BACK PAGE | PAGE 24 BRANDWAGON | PAGE 9 ‘Weathering global shocks’: Jaishankar on BRICS strategy INTERNATIONAL | PAGE 11 Santoorshowsageisjusta numberwithslow-burnrise CHENNAI/KOCHI, WEDNESDAY, JANUARY 14, 2026 UBS boss Ermotti plans to step down inApril 2027 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XLVI 213, 24 PAGES, `12 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 83,627.69 ▼ 250.48 NIFTY: 25,732.30 ▼ 57.95 NIKKEI 225: 53,549.16 ▲ 1,609.27 HANG SENG: 26,848.47 ▲ 239.99 `/$: 90.19 ▼ 0.02 `/€: 105.28 ▲ 0.05 BRENT: $65.05 ▲ $1.18 GOLD: `139,799 ▼ `168 RBI guv lauds central bank autonomy RBI GOVERNOR SANJAYMalhotra onTuesday underscored the importance of central bank autonomy at a time when the US President has escalated offensives against Federal Reserve Chair Jerome Powell, reports fe Bureau. ■ PAGE 10 GLOBAL CENTRAL BANKERS DEFEND POWELL PAGE 11 ANEES HUSSAIN & YARUQHULLAH KHAN Bengaluru/New Delhi, January 13 THE PROMISE OF 10-minute delivery,long used as a key differentiatorbyquick-commerce platforms,is set to fade away as firmsreworktheirbrandingfollowing intervention by the Union labourministry. Eternal-owned Blinkit has alreadydropped the claim,with otherplatforms expected to follow,accordingtoofficialsources. Blinkit has removed all explicit referencestoa10-minutedeliveryguarantee from its branding and messaging afterdiscussions betweenthelabourministryand leading platform companies on thesafetyandworkingconditions ofgigworkers.Officialsourcessaid the move reflects the government’sviewthataggressivetime- ministry’s intervention comes after months of engagement with q-comm platforms ■ Union Labour Minister Mansukh Mandaviya held meetings with major platforms, including Blinkit, Swiggy bound claims, even if operationally driven by logistics and proximity, can create indirect pressureondeliveryworkersand distortconsumerexpectations.As part of the change, Blinkit has revised its principal tagline from SIFs fast catching investor fancy; folios rise to 20.7K SPECIALISED INVESTMENT FUNDS, which were launched in mid-September to attract investors with moderate risk appetite, have already seen 20,779 folios at the end of December, according to data from the AMFI, reports Ananya Grover. ■ PAGE 10 Jan 12 (close) Jan 13 (close) SWIGGY `1.50 (0.43%) 349 Jan 12 (close) 350 Jan 13 (close) “10,000+ products delivered in 10 minutes”to“30,000+ products delivered atyourdoorstep”, signallingashiftawayfromspeed asaheadlinepromise. Continued on Page 11 India eyes East Asia under UPI global plan: Nagaraju THE GOVERNMENT IS working to expand the international footprint of the Unified Payments Interface (UPI), with a particular focus on East Asia, as India seeks to make its digital payments architecture a global standard, reports fe Bureau. ■ PAGE 2 SHORTLYBEFORETHEUSPresidentDonaldTrump announced a25%additionaltariffoncountries trading with Iran, India's shipments of rice and tea to the West Asian country fell to a trickle.Basmatiriceandteahave remaineditemswhichIndiacontinued to export in substantial quantities to Iran, after the November 2018 imposition of Office of ForeignAssets Control (OFAC)sanctions. The OFAC sanctions regime includedawaiveron‘humanitariangrounds’fortradeinfoodand 4.78 Continued on Page 13 Continued on Page 13 2025-26 (Apr-Nov) »INSIDE« TARIFF LOOMS ON INDIA’S CHABAHAR PLANS P2 OSLO RIGHTS GPOUP PUTS IRAN DEATH TOLLAT 7K P7 medicines,among other essentials.Civil unrest in Iran and the imminence of additional US sanctions have caused delays in paymentsettlementsforriceand tea exporters and fall in domestic mandi prices of several