Newspaper Summary 270126

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It’s a deal: India-EU FTA talks conclude amid US tariff woes

By Amiti Sen

Almost two decades in the making, the India–EU Free Trade Agreement (FTA)—touted as the ‘mother of all trade deals’—is set to be announced on Tuesday at the India-EU Summit in New Delhi. Commerce Secretary Rajesh Agrawal confirmed on Monday that negotiations have been concluded and the deal will be announced tomorrow, with the formal signing to take place after legal scrubbing.

European Commission President Ursula von der Leyen and European Council President Antonio Costa, who were chief guests at the Republic Day celebrations, will join Prime Minister Narendra Modi at the summit for the formal announcement. Both sides were driven by a sense of urgency to finalise the pact amid pressure from US President Donald Trump’s aggressive tariff regime.

Commerce Secretary Agrawal stated that the pact will be balanced and forward-looking, aimed at deeper economic integration and propelling trade and investment between the two sides. According to industry sources, the key beneficiaries are expected to be Indian exporters of labour-intensive goods, such as textiles, garments, leather, footwear, gems and jewellery, chemicals, toys, and sports goods, which currently face tariffs well above the EU’s average of 3.8%.

Conversely, EU exporters in protected sectors such as wines and spirits and automobiles are likely to gain improved market access in India, although this will be subject to safeguards, including quotas in automobiles.

The FTA covers a combined population of approximately 1.9 billion people—nearly a quarter of the world’s population—and represents more than 20% of global GDP. The text is expected to be made public in about two weeks, with legal scrubbing potentially taking five to six months. Both sides remain hopeful that the agreement can enter into force in early 2027, subject to domestic approvals and clearance by the European Parliament.

In the services sector, India is seeking gains in mobility. While a separate MoU on a comprehensive mobility framework is expected to facilitate the movement of students, skilled workers, and researchers, the FTA itself is likely to include provisions for higher student visa quotas and post-study work options.

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PMO urges Finance Ministry to propose ways to accelerate agri growth in Budget

By Subramani Ra Mancombu

The Prime Minister’s Office (PMO) has urged the Finance Ministry to propose specific measures to accelerate agricultural growth in the upcoming Budget. This intervention comes as the PMO takes note of a declining growth trajectory in the sector, which has slipped from 4.6% in 2024-25 to an estimated 3.1% in 2025-26.

The upcoming Budget is expected to provide a renewed thrust to the rural economy. Recent performance has been hampered by the Covid pandemic and climate change-related issues, which have kept the average gross value-added (GVA) in agriculture between 3% and 4%. Furthermore, according to the Ministry of Agriculture’s 2024-25 annual report, the sector's share of overall GVA has declined to 17.7% in 2023-24, down from 20.4% in 2020-21.

To reverse this trend, the government is looking at several strategic interventions:

• Improving post-harvest infrastructure and supporting agro-processing units to boost rural employment and incomes.
• Boosting agricultural exports by engaging industry collectives.
• Proposing measures to enhance market competitiveness and ensure sustainable growth.

These proposals are intended to align with a broader rural revitalisation agenda, ensuring that agricultural development contributes effectively to the overall economy.

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PVR INOX sells 4700BC biz to Marico

By Meenakshi Verma Ambwani

Multiplex operator PVR INOX announced on Monday that it will divest its premium snacking business, operated under the 4700BC brand, to FMCG major Marico Ltd. The all-cash transaction is valued at ₹226.8 crore and involves the sale of PVR INOX’s 93.27% stake in Zea Maize Pvt. Ltd (ZMPL), which owns the brand.

The move is part of a strategic review aimed at reducing debt, strengthening the balance sheet, and sharpening focus on core cinema operations. PVR INOX chief financial officer Gaurav Sharma stated that following the completion of the deal—expected within 30 days of the definitive agreements—the film exhibitor will become a “negligible debt” company. Sharma noted that the exit aligns with the company's strategy of monetizing mature investments to improve capital efficiency.

ZMPL reported a turnover of ₹98.66 crore, which contributed approximately 1.71% to PVR INOX’s consolidated topline. PVR INOX clarified that the divestment will have no material impact on its in-cinema food and beverage revenues or its cinema exhibition business.

