INDIAN manufacturers are raising prices to pass on to consumers some of the burden of costlier energy and raw materials, which threatens to dent demand as well as a recovery from the Covid-19 pandemic, business leaders and economists say.
Prices of items from tea, coffee and biscuits to toothpaste and electric components have risen up to 10 per cent in the last quarter, while construction supplies, such as cement and sanitary ware, have added as much as a fifth, they said.
Big companies like Hindustan Unilever, Nestle, Procter & Gamble, Ambuja Cement and Kajaria Ceramics have blamed the increases on higher costs of oil and other raw materials.
As the economy swings into gear after pandemic curbs curtailed many activities over the last year, supply chain disruptions are also driving up prices.
"This is a challenge, as India's economic recovery is still not broad-based and the rising prices will hurt consumer sentiment," said Kapil Gupta, chief economist at Mumbai brokerage Edelweiss Securities.
After keeping above the central bank's target range of two per cent to six per cent, annual retail inflation eased in September to 4.35 per cent, helped by softening of food prices, which make up nearly half of the consumer price index.
But core inflation, excluding volatile prices of food and energy, has remained near six per cent for the last few months, reflecting the rising manufacturing prices.
Firms facing increases of 20-30 per cent in transport costs could raise prices further to maintain margins, say analysts, if the government offers no relief on energy costs.
Until now, prime minister Narendra Modi's administration has declined to cut fuel taxes that are the highest among the major economies, at more than 100 per cent of the base price.
Those building homes or renovating them to remedy defects made apparent during the pandemic-enforced curbs face a rise of more than 10 per cent in the cost of construction materials such as paint, cement and steel.
Kajaria Ceramics has raised the prices of its bathroom tiles by about seven per cent and sanitary ware by 10 per cent, while Asian Paints has hiked product prices by 7-10 per cent, analysts' reports showed.
"This time, the material increase has been fairly unnatural," said Amit Syngle, the chief executive of Asian Paints, warning that more hikes could be in store.
Consumer goods maker Hindustan Unilever, which markets more than 400 brands of food and beauty products, is struggling with the prices of palm oil, tea and crude and skyrocketing costs of shipping, said its chairman and managing director Sanjiv Mehta.
"The next few months will be critical to assess the underlying market demand and determine whether these are transient or structural," Mehta said after unveiling quarterly results last week.
Rural demand has slowed over the last two months, inspiring further caution, he added.
Private economists have warned that rising manufacturing and energy prices could dent the recovery from a record contraction of 7.3 per cent in the fiscal year that ended in March 2021.
Consumer spending, which contributes nearly 55 per cent of GDP, would be hurt by the rising prices, said Radhika Rao, a senior economist at DBS Bank.
"This might hold back consumption beyond the spurt on account of re-opening gains and festive demand, with employment gains yet to fully percolate to the unorganised sectors," she said, referring to celebrations around Diwali, the Hindu festival of lights.
Worried by rising prices, some private economists, including ratings agency Fitch, have cut growth forecasts to 8.7 per cent for the current fiscal year, down from nearly 10 per cent earlier.
Octopus Energy, the UK’s largest electricity supplier, has launched its first home electric vehicle (EV) charger, named Octopus Charge. The charger is designed to integrate with the company’s smart energy system to enable cost-effective and environmentally friendly charging.
Smart charging through Kraken platform
The new Octopus Charge device connects to the energy supplier’s proprietary Kraken platform, which automatically adjusts charging to coincide with times when electricity is cheapest and greenest. This enables EV owners to take advantage of lower rates and reduce their carbon footprint.
The charger also integrates with Intelligent Octopus Go – a smart EV tariff – and the recently launched Drive Pack tariff. The latter allows for unlimited overnight EV charging at home for £30 per month, making it a potentially attractive option for frequent drivers.
Limited early access and launch schedule
Initially, the charger will be available to customers who use Octopus Energy’s EV leasing service. A wider rollout to all Octopus Energy customers is scheduled for August 2025.
To promote early adoption, the first 100 customers to install the charger will receive up to 5,000 miles of free charging. This promotional offer equates to enough electricity to travel the full length of the UK from Land’s End to John o’ Groats and back.
Expanding low-carbon home technology
Although Octopus Charge is the company’s first EV charger, it follows a broader strategy by Octopus Energy to offer home energy hardware. In September 2023, the company introduced the Cosy 6 heat pump at the Energy Tech Summit in London. The product aimed to reduce upfront costs for consumers and encourage the adoption of low-carbon heating solutions.
Building on this, the company launched the Cosy Octopus tariff in June 2024, specifically tailored for heat pump users. Both moves align with Octopus Energy’s goal to help UK households transition to greener, more efficient energy usage.
Rebecca Dibb-Simkin, chief product officer at Octopus Energy, said the company was “delighted” to launch its first charger. “Charging at home is already better than queueing up at the petrol station – and now we’ve made it even simpler,” she said.
Home charging key to EV affordability
Data shows that the cost of charging an EV at home is significantly lower than using public charging infrastructure. Analysis by Cornwall Insight reveals that home charging – especially on off-peak tariffs – can save drivers as much as £1,500 per year compared to public chargepoints.
