The online travel agent has scrapped its profit guidance for the forthcoming year after warning that conflict has sparked a sharp slowdown in bookings to Turkey, Greece, Cyprus and Egypt

On the Beach has scrapped its guidance for the coming year after cautioning that Middle Eastern tensions have triggered a marked decline in bookings.

The online travel agent had previously projected pre-tax profit of between £39m and £43m.

“Whilst the group has limited exposure to destinations in the Middle East, it has experienced a significant slowdown in demand following the onset of conflict in the region, particularly to destinations such as Turkey, Greece, Cyprus and Egypt,” the Manchester-based firm said.

“The timing of when the conflict will end and the shape of recovery in demand to these destinations are unknown.”

On the Beach has been “working round the clock to support directly impacted customers in resort and to enable a return home as soon as possible,” chief executive Shaun Morton said.

Shares in On the Beach plummeted as much as 14.5 per cent to 165p on Thursday morning, though recovered a little later. The stock has dropped by more than a quarter since the beginning of the year, as reported by City AM.

The development adds On the Beach to an expanding roster of London-listed travel firms that have endured steep share price falls following the eruption of conflict in Iran.

Budget carrier Easyjet has witnessed its shares tumble by a fifth over the past month, whilst package tour operator Jet2 has declined by 11 per cent.

Oil prices surged back above triple figures on Thursday morning, climbing as much as nine per cent in Asian markets following reports that two tankers were hit in the Gulf. An Iraqi news agency reported that 38 crew members have been rescued from the vessels whilst one person has perished.

This follows Iran’s pledge to block “one litre of oil” from leaving the region until the strikes from the US and Israel cease. The Israeli military confirmed it had conducted an “extensive” wave of air strikes targeting Tehran overnight.

The International Energy Agency (IEA) intervened on Wednesday to stabilise oil prices through the release of a record 400 million barrels from emergency oil reserves in an attempt to contain surging prices on Wednesday – though market response remained subdued.

The IEA’s executive director Faith Birol stated on Wednesday the market “challenges we are facing are unprecedented in scale”.

Yet Brent crude – the international benchmark for oil – scarcely responded to the measure, remaining steady above the $90 threshold. Meanwhile, the FTSE 100 reversed to a decline, dropping 0.5 per cent during the day’s trading.

Analysts at investment bank Macquarie have suggested the continuing tensions surrounding the Strait of Hormuz could drive the price of Brent crude to “$150 or higher”.

“The timeline for an extremely large oil price move is very short,” they stated, noting that several weeks of closure for the strait – through which approximately a fifth of the world’s oil supply passes – would trigger a “domino effect”.

Bookings on the up Prior to the latest upheaval, On the Beach recorded a 10 per cent rise in bookings during the six months ending February, with reservations from returning customers climbing 19 per cent.

The firm noted that an increasing number of users are arranging holidays via their mobile devices, with a 58 per cent surge in bookings made directly through the app.

On the Beach is also anticipating revenue from AI chat tools, having recently submitted its app to ChatGPT.

The South Tyneside-based firm says it remains to be seen how the cost of living crisis will continue to impact its market

Losses have widened at South Tyneside furniture maker BeModern amid cost pressures, though bosses say cost reductions and new products are helping.

The Jarrow firm, which has been trading for more than 60 years, produces a number of brands including Diamond Luxury Fireplaces, Atlanta Bathrooms, Elgin & Hall and Prysm for the UK market. The fireplace, stoves and bathroom furniture specialist operates from 250,000 sqft production and warehouse space employing about 236 staff.

Newly published accounts for Be Modern Limited show it sustained operating losses of more than £1m in the year to May 10 2025, up from £940,359 the year before. Gross profit fell from £10.8m to £9.8m as turnover also slid from £20.8m to £19.2m.

Bosses said that despite a slight fall in gross margin, they were pleased with efficiency improvements which meant it was less than expected. That came amid rises in labour and materials costs, as headcount was reduced from 254 to 236.

Writing in the accounts, director Stephen Grimes said: “It remains to be seen how the continuing cost of living crisis caused by an unprecedented increase in the cost of power, fuel, interest rates and basic foodstuffs will impact on the demand for the company’s products over the coming year should customers reign in their discretionary expenditure in response to these cost pressures.

