The crux of Brockman’s testimony so far has been that Musk was aware of plans to shift OpenAI to be more of a traditional for-profit business. When the company started, it was a non-profit, then it added a for-profit arm in order to raise billions of dollars in funding for investors, before deciding last year to make the for-profit part of the company the focus.

NEW YORK — Utz Quality Foods LLC is voluntarily recalling certain varieties of its popular Zapp’s and Dirty brand potato chips due to potential Salmonella contamination in a seasoning ingredient, the U.S. Food and Drug Administration announced Monday, urging consumers to check their pantries and return or discard affected products.

The recall, issued out of an abundance of caution, affects limited batches of chips sold nationwide. It stems from notification that a third-party seasoning containing dry milk powder, sourced from California Dairies Inc., may contain Salmonella. Although the affected seasoning batches tested negative for the bacteria before use, Utz initiated the voluntary action to prioritize consumer safety.

No illnesses have been reported in connection with the recalled chips as of Tuesday. Salmonella can cause serious and sometimes fatal infections, particularly in young children, the elderly, pregnant people and those with weakened immune systems. Healthy individuals may experience fever, diarrhea, nausea, vomiting and abdominal pain.

Affected Products and Distribution

The recall includes specific sizes and flavors of Zapp’s and Dirty potato chips with particular best-by dates and batch codes. Examples include various Zapp’s Bayou Blackened Ranch, Dirty varieties and other flavored options in bags ranging from 1.5 ounces to 8 ounces. Full details, including UPC codes, best-by dates and batch information, are available on the FDA’s website.

The products were distributed through retail stores across the United States. Consumers who purchased the items should stop eating them immediately, dispose of them safely or return them to the place of purchase for a refund. Retailers have been instructed to remove the products from shelves.

Company Response and Consumer Advice

Utz Quality Foods emphasized that consumer safety is its top priority. “We are recalling these products out of an abundance of caution,” the company stated. No other Utz products are affected. The company is working closely with the FDA and suppliers to investigate the issue and prevent future occurrences.

The FDA advises anyone who has consumed the recalled chips and experiences symptoms of Salmonella infection to contact their healthcare provider. Symptoms typically appear six hours to six days after exposure and can last four to seven days in most cases. Severe cases may require hospitalization.

Broader Context of Food Safety

This recall highlights ongoing challenges in the snack food supply chain, particularly with ingredients like dry milk powder that can harbor bacteria if not properly handled. Salmonella outbreaks linked to processed foods have occurred periodically, prompting heightened vigilance from manufacturers and regulators.

The FDA classifies recalls based on risk levels. While this action is precautionary, officials stress the importance of checking product labels and staying informed through official channels. Consumers can visit the FDA’s recalls page or sign up for alerts to receive timely notifications.

Impact on Consumers and Industry

Popular snack brands like Zapp’s, known for bold Cajun-inspired flavors, and Dirty, recognized for its kettle-cooked varieties, enjoy loyal followings across the South and beyond. The recall may temporarily disrupt availability, but Utz has assured the public that unaffected products remain safe and widely available.

Industry experts note that voluntary recalls demonstrate responsible corporate practices, even when test results are negative. Such actions help maintain consumer trust in the food supply while underscoring the complexity of modern manufacturing with multiple suppliers.

What Consumers Should Do

Check your pantry for any Zapp’s or Dirty potato chips purchased recently. Compare UPC codes, best-by dates and batch information against the FDA’s detailed list. If in doubt, throw it out. Wash hands thoroughly after handling potentially affected products and sanitize any surfaces they contacted.

For questions, contact Utz Consumer Relations or consult the FDA recall notice. Retailers participating in the recall will handle returns smoothly, minimizing inconvenience for shoppers.

Preventing Future Risks

Food safety advocates encourage consumers to stay informed and practice safe handling. Proper storage, checking expiration dates and following recall notices contribute to reducing foodborne illness risks. The incident also reinforces the value of robust supplier oversight and testing protocols in the snack industry.

As investigations continue, the FDA and Utz will provide updates if additional products or details emerge. For now, the focus remains on protecting public health through swift action and transparent communication.

