India’s largest IT services exporter, TCS has delivered a set of numbers that, while not euphoric, offer something the market has been craving—stability. In a sector grappling with the long-term implications of artificial intelligence, the latest commentary around Tata Consultancy Services (TCS) suggests that fears of an abrupt disruption may be overstated, at least for now.

At the heart of the discussion is the Total Contract Value (TCV), often seen as a forward-looking barometer of demand in the IT services industry. Contrary to concerns that AI-led efficiencies might shrink deal sizes, the latest figure has come in strong.

Speaking with ET Now on TCS earnings, Sandip Agarwal from Sowilo Investment Managers said, “People were expecting a sharp decline in TCV because of AI, but at $12 billion it is robust and steady compared to the last two years. Exiting the fourth quarter at this level is a strong finish.” This indicates that while technology shifts are underway, client spending and deal momentum remain intact, providing near-term visibility for large IT firms.

The broader growth outlook, too, appears intact despite the evolving landscape. “You will still see 5–6% growth in largecaps in dollar terms, and in rupee terms, earnings CAGR of 16–17% over the next two years. If that happens, stocks could rerate at least 25%,” he said.

This suggests that even with modest growth in dollar revenues, currency movements and operational leverage could support healthy earnings expansion, keeping investor interest alive.

A key debate in the market is whether IT services companies can retain relevance as AI platforms become more advanced. However, the core positioning of these firms as system integrators remains a strong moat.
“IT services companies are basically integrators. AI is like any other technology—someone has to integrate it, make it usable, and deliver outcomes. That role is not going anywhere,” he added. That said, the economics of the business may evolve, with some benefits being shared with clients. “Some of the savings companies earlier retained will now have to be passed on to clients because of AI.”

On margins, expectations of immediate gains from currency depreciation may be misplaced. “People expect immediate margin gains from currency moves, but that is not how it works. Benefits take time to flow to the bottom line.” Over the longer term, however, currency remains a structural tailwind. “Every 1% rupee depreciation gives roughly 1% EPS accretion for large companies like TCS or Infosys.” Yet, historical trends serve as a reminder that such gains are often offset. “Despite rupee depreciation in the past, margins did not improve much due to wage hikes and ongoing investments,” he said.

Taken together, the outlook for the IT services sector appears balanced. AI may reshape cost structures and pricing dynamics, but it is unlikely to dismantle the core business model overnight. Instead, the transition is expected to be gradual, giving companies time to adapt. For investors, this means moderating expectations while recognising the sector’s resilience. If earnings compound as anticipated and valuations remain supportive, the case for a gradual rerating of IT stocks remains firmly on the table.

RIO DE JANEIRO — Former Real Madrid and Brazil left-back Marcelo Vieira has reignited the eternal Lionel Messi versus Cristiano Ronaldo debate by declaring the Argentine superstar his most difficult opponent, citing Messi’s extraordinary football intelligence and spatial awareness during a candid interview with Brazilian legend Romário.

In a relaxed conversation posted on Romário’s YouTube channel this week, the 37-year-old Marcelo, who won five Champions League titles and 25 trophies during 15 glittering seasons at the Bernabéu, was asked directly: “You faced Cristiano and Messi, but who was the toughest?”

Without hesitation, Marcelo replied, “Messi.” He elaborated with visible admiration and lingering frustration: “Messi was really formidable — I’m still looking for him to this day, damn. Man, he’s really formidable; Messi is really tough. He understands all the positions on the field very well. He knows when the guy is coming with the ball, he already knows where to go, where to get out, and so on. I think he is very extraordinary.”

The comments, which quickly went viral across social media and football outlets, carry particular weight coming from a player who shared the dressing room with Ronaldo for years and battled Messi more than 30 times in high-stakes Clásicos and other encounters.

Marcelo’s praise focused less on Messi’s dribbling or finishing — attributes both icons share at elite levels — and more on the Argentine’s almost supernatural reading of the game. As a left-back tasked with containing attackers, Marcelo described the mental challenge of marking a player who anticipates movements several steps ahead, making traditional defensive positioning feel inadequate.

The Brazilian icon stopped short of diminishing Ronaldo, his longtime teammate and friend. He has repeatedly called Ronaldo the best player he ever played with and the greatest he witnessed up close. Yet when pressed on direct opposition difficulty, Marcelo’s verdict favored Messi’s tactical genius over Ronaldo’s explosive athleticism and goal-scoring machine-like consistency.

