While pubs, clubs and live music venues are set to benefit from the business rates relief, restaurants, cafés, hotels and cinemas have not been included in the government’s announcement.

For Claridge, that omission reflects a wider problem. He believes a reduction in VAT for hospitality businesses would have a far greater impact than changes to business rates.

He argues it would give businesses the breathing space they need to invest, employ staff and remain financially viable.

“It’s the only lever that will reliably make a difference to a material number of businesses.

“Whilst I understand that there is significant nervousness in government about such a bold radical move, [but] the time really is now for a bold, radical move.

“For me, it’s always been not can we afford it, but can we afford not to.”

The chef said the challenges facing hospitality cannot be solved by short-term measures alone and warned that without wider reform, more independent venues could disappear.

“Those of us who run and operate these businesses, it is not a get rich quick scheme,” he says.

“It is often a get poor quick scheme as it happens, but it’s getting to that point where you go, this doesn’t make sense.

“Make the maths math, as the kids might say.”

Renewed hostilities in the Middle East are driving a prolonged selloff in U.S. government bonds, sending yields to new 18-month highs and lifting borrowing costs for businesses and consumers.

The yield on the benchmark 10-year U.S. Treasury note—which helps set rates on mortgages and student loans alike—reached 4.711% in early trading Thursday, according to Tradeweb, its highest intraday level since January 2025.

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Indo MIM, the world’s largest manufacturer of precision engineering components using metal injection moulding (MIM) technology, has raised Rs 1,141 crore from anchor investors, including BlackRock and Prashant Jain-backed 3P India, ahead of its Rs 3,811 crore IPO, which is now open for public subscription.

The company has fixed a price band of Rs 461-485 per share for its IPO, which will close on July 27.

Also Read | Indo-MIM IPO opens: Is this Rs 3,811 crore issue a long-term bet?

Some of the other key anchor investors who were allocated shares include Government Pension Fund Global, Amansa Holdings, Goldman Sachs, Natixis International Fund, Societe Generale, ICICI Prudential AMC, HDFC MF, SBI Mutual Fund, Kotak Mahindra AMC, Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, HSBC Mutual Fund, Quant Mutual Fund, LIC Mutual Fund, Invesco, Mirae Asset, ICICI Prudential Life Insurance, SBI Life Insurance, HDFC Life Insurance and more.

Out of 2.35 crore equity shares allotted to the anchor investors, 1.31 crore equity shares (i.e. 55.98% of the total allocation to anchor investors) were allocated to 23 domestic mutual funds applying through 60 schemes.

Anand Rathi Research, in its IPO note, has recommended its investors to subscribe from a medium- to long-term investment perspective to the Indo MIM issue, considering its global market leadership, diversified end-user exposure, integrated manufacturing capabilities, and strong export franchise; the valuation of nearly 45.0x P/E on FY26 earnings appears reasonable.
The issue is being managed by HDFC Bank, Axis Capital, ICICI Securities, Kotak Mahindra Capital Company and SBI Capital Markets as the book-running lead managers. MUFG Intime India Pvt. Ltd. is serving as the registrar to the issue.The company intends to utilise Rs 400 crore from the net proceeds of the fresh issue towards the repayment or prepayment, in full or in part, of certain outstanding borrowings. The remaining funds will be used for general corporate purposes.

The company offers end-to-end manufacturing solutions, covering mould design, tooling, machining, finishing and assembly.

In addition to MIM, Indo-MIM has expanded its capabilities through advanced manufacturing technologies such as investment casting, precision machining, ceramic injection moulding and 3D metal printing, enabling it to serve a diverse range of industries.

During FY26, the company manufactured more than 6,400 products for sectors including automotive, defence, medical devices, consumer goods and aerospace.

Indo-MIM operates 15 manufacturing facilities across India, the United States, the United Kingdom and Mexico. According to the F&S Report, it has the world’s largest installed MIM capacity.

