been drawn into the fray. President Donald Trump’s administration, re-elected in 2024, has ramped up support for Israel, including joint intelligence sharing that reportedly facilitated recent strikes. A key U.S. counterterrorism official, Joe Kent, resigned in protest over the escalating war, citing concerns about civilian casualties and regional stability. The Biden-era policies of restraint have given way to more aggressive postures, with U.S. forces conducting strikes on Iranian-backed militias in Iraq and Syria.

International reactions poured in Wednesday. The United Nations Security Council scheduled an emergency meeting for Thursday to discuss the strikes, with Russia and China expected to condemn Israel. European Union foreign policy chief Josep Borrell urged de-escalation, warning that further assassinations could lead to a full-scale war. In the Arab world, responses were mixed: Saudi Arabia and the UAE, which have normalized ties with Israel, remained muted, while Qatar and Turkey expressed solidarity with Iran.

Inside Iran, the potential loss of Khatib could destabilize the regime. As head of the Ministry of Intelligence and Security (MOIS), he oversaw domestic surveillance and counter-espionage efforts amid growing protests over economic hardships and political repression. His death might embolden dissidents, including those in the Iranian diaspora, who have long called for regime change. In Germany, home to a large Iranian community, activists expressed a mix of hope for weakening the regime and fear of broader conflict.

Israel’s strategy of decapitating Iranian leadership echoes past operations, such as the 2020 killing of nuclear scientist Mohsen Fakhrizadeh, attributed to Mossad. Analysts say these tactics aim to disrupt Iran’s nuclear ambitions and proxy networks without committing to ground invasions. However, they risk provoking massive retaliation; Iran has already launched missile barrages at Israeli cities, causing casualties and infrastructure damage.

Economic fallout from the conflict has rippled globally. Oil prices surged 5% Wednesday on fears of disrupted supplies from the Strait of Hormuz, with Brent crude topping $85 per barrel. U.S. gasoline and diesel prices, already elevated due to Middle East tensions, could rise further, exacerbating inflation concerns.

Humanitarian impacts mount as well. In Lebanon and Syria, Israeli strikes have displaced thousands, while Iranian-backed groups continue rocket attacks on northern Israel. The International Committee of the Red Cross reported over 1,000 civilian deaths in the past month alone.

As night fell Wednesday, Israeli forces remained on high alert for Iranian reprisals. Prime Minister Benjamin Netanyahu, in a televised address, defended the strikes as necessary for national security. “We will defend our people by any means,” he said.

With no immediate confirmation from Tehran, the world watches for Iran’s next move. If Khatib’s death is verified, it could shift the balance in this protracted shadow war, potentially drawing in more international actors and pushing the region closer to all-out confrontation.

he Dow Jones Industrial Average posted modest gains on Tuesday, March 17, 2026, as investors shook off recent volatility tied to Middle East tensions and focused on stabilizing energy markets ahead of this week’s key Federal Reserve meeting.

The blue-chip index rose 46.85 points, or 0.10%, to close at 46,993.26. The session marked a continuation of recent recovery efforts following sharper swings earlier in the month driven by geopolitical risks and fluctuating crude oil prices.

Trading volume reached approximately 480 million shares, reflecting steady but not overwhelming participation as Wall Street navigated a landscape shaped by ongoing global uncertainties.

The Dow’s performance came after a more robust advance the previous trading day, when the index climbed nearly 400 points on March 16 amid a retreat in oil prices that had earlier surged due to escalations in the Middle East. That conflict, which intensified around late February, had pushed crude benchmarks higher and raised inflation concerns, pressuring equities in early March sessions.

On Tuesday, the index opened at 47,085.53 and reached an intraday high of 47,428.12 before pulling back slightly in late trading. The low for the day stood at 46,975.52, illustrating a relatively contained range compared to the wilder moves seen in prior weeks.

Fourteen of the 30 Dow components ended in positive territory, according to component-level data. Standouts included Goldman Sachs (GS), which advanced 1.54% to 807.04, and IBM, up 2.75% to 256.11. Tech-related names like Apple (AAPL) gained 0.56% to 254.23, while Amazon (AMZN) rose 1.63% to 215.20.

On the downside, Johnson & Johnson (JNJ) fell 2.09% to 238.11, and Amgen (AMGN) declined 1.40% to 361.13. Other laggards included Nike (NKE) with minimal movement but still positive at 0.60%.