The remarks arrive at a time when both Messi, 38, and Ronaldo, 41, continue defying age in Major League Soccer and the Saudi Pro League respectively. Messi stars for Inter Miami, dazzling fans with his vision and creativity, while Ronaldo remains a prolific scorer for Al-Nassr.

Marcelo’s career provided a unique vantage point. As Madrid’s starting left-back during the club’s dominant 2010s era, he locked horns with Messi in numerous El Clásicos, Copa del Rey finals and Champions League clashes. Those encounters often featured breathtaking individual duels, with Messi’s low center of gravity and quick changes of direction proving nightmares for defenders.

In contrast, Ronaldo spent nine seasons as Marcelo’s teammate from 2009 to 2018, forging one of football’s most successful partnerships on the left flank. Their on-pitch chemistry helped deliver multiple Champions League triumphs. Off the field, the pair developed a close bond, with Marcelo frequently expressing admiration for Ronaldo’s relentless work ethic and leadership.

The left-back’s latest comments echo sentiments he has shared in previous interviews, though this instance drew sharper attention because of the direct comparison and Romário’s probing style. Romário, a fellow Brazilian World Cup winner known for his straightforward questioning, pressed Marcelo on the topic after discussing other career highlights.

Football analysts and fans reacted swiftly. Many Messi supporters hailed the comments as validation from an insider who experienced both players at their peaks. Ronaldo fans countered that defending a teammate in training differs from match intensity and pointed to Ronaldo’s superior head-to-head goal tallies in some contexts or his physical dominance.

The debate, which has captivated global audiences for nearly two decades, shows no signs of fading even as both icons enter the twilight of their careers. Marcelo’s perspective adds a defender’s lens to a conversation usually dominated by attacking statistics, Ballon d’Or counts and team trophies.

Marcelo retired from professional football in 2024 after a final stint with Fluminense in Brazil, where he lifted the Copa Libertadores. Since hanging up his boots, he has stayed connected to the game through media appearances, youth coaching and nostalgic reflections on his decorated career.

His admiration for Messi aligns with views expressed by other elite defenders who faced the Argentine. Several former opponents have described Messi’s low, explosive movements and peripheral vision as uniquely difficult to predict and contain.

Ronaldo, meanwhile, has built a legacy on power, aerial ability and mental fortitude. Marcelo witnessed that drive daily in training sessions at Valdebebas, where Ronaldo’s relentless pursuit of perfection pushed teammates to higher standards.

The timing of Marcelo’s remarks coincides with heightened interest in the Messi-Ronaldo legacy as both players continue performing at high levels. Messi helped lead Argentina to the 2022 World Cup title and the 2024 Copa América, cementing his status for many as the greatest of all time. Ronaldo remains the all-time leading international scorer and continues chasing records in Saudi Arabia.

Marcelo’s comments are unlikely to settle the GOAT debate, which remains deeply personal and subjective. Yet they offer rare insight from a player who operated in the trenches against both icons — one as a rival, the other as a brother-in-arms.

In the interview, Marcelo also reflected on other tough opponents, naming players like Jesús Navas and Xabi Prieto from his earlier career, but reserved his strongest praise for Messi when the question narrowed to the two modern greats.

Social media platforms exploded with clips of the exchange, sparking fresh rounds of arguments, memes and statistical comparisons. Some users noted the irony of a Real Madrid legend elevating a Barcelona icon, while others appreciated the honesty and respect shown across club lines.

As football evolves with new generations of talent, moments like Marcelo’s interview serve as valuable oral history, preserving perspectives from those who lived through the Messi-Ronaldo era at its fiercest.

For Marcelo, choosing Messi as the toughest opponent appears rooted in genuine on-pitch experience rather than agenda. His words carried the tone of a defender still haunted by the challenge of marking one of football’s most elusive talents.

The full interview with Romário offered broader nostalgia, covering Marcelo’s journey from humble beginnings in Rio to global stardom, his love for the Brazilian national team and fond memories of Madrid’s golden generation.

While the Messi-Ronaldo question dominated headlines, Marcelo’s overall message celebrated the joy of competing against — and alongside — the game’s best.

As the football world digests the latest chapter in the never-ending rivalry discussion, Marcelo’s verdict stands as a notable data point from someone uniquely qualified to judge. Whether it sways opinions or simply fuels more debate, one thing remains clear: the brilliance of both Lionel Messi and Cristiano Ronaldo continues to inspire, divide and captivate fans long after their peak clashes.

