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India-EU FTA: A Structural Lift Across Export-Led and Capital-Intensive Sectors

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India-EU FTA: A Structural Lift Across Export-Led and Capital-Intensive Sectors
The recently concluded India–European Union Free Trade Agreement (FTA) marks a strategic inflection point in bilateral commerce, unlocking preferential market access for a broad set of Indian industries.

Spanning goods and services, the pact extends across approximately 97% of tariff lines and 99.5% of trade by value, with a majority of tariff concessions taking effect upon ratification.

At a macro level, the deal preserves India’s historic trade surplus with the EU and sets the stage for export growth into one of the world’s largest consumer blocs. The structural provisions extend into services as well, with guaranteed access across 144 service sub-sectors, boosting labour- and skill-intensive segments.

Capital Goods and Engineering sectors are positioned to benefit materially. Historically impeded by tariffs of up to ~22% on exports to EU markets, Indian capital goods producers stand to gain from preferential or zero-duty access. Concurrently, liberalised imports of high-technology intermediate goods from EU partners could reduce input costs and deepen integration in global value chains.

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Metals and Mining industries see a clear uplift as well; zero duties across tariff lines break significant cost barriers for Indian steel and mineral exports, enhancing competitiveness in high-value European markets. While EU-specific non-tariff measures such as carbon adjustment mechanisms remain, tariff elimination strengthens long-term predictability for trade partnerships.


In IT and Services, expanded EU access offers an important diversification beyond traditional markets. With the FTA’s structural support, service providers can leverage deeper integration into European demand, particularly in engineering-related and digital services.
Automobiles & Auto OEMs gain staged tariff reductions, though the impact on price sensitivity is mitigated by prevailing demand profiles; removal of export duties opens incremental opportunities into Europe.Segments such as Pharma and Consumer Durables experience neutral to modest impacts, given limited tariff shifts or entrenched trade patterns, while Defense sees potentially positive effects through reduced costs of select imports and new long-term export horizons.

Smaller, labour-intensive sectors—Textiles, Leather, Agriculture, Chemicals, Gems & Jewellery—stand to benefit from duty elimination and broader market access, reinforcing export-oriented growth dynamics under the FTA framework.

In aggregate, the India-EU FTA reconfigures competitive structures across core industrial clusters, embedding tariff-based advantages and service access that can underpin export expansion and value-chain participation across sectors.

Jindal Stainless TP- 990

Jindal Stainless is structurally well-positioned to benefit from strong domestic stainless steel demand, expanding value-added product offerings, and strategic inorganic growth in CR and downstream capacities. Management’s focus on cost efficiency and VAP expansion strengthens long-term margins and market positioning. 3QFY26 revenue came in at INR105b (-7% vs est.) with EBITDA of INR14b in line and APAT at INR8.6b (+31% YoY, +9% QoQ). Strong volumes (+11% YoY) and muted input costs offset lower ASPs, while EBITDA/t improved 6% YoY to INR21,665. Exports remained weak due to CBAM-related delays. Looking ahead, 4QFY26 earnings are expected to benefit from firmer nickel prices, ASP recovery, and export revival. FY26-28E estimates project revenue CAGR of ~13% and EBITDA CAGR of ~15% (~INR22,000/t), supported by commissioning of SMS Indonesia and downstream expansions, low leverage, and strong cash flow generation.

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Bharat Electronics TP- 500

Bharat Electronics continues to reinforce its leadership in India’s defense electronics space, supported by strong execution and a resilient order pipeline. In 2QFY26, the company reported a robust beat across metrics — revenue rose 26% YoY, EBITDA margin improved to 29.4%, and PAT grew 18% YoY — driven by superior cost control and project execution. The order book stood healthy at INR 746b, with inflows more than doubling YoY. Management reaffirmed its long-term export strategy, targeting an increase from 3-4% of turnover to 5% over the next 2-3 years, eventually reaching 10% of total revenues, led by key programs such as QRSAM, Project Kusha, and next-generation corvettes. With expanding system integration capabilities, a strong export order book, and visibility from large defense projects, we estimate steady growth ahead.

(The author is Siddhartha Khemka, Head of Research – Wealth Management, Motilal Oswal Financial Services)

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

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Public Storage relocates headquarters to Texas amid CEO transition, growth push

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Public Storage relocates headquarters to Texas amid CEO transition, growth push

Public Storage is relocating its headquarters from California to Texas, becoming the latest major corporation to shift its official base to the Lone Star State as it rolls out a leadership transition and long-term growth strategy.

