Business
Why a 70:30 India-global portfolio makes sense in a changing world, Subho Moulik decodes
In this context, a balanced approach that combines home market familiarity with global exposure is becoming increasingly relevant. Speaking to Kshitij Anand of ETMarkets, Subho Moulik, Founder and CEO of Appreciate, explains why a 70:30 India–global portfolio can help investors improve risk adjusted returns, reduce concentration risk, and participate in the world’s most powerful long term growth trends in a rapidly changing global landscape.
Kshitij Anand: If you look at the data for 2025, the Nifty delivered around 10%, while US markets were well ahead with returns of about 16%. Do you think some Indian investors may have felt they missed the rally? And if you look at returns in dollar terms, which are slightly worse for Indian investors, what are your views on that?
Subho Moulik: If you are an Indian investor with no diversification, you essentially saw your portfolio go up by about 10%, while the US market delivered almost double that when you include currency, roughly around 22%. The rise in US portfolios is not a one year story. If you look at the past few years, they have been bumper years for US investors.For full disclosure, my portfolio is about 70 to 80% global and around 20% India. And of course, we are in the business of democratising global investing, so I do have a bias. But if you look at the numbers, it is a very rational decision for Indian investors to allocate money not just to India, but also globally.
On timing, I think there is still plenty of room left in the rally. Historically, the average bull market since World War II lasted about seven to eight years. There have also been bull markets that ran for as long as 15 to 16 years. The current bull market is well short of those durations. No one knows when a bull market will end. Anyone who claims they do, well, best of luck to them. I certainly do not know. But if you look at historical averages and current fundamentals, there should still be room for this bull market to continue.So, I do not think timing is the issue. The real question is about themes. What are you investing in, and why you did not diversify earlier. Let me ask you a question. We are all aware of the Nifty 50. If I told you the Nifty 50 exists, but you can only invest in two Nifty 50 stocks for the rest of your life, how would you react?
Kshitij Anand: In that case, I think that may have worked two decades ago, but things are changing now. No company survives indefinitely, and even within the Nifty 50 there is constant churn. If I take your point, yes, if I pick a Nifty 50 stock today, there is always a possibility it may not be part of the index six months down the line.
Subho Moulik: Exactly. If someone told you there are 50 stocks, but you can only invest in two, your first reaction would be why would I only invest in two stocks? You would want more choice. This ties back to the point you made earlier. India is a very important market from a future perspective, but it still represents only about 4%, or even less, of the global market. Therefore, as an investor, the rational choice is to think about diversification. How to allocate capital in a way that improves returns while reducing overall risk. That is what investors should be doing.
I do not think timing is an issue at all. In fact, if there is a sudden crash, say something completely unexpected happens in the next month and markets correct sharply, that would be a fabulous time to buy.
Kshitij Anand: Absolutely. We have seen that happen multiple times in the past.
Subho Moulik: Exactly.
Kshitij Anand: In fact, there is another dilemma Indian investors might be facing. In terms of GDP growth, India is likely to deliver around 7% in 2026–27, while global growth is expected to be around 2.5 to 3%. However, the scale of the economy differs significantly between the US and India, and even a 2.5 to 3% growth rate for the US is considered quite strong. Still, many Indian investors tend to focus on the headline numbers, 7% versus 3%. Could you help investors understand how to translate this into portfolio decisions, especially when investing abroad?
Subho Moulik: I will address that. This comparison is a fallacy, a red herring, and I will explain why. When you invest in the US, you are not investing only in US focused or US centric companies. Let us take an example from beverages. Whether or not you believe that the beverage market in India will grow rapidly, let us assume for a moment that it grows in line with GDP. It is a mass consumer segment and should broadly follow the economic cycle. Now, who do you think benefits from the growth of India’s beverage industry?
Kshitij Anand: US companies.
Subho Moulik: Coca Cola and Pepsi.
Kshitij Anand: Pepsi, and they are all US based companies.
Subho Moulik: Exactly. They are all based in the US. So, when you invest in US stocks, you are not necessarily investing in the US economy. Today, most global multinationals are listed in the US, and therefore, investing in US markets is effectively a bet on global growth.
What investors should increasingly think about is which sectors to invest in and where the global leaders in those sectors are located. To continue with the beverage example, if you believe beverages are a compelling investment theme, the global leaders in that space are listed in the US. If we move to a more realistic example, the leaders in semiconductors, companies like Nvidia, are also listed in the US. The leaders in genetics are largely in the US as well, with some presence in Europe and China. In defence, the dominant players are again largely US based. In emerging areas like quantum computing, which could become as exciting as, or even more exciting than, AI, there is once again a strong presence in the US and China.
So, while India has strong growth prospects, as an investor you already carry significant home country risk. You live in India, your home is in India, and your job is in India. From a portfolio perspective, diversification is important so that if something goes wrong domestically, at least part of your investments is insulated.
Another important point is how different markets react to shocks. Twenty years ago, if the US market moved up by a certain amount, India would usually follow. Over time, the correlation between the two markets has been declining, and we expect this trend to continue. That actually increases the benefits of diversification.
Finally, there is also the comfort of investing in markets where the rule of law is well established and investors have confidence in capital protection and repatriation. So, the real question is not about 2% GDP growth versus 7% GDP growth. The real question is where are the pockets of the highest growth in the world, and how can investors access them?
Kshitij Anand: Absolutely. In fact, I recall the saying: if the US sneezes, India catches a cold. If you correlate that here, earlier any movement in the US used to impact India. That has not been true recently because much of the rally has been driven by DIIs rather than FIIs. FIIs have taken a bit of a backseat, and DIIs are running the show. But yes, if you go back five to seven years, you could definitely say that if the US sneezed, India caught a cold. So, when you talk about the bull run and say there is plenty of room left, can we say the party continues on Wall Street as well, and not just on Dalal Street?
Subho Moulik: If you look at the current US bull run, there are a couple of common fears. One is that a large portion of returns has been concentrated in seven, eight or ten stocks; second, that forward earnings multiples are at all-time highs, making the market look bubbly and frothy; and third, that this is all speculation and will come crashing down. Let me address these one by one.
I do not think the data supports the view that the US market is becoming more concentrated. On a relative basis, if you look at gains over the last three years, 2025 was the lowest in terms of concentration. The Magnificent Seven contributed about 55% of gains in 2023 and around 42% in 2025, which shows a declining trend. You may still ask why seven stocks contribute around 40% of gains, but that is because these companies are expected to drive disproportionate disruption through what they are doing.
The second concern is about valuations. The S&P 500 is trading at around 22x forward earnings, while the Magnificent Seven trade at about 29–30x forward PE. The historical peak has been closer to 40x, so we are still below those levels. Another important point is that a few years ago, small caps—represented by the Russell 2000—were not delivering returns. That has now changed, and the Russell 2000 has delivered reasonable returns. It typically underperforms the S&P 500 slightly and does not suffer from the same concentration issues.
So, I think economic performance is much more broad-based than what headlines suggest. Clickbait headlines are easy to consume, but deeper analysis often gets missed. That does not mean returns are perfectly democratic across all 5,000 stocks, but around 500–600 companies are delivering returns. Unlike episodes such as the Tulip bubble or the dot-com bubble, there are real earnings backing this rally. One can debate the quality of earnings or whether there is circularity among a few players, but these are real earnings driven by disruptive technology, particularly AI.
If you look at what is emerging—the combination of quantum computing, expanding AI use cases, and even progress towards viable fusion energy—each of these reinforces the other. There is an energy challenge, a computing power challenge, and a question of how quickly AI use cases can become real. As these factors interact, a very interesting virtuous cycle could emerge, though it may or may not play out.