Despite this, widespread access to home charging remains a challenge. While around 80% of EV drivers currently benefit from home charging, approximately 75% of UK homes do not have a private driveway, limiting access to at-home installation.
Policy changes aim to remove barriers
Until recently, installing a home EV charger often required a planning application, which added complexity and cost. However, a recent policy change by the UK government has eliminated the need for planning consent for home and business EV charger installations.
According to the Department for Transport, the change could save households around £1,100 on average, helping more people afford home charging setups and supporting the broader transition to electric vehicles.
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A massive new cybersecurity report has revealed what experts are calling the largest data breach in history, involving over 16 billion login credentials. The records, uncovered by researchers at Cybernews, appear to come from a variety of sources and have raised alarm bells across the tech and cybersecurity industries.
Unprecedented scale of exposure
The data is spread across 30 different datasets, with individual troves containing between tens of millions and more than 3.5 billion credentials each. In total, the exposed records add up to 16 billion, a staggering number that equates to more than two credentials for every person on Earth.
Most of these credentials appear to have been collected through infostealer malware and other illicit methods. These tools typically capture usernames, passwords, tokens, cookies, and other metadata from compromised systems, packaging the data in a uniform structure, typically a URL followed by login details and passwords.
Not old data, but fresh and dangerous
What makes this breach especially concerning is the recency of the data. Researchers confirm that the datasets are not simply recycled from old breaches, but largely consist of new logs collected in recent months. Many include access credentials to services such as Apple, Facebook, Google, GitHub, Zoom, and Telegram.
Although some of the login pages referenced in the data are from popular global platforms, cybersecurity researcher Bob Diachenko clarified there was no centralised data breach at these tech giants. Instead, credentials linked to their login portals were likely captured via infostealers installed on individual users’ devices.
Multiple datasets, unclear ownership
The 30 datasets uncovered differ significantly in size and origin. The largest, containing over 3.5 billion records, is suspected to be linked to Portuguese-speaking regions. Other datasets hint at Russian sources or specific platforms like Telegram. Many have generic names such as “logins” or “credentials”, providing little insight into their exact source.
Despite the vast quantity of data, the researchers have been unable to identify a single entity behind the breach. It remains unclear whether the datasets were compiled by security researchers monitoring for leaks or by cybercriminal groups aggregating stolen information for exploitation.
While the datasets were only briefly exposed — typically via unsecured Elasticsearch or cloud storage instances — this short window was enough for experts to confirm their contents and raise concerns.
A blueprint for cybercrime
Experts warn that this is not merely a leak, but “a blueprint for mass exploitation.” The exposed credentials, which include sensitive data such as tokens and cookies, could be used for a range of attacks: from account takeovers and identity theft to ransomware campaigns and targeted phishing.
This kind of large-scale credential exposure is particularly dangerous for organisations lacking robust cybersecurity measures, including multi-factor authentication (MFA). Without these defences, hackers could easily use stolen credentials to breach systems and escalate attacks internally.
How users and organisations can respond
With the source of the leak uncertain and the extent of the damage unclear, there are few direct actions individuals can take. However, cybersecurity experts strongly recommend several key practices:
Use a password manager to generate and store strong, unique passwords for each service.
Regularly review accounts for unauthorised activity.
Run regular malware scans to detect and remove infostealers.
Diachenko, who contributed to the Cybernews report, stressed that while the breach doesn’t indicate failures at platforms like Facebook or Google, it still poses a widespread risk. “Credentials we’ve seen in infostealer logs contained login URLs to Apple, Facebook, and Google login pages,” he noted.
This implies that while the platforms themselves may be secure, any user who has been compromised by infostealer malware could unknowingly provide cybercriminals access to those services.
A reminder of growing data breach risks
This record-setting exposure is just the latest in a growing trend of large-scale data breaches. The fact that datasets of this size continue to emerge, often unnoticed for months, highlights the evolving nature of cybersecurity threats.
As digital services become more embedded in daily life, the potential fallout from data breaches expands. This incident serves as a stark reminder of the need for vigilant data hygiene, both for individual users and the organisations that serve them.
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The leaders discussed the new Defence Cooperation Accord between the UK and Bahrain, aimed at deepening joint military training and naval ties.
PRIME MINISTER Keir Starmer met Crown Prince Salman bin Hamad Al Khalifa, prime minister of Bahrain, at Downing Street on Thursday.
A Downing Street spokesperson said the leaders discussed the UK-Bahrain relationship and welcomed the UK becoming a full member of the Comprehensive Security Integration and Prosperity Agreement (C-SIPA), a trilateral pact with Bahrain and the United States focused on regional security.
They also welcomed the signing of the Strategic Investment and Collaboration Partnership, which aims to build on the two-way investment between the countries. According to the spokesperson, this would "unlock new investment, growth and jobs into the UK, delivering on the Plan for Change."
The leaders discussed the new Defence Cooperation Accord between the UK and Bahrain, aimed at deepening joint military training and naval ties.