The S&P 500 self-storage real estate investment trust said its headquarters will move to the Dallas-Fort Worth metro area, while maintaining a long-term presence in Glendale, California. The announcement comes alongside a CEO transition and a broader strategic overhaul branded “PS4.0.”

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Founded in California in 1972, Public Storage has grown into the world’s largest owner of self-storage facilities, operating more than 3,500 properties across 40 states and holding a sizable stake in a European storage operator. The relocation marks a significant shift for a company long associated with California’s business community.

Tom Boyle will take over as CEO on April 1, succeeding Joe Russell, who is retiring after a decade in the role. At the same time, the board will install Shankh Mitra, CEO of Welltower, as non-executive chairman.

O’LEARY BLASTS CALIFORNIA WEALTH TAX AS ‘BAD MANAGEMENT,’ CALLS ON RESIDENTS TO ‘HIRE’ NEW LEADERS

Public Storage Makes $11 Billion Bid for Rival Life Storage

A Public Storage facility in Sacramento, California. (David Paul Morris/Bloomberg via Getty Images)

The leadership changes are part of what the company calls its “fourth era,” a transition designed to accelerate earnings growth, expand margins and deliver stronger long-term shareholder returns.

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For Texas, the move underscores the state’s continued success in attracting high-profile headquarters relocations. The Dallas area offers no state income tax, comparatively lower operating costs and a deep talent pool. While Public Storage did not explicitly cite tax or regulatory reasons for the relocation, it highlighted the region’s depth of talent and innovation as strategic advantages.

Public Storage Makes $11 Billion Bid for Rival Life Storage

A Public Storage facility in Sacramento, California, on Monday, Feb. 6, 2023. (David Paul Morris/Bloomberg via Getty Images)

For California, the shift adds to a broader trend of corporate headquarters moves, even as many companies retain significant operations in the state. A headquarters relocation often signals where executive leadership, finance functions and future expansion plans will increasingly be concentrated.

Under the company’s PS4.0 initiative, Public Storage is leaning into digital tools, data science and artificial intelligence to reshape how it prices units, markets to customers and manages its portfolio. Executives say consumers increasingly expect fast, seamless digital experiences – even in traditionally brick-and-mortar sectors like self-storage.

public storage facility in san francisco

Signage stands on the building of a Public Storage facility in San Francisco, California. (David Paul Morris/Bloomberg via Getty Images)

For renters, that could mean more online bookings, dynamic pricing that shifts with demand and more personalized digital engagement. For investors, the company is signaling a more aggressive push into acquisitions and development in the still-fragmented self-storage industry. Over the past five years, Public Storage has deployed more than $12 billion into deals and new projects, and leadership has indicated it intends to accelerate that pace.

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The company also said it is revamping executive compensation to more closely tie pay to shareholder returns, reinforcing its emphasis on stock performance and capital discipline.

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Plug Power (PLUG) Stock Hovers Near $1.84 Amid Cash Burn Concerns, Awaits Q4 2025 Earnings on March 2, 2026

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Plug Power Inc

Plug Power Inc.’s stock has remained under pressure in February 2026, trading around $1.84 after a volatile stretch that saw sharp declines and partial recoveries, as investors grapple with the hydrogen specialist’s ongoing cash burn, dilution risks from share authorization increases, and pending fourth-quarter 2025 earnings.

Plug Power Inc
Plug Power Inc

As of February 23, 2026, Plug Power (NASDAQ: PLUG) closed at $1.84, down 1.60% on the day with volume exceeding 66 million shares. The shares have fallen roughly 26% over the past 30 days and about 17.5% year-to-date, though they show a modest 15.7% gain over the past year. The 52-week range spans a low of $0.69 to a high of $4.58, reflecting extreme volatility in a sector tied to green hydrogen adoption and policy support.

The recent weakness follows a series of developments that have heightened scrutiny on the company’s financial position. In February 2026, shareholders approved a charter amendment to double authorized common shares from 1.5 billion to 3.0 billion, a move intended to provide flexibility for future capital raises but raising dilution concerns among investors. The special meeting, originally scheduled for January and adjourned multiple times, was accelerated to February 12, 2026, with the board urging votes in favor to support operations and growth.