Also Read | Tanla Platforms shares jump nearly 14% post Q1 earnings, revenue surges 17.8% YoY

The company’s global footprint also includes sales offices in China, Germany and the US, supported by sales representatives across Europe and Asia. In FY26, Indo-MIM served more than 1,100 customers worldwide.

In FY26, the company delivered a robust financial performance backed by healthy growth in revenue and earnings. Total income rose 28.1% year-on-year to Rs 4,320.70 crore from Rs 3,373.97 crore in FY25. Profit after tax (PAT) increased 25.9% to Rs 533.54 crore in FY26 from Rs 423.73 crore in the previous year.

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

Shares of NovoCure surged more than 25% Thursday after the oncology device maker reported its strongest quarterly revenue on record, prompting the company to raise its full-year financial outlook and marking a sharp rebound from a steep selloff the stock suffered earlier this month.

NovoCure shares traded at $19.48, up $3.91, on the day. The rally follows a period of significant weakness for the stock, which had fallen roughly 20% earlier this month after the company’s closely watched TRIDENT clinical trial failed to meet its primary endpoint of improving overall survival in newly diagnosed glioblastoma patients.

Record quarterly results

NovoCure reported second-quarter net revenue of $184 million, up 16% from the same period a year earlier, driven by an 18% increase in active patients on therapy globally across the company’s approved indications. As of June 30, the company had 5,128 total active patients using its Tumor Treating Fields therapy worldwide, spanning its Optune Gio, Optune Lua and newly launched Optune Pax devices.

Executive Chairman William Doyle described the results as the company’s best commercial performance to date. “This was our strongest commercial quarter to date,” Doyle said, pointing to record net revenues and active patient counts as evidence of accelerating momentum across the company’s product portfolio.

A narrower loss and expense discipline

Alongside the revenue growth, NovoCure reported a second-quarter net loss of $16 million, or $0.13 per share, a significant improvement from the $40 million loss the company posted in the same period a year earlier. Adjusted EBITDA came in at $11 million for the quarter, a sharp turnaround from negative $10 million in the second quarter of 2025.

Chief Financial Officer Christoph Brackmann attributed part of the improvement to tighter cost controls across the business. General and administrative expenses declined 9% year-over-year to $40 million, primarily due to lower share-based compensation, while research and development costs fell 8% to $51 million. Sales and marketing expenses rose 8% to $62 million, reflecting continued investment tied to the U.S. launch of Optune Pax and the introduction of Optune Lua in Japan.

Raised guidance for the year

Building on the stronger-than-expected quarter, NovoCure raised its full-year 2026 revenue guidance to a range of $710 million to $725 million, representing projected growth of 8% to 11%, up from its previous guidance range of $690 million to $710 million issued earlier this year. The company also raised its full-year adjusted EBITDA outlook to a range of $0 to $15 million, with Brackmann saying NovoCure now expects to reach adjusted EBITDA breakeven for the full year, a notable shift for a company that has historically operated at a loss.

Brackmann said quarterly gross margins are expected to remain in the mid-70% range through the end of 2026, even as more Optune Pax patients begin therapy ahead of broader insurance reimbursement being fully established.

International expansion

NovoCure also highlighted regulatory progress in Europe during the quarter, announcing that Optune Pax received CE Mark approval for the treatment of locally advanced pancreatic cancer, clearing the way for the device’s launch across the European Union. Germany is set to become the first EU market where Optune Pax becomes available. As of June 30, more than 280 active patients were being treated with Optune Pax globally.

Recovering from a difficult stretch

Thursday’s rally marks a significant reversal from the volatility NovoCure shares experienced earlier this month. The stock had fallen sharply after the company disclosed that its Phase 3 TRIDENT trial, which tested earlier use of Tumor Treating Fields therapy in newly diagnosed glioblastoma patients, did not meet its primary endpoint of improving overall survival, even though the therapy was reported to be well tolerated and showed potential benefit signals in certain patient subgroups.