Because of this, I am less worried about an imminent collapse of the bull run. Even if the bull market ends due to a black swan event—say China invades Taiwan, another pandemic emerges, or some other unforeseen crisis occurs—markets will crash. No one predicted COVID before it happened. Black swans are, by definition, unpredictable.
But even in such scenarios, the right approach is to buy the dip. Dumb money buys at the peak; smart money buys on corrections. If you are fortunate enough to have cash during a market crash, invest it. A 25% correction is a good opportunity. Do not try to time the exact bottom—buy the dip.
Kshitij Anand: Another fear in the minds of Indian investors is currency risk. We have just touched 90 against the US dollar and are hovering around that level. There are headlines asking whether we are heading towards 95 or even 100. How should investors think about this?
Subho Moulik: It is very hard to fight basic economics. There will continue to be an inflation differential for some time. Even when the US was concerned about inflation, it was around 4%. The Fed will continue to focus on keeping inflation in check. India’s inflation is likely to remain higher, and as long as there is an inflation differential—and therefore an interest rate differential—I do not see the currency moving in any direction other than gradual depreciation.
If there were a structural economic shift where inflation and interest rate differentials reversed, then currencies would move the other way. I do not think that is likely over the next decade, though I could be wrong. Over the past three decades, the pattern has been consistent, and the next decade is likely to follow a similar trend. A 3–5% annual currency depreciation is quite plausible.
This is why I keep coming back to the point of diversification. Do not limit yourself to a narrow set of choices. Of course, back your own economy—you understand it well and there are many good opportunities in India—but do not put all your eggs in one basket. Diversify.
Diversification also gives you access to sectors that simply do not exist in India, not because there is anything wrong with India, but because markets develop differently. Whether it is AI, defence, genetics, rare earths, or exposure to regions like Latin America, there are many themes where India has limited or no exposure. I can name 40 such themes.
By diversifying globally, you get exposure to the themes you believe in and also reduce the impact of currency depreciation. If you look at historical data over the past 20 years, a simple allocation of 70% India and 30% global equities—pure equity, not debt—would have outperformed either market individually. That is because of better risk-adjusted returns and lower correlation. When one market suffers a shock, the portfolio holds up better.
The reasons to diversify keep piling up. The biggest hurdle is inertia.
Kshitij Anand: And the first step is to start doing it.
Subho Moulik: Exactly. Start doing it. Kshitij, what is your global exposure?
Kshitij Anand: My global exposure; well, it is not that much.
Subho Moulik: So, less than 10%?
Kshitij Anand: Absolutely, less than 10%.
Subho Moulik: Then you need to move closer to 30%. After this, we can talk about how to do that. If you look at the average Indian investor’s portfolio—say, someone invested in Indian mutual funds or stocks—the average international exposure is probably less than 1%. So, there is a massive opportunity simply to reach a basic level of diversification.
Kshitij Anand: One point you mentioned earlier was the concentration of the rally. Another concern Indian investors often have is the lack of research available beyond the Magnificent Seven. How can investors address this gap and gain confidence to invest in US small and mid caps, especially when even Indian markets sometimes lack adequate data?
Subho Moulik: I have three responses to that. First—and I will briefly plug what we do, since it is relevant—if you use an app that specialises in global stocks, like Appreciate, you get access to analyst ratings such as buy and sell calls, consensus views, financial ratio snapshots, and stock-specific news and perspectives. The US is a data-rich market. If you go to the right partner, app or platform—and we are one of the leading providers of global stock access—there is a wealth of information available, much more than in India, because the market is more mature.
Second, before you start actively trading, it is better to begin with broad-based bets. For example, you could invest in an index like the S&P 500 or take sector-level exposure. Before saying, “I have enough conviction to buy stock X and sell stock Y,” it makes sense to start with index or sectoral investments, which are easier to understand and form a view on.
Third, and this is something we plan to launch in the coming financial year, is AI-based investing advice and automated transactions. We are building a research engine with zero human analysts—completely AI-driven—that pulls insights from anywhere between 5 and 32 sources, monitors markets 24×7 (often in real time), distils that information, and provides recommendations that can be executed automatically. Investors can opt into such a plan, monitor performance, and continue only if they are comfortable. This is entirely optional. We believe we will be among the first Indian players to offer truly AI-based portfolios, and this will increasingly become another avenue for investors.
So, there are multiple ways for people to educate themselves. You can take a highly sophisticated route or a simpler one, but lack of information should not be a barrier.
Kshitij Anand: That is a smart approach, because lack of information and apprehension about where to start often keeps investors away. Most people only know a handful of global companies; Pepsi, Coke, as you mentioned, or the Magnificent Seven. Beyond that, unless a company makes headlines in Reuters or other global media, it tends to stay off the radar. It is good that you mentioned AI, because my next question is about that. Has the AI story moved from narrative to earnings?
Subho Moulik: Let us break the AI story into three parts: the infrastructure required for AI, general-purpose use cases, and AGI, or artificial general intelligence. The infrastructure story is very real. Data centre build-outs, energy consumption, and chip manufacturing are all happening at scale. Right now, this infrastructure is being built to support use-case development, and as those use cases see wider adoption, usage will increase, further driving infrastructure demand. Most of the earnings-driven value creation so far has been on the infrastructure side.
In terms of use cases, some are already seeing broad adoption, especially content-related applications. For example, AI-generated videos and creative content are becoming mainstream, and creative companies are increasingly exploring how to use these tools. As a small example, a large portion of advertising content today is already AI-generated.
Then there is AGI, which depending on who you listen to, is either imminent within the next five years, far away, or imminent but manageable. The debate there is more about governance and safeguards. Markets are not really pricing this in yet, because it is almost impossible to predict the timeline or outcomes.
So, there is a fair amount of reality in the AI story. The key question is whether a quarter of weaker-than-expected performance, due to slower scaling of use cases or a temporary dip in infrastructure demand, derails the theme, or whether investors look through it, recognising that this is a long-term, disruptive technology. In my view, AI is here to stay.
Kshitij Anand: AI is here to stay, that is…
Subho Moulik: AI is here to stay. Now, what form it will take, I do not know. I think we will see various avatars, no pun intended, over the next 2, 3, 5, 7 or even 10 years. If you think about it logically, and I may sound a bit philosophical here, if we take the idea of diversification and apply it to humanity as a planet, our best bet is to diversify onto other planets. I do not think we get there without some level of AI in space and related technologies. So, there are multiple reasons why I see AI continuing to evolve.
Another area where AI is clearly here to stay is defence. It is a genie that has been let out of the bottle and is not going back in. We are likely to see more autonomous systems and weapons of various kinds, and there is no reversing that trend. So, space and defence are other key use cases—some driven by utilitarian or altruistic motives, and others, quite frankly, driven by the objective of maximising efficiency in warfare because that is where money is made.
Kshitij Anand: You mentioned Elon Musk, and his companies have also diversified into India—Tesla is now in India. And in fact, most US companies are diversified not just into India but across the globe. That is really the core point. That is what makes them special, and that is why investing in US markets is not just a bet on the US, but on global growth.
Subho Moulik: That is right.
Kshitij Anand: Another theme that has been getting a lot of attention from investors is Trump’s policies, especially on tariffs. Could that derail the US bull market story?
Subho Moulik: I think tariffs are primarily being used by Trump as a negotiating tool. This is not crystal-ball gazing; it is quite evident. As negotiations progress, the extreme tariffs, like 300% tariffs, tend to get walked back, and what remains is a more reasonable, lower-level tariff regime. I think that is likely to persist.