Plug Power has faced persistent challenges in achieving profitability despite its position as a leader in hydrogen fuel cell systems and green hydrogen production. The company has never posted a full-year operating profit since going public in 1999, with trailing losses underscoring execution hurdles in scaling electrolyzer deployments and hydrogen supply. Last twelve months free cash flow remains deeply negative at around -$904 million, though analysts project narrowing losses and eventual positive cash flow by 2028.

Management’s Project Quantum Leap cost-savings initiative, launched in 2025, aims to streamline operations and focus on higher-margin offerings. Gross margins have shown improvement—negative 51.1% in recent periods versus worse prior figures—with targets for breakeven on gross profit by end-2025 and positive EBITDAS by end-2026. Full profitability is eyed for 2028.

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Operational momentum includes key contracts and deployments. In early February 2026, Plug completed the first hydrogen fill for Hynetwork’s Rotterdam pipeline segment, delivering 32 tons of renewable fuel of non-biological origin (RFNBO) hydrogen alongside custom infrastructure. This builds on European expansion, where supportive regulations have boosted traction.

Other recent wins include a December 2025 commencement of a multi-year liquid hydrogen supply contract with NASA for up to 218,000 kilograms to Glenn and Armstrong facilities, valued at about $2.8 million through 2030. The deal validates Plug’s capabilities in high-demand aerospace applications. Additional partnerships feature a 5MW PEM electrolyzer LOI with Hy2gen for France’s Sunrhyse project and installations like a 5MW GenEco unit in Namibia for Africa’s first fully integrated green hydrogen facility.

These milestones highlight growing demand for green hydrogen in material handling, stationary power, and emerging sectors like space and heavy industry. Plug has deployed over 72,000 fuel cell systems and 285 fueling stations, positioning it as a major liquid hydrogen user with operational plants in Georgia, Tennessee, and Louisiana producing 40 tons per day.

Yet headwinds persist. Ongoing class-action securities lawsuits allege misleading statements about DOE loan guarantees and project timelines, adding legal uncertainty. Analyst consensus leans Hold, with 14 firms setting an average 12-month price target around $2.10—implying limited near-term upside but potential if execution improves. Some upgrades, like Clear Street’s to Buy in late 2025, cite paths to profitability.

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The next major catalyst arrives March 2, 2026, when Plug reports Q4 and full-year 2025 results before market open, followed by a 4:30 PM ET conference call. Analysts forecast a loss of about $0.10 per share, with focus on revenue trends, margin progress, backlog conversion, and updated guidance amid Project Quantum Leap impacts. Positive surprises on cost controls or new contracts could spark a rebound; continued cash burn or delays might extend downside pressure.

Plug Power navigates a pivotal phase in the hydrogen economy’s evolution. Its leadership in fuel cells, electrolyzers, and infrastructure—bolstered by partnerships with Walmart, Amazon, Home Depot, BMW, and BP—offers long-term potential as global decarbonization accelerates. However, proving sustainable profitability amid capital intensity and competition will determine whether current weakness proves temporary or structural.

Investors weighing the risk-reward see Plug as a high-beta play on green energy transitions, with valuation at roughly 2.9 times trailing sales suggesting room for recovery if milestones are met. As earnings approach, the stock’s trajectory will hinge on evidence that operational gains translate to financial stability in 2026 and beyond.

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Leekes invests to create two new departments at its flagship Llantrisant store

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It has added new homestyling and clothing departments at the 125,000 sq ft store

Emma Leeke.

Family-run and owned the Leekes Group has invested in two new departments at its flagship Llantrisant store in the latest phase of a £10m investment programme.

The homestyling and clothing departments, which extend to 30,000 sq ft, will launch this weekend. They reopen a quarter of the store’s 125,000 footprint after 10 months, with brand-new flooring and a new roof. It follows the recent refurbishment of the Llantrisant store’s furniture studio, the largest in Wales and the south west of England.

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Leekes Retail employs 500 people across five stores located in south Wales, the south west of England and the Midlands. This latest investment, says managing director, Emma Leeke, reaffirms the group’s, commitment to both the local area as well as the customer experience and will support the store’s 85 jobs.

