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Why are copper prices near high and will the momentum continue?

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Why are copper prices near high and will the momentum continue?
Copper prices have been highly volatile in recent months, reflecting both structural demand growth and short-term geopolitical influences. On the London Metal Exchange (LME), copper surged to an all-time high of $14,500 per metric tonne in early February 2026 before correcting sharply by mid-March. Yet, prices have since recuperated, consolidating in the $12,700–$13,000 range. A similar trend has been observed in India, where MCX copper is currently trading near Rs 1,300 per kg, underscoring the global bullish sentiment.

Key drivers of the rally

Several factors are driving this price action. The boom in artificial intelligence infrastructure, particularly hyperscale data centres, has created unprecedented demand for copper in power distribution and cooling systems. The global push toward electrification and renewable energy integration has intensified the need for copper in grid modernisation projects. Supply constraints are also playing a role, with declining ore grades and disruptions at major mines tightening availability. Geopolitical tensions, including trade tariffs and defence procurement, have added further volatility to the market. Additionally, speculative buying by investors anticipating long-term shortages has amplified the rally, while currency fluctuations—especially a weaker U.S. dollar—have made copper more attractive to international buyers.

Supply-demand imbalances

The current supply-demand scenario points to a deficit, with global refined copper shortfalls estimated at 330,000–400,000 tonnes in 2026. Smelting bottlenecks, particularly in China, have capped refined output, while regional imbalances have led to acute shortages and price premiums in certain markets. Recycling has provided some relief, but the secondary supply remains insufficient to bridge the gap. Moreover, delays in new mining projects due to environmental clearances and financing challenges have worsened the imbalance. However, unless significant investment flows into exploration and production, the deficit could widen further in the coming years.

Geopolitical pressures on copper

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Geopolitical factors are amplifying these pressures. Elevated defence spending has increased copper demand for weapons systems and vehicles, while U.S. tariffs and stockpiling programs have removed large volumes from the open market. Ongoing tensions in West Asia have sustained military-driven demand, though the easing of conflicts could reduce defence consumption while stabilising supply chains. Sanctions on certain producing nations have also disrupted trade flows, while logistical bottlenecks in shipping lanes have added to costs. The broader geopolitical climate has made copper not just an industrial commodity but also a strategic resource, with governments increasingly treating it as critical to national security.

China’s central role and global industrial demand

China remains pivotal to copper’s outlook, with smelter production caps limiting supply even as demand surges from renewable energy expansion, electric vehicles, and Belt and Road infrastructure projects. Strategic reserve policies, including stockpiling and releases, further sway global sentiment. Beyond China, industrial demand is equally strong. AI data centres are projected to consume nearly 475,000 tonnes in 2026, while electrification and grid modernisation in Western nations sustain elevated usage. Electric vehicles require up to four times more copper than conventional cars, amplifying automotive demand. Renewable energy projects, particularly wind and solar farms, add significant copper intensity, while construction in emerging economies and smart city initiatives ensure that industrial consumption remains robust worldwide.

Impact of West Asian tensions easing

If West Asian tensions ease, copper demand linked to defence procurement may decline, but this would likely be offset by improved supply chain stability and stronger industrial consumption. Peace in the region could reduce shipping risks and lower insurance costs, making the copper trade smoother and cheaper. It may also encourage investment in infrastructure and energy projects, which would sustain demand from civilian sectors. Thus, while military demand may soften, industrial and developmental demand could rise, keeping overall consumption elevated.

Outlook remains positive for the long term

Copper’s trajectory carries significant macroeconomic weight, as rising prices elevate input costs across manufacturing, housing, automotive, and technology sectors, ultimately feeding into global inflationary pressures and challenging monetary policy. Emerging markets, where copper is vital for infrastructure, face added fiscal strain as budgets stretch and projects risk delay. In the near term, prices are expected to consolidate around $12,700–$13,000, with volatility shaped by geopolitical developments and speculative trading. However, the long-term outlook remains structurally bullish. Demand from AI infrastructure, electric vehicles, renewable energy, and global electrification initiatives is poised to sustain elevated prices. Despite inevitable corrections, copper has cemented its role as the decade’s most critical industrial metal.

