Prime Minister Narendra Modi’s recent appeal to citizens to curb gold buying for one year, followed by the government’s decision to raise customs duty on gold from 6% to 15%, has sparked debate across economic and investment circles. The move is aimed at protecting India’s foreign reserves and strengthening the rupee. However, given India’s cultural affinity for gold and past experiences with similar measures, the effectiveness of this policy remains questionable.

Why the Appeal to Citizens

India is the world’s second-largest consumer of gold, with nearly 90% of its demand met through imports. This heavy reliance has consistently placed pressure on the current account deficit (CAD), making gold a critical factor in India’s external balance. In FY26, gold imports surged to nearly $72 billion, despite lower import volumes, largely due to rising global prices. Such persistent demand has prompted the Prime Minister to urge citizens to voluntarily reduce consumption, aiming to ease the burden on foreign reserves and stabilize the rupee. The appeal also reflects concerns over widening CAD amid elevated crude oil prices, which together strain India’s economy. By curbing gold buying, the government hopes to conserve forex reserves and strengthen the currency.

Current Account Deficit and Crude Oil Prices

India’s current account deficit (CAD) has widened considerably, driven primarily by two major imports, crude oil and gold. Elevated crude oil prices, fuelled by ongoing geopolitical tensions in West Asia, have placed significant downward pressure on the rupee. A rising CAD not only weakens the currency but also increases borrowing costs, reduces investor confidence, and heightens vulnerability to external shocks. In this context, restricting gold imports is viewed as a temporary measure to ease the imbalance and conserve foreign reserves.

Gold Imports and Forex Pressure

Gold imports account for nearly 9–10% of India’s total import bill, making them a significant contributor to external imbalances. By curbing imports, the government hopes to conserve foreign reserves, reduce pressure on the current account deficit, and stabilize the rupee. Yet the structural nature of India’s gold demand, deeply rooted in cultural traditions, weddings, and festivals, limits the effectiveness of such restrictions. Even when prices rise, demand tends to rebound during peak seasons, reflecting gold’s enduring role as both ornament and investment. Thus, while the policy may offer short-term relief, its long-term impact remains uncertain.

Risk of Illegal Imports

India has witnessed this cycle repeatedly. Whenever import duties on gold were raised sharply, smuggling surged, undermining official trade channels and eroding government revenue. This prompted policymakers to reduce the duty to 6% last year in an effort to narrow the price gap and discourage illegal inflows. With the latest hike back to 15%, the risk of illicit imports is once again elevated. Smuggling not only distorts the domestic market but also complicates regulation, creating parallel channels of supply. Such unintended consequences highlight the limitations of relying solely on duty hikes to manage India’s persistent gold demand.

Impact on Gold Demand

In the short term, higher gold prices may dampen demand, as consumers delay purchases or shift to lighter ornaments. However, India’s gold consumption is deeply entrenched and resilient. Weddings, festivals, and cultural traditions ensure steady demand regardless of price fluctuations, making gold more than just an investment, but a social necessity. With the peak demand season approaching, imports are expected to rise again, even if unofficial channels play a larger role due to the widened price gap. This persistence highlights that duty hikes can only offer temporary relief, while long-term demand remains largely unaffected.

Can Duty Hike Alone Achieve the Goals? Exploring Alternatives

Raising customs duty on gold to 15% is unlikely to achieve the government’s objectives in isolation. While it may temporarily reduce official imports, the widened price gap between domestic and international markets encourages smuggling and unofficial trade, undermining the policy’s intent. India’s resilient appetite for gold means demand will persist regardless of higher duties. Instead of relying solely on import restrictions, the government could pursue alternative strategies. Expanding and simplifying the Gold Monetization Scheme would help unlock the vast idle gold reserves held by households and temples. Establishing a Gold Bank could provide a centralized platform for importers, improve transparency, and reduce dependence on physical imports. Promoting Sovereign Gold Bonds and gold-backed financial instruments would also channel investment demand into formal avenues.

What Should Investors Do?

Investors need not panic in response to the recent hike in gold import duty. Gold prices have risen rather than declined, ensuring that current holdings continue to retain value. Historically, gold has proven to be a reliable safe-haven asset, particularly during periods of geopolitical uncertainty and economic volatility. For those looking to maintain or expand exposure, instruments such as Exchange Traded Funds (ETFs) and Sovereign Gold Bonds offer attractive alternatives, as they eliminate concerns over purity, storage, and making charges. These vehicles also provide liquidity and, in the case of Sovereign Gold Bonds, additional interest income.

While higher duties may temporarily affect official imports, India’s cultural and investment demand for gold remains resilient. Once tensions in West Asia ease, global gold prices could surge further, which in turn may lift domestic prices. Thus, investors should view gold as a long-term hedge rather than a short-term speculative play.