Marcelo’s honest assessment reminds everyone that greatness can manifest differently — one through intuitive genius and spatial mastery, the other through sheer willpower and athletic excellence. In the eyes of one of football’s most decorated left-backs, Messi held the edge when the whistle blew and the battle began.

Mara Naaman is a New York–based independent scholar, writer, and editor whose work explores contemporary Arabic and American literature and culture. She has built a career shaped by deep study, global experience, and a clear commitment to thoughtful inquiry.

Naaman earned her PhD in Arabic Literature from Columbia University. Her dissertation on literary representations of downtown Cairo received high honours. She spent several years living in Cairo and travelling across the Middle East, developing both language fluency and cultural insight that continue to inform her work.

Her academic career includes serving as Assistant Professor of Comparative Literature and Arabic at Williams College from 2007 to 2014. She has also held teaching positions at Columbia University, New York University, Hostra University and Hunter College. Earlier in her career, she worked as Associate Director of Programs at the Modern Language Association in New York.

Naaman’s approach is grounded in the idea that process matters more than outcomes. She often describes herself as a “culture worker,” focused on how literature and lived experience intersect. Her work connects academic research with broader cultural conversations.

Currently, she is pursuing an MFA in Creative Writing at the City College of New York and is working on a novel. Through her teaching, writing, and research, Naaman continues to contribute to her field with an approach that values depth, reflection, and human connection.

Mara Naaman on Culture, Career, and Choosing Process

Q: You began your career in the arts as a dancer. How did that shape your path into literature and academia?

I started as a serious dancer and attended Interlochen Arts Academy while I was in high school. At the time, I thought I would go on to be a professional dancer. But writing was always there in the background; I found it clarifying to write, both creatively and academically. I won a creative writing award in high school, and began to think about writing more seriously. I don’t see it as a sharp transition. It felt more like one form of expression leading into another.

Q: What drew you specifically to Arabic literature?

I began studying the history of the Middle East at Wesleyan University and took my first Arabic language classes at The American University in Cairo as part of a study abroad program. I realized the language was really difficult and that mastering it would take many years. I made a commitment to keep working on learning the language and wrote my senior thesis on Magical Realism in Arabic literature. Researching that project opened a door for me. I realized there was a whole world of stories and perspectives that I wanted to understand more fully.

Q: You spent time living in Cairo as an undergraduate and during your PhD. How did that experience influence your work?

It changed everything. I felt the class divide in Cairo acutely and identified with writers committed to detailing the experiences of the working classes and the poor. And, of course, I was living in many of the spaces I was writing about, which was very inspiring. My dissertation focused on downtown Cairo as a symbolic space and the history of protest over the twentieth century. This gave me a deeper understanding of how urban spaces and the built environment have their own story to tell. It also gave me a sense of how literature not just reflects but also helps to shape a narrative for social justice movements. My years in Cairo grounded my work in lived experience.

Q: Your career includes roles at several universities and institutions. What stands out from those years?

Teaching at Williams College was a key part of my career. It gave me time to develop my ideas and connect with students. I’ve always valued the classroom as a space for conversation. Later, working at the Modern Language Association gave me a broader view of the important work professors in language and literature departments are doing, and how threatened many of these departments are by budget cuts to the humanities in higher education.

Q: You’ve described yourself as a “culture worker.” What does that mean to you?

It means I don’t separate my work from the world around me.I’m interested in how literature reflects everyday life and how it inspires us to want to work against injustice. I’m also interested in how people engage with ideas. For me, it’s about contributing to culture in a meaningful way and sharing inspiring work with others.

Q: You’ve spoken critically about the idea of a “success mindset.” Why is that important to you?

I think the language of success, efficiency, and outcomes can be limiting. It pushes people to focus on results and self-optimization rather than process. For me, the process is where learning happens. It’s where growth happens. If we lose that, we lose something important.

Q: How has that mindset shaped your career decisions?

It has allowed me to take a longer view. I haven’t always followed the most direct or conventional path and have made many mistakes along the way. But I’ve stayed connected to what interests me. That has led me to opportunities that feel meaningful rather than just strategic.

Q: What does your current work look like day to day?

I balance my days between taking care of my kids, writing, and taking classes as part of the MFA program at the City College of New York. I try to keep things simple. I write lists, manage my time carefully, and limit distractions. It’s about creating space to think and work.

Q: You’re currently working on a novel. How does that fit into your broader career?