(The author is Head of Commodity Research, Geojit Investments Limited)

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People on the move: North East appointments and promotions

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Companies and organisations featuring in this week’s round-up include: Groundwork NE & Cumbria, Route, the Lighthouse Charity, Screen Alliance North, Burnetts Solicitors and Stelrad Group.

Alison Fellows has a career in law and economic regeneration.

Alison Fellows, the new chair of Groundwork NE & Cumbria’s Board of Trustees.(Image: Groundwork NE & Cumbria)

Community and Environmental Charity Groundwork NE & Cumbria has appointment Alison Fellows as its new chair of the board of trustees.

Ms Fellows joins the charity at a time when Groundwork says North East communities face economic uncertainty, persistent inequalities, climate and nature emergencies and sustained pressure on public services. She will help guide Groundwork through these challenges and support the charity’s mission to improve the lives and opportunities of people and communities across the region.

With a career in commercial law and economic regeneration in both the public and private sectors, Ms Fellows is entering what she calls her “third career”. She said: “I am excited to be joining Groundwork NE & Cumbria, a charity whose work I have admired for some time. I am keen to use my skills, experience and the contacts and connections I have made throughout my career to support the charity and deliver meaningful impact across the region.

“I am a proud Northerner, and it is very important for me to give back to the region and to improve life chances for people and strengthen the resilience of North East communities. Having worked in the region for over 30 years, I have seen the challenges many people, families, and communities face in both rural and industrial areas.”

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Route is based in Newcastle.

Marketing agency Route has made internal promotions amid its 10th anniversary.(Image: Route)

Newcastle marketing agency Route has made two promotions in its 10th year.

Co-founder Ben Dascombe said: “We wouldn’t be able to attract and retain such high-profile clients without the strength of our team. That’s why building a culture where talented people can thrive has always been central to our growth.

“Recently, we’ve promoted long-standing team member Kane Elgey to account director, and Sophie Tuck to account manager in recognition of their personal and professional development, and the contribution they’ve made to the business. They form part of a skilled workforce, which really reflects the depth of capability we’ve developed over the past decade.”

Route says it has seen growth thanks to a new of new client wins including Merry Hill shopping centre, the Federation of Master Builders, and Tyneside Home Improvements. They join existing clients such as First Bus, The Royal Institute of British Architects (RIBA), Darlington Building Society and Environment Bank,

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The Lighthouse Charity was formed in 1956.

Gary Brannighan and Sarah Sidey.(Image: The Lighthouse Charity)

Construction industry organisation the Lighthouse Charity has announced Gary Brannighan as a new committee member.

The business development manager at Hodgson Sayers joins a team of industry professionals at the charity, which offers 24/7 holistic support to the UK and Ireland construction community on all aspects of emotional, physical and financial wellbeing. This year it celebrates its 70th anniversary, with its name deriving from St Mary’s Lighthouse in Whitley Bay.

Mr Brannighan said, “Promoting wellbeing within construction is something I am deeply committed to. Ours is an industry that comes with unique pressures and its vital people can speak openly and access support without fear or stigma. At Hodgson Sayers, the health and wellbeing of our people is a priority and joining the Lighthouse Charity committee allows me to help amplify the message that no one in construction should face life’s challenges alone. I’m proud to support the charity’s work and play a role in helping it reach even more people.”

Sarah Sidey, regional chair of the Lighthouse Charity in the North East, said: “We are delighted to welcome Gary to the North East committee at such a significant time in the charity’s history. Since its beginnings here in the North East 70 years ago, it has ensured construction workers and their families have somewhere to turn to for support.”

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Screen Alliance North is an industry skills cluster.

The first cohort of Screen Alliance North’s Sustainability Managers Training programme.(Image: Screen Alliance North)

Screen industry skills cluster Screen Alliance North has launched the first cohort of its Sustainability Managers Training programme – featuring two from the North East.