“The company itself is not immune to such cost pressures within the supply chain in terms of the cost and supply of labour across all sectors and continued significant increases in the cost of raw materials means that unavoidably the company may have to pass these on to customers over the 12 months ahead if margins are to be maintained.

“The lowering of the threshold at which employers National Insurance contributions becomes payable and the increase in the percentage, along with the rise in minimum wage in the 2024 Budget had a significant impact upon the company overheads and manufacturing costs.”

Mr Grimes said directors were aware of the challenges and that Be Modern continued to invest in new product ranges and ways to grow, as well as boosting service levels for existing customers.

He added: “The measures taken by the directors to reduce the company’s cost base in the latter part of the 2025 financial year and the introduction of new products appear to have had a positive impact on the current year as the half year results indicate a significant improvement on the previous year. Whilst this gives cause for optimism the directors will continue to explore further cost saving and commercial opportunities going forward.”

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Stock-market indexes end mostly flat, with the Dow Jones industrials and the S&P 500 down slightly. The Nasdaq composite edges higher. Boeing shares slide after the company announces delivery delays for its 737 Max aircraft. And Exxon Mobile stock slips after the company says it is moving its corporate headquarters to Texas from New Jersey.

Medical technology giant Stryker Corporation suffered a major cyberattack on March 11, 2026, that crippled its global IT systems, wiped data from thousands of employee devices and idled tens of thousands of workers worldwide, according to company statements, employee reports and cybersecurity analysts.

The breach, which began overnight and affected operations across the United States, Europe and Asia, has been linked to the pro-Palestinian hacktivist group Handala, widely believed to have ties to Iran. Handala claimed responsibility on social media, describing the incident as retaliation for a recent U.S. military strike on a school in Minab, Iran, that reportedly killed around 160 people amid escalating U.S.-Iran tensions.

Stryker, headquartered in Portage, Michigan, and a leading manufacturer of medical devices including orthopedic implants, surgical equipment and hospital beds, employs approximately 56,000 people globally. The company has a significant presence in Ireland, where its Cork headquarters and facilities employ up to 5,000 workers, making the Emerald Isle one of its largest operational bases outside the U.S.

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A Stryker spokesperson confirmed the incident in a statement to customers and media: “We are currently experiencing a global network disruption affecting the Windows environment.” The company emphasized it had “no indication of ransomware or malware” in initial assessments but acknowledged the widespread outage. Stryker said it was working urgently to restore systems, with assistance from external cybersecurity experts including Microsoft engineers.

Reports from affected employees and sources familiar with the matter indicate the attack deployed destructive “wiper” malware. Unlike traditional ransomware, which encrypts files and demands payment for decryption, wiper malware permanently erases data, rendering it irrecoverable. Devices connected to Stryker’s network—including laptops, cellphones and other Windows-based systems managed through Microsoft Intune—were reportedly wiped remotely. Login screens on compromised systems displayed the Handala logo, a symbol associated with the group.

The Wall Street Journal first reported the suspected Iran-linked nature of the attack, citing people familiar with the situation. Shares of Stryker (NYSE: SYK) fell about 3% to 3.4% in trading following the news, reflecting investor concerns over potential long-term impacts on operations and reputation.

Handala’s claim posted on X (formerly Twitter) boasted of wiping over 200,000 systems, servers and mobile devices while extracting 50 terabytes of critical data. The group framed the operation as part of broader retaliation against perceived aggressions by the U.S. and its allies in the ongoing Middle East conflict, including cyber operations targeting the “Axis of Resistance.”

Cybersecurity experts noted that while Handala has conducted previous disruptive attacks, often aligned with Iranian geopolitical interests, attribution remains challenging in the fluid world of state-sponsored and hacktivist operations. The use of wiper malware marks a particularly aggressive tactic, more commonly associated with nation-state actors seeking destruction rather than financial gain.

This incident comes amid heightened U.S.-Iran cyber tensions. Recent military actions, including joint U.S.-Israeli strikes inside Iran, have raised fears of retaliatory cyberattacks on American infrastructure and companies. Stryker’s selection as a target may stem from its global footprint, its role in healthcare—a critical sector—and any perceived ties to Israel through business dealings or supply chains.