This precautionary recall serves as a reminder of the vigilance required in food production. While no illnesses have been linked, consumers are urged to err on the side of caution with the specified products. The snack industry’s quick response helps preserve confidence while addressing potential risks promptly.

New Delhi: Appellate tribunal NCLAT on Tuesday set aside a Rs 301.6-crore penalty imposed on the Grasim Industries by CCI, directing the fair trade regulator to hear the Aditya Birla Group firm again over its alleged dominance in the viscose staple fibre (VSF) market.

The tribunal observed that the CCI did not provide a chance to Grasim Industries to present their arguments, after it differed from the findings of DG, its probe Unit.

The Competition Commission of India (CCI) had imposed a penalty on Grasim Industries in March 2020 for allegedly abusing its dominant position with respect to supply of VSF to spinners in India in which it has a dominant position.

Also Read: NCLAT dismisses Vedanta’s plea against Adani’s Jaiprakash bid

The order was challenged by Grasim before the NCLAT, which is also an appellate authority over CCI, which asked the regulator to hear afresh.

A two-member National Company Law Appellate Tribunal (NCLAT) bench said the CCI itself has “differed from findings of the DG”, its probe unit, regarding their directions for disclosure of discounting/pricing policy and sale to “buyers” who can trade the VSF.
In such cases, where is a difference between CCI and DG, it “requires the Commission to give opportunity to the opposite party (Grasim)”, said the NCLAT while citing previous judgments.NCLAT said CCI “had omitted to give notice” to the Grasim Industries regarding the disagreement and has thereby “deprived” the Aditya Birla Group firm “an opportunity to defend itself” against the proposed actions.

“We set aside the impugned order and remand it back to the Commission with a direction to provide an opportunity to the Appellant wherever the Commission differs with the findings of the DG and to decide the case expeditiously in a time-bound manner,” NCLAT said.

The NCLAT also made it clear that it has “not commented on the merits of the case” while passing the order, the CCI “should not be influenced by anything contained in this judgement”.

CCI in its order had said it had abused its dominant position in the market for supply of VSF to spinners in India by charging discriminatory prices to its customers, besides imposing supplementary obligations upon them.

The CCI has directed the company to “refrain from adopting unfair/discriminatory pricing practices and also refrain from seeking the consumption details of VSF from the buyers”.

Further, the watchdog had asked Grasim Industries to put in place a discount policy, which is transparent and non-discriminatory to all market participants, and to make it easily and publicly accessible/available.

A complaint alleging unfair business practices was filed against Association of Man Made Fibre Industry of India, Grasim Industries, Thai Rayon, and Indo Bharat Rayon. The three companies are part of the Aditya Birla Group.

VSF is a versatile, biodegradable, cellulosic fiber used widely in fashion apparel, home textiles, and non-woven hygiene products.

Known for its soft texture, high absorbency, and excellent drape, VSF is often blended with cotton, polyester, or linen to enhance comfort, durability, and fabric quality.

Poonawalla Fincorp reported a strong March quarter performance, with profit rising sharply on sequential improvement in margins, higher lending income and stable asset quality. The non-banking finance company on Tuesday reported a profit after tax of Rs 255 crore for the quarter ended March 2026, compared with Rs 150 crore in the December quarter, marking a 70% sequential jump.

Assets under management crossed the Rs 60,000 crore milestone and stood at Rs 60,348 crore at the end of March, the company said in its audited quarterly results.

Net interest income, including fees and other income, rose 78% YoY to Rs 1,276 crore during the quarter.
Pre-provision operating profit came in at Rs 695 crore, up 109% YoY, reflecting stronger operating leverage and higher business volumes.Net interest margin, including fees and other income, improved to 9.05% in the March quarter from 8.62% in the December quarter, an expansion of 43 basis points sequentially. The lender also reported improvement in asset quality.

Gross non-performing assets stood at 1.44% at the end of March, compared with 1.51% in the previous quarter. Net non-performing assets improved to 0.74% from 0.80% in the December quarter.
Credit cost as a percentage of average AUM eased to 2.51% in the March quarter from 2.62% in the previous quarter. Stage 1 assets, which represent the healthiest portion of the loan book, stood at 97.5% of on-book assets compared with 97.4% in the previous quarter.
The company said its secured-to-unsecured on-book mix stood at 54:46 during the quarter. Capital adequacy ratio stood at 16.83% as of March 31, with Tier-I capital at 15.90%, both above regulatory requirements.
Following its recently completed Rs 2,500 crore qualified institutional placement, the company said its simulated capital adequacy ratio would rise to 20.74% based on the March balance sheet, giving it additional headroom for growth.