For Marico, the acquisition represents a strategic investment to augment its “food play”. Marico MD and CEO Saugata Gupta stated that 4700BC will now focus on driving accelerated growth through new product launches in emerging snacking segments and strengthening its multi-channel distribution network.

Founded in 2013 by Chirag Gupta, 4700BC pioneered gourmet popcorn in India. PVR INOX had recognized the brand's potential at an early stage and supported its growth from a niche offering into a nationally recognized premium snacking brand. PVR INOX managing director Ajay Bijli described the transaction as a natural culmination of their strategic role, enabling the firm to monetize a non-core asset.

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Refined fuel exports may stay steady

By Rishi Ranjan Kala

KPLER FORECAST: High refinery utilisation and access to both Atlantic Basin and Asian markets will help maintain India's refined petroleum shipments in 2026.

India’s refined petroleum product exports are expected to remain steady in the 2026 calendar year, aided by refinery maintenance on the US West Coast. This development is expected to help Indian refiners, such as Reliance Industries (RIL), capitalise on petrol and jet fuel shipments to California.

Beyond international developments, refinery capacity additions and higher utilisation within India are expected to boost overall product availability. Global data provider Kpler expects India’s refined product exports to remain constructive, supported by flexible configurations and continued export options into both the Atlantic Basin and Asia. Incremental throughput growth is likely as new capacity ramps up at the HPCL Rajasthan Refinery (HRRL) and expansions progress at sites like Indian Oil Corporation’s Panipat refinery.

Refinery economics are projected to remain supportive due to continued access to discounted and advantaged crude feedstocks. This access will help India maintain its export competitiveness even if global margins soften, according to Sumit Ritolia, Kpler’s Lead Research Analyst for Refining & Modeling.

The US West Coast Outlet Refinery closures and rationalisation in PADD 5 (the US West Coast district) are expected to increase California’s reliance on imported gasoline and blend stocks. This creates a significant additional outlet for Indian barrels, a market where RIL has historically been a key supplier. The US Energy Information Administration (EIA) expects the loss of refinery capacity at the West Coast to contribute to relatively higher gasoline margins and prices that are roughly equal to 2025 in nominal terms. Because of limited connectivity to other US refining hubs, California's most likely replacement fuel sources will be imports from Asia, particularly of jet fuel and gasoline.

Market Constraints and Domestic Demand A primary near-term constraint is higher planned refinery maintenance compared to last year. Peak turnaround activity is likely in April–May and August–September, which may temporarily reduce runs and export availability while increasing volatility.

On the demand side, domestic growth in India remains healthy but uneven. Gasoline (petrol) growth is currently stronger than gasoil (diesel), meaning incremental supply could skew toward middle distillates and aviation turbine fuel (ATF) as new units stabilise. Consequently, exports will remain a vital clearing mechanism in 2026, particularly for diesel and jet fuel during periods of high utilisation.

Impact of EU Sanctions Regarding the European Union’s 18th sanctions package, which took effect on January 21, Ritolia noted it is still too early to draw firm conclusions. However, export-oriented refiners that previously relied on Europe are expected to shift toward lower-risk crude feedstocks and reduce their exposure to Russian barrels.

As refiners adjust crude slates to remain compliant, there may be an increased preference for Middle East and "clean" Atlantic Basin crudes. Some refiners may choose to cut runs or redirect products to non-EU markets at weaker netbacks. (Netback calculates revenue generated from sales against the costs of bringing the product to market).

The most impacted exporters so far have been RIL and Mangalore Refinery and Petrochemicals (MRPL). RIL has not imported Russian barrels since December 19, 2025, while MRPL has not imported Russian crude since late November. While it is too early to define a permanent trend, refiners will continue to optimise their operations based on economics and execution feasibility. Ultimately, Kpler does not expect major issues in clearing Indian product exports, as global demand for refined products remains strong.

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Markets eye capex push, steady fiscal math in run-up to Budget

By Akshata Gorde

Indian equities are heading into the Union Budget with expectations of a steady fiscal stance and a renewed push on capital expenditure, as investors position for infrastructure-linked earnings growth amid limited room for fresh stimulus. Market participants broadly expect the government to stick to its fiscal consolidation path, with the FY27 deficit likely to be set in the low 4 per cent range of the GDP.