It feels like a natural extension of my academic work. Novels require research, patience, and revision. They also require hours of sustained focus and an attention to detail. For me, working on this project has been another way of exploring certain intellectual ideas that interest me but also I’ve thought a lot about the human psyche and the complexities of human behavior. The work feels like a piece.

Q: What keeps you motivated through long-term projects?

I try to stay grounded. I run, practice yoga, try to read widely, and talk to friends. I also think about my mother a lot. She worked very hard to support us. That perspective helps me keep going, even when things feel difficult or uncertain.

Q: What do you think matters most in a career today?

For me, it’s not about job titles or recognition.

Newtown-le-Willows firm hails ‘strong early leasing momentum’

Investor Seneca Property has completed its fourth deal of the year with the purchase of two office buildings in the Midlands.

The Newton-le-Willows group last year said it had £25m ready to invest in continued nationwide growth and has now strengthened its West Midlands portfolio with the deal for the two Solihull assets. It says is still looking for further similar opportunities across the UK.

At first new acquisition Dominion Court, on Station Road in Solihull town centre, Seneca has already secured a 5,000 sq ft letting. Another 6,000 sq ft is under offer and set to complete shortly, which Seneca says demonstrates “strong early leasing momentum”.

At second new acquisition Pegasus, in the Cranmore Business Park, Seneca has begun a refurbishment project including the creation of a new gym and a premium business lounge. The investor said the move is “aimed at creating a more amenity-rich environment aligned with modern occupier expectations”.

Jeff Morton, CEO of Seneca Property, said: “These acquisitions are a strong fit with our strategy of targeting assets where we can take a proactive approach from day one. The early leasing activity at Dominion Court, combined with our repositioning plans at Pegasus, reflects both the strength of the Solihull market and our ability to execute quickly.”

Chris Bullough, managing director of Seneca Property, added: “There is a clear shift in occupier expectations towards higher-quality, amenity-rich workspace. Our focus at Pegasus is to deliver a product that responds directly to that demand, while continuing to drive income across both assets.”

SYDNEY — With the Reserve Bank of Australia’s cash rate sitting at 4.10 percent after back-to-back 25-basis-point hikes in February and March 2026, economists and financial markets are closely watching for signs of another increase as soon as the May 5 meeting, driven by persistent inflation pressures, a resilient domestic economy and global uncertainties from the Middle East conflict.

The RBA lifted the cash rate target by 25 basis points to 4.10 percent on March 17 in a narrowly split 5-4 board decision, marking the second consecutive tightening move this year. Governor Michele Bullock and the Monetary Policy Board cited stronger-than-expected capacity constraints, a tighter labor market and renewed upside risks to inflation, partly fueled by higher energy costs linked to regional tensions. While inflation has moderated from its 2022 peak, recent data showed it picking up materially, prompting the board to act to keep expectations anchored within the 2-3 percent target range.

As of early April, the big four banks and other forecasters largely anticipate at least one more hike in the near term. ANZ, Commonwealth Bank, NAB and Westpac all point to a possible 25-basis-point rise in May, which would lift the cash rate to 4.35 percent. Westpac has gone further in some scenarios, outlining potential additional moves in June and August that could push the peak toward 4.85 percent, though that remains a more aggressive outlook.

Market pricing reflected in ASX 30-day interbank futures as of April 9 showed the May 2026 contract implying roughly a 62 percent probability of a hike at the next meeting, with implied yields suggesting the cash rate could climb gradually through the second half of 2026 before stabilizing. Longer-dated contracts pointed to the rate holding around 4.6 percent by year-end under current pricing, though economists stress the path remains highly data-dependent.

The RBA’s own communications have emphasized flexibility. In the March statement, the board noted it would remain “attentive to the data and the evolving assessment of the outlook and risks.” Minutes from the meeting highlighted that while some inflationary pickup may prove temporary, underlying pressures in the economy — including robust private demand and government spending — warranted tighter policy to close the output gap.

Economists at UBS, for instance, forecast a May hike to 4.35 percent as the base case, followed by a prolonged hold unless household wealth and debt dynamics shift dramatically or global conditions deteriorate sharply. They highlighted booming household balance sheets and nominal government expenditure as factors that could sustain demand and keep inflation elevated.

Commonwealth Bank economists described the May decision as another “line ball” call, dependent on developments in the Middle East and how households respond to the recent tightenings. They retained their call for a May hike given current conditions but acknowledged the seven-week window allows for significant shifts in global or domestic data.

