INDIA, home to 90 per cent of the world's diamond cutting and polishing industry, and De Beers, the top global rough diamonds producer by value, are seeking clarity and flexibility from G7 countries in implementing a ban on imports of Russian gems.
The Group of Seven countries on Wednesday (6) announced a direct ban on Russian diamonds starting January 1 followed by phased-in restrictions on indirect imports of Russian gems from around March 1. Russia is the world's biggest producer of rough diamonds by volume with a 30 per cent share of the market.
The implementation will depend heavily on India, which wants to minimise potential disruptions for small diamond firms employing millions of people.
"We are not happy with the announced timeline for implementation of restrictions," said Vipul Shah, chairman of the Gem Jewellery Export Promotion Council (GJEPC), a leading Indian trade body.
"Recognising the diversity of our industry, we believe there should be more flexibility in these timelines," he said in a statement.
The G7's plan has sparked a debate inside the sector as it risks complicating supply chains when demand is under pressure. India's April-October polished diamond exports are down 29 per cent to $10 billion.
"The G7 is essentially saying it is still a work in progress but here is a framework with a timeline," diamond analyst Paul Zimnisky said.
But "if Indian companies want to continue doing business with the G7 nations, then they are going to have to do their part," he added.
The G7 plans to introduce a traceability-based verification for rough diamonds by September, but for now two main questions of the plan remain unsolved: how a diamond's country of origin should be checked and where it should be done.
Belgium supports the idea of checks in Antwerp, the world's main diamond hub. Some in the industry are concerned that this would create supply chain bottlenecks, additional costs and hamper African production's access to the G7 markets.
"It is currently unclear what exactly will be involved at each stage, so we will seek further clarification before being able to consider impacts," De Beers, a unit of Anglo American, said.
"If the intent is to apply a purely technological certification system and to channel all rough imports to the G7 through Belgium, this will be to the detriment of responsible African producers, to all those who depend on the artisanal mining sector, and to the wider industry," De Beers added.
Russian state-controlled diamond producer Alrosa declined to comment.
EA to be acquired by PIF, Silver Lake, and Affinity Partners
Shareholders to receive £166 per share, 25% above market value
Deal marks largest all-cash sponsor take-private investment ever
EA to remain headquartered in California under CEO Andrew Wilson
Transaction expected to close in early 2027
EA agrees to £43bn all-cash takeover
Electronic Arts (NASDAQ: EA), the studio behind blockbuster franchises such as FIFA, Battlefield, and The Sims, is set to go private after agreeing to a £43 billion acquisition by an investor consortium made up of Saudi Arabia’s Public Investment Fund (PIF), Silver Lake, and Affinity Partners.
Shareholders will receive £166 per share in cash, a 25% premium on EA’s recent market price. PIF, which already owns 9.9% of the company, will roll its stake into the deal. Once completed, EA will no longer be listed on public markets.
Largest all-cash take-private in history
The deal is the biggest all-cash sponsor-led take-private transaction ever. The consortium has said it will use its experience in gaming, technology, and sports to support EA’s growth and innovation, aiming to create new opportunities for players worldwide.
Executives react
EA chief executive Andrew Wilson said the acquisition recognises “the extraordinary work” of the company’s teams and will help the studio “unlock new opportunities globally.”
Turqi Alnowaiser of PIF highlighted the fund’s commitment to gaming and esports, while Silver Lake co-CEO Egon Durban praised EA’s strong revenue growth and cash flow. Jared Kushner, CEO of Affinity Partners, called EA “an extraordinary company with a world-class management team and bold vision for the future.”
What happens next
The deal has been approved by EA’s board and is expected to close in the first quarter of 2027, subject to regulatory approval and shareholder consent. Funding will come from a mix of consortium equity and £16 billion in debt financing. EA will remain based in Redwood City, California, with Wilson staying on as CEO.
About EA
EA is a leading developer and publisher of video games for consoles, PCs, and mobile devices. Its portfolio includes some of the industry’s most recognisable brands, such as EA SPORTS FC, Apex Legends, Need for Speed, Dragon Age, Titanfall, and Plants vs. Zombies. In fiscal 2025, the company posted £5.9 billion in revenue.
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He will also receive an on-target yearly bonus of 150 per cent and a long-term incentive grant equal to 7.25 times his salary.
BRITISH drugmaker GSK on Monday named Luke Miels as its CEO designate. He will take over from Emma Walmsley, who steps down after nine years leading the company.