According to Churchil Bhatt, Executive Vice-President at Kotak Mahindra Life Insurance, the government is expected to remain committed to its medium-term 50 ± 1 per cent debt-to-GDP target. Gross market borrowing is likely to stay elevated at roughly ₹16 lakh crore, reflecting heavy bond redemptions and a continued focus on capex.

Investment Preferences For equity investors, the policy message is likely to reinforce preference for capital-goods, construction, metals and infrastructure-linked stocks. These sectors stand to benefit directly from continued public spending on roads, railways and manufacturing capacity. Conversely, economists see little headroom for broad consumption-boosting measures this year, as committed revenue expenditure already absorbs a large share of government receipts.

Arpit Jain, Joint MD at Arihant Capital Markets Ltd, noted that the need of the hour is to encourage both government and private sector capex, suggesting that tax relief measures for sovereign funds investing in India could serve as a strong catalyst. He added that while financials and pharma remain well-placed, metals may be running slightly ahead of fundamentals.

Tax Clarity and Simplification Industry leaders are seeking greater tax clarity and simplification to improve the ease of doing business. Abhishek Mundada, Partner at Dhruva Advisors, highlighted demands for rationalising multiple TDS rates, extending deductions for research and development, and linking buyback taxation with accumulated profits.

Start-ups and Technology Start-ups and technology firms are watching for the deferment of taxation on employee stock options (ESOPs) until the point of sale to avoid double taxation. Additionally, there is a request to align capital gains tax treatment for unlisted shares with that of listed ones to encourage private capital flow into the innovation economy.

Real Estate and Infrastructure Real estate-linked stocks may also be in focus if the Budget delivers relief for homebuyers. The sector is also calling for taxation rationalisation for real estate AIFs and an emerging framework for asset tokenisation.

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Internal audit and its role in corporate governance

By PS Kumar

Internal auditors may be in-house or an outsourced entity, though banks and certain Non-banking Finance Companies are required to have risk-based Internal Audit (IA) conducted by in-house teams. Under Section 138 of the Companies Act, 2013, all listed companies and specific other categories are mandated to appoint an internal auditor. While the auditor must be a chartered accountant or a cost accountant, the internal auditor does not necessarily need to be a firm.

The Act does not explicitly define an IA; instead, the Companies (Accounts) Rules, 2014 specify that the audit committee or the board of directors must formulate the scope, functioning, periodicity, and methodology in consultation with the internal auditor. To ensure good governance, management is intended to have no role in this process.

Determining the Scope of Internal Audit Directors should look to the Directors’ Responsibility Statement (Section 134(3)(c)) to understand their onerous responsibilities. Because directors provide positive assurance on specific matters under Section 134(5), it is in their best interest to have internal auditors examine these areas. These matters include:

• The preparation of financial statements on a ‘going concern’ basis.
• The safeguarding of assets and the prevention and detection of fraud.
• The implementation of adequate internal financial controls (IFC).

Additionally, Section 143(3)(i) requires statutory auditors to confirm if a company has adequate IFCs in place and whether they are operating effectively. The Audit Committee is further tasked under Section 177(4)(vii) with evaluating internal financial controls and risk management systems.

Regulatory and Professional Standards The Companies Auditor Report Order (CARO), 2020 requires auditors to determine if a company’s internal audit system is commensurate with its size and nature. According to the Institute of Chartered Accountants of India (ICAI), internal audit functions generally include evaluating internal controls, examining financial information, and reviewing compliance with laws and regulations.

Professional standards such as Standard on Audit (SA) 610 and the Standards of Internal Audit (SIA) emphasize that the central theme of IA is providing independent assurance on the effectiveness of governance and risk management processes. While the Act leaves the scope to the discretion of directors, the National Financial Reporting Authority (NFRA) provides ongoing guidance to auditors on dealing with internal audits.

The Evolving Environment A formal and structured IA is essential to fit into a modern corporate governance structure. As information dissemination evolves, internal audits will need to expand their focus to include non-financial information, such as sustainability and ESG (Environmental, Social, and Governance) factors. Directors have a corresponding responsibility to remain current with these emerging requirements to ensure compliance with Section 138.