That trial disappointment had come at a particularly sensitive time for the company, coinciding with an ongoing securities investigation into NovoCure’s officers and directors and a period of roughly $900,000 in insider share sales over the preceding three months, factors that had weighed further on investor sentiment heading into Thursday’s earnings report.

Analyst reaction and stock performance context

Ahead of Thursday’s results, analysts had projected a quarterly loss of roughly $0.30 per share on revenue of approximately $172.7 million, estimates NovoCure’s actual results comfortably exceeded. Heading into the report, Wall Street sentiment on the stock had been mixed, with a consensus rating of “Hold” among covering analysts and price targets ranging as high as $46, though several firms had trimmed their targets in recent weeks following the TRIDENT trial setback. HC Wainwright maintained a “Buy” rating with a $46 price target ahead of the report, while Wells Fargo had raised its price objective to $17 with an “Equal Weight” rating in prior weeks.

Even after Thursday’s sharp rally, NovoCure shares remain well below their 52-week high of $18.92 recorded earlier in the year on an intraday basis, though the stock’s rebound now pushes it toward that recent range following a period of significant volatility tied to both clinical trial news and broader company developments, including a November leadership change in which Ashley Cordova stepped down as chief executive.

With full-year guidance now raised and the company targeting adjusted EBITDA breakeven for 2026, investors will be watching NovoCure’s continued commercial execution across its expanding product portfolio, including the rollout of Optune Pax in Europe and ongoing patient growth for Optune Lua in Japan. The company also continues to await additional clinical trial readouts, including completion of enrollment for its KEYNOTE-58 Phase III study, which could serve as further catalysts for the stock in the months ahead.

For now, Thursday’s earnings report appears to have gone a long way toward restoring investor confidence following the disappointing TRIDENT trial results, with the company’s record quarterly revenue and improved profitability outlook offering a markedly different narrative than the one that had weighed on the stock just weeks earlier.

NEW YORK — Following Spain’s 1-0 victory over Argentina in the 2026 FIFA World Cup final at MetLife Stadium, the focus has swiftly shifted from the pitch to the accounting ledger. While the Spanish Royal Football Federation secured the top prize of $50 million out of FIFA’s total $871 million tournament fund, tax policy experts and sports financial analysts warn that a substantial portion of that payout is headed straight to the United States Internal Revenue Service.

Under longstanding United States tax law, foreign individuals and corporations earning income from personal services performed on American soil are subject to federal income taxation. While FIFA secured tax-exempt status for itself and participating national associations under Section 501(c) of the Internal Revenue Code, that federal shield stops at the institutional level. The individual players, coaches, and technical staff who actually earned the money on the field remain fully exposed to U.S. federal taxation and state-level income taxes.

As legal scholars and accountants scrutinize the tournament’s tax structure, the prospect of international champions surrendering up to 30 to 40 percent of their tournament compensation to American tax authorities has sparked intense debate among lawmakers in Washington and financial experts worldwide.

Institutional Exemption Versus Individual Tax Liability

FIFA’s total prize pool for the expanded 48-team tournament reached an unprecedented $871 million, with $655 million distributed directly to national federations based on their performance. Spain’s federation earned the top $50 million share for winning the title, but the mechanism of distribution creates distinct tax realities for the organization versus its roster.

Prior to the competition, FIFA negotiated an arrangement with the U.S. Treasury Department allowing participating national associations to register as tax-exempt entities under U.S. code. This policy protects the $50 million baseline payout awarded directly to the Spanish federation from federal withholding.

However, once the federation passes those winnings down to individual team members in the form of performance bonuses, contract payouts, or incentive compensation, the money transforms into taxable personal income under U.S. law.

“It doesn’t make a difference who wins the game. The IRS will get a piece,” said Robert Raiola, director of the sports and entertainment group at accounting firm PKF O’Connor Davies. Raiola noted that the tax burden extends well beyond the starting eleven: “That goes for the coaches, team staff and referees, along with players.”