Julie Moran and Daniel Shepperson both represent the North East on the course which takes eight TV and film professionals from across the North of England to train them at head of department level for sustainable production roles.

Screen Alliance North is made up of Liverpool Film Office, North East Screen, Screen Manchester and Screen Yorkshire, is proud to launch the first cohort of their Sustainability Managers Training programme. And this is the first-ever training course built specifically on the newly created National Occupational Standards (NOS) for sustainability managers.

Sally Mills, course lead and sustainability programme director said: “This is the first course to align with the pioneering Sustainability National Occupational Standards, launched by ScreenSkills, the BFI and BAFTA albert, with the support of our TV and Film industry last year. It will ensure sustainability is a core, expertly-managed part of every production across the North.”

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Burnett's is based in Newcastle.

From left: Mike Nicholls, Helen Hayward, Nick Gutteridge and Jennifer Bell.(Image: Burnetts Solicitors LLP)

Newcastle law firm Burnetts Solicitors LLP has appointed two new equity partners.

Corporate partner Jennifer Bell and co-head of Agri and Estates Mike Nicholls, have both joined the equity partnership. Ms Bell is a corporate lawyer advising private companies, owner‑managed businesses and management teams across a broad range of commercial and corporate matters. Mr Nicholls has extensive experience in private client and property law.

Ms Bell said: “Becoming an equity partner at Burnetts is something I’m extremely proud of. The firm places a real emphasis on teamwork and delivering practical, commercially focused advice, and I’m looking forward to working alongside colleagues to continue delivering the best outcomes for our clients.”

Mr Nicholls said: “I’m delighted to have been appointed as an equity partner at Burnetts and to be part of a firm with such a strong, values‑based culture. I look forward to contributing to the firm’s growth and continuing to provide high‑quality, trusted advice to our clients.”

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Mr Coffey will success Bob Ellis as chair designate of Stelrad Group.

Martyn Coffey.(Image: Stelrad)

Radiator manufacturer Stelrad Group has announced Martyn Coffey as an independent non-executive director and chair designate.

He will succeed Bob Ellis as chair following the London Stock Exchange-listed firm’s annual general meeting on May 20. Mr Coffey has extensive board experience across the manufacturing, NVAC, building materials and construction industries.

He is currently a non-executive director at Taylor Wimpey plc and a non-executive director and chair of the Remuneration Committee at Luceco plc. His career has also included 11 years as CEO of Marshalls plc, a FTSE 250 company, and as CEO of Baxi Group, manufacturer of heating and hot water solutions.

Trevor Harvey, chief executive officer said: “I would like to thank Bob for his leadership during his tenure as chair. He has played a key role in Stelrad’s continued development. I look forward to working with Martyn as our new chair. He brings a valuable and complementary perspective from his executive and non-executive leadership roles, his experience in the UK listed company environment and his knowledge of the building products and HVAC industries.”

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FBI Analyzes ‘Potentially Critical’ DNA But No Arrest After 85 Days

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Savannah Guthrie & Nancy Guthrie

TUCSON, Ariz. — Investigators in the abduction of 84-year-old Nancy Guthrie have received and are actively analyzing DNA evidence recovered from her Catalina Foothills home, including a hair sample, but authorities have not yet identified a suspect or made an arrest as the search entered its 85th day on Saturday.

Savannah Guthrie & Nancy Guthrie
Savannah Guthrie & Nancy Guthrie

Nancy Guthrie was last seen at her Tucson-area residence on the evening of Jan. 31, 2026. She was reported missing the next morning after failing to appear at church. Signs of a struggle, including blood on the front porch, and surveillance footage showing a masked, armed figure led investigators to classify the case as a targeted abduction.

Pima County Sheriff Chris Nanos and the FBI continue leading a multi-agency task force. Sources familiar with the investigation confirmed the FBI recently received DNA samples collected in February, including hair and potential mixed profiles, for advanced forensic testing. Officials stress the analysis is ongoing and has not yet produced a definitive suspect, though experts describe it as potentially critical.