READ MORE: The verdict on the promise of £14bn of rail investment in Wales over the long-termREAD MORE: Next £55m phase of the Plasdŵr residential scheme in Cardiff

She added: “After nearly 50 years trading from our Llantrisant store, we’ve seen lots of change but serving our customers in the right way has been our consistent focus. These new departments have been entirely designed around how they love to shop, making browsing easy and inspiring.

“In homestyling, we’ve deliberately brought together everything that creates the look you want for any room in the house into one big space. Similarly, in clothing and footwear, we’ve attracted a wide range of partner brands who, together, present a compelling destination for everyday and outdoor wear.”

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As well as its Llantrisant store, the Leekes Group’s retail arm also operates stores in Bilston in the west Midlands, Cross Hands in Carmarthenshire, Melksham in Wiltshire and Cheltenham in Gloucestershire. It also retains its builder’s merchant at Tonypandy, where the business was established in 1897.

The group also includes four star Vale Resort in the Vale of Glamorgan and the nearby 17th and listed Hensol Castle, which is open for conferences, events, and weddings. Hensol Castle Distillery completes the group, which distils own-brand spirits and has a bottling plant.

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Violent attacks on shop staff fall by a fifth but remain ‘unacceptably high’

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Violent attacks on shop staff fall by a fifth but remain ‘unacceptably high’

Violence and abuse against shop workers declined by a fifth last year, but retail leaders say crime levels remain far higher than before the pandemic and continue to pose a serious threat to staff safety.

New figures from the British Retail Consortium (BRC) and Sensormatic Solutions show there were 1,600 incidents of violence and abuse against retail workers every day in 2024/25, down from 2,000 daily incidents the previous year. That equates to around 590,000 incidents over the year.

Despite the improvement, the BRC warned that the rate remains the second highest on record and well above the pre-pandemic average of 455 incidents per day.

Physical violence showed little change, remaining at 118 incidents a day, including 36 daily cases involving a weapon.

The data also reveal 5.5 million incidents of shop theft last year, costing retailers close to £400m. The true total is likely to be significantly higher, given many thefts go undetected.

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For the first time, the report included parcel delivery theft, which cost retailers more than £100m in 2024/25.

Industry leaders say organised criminal gangs are increasingly targeting high-value goods that can be easily resold, carrying out systematic thefts across multiple stores.

Helen Dickinson, chief executive of the BRC, said the reduction in violence was “hard won” but warned that theft and abuse remain endemic. “No one should go to work fearing for their safety,” she said.

The government’s forthcoming Crime and Policing Bill will introduce a specific offence for assaulting a retail worker, alongside scrapping the £200 threshold that previously limited police response to low-value shoplifting.

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Sarah Jones said the government was determined to tackle retail crime and highlighted a 21 per cent rise in shop theft charges.

The legislation comes amid broader concerns about high street viability. Retailers are also contending with rising employment costs, including higher national insurance contributions and increases to the national living wage.

Usdaw general secretary Joanne Thomas said that while the fall in incidents was welcome, retail workers still face unacceptable risks. Two-thirds of attacks on staff are triggered by theft or armed robbery, union data suggest.

Retailers have spent more than £5bn over the past five years on security measures including CCTV systems and additional personnel, according to the BRC.

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Despite the slight improvement, campaigners and unions argue that violence and theft remain at crisis levels, with many shop workers reporting heightened stress and anxiety about going to work.


Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.

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Most young Britons cannot name a single entrepreneur, survey finds

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Most young Britons cannot name a single entrepreneur, survey finds

More than half of young Britons are unable to name a single entrepreneur, according to new research that campaigners say highlights a worrying disconnect between the UK’s startup culture and the next generation.

A YouGov survey conducted for Enterprise Britain found that 56 per cent of 18 to 25-year-olds could not name an entrepreneur, founder or chief executive. Among those who could, Richard Branson was the most frequently cited, named by 16 per cent of respondents in that age group.

Lord Sugar was identified by 6 per cent, while just 2 per cent mentioned Steven Bartlett, the Dragons’ Den investor and host of The Diary of a CEO podcast. Across all age groups, 33 per cent of UK adults named Branson, while 32 per cent could not name any entrepreneur at all.

The findings come as youth unemployment has climbed to its highest level in more than a decade and as the Treasury finalises a consultation on how entrepreneurs are taxed.

Enterprise Britain, a lobby group founded by business leaders including Stephen Fitzpatrick, founder of Ovo Energy, and Brent Hoberman, co-founder of Lastminute.com, has launched a campaign titled “Time to Act” urging stronger government support for entrepreneurship.