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How will BRICS energy pact pan out?

By Richa Mishra

As a fast-growing energy importer, India benefits from diversified supply options, discounted hydrocarbons, and access to alternative financing and technology channels. It should emerge as a more multipolar order, with Russia and China shaping the energy agenda. However, for tangible outcomes, bilateral relations will play a decisive role.

Global discussions are increasingly focused on whether BRICS will lead to a multi-polar energy order or the creation of a fresh cartel, and whether China or Russia will take the lead. Cursory assessments suggest a multipolar order where both nations play significant roles, while for India, the cooperation is broadly advantageous despite certain constraints.

Strategic Framework and Presidency India assumed the BRICS presidency on January 1, 2026, succeeding Brazil, with a focus on ‘Building for Resilience, Innovation, Cooperation, and Sustainability’. Energy cooperation has become a strategic pillar for the 11-member bloc (and its 10 partner countries), which accounts for nearly 50 per cent of global energy production and consumption.

The alliance is currently focused on:

• Balancing energy security with an inclusive transition to a low-carbon future.
• Implementing the ‘Roadmap for Energy Cooperation’ (2025–2030).
• Expanding the Nuclear Energy Platform, which facilitates corporate-level cooperation on clean energy projects with support from the New Development Bank (NDB).

Financing and Local Currencies There is an active push among member-states for the use of local currencies in energy trade and alternative payment mechanisms. At the BRICS Energy Ministers’ Meeting 2025, Power Minister Manohar Lal emphasized that strengthening cooperation is essential to promote equitable access to energy resources globally. The bloc supports open and non-discriminatory international markets and emphasizes the importance of resilient infrastructure and critical minerals for clean technologies.

Geopolitical Shifts Energy strategist Umud Shokri notes that BRICS energy cooperation represents a strategic shift toward a multipolar order intended to reduce exposure to Western-dominated institutions and financial systems. While the addition of energy-rich states like Iran and the UAE strengthens the resource base, the bloc functions more as a coordination platform than a tightly integrated alliance due to diverse political priorities.

By facilitating trade outside of dollar-based systems, the bloc challenges the leverage of sanctions and institutions like the IEA and Bretton Woods-linked mechanisms. This trend is visible in Russia’s redirection of oil and gas exports to Asia.

Leadership and Dominance China and Russia are expected to shape the agenda. China leads through its position as the world’s largest energy consumer and its capacity in clean-energy manufacturing, while Russia remains a critical supplier of gas, oil, and nuclear technology. Other members contribute specialized strengths: Brazil in biofuels, the Gulf states in capital, and Iran in hydrocarbons.

The Role of Bilateral Relations Tangible outcomes are likely to be driven by bilateral or mini-lateral deals nested within the broader BRICS framework rather than a unified policy. Examples include Russia-India crude trade and China-Brazil renewable investments.

For India, participation strengthens its bargaining power and reduces vulnerability to price shocks. However, Shokri cautions that New Delhi must manage China’s outsized influence and avoid strategic over-dependence on any single partner as it pushes its own green energy business.

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Govt weighs new ATMs in big help for small change

By Subhash Narayan & Gireesh Chandra Prasad

ATMs to dispense cash, change; RBI may issue more smaller denomination notes

The Centre is exploring multiple ways to make small-denomination currency notes more widely available, in a move to address a persistent shortage that has plagued everyday cash transactions nearly a decade after demonetization. The proposal includes a new kind of currency-dispensing machine to issue ₹10, ₹20 and ₹50 notes on demand, a ‘hybrid ATM’ that can exchange large notes for smaller denominations and coins, and a move to push the central bank to print more small-denomination currency notes.

Pilot Projects and Rollout A prototype of these low-denomination dispensing machines is currently being tested under a pilot project in Mumbai. Once approved, the system is expected to be scaled up nationally, with machines installed at high-footfall public locations such as transport hubs, markets, hospitals and government offices. The Reserve Bank of India (RBI) has already tested a hybrid ATM model at a Bank of Baroda branch in Mumbai.

The hybrid ATM would combine the functionality of a conventional ATM with a coin vending machine, allowing users to exchange higher denomination notes for smaller banknotes and coins in a single transaction. The government is expected to decide on a wider rollout by banks in the coming weeks after reviewing the pilot results and taking on board the RBI’s feedback.