Federal Withholding and the Impact of Tax Treaties

For non-resident foreign athletes competing inside the United States, Internal Revenue Code Sections 871 and 881 establish a default federal withholding rate of 30 percent on all U.S.-sourced income. Because match play, practice sessions, and promotional commitments occurred across host venues in the United States, Canada, and Mexico, tax authorities established specific formulas to determine what proportion of a team’s prize money counts as U.S.-sourced income.

Under an agreement established between the IRS and the Canada Revenue Agency prior to the tournament, prize money is allocated based on the ratio of matches played in each host country. For teams playing the majority of their fixtures on American soil, the vast majority of their earnings falls directly under IRS jurisdiction.

While the United States maintains a bilateral income tax treaty with Spain designed to prevent double taxation, treaty protections for elite professional athletes are frequently capped. International tax agreements often contain specific clauses allowing the host nation to tax athletic earnings if total income exceeds designated annual thresholds. Given the massive scale of World Cup payouts, most Spanish squad members far exceed these threshold limits, triggering full federal tax obligations.

Rob Fagan, senior manager at KPMG’s Washington National Tax practice, rated the overall tax complexity of the 2026 World Cup as an “8 out of 10,” pointing out that tax answers vary even within a single dressing room.

“Even within the same team, there may be different tax answers for different players,” Fagan noted, adding that every squad leaving the tournament would carry a tax obligation of some form.

The Added Burden of State “Jock Taxes”

In addition to federal obligations, foreign players face state-level income taxes, commonly known as “jock taxes,” which apply to non-residents earning money within specific state borders.

Because the World Cup final was staged in New Jersey, players competing in the championship match are subject to New Jersey state tax regulations. State tax codes rarely recognize foreign tax treaties, meaning state withholdings are assessed independently of federal treaty status.

When combining federal withholding rates with state taxes across different match venues, analysts estimate that Spanish players could see total U.S. tax deductions reach up to 40 percent of their allocated World Cup bonuses before returning home to navigate Spain’s national tax framework.

Congressional Pushback and Political Reaction

The prospect of foreign national teams surrendering millions in prize money to the U.S. government has drawn sharp criticism from members of the United States Congress, highlighting a broader divide over foreign policy and domestic tax structure.

Republican Congressman Tim Burchett of Tennessee criticized the withholding rules when discussing the tax burden placed on visiting teams.

“I think it’s a rip-off,” Burchett said. “I’m not a fan of it, but Americans have to do it. American professional athletes do it, so they knew that when they came over here.”

Burchett emphasized that taxing international athletes at high rates could deter global events and visiting spenders.

“I’m not a big fan of the IRS,” Burchett added. “They made that money over here, I guess, but I don’t like all that. We want to encourage these people to come over here and spend their money, and then we take a big chunk of it. We’ve got to get a better tax system.”

Lawmakers from across the aisle also expressed disapproval of the heavy tax burden placed on visiting workforce members. Democratic Congressman Jonathan Jackson of Illinois called the steep rate on player earnings fundamentally flawed.

“It’s wrong, and that kind of highlights something bigger,” Jackson stated. “They should be paying the taxes as opposed to having tax loopholes. The people, the laborers that are working, they should not have to pay 30% of their income on taxes.”

Broader Implications for Global Sports Tourism

Unlike prior World Cup host nations such as South Africa, Brazil, Russia, and Qatar—which granted sweeping blanket tax waivers covering FIFA, national associations, and participating players—the United States maintained its strict statutory approach to U.S.-sourced personal service income.

While the IRS published a comprehensive “Tax Playbook for Foreign Participants in the 2026 FIFA World Cup” ahead of the event to outline filing procedures and central withholding agreements, financial advisors acknowledge that many foreign players will be surprised by the net size of their checks.

As Spain’s squad celebrates its World Cup triumph, players and their wealth managers are entering an extensive administrative process with tax authorities on both sides of the Atlantic to reconcile multi-jurisdictional tax liabilities.