People and companies are also adapting. Supply chains are being reconfigured. Earlier, companies manufactured where it was cheapest—Mexico, China, or elsewhere. Now, when they look at landed costs including tariffs, they reassess and move production accordingly. In some cases, production may return to the US; in others, it may shift to different locations.
I do not think inflationary effects from tariffs have fully played out yet. As they do, that itself becomes a pressure point for tariff rationalisation, because inflation is a very sensitive domestic issue. Tariffs have not turned out to be the market destroyer many feared, largely because each time markets approached a tariff cliff, Trump often stepped back and extended timelines. That is consistent with his style, announce something drastic, then revise it. Markets have learned to partially price this in and then wait for clarity.
So, I do not see tariffs as a doomsday scenario. Over time, tariffs are more likely to come down, especially if they start feeding meaningfully into inflation. There are also legal challenges in the US questioning whether tariffs have been imposed through entirely legal mechanisms.
Kshitij Anand: For investors, the key takeaway is not to focus only on headlines but to look deeper. Tariffs are there, but as you said, they need not dominate investment decisions in US stocks. Another geopolitical concern that has come up is the recent military action in Venezuela. There could be more such events. Does that hurt the US investment story?
Subho Moulik: There are multiple geopolitical flashpoints, Ukraine, Israel, Iran, parts of Africa, Venezuela, and potentially Taiwan. Among these, Taiwan is uniquely sensitive because of its role in global semiconductor supply and existing defence commitments. In most other cases, history shows a short-term disruption, usually a week or so, after which markets stabilise.
There are always winners and losers. I am not commenting on the legality or morality of actions, it has happened. Some companies lose, some gain. From a market perspective, the net impact is usually limited. In conflicts involving energy, oil companies tend to benefit. Defence companies almost always benefit. As long as shipping and logistics are not severely disrupted, markets move on.
Taiwan is the exception. But broadly, despite political turbulence and debates, such as discussions in the US around executive powers—markets tend to look through these events. As strange as it may sound, most of these developments turn out to be non-events from a market perspective.
Kshitij Anand: Absolutely. Even historical data suggests that. Now, let us move to specific sectors. We have spoken about AI, and investors have already made significant gains in AI-led sectors, as well as in clean energy and healthcare. Are there specific sectors you believe investors should focus on in 2026 and beyond, from a long-term perspective?
Subho Moulik: I will start with the more pessimistic view and move toward the optimistic. Defence spending is going to rise globally, as a percentage of GDP. I would invest in defence. I would also invest in space. Defence companies will increasingly look at space-related opportunities, not just launch systems but allied businesses. Space is a compelling long-term theme.
AI remains interesting, perhaps a bit bubbly, but still compelling. I am also very bullish on quantum computing. To put it in perspective, it took about 30–35 years to go from supercomputers to personal computers. I believe the first quantum supercomputers could emerge within the next 10 years. That implies that over the next half century, we could potentially see quantum personal computers. That would be a game changer in processing power and applications. The last time fundamental physics translated into real-world applications on this scale, it changed the world, think transistors or nuclear technology.
Energy is another major theme. Rare earths are in focus because of their importance to renewables like solar. Hydrogen could be a disruptive force. Fusion energy, though longer-term, could reshape the entire debate around energy generation. Whether these innovations come from new energy companies or existing ones reinventing themselves is an open question, but energy remains a very interesting space.
Healthcare and life sciences are equally exciting. Drug discovery timelines are collapsing due to AI and computational advances. We are likely to see more biosimilars and breakthrough therapies. Longevity science is advancing rapidly, there are already claims that someone alive today could live to 300. Treatments for Alzheimer’s, obesity, and other conditions are evolving at an unprecedented pace.
Much of this progress comes from deep, foundational scientific research that eventually leads to these breakthroughs. Which countries will lead that research? Will the US continue to maintain its edge? These are important questions. But in the near to medium term, these are the sectors I would focus on.
Kshitij Anand: The next question usually revolves around choosing between global ETFs and individual stocks. How should one take that call?
Subho Moulik: As I mentioned earlier, ETFs have a lot going for them. They give you sectoral or index exposure, they are relatively low-cost, and they allow you to invest in a basket of stocks in an efficient and inexpensive way. I would definitely say that global ETFs are far better than Indian mutual funds that invest in global ETFs, because the expense ratios tend to be much higher in the latter. It is usually better to own global ETFs directly.
Between ETFs and stocks, it really comes down to how comfortable you are making individual stock bets versus investing in a basket or a theme. It depends on your confidence level as an investor and where you are in your investment journey. Typically, I would suggest having a mix—some ETFs and some individual stocks. There is no magic formula.
Kshitij Anand: Absolutely, a mix-and-match approach works well. Also, there are certain barriers Indians face when investing in the US. How is Appreciate tackling those challenges? You spoke about data availability and how the app makes it seamless for Indian investors to make informed choices, with rankings and easy transactions for buying and selling.
Subho Moulik: Let me address that. First, we have worked very hard to simplify onboarding. This is a regulated space, so Appreciate is a registered broker-dealer with integrations across multiple banks. We go through rigorous information security processes, audits, and compliance checks, and we partner with trusted global brokers to ensure safety.
All investments are covered by SIPC insurance in the US—up to $500,000—not for market losses, but for broker or custodian failure. Assets are held with a custodian, not by us. So safety and trust are key pillars. We also partner with mainstream banks and operate within a fully regulated framework. These are basic hygiene factors.
Onboarding itself is very simple—PAN, Aadhaar, and basic profile information. While we ensure all regulatory requirements are met, the process typically takes about two minutes before you can start investing.
On remittances, we know how painful the traditional process can be, filling out A2 forms, visiting bank branches, submitting documents, and answering queries. By the time all that is done, the stock you wanted to buy may have already moved significantly, and the opportunity—and excitement—is gone.
Kshitij Anand: And the excitement is gone as well.
Subho Moulik: Exactly. What we enable is seamless, fully digital remittance that happens quickly. From the investor’s perspective, there is ample research available on the platform. We are also introducing AI-based recommendations, which we discussed earlier. Essentially, we remove the operational friction so that you can focus on portfolio performance and investment decisions, and leave the rest to us.
We also make tax compliance easy. You can download everything you need for tax filing and share it with your CA. We try to eliminate all the usual stress points so that investors can focus on making the right decisions.
Kshitij Anand: You mentioned upcoming sectors earlier. How is Appreciate helping investors identify or track these themes? Is there something within the app that allows investors to go overweight on certain emerging sectors?
Subho Moulik: We are doing this in two ways. First, we are launching access to global thematic portfolios. We scan global markets and work with some very interesting asset managers, evaluate past performance, and curate a set of around 30–35 thematic portfolios. These cover themes such as energy, AI, genetics, country-specific themes, and commodities versus equities.
These will be available at the beginning of the new financial year. Investors can choose from these themes, or even request a bespoke portfolio, provided they meet a minimum investment threshold.
Second, we are launching AI-based recommendations with automated execution. The idea is simple—no individual investor can realistically track 30-plus data sources, monitor real-time markets, interpret signals, and execute trades continuously. Our AI engine does exactly that, delivering a package of automated buy and sell decisions. Investors simply authorise participation in the programme and then assess performance. If they are comfortable, they continue; if not, they can opt out.
We believe these two offerings are strong differentiators, allowing investors to use their time more effectively—deep-diving into areas of interest and leaving the rest to us.
Kshitij Anand: Another concern for investors is regulatory compliance and taxation. How does Appreciate make that seamless?