Retired FBI profiler Jim Clemente analyzed blood spatter patterns on the porch in recent interviews, suggesting a single perpetrator and signs of a violent struggle. He pointed to medium-velocity spatter and smear patterns consistent with someone coughing or aspirating blood while being overpowered, indicating Nancy was likely conscious and resisting during the initial moments of the abduction.

Anonymous letters sent to media outlets, including TMZ, continue complicating the narrative. The source previously claimed to have seen Nancy alive in Sonora, Mexico, before later stating she is deceased. Authorities have not validated these communications and treat them cautiously while pursuing all tips.

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The family maintains a $1 million reward for information leading to Nancy’s recovery. Savannah Guthrie returned to the “Today” show earlier this month and has made emotional public appeals while largely staying out of the spotlight otherwise. The family continues cooperating fully with investigators.

Criminal profilers describe the case as likely targeted rather than random. The masked suspect’s preparation and use of countermeasures suggest planning. Nancy’s age and health conditions heighten concerns, though authorities have released no public information on her possible condition.

The investigation has generated thousands of tips through door-to-door efforts, aerial searches and cross-border coordination. Despite extensive work, no confirmed sightings or secondary location have emerged. Digital forensics, polygraphs and financial tracking remain active.

As the 100-day mark approaches in mid-May, emotional pressure builds for the family and Tucson community. Statistically, recovery odds diminish over time in stranger abductions, yet high-profile cases with sustained resources occasionally defy expectations. Vigils and social media campaigns keep Nancy’s photo visible.

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Nancy lived a quiet retirement life, active in her church and family. Her husband Charles died decades ago. Beyond Savannah, she has other children who have stayed largely private. Friends remember her as warm and faithful, making her disappearance from a seemingly safe neighborhood especially shocking.

Questions persist about motive. Some lines of inquiry explore possible links to Savannah’s public profile, though no evidence supports fame-related targeting. Early ransom notes involving Bitcoin showed limited wallet activity, with tracing efforts ongoing.

Community speculation and false reports continue, prompting officials to urge reliance on verified law enforcement channels. The desert terrain and border proximity complicate searches.

Experts believe the case may ultimately hinge on genetic genealogy, continued digital analysis or a reward-driven tip. The task force re-examines old leads while pursuing new ones. Savannah and her siblings hold onto hope while bracing for a potentially long wait, stressing Nancy’s humanity beyond headlines.

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As Saturday passed without resolution, the desert landscape around Catalina Foothills remained quiet. The Nancy Guthrie case stands as one of 2026’s most haunting mysteries — a reminder of vulnerability even in affluent areas. Authorities remain committed to finding answers, supported by family determination and community concern.

Public tips are still encouraged via FBI and Pima County channels. Even minor details from late January or early February could prove pivotal. While time passes, hope endures that Nancy will return home and her family will find closure in this gripping national story.

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Republicans retool midterm strategy: Trump’s policies, but less Trump

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Republicans retool midterm strategy: Trump’s policies, but less Trump


Republicans retool midterm strategy: Trump’s policies, but less Trump

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Weak rupee takes its toll on cos with huge foreign debt

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The global economic crisis is beginning to weigh heavily on India Inc���s balance sheet, courtesy the depreciating rupee. While a weakening rupee might bring cheer to export-oriented sectors such as IT and textiles, it has pushed up the foreign exchange liabilities of Indian companies.

Accounting rules, called AS-11 provisions, make it mandatory for companies to make mark-to-market provisions in their profit & loss accounts for any changes in foreign currency loans. The worst hit have been those companies that predominantly serve the domestic market and opted for foreign currency loans to finance their growth plans.

According to an analysis by ETIG, the profitability of companies will be dented by mark to market (MTM) losses. Tata Steel may report a forex loss of around Rs 344 crore, whereas Tata Motors could take a hit of Rs 311 crore. Tata Chemicals, which took a foreign currency loan of $475 million to fund its overseas acquisitions, is estimated to report a forex loss of Rs 187 crore. Ranbaxy, JSW Steel and Firstsource Solutions will lose Rs 100 crore and Rs 400 crore each. The list of companies is not exhaustive as an estimated dozen companies raised forex debt last year.