The attack disrupted normal business functions, forcing employees to stay offline and halting access to internal software, email and communications tools. In Ireland, where Stryker’s Cork operations focus on manufacturing and research, thousands of workers were unable to perform duties, prompting local media to describe the incident as crippling one of the country’s key multinational employers.

No immediate evidence suggests patient data or medical devices themselves were directly compromised, as the attack targeted corporate IT networks rather than product systems. Stryker maintains separate security protocols for connected medical devices, and the company has a history of issuing advisories for vulnerabilities in products like its Vocera communication systems and hospital beds.

Stryker reported the breach to Ireland’s National Cyber Security Centre and is cooperating with authorities. The company has not disclosed the full scope of data loss or any potential exposure of sensitive information, though a separate data breach notification filed in late 2024—unrelated to this incident—involved unauthorized access between May and June of that year.

Analysts warn that recovery from a wiper attack could take weeks or months, as wiped systems require rebuilding from backups or clean installations. The incident highlights vulnerabilities in global supply chains and corporate networks, particularly for companies in strategic sectors like healthcare.

As investigations continue, the Stryker cyberattack serves as a stark reminder of the intersection between geopolitical conflict and cyberspace. With U.S.-Iran hostilities showing no signs of abating, experts anticipate further escalation in the digital domain.

Stryker officials have urged patience as restoration efforts proceed, assuring stakeholders that patient care and product supply remain priorities. The company has not released a timeline for full recovery.

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Mumbai: Heightened volatility in equities amid escalating conflict in West Asia is prompting many companies with Initial Public Offerings (IPOs) lined up over the next few weeks to pause and reassess their launch timelines. Their dilemma is whether to take a plunge at lower valuations or hold out for the stock market conditions to improve.

“Companies are preferring to take a more tactical approach on whether to proceed or hold back,” according to Bhavesh Shah, managing director & head – Investment Banking, Equirus Capital. “Investor sentiment has made issuers more calibrated about launch windows and pricing.”

Currently, 141 companies have regulatory approvals – valid for a year from the date of clearance – to collectively raise about ₹1.64 lakh crore through IPOs, according to data from Prime Database. At least 80 companies still have an approval window of up to 3-9 months to launch their issues, but bankers are concerned about the investor appetite for new shares, should the secondary markets remain wobbly.

“Global geopolitical tensions and the recalibration of trade deals are creating a risk-off environment among international institutional investors who anchor large Indian IPO books,” said Ganesh Jagdishen, CEO of Plutus Global – a cross-border M&A and capital raising advisory firm. “Some companies will likely hold up their IPO launches if approval is valid for a little longer.”
Approvals of five companies – Continuum Green Energy Ltd, GSP Crop Science Ltd, Jajoo Rashmi Refractories Ltd, Ajay Poly Ltd and Veritas Finance Ltd – are set to expire over the next two months, according to data from Prime Database.

Rising tensions, a sharp spike in crude oil prices and renewed foreign investor selling triggered a sell-off in the market in the past week. The Sensex decline of about 3% in this period.
“The primary market always takes cues from the secondary market. The ongoing volatility in the secondary market is the key reason behind fewer IPO launches,” said Pranav Haldea, managing director at Prime Database.

Gold and silver prices opened slightly lower on the Multi Commodity Exchange of India (MCX) on Thursday as the US dollar strengthened by 0.1%, making dollar-denominated bullion costlier for holders of other currencies. Since gold and silver are priced in dollars globally, a stronger greenback means buyers using other currencies need to spend more to purchase the same ounce.

Investors are now looking ahead to the release of January’s delayed Personal Consumption Expenditures (PCE) index on Friday.

MCX silver futures due May 2026 were down Rs 2,126 or 0.8% to Rs 2,66,362 per kg. Meanwhile, gold futures for April 2026 delivery fell Rs 708 or 0.43% to Rs 1,61,081 per 10 grams.

In the international market, spot gold was down 0.1% at $5,172.86 per ounce as of 0221 GMT, while US gold futures for April delivery remained unchanged at $5,178. Meanwhile, spot silver fell 0.3% to $85.49 per ounce.

How should you trade gold?

