Gayathri Kallukaran is a Junior Journalist with Eastern Eye. She has a Master’s degree in Journalism and Mass Communication from St. Paul’s College, Bengaluru, and brings over five years of experience in content creation, including two years in digital journalism. She covers stories across culture, lifestyle, travel, health, and technology, with a creative yet fact-driven approach to reporting. Known for her sensitivity towards human interest narratives, Gayathri’s storytelling often aims to inform, inspire, and empower. Her journey began as a layout designer and reporter for her college’s daily newsletter, where she also contributed short films and editorial features. Since then, she has worked with platforms like FWD Media, Pepper Content, and Petrons.com, where several of her interviews and features have gained spotlight recognition. Fluent in English, Malayalam, Tamil, and Hindi, she writes in English and Malayalam, continuing to explore inclusive, people-focused storytelling in the digital space.
Mark Read, the chief executive of WPP, has announced he will step down later this year, as the advertising agency faces growing pressure from artificial intelligence and declining share prices. Once the largest advertising group globally, WPP is struggling to keep up with the fast-moving AI technologies that are reshaping the industry.
Read, who has been at WPP for more than 30 years and held the top job since 2018, will remain in the role until the end of 2025 while the company searches for his successor.
AI upends traditional ad models
During Read’s tenure, WPP’s share value has halved, reflecting wider disruption in the advertising industry. AI-powered tools are increasingly automating advert creation, challenging traditional agencies that rely on human-driven processes. This shift has placed legacy firms like WPP under heavy competitive pressure as companies turn to faster and cheaper AI alternatives.
Leadership under scrutiny
WPP chair Philip Jansen, formerly of BT, credited Read with transforming the agency into a leader in marketing services. However, his arrival earlier this year led to speculation about a leadership shake-up. A former WPP board member said Jansen was seen as a “change agent” brought in with the expectation that Read’s departure was only a matter of time.
Since joining, Jansen has engaged with staff across the company to assess its structure and operations. One executive described him as a “cold-eyed analyser” focused on addressing administrative inefficiencies and streamlining processes.
Falling behind global rivals
WPP’s challenges extend beyond internal leadership. In 2023, the firm lost its title as the world’s largest advertising agency by revenue to French competitor Publicis. Meanwhile, Omnicom and Interpublic agreed to merge in a $13.3 billion (£10 billion) deal. In contrast, WPP’s market value is around £5.9 billion.
Traditional roots struggling to adapt to the fast-changing, AI-driven landscapeiStock
Russ Mould, investment director at AJ Bell, warned that the leadership vacuum could set WPP back further. “The fact the company hasn’t got a replacement lined up suggests chaos behind closed doors,” he said. He added that while WPP waits for new leadership, more tech-savvy rivals could continue pulling ahead.
From Sorrell to Read
Mark Read succeeded Sir Martin Sorrell in 2018, who had built WPP into a global powerhouse after buying a small basket-making company in 1985. Sorrell stepped down following allegations of personal misconduct, which he has consistently denied.
Read has overseen major restructuring efforts during his time at the helm, including merging agencies and selling non-core assets. These actions helped reduce WPP’s debt, but the agency’s share price still fell more than 25% in the past year alone.
Tech giants dominate ad space
One of WPP’s biggest challenges is the rise of tech giants like Google, Meta (formerly Facebook), and Amazon, which now dominate digital advertising. These companies are leveraging advanced AI to offer advertisers tools that automatically generate and target campaigns, making traditional agency services less necessary.
Earlier this month, Meta announced that it would help businesses create ads using AI-generated images, videos, and text. The move highlights the growing capabilities of AI in advertising and its impact on agencies like WPP.
Takeover speculation and uncertain future
Following the news of Read’s planned departure, WPP’s shares dipped by 1.5%, sparking fresh speculation that the agency could become a takeover target or attract activist investors seeking to restructure the business.
Mould said WPP’s traditional roots have left it struggling to adapt to the fast-changing, AI-driven landscape. “The world has gone digital, leaving the company scrabbling to play catch-up,” he said. “WPP needs a complete overhaul, and that won’t come easily or quickly.”
AI threatens agency jobs and structures
AI’s growing role in the advertising world is not just about efficiency, it’s also transforming employment structures. Automated content generation and data-driven targeting are reducing the need for large creative teams and manual campaign management, core functions traditionally carried out by agencies like WPP.