ADELAIDE — Adelaide Oval once again proved a fortress of misery for North Melbourne as the Crows delivered a ruthless second-half masterclass to thrash the Kangaroos by 68 points in Round 10 of the 2026 AFL season.

The final score read Adelaide 20.13 (133) to North Melbourne 9.11 (65), with the Crows piling on 13 unanswered goals after a relatively even first quarter to blow the game wide open in front of a passionate home crowd. The victory moves Adelaide to 6-4 on the season and keeps their top-four hopes alive, while North Melbourne remains winless at Adelaide Oval in 14 attempts since 2014 and slips further down the ladder at 4-6.

After an opening term that saw both sides trade goals evenly, the Crows exploded out of the blocks in the second quarter. They kicked six goals to North’s one, establishing a commanding 34-point lead at halftime. The floodgates opened further in the third term as Adelaide added another seven majors while holding North Melbourne to just a single behind. By the final change, the margin had blown out to 68 points, and the remaining quarter became a mere formality as the Crows cruised to victory.

Paul Curtis was North Melbourne’s brightest spark in defeat, booting three goals and showing glimpses of the form that made him a rising star. Ruckman Tristan Xerri battled valiantly in the middle with 23 hitouts and nine clearances, but he was largely unsupported as the Kangaroos’ midfield was overrun. Star midfielder Luke Davies-Uniacke hobbled from the field in the dying minutes with what appeared to be a lower-leg issue, adding to North Melbourne’s growing injury concerns.

Adelaide’s forward line was clinical. Key forwards combined for 12 goals, with Izak Rankine and Darcy Fogarty particularly damaging. The Crows’ midfield, led by Jordan Dawson and Matt Crouch, won the clearance battle convincingly and fed their dangerous forwards with precision. Coach Matthew Nicks would have been delighted with the intensity and execution after the first change.

“This is the type of football we know we’re capable of,” Nicks said post-match. “Once we got our run on, we were able to control the game through the middle and finish strongly. The boys responded exactly how we wanted after a tight start.”

For North Melbourne coach Alistair Clarkson, it was another frustrating afternoon on the road. The Kangaroos have now lost their last 13 games at Adelaide Oval, a venue that has become a psychological barrier for the club. Clarkson acknowledged the second-half collapse but pointed to the even opening term as evidence that his side can compete when structures are right.

“We matched them early, but once they got on a roll it was hard to stop,” Clarkson said. “We need to find ways to sustain our effort for longer periods. Credit to Adelaide — they were outstanding after quarter time.”

The result highlights the contrasting trajectories of the two clubs this season. Adelaide has found consistency at home and is building genuine momentum as a top-four contender. North Melbourne, despite high expectations entering 2026, continues to struggle with consistency and has now lost four in a row, raising questions about their finals prospects.

Key Stats That Defined the Match

Adelaide dominated the key statistical areas. They won the clearance count 38-24 and recorded 62 inside-50 entries to North’s 41. Their tackling pressure was superior, forcing 22 turnovers from the visitors. The Crows also won the contested possession battle and were far more efficient inside forward 50.

North Melbourne’s inefficiency was glaring. Despite having moments of promise early, they failed to convert opportunities and were repeatedly punished on the counterattack. The injury to Davies-Uniacke in the final minutes capped a disappointing day and will be monitored closely in the coming week.

Adelaide Oval Remains North Melbourne’s House of Horrors

The venue continues to be a nightmare for the Kangaroos. Since 2014, North Melbourne has played 14 games at Adelaide Oval and lost every single one, often by significant margins. Saturday’s 68-point thrashing was the latest chapter in a long history of disappointment on South Australian soil.

The Crows have now won their last eight games at home by an average margin of more than 50 points, underlining their status as one of the most formidable home sides in the competition. The passionate Adelaide crowd played its part, creating an intimidating atmosphere that clearly affected North Melbourne’s visitors.

What It Means for Both Teams Moving Forward

For Adelaide, the win is a significant confidence booster. With several key players returning from injury and the side hitting its stride at the right time, they will head into the middle part of the season with genuine belief. A top-four finish is now a realistic target, and their percentage received a healthy boost.

North Melbourne faces a challenging period. Sitting outside the top eight with a poor percentage, the Kangaroos must find answers quickly if they are to salvage their season. The injury to Davies-Uniacke adds to their midfield concerns, and Clarkson will need to dig deep into his bag of tricks to lift the group.

The result also carries broader implications for the 2026 ladder. Adelaide’s percentage improvement strengthens their position relative to other contenders, while North Melbourne’s loss further damages their percentage and finals hopes.