“We are witnessing very high volatility in both precious metals. However, silver prices could hold their support level of $74.00 per troy ounce, while gold may sustain its support at $4,940 per troy ounce on a closing basis this week. We expect gold and silver to remain volatile amid fluctuations in the dollar index, the US-Iran war, and sharp moves in crude oil prices,” said Manoj Kumar Jain of Prithvi Finmart.

He said gold has support at $5,145 to $5,100 and resistance at $5,220 to $5,264 per troy ounce. Silver, meanwhile, has support at $82.80 to $79.10 and resistance at $88.00 to $90.40 per troy ounce in today’s session.
On the Multi Commodity Exchange of India, gold has support at Rs 1,59,800 to Rs 1,59,000 and resistance at Rs 1,62,700 to Rs 1,63,500, while silver has support at Rs 2,65,500 to Rs 2,61,600 and resistance at Rs 2,71,000 to Rs 2,75,000. Jain advised investors to wait for some stability in the markets before initiating fresh positions.

Gold, silver rates today, 12 March 2026, across major cities

Gold price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 1,19,888 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,30,776 per 8 grams.

Gold price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 1,19,768 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,30,656 per 8 grams.

Gold price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 1,20,968 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,31,968 per 8 grams.

Gold price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,19,768 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,30,656 per 8 grams.

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

Jefferies has cut its target price on Bharti Airtel as it factors in a potential delay in Jio’s IPO and rising macro risks, even as it reiterates a Buy call and says the risk-reward remains extremely favourable. The brokerage has lowered its price target to Rs 2,250 from Rs 2,575, implying 25% upside from the previous close, after trimming its India revenue and EBITDA estimates by 6-8% over FY26–28.

In its latest note, Jefferies flagged that tariff hikes could be pushed back as the much-awaited Jio IPO may be delayed beyond the first half of calendar 2026 due to regulatory overhang.

“The chances of a tariff hike by June 2026 are low,” the report said, citing two key reasons, a potential rise in inflation driven by higher energy prices and the fact that “even after six months since Sebi approved reducing the minimum stake-sale requirement for large IPOs to 2.5%, the final gazette notification has not yet been issued.”

Jefferies warned that this could “potentially delay Jio’s IPO beyond 1HCY26, which in turn could push back tariff hikes,” prompting it to assume only a single 15% sectoral tariff hike in December 2026 and cut Bharti’s India mobile ARPU and EBITDA forecasts accordingly.

The second key drag on the target price is Bharti’s surprise foray into the NBFC business, which the brokerage said has raised “concerns over capital allocation” and weighed on the stock despite earnings upgrades.

Bharti shares are down 14% so far in 2026, underperforming the Nifty50 by about 5 percentage points, with Jefferies noting that the “bulk of the price decline” came after the NBFC announcement, even though FY27-28 consensus revenue and EBITDA estimates have seen upgrades of up to 1% over the same period.
The company plans to infuse Rs 14,000 crore into the new lending venture (Rs 20,000 crore from the Bharti group), which would position it among the top NBFCs by net worth in a market “dominated by a few firms that have consolidated market share in recent years.”Jefferies estimates the NBFC could add around 3% to Bharti’s current market price in the best-case scenario (at 4x price-to-book) and erode about 1% in the worst case (0x price-to-book), but stressed that “further such moves in the future can’t be ruled out.”

To reflect the twin risks of Jio IPO/tariff-hike timing and Bharti’s capital allocation into financial services, Jefferies has cut its target EV/EBITDA multiple for Bharti’s India operations to 12x from 13x.

This de-rating, combined with lower revenue and earnings assumptions, results in an 8–11% cut to FY27-28 earnings estimates, even as the brokerage continues to factor in 13–14% CAGR in India revenues and EBITDA and sees Bharti’s India EBITDA (ex-tower) ranging between Rs 920-1,245 billion by FY28, depending on tariff and margin trends.

“Despite the earnings revisions, Bharti Airtel offers a strong 13–14% CAGR in India revenues and EBITDA,” Jefferies said, adding that based on a valuation range of 9.5–13.5x EV/EBITDA, its fair value band of Rs 1,570–2,890 per share implies “59% upside and 13% downside — making the risk-reward extremely favourable.”

The brokerage reiterated its Buy rating on the stock.