The Necessity of Small Cash The initiative comes amid growing public frustration over the lack of small notes for routine payments, which often leads to transaction delays or forced rounding-off of prices when merchants cannot provide change for ₹500 notes. This move is expected to benefit large sections of the population relying on cash, particularly in urban informal sectors and semi-urban areas where digital payment acceptance remains uneven.

According to an official, the availability of small denomination currency is critical for the smooth functioning of the cash economy for daily wage earners, small traders, and commuters. RBI data shows that ₹500 notes account for 41.2% by volume of currency in circulation and a dominant 86% of its total value. In comparison, smaller denomination notes (₹2 to ₹50) together comprise about 38% of total currency by volume, but only about 3.1% by value.

Expert Opinions and Challenges Devendra Pant, chief economist at India Ratings and Research, noted that more small notes will facilitate daily transactions in rural areas where feature phones with low digital transaction support are still widely used. The shortage was also flagged in December 2025 by the All India Reserve Bank Employees Association (Airbea), which warned that lower denominations were “almost unavailable,” causing enormous problems in public life.

However, some experts caution that machines alone are not a total solution. A banking sector executive noted that the initiative must be backed by adequate supply, printing, and logistics for smaller notes. Vivek Iyer, partner at Grant Thornton Bharat, suggested that the rollout should be carefully calibrated and deployed at select locations to remain economical for banks, specifically where digital infrastructure is still evolving.

Currency in Circulation To be sure, the value of money in circulation has more than doubled since the days of demonetisation. As of January 9, 2026, currency in circulation stood at ₹39.27 trillion, compared to ₹17.97 trillion just days before demonetisation on November 4, 2016.

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The world economy is hooked on government debt

By Tom Fairless Frankfurt

This year, global growth is being brought to you by the government. Rocked by an avalanche of growth-sapping shocks, countries around the world are tearing up savings plans and rolling out large fiscal stimulus packages financed by bumper budget deficits.

The wall of government money aims to address growing challenges. Politicians are seeking to support companies whose business models are threatened by AI, U.S. tariffs, and China’s subsidized exports. Many countries are also spending heavily to rearm in a more uncertain world, to finance a transition to cleaner energy, or to care for rapidly aging populations.

In the past, this would have meant higher taxes, not just higher deficits. However, today’s leaders are reluctant to hand out unpopular tax hikes. According to JPMorgan, this spending could cause global growth to accelerate to a 3% annual rate over the next six months. Economists warn this could be a risky strategy at a time of low unemployment and higher interest rates.

Regional Impact and Vulnerabilities In the U.S. and Germany, fiscal stimulus is set to boost economic growth by around 1 percentage point this year. Europe’s economy looks particularly vulnerable, with few sources of growth outside government largess, especially amid the threat of a trade war over Greenland. In Japan, the stimulus is expected to boost growth by a similar margin.

However, the strategy is showing signs of strain. Last week, yields on long-term government debt in Japan surged to record highs after Prime Minister Sanae Takaichi announced a fiscal stimulus package worth 2.8% of GDP. Global public debt is now projected to exceed 100% of global GDP by 2029, its highest level since 1948.

A Strategic Shift in Policy The current heavy spending represents a strategic shift from the post-financial crisis era when many countries, particularly in Europe, tightened their belts to reassure investors. Leaders have since learned that austerity is unpopular and has led to weak militaries and crumbling infrastructure. Furthermore, the pandemic taught leaders that significant increases in public spending did not lead to immediate problems; while inflation hurt consumers, it made debt more manageable in the short term.

Future Risks Servicing this debt is becoming increasingly expensive. In Germany and Japan, the cost of servicing government debt has roughly doubled in four years. Some economists, including former IMF chief economist Maurice Obstfeld, suggest that governments may eventually have to raise taxes or reduce expenditures if they lose investor confidence.

In the U.S., the expected 6% of GDP budget deficit reflects both heavy spending on social security and efforts by the Trump administration to curb taxes. While some analysts, such as Wendy Edelberg, argue that the effects of federal borrowing on interest rates are not yet huge, others point to the 2022 "mini-budget" crisis in the U.K. as a warning of how quickly bond markets can seize up. Despite these risks, Goldman Sachs expects the U.S. economy to grow by 2.5% this year, as the drag from tariffs is offset by the boost from tax cuts.