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Baroness Lane Fox, co-founder of Lastminute.com and a member of the group, said the term “entrepreneur” may feel remote to many people. “It has taken on a grandeur,” she said. “People think you have to build a global giant to count. Entrepreneurship can take many forms and can be economically rewarding for individuals and communities.”

The survey also found that 74 per cent of respondents believe the UK’s position in the global economy is in decline, underscoring broader concerns about growth and competitiveness.

Enterprise Britain is calling for the creation of a dedicated minister for entrepreneurship and for policies to broaden access to capital, including expanded employee share ownership schemes and greater pension fund investment in high-growth UK companies.

Fitzpatrick said: “Britain has a great economic engine. But while we have one foot on the accelerator, the other is on the brake. We need to take the brakes off so ambitious businesses can drive the country forward.”

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The campaign reflects growing debate over how to foster entrepreneurial ambition at a time when economic uncertainty and rising employment costs are reshaping the labour market for younger Britons.


Jamie Young

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

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Epstein files highlight how the wealthy borrow against art collections

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Epstein files highlight how the wealthy borrow against art collections

Leon Black, then-CEO of Apollo Global Management, at the Milken Institute Global Conference in Beverly Hills, California, May 1, 2018.

Patrick T. Fallon | Bloomberg | Getty Images

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.

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A $484 million art loan secured by billionaire Leon Black and disclosed in the latest Epstein files highlights one of the fastest-growing and most lucrative corners of the art world.

According to a March 2015 document released as part of the Epstein files, Black secured the loan from Bank of America backed by works of art. While not unusual for top private banking clients, the loan made headlines for its size and the exotic collateral, which included blue-chip works by Picasso, Giacometti, Titian, Matisse and others.

Art lending, however, has become an increasingly valuable tool for both wealthy collectors and the wealth management firms vying to manage their fortunes. The global market for art loans is estimated at between $38 billion and $45 billion today, according to a report from Deloitte and ArtTactic. The market is expected to top $50 billion by 2028, growing at about 12% a year.

Adam Chinn, managing partner of International Art Finance and longtime art-finance expert, said art loans are a way for collectors to pull cash from paintings that they can also continue to enjoy on their walls.

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“It’s the best of both worlds,” Chinn said. “You can monetize an otherwise non-income-producing asset. And it’s still great to look at.”

Far from signaling a lack of funds, art loans are typically used by the wealthy to provide ready cash, leverage financial investments and avoid hefty tax bills. Private banks often grant art loans to top clients at low interest rates, knowing the client has hundreds of millions or even billions in other assets in case the loans default. The interest rate on Black’s loan in 2015 was 1.43%, according to the document.

The bulk of the art lending market is dominated by the auction houses — especially Sotheby’s Financial Services — as well as specialty lenders like International Art Finance.

Scott Milleisen, global head of lending at Sotheby’s Financial Services, said collectors use the proceeds for a wide variety of purposes. The company now lends against classic cars as well as art.

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“Many of our clients borrow against their fine art collections to invest in businesses, pursue new art acquisitions or release cash without selling works they love,” Milleisen said.

Chinn said many of today’s collectors are top leaders in private equity and hedge funds. Since they’re used to using leverage to turbocharge their wealth in their investments and businesses, they view leveraging their art collections as a natural extension. Chinn estimates that the total value of art held in private hands is between $1 trillion and $2 trillion. With art loans representing a tiny fraction of the total — well under $50 billion — he said the industry has plenty of room to grow.

“Art is the most underleveraged asset on the planet,” he said.

Art loans also generate lucrative tax benefits. Selling a work of art triggers a capital gains rate of 28% — a higher rate for collectibles than other categories — along with the 3.8% net investment income tax, bringing the top rate to 31.8%. Selling in certain states also triggers state taxes.

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An art loan even at today’s elevated lending rates, typically around 8% to 9%, is still far more efficient than paying a tax. Plus, borrowers can usually keep the art on their walls.

The art lending business has also benefitted from a 2017 tax change that eliminated the use of so-called 1031 exchanges in the art market. The practice allowed art collectors to avoid capital gains taxes by swapping one work for another. Without the benefit, many collectors have turned to loans to provide liquidity without the tax penalties.