Miels will formally assume the role on January 1. He will be responsible for steering GSK towards its target of generating more than 40 billion pounds ($53.78 billion) in annual sales by 2031.
Remuneration
Miels’ annual base salary will start at 1.38 million pounds, lower than Walmsley’s 2025 salary of 1.43 million pounds, according to GSK’s annual report.
He will also receive an on-target yearly bonus of 150 per cent and a long-term incentive grant equal to 7.25 times his salary.
Who is Miels?
Miels, 50, joined GSK in 2017 as chief commercial officer. He has overseen the company’s global medicines and vaccines portfolio, which generates annual sales of over 20 billion pounds across more than 100 countries.
He is an Australian national, holding a biology degree from Flinders University and an MBA from Macquarie University. He began his career as a sales representative at AstraZeneca before moving into senior roles at Sanofi and Roche.
Career path
AstraZeneca 1995 – 2000: Sales and marketing roles
Sanofi-Aventis 2004 – 2006: Vice President, Sales Metabolism, New Jersey, USA 2004: Integration Officer, North America, Sanofi/Aventis merger 2003 – 2004: General Manager & Managing Director, Aventis Thailand 2002 – 2003: General Manager & Managing Director (Acting) 2000 – 2001: Head, Strategic Planning and Portfolio Management
Roche Pharmaceuticals 2009 – 2014: Regional Head, Asia Pacific (Shanghai, then Singapore) 2006 – 2009: VP/Head of Metabolism & Anemia Global Marketing, Switzerland
AstraZeneca May 2014 – August 2017: Executive Vice President, European business Earlier: Executive Vice President, Global Product and Portfolio Strategy, Global Medical Affairs, and Corporate Affairs
GSK September 2017 – Present: Chief Commercial Officer
(With inputs from Reuters)
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Many of the apps appeared legitimate when installed directly from the Google Play Store
More than 38 million downloads across 228 countries and territories
Cybersecurity firm HUMAN uncovered large-scale fraud campaign dubbed SlopAds
Apps disguised on Google Play Store and fake ad pages
US, India and Brazil hardest hit by fraudulent traffic
Google continues crackdown following recent security breaches
38 million downloads linked to fraudulent apps
Google has removed 224 Android apps after investigators uncovered a vast advertising fraud scheme. The operation, named SlopAds, involved apps that had been downloaded more than 38 million times across 228 countries and territories.
The discovery was made by the Satori Threat Intelligence and Research Team at cybersecurity company HUMAN, which confirmed that the apps were designed to manipulate online advertising systems by generating fake ad views and clicks.
How the scam worked
Many of the apps appeared legitimate when installed directly from the Google Play Store. Others were distributed via ads that led to fake download pages. Once installed, the apps carried out hidden instructions.
According to HUMAN’s report, the apps used steganography to conceal malicious code within images and then created hidden web views to open scam-controlled sites. These sites generated fraudulent ad impressions and clicks, tricking advertisers into paying for traffic that never existed.
Global impact of SlopAds
At its peak, the campaign accounted for 2.3 billion ad bid requests each day. The United States was the worst affected, with 30 per cent of fraudulent traffic, followed by India at 10 per cent and Brazil at 7 per cent.
Investigators also found hundreds of promotional domains and servers linked to the scheme, suggesting that those behind it intended to expand the operation even further.
Google under pressure
This crackdown comes during a challenging period for Google’s security teams. Earlier this month, the company confirmed a major data breach affecting Gmail users and issued a critical update to patch an Android vulnerability that allowed hackers to seize control of devices.
With services spanning 219 countries and territories, Google’s global reach makes it an attractive target for fraudsters seeking to exploit its platforms and users.
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FILE PHOTO: Chancellor Rachel Reeves speaks during a visit to the Jaguar Land Rover car factory on April 7, 2025 in Birmingham, United Kingdom. (Photo by Kirsty Wigglesworth - WPA Pool / Getty Images)
THE government will back Jaguar Land Rover with a £1.5 billion ($2bn) loan guarantee to help support its supply chain in the wake of the luxury carmaker's production shutdown following a cyberattack.
Jaguar Land Rover's shutdown has lasted nearly a month, and the government had been exploring options to support the company and its supply chain, with some small suppliers saying they had one week left at most before they ran out of cash.
The carmaker, which is owned by India's Tata Motors, has three factories that together produce about 1,000 cars per day, and sustain many jobs in the area around Birmingham, Britain's second biggest city, and the northern city of Liverpool. A survey on Friday (26) showed that some firms were reducing staff hours or making redundancies.