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Social commerce gets traction

By Mansi Verma

After a bruising first wave, social commerce is resurfacing in India as younger consumers increasingly shop through creators, videos and feeds rather than search bars. Fundamentum-backed Wishlink is currently in talks to raise ₹20–25 million from existing and new investors, signaling a return of investor interest to content-led commerce platforms.

Wishlink is not alone in this resurgence; last year, LehLah raised a $1.5 million seed round from Nikhil Kamath’s fund Gruhas, while other platforms like Hypd have also been growing. This renewed interest follows the collapse or consolidation of an earlier cohort of startups, such as Trell, Bulbul, and SimSim, which collectively raised over $100 million in early-stage funding but failed to scale.

Strategic Shift in Business Models Unlike the first wave that attempted to build full-stack apps by owning discovery, checkout, and logistics, newer platforms focus on creator-commerce infrastructure. They serve as intermediaries between creators, brands, and marketplaces, allowing influencers to tag products and direct transactions to platforms like Myntra or Amazon.

Ashish Kumar, co-founder of Fundamentum, notes that the problem in Indian e-commerce has moved from supply scarcity to overload. “Today, the problem is curation," he said, as consumers now want help figuring out what they want from a vast supply.

Measurable Business Outcomes Large e-commerce players are reporting meaningful revenue from creator-driven discovery. Myntra reports that engagement with social commerce content has translated into a 10% higher conversion on its platform, with creator-led commerce contributing over 10% of its total revenue.

From an investment perspective, content commerce is seen as more efficient. Wishlink’s customer acquisition cost is described as "practically zero" because traffic is driven directly from Instagram and YouTube.

Market Outlook India’s social commerce market touched $29.27 billion in 2025 and is projected to grow at a 37.5% compound annual rate to nearly $144 billion by 2030. Despite this growth, founders caution that as platforms scale, the biggest constraint remains maintaining quality while scaling with the right brands and creators.

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No more market fireworks likely on budget day

By Dipti Sharma & Mayur Bhalerao

The Union budget, once the single biggest policy trigger for stock markets, has increasingly become a non-event in recent years. This muted reaction reflects a deeper shift in which policymaking has become more continuous, predictable, and front-loaded, leaving investors to position themselves weeks or months in advance rather than reacting to a single speech.

The Fading Element of Surprise With key reforms, incentives, and sector-specific measures now rolled out through cabinet decisions, special packages, and the GST Council throughout the year, the element of surprise on budget day has largely faded. Market experts note that volatility around the event has declined as investors focus more on medium-term policy direction. A Mint analysis of the Sensex’s behavior over the past 16 years shows that the market usually makes its biggest moves well before budget day, leaving the actual announcement with limited impact.

Historical Market Trends A review of the past three years confirms this trend:

• 2023: The Sensex rose a modest 0.4% on budget day after delivering negative returns in the three months (-2.3%) and 15 days (-1%) leading up to the event.
• 2024: The index gained 0.6% on the day of the announcement, following a substantial 9.1% rise over the three-month run-up.
• 2025: Market reaction was largely flat, underscoring how policy expectations are now absorbed well before the speech is delivered.

Since 2010, the three months preceding the budget have consistently been marked by elevated volatility compared to the day itself. Data shows the Sensex fell on budget day in only 25% of the years over the last 16 years, whereas it fell in 50% of the years during the three-month and 15-day pre-budget periods.

Current Outlook for FY27 The Finance Ministry is set to present the FY27 budget on 1 February 2026. Currently, the government appears fairly placed to meet its 4.4% of GDP fiscal-deficit target. In the two months leading up to this upcoming budget, the Sensex has already fallen over 4%, suggesting that markets have once again adjusted and priced in many expectations in advance.

Process-Led Governance Market participants suggest that the fading "surprise factor" signals a transition from event-based governance to "process-led" policy. Lower volatility is viewed as a sign of a maturing market where reforms are continuous and the "noise" of a single day is being replaced by the "signal" of long-term growth. However, the budget still influences sector leadership; for example, the focus on consumption in 2025 led to rallies in FMCG and automobile stocks. Investors will continue to track the upcoming budget for signals on bond yields and the pace of fiscal consolidation.