As these tools become more powerful, many routine roles within advertising risk being replaced. This technological shift is reshaping how agencies operate, forcing them to rethink their value in a market increasingly dominated by algorithms and automation.
Adapting to survive
Mark Read’s departure marks a critical turning point for WPP as it navigates these sweeping changes. The agency’s future depends on how quickly it can adapt to a landscape led by AI. For WPP and the wider advertising world, staying relevant will mean embracing technology while finding new ways to offer value that machines alone cannot deliver.
AMSA said India, Brazil, the USA, the EU, the UK, China, Malaysia, Mexico, Canada and Australia had taken strong protection measures for their steel industries. (Photo: Getty Image)
ArcelorMittal South Africa (AMSA), part of Lakshmi Mittal’s steel group, said it is still considering closing its long steel production business as it waits for the South African government to implement a rescue plan for the domestic industry.
In January, AMSA announced plans to stop operations at its long steel manufacturing plants, affecting over 3,500 jobs. The Industrial Development Corporation later stepped in with some measures.
Despite this, AMSA reported a R500 million loss for the six months ended June 2025, according to its consolidated financial statements released this week.
“ArcelorMittal South Africa continues to face significant challenges with no improvement in market conditions over the previous period. The prolonged negative international steel cycle remains, ensuring that global and domestic steel markets remained under pressure in spite of some price improvement, notably in China during July,” the company said.
It said the possibility of closing the long steel plants, announced in November last year, still existed to ensure viability. “Enhancing the balance sheet will depend on the outcome of the ongoing IDC transaction. Should a sustainable solution not be reached, the company will proceed with the planned permanent wind-down of the longs business.
“In that event, ArcelorMittal South Africa will promptly initiate monetisation of assets, including Saldanha Steel, the Tubular Mill, the Vereeniging Bar Mill, ArcelorMittal Rail and Structures, and other non-core properties. Proceeds will be applied to strengthen the balance sheet, to reduce debt, and will be reinvested into the flats business to support improvements in earnings and cash flow in order to preserve core business continuity,” it added.
AMSA said India, Brazil, the USA, the EU, the UK, China, Malaysia, Mexico, Canada and Australia had taken strong protection measures for their steel industries.
It said the South African government had introduced initiatives but there had been limited progress in implementing measures that addressed constraints.
The company cited major rail service interruptions caused by cable theft, leading to locomotive failures. It said it had offered to help with security on key rail routes and taken other cost and mitigation steps.
“On two occasions during the past six months, the risk of uncontrolled blast furnace stops arose due to major rail service interruptions. Additional unplanned road transport had to be deployed, resulting in higher direct, operational, and handling costs of some R317 million, more than double that of R127 million in 2024,” AMSA said.
With regular power cuts from state-owned Eskom, losses during the period rose to R41 million from R25 million a year earlier.
AMSA said South Africa could maintain and grow a viable steel industry if government commitments were turned into real and immediate action. “The top two priorities currently are to ensure that there is a vibrant level of steel demand accessible to South African steel producers; and second, that the high levels of imports are dramatically reduced,” it said.
It added that about 68 per cent, or 5,18,000 tonnes, of current steel imports could be produced locally. “Once these priorities are addressed, the industry will be in a much stronger position to progress with investment to improve localisation levels with the aim of completely replacing imports, while turning attention to the issue of decarbonisation,” it said.
The company also said action against illicit trade and corrupt and collusive dealings was not being addressed.
AMSA was formed from the former state-owned steelmaker Iscor, which Mittal turned around before acquiring.
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Balaji has been Group chief financial officer of Tata Motors since November 2017 and a non-executive director on JLR’s board since December 2017.
JAGUAR LAND ROVER (JLR) has appointed PB Balaji as chief executive officer (CEO), effective November 2025. He will succeed Adrian Mardell, who is retiring after three years as CEO and 35 years with the company.
N Chandrasekaran, chairman of Jaguar Land Rover PLC, Tata Motors and Tata Sons, said: “I would like to thank Adrian for the stellar turnaround of JLR and for delivering record results. I am delighted to appoint Balaji as the incoming CEO of the company. The search for a suitable candidate to lead JLR has been undertaken by the Board for the past few months and after careful consideration it was decided to appoint Balaji. He has been associated with the Company for the past many years and is familiar with the Company, its strategy and has been working with the JLR leadership team. This move will ensure that we continue to accelerate our journey to Reimagine JLR.”