Thankfully, this is only an accounting entry and does not affect the cash flows. However, it is likely to be read negatively by the stock market. Market participants actively track companies��� net profits and any adverse development does affect valuations. The rupee had positively impacted most of the above companies till last year, but it has depreciated by over 9% in the quarter ended September 2008.
When the rupee depreciates, the value of foreign currency liability denominated in rupee terms increases and vice versa. According to AS-11 stipulations, an increase in liability should be reflected in the quarterly profit and loss statement and will translate into lower corporate profits. Most companies are focused on the domestic market and are therefore unlikely to benefit from a weakening rupee.


The falling rupee will severely affect the small companies, whereas the big ones will be impacted only moderately. Firstsource Solutions may report a net loss, while Tata Steel might see a 100 basis points decline in net profit margin on account of forex losses. To put things in perspective, most companies will experience a 10-50% hit on their operating profits.
Companies such as Reliance Communication, Reliance Industries and Bharti Airtel follow schedule-VI of the Companies Act, instead of AS-11 and are therefore unlikely to see an impact on their quarterly profit and loss statements. The operating profits of the two Reliance companies would have been lower by around Rs 800-900 crore if they had subscribed to the AS11 norms.

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Trump Media Stock: Sell It And Forget It (NASDAQ:DJT)

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Trump Media Stock: Sell It And Forget It (NASDAQ:DJT)

This article was written by

MSc in Finance. Long-term horizon investor mostly with 2-5 year horizon. I like to keep investing simple. I believe a portfolio should consist of a mix of growth, value, and dividend-paying stocks but usually end up looking for value more than anything. I also sell options from time to time.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Generation X is driving beauty sales

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Generation X is driving beauty sales

Ryan Mckeever | E+ | Getty Images

Move over, Sephora kids.

While younger generations have been buying beauty products in droves, data shows that a different generation holds more spending power: Generation X.

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Often dubbed the “forgotten generation,” Gen X spans those born between 1965 and 1980, according to Pew Research Center. Sandwiched between baby boomers and millennials, the often-overlooked generation hasn’t held the spotlight nearly as much as its counterparts.

But experts said it may be one of the most important generations for the beauty industry over the next few years.

Gen X will be the consumer spending leader globally through 2033, surpassing $20 trillion in spending power, according to data from NielsenIQ. The generation makes up roughly 25% of the total spend for beauty, both on beauty products and beauty services.

More importantly, the Gen X beauty market will grow to 1.3 times its current size in the next five years, NielsenIQ said.

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That growth, according to the company, comes from a culmination of factors: The generation is financially stable and well established, has been leaning into anti-aging and longevity trends, and is heavy on brand loyalty.

According to Chicago-based market research firm Circana, households with members of Gen X accounted for 44% of total dollars spent on beauty in the past year, with skincare being their top category.

“This aligns with how beauty companies are focusing on solutions tied to skin health, anti-aging and long-term results, which are all areas that resonate strongly with Gen X consumers,” said Larissa Jensen, a beauty industry advisor at Circana.

The cohort will also see an increase its spending across haircare and makeup, Jensen added.

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It’s a trend that’s been complemented by a broader focus on wellness and anti-aging.

“We’re not ignoring people as they get older in the beauty industry as much anymore,” said Anna Mayo, a NielsenIQ beauty thought leader. “For the first time, we’re seeing brands launched and they’re talking about menopause. … I think that really helps keep people engaged. They feel like they’re not buying something that was made for a college student.”

Gen X is also at the “prime spending phase” of their lives, with NielsenIQ estimating that between 2021 and 2033, the cohort will spent $15.2 trillion a year, expected to rise to $23 trillion by 2035.