The spokesperson said, “Highlighting the strength of the 200-year relationship between both nations, the leaders looked forward to further cooperation, including trade negotiations with the Gulf Cooperation Council.”
They also spoke about the situation in the Middle East, called for de-escalation, and agreed on the need for closer regional ties to support stability.
“The Prime Minister and Crown Prince looked forward to speaking again soon,” the spokesperson added.
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Funds held in customer accounts by Indian clients rose by 11 per cent in the year to 346 million Swiss francs (£3.14m) and accounted for about one-tenth of overall funds.
INDIAN money in Swiss banks more than trebled in 2024 to 3.5 billion Swiss francs (£3.1bn), attributed to a rise in funds held through local branches and other financial institutions, annual data released by Switzerland's central bank showed on Thursday (19).
However, funds held in customer accounts by Indian clients rose by 11 per cent in the year to 346 million Swiss francs (£3.14m) and accounted for about one-tenth of overall funds, the report showed.
The increase in the overall funds follows a 70 per cent decline in funds by Indian individuals and firms in Swiss banks, including through local branches and other financial institutions, in 2023 to a four-year low of 1.04 billion Swiss francs.
This is the highest since 2021, when the total Indian money in Swiss banks hit a 14-year high of CHF 3.83 billion.
These are official figures reported by banks to the Swiss National Bank (SNB) and do not include money that Indians, non-resident Indians or others might have in Swiss banks in the names of third-country entities.
According to the SNB, its data for 'total liabilities' of Swiss banks towards Indian clients takes into account all types of funds of Indian customers at Swiss banks, including deposits from individuals, banks and enterprises. This includes data for branches of Swiss banks in India, as also non-deposit liabilities.
The total amount of CHF 3,545.54 million, described by the SNB as 'total liabilities' of Swiss banks or 'amounts due to' their Indian clients at the end of 2023, included • CHF 346 million in customer deposits (up from CHF 310 million at 2023-end), • CHF 3.02 billion held via other banks (up from CHF 427 million), • CHF 41 million (up from CHF 10 million) through fiduciaries or trusts, and • CHF 135 million as 'other amounts' due to customers in form of bonds, securities and various other financial instruments (down from CHF 293 million).
The total amount stood at a record high of nearly 6.5 billion Swiss francs in 2006.
However, the 'locational banking statistics' of the Bank for International Settlement (BIS), described in the past by Indian and Swiss authorities as a more reliable measure for deposits by Indian individuals in Swiss banks, showed an increase of nearly six per cent during 2024 in such funds to $74.8m (£55.7m).
An exchange of information in tax matters between Switzerland and India has been in force since 2018. Under this framework, detailed financial information on all Indian residents having accounts with Swiss financial institutions since 2018 was provided for the first time to Indian tax authorities in September 2019 and this is being followed every year.
Swiss authorities have maintained that assets held by Indian residents in Switzerland cannot be considered as 'black money' and they actively support India in its fight against tax fraud and evasion.
The UK topped the charts for money deposited by foreign clients in Swiss banks at CHF 222 billion, followed by the US (CHF 89 billion) and West Indies (CHF 68 billion).
Germany, France, Hong Kong, Luxembourg, Singapore, Guernsey and the UAE completed the top ten countries.
India was in 48th place, up from 67th at the end of 2023, but below 46th place at the end of 2022.
Pakistan also saw a dip to CHF 272 million (from CHF 286 million), while Bangladesh witnessed a sharp increase from CHF 18 million to CHF 589 million.
(With inpust from agencies)
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In a statement, the central bank pointed to a recent rise in energy prices, citing the 'escalation of the conflict in the Middle East' as a factor.
THE BANK OF ENGLAND (BoE) kept its key interest rate at 4.25 per cent on Thursday, citing persistent inflation and rising risks from US tariffs and the conflict between Israel and Iran.
The decision, which was widely expected, came a day after the US Federal Reserve also left its interest rates unchanged, pointing to continued inflation and slowing growth in the United States.
BoE governor Andrew Bailey said the UK economy remained weak but signalled that rate cuts were possible later this year.
“Interest rates remain on a gradual downward path, although we’ve left them on hold today,” Bailey said. He added, “The world is highly unpredictable.”
Official figures released Wednesday showed that UK annual inflation eased to 3.4 per cent in May, less than expected. It remains well above the BoE’s 2 per cent target.
In a statement, the central bank pointed to a recent rise in energy prices, citing the “escalation of the conflict in the Middle East” as a factor.
Despite holding rates steady, analysts expect the BoE to cut at its next meeting in August.
“The Bank of England opens the door for a cut in August as it keeps one eye on energy prices,” said Yael Selfin, chief economist at KPMG UK.
The Bank of Japan also kept its interest rate unchanged this week.
Earlier on Thursday, Norway’s central bank unexpectedly cut rates, and the Swiss National Bank reduced its rate to zero per cent. Both cited uncertainty in the global economic outlook.
Last month, the Bank of England cut its rate by 0.25 percentage points as early signs emerged that US tariffs were beginning to affect growth.
The UK economy shrank more than expected in April, partly due to a tax rise on domestic businesses.