Mardell said: “These three years have been a great privilege. Together with the incredible JLR workforce, we have cemented JLR’s position in the automotive industry during a time of incredible change. I would like to thank everyone in JLR and the extended Tata Group, and wish Balaji every success in his new role.”
Balaji said: “It is my privilege to lead this incredible company. Over the past 8 years I have grown to know and love this company and its redoubtable global brands. I look forward to working with the team to take it to even greater heights. I thank Adrian for his immense contributions and wish him well for his next innings.”
Balaji has been Group chief financial officer of Tata Motors since November 2017 and a non-executive director on JLR’s board since December 2017. He has 32 years of experience in automotive and consumer goods industries and has worked in Mumbai, London, Singapore and Switzerland.
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Thursday’s rate reduction marked the BoE’s fifth cut since it began a rate-trimming cycle in August 2024. (Photo: Getty Images)
THE BANK OF ENGLAND on Thursday reduced its key interest rate by 0.25 percentage points to 4 per cent, the lowest level in two and a half years, as it looked to support the UK economy amid continued concerns over US tariffs.
The central bank also forecast that the British economy would grow by 1.25 per cent this year, a slight improvement from its earlier estimate of 1 per cent.
"The direct impact of US tariffs is milder than feared but more general tariff-related uncertainty still weighs on sentiment," the BoE said in a statement.
In May, London and Washington reached an agreement to cut tariffs of more than 10 per cent imposed by US president Donald Trump on certain UK-made products imported by the US, especially vehicles.
Thursday’s rate reduction marked the BoE’s fifth cut since it began a rate-trimming cycle in August 2024.
"Interest rates are still on a downward path, but any future rate cuts will need to be made gradually and carefully," said BoE governor Andrew Bailey.
The BoE’s primary objective is to maintain the UK’s annual inflation rate at 2.0 per cent. However, the most recent data showed inflation had risen to an 18-month high in June.
The Consumer Prices Index climbed to 3.6 per cent, with motor fuel and food prices remaining elevated.
Weak economy
Official data showed the UK economy contracted for a second consecutive month in May, and unemployment reached a near four-year high of 4.7 per cent.
The contraction has been attributed in part to prime minister Keir Starmer’s Labour government raising UK business taxes from April. That same month, the country became subject to Trump’s 10 per cent baseline tariff on most goods.
Finance minister Rachel Reeves welcomed the BoE’s decision.
"This fifth interest rate cut since the election (win by Labour in July 2024) is welcome news, helping bring down the cost of mortgages and loans for families and businesses," she said in a statement.
Last week, the US Federal Reserve held interest rates steady, resisting political pressure from Trump to lower borrowing costs to stimulate the US economy.
Asked about tariffs, Fed chair Jerome Powell said at a press conference, "We're still a ways away from seeing where things settle down."
The European Central Bank is expected to keep interest rates unchanged at its next meeting, as eurozone inflation remains close to its two per cent target. However, economists have noted this could change depending on the impact of Trump’s tariffs on the euro area.
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Donald Trump speaks with the press as he meets with Narendra Modi in the Oval Office of the White House in Washington, DC, on February 13, 2025. (Photo: Getty Images)
INDIAN exporters on Thursday warned that additional US tariffs could render many businesses "not viable" after president Donald Trump ordered a steep hike in levies on Indian goods over New Delhi’s purchase of Russian oil.
Stocks opened slightly lower, with the benchmark Nifty index falling 0.31 per cent after the initial 25 per cent US tariff came into effect. The levy is set to double to 50 per cent from August 28, following Trump’s order on Wednesday penalising India’s continued imports of Russian oil.
India is the second-largest buyer of Russian crude, benefiting from discounts amid Western sanctions. The US move is aimed at cutting Moscow’s oil revenue, which is used to fund the war in Ukraine.
India’s foreign ministry called the new US tariffs “unfair, unjustified and unreasonable.”
Exporters fear impact
SC Ralhan, president of the Federation of Indian Export Organisations (FIEO), said the decision would significantly affect trade.
"This move is a severe setback for Indian exports, with nearly 55 per cent of our shipments to the US market directly affected," he said in a statement.
"The 50 per cent reciprocal tariff effectively imposes a cost burden, placing our exporters at a 30–35 per cent competitive disadvantage compared to peers from countries with lesser reciprocal tariff."