Business secretary Peter Kyle said the cyberattack was "not only an assault on an iconic British brand, but on our world-leading automotive sector."
"This loan guarantee will help support the supply chain and protect skilled jobs," he said.
The business ministry said the loan would be privately financed and guaranteed by Britain's export credit agency UK Export Finance, and was expected to unlock £1.5bn of support for the carmaker's supply chain.
“Jaguar Land Rover is an iconic British company, employing tens of thousands of people – a jewel in the crown of our economy. We are safeguarding thousands of those jobs with up to £1.5bn in additional private finance, supporting its supply chain and helping to protect a vital part of the British car industry,” said chancellor Rachel Reeves.
The announcement follows a recent visit by Kyle and industry minister Sarah Jones to JLR’s headquarters in Gaydon, West Midlands, as well as a tour of its sunroof supplier Webasto, where they met senior leaders and staff.
“With major plants in Solihull and Wolverhampton in the West Midlands, and in Halewood, Merseyside, JLR is one of the UK’s largest exporters and a key employer, with 34,000 people working across its UK operations,” the Department for Business and Trade (DBT) said.
“It also maintains the largest supply chain in the UK automotive sector, much of it comprised of SMEs, supporting around 120,000 additional jobs.”
The department confirmed it remains in daily contact with JLR and cybersecurity experts to address ongoing concerns and provide support as the company works to resume full production, which is not expected before next month.
In a statement, JLR said it is working to clear the backlog of supplier payments by boosting its invoice processing capacity.
“As part of the controlled, phased restart of our operations, we have informed colleagues, suppliers and retail partners that parts of our digital infrastructure are now operational,” the company said. “Our recovery programme is well underway. We have significantly increased IT processing capabilities and are working to clear outstanding payments to suppliers as quickly as possible.”
THE punitive 50 per cent tariffs plus annual $100,000 (£74,100) H-1B visa charges for IT workers from India imposed by US president Donald Trump offer an opportunity for the country to find new markets, an influential minister from India said at a business summit in London last week.
Nara Lokesh is minister for information technology in Andhra Pradesh and the son of the south Indian state’s chief minister, Nara Chandrababu Naidu, whose Telugu Desam Party helped give Narendra Modi’s Bharatiya Janata Party (BJP) a governing majority in the Indian parliament.
Lokesh conceded the tariffs imposed by Trump had confronted India with a “crisis” and added, “I believe the crisis is an opportunity”.
Trump last week ordered a new annual $100,000 fee for H-1B skilled worker visas, widely sought after by Indian professionals in the US tech industry.
The US awards 85,000 H-1B visas per year on a lottery system, with India accounting for around three-quarters of the recipients.
Lokesh, 42, who pursued higher education in the US, said: “It’s an opportunity for India to shine beyond a singular market. That’s been our approach as far as the Free Trade Agreement (with the UK) and the tariff landscape are concerned. We can do better. In the long term, we have to diversify. New markets are opening up.” It is predicted that 2047, a century after India became independent, the per capita income in Andhra (with a population of 53 million) will shoot up to $42,000 (£31,109).
Lokesh, who comes across as a man in a hurry, invited investors from the UK, especially from the diaspora: “We are a start-up state. We are hungry, we have the passion. We are not in the business of signing MOUs. We deliver on speed of doing business.” In 15 months since the current state government had taken office, he said, “we landed close to $120 billion (£88.8bn) investment”.
The 42-year-old got his bachelor’s degree from the Carnegie Mellon University in Pittsburgh, Pennsylvania, his MBA from Stanford and worked for the World Bank for two years.
He made the comments at an investor road show jointly organised by the Confederation of Indian Industry (CII) and the Indian High Commission in London last Tuesday (16).
Shehla Hasan, the CII’s chief representative in the UK, told the gathering at the Institute of Directors, “Nara Lokesh has been instrumental in driving technology initiatives that foster inclusive growth, boost digital infrastructure and position Andhra Pradesh as a hub for cutting edge technological development.”
Lokesh – he was in conversation with Harshul Asnani, president, Europe, of Tech Mahindra – said: “I’ll give you a few examples – one is how we got ArcelorMittal (jointly with Nippon Steel) to build one of India’s largest steel plants in the south of Visakhapatnam.
John Renard, president EMEA, Cyient; Sujit Ghosh; Nara Lokesh; Harshul Asnani; Nidhi Mani Tripathi, minister (economic), High Commission of India to the UK; and Shehla Hasan at the London event
“It all started with one zoom call with Aditya Mittal (Lakshmi Mittal’s son and CEO of ArcelorMittal). He said he had three specific asks from the state, and all I said was, ‘Give me 12 hours, I need to confirm it with my chief minister.’ We got it confirmed. This conversation started in June last year. We are going to break ground in November for the steel plant. We got it done.”