Subho Moulik: From a compliance perspective, we are very strict about being fully compliant. We are a SEBI-registered investment adviser, a registered broker-dealer, and we are launching our own payment service provider to enable fully regulated remittances. We comply with all relevant Indian and US regulations, and investor assets are protected under SIPC insurance.
We work with leading banks in India and have undergone extensive due diligence, so this is a safe, mainstream, and well-regulated space—not a fringe asset class.
On taxation, we provide a simple solution. With the click of a button, you can download your complete tax package and hand it over to your CA. That makes the process very seamless.
Kshitij Anand: Absolutely. All of this helps Indian investors step out of their comfort zone and invest beyond borders. Any advice for investors heading into 2026?
Subho Moulik: I will take a cue from your first question. It is never too late to make the right investment decision. If you are already investing, you are doing something positive for your financial health. The question is how to make it better.
I strongly believe in a 70–30 portfolio—keep 70% in India, which you understand well, and allocate 30% globally. If you are unsure how to do this, you can come to Appreciate, reach out to us on social media, or even use another platform. The key point is diversification.
After diversifying, focus on disciplined investing. Very few individual investors successfully time the market. Invest regularly and focus on buying during corrections, which add far more value in the long term than chasing rallies.
Do not worry too much about timing. Systematic investing works. As you gain confidence, you can start taking sectoral or specific stock bets—but not necessarily at the very beginning. We have published several articles on this, and as you know, a diversified portfolio with systematic investing delivers better outcomes over time.
Do not rely on tips, they do not work. Focus on fundamentals, whether you are investing in India or abroad.
Kshitij Anand: Whether India or abroad.
Subho Moulik: Exactly. Stay the course, and you will be fine.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)
Business
Full Solution to Game #1030
Fans of The New York Times’ popular word-grouping game Connections woke up Monday to a fresh challenge in puzzle #1030, blending themes of lively parties, financial stakes, arcade nostalgia and clever wordplay on Broadway hits.

The daily brainteaser, which tasks players with sorting 16 words into four groups of four based on hidden connections, continues to draw millions as one of the most engaging additions to the NYT Games lineup since its 2023 debut. On April 6, 2026, solvers navigated a mix of straightforward links and trickier puns that tested both vocabulary and cultural knowledge.
Today’s NYT Connections words were: BALL, CAROUSER, CLAIM, CONCERN, EVITE, HOEDOWN, HOLES, HOP, MALLET, MOLE, OLIVES, RAVE, SHARE, STAKE, TIMER, WICKET.
Players typically start with the yellow category, rated as the easiest. For Monday’s puzzle, that group centered on events with dancing: BALL, HOEDOWN, HOP, RAVE. These terms evoke everything from formal galas and country barn dances to energetic club nights and underground parties where guests groove the night away. A “hop” historically refers to a casual dance event, while “rave” captures the modern electronic dance scene. Solvers who spotted this festive thread early gained quick momentum.
Next came the green category, focusing on interest in its financial or stake-holding sense: CLAIM, CONCERN, SHARE, STAKE. Here, the words double as synonyms for involvement or ownership. A “stake” represents an invested portion, much like a “share” in a company. “Claim” and “concern” extend the idea to legal or business interests, a subtle linguistic pivot that rewards careful reading over surface-level associations.
The blue group, often medium difficulty, delivered a burst of childhood nostalgia with components of Whac-A-Mole: HOLES, MALLET, MOLE, TIMER. This classic arcade game, where players frantically hammer popping moles back into their holes before time runs out, remains a staple at fairs and family entertainment centers. The connection hinges on gameplay mechanics rather than abstract ideas, making it accessible once the theme clicks.
The trickiest purple category required the sharpest eye for wordplay: musicals with last letter changed. The words — CAROUSER, EVITE, OLIVES, WICKET — transform into familiar Broadway titles when their final letters are swapped. “Carouser” becomes “Carousel,” the Rodgers and Hammerstein classic. “Evite” turns into “Evita,” the Andrew Lloyd Webber musical about Argentina’s iconic first lady. “Olives” yields “Oliver!,” the Dickens-inspired hit, and “Wicket” reveals “Wicked,” the long-running prequel to “The Wizard of Oz.” This meta-layer of altered spellings delighted puzzle veterans while stumping casual players.
Difficulty for Connections #1030 registered at 3.3 out of 5 according to the NYT’s internal metrics, indicating a moderately challenging start to the workweek. Many solvers reported clearing the board with lives to spare, though the purple category tripped up those rushing through without considering puns.
Connections, created by former software engineer Josh Katz and editor Will Shortz, has surged in popularity alongside other NYT Games like Wordle and Strands. The simple-yet-addictive format — no timers, just pure pattern recognition — appeals to commuters, remote workers and families competing over breakfast. Players can share streaks and compare scores via the official app or website, fostering a sense of community.
Monday’s puzzle arrived amid growing discussions about the game’s expanding role in daily routines. Social media lit up with reactions ranging from triumphant “perfect game” posts to good-natured groans over missed connections. Some players praised the dancing theme for injecting fun energy, while others appreciated the Whac-A-Mole nod as a nostalgic callback.
For those who prefer hints before full spoilers, early clues included thinking about party scenes for yellow, business jargon for green, arcade cabinets for blue and theater tweaks for purple. The official companion article on nytimes.com offered one-word reveals per category for strategic assistance without ruining the solve.
NYT Games continues to refine Connections with fresh themes drawn from pop culture, history, science and everyday life. Monday’s mix highlighted the puzzle’s strength in weaving disparate elements — from rural hoedowns to corporate stakes and Broadway classics — into a cohesive mental workout.
As word games maintain their hold on digital audiences, Connections stands out for encouraging lateral thinking over rote memorization. Educators note its value in building vocabulary and cognitive flexibility, while casual fans enjoy the low-pressure format that fits neatly into coffee breaks or bedtime wind-downs.
Those still puzzling over April 6’s edition can revisit the game on the NYT site or app, where past puzzles remain available. New players receive tutorials highlighting color-coded difficulty levels: yellow easiest, followed by green, blue and purple hardest.
Looking ahead, the NYT Games team teases evolving mechanics and potential crossovers with other properties, keeping the franchise dynamic. For now, Monday’s solution offers satisfaction for thousands who nailed all four groups and motivation for those plotting a better score tomorrow.
In a world of endless digital distractions, Connections delivers a brief, rewarding pause that rewards curiosity and quick wits. Whether you danced through the yellows or hammered out the blues, puzzle #1030 delivered classic Connections charm with a theatrical twist.
Business
Super Micro Computer: Don't Buy Into Lawsuit (Rating Downgrade)
Super Micro Computer: Don't Buy Into Lawsuit (Rating Downgrade)
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US, Iran and mediators make push for 45-day ceasefire, Axios reports

US, Iran and mediators make push for 45-day ceasefire, Axios reports
Business
Australia’s 10 Best Workplace Companies 2026 Offer Exceptional Culture and Employee Satisfaction
As Australian businesses navigate economic pressures, hybrid work demands and talent shortages in 2026, a select group of companies stands out for creating environments where employees report high levels of trust, pride and camaraderie. Great Place to Work Australia, the Australian Financial Review’s Best Places to Work awards and WORK180’s equitable workplace rankings highlight organizations that excel in culture, flexibility, inclusion and genuine employee engagement.

These 10 companies — drawn from a composite of 2026 lists including Great Place to Work’s Best Workplaces for Women, AFR industry and size-based winners, and broader employee satisfaction surveys — demonstrate that strong workplace culture drives business performance, innovation and retention. From multinational consultancies to local fintechs and energy firms, they share common traits: transparent leadership, meaningful flexibility, investment in wellbeing and a commitment to diversity that goes beyond compliance.