Fan and Social Media Reaction

The match generated significant buzz on social media. Adelaide fans celebrated the dominant display with highlights of key goals and defensive efforts, while North Melbourne supporters expressed frustration at another road loss. Clips of the Crows’ unanswered goal streak circulated widely, with many praising the home side’s clinical finishing.

The result was seen as a statement performance from Adelaide and a wake-up call for North Melbourne. As the season approaches the halfway mark, both clubs now face defining stretches of fixtures that will shape their 2026 campaigns.

Saturday’s clash at Adelaide Oval delivered exactly what the home crowd hoped for — a strong Crows victory built on midfield dominance and forward efficiency. As the 2026 AFL season continues to unfold, Adelaide has announced itself as a genuine contender, while North Melbourne faces another difficult period of rebuilding confidence and addressing structural issues.

The Kangaroos’ winless record at Adelaide Oval now stretches to 14 games, a statistic that continues to haunt the club. For the Crows, the result reinforces their home dominance and provides momentum heading into a crucial period of the season.

As both teams look ahead, the focus shifts to recovery and preparation for their next challenges. Adelaide will aim to build on this performance, while North Melbourne must find a way to arrest their slide and restore belief within the group. The 2026 AFL season has already delivered plenty of drama, and Saturday’s result at Adelaide Oval added another compelling chapter to the ongoing story of these two clubs.

Zoe Yujnovich
CEO & Director

Good afternoon, everyone, and welcome. Thank you to those of you joining us in the room and online. I’ve been really looking forward to presenting to you today. As Chief Executive, my ambition is clear: To build on National Grid’s strong foundations, sharpen execution and advance us as a world-class business. Strong execution is the foundation of confidence for customers, regulators, governments and investors. And we must continue to transform our business as the external environment changes at pace.

Let me start with our full year results. These strong results demonstrate the momentum we’re building. We delivered a step-up in capital investment of more than 20% to GBP 11.6 billion, driving asset growth of 10.9%. Underlying operating profit increased to GBP 5.7 billion, reflecting strong operational delivery. This supported 8% growth in underlying earnings per share at constant currency, in line with our guidance.

We also grew our dividend per share by 3.8%, in line with U.K. CPIH inflation. These results show we are delivering on our commitments. They also provide the reference point for the observations I’ve made since arriving and the strategic

A majority of SpaceX shareholders have approved a 5-for-1 stock split recommended by the company’s board, Bloomberg News reported on Friday, citing ‌people familiar with ⁠the ⁠matter.

Shareholders of IPO-bound SpaceX were informed via email that the stock’s fair market value was adjusted to $105.32 per share from $526.59 following the split, the report said.

The stock split will be processed during ⁠the week ‌of May 18 and is expected to be completed by May ⁠22, Bloomberg reported.

Reuters exclusively reported on Friday that Elon Musk‘s rocket and satellite maker SpaceX is aiming to list its shares as early as June 12 and has picked the Nasdaq as the trading venue for its ‌blockbuster market debut.

The company is likely to seek to raise about $75 billion at a ⁠valuation of roughly $1.75 trillion, which would make it the largest stock market flotation of all time, Reuters has previously reported.

SpaceX did not immediately respond to a request for comment outside regular business hours.

LOS ANGELES — As the Los Angeles Lakers evaluate their future following a second-round playoff exit, a prominent anonymous NBA executive believes the franchise should offer LeBron James a massive short-term contract to keep the 41-year-old superstar in purple and gold for at least two more seasons, according to sources familiar with the discussions.

The executive, speaking on condition of anonymity because he is not authorized to comment publicly on another team’s roster decisions, told ESPN on Thursday that James has “absolutely earned” a deal in the range of $45-50 million annually for one or two years. The recommendation comes despite James entering unrestricted free agency this summer and the Lakers facing significant salary-cap constraints with Luka Dončić and Austin Reaves already on large long-term contracts.

“LeBron is still playing at an All-NBA level at 41 years old,” the executive said. “You don’t let a player like that walk out the door if you’re trying to win now. A short-term, high-value deal makes sense for both sides — it gives LeBron security and the Lakers one last legitimate window with him and Luka before they fully transition.”

James averaged elite numbers in the 2025-26 regular season before a hamstring injury sidelined him for the postseason. Even without him, the Lakers pushed the top-seeded Oklahoma City Thunder to four games in the second round, giving many within the organization hope that a healthy James alongside Dončić could make them serious title contenders in 2026-27.

Lakers Cap Situation Complicates Negotiations

The Lakers are projected to be over the luxury tax and second apron in 2026-27, meaning any new deal for James must be structured carefully to avoid severe roster restrictions. Pelinka and ownership have signaled willingness to pay the tax for contention, but repeated high spending has drawn scrutiny from the league office and rival executives.