What Lokesh says is important because Andhra is recognised as being one of India’s most progressive states and his father has a reputation for getting things done.
As chief minister, previously, of undivided Andhra Pradesh, Naidu was recognised for transforming the state’s infrastructure and attracting global IT firms to open offices in Hyderabad – putting it in direct competition with Bengaluru, regarded as the Silicon Valley of India.
Under Lokesh – who also holds the portfolio for electronics and communications, real time governance and human resources development – Andhra is taking its road show to other investment centres such as Singapore and Dubai.
Andhra Pradesh was formed in 1953 (by separating the Telugu speaking areas from the old Madras presidency), and in 2014, 10 districts of Andhra Pradesh were combined to establish the new state of Telangana.
If more Indian states follow the example of Andhra and diversify investment away from the US, Trump’s tariffs may quickly prove to be an act of great self-harm.
India and the US will most probably repair their relationship, but young Indian politicians such as Lokesh show how there is now a greater determination not to become over-dependent on America.
Hasan invited potential investors to attend the CII’s partnership summit with the Andhra government on November 14-15 in Vishakhapatnam.
She also released a CII report, Indian Roots British Soil: Charting Indian Industry’s Footprint in the United Kingdom.
India’s outgoing deputy high commissioner, Sujit Ghosh, made it clear that what was good for Andhra was also good for India and for Britain: “India, one of the world’s top producers of science, tech, engineering and mathematics talent, generates approximately 2.5 million graduates annually, far ahead of most developing countries and, of course, almost all developed countries. AI skill penetration is among the highest in India and second only to United States.
“In India’s journey, a very important part has been played and will continue to be played by Andhra Pradesh, one of the major centres of economic growth and innovation in India. Andhra was one of the first states to opt for large scale economic reforms and digital growth.”
Abhishikth Kishore
The Andhra government, led by Chandra Babu Naidu, “has set for itself an ambitious target to achieve 15 per cent growth rate, up from the present 10.50 per cent by 2047. “This is a state which clearly means business. Andhra Pradesh has registered a strong economic growth in the first quarter of 2025-26, surpassing the national average and reinforcing its position as one of India’s fastest growing states. Major areas of interest for Andhra Pradesh are advanced manufacturing, financial services, including FinTech, education, pharma, healthcare and tech – and data centres and clean energy.”
Lokesh left it to one of his senior civil servants, Abhishikth Kishore, a member of the Indian Administrative Service, to provide a more detailed picture of Andhra Pradesh’s ambitious investment plans.
He said that in 2047, when India “is looking at a $32 trillion (£23tr) economy, our state wants to be a $2.4tr (£1.4tr) economy, and the per capita income we are targeting is $42,000 (£31000)”.
Kishore is the state’s commissioner of industries and also managing director of the Andhra Pradesh Industrial Infrastructure Corporation.
He described how the state attracts investors by getting rid of red tape.
“We started talking to LG Electronics in June last year,” he said. “This year we have done the groundbreaking. It is not easy to deal with South Koreans. Even my wife doesn’t call me as often as their site manager. This is an ultra-mega investment upwards of $600m (£444m). Andhra Pradesh already produces 50 per cent of air conditioners for the entire country. Once this plant is operational, Andhra Pradesh will be producing 70 per cent of all air conditioners, both industrial and home appliances.”
The state had three industrial corridors – Chennai- Visakhapatnam, ChennaiBengaluru and Bengaluru-Hyderabad – plus three economic corridors centred on Visakhapatnam, Tirupati and Amaravati (where a greenfield capital was under construction). There would be a green hydrogen hub.
It will also establish the world’s first quantum valley, where quantum computers would be able to perform complex calculations far beyond the capabilities of even the most powerful traditional supercomputers.
The state, with the third largest coastline in India, had six operating ports and four greenfield ports under construction. It was setting up a 300-acre drone city in Kurnool, only three hours from Hyderabad. There would be 175 Micro, Small & Medium Enterprises (MSME) parks – one for every assembly constituency.
“The icing on the cake is all our 700 government services are on WhatsApp, be it a land application or a fire clearance for a factory,” said Kishore.
Lokesh makes sure things get done by keeping tabs on projects.
The minister concurred: “As Abhishikth has just shared, I think I am on close to 12-13 WhatsApp groups.”