varietiesofbasmatirice,tradecircles said,addingthatasaprecautionary measure, shipments have been“temporarilyhalted.” Continued on Page 7 RedTapestakesaleonthetable ● Blackstone,KKR among suitors VIBHUTI SHARMA & ADITYA KALRA Mumbai, January 13 FOOTWEAR FIRM REDTAPE'S founders are soliciting interest from Blackstone and KKR as they look to sell a majority stake or even their entire holding worth nearly $510 million, according to sources and a document seen by Reuters. Shares in RedTape rose as EXIT PLAN REDTAPE ■ RedTape's founding family, 115.05 the Mirzas, have appointed E&Y as financial adviser for the deal At Monday's closing price, the 71.7% would be worth $509.42 mn much as 16% reacting to the report, its biggest ever intraday gain, before closing 11% higher. Launched in 1996, RedTape competes with global giants such as Nike, Adidas, CHENNAI/KOCHI MAHESH NAYAK Mumbai, January 13 Bata India and Campus Activewear in a sector set to grow 11% a year to $21 billion by 2028,market research firm 1Lattice estimates. 3.5 2020-21 Source: Commerce ministry Inclusionof Indianbonds inBloomberg indexdelayed THE DEFERMENT OF India’s inclusion in the Bloomberg Global Aggregate Index triggered a sell-off in the bond market on Tuesday, pushing the 10-year benchmark yield higher, ending the day at 6.63%, down 3 basis points (bps). After a positive opening at 6.59%, the 10-year G-Sec briefly firmed to an intraday high of 6.57% but reversed as selling intensified following the news of the deferment. Yields climbed to 6.64%, marking a 7 bps rise from the intraday high, before stabilising.For most of the session, the benchmark traded in a narrow 6.62–6.63% band,reflecting the market’s reassessment of demand-supply dynamics in the absence of index-driven foreign flows. “Inclusion in the Bloomberg Global Aggregate Index was expected to attract significant foreign investment, potentially $10–20 billion or more into Indian government bonds as passive flows from funds tracking the index. Delaying that inclusion removesananticipatedanchor of demand, which disappointed investors and pushed yields higher,”said Kunal Sodhani, Head Treasury, Shinhan Bank. 0.46 294 5.94 ■ The issue gained urgency after gig workers raised concerns over health, safety and income volatility linked to tight delivery timelines 285 0.75 ■ The labour `9.25 (3.24%) 5.83 revised its principal tagline to “30,000+ products delivered at your doorstep” 0.67 ■ Quick commerce major Blinkit has SANDIP DAS & MUKESH JAGOTA New Delhi, January 13 ETERNAL India's basmati rice exports to Iran & world (in US $ billion) Iran Total 0.98 brandingbyquick commercefirms settofadeaway SAFETY OVER SPEED tradeundercloud ofuncertaintytoo RIPPLE EFFECT 3.54 ● Time-based ● Humanitarian 0.81 EXTERNALAFFAIRS MINISTER S Jaishankar and US Secretary of State Marco Rubio onTuesday connected through phone to talk trade and cooperation in key areas, including defence, reports fe Bureau. “Just concluded a good conversation with Rubio. Discussed trade, critical minerals, nuclear cooperation, defence and energy,” Jaishankar posted on ‘X’ after the talks. Both sides agreed to remain in touch on these and other matters, he added.The conversation came a day after incoming US Ambassador to India Sergio Gor said that the next call on trade will occur onTuesday.The US-India trade talks have been going on since March 2025. Govtstepsintorein in10-minutedelivery 25%UStariff:Shipments ofrice&teatoIranstalled 4.01 JAISHANKAR AND RUBIO DISCUSS BILATERAL ISSUES BLINKITDROPSSPEEDCLAIM,OTHERSMAYFOLLOW 0.75 IN THE NEWS Intra-day (`) Open ▲ 11.74 129.95 % Close Shuja Mirza, MD, RedTape