Liquidity buffer stood at Rs 7,590 crore as of March 2026. Cost of borrowing declined marginally to 7.63%, lower by 2 basis points compared with the previous quarter.

Commenting on the results, Managing Director and CEO Arvind Kapil said the company had reached an “inflection point” in its growth journey. “We have reached a pivotal inflection point in our growth trajectory. By simultaneously expanding our yields and optimizing our operating architecture, we are seeing a powerful expansion in incremental NIMs,” he said.

Poonawalla Fincorp said it continued to invest in technology, adding 19 new AI projects during the quarter, taking the total number of AI-led initiatives to 76, of which 42 have already been implemented.

WillowAce is a modern apparel brand that has built its reputation by challenging long-standing pricing norms in the premium sock market.

The brand began with a simple realisation: high-quality Alpaca wool socks were being sold at inflated prices, often driven more by branding than by material differences.

“We saw people paying $30 to $50 for socks,” WillowAce notes. “Not because they were better, but because of markup.”

Instead of following that model, WillowAce took a different path. It focused on delivering the same premium Alpaca wool blend while cutting unnecessary costs. This allowed the brand to offer its products at a significantly lower price point, without compromising on quality or durability.

Over time, WillowAce has positioned itself as a leader in value-driven apparel. Its approach combines practical material benefits, such as temperature regulation and moisture control, with a strong emphasis on transparency. The introduction of a 200-day guarantee, more than double the industry norm, reflects its confidence in long-term product performance.

“That guarantee is about trust, it shows we stand behind what we make.”

WillowAce has also gained attention for its scalable pricing strategies, including its “Buy 2, Get 2 Free” model. This has helped broaden access to premium materials for a wider audience.

Today, WillowAce is recognised for redefining what “premium” means. It continues to advocate for smarter consumer choices, while proving that comfort, durability, and fair pricing can exist together.

Interview: WillowAce on Redefining Value in Apparel

Q&A with WillowAce

Q: What first led to the creation of WillowAce?

A: It started with frustration. We were looking at the market for Alpaca wool socks and saw prices sitting between $30 and $50. That felt excessive. When we looked closer, it became clear that a lot of that cost came from branding and markup, not from a big difference in product quality. We realised there was room to do things differently.

Q: What was your approach in those early stages?

A: The goal was simple. Keep the quality high, but remove unnecessary costs. We focused on sourcing the same premium Alpaca wool blend and building a product that could compete on performance. At the same time, we looked closely at pricing structures. That’s where we saw the biggest opportunity.

Q: Why focus on Alpaca wool specifically?

A: It’s a very practical material. It regulates temperature well, so it works in both warm and cold conditions. It also wicks moisture and resists odour. Those are everyday benefits. We weren’t interested in using it as a luxury label. We wanted it to be functional and accessible.

Q: Pricing seems central to your identity. How did you land on your model?

A: We asked ourselves what a fair price actually looks like. If we could make the same product and sell it for around $14.99 instead of $30, why wouldn’t we? From there, we introduced the “Buy 2, Get 2 Free” model. That was a turning point. It showed that we could scale while still offering real value.

Q: What role does your 200-day guarantee play in your strategy?

A: It’s about confidence. Most brands offer 30 to 99 days. We doubled that because we believe in the durability of the product. It also removes risk for the customer. If something doesn’t hold up, they have time to see that for themselves.

Q: How have customers responded so far?

A: The feedback has been consistent. People talk about the softness, the durability, and the price. A lot of them say they feel like they found a smarter option. That’s important to us. We want people to feel like they made a rational choice.

Q: Do you see changes happening in the apparel industry overall?

A: Yes, definitely. Consumers are becoming more aware. They are asking questions about materials and pricing. They are comparing more. That shift is creating space for brands that focus on transparency.

Q: What do you think most consumers misunderstand about pricing?