The rankings rely heavily on confidential employee feedback through tools such as Great Place to Work’s Trust Index survey, which measures credibility, respect, fairness, pride and camaraderie. Companies must also submit detailed culture briefs showing how policies translate into real outcomes. In 2026, with hybrid models maturing and mental health remaining a priority, the top performers emphasize psychological safety, career development and work-life integration.
Here are 10 of Australia’s standout companies for workplace environment in 2026, presented in no strict order but grouped by notable strengths:
- Medibank Named Best Enterprise Organisation (2000+ employees) in the 2026 AFR Best Places to Work awards, Medibank continues to set the benchmark for large-scale Australian employers. Employees praise its comprehensive wellbeing programs, generous parental leave, mental health support and genuine commitment to hybrid flexibility. The health insurer’s “People First” philosophy translates into tangible benefits, including subsidized fitness programs, confidential counselling and career pathways that support internal mobility. In Great Place to Work surveys, Medibank consistently scores above 80% on trust and pride metrics. Leadership transparency, including regular CEO town halls and open feedback channels, has helped the company maintain high engagement even during industry challenges such as rising claims costs.
- Liberty Financial Recognized as Best Large Organisation (500+ employees) in the AFR awards, Liberty Financial has built a reputation for empowering employees through autonomy and growth opportunities. The financial services company offers competitive remuneration, strong learning and development budgets, and a culture that celebrates both individual and team success. Employees highlight inclusive decision-making processes and a supportive environment for working parents and carers. Liberty’s focus on diversity has earned it recognition in multiple 2026 equitable workplace lists, with women and culturally diverse staff reporting high satisfaction levels.
- Adobe Australia Frequently appearing on Great Place to Work’s Best Workplaces for Women 2026 list alongside global recognition, Adobe Australia excels in fostering creativity and innovation. The technology company provides unlimited flexible working arrangements, generous parental leave (including for secondary carers), and robust professional development programs. Employees value the emphasis on psychological safety, regular pulse surveys and leadership that actively addresses burnout. Adobe’s Australian operations benefit from the company’s global resources while maintaining a local culture that feels collaborative and supportive.
- EY (Ernst & Young) Ranked among the top workplaces for women in 2026 by both Great Place to Work and WORK180, EY Australia stands out for its structured approach to flexibility, mentorship and inclusive leadership. The professional services firm has invested heavily in reducing billable-hour pressure for certain roles, introducing “recharge days” and career coaching programs. Employees report strong satisfaction with diversity initiatives, including targeted support for women in leadership and LGBTQ+ networks. EY’s commitment to hybrid work and mental health resources has helped it attract and retain talent in a competitive consulting market.
- hipages Group A standout on WORK180’s 2026 equitable workplace list and frequently cited in Great Place to Work recognitions, hipages Group (a leading online home services marketplace) prioritizes transparency and employee voice. The company offers unlimited leave for many roles, generous parental support and a culture that encourages innovation without burnout. Staff surveys highlight high levels of autonomy, clear communication from leadership and genuine care for wellbeing. hipages has been praised for its rapid response to employee feedback and its focus on creating an environment where people can “bring their whole selves to work.”
- Prospa Named on Great Place to Work’s Best Workplaces for Women 2026, the fintech lender has built a reputation for high-performance culture paired with strong support systems. Prospa offers competitive salaries, equity participation for many roles, flexible working and comprehensive parental leave. Employees appreciate the company’s flat structure, open-door policy and focus on professional growth. Prospa’s emphasis on diversity and inclusion has helped it attract talent in the competitive fintech sector while maintaining strong business results.
- AGL Energy Recognized in the AFR Best Places to Work awards for its performance in the agriculture, mining and utilities sector, AGL has made significant strides in modernizing its workplace culture. The energy company has invested in hybrid work models, mental health programs and diversity initiatives, including support for women in traditionally male-dominated technical roles. Employees report improved satisfaction with leadership communication and career development opportunities. AGL’s focus on sustainability and purpose-driven work resonates with staff seeking meaningful employment.
- Docusign Australia A consistent performer on Great Place to Work’s Best Workplaces for Women list, Docusign emphasizes flexibility, learning and inclusion. The digital agreement company provides generous time-off policies, professional development stipends and employee resource groups that support diverse backgrounds. Staff feedback highlights a collaborative environment where innovation is encouraged and wellbeing is prioritized. Docusign’s Australian team benefits from the company’s global best practices while adapting to local needs.
- Robert Half Australia Recognized in 2026 as one of Australia’s Best Workplaces for Women, the specialized recruiter has strengthened its internal culture through targeted wellbeing initiatives, flexible arrangements and clear career pathways. Employees value the company’s investment in training, mentorship programs and a supportive leadership style. Robert Half’s focus on work-life balance has helped it maintain high retention rates in a competitive recruitment market.
- Brown Brothers Wine Group Featured on Great Place to Work’s Best Workplaces for Women 2026, this family-owned wine company combines traditional values with modern employment practices. Employees praise its family-friendly policies, strong community focus and genuine care for staff wellbeing. The company offers flexible rosters, professional development and a culture that values long-term loyalty. Brown Brothers demonstrates that even traditional industries can create exceptional workplaces when leadership prioritizes people.
These 10 companies illustrate the diversity of Australia’s top workplaces in 2026. They range from large listed entities such as Medibank and AGL to nimble fintechs and professional services firms. Common success factors include genuine flexibility beyond basic hybrid policies, investment in leadership development, transparent communication and measurable commitment to diversity, equity and inclusion.
Great Place to Work Australia’s methodology, which underpins many of these recognitions, relies on employee feedback representing thousands of voices. In 2026, surveys showed that the highest-performing workplaces scored particularly well on statements such as “Management is honest and ethical in its business practices,” “I am treated as a full member here regardless of my position” and “People care about each other here.”
The Australian Financial Review’s Best Places to Work awards add another layer by incorporating policy submissions and demonstrating how organizations translate intentions into outcomes. Winners in 2026 showed strong uptake of flexible working, learning opportunities and bias-reduction measures in recruitment and promotion.
WORK180’s equitable workplace rankings further highlight companies that go beyond compliance on gender equity, pay transparency and shared caring responsibilities. Organizations such as EY, hipages and Prospa consistently perform well across multiple frameworks, suggesting a holistic approach to culture rather than isolated initiatives.
For job seekers in 2026, these rankings offer valuable guidance but should be considered alongside other factors such as role fit, compensation, location and growth opportunities. Many of the listed companies actively recruit through university partnerships, career fairs and targeted campaigns emphasizing culture and values.
Employers aiming to improve their workplace environment can learn from these leaders. Key lessons include listening to employee feedback through regular surveys, acting on results transparently, investing in managers as culture carriers and designing policies that support the whole person rather than just the employee.
Challenges remain across the Australian workforce. Hybrid work fatigue, cost-of-living pressures and skills shortages continue to test even the best employers. The top companies differentiate themselves by addressing these issues proactively — through targeted wellbeing support, fair pay reviews and genuine career conversations.
As Australia’s economy evolves with greater emphasis on technology, sustainability and service industries, workplace culture has become a competitive advantage. Companies that attract and retain top talent through exceptional environments are better positioned to innovate and adapt.
The 10 organizations highlighted here represent the pinnacle of Australian workplace culture in 2026. They prove that business success and employee wellbeing are not opposing goals but mutually reinforcing outcomes. For current and future employees, these companies offer models of what a great workplace can look like — supportive, inclusive, challenging and rewarding.