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The man who almost replaced Buffett

By Gregory Zuckerman

In taking over as chief executive of Berkshire Hathaway this month, Greg Abel faced questions about whether he is ready to step out of Warren Buffett’s shadow. However, the transition reminded some investors of Abel’s former boss—David Sokol—who for years was considered the most likely person to take the reins of the company.

The Star Executive Sokol gained Buffett’s confidence as a star executive who grew crucial businesses at Berkshire and turned others around. The Omaha native was popular with Berkshire’s board and Buffett, who once told Fortune magazine, “He gets more done in a day than probably I get done in a week, and I’m not kidding.”

His ability to improve the fates of diverse businesses, from roofing and insulation to real-estate brokering and NetJets, earned him consistent praise. In 2008, Sokol led a successful $230 million investment in BYD, then a Chinese battery maker, which eventually surpassed Tesla as the world’s top seller of electric vehicles.

“The Great Young God” The youngest of five children, Sokol worked as a structural engineer before turning CalEnergy into a sprawling utility through aggressive acquisitions. He earned a reputation for being hard-driving and sometimes difficult, earning the nickname “The Great Young God.” An avowed fan of Ayn Rand’s Atlas Shrugged, Sokol once wrote that he kept a notebook ranking employees in the order in which he would terminate them if forced to do so.

The Lubrizol Controversy By early 2011, Sokol was widely seen as Buffett’s successor, but his prospects disintegrated in a matter of weeks. In March of that year, Berkshire bought the chemicals company Lubrizol in a $9 billion deal. It soon emerged that Sokol had purchased approximately $10 million of Lubrizol shares just two months earlier, and the acquisition deal had come at his own suggestion. The value of his stake rose by $3 million upon the acquisition.

Sokol resigned shortly after his purchases became public. A report by Berkshire’s audit committee later stated that Sokol’s trading violated the “highest standards of business ethics.” At a subsequent annual meeting, Buffett expressed bewilderment, noting that Sokol had made $24 million that year and did not need the extra money.

Life After Berkshire Sokol’s departure was acrimonious, and his attorney later criticized Berkshire’s treatment of him, though the Securities and Exchange Commission eventually declined to take action against him. Since leaving, the 69-year-old Sokol has kept a low profile. He started an investment firm, Teton Capital, to invest his personal wealth, which amounts to several hundred million dollars.

Regarding the recent transition, Sokol stated in an email that Greg Abel is an extraordinary executive who is “far more talented than I am” and at the correct age for the challenge. “I wish him nothing but great success,” he said.

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Iran is selling more oil but making less money

By Georgi Kantchev & Summer Said

Iran exported more oil in 2025 than it had done in years, smuggling crude in defiance of sanctions, mainly to China. However, during this same period, the regime’s profits from the commodity collapsed. While falling global crude prices played a role, the decline was primarily driven by a web of middlemen and buyers who exploited Tehran’s precarious position and its absolute dependence on oil revenue.

The Shadow Fleet and Rising Costs Tehran relies on a "shadow fleet"—a global network of 613 aging tankers, including 180 very large crude carriers—to move its sanctioned oil. Because the Trump administration is aggressively pursuing this fleet with sanctions and special forces, those involved in the trade are now demanding higher fees for handling the cargo.

Gregory Brew, senior analyst at Eurasia Group, noted that sanctions force Iranians to use more intermediaries, stating, “Everybody takes a cut”. Additionally, the cost of ship-to-ship transfers, used to conceal a cargo’s true origin, has risen significantly. Homayoun Falakshahi, head of crude oil analysis at Kpler, explained that logistics are the main problem, leading to more middlemen and lower revenues.

Exploitative Discounts Iran’s primary customers are small Chinese refiners known as “teapots”. These refiners, which have less exposure to international sanctions, have taken advantage of Iran’s limited options to demand deep discounts. Furthermore, the availability of shunned Russian oil on the Chinese market has allowed buyers to demand even further price cuts; while Iranian oil was $4 cheaper than the global benchmark at the start of 2025, it was $8 cheaper by the end of the year.