Though the generation is spending its money experimenting with different brands and products, Mayo noted that its members have high brand loyalty and are likely to stick to and continue investing in a product once it sticks.  

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“Part of this is the industry has gotten really good at developing brands that are made for a lot more niche audiences,” she said. “We’re less so in the era of these mass market brands.”

The retail winners

A shopper enters an Ulta Beauty store in Pleasant Hill, California, US, on Wednesday, Dec. 3, 2025.

David Paul Morris | Bloomberg | Getty Images

It’s a growth that companies are taking note of, too. In early April, Ulta CEO Kecia Steelman told Yahoo Finance that catering to older generations is part of the company’s business strategy.

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“I think 50 is the new 30 and 60 is the new 40s,” she said. “So those of us that are aging, we want to age gracefully, so if we can find products that are actually helping the longevity of the look, we’re leaning into that.”

Ulta did not respond to CNBC’s request for comment.

Sephora is seeing similar growth, telling CNBC the company is actively investing in broadening its brands that target the high-spending Gen X group.

“As we expand our assortment – particularly for our Gen X clients, with brands like YSE Beauty by Molly Sims, Sarah Creal and U Beauty – our focus remains on delivering brands with a clear understanding of our consumers’ goals, concerns, and preferences, while elevating authentic founder stories and expertise, which we know resonates with our clients,” Carolyn Bojanowski, Sephora’s U.S. executive vice president of merchandising, told CNBC in a statement.

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Bluemercury, a personal care company, even launched a campaign last year celebrating women who are over the age of 40. The company identified Gen X as one of its biggest opportunities given its spending power and focus on luxury beauty.

The winners from Gen X’s spending spree will be clear, according to Lindy Firstenberg, a consultant at AlixPartners.

“Ulta is going to win because they’ve doubled down on wellness, and they have a huge focus on menopause brands,” Firstenberg said.

While Sephora has been outwardly advertising for younger cohorts, Firstenberg said even it’s emerging as a sort of Gen X “hotspot,” along with Bluemercury. The key, she said, has been investing in curation and one-on-ones with clients.

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Members of Gen X, who grew up with salespeople working counters at department stores, invest in the experience as well as the product. Firstenberg said the importance of knowledgeable sales associates is 23% higher for Gen X than for Gen Z.

Brands that focus on meeting Gen X where they are instead of chasing younger generations, will secure their spending power, Firstenberg added.

“That is what Gen X wants: They want the best products, they want to be educated, they want that high talent and they want that service,” she said.

How Gen X spends

Shoppers are seen outside the French multinational personal care and beauty retail brand Sephora store in Spain.

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Xavi Lopez | SOPA Images | Lightrocket | Getty Images

Kirti Tewani, a member of Gen X and a content creator focused on promoting beauty and wellness for her cohort, said she’s seen a growing interest in investing in products that work to slow down or prevent further aging.

That generation posed a largely “untapped” market when she started seeing increased attention on it roughly two years ago.

“Gen X has been a generation that has gone through so many ups and downs in their lives that now we are at a position where we’re financially more independent, the kids have grown older and now we have the time to put into ourselves,” she said. “So we’re taking care of ourselves from the inside out.”

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Tewani said she’s specifically seen Gen X focused on products that boast long-term effects and target areas like hyperpigmentation, dry skin and large pores. They’re also pairing those products with a wellness-focused lifestyle, she added, focusing on diet, exercise and sleep.

The generation is also looking for clean ingredients, according to Tewani, coinciding with a larger push toward simpler formulations in the beauty industry.

“I think the brands definitely knew that this was coming,” Tewani said. “Now, more brands are jumping on the bandwagon because they’re understanding where the spending markets are, and Gen X definitely fills in that gap.”

And Gen X’s age also means its spending for beauty expands beyond the surface level.

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According to AlixPartners’ Firstenberg, people of those age are likely to be in a so-called “sandwich generation,” which means they’re buying beauty products for both parents and children, contributing to its large spending share.

It’s also not a generation that’s focused on newness or flashy marketing and instead want the products that show proven results.