Chinn said that given the art market’s recent rebound, and falling interest rates, art lending is poised to continue its strong growth.

“The art market is a strange market,” he said. “But if you look at every other asset class, eventually it gets fractionalized, securitized and leveraged. It’s just the nature of the universe.”

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Building Sustainable Growth Through a Strategic Portfolio

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In many organisations, portfolio is still viewed as a list of products and services – something to be expanded in the hope that more choice will unlock more opportunity. In reality, sustainable growth rarely comes from volume alone.

In many organisations, portfolio is still viewed as a list of products and services – something to be expanded in the hope that more choice will unlock more opportunity. In reality, sustainable growth rarely comes from volume alone.

For high-performing businesses, a strategic portfolio is one that is deliberately designed around customer outcomes. It supports acquisition, strengthens retention and creates long-term value through clarity, consistency and service excellence.

In this blog I will be exploring how a focused, service-led portfolio can drive sustainable growth. Drawing on Chubb’s approach to connected services, cross-selling and long-term customer relationships, he explains why portfolio discipline is a critical leadership lever in today’s complex and regulated markets.

Portfolio as a Growth Strategy, Not a Catalogue

Across many sectors, portfolios grow reactively – shaped by short-term sales opportunities or competitor activity. Over time, this can create fragmented offerings that are difficult for customers to navigate and challenging for teams to deliver consistently.

In fire safety and security, where trust, reliability and compliance are paramount, this approach simply doesn’t work. Customers aren’t looking for disconnected products; they’re looking for partners who can manage risk holistically.

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A strategic portfolio is therefore not about selling more things. It’s about offering the right combination of services, delivered in a way that supports both immediate needs and long-term resilience.

Portfolio as One of Chubb’s Three Ps

At Chubb, Portfolio sits alongside People and Process as one of our three strategic pillars, and it plays a central role in driving top-line growth.

Our portfolio strategy is built around:

  • Service and monitoring-led propositions
  • Multi-discipline contracts that simplify supplier management for customers
  • Connected services that provide insight, responsiveness and peace of mind

By leading with service, we create opportunities to capture greater share of customer spend while delivering more integrated, value-driven solutions. This approach supports both customer acquisition and retention – helping us build long-term relationships rather than transactional engagements.

However, implementing portfolio discipline is not without challenges. Internal resistance to change, legacy systems and market pressures can all pose obstacles. At Chubb, we address these by fostering a culture of continuous improvement, investing in staff training, and modernising our technology to support agile decision-making.

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Connected Services and Cross-Selling with Purpose

Cross-selling is often misunderstood as simply adding more products to an account. At Chubb, it’s about identifying where additional services genuinely enhance protection, performance and compliance.

Connected services play a critical role here. By leveraging data, monitoring and integrated technologies, we’re able to:

  • Anticipate customer needs
  • Improve response and reliability
  • Strengthen ongoing engagement through service excellence

This creates natural opportunities to expand relationships in a way that feels relevant and valuable to customers – not forced or opportunistic. For example, one of our long-term customers faced evolving compliance requirements. By proactively offering a bundled solution that combined fire safety audits with ongoing monitoring, we not only met their immediate needs but also deepened our relationship and opened the door to additional services.

Retention Is Where Sustainable Growth Lives

While acquisition is important, long-term growth depends on retention. A well-curated portfolio makes it easier to retain customers by delivering consistent service, reducing complexity and reinforcing trust over time.

Multi-discipline contracts supported by connected services help customers see Chubb as a long-term partner, not a collection of suppliers. That loyalty is built through reliability, insight and the confidence that we’re continuously investing in their safety and resilience.

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Lessons for Business Leaders

Business leaders should regularly review their portfolios, ensuring that each service or product contributes to sustainable growth. This means being willing to make tough decisions – retiring offerings that no longer serve the company or its customers and investing in those that do.

For leaders looking to refine their portfolios, consider these actionable steps:

  • Conduct regular portfolio reviews with cross-functional teams
  • Use customer feedback and data analytics to guide decisions
  • Develop a checklist to assess each offering’s alignment with strategic goals.

Portfolio with Purpose

At Chubb, we see portfolio as a growth engine – one powered by service excellence, commercial discipline and customer insight.

By focusing on connected services, cross-selling with intent and long-term retention, we’re building sustainable growth that benefits our customers, our people and our business.