The broader 2026 outlook has shifted markedly since late 2025. Earlier forecasts anticipated rate cuts as inflation trended toward target, but stronger economic activity, lower unemployment than expected and external shocks have reversed that narrative. The RBA’s February Statement on Monetary Policy already revised inflation higher, with trimmed-mean measures now projected to peak around mid-2026 before easing gradually.

Key risks center on energy prices. The fragile ceasefire in the Middle East has kept oil volatile, with potential disruptions to supply adding to imported inflation risks for an open economy like Australia. Higher fuel and electricity costs flow through to households and businesses, complicating the RBA’s task of returning inflation sustainably to target without derailing growth.

Domestic factors also weigh heavily. The labor market has shown resilience, with unemployment lower than previously forecast and capacity pressures in some sectors proving more persistent. Wages growth, while moderating, remains a focus, as do rents and other services inflation that have been sticky.

For borrowers, another hike would translate to higher mortgage repayments on variable-rate loans, adding pressure after years of elevated borrowing costs. Savers, however, would benefit from improved returns on deposits. The RBA has stressed its dual mandate of price stability and full employment, signaling it will not hesitate to tighten further if risks to inflation skew higher.

Analysts note that three consecutive hikes — as seen in early 2023 — would be unusual but not unprecedented if data justifies it. The March decision’s split vote underscored internal debate over timing rather than the need for action itself, with some members favoring a hold to assess incoming figures.

Looking further into 2026, most forecasts do not envision aggressive further tightening beyond the near term. Many economists see the cash rate peaking around 4.35-4.60 percent before any potential easing in 2027, assuming inflation eventually moderates. Trading Economics models project the rate at 4.35 percent by the end of the current quarter, trending toward 4.10 percent in 2027 and lower still in 2028 under baseline scenarios.

Market participants and superannuation funds are monitoring the RBA’s next moves closely, as they influence everything from the Australian dollar to equity valuations and housing affordability. The cash rate directly affects variable mortgage rates, business lending costs and the broader cost of capital.

The RBA’s next meeting on May 5 will provide fresh guidance, with the quarterly Statement on Monetary Policy due in May offering updated forecasts. In the interim, key data releases on inflation, employment, retail sales and global oil dynamics will shape expectations.

Governor Bullock has repeatedly emphasized a data-dependent approach without pre-committing to any path. This flexibility has helped manage market volatility but leaves borrowers and businesses in a state of uncertainty as they plan budgets and investments.

For the Australian economy, sustained higher rates could cool demand and help bring inflation under control, but they also risk slowing growth if tightened too aggressively. Economists warn of a delicate balancing act, especially with external shocks from geopolitics adding unpredictability.

In summary, while no one can predict the exact trajectory with confidence, the consensus among major banks and analysts leans toward at least one more modest hike in May 2026, potentially taking the cash rate to 4.35 percent. Further moves later in the year remain possible but less certain, hinging on how inflation, the labor market and global conditions evolve.

Australians with mortgages are advised to review their finances and consider fixed-rate options where appropriate, while the RBA continues to stress that policy will adjust as needed to safeguard long-term economic stability.

Amazon is signaling a major shift in how it plans to serve customers, starting with rewriting parts of its own playbook.

CEO Andy Jassy released his annual letter to shareholders on Thursday, writing that the tech giant is not content to simply add artificial intelligence features to its existing retail business. Instead, Jassy said Amazon is preparing to rebuild the customer shopping experience from the ground up, even if it means disrupting products and systems that already work at massive scale.

“The temptation is to just add a little AI to the existing experience,” Jassy wrote, adding that the “trick” leaders must learn is “reimagining your experiences from a clean sheet of paper.”

“When you have a product that’s working at scale, one of the hardest decisions to make is to go back to the starting line,” Jassy wrote.

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Jassy suggested that “the interface with which customers want to interact with a retailer could be substantially different over time.”

The CEO acknowledged that rebuilding systems at scale can feel like “going backwards,” especially when those systems are already widely used.

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But he argued that standing still in a moment of rapid technological change is riskier.

“AI is not a standalone initiative—it’s a multiplier,” Jassy wrote. “It will reshape every customer experience we offer and unlock entirely new ones.”

Ticker	Security	Last	Change	Change %
AMZN	AMAZON COM INC	233.65	+12.40	+5.60%

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Jassy concluded his letter sharing his optimism for what lay ahead for the tech giant, underscoring Amazon’s strong finish to 2025, which saw revenue grow 12% year-over-year from $638 billion to $717 billion.