Prospective applicants are encouraged to review each company’s careers page, Glassdoor reviews and recent employee testimonials for the most current insights. Many of these organizations also participate in open days, webinars and graduate programs that provide direct exposure to their culture.
In a competitive talent market, Australia’s best workplaces understand that culture is built daily through thousands of small interactions, decisions and gestures of respect. Their 2026 success demonstrates that when organizations prioritize people, performance follows.
The recognition these companies have received serves as both celebration and inspiration. As new lists for the remainder of 2026 are prepared, including Great Place to Work’s flagship Best Workplaces in Australia awards, the bar continues to rise for what constitutes an exceptional workplace.
For Australian workers, the message is clear: high-quality employment opportunities exist where leadership genuinely values culture. For employers, the path forward involves continuous listening, transparent action and a commitment to creating environments where every employee can thrive.
Business
Safety Controls IPO opens today. Check GMP, price band, subscription and other details
At the upper end of the price band, the IPO values the company at a pre-issue market cap of around Rs 159 crore. The issue size and SME platform positioning, coupled with a flat GMP, suggest cautious investor sentiment despite a reasonable anchor participation.
The company raised nearly Rs 13 crore from anchor investors ahead of the issue, with institutional allocation forming a significant portion. Of the net offer, nearly 49% is reserved for qualified institutional buyers, about 15% for non-institutional investors, and around 36% for retail investors. Retail participation requires a minimum investment of Rs 2.56 lakh for 3,200 shares.
About the company
Safety Controls and Devices operates as an EPC (engineering, procurement and construction) player, focusing on substations, solar projects, firefighting systems, and healthcare infrastructure projects under the Ministry of Ayush. The company primarily caters to government entities and utilities, with operations spanning power infrastructure and renewable energy segments.
The company has reported steady profitability, with profit after tax at Rs 8.5 crore for the period ended January 2026, compared with Rs 9 crore in FY25. Revenue, however, saw some moderation to Rs 68 crore from Rs 103 crore in the previous financial year, suggesting some volatility in execution cycles typical of EPC businesses.
Proceeds from the IPO will largely be used to fund working capital requirements at Rs 31.5 crore, along with Rs 6 crore earmarked for debt repayment and the rest towards general corporate purposes.
While the company’s government-linked order book and diversification into solar and EV infrastructure provide long-term visibility, the flat GMP suggests that investors are likely weighing execution risks, working capital intensity, and SME liquidity factors before committing aggressively.
The subscription trend over the next two days will be key in determining listing performance, especially in a market where investor appetite for smaller IPOs remains selective.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Business
Middle East War Threatens Thailand’s Tourism Recovery
Thailand’s tourism ministry cautions that the ongoing Middle East conflict may lead to a decline of up to 3 million foreign visitors this year, potentially resulting in a 150 billion baht economic loss.
Key Details
- Thailand’s 2026 target of 35 million foreign visitors could fall to ~32 million — or as low as 28 million (2023 levels) — if the conflict continues for six months.
- Thailand recorded 8.54 million tourists between January 1 and March 22, 2026 — a 3% decline year-on-year.
- To offset losses, Thailand is redirecting marketing budgets from Europe and the US toward Middle Eastern countries, aiming for at least 200,000 visitors from the region — Middle Eastern tourists spend an average of 80,000 baht per trip, the highest of any group.
- Tourism contributes approximately 12% of Thailand’s GDP, and the industry is still recovering from COVID-19, a 2025 earthquake, severe flooding, and border clashes with Cambodia.
- Domestic travel incentives are being planned, including tax allowances for tourism spending and potential debt moratoriums for hotel operators.
Why It Matters:
Thailand’s tourism sector faces compounding pressures, and the government’s ability to attract high-spending alternative visitors — particularly from the Middle East — will be critical to cushioning the economic impact of the conflict.
This strategy involves tailoring marketing campaigns to highlight Thailand’s luxury offerings, cultural experiences, and medical tourism, which are particularly appealing to affluent travelers from the region. Additionally, strengthening diplomatic ties and easing visa processes for Middle Eastern visitors could further bolster arrival numbers. Diversifying tourism markets and focusing on high-value segments will be essential for long-term resilience and growth in the face of global uncertainties.
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Warriors Star Cleared for Return vs Rockets After Knee Setback
Golden State Warriors superstar Stephen Curry is expected to make his long-awaited return from a nagging right knee injury when the team hosts the Houston Rockets on Sunday, April 6, 2026, ending a 27-game absence that has tested the franchise’s playoff hopes and forced the 38-year-old point guard to confront a “new normal” with his body.

Curry, who last played on Jan. 30 against the Detroit Pistons, has been sidelined since then with patellofemoral pain syndrome accompanied by bone bruising in his right knee. The injury, often described as “runner’s knee,” sidelined him for more than two months, during which the Warriors struggled to a 9-18 record without their franchise icon. With Curry averaging 27.2 points per game prior to the injury, his absence left a massive void in Golden State’s offense and leadership.
The latest update comes after encouraging developments in recent days. On April 1, the Warriors announced Curry had participated in a live 5-on-5 scrimmage, marking a significant step in his return-to-play protocol. He was scheduled for another scrimmage later in the week and underwent re-evaluation over the weekend. Multiple reports, including from ESPN’s Shams Charania and Anthony Slater, indicated Curry had set a personal goal to return against Houston, and coach Steve Kerr confirmed the plan was for him to play, albeit with minutes restrictions.
Kerr told reporters Saturday that Curry would be listed as questionable but that the intention was clear: “The plan is for him to play.” The coach added that Curry would likely see limited action — around 20-25 minutes — in his first game back, coming off the bench to ease him into game action. “We’ll see how he recovers tomorrow,” Kerr said, emphasizing the collaboration between Curry, director of sports medicine and performance Rick Celebrini, and the medical staff.
Curry himself addressed the media after practice, sounding optimistic yet realistic. “Feels great,” he said of his knee. “There’s nothing structurally wrong with my knee, so it’s not like I’m in danger of making it worse long-term.” He acknowledged the lengthy rehabilitation process and the need to adjust expectations. “I kind of understand what the new normal is, and it’s good enough to play,” Curry added, noting he hoped the positive feeling would persist.
The injury saga began in late January when Curry aggravated the knee issue during a game against the Phoenix Suns. Initially described as a minor setback, it quickly became evident that the problem required extended rest and conservative management. Warriors medical staff opted against rushing him back, prioritizing long-term health over short-term gains in a season where Golden State hovered near the play-in tournament threshold in the competitive Western Conference.
Without Curry, the Warriors relied heavily on a revamped supporting cast that included acquisitions like Jimmy Butler III and contributions from younger players. Draymond Green, Klay Thompson’s successor in the backcourt rotation, and emerging talents stepped up, but the team’s offensive efficiency and spacing suffered noticeably. Golden State’s record without Curry highlighted just how central the two-time MVP remains to the franchise’s identity, even at age 38.
The return timing is critical. With roughly two weeks left in the regular season, the Warriors are fighting for positioning in the Western Conference play-in tournament. A healthy Curry could dramatically shift their outlook, providing the shooting gravity, playmaking and clutch scoring that defined their dynasty years. Kerr has emphasized that any return must include a proper ramp-up period rather than a desperate insertion for the final games or play-in. “We’re not bringing him back just for the play-in game,” Kerr said earlier in the week. “He needs to play some games, and we need to give him a runway if this is going to work.”
Curry’s own comments reflected a mix of eagerness and caution. He spoke of wanting to contribute immediately while understanding the physical realities of his age and the injury. “I love playing basketball,” he said simply, underscoring the motivation that has driven his remarkable career. Teammates have echoed that sentiment. Green, who has leaned on Curry for leadership during the absence, reportedly received encouragement from the star during his own recovery periods. The mutual support within the veteran core has been a quiet strength for the franchise amid adversity.
