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Indian steel magnate Lakshmi Mittal, one of the world’s wealthiest individuals, is reportedly relocating from the UK to Dubai. This move comes as the UK’s Labour government introduces significant tax reforms targeting high-net-worth individuals. Mittal, who has been a long-term resident of London and ranks eighth on the UK rich list, is the latest in a growing trend of ultra-wealthy individuals seeking more favorable tax environments. According to The Sunday Times, Mittal’s decision is driven by concerns over inheritance tax and other fiscal changes. The billionaire, with a net worth of $20 billion as of October 2025, already owns a lavish mansion in Dubai and has recently acquired substantial properties on Naia Island, a new ultra-luxury development near Jumeirah. The UK’s recent tax adjustments, including increased capital gains tax and reduced relief for entrepreneurs, have raised alarms among the global elite. Meanwhile, Dubai’s zero income tax, capital gains tax, and inheritance tax policies, coupled with its political stability and cosmopolitan lifestyle, have solidified its status as a premier destination for the ultra-rich. The UAE’s Golden Visa program, offering long-term residency through real estate investment, further enhances its appeal. As Dubai’s luxury real estate market thrives, the city is emerging as a hub for intergenerational wealth creation and preservation.

In a notable shift, global companies have significantly reduced their announcements of price hikes in the third quarter of 2025, as clarity on long-term tariff strategies begins to emerge. According to a Reuters analysis of corporate earnings calls and statements, only 28 companies explicitly mentioned raising prices, a sharp decline from 51 in the second quarter and nearly 90 in the first quarter. This trend reflects a cautious approach by businesses navigating the complexities of U.S. trade policies and consumer spending slowdowns. The reduction in tariff-related price hikes coincides with new trade deals that have alleviated some of the financial pressures caused by the Trump-era trade war, which had driven U.S. import tariffs to their highest levels since the 1930s. Market intelligence platform AlphaSense reported a 68% drop in mentions of tariff-related price increases between the first and third quarters. Companies like Walmart have shifted focus to price cuts and discounts to attract cash-strapped consumers, particularly as the holiday shopping season approaches. Retailers and fast-food chains, including Target, McDonald’s, and Yum Brands, have introduced cheaper meal bundles and limited-time offers to counter declining demand among lower-income households. Meanwhile, industrial and consumer sectors have led pricing actions, with many firms absorbing tariff costs or sharing the burden with suppliers. Companies such as Rockwell Automation and Fictiv emphasize the importance of understanding the long-term tariff strategy before making significant pricing adjustments. This cautious approach highlights the ongoing uncertainty in global trade and the delicate balance businesses must strike between maintaining competitiveness and managing costs.

The Dubai Airshow, a global aviation spectacle, was marred by tragedy when a Tejas jet crashed during a display, resulting in the death of Wing Commander Namansh Syal, a highly skilled pilot from the Indian Air Force. Syal, a member of the No. 45 Squadron, the Flying Daggers, based at Sulur Air Base, was renowned for his exceptional flying skills, having captivated audiences at Aero India and numerous national airshows. The fatal incident occurred during an eight-minute aerial stunt when the jet nosedived, casting a somber shadow over the event and leading to a two-hour suspension of other displays. Witnesses have since shared videos of the final moments on social media, hoping to aid the investigation and pay tribute to the fallen pilot. Among them is Abdur Rahim, an ex-journalist turned plane videographer, who decided to post the footage publicly, believing it could assist in the inquiry. Dubai-based photographer Asif Ali also shared stunning images of the HAL Tejas LA-5026, highlighting the pilot’s incredible skill and confidence. The crash has left the aviation community in mourning, with many remembering Syal’s quiet confidence and professionalism. The incident underscores the inherent risks of aerial displays and the bravery of those who perform them.

The European Central Bank (ECB) has issued a stark warning about the growing influence of stablecoins, highlighting their potential to disrupt the financial stability of the euro zone. Stablecoins, digital assets designed to maintain a stable value, have surged in popularity, with their market value now exceeding $280 billion. While this figure remains relatively modest, the ECB emphasized that issuers of these coins have become significant buyers of U.S. Treasuries, raising concerns about their broader impact on global financial markets. In a recent Financial Stability Review article, the ECB noted that stablecoins are primarily used for trading crypto assets, accounting for approximately 80% of all transactions on centralized crypto trading platforms. The central bank warned that the rapid expansion of stablecoins could lead to significant outflows of retail deposits from euro zone banks, undermining a crucial funding source and increasing overall funding volatility. The ECB also highlighted the risk of investor runs on stablecoins, particularly given that the two largest stablecoins are among the top holders of U.S. Treasury bills. A sudden sell-off of these reserve assets could destabilize U.S. Treasury markets, with potential ripple effects on the euro zone. Additionally, the ECB cautioned that joint issuance of stablecoins by EU and non-EU entities could exacerbate redemption risks, as EU regulations are stricter and investors may prefer EU-issued tokens. This could leave EU issuers with insufficient reserve assets to meet combined redemption demands, amplifying financial instability within the region.