Gen X’s spending power is nearly 25% above the national average, she added.

“We’re not only seeing that they have this power, but they yield it,” she said. “They’re going to maintain this highest spend by generation for at least the next eight years.”

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Fin Crisis: Too late and too little done in US

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AHMEDABAD: Its too late and too little done in the US to come out of the financial turmoil, a crisis of 240 trillion $ cannot be stemmed with bailout packages of 1 to 10 trillion $, Arun Kumar, professor at Jawaharlal Nehru University said here on Thursday.

“When the US president elect Barrack Obama assumes office in January, the crisis will still be bigger,” Kumar said while delivering lecture on Current Financial Turmoil and Lesson for Future at Ahmedabad Management Association today.

“150 billion $ tax cut package for the housing sector was too little and too late to stem the collapse of a much higher magnitude,” Kumar said adding “Every aspect of financial sector got sucked into the financial turmoil.”

“In last two decades the financial markets in US got deregulated, under the guidance of Alan Greenspan as he worked on assumption that markets are self stabilising, but in a recent testitmony Greenspan admitted he was wrong for 16 years,” Kumar said while quoting a US leading daily.

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This deregulation led to the collapse of Lehman Brothers, Bear Stern and other troubled entitites, he added.



“Government has intervened, crisis has slowed down, but there is crisis of confidence now amongst the banks. The financial and money markets work on certain degree of trust and confidence and this should not be shattered at any cost,” he added.”Collapse in US was so sharp against the gradual rise because the banks were interlocked in deals. Due to deregulartion there were instruments promising much higher returns and even a marginal fall in assest pricing triggered it all,” Arun Kumar said.

US economy was thriving on borrowed funds, so post crisis countries such as Japan, China, Iceland, Ukraine and others are in deep trouble. China is finding ways to delink from dollar, after corporate profits began falling showing early signs of heading into recession, Arun Kumar said.

Now protectionism of economy has creeped in due to lack of confidence, that too is dangeorus, he cautioned. So when the US President-elect Barrack Obama joins office he would prioritise job creation in sectors like BPO and call centres, Kumar said adding, in the past 1.5 billion job loss has been reported in US.

So at this historic juncture a out-of-box re-architecturing is required for the $ 600 trillion financial sector, he added.

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In the backdrop of such a scenario the G-20 initiative is important and extensive coordination between the government’s including Indian should be evolved to come over it, Kumar added.

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Mycronic AB (publ) 2026 Q1 – Results – Earnings Call Presentation (OTCMKTS:MICLF) 2026-04-25

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

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Seeking Alpha’s transcripts team is responsible for the development of all of our transcript-related projects. We currently publish thousands of quarterly earnings calls per quarter on our site and are continuing to grow and expand our coverage. The purpose of this profile is to allow us to share with our readers new transcript-related developments. Thanks, SA Transcripts Team

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Monitoring monetisation targets: A scalable InvIT approach

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Monitoring monetisation targets: A scalable InvIT approach
When the Finance Minister set this year’s disinvestment and asset monetisation target of Rs 80,000 crore in February, market conditions were markedly different. Since then, markets have corrected significantly, making it more challenging to meet both the fiscal deficit target and the disinvestment plan in the current economic environment.

In this context, one segment that remains relatively insulated from market volatility is Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs). The government can leverage this space to achieve most of its targets. These instruments have proven to be effective tools for the Government and their entities to monetise income-generating assets through the capital markets. Importantly, the REIT and InvIT markets remain active, with transactions continuing despite broader market fluctuations.

There are several infrastructure assets that generate steady income through tariffs or tolls. These can be bundled into InvITs/REITs and offered to investors. The government has already launched InvITs that are large, well-structured, and actively traded.

At the same time, State Governments hold significant portfolios of similar revenue-generating assets that remain largely untapped for monetisation. If properly structured, InvITs can enable State Governments not only to raise resources but also to support their fiscal deficit targets. The key question is how best to operationalise this opportunity. An optimal approach would be for various State departments and agencies to transfer their eligible assets into centrally sponsored or established InvIT platforms such as NHIT. This would create larger, more diversified asset pools, improve liquidity, attract a broader base of institutional investors, and ultimately lead to better pricing and faster execution.