Medical experts outside the organization note that patellofemoral pain syndrome can be persistent in older athletes, particularly those with high-volume shooting mechanics like Curry. The condition involves irritation behind the kneecap and can be exacerbated by repetitive stress. Bone bruising adds another layer of caution, as it requires time for healing to prevent long-term cartilage damage. Curry’s medical team has reportedly used a combination of rest, physical therapy, anti-inflammatory measures and progressive loading to rebuild strength and confidence.
The broader context of Curry’s career makes this latest chapter compelling. At 38, he is no longer the transcendent young phenom who revolutionized the game with his shooting range, but he remains one of the NBA’s most impactful players when healthy. His career three-point record, playoff heroics and four championships — including the 2022 title run — have cemented his legacy. Yet questions about longevity have grown as he enters the twilight of his prime. This knee issue, while not structurally catastrophic, serves as a reminder that even the greatest athletes must adapt to the physical toll of a long career.
Fan reaction has been overwhelmingly positive to the return news. Dub Nation, the Warriors’ passionate supporter base, has flooded social media with excitement, sharing highlights from Curry’s pre-injury performances and expressing hope that his presence can spark a late-season surge. Ticket sales for Sunday’s game against the Rockets reportedly surged after the update, reflecting the star power Curry still commands.
For the Rockets, the matchup presents a challenging test. Houston has enjoyed a strong season and will face a Warriors team suddenly energized by Curry’s return. Rockets coach Ime Udoka acknowledged the threat, saying any version of Curry demands special defensive attention. “Even with minutes restrictions, he changes the game,” Udoka said. “His gravity alone opens things up for everyone else.”
Warriors general manager Mike Dunleavy Jr. has been cautiously optimistic throughout the recovery process. The front office’s decision to prioritize long-term health over short-term roster moves has drawn mixed reviews, but the potential payoff of a healthy Curry in the play-in or playoffs could validate the approach. Golden State’s veteran core — Curry, Green, Butler and others — still believes it has championship DNA if health aligns.
Looking ahead, Curry’s return will be managed carefully. The Warriors are expected to monitor his workload closely in the final stretch of the regular season, potentially limiting him to targeted minutes while gradually increasing his role. If the knee responds well, he could play a pivotal part in any postseason run, however brief it might be. Should setbacks occur, the organization has signaled it would err on the side of caution rather than risk a more serious injury that could impact future seasons.
The injury has also sparked broader conversations about player load management in today’s NBA. With longer seasons, more back-to-backs and the physical demands of modern play, veterans like Curry face unique challenges. Some analysts argue that teams must become even more sophisticated in monitoring and protecting star players, while others point to the success of load-management strategies employed by contenders.
Curry’s personal approach to the setback has drawn praise. Known for his work ethic and positive demeanor, he has used the time away to focus on family, recovery and mentoring younger teammates. His leadership off the court has been credited with helping maintain team morale during a difficult stretch.
As Sunday’s game approaches, all eyes will be on Chase Center. Whether Curry plays 20 minutes or more, his mere presence on the floor is expected to lift Golden State’s performance and energize the crowd. For a franchise that has ridden Curry’s brilliance through multiple eras, this return represents more than just one game — it symbolizes resilience, adaptation and the enduring hope that the Splash Brother can still author memorable moments.
The Warriors’ season has been defined by injury adversity, but Curry’s comeback offers a narrative of perseverance. As he steps back onto the court, the basketball world will watch closely to see how the greatest shooter of all time navigates his latest physical challenge. For now, the focus remains on a measured, successful return that prioritizes both short-term contribution and long-term health.
With the regular season winding down and the play-in tournament looming, Curry’s availability could prove the difference between an early summer and extended postseason drama. Golden State fans, long accustomed to miracles from their star, are once again daring to dream that one more magical run might be possible.
Business
Oil Price Today (April 6): Crude oil reclaims $110 as Trump warns of hitting Iran’s power plants. Where are prices headed?
Tensions intensified on Sunday after Trump issued a sharply worded Easter Sunday social media post directed at Tehran. He warned that Iran’s power plants and bridges could be targeted on Tuesday if the strategic Strait of Hormuz is not reopened.
Crude oil price on April 6
Brent crude futures advanced by $1.71, or 1.6%, to $110.74 per barrel as of 0057 GMT. U.S. West Texas Intermediate crude also rose, gaining $0.71, or 0.6%, to trade at $112.25 per barrel. In the previous session on Thursday, which marked the last trading day before the Good Friday holiday, both benchmarks saw sharp gains in highly volatile trade. WTI surged more than 11%, while Brent climbed nearly 8%, marking their largest absolute price increases since 2020.The conflict shows little sign of easing. Iran has conveyed to mediators that it is not willing to hold talks with U.S. officials in Islamabad in the coming days. According to a Wall Street Journal report on Friday, efforts to secure a ceasefire have stalled.
Meanwhile, OPEC+, which includes members of the Organization of the Petroleum Exporting Countries and allies such as Russia, agreed on Sunday to increase output by 206,000 barrels per day in May. However, the impact of this decision is expected to be limited, as several key producers are unable to ramp up supply due to the ongoing conflict.
Where are prices headed?
Crude oil is holding at elevated levels, reflecting sustained strength driven by supply disruption fears, while natural gas remains largely range-bound with mild volatility, indicating a balanced demand-supply scenario.International brokerage Macquarie has said that even if tensions ease in the near term, oil prices are likely to find support in the $85–$90 range, with a gradual move back toward $110 until normal flows through the Strait of Hormuz resume. The note added that if disruptions persist through April, Brent could still climb to $150 per barrel.
Looking ahead, crude prices could move higher from current levels. According to Kayanat Chainwala of Kotak Securities, oil may rise to $120 per barrel in the near term and potentially touch $150 if the conflict continues.
Nuvama Institutional Equities echoes the same view. The continued closure of the Strait of Hormuz, which handles around 20 million barrels per day, could push crude prices to the $110–150 per barrel range.
Experts say if ongoing tensions persist, the outlook for crude oil remains volatile and tilted upward. Continued conflict in the Middle East, especially disruptions around the Strait of Hormuz, would keep supply chains constrained, pushing Brent and WTI prices higher and sustaining inflationary pressures worldwide.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Business
Democrats Face Backlash After Omitting Biden From Easter Social Media Post
The Democratic Party drew sharp criticism over the weekend after an official Easter social media post evoked “better times at the White House” with an image of former President Barack Obama but made no mention of former President Joe Biden, sparking accusations of a deliberate snub and reigniting internal party tensions less than two years after Biden left office.

The post, shared Saturday on the official Democratic Party X account, featured a photo of Obama viewed from behind standing next to a person in an Easter Bunny costume with the Washington Monument visible in the background. The caption read simply: “Better times at the White House.” Biden’s name and image were absent, prompting an immediate wave of online backlash from both conservative critics and some Democrats who questioned why the party appeared to skip its most recent president in a holiday message.
The controversy erupted as Republicans and conservative commentators seized on the omission to portray the party as eager to move past the Biden era amid ongoing debates about his legacy, age and the 2024 election outcome. Former President Donald Trump and his allies quickly amplified the story, with Trump posting on Truth Social that Democrats were “trying to erase Joe Biden because even they know how bad he was.”