Broader market action showed resilience. While specific closes for the S&P 500 and Nasdaq were not uniformly detailed across sources, futures pointed to continued optimism overnight into March 18, with S&P 500 futures up 0.5%, Nasdaq 100 futures gaining 0.6% and Dow futures rising 0.5%. This suggested potential follow-through buying as markets digested the prior session’s stability.

Investors appeared to take comfort from a moderation in oil price volatility. After Brent crude and WTI benchmarks climbed sharply in late February and early March amid attacks and supply disruption fears in the Middle East, recent sessions saw some pullback, easing worries about persistent inflationary pressures. Oil prices had briefly topped $100 per barrel in recent weeks, contributing to earlier sell-offs.

The geopolitical backdrop remains a key variable. Escalations since late February had driven commodity spikes and equity retreats, with the Dow dropping significantly in early March sessions before rebounding. Tuesday’s modest uptick reflected a market attempting to price in a “new normal” of elevated but less acute risks.

Adding to the cautious optimism, economic data continues to show mixed signals. Recent labor reports indicated some softening in payroll growth, while inflation measures cooled gradually. These dynamics have complicated Fed expectations, with traders closely watching for any hints on interest rate policy when the central bank convenes later this week.

Analysts noted that the Fed’s decision could provide clearer direction on whether rate adjustments remain on the table or if persistent energy-driven inflation might force a more hawkish stance. Markets have priced out aggressive near-term cuts in recent weeks as crude volatility complicated the outlook.

The Dow’s current level near 47,000 represents a pullback from peaks earlier in 2026 but resilience compared to troughs during the height of oil-driven concerns. Year-to-date performance has been influenced heavily by sector rotations, with energy stocks benefiting from higher prices while broader industrials and consumer names faced headwinds.

Looking ahead, Wednesday’s trading on March 18, 2026, is expected to hinge on pre-Fed positioning. Futures gains overnight suggested at least mild buying interest, though volatility could return if fresh geopolitical headlines emerge or if oil benchmarks reverse course again.

Corporate earnings season has largely wound down, but scattered reports and guidance updates continue to influence individual stocks. Broader sentiment remains tied to macro themes: inflation trajectory, Fed signaling and the evolving Middle East situation.

For investors, the Dow’s small advance Tuesday underscores a market in wait-and-see mode. While not explosive, the positive close amid stabilizing inputs offers a measure of relief after choppier periods.

The index has shown ability to rebound from dips, supported by strong performances in select components like financials and tech-adjacent names. Whether this momentum carries forward will depend heavily on the Fed’s tone and any developments in global energy markets.

As of the March 17 close, the Dow sits at 46,993.26, up fractionally but emblematic of a broader effort to regain footing in an uncertain environment.

This article was written by

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In an exchange filing, Axis Bank said the investment will be made in cash in one or more tranches before March 31, 2027, by subscribing to Axis Finance’s rights issue. This comes amid a broader strategic rethink after India’s third-largest lender paused plans to sell a stake in the non-bank finance company (NBFC).

Axis Bank had initiated the stake sale process last year and appointed merchant bankers, including Morgan Stanley, after the Reserve Bank of India (RBI) proposed draft rules in 2024 restricting overlapping business activities between banks and their subsidiaries. However, the RBI diluted the proposal in December last year following industry pushback, leading Axis Bank to pause the stake sale plans, according to a report in January.

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Axis Finance, incorporated in April 1995 and registered as an NBFC, has seen steady growth in recent years, with turnover rising to Rs 4,296 crore in FY25 from Rs 3,321 crore in FY24 and Rs 2,297 crore in FY23. The company’s turnover for the half year ended FY26 stood at Rs 2,504 crore.

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Axis Bank, which has invested Rs 2,375 crore in Axis Finance over the past decade, will review the NBFC’s growth roadmap next month. The subsidiary is set to present a revised plan to the bank’s board in April, after which Axis Finance will reassess its capital-raising needs.
Axis Bank share price rose more than 2.5% to Rs 1,259.30 apiece on Wednesday, extending gains for the third consecutive session. It is currently among the top gainers on benchmark indices Sensex and Nifty, as well as the Nifty Bank index.
(With inputs from Reuters)

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