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Rather than each state or agency creating its own InvIT (which would likely result in smaller, fragmented, and potentially suboptimal vehicles), aligning with a centralised InvIT platform offers clear advantages of scale, standardisation, and market credibility. Individual state-level InvITs may struggle with limited size, lower liquidity, and reduced investor interest, whereas a unified platform can aggregate assets across jurisdictions to create a more compelling investment proposition.


Existing InvITs are already performing well and have significant headroom for further scale. NHIT (NHAI’s flagship monetisation vehicle), for instance, has a market capitalisation of approximately Rs 34,126 crore and an enterprise value of about Rs 58,500 crore. It has monetised around Rs 50,000 crore of assets over the past five years and has demonstrated the capacity to absorb additional assets. Its portfolio comprises 28 toll road assets spanning roughly 13,000 lane kilometres. It has successfully attracted several marquee global institutional investors such as OTPP, CPPIB, KKR, and GIC, demonstrating strong investor appetite for stabilised toll road assets and validating the scalability of the InvIT model as a repeat monetisation platform.
With NHAI having significantly deleveraged its balance sheet through successive monetisation rounds, and with new highway awards progressing at a measured pace, the pipeline of readily monetisable national highway assets is becoming constrained. In this context, state-owned expressways are emerging as the next frontier for monetisation.Currently, state-operated highways and expressways represent an estimated Rs 1.4 lakh crore of assets awaiting monetisation. Since 2018, the National Highways Authority of India (NHAI) has monetised assets worth approximately Rs 1.22 lakh crore through InvITs (NHIT and Raajmarg) and the Toll-Operate-Transfer (ToT) framework.

State-operated highways present a substantial capital recycling opportunity, supported by a growing pool of mature, revenue-generating assets. Leading state authorities collectively manage over 22,500 km of monetisable stretches, with an estimated aggregate valuation exceeding Rs 3 lakh crore. Maharashtra leads this segment, accounting for over 50% of the total estimated asset value among the top six states.

A select pool of high-quality assets with strong revenue potential (supported by predictable, inflation-linked toll income and operational maturity) includes key projects across Maharashtra and Uttar Pradesh. These include the Samruddhi Mahamarg (Mumbai–Nagpur), Bandra–Worli Sea Link, Atal Setu, Coastal Road, Agra–Lucknow Expressway, Purvanchal Expressway, and Gorakhpur Link Expressway. Together, these seven assets represent approximately 1,492 km of operational, toll-generating infrastructure and generate over Rs 2,250 crore in annual revenue. This is precisely the type of stable, mature portfolio that InvIT investors have actively sought in the NHAI pipeline, with the potential to generate approximately Rs 1.4 lakh crore in upfront value.

Entities such as MSRDC, MMRDC, and UPEIDA carry significant debt arising from the construction of these assets (for instance, MSRDC alone has incurred around Rs 55,000 crore for the Samruddhi Mahamarg). Unlocking even a portion of this value through structured monetisation would free up substantial capital for future infrastructure development, reduce debt burdens on state agencies and public finances, transfer operations and maintenance risks to specialised long-term operators, and preserve public ownership of the underlying infrastructure through concession-based structures rather than outright sales.

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A coordinated, platform-led approach to monetisation can therefore play a pivotal role in bridging fiscal gaps while accelerating infrastructure development. By aligning state assets with established InvITs rather than pursuing fragmented, standalone vehicles, governments can unlock superior value through scale, standardisation, and stronger investor confidence. This not only ensures more efficient capital recycling but also builds a sustainable pipeline for future monetisation. At a time when traditional disinvestment avenues face headwinds, leveraging InvITs as a unified, scalable mechanism offers a pragmatic and market-aligned path to meeting fiscal objectives while continuing to invest in India’s infrastructure growth story.

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