Because when your portfolio is designed around customer outcomes, sustainable growth follows naturally – built on trust, clarity and long-term value.

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Gary Moffatt

Gary Moffatt

Gary Moffatt is Managing Director at Chubb Fire & Security UK and Ireland, a leading provider of fire safety and security solutions. With a focus on connected technologies and 24/7 protection, Chubb helps organisations predict, prevent and respond to threats – safeguarding people, assets and property. Gary has spent more than 20 years with Chubb, progressing from one of the company’s first graduate scheme recruits to leading its UK operations. Drawing on extensive operational and commercial experience, he is a strong advocate for purpose-driven leadership and operational excellence. Gary is committed to delivering innovative, reliable solutions that protect people, enable business resilience and build lasting customer trust.

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Ondas Holdings (ONDS) Stock Surges on Defense Contracts, AI Autonomy Push, Trades Near $10 Amid Volatile Gains

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Stock Market

Ondas Holdings Inc. shares have experienced sharp volatility in February 2026, climbing from sub-$10 levels earlier in the year to trade around $10 amid a flurry of defense and security contracts, strategic acquisitions, and an aggressive revenue outlook for the year, as the company positions itself as a leader in autonomous drone systems and private wireless networks.

Ondas
Ondas

As of February 23, 2026, Ondas (NASDAQ: ONDS) closed at $10.19, up 1.60% on the day after fluctuating between $9.86 and $10.57 in heavy trading volume of nearly 69 million shares—below recent averages but still elevated. The stock has shown significant swings, dropping 11.94% on February 20 to $10.03 from $11.39 amid profit-taking, yet it remains up substantially year-to-date following a massive rally driven by defense sector momentum and AI-enabled robotics developments.

The surge reflects investor enthusiasm for Ondas’ transformation into a multi-domain autonomy platform through its Ondas Autonomous Systems (OAS) unit. In January 2026, the company hosted an OAS Investor Day, raising its full-year 2026 revenue guidance to $170 million to $180 million—a 25% increase from its prior $140 million target (which included contributions from the acquired Roboteam). Preliminary 2025 results showed Q4 revenue of $27 million to $29 million (up 51% from earlier guidance) and full-year revenue of $47.6 million to $49.6 million, representing explosive growth from prior periods. The company exited 2025 with a backlog exceeding $65.3 million—up 180% from November—and pro-forma cash reserves over $1.5 billion following a major equity raise.

Analysts have responded positively to the momentum. HC Wainwright boosted its price target from $12 to $25 in February 2026 while maintaining a Buy rating, citing a robust sales pipeline exceeding $500 million and expanding opportunities in counter-UAS, defense, and security. Other firms, including Lake Street (target raised to $19), Stifel (to $18), and Northland Securities (Buy reaffirmed), have echoed bullish views. Consensus among 8-9 analysts rates ONDS a Strong Buy to Moderate Buy, with average 12-month price targets ranging from $17.29 to $19.00—implying 70-90% upside from current levels. High-end targets reach $25, reflecting confidence in margin expansion toward 50% gross margins in 2026 as scale improves.

Key drivers include a string of high-profile contracts and acquisitions bolstering the defense and security portfolio. In February 2026, subsidiary Sentrycs secured a contract with German state police for counter-drone technology. Airobotics, part of OAS, landed a multi-million-dollar order for its Iron Drone Raider counter-UAS system. Ondas’ 4M Defense unit won a $30 million multi-year demining program, while additional deals emerged in the Asia-Pacific region. These wins highlight growing demand for autonomous systems in counter-threat and critical infrastructure protection amid geopolitical tensions.

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Strategic moves further support the narrative. Ondas announced plans to acquire U.K.-based Rotron Aero in a cash-and-stock transaction in early February 2026, enhancing its drone propulsion and engineering capabilities. The company also highlighted its evolving multi-domain robotics strategy, including American Robotics’ Optimus drone achieving Blue List status for beyond-visual-line-of-sight operations. Partnerships and showcases, such as a UXS event with Baltic Ghost Wing, underscore international expansion.

Ondas Networks, the private wireless segment, continues to provide foundational connectivity for industrial and utility applications, complementing the autonomy focus. Management emphasizes transitioning from specialized drone providers to a comprehensive platform integrating AI, edge processing, and secure communications—positioning the company to capitalize on rising defense budgets and commercial autonomy adoption.