Economic and Geopolitical Pressure The drop in revenue is sharpening a dire economic crisis in Iran. Widespread demonstrations in late December 2025 were sparked by the dramatic devaluation of the rial. While a government crackdown has quelled the initial unrest, the death toll is estimated at over 5,000 people.

Adding to Tehran’s woes:

• New U.S. Sanctions: This month, the U.S. Treasury imposed penalties on individuals and entities linked to laundering proceeds from Iranian petroleum sales.
• Tariff Threats: President Trump has threatened a 25% tariff on countries that do business with Iran.
• Loss of Allies: The Trump administration’s capture of Venezuelan leader Nicolás Maduro cost Tehran a longtime partner in black-market oil.

Market Impact Despite these challenges, Iran remains a founding member of OPEC and is responsible for roughly 3% of daily global oil output. Analysts estimate that while Iran’s full-year crude sales totaled approximately $30 billion last year, the regime only kept about two-thirds of that as profit. In October 2025, Iran shipped nearly two million barrels a day, a multiyear high, but analysts warn that Iranians must continue to contend with shrinking margins as the U.S. ramps up enforcement.

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Why children are quietly becoming their parents’ financial managers

By Shipra Singh

From screening product pitches to monitoring digital risk, children are stepping in to manage money remotely.

When Delhi-based Shubhangi Sahal discovered that her recently retired father had been sold more than 20 insurance policies—many using forged signatures and incorrect contact details—it triggered a permanent shift in responsibility. Sahal had to untangle the mess by filing complaints with insurers, approaching the insurance ombudsman, and correcting paperwork that should never have been wrong. This experience led to a larger task: ensuring her parents' finances were properly safeguarded from a system that has become increasingly complicated and risky.

Across many households, as parents age and financial products proliferate, adult children are becoming informal chief financial officers for their parents.

When ageing money meets modern finance

For Abhinav Singh in Gurgaon, the trigger was a pattern of his father’s principal getting stuck in corporate deposits promising high returns. Singh felt a fiduciary responsibility to intervene because he saw how inflation was quietly eating away at poorly structured savings. While the takeover was not initially smooth—his father even joked that his "private banker son" was underperforming fixed deposits (FDs) during early market cycles—the resistance softened as tax efficiency and long-term returns improved.

This arc of resistance and eventual trust is common. Ajay Pruthi, founder of PLNR Investment Advisors, notes that parents often interpret financial advice through an emotional lens rather than a rational one. He suggests that conversations framed around cash flows and peace of mind typically land better than those focused solely on "better returns". Priya Sunder, co-founder of PeakAlpha, advocates involving professionals to navigate these power dynamics, as third-party advice often sounds objective rather than suspicious.

Why children step in

Protection from fraud and aggressive selling is a primary motivator. In Pune, Shantanu Nakhare stepped in when bank agents began visiting his father’s home daily to pitch endowment plans. He redirected the retirement corpus toward hybrid and debt mutual funds (MFs) while maintaining income through the Senior Citizen Savings Scheme (SCSS).

Beyond investment strategy, children are focusing on operational safety:

• Limiting UPI access to low-balance accounts to prevent large, easy transfers.
• Installing apps to block spam calls and holding repeated discussions about scam patterns and OTP sharing.
• Performing basic hygiene checks such as updating nominees, PAN-Aadhaar linking, and KYC revalidation.

The autonomy dilemma

Experts warn that protection can slide into overreach. If children take over passwords and transactions entirely, parents can suffer from "invisible disempowerment," losing their sense of dignity and agency. The objective should be to provide support while keeping parents involved in approvals and decisions. Abhinav Singh, for example, shares visibility across investment platforms and tracks performance together with his father to maintain transparency.

The conversation families avoid

While children are taking over paperwork and digital checks, estate planning remains difficult. "When children mention wills, parents don’t hear financial prudence, they hear death," says Pruthi. To counter this, some children shift the focus toward "paperwork hygiene," such as fixing nomination errors or simplifying accounts to reduce future complexity. Despite these efforts, many families struggle to move beyond operational clean-up into formal estate planning, as the discomfort around mortality remains deeply entrenched.