Ralhan added that "many export orders have already been put on hold" as buyers reconsider sourcing.
For many small to medium-sized businesses, margins are already thin, he said. "Absorbing this sudden cost escalation is simply not viable."
Tariff could hit growth
The US is India’s largest trading partner, with exports to the country amounting to $87.4 billion in 2024.
"If the extra 25 per cent tariff that president Trump has announced on imports from India remains in place, India’s attractiveness as an emerging manufacturing hub will be hugely undermined," said Shilan Shah of Capital Economics.
Shah said US spending supports around 2.5 per cent of India’s GDP. He added that a 50 per cent tariff is "large enough to have a material impact", potentially reducing economic growth to closer to six per cent this year and next, down from the current forecast of seven per cent.
Modi says farmers’ interests come first
prime minister Narendra Modi, responding publicly for the first time, said India would not compromise the interests of its farmers.
"For us, our farmers' welfare is supreme," Modi said at an event in New Delhi. "India will never compromise on the wellbeing of its farmers, dairy (sector) and fishermen. And I know personally I will have to pay a heavy price for it."
While Modi did not directly name the US or mention the stalled trade talks, his comments were seen as a defence of India's position.
Trade negotiations between the two countries broke down after five rounds, mainly over India’s reluctance to open up its farm and dairy sectors and its continued purchase of Russian oil.
The Indian foreign ministry described the US move as “extremely unfortunate” and said it would “take all necessary steps to protect its national interests.”
India calls US move illogical
Dammu Ravi, secretary of economic relations in India’s foreign ministry, said the US decision lacked justification.
"The US tariff hike lacks logic," Ravi told reporters.
"This is a temporary aberration, a temporary problem that the country will face, but in course of time, we are confident that the world will find solutions."
New diplomatic efforts
India is already signalling a possible shift in diplomatic strategy. Modi is planning his first visit to China in over seven years, which may indicate a reassessment of global alignments.
Brazilian president Luiz Inacio Lula da Silva said on Wednesday that he would initiate a BRICS-level discussion on how to address the tariffs. He said he planned to call both Modi and China’s Xi Jinping. The BRICS group also includes Russia and South Africa.
India’s Ravi added that "like-minded countries will look for cooperation and economic engagement that will be mutually beneficial to all sides."
Political and industry response
Modi is facing growing calls to respond firmly to the US decision, with both his supporters and opposition leaders urging a strong reaction.
"India's national interest is supreme. Any nation that arbitrarily penalises India for its time-tested policy of strategic autonomy, rooted in the ideology of non-alignment, does not understand the steel frame India is made of," said Congress party president Mallikarjun Kharge.
Industry groups also voiced concern. Sudhir Sekhri, chairman of the Apparel Export Promotion Council, said: "There is no way the industry can absorb such a steep hike." He called for fiscal support from the government.
Reliance Industries, led by Mukesh Ambani, said in its annual report that ongoing geopolitical and tariff-related uncertainties could affect trade flows and the demand-supply balance.
India's equity market fell another 0.5 per cent on Thursday, hitting a three-month low. The muted reaction reflected investor expectations that the tariffs could still be negotiated down.
(With inputs from agencies)
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Reeves said that measures in the last budget already targeted the wealthy.
CHANCELLOR Rachel Reeves has indicated there will be no wealth tax, saying those with the “broadest shoulders” have already contributed through existing levies.
Reeves has faced calls from Labour MPs, unions, and former minister Anneliese Dodds to impose new taxes on the savings, investments and property of the wealthy.
Dodds told the Sky News Electoral Dysfunction podcast that the Wealth Tax Commission had “looked at the operation of lots of different wealth taxes” and set out how one could work in the UK. She said she hoped the Treasury was considering the evidence and other proposals.
Reeves said that measures in the last budget already targeted the wealthy.
“We got rid of the non-domicile status in our tax system, so people who make Britain their home have to pay their taxes here. We introduced increased taxes on private jets, on second homes, and increased capital gains tax, so I think we’ve got the balance right in terms of how we tax those with the broadest shoulders,” she said.
Reeves said decisions on tax would be made in the budget, adding that the government’s priority was to grow the economy, attract investment and create jobs.
The Times reported that she is preparing to raise taxes in the autumn budget to address a £30 billion gap in public finances.