Despite the optimism, volatility persists. Shares have traded in wide ranges, with recent sessions seeing swings of 10-16% amid high volume—often on falling prices, signaling potential short-term risks. The stock’s market cap hovers around $4.5 billion, a dramatic increase from earlier levels, reflecting speculative interest in the drone and defense tech theme. Critics note execution risks in scaling production, integrating acquisitions, and achieving profitability amid ongoing losses (trailing EPS around -$0.36).

Upcoming catalysts include full Q4 and 2025 earnings, expected in mid-March 2026, where detailed backlog conversion, margin progress, and refined 2026 guidance will be scrutinized. Positive updates on contract deployments and cash burn could sustain the rally; any delays might trigger pullbacks.

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Ondas stands at the intersection of defense modernization, AI autonomy, and critical infrastructure resilience. Its rapid revenue ramp, contract wins, and platform strategy have transformed it from a niche player into a high-growth contender. Investors betting on sustained defense spending and autonomy adoption view current levels as attractive despite volatility, while the company’s cash position provides runway for further growth initiatives.

As global threats evolve and industries embrace unmanned systems, Ondas’ integrated approach could drive long-term value—though near-term price action will likely remain tied to execution and market sentiment in this high-beta sector.

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MGK: Mega Cap Selloff Presents Attractive Buying Opportunity, AI Bubble Fear Is Temporary

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Amazon's Dip Is A Long-Term AWS Opportunity (Rating Upgrade)

MGK: Mega Cap Selloff Presents Attractive Buying Opportunity, AI Bubble Fear Is Temporary

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Supreme Court unanimously upholds Whole Foods baby food heavy metals case

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Supreme Court unanimously upholds Whole Foods baby food heavy metals case

The U.S. Supreme Court upheld a 5th Circuit Court ruling relating to Whole Foods on Tuesday, joining the court in its rebuke of a lower district court’s handling of the case.

Tuesday’s 9-0 opinion, written by Justice Sonia Sotomayor, relates to a lawsuit brought forward in Texas by Sarah and Grant Palmquist. The couple alleged that baby food sold at Whole Foods and manufactured by Hain Celestial Group had harmed their child because it contained heavy metals linked to extensive side effects.

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The Palmquists sued both Whole Foods and Hain in Texas court, alleging product liability and negligence claims against Hain, and state-law breach-of-warranty and negligence claims against Whole Foods.

Hain, a company based in Delaware and New York, sought to have the case brought to federal court. That raised a separate issue, however, as both the Palmquists and Whole Foods are based in Texas and the allegations relate to Texas law.

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The Supreme Court ruled that Whole Foods was improperly removed from a case where parents claim baby food harmed their child. (Peter Dazeley/Getty Images)

“Federal courts may exercise diversity jurisdiction only when no adverse party is from the same state, but Whole Foods and the Palmquists are all Texas citizens. As a result, the district court lacked jurisdiction as the case stood upon removal,” the court wrote in its opinion.

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Hain sought to move forward by having Whole Foods removed from the case, arguing they shouldn’t have been included in the first place. A district court agreed and ruled in Hain’s favor, dismissing Whole Foods’ involvement.

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Whole Foods will now face a lawsuit in Texas over one of its baby food products. (Noam Galai/Getty Images)

The Palmquists then appealed and the case went to the5th Circuit Court, which rejected the lower court’s ruling, saying Whole Foods was properly joined with Hain in the original lawsuit and the case should have been handled in state court.

The case was then appealed to the Supreme Court, which unanimously upheld the 5th Circuit’s ruling on Tuesday, sending the case back to Texas.

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Tuesday’s ruling does not weigh in on the Palmquists’ basic allegations against Whole Foods and Hain, however.

People walk past the US Supreme Court in Washington, DC

People walk past the U.S. Supreme Court in Washington, D.C. (Mandel Ngan/AFP via Getty Images)

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Their original lawsuit said their child, who was just over 2 years old at the time, “was diagnosed with a range of physical and mental conditions that some doctors attributed to heavy-metal poisoning.”

“In 2021, a subcommittee of the U. S. House of Representatives released a staff report finding that certain baby foods, including Hain’s, contained elevated levels of toxic heavy metals. Following the report’s release, the Palmquists sued both Hain and Whole Foods in Texas state court,” the Supreme Court explained.

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