A: Many assume that a higher price always means better quality. That’s not always true. There are often layers of markup that have nothing to do with the product itself. Once people start to see that, their buying habits change.

Q: What does the name WillowAce represent?

A: It reflects what we stand for. “Willow” represents natural comfort and flexibility. “Ace” represents top-tier quality and value. It’s about balance. We want to offer something that performs well without being overpriced.

Q: How do you define success for WillowAce moving forward?

A: Being recognised as the smart choice. If people think of us when they want quality without overpaying, that’s success. We are not trying to be the most expensive brand. We are trying to be the most sensible one.

Vedanta Limited is entering a pivotal new phase where strong operating performance converges with a transformational restructuring, setting the stage for its next wave of growth and value creation, the company’s Chairman Anil Agarwal said Tuesday in a letter to the shareholders. The billionaire businessman called company’s demerger a key milestone

The much-anticipated demerger aimed at unlocking value by carving out focused, world-class businesses, has been is effective May 1, 2026. Each entity will benefit from sharper strategic direction, disciplined capital allocation, and clearly defined growth paths, enabling them to operate as independently scalable, globally competitive companies benchmarked against the best in the industry, Agarwal said.

“The most awaited milestone for Vedanta this year is our demerger, effective 1st May 2026. This transformation marks a pivotal step in unlocking value by creating focused, world-class companies, each with sharper strategic clarity, disciplined capital allocation, and distinct growth pathways. Through this demerger, each of our businesses is emerging as a “Vedanta” in its own right – globally competitive, independently scalable, and benchmarked to the best in the world,” the letter read.

Commenting on Vedanta’s earnings performance, the Chairman said FY26 marked a record year for metal major, with the company reporting its highest-ever profit and revenue, alongside strong shareholder returns.

The company reported a 92% year-on-year (YoY) surge in consolidated net profit to Rs 6,698 crore for the March-ended quarter, compared with Rs 3,483 crore in the year-ago period. Its total revenues from operations in Q4FY26 stood at Rs 24,609 crore, rising 47% YoY versus Rs 16,686 crore in the corresponding quarter of the last financial year.

Read more: Vedanta Q4 Results: Cons profit zooms 92% YoY to Rs 6,698 crore, revenue jumps 47%
He highlighted that the spotlight is now on the structural transformation through the demerger, which will split the conglomerate into multiple independent, globally competitive entities.Each vertical — from aluminium and oil & gas to power and iron & steel — is being positioned as a standalone growth engine with distinct expansion plans, Agarwal said.

Vedanta Aluminium plans to double capacity to 60 lakh tonnes, targeting global cost leadership, while its oil & gas arm is eyeing a sharp ramp-up in production backed by a $5 billion investment. The power business is targeting aggressive expansion to 12 GW, alongside diversification into clean energy, including hydropower and nuclear, he added.

On the iron & steel segment, he said the vertical is scaling up green and specialty steel capacity, supported by strong raw material linkages, while the flagship entity will continue to house key assets like Hindustan Zinc, copper, and critical minerals.

Agarwal emphasised that the demerger, coupled with ongoing investments of Rs 15,000 crore in growth capex, will create a structurally stronger and more resilient group. With improved leverage metrics and a focus on cost leadership, cash generation, and technology adoption, Vedanta is positioning itself to capitalise on long-term demand trends across infrastructure, energy transition, and manufacturing.

The next phase, he noted, will be driven by scale, efficiency, and innovation, with the ultimate goal of delivering sustained value for shareholders while contributing to India’s industrial growth story.

Vedanta shares today ended at Rs 303.90 on the NSE, gaining 3.14% over the Monday closing price.

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

Gold has maintained its position as a globally recognised store of value, even as financial markets have evolved significantly.

Unlike traditional investments such as equities or bonds, gold does not rely on earnings, dividends, or interest payments. Instead, its value is shaped by macroeconomic forces, including inflation, monetary policy, and investor confidence.

In an environment where financial conditions are becoming increasingly complex, gold is being reassessed not just as a defensive asset, but as a core component of long-term portfolio construction.

Accessing Gold in Modern Markets

One of the key developments in recent years has been the increasing accessibility of gold as an investment. Historically, physical ownership required significant capital, along with secure storage and insurance arrangements.