The Democratic National Committee did not immediately respond to requests for comment on the post or the resulting furor. Party officials have historically used Easter messages to highlight themes of hope, renewal and community, often featuring images of past Democratic presidents celebrating the holiday with their families. Similar posts in previous years included photos of John F. Kennedy, Jimmy Carter, Bill Clinton and Obama, sometimes with Biden included on other platforms such as Facebook and Instagram.
This year’s X post, however, focused solely on Obama, fueling speculation about intentional distancing. Social media users flooded the replies with questions such as “Why skip Biden?” and “Better times without Joe?” Conservative accounts labeled it a “snub” and an “egg on their face” moment for Democrats. Some users noted that Biden, a devout Roman Catholic who frequently referenced his faith during his presidency, had been active in Easter observances, including hosting the annual White House Easter Egg Roll.
The backlash extended beyond partisan lines. Moderate Democratic voices expressed discomfort with the optics, arguing that sidelining Biden risked alienating older voters and party loyalists who still view his administration positively on issues such as infrastructure investment, COVID-19 recovery efforts and judicial appointments. One anonymous Democratic strategist told The Associated Press that the post “looked tone-deaf at best and ungrateful at worst,” especially given Biden’s role in delivering the White House to Democrats in 2020.
Biden, now 83 and largely out of the public spotlight since leaving office in January 2025, has maintained a low profile in retirement. He has occasionally surfaced for private events and limited public remarks, focusing on family and his presidential library project. Allies say he remains proud of his record but has stepped back to allow the next generation of leaders to define the party’s future.
The incident comes at a sensitive time for Democrats, who are navigating a post-2024 landscape after losing the presidency and facing internal soul-searching about messaging, leadership and appeal to working-class voters. Speculation has swirled for months about whether the party is quietly shifting away from Biden’s brand, particularly as younger figures like California Gov. Gavin Newsom and others position themselves for future national roles.
Newsom himself drew attention in the replies to the Easter post, with some users tagging him and suggesting the image subtly promoted a return to an earlier Democratic era. The governor’s office did not comment on the social media reaction.
Political analysts offered differing interpretations of the post’s intent. Some viewed it as a harmless nostalgic nod to Obama’s popularity and polished image, noting that holiday messages often emphasize aspirational themes rather than exhaustive historical recaps. Others saw it as symptomatic of deeper fractures, with the party struggling to reconcile Biden’s mixed electoral legacy with a desire to project forward momentum.
Republican National Committee Chairwoman reacted swiftly, calling the omission “disrespectful” and evidence that “even Democrats know the Biden years were anything but better times.” She pointed to inflation peaks, border challenges and Afghanistan withdrawal controversies as reasons the party might prefer to highlight Obama’s tenure.
Defenders of the Democratic Party argued that social media posts are fleeting communications designed for engagement rather than comprehensive historical statements. They noted that Biden received recognition in other party channels and that focusing exclusively on one popular former leader is common practice across both parties during holidays.
The Easter timing amplified the controversy, as the holiday carries religious significance for many Americans, including Biden himself. Past debates over Biden’s Easter observances, including proclamations related to Transgender Day of Visibility when it coincided with the holiday in 2024, had already made the date politically charged. This year’s social media flap added another layer to the ongoing culture-war discussions surrounding faith and politics.
Biden’s supporters pushed back on social media, sharing photos and clips from his own Easter events during his presidency, including family gatherings and the traditional White House Easter Egg Roll. They emphasized his personal faith and public expressions of hope during difficult national moments.
The episode highlights the challenges political parties face in managing legacies in the social media era, where every post is scrutinized for symbolism and omission. Experts in political communication note that visual messaging carries disproportionate weight, and the choice of imagery can unintentionally signal priorities or preferences.
As Democrats prepare for midterm elections and the 2028 presidential cycle, the incident serves as a reminder of the delicate balancing act between honoring past leaders and projecting a fresh vision. Party insiders say internal discussions continue about how best to invoke the Biden administration’s achievements without dwelling on its electoral shortcomings.
Biden has not publicly commented on the post or the backlash. Close associates say he remains focused on personal matters and has expressed no bitterness toward the party he led for decades.
The Democratic National Committee’s broader Easter messaging included calls for unity, compassion and renewal — themes traditionally aligned with the holiday. Officials encouraged supporters to engage in community service and reflect on shared values.
Whether the controversy fades quickly or lingers as a talking point remains to be seen. In Washington’s hyper-partisan environment, even seemingly minor social media choices can ignite days of debate, particularly when they touch on generational shifts within a political party.
For now, the Easter post has become the latest flashpoint in the ongoing conversation about Biden’s place in Democratic history. Supporters credit him with steady leadership through crisis, while critics — including some within party ranks — argue his tenure left the party vulnerable in subsequent elections.
As Americans celebrated Easter with family gatherings, church services and traditional egg hunts, the political class found itself once again divided over symbolism and messaging. The Democratic Party’s attempt at a lighthearted holiday greeting instead opened a window into deeper questions about loyalty, legacy and the party’s direction heading into the latter half of the decade.
Political observers will watch closely to see whether the incident prompts any official clarification or adjustment in future communications. In the meantime, the backlash serves as a vivid illustration of how quickly online narratives can form and how past presidents continue to loom large even after leaving the stage.
The full story of the party’s relationship with Biden’s record will likely unfold over many months and years, shaped by electoral outcomes, historical assessments and the evolving priorities of a new generation of Democratic leaders.
Business
Global Market Today: Oil gains as Trump escalates threats, Asian stocks waver
Brent rose 1.9% to trade above $111 a barrel, as Trump renewed threats early Sunday to attack Iranian infrastructure if the key energy-shipping route through the Strait of Hormuz remains closed. He followed it later with another that said: “Tuesday, 8:00 P.M. Eastern Time!” with no further explanation.
US equity-index futures erased early losses to trade little changed, while Asian stocks edged up at the open. The Nikkei index in Japan rose 0.7% while shares in South Korea advanced 2%. Markets are closed in China and Hong Kong for a public holiday.
Trump’s comments came as OPEC+ warned that damage to Mideast energy assets will have a prolonged impact on oil supply even after the conflict ends. Yet there are few signs of progress toward a ceasefire as attacks have continued to flare around the region, keeping oil prices hovering well above $100 a barrel.
“The prediction game remains quite tricky for investors,” said Homin Lee, a strategist at Lombard Odier in Singapore. “Investors’ focus will squarely be on military actions on both sides of the Persian Gulf and whether or not Hormuz vessel crossings can improve further despite these attacks.”
The fallout from the war has rapidly darkened the economic outlook by threatening to cool growth and push up already elevated inflation, roiling bets on whether the Federal Reserve will resume cutting interest rates later this year. Attention remains firmly on energy prices and the closure of the Strait of Hormuz — a waterway crucial for the flow of oil from the Middle East.
Investors will watch for the impact of the surge in crude oil when monthly US inflation data is released Friday. The roughly $1-per-gallon increase in US gasoline pump prices probably drove the March consumer price index up 1%, the most since the post-pandemic inflation surge in 2022, according to an economist survey before the report is published. Meanwhile, the Islamic Republic’s continued attacks damaged Kuwait’s oil headquarters and shut down an Emirati petrochemicals plant. Fifteen ships have passed through the Strait of Hormuz with permission from Iran, semi-official Fars news agency reports, citing the latest data on strait traffic.
Trump has previously dialed back his escalation threats, including two weeks ago before markets reopened for the week. Trump also said he plans to hold a news conference at 1 p.m. New York time on Monday.
“Trump is probably serious in his expressed desire to step away after two or three more weeks,” Lombard Odier’s Lee said. “But the obvious path-dependency inherent in the conflict suggests that his attempt to carry out a final round of aggressive strikes can backfire significantly for the markets.”
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