A two-year, $90-100 million deal for James would keep him under contract through age 43 while providing the franchise with continuity and marketing power. James has repeatedly expressed love for the Lakers organization and a desire to finish his career in Los Angeles, but he has also made it clear he wants to compete for championships and maintain financial upside in what could be the final chapter of his playing days.

Sources say James and his representatives have not yet engaged in serious negotiations but are monitoring the Lakers’ offseason moves closely. The presence of Dončić — acquired in a 2025 blockbuster trade — changes the equation significantly. James has spoken privately about excitement at the prospect of playing with the Slovenian star, viewing him as a generational talent who can carry much of the offensive load.

James’ Enduring Value at 41

Despite turning 41 in December, James remains one of the league’s most complete players. He led the Lakers in scoring, assists and minutes during the regular season and showed no signs of major physical decline until the hamstring strain. His basketball IQ, leadership and ability to elevate teammates continue to set him apart, even as athleticism naturally decreases with age.

League executives who have watched James closely this season say his basketball intelligence and conditioning work have allowed him to adapt better than almost any player in NBA history. “Most guys at 41 are role players at best,” one Western Conference GM said. “LeBron is still a top-15 player when healthy. That’s unheard of.”

The anonymous executive who advocated for the big short-term deal pointed to James’ playoff performances in recent years and his off-court business empire as reasons the Lakers should prioritize keeping him. “He’s still moving tickets, jerseys and eyeballs,” the executive said. “You don’t replace that easily.”

Broader Lakers Offseason Strategy

The Lakers face difficult choices this summer. Re-signing James would limit flexibility for other additions, but letting him walk could signal the end of the current contention window. Pelinka has been aggressive in recent years, acquiring Dončić and surrounding the stars with complementary pieces like Reaves and Rui Hachimura.

Insiders say the front office views James as the perfect bridge between the current core and the post-LeBron era. Keeping him for two more seasons would allow younger players like Bronny James — LeBron’s son — more time to develop under his father’s mentorship while the team competes at a high level.

James has been vocal about wanting to play with Bronny, and the Lakers drafted the younger James in 2024 partly with that goal in mind. A new contract for LeBron would likely include language that facilitates that shared experience, something both father and son have expressed excitement about.

Fan and League-Wide Reaction

Lakers fans have reacted strongly to the possibility of LeBron returning on a big short-term deal. Social media has been flooded with support for keeping the franchise icon, with many arguing that his leadership and on-court presence remain invaluable. “Pay the man,” became a trending phrase among supporters Thursday night.

League-wide, opinions are more mixed. Some executives believe the Lakers should begin a soft rebuild around Dončić and younger talent rather than committing massive money to a player in his 40s. Others see the move as smart business — James still moves the needle culturally and competitively, and a short-term deal minimizes long-term risk.

LeBron himself has stayed relatively quiet on his future, focusing instead on recovery and family time after the playoff loss. In a recent interview, he emphasized enjoying the present while leaving future decisions open. “I’m still having fun playing this game,” he said. “We’ll see what happens.”

Historical Context of Late-Career Contracts

James would not be the first superstar to sign a major deal in his early 40s. Kareem Abdul-Jabbar played until 42, and many Hall of Famers have had productive final seasons on sizable contracts. Modern medicine, training techniques and load management have extended careers significantly compared to previous generations.

If James signs a two-year deal worth around $100 million, it would rank among the largest for a player his age but would be justified by his continued production and box-office draw. The Lakers have shown willingness to pay top dollar for star power, as evidenced by previous contracts for James and other veterans.

The anonymous executive’s comments reflect a growing sentiment within NBA circles that James still has “plenty left in the tank” and deserves to be compensated accordingly if he chooses to continue playing. Whether the Lakers ultimately agree and structure a deal that fits their cap sheet will be one of the most closely watched storylines of the 2026 offseason.

As free agency approaches, all eyes remain on James and the Lakers. A massive short-term contract could keep the James era alive in Los Angeles for two more seasons, giving fans one last chance to witness the greatest player of his generation alongside a new generation of stars. For now, the possibility remains alive, fueled by at least one influential voice in league circles who believes LeBron James has more than earned it.

Russell Investments is a leading global investment solutions partner providing a wide range of investment capabilities to institutional investors, financial intermediaries, and individual investors around the world. Since 1936, Russell Investments has been building a legacy of continuous innovation to deliver exceptional value to clients, working every day to improve people’s financial security. The firm has US$331 billion in assets under management (as of 12/31/2024) for clients in 30 countries. Headquartered in Seattle, Washington, Russell Investments has offices in 17 cities around the world.