Today, investors can access physical gold more easily through providers such as Commonwealth Vault, which offers secure storage and direct ownership structures. This allows investors to hold allocated gold outside of traditional banking systems while maintaining full ownership. More information on how this works can be found at 

For those looking to invest in gold more directly, the ability to buy gold online has expanded significantly. Investors can now purchase a range of bullion products, including bars and coins, with varying sizes and price points. A selection of physical gold options can be explored here: 

These developments have broadened access to gold and made it easier to incorporate into a diversified portfolio.

Gold and Economic Cycles

Gold’s performance is closely linked to economic cycles, particularly periods of uncertainty or monetary expansion.

Following the Global Financial Crisis, gold prices more than doubled as central banks introduced large-scale stimulus measures. This increase in liquidity, combined with declining real interest rates, created a favourable environment for gold.

A similar pattern emerged during the COVID-19 pandemic. As governments and central banks responded with unprecedented fiscal and monetary support, gold reached record highs above USD 2,000 per ounce.

These examples highlight a consistent trend. When confidence in financial systems is tested, demand for gold tends to increase.

Inflation Protection Over Time

Gold has long been viewed as a hedge against inflation, although its effectiveness can vary in the short term. Over longer periods, however, it has demonstrated a strong ability to preserve purchasing power.

Since 1971, when the United States moved away from the gold standard under Richard Nixon, gold has delivered average annual returns of around 10 percent, according to the World Gold Council.

During the same period, inflation has significantly reduced the value of fiat currencies. Data from the U.S. Bureau of Labor Statistics shows that cumulative inflation has exceeded 600 percent.

This long-term dynamic reinforces gold’s role as a store of value, particularly in environments where monetary expansion is persistent.

Portfolio Stability and Risk Reduction

Gold’s diversification benefits are well established. It has historically exhibited low correlation with both equities and fixed income assets, making it an effective tool for reducing portfolio volatility.

During periods of market stress, gold often behaves differently from traditional assets. For example, during the sharp market decline in early 2020, the S&P 500 experienced significant losses, while gold recovered quickly and finished the year strongly.

This ability to perform independently of other asset classes is particularly valuable in the current environment, where traditional diversification strategies are being challenged.

Allocating a portion of a portfolio to gold can help reduce downside risk without significantly limiting long-term returns.

Structural Demand Trends

Gold demand is supported by both institutional and consumer activity, creating a strong underlying foundation for the market.

Central banks have been increasing their gold reserves in recent years as part of broader diversification strategies. According to the World Gold Council, central bank purchases exceeded 1,000 tonnes in 2022, the highest level on record.

At the same time, consumer demand remains strong, particularly in countries such as China and India. In these markets, gold serves both as a form of wealth preservation and a culturally significant asset.

Supply, however, remains relatively constrained. Annual gold production increases at a modest pace, and new discoveries are becoming less frequent. This imbalance between supply and demand provides long-term support for gold prices.

Risks and Market Sensitivity

While gold offers several benefits, it is not without risk.

Its performance is influenced by factors such as interest rates, currency movements, and investor sentiment. Periods of rising real interest rates can reduce demand for gold, as higher yields make income-generating assets more attractive.

A strengthening US dollar can also act as a headwind, as gold is priced globally in US dollars.

Short-term price movements can be volatile, particularly in response to economic data releases or changes in central bank policy. However, these fluctuations are typically part of broader market cycles.

Over longer time horizons, gold has maintained its role as a stabilising asset.

Outlook for Gold

The global economic outlook remains uncertain. Debt levels are elevated, inflation remains a concern, and central banks are navigating complex policy decisions.

According to the International Monetary Fund, global public debt continues to exceed 90 percent of GDP, limiting the flexibility of monetary policy.

In this context, assets that are not directly tied to financial systems or currencies become increasingly relevant.

Gold’s independence from these systems is one of its defining characteristics. It does not rely on the performance of any single economy or institution, making it a valuable component of a diversified portfolio.

Gold continues to serve as a core asset within modern investment strategies.

Its long-term performance, combined with strong demand and limited supply growth, supports its role as a store of value and a diversification tool.As global conditions evolve, gold remains a practical option for investors seeking stability, resilience, and long-term value preservation.