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Toby Carvery owner hikes menu prices as it faces £130 million bill

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Toby Carvery owner hikes menu prices as it faces £130 million bill


The pub group behind Toby Carvery has hiked prices across its menu as it faces an extra £130 million in costs in the year ahead.

Mitchells & Butlers said steak prices had risen 30 per cent, which is particularly impacting its Toby Carvery eateries and Miller & Carter steak restaurants chain.

Phil Urban, chief executive of Mitchells & Butlers (M&B), told the Press Association the group had raised prices by 3.2 per cent on average across its menus and drinks since the start of October to offset the hit and other cost pressures.

The group – which also owns brands such as All Bar One and Harvester – warned it is set for additional costs from a soaring wage bill and the rising beef prices.

This compares with extra costs of about £100 million in the past financial year, which came after April’s national insurance contribution and minimum wage hike, as well as food price inflation.

Toby Carvery owner Mitchells & Butlers has hiked prices across its menu (Alamy/PA)

Mr Urban said the additional £30 million was largely being driven by the jump in beef and steak prices.

But he said the group cannot pass on the full hit of its cost pressures to customers, who “just wouldn’t eat steak” if prices became too high.

He told PA the Miller & Carter brand would “go backwards this year” due to the steak price hike, but added that M&B can offset the hit through growth in its other brands.

He said: “Some of our competitors have taken steak off the menu entirely.

“Where steak is not the core product, we have reduced the number of steak and beef dishes or re-engineered the menu.

“What I won’t do is change the quality of the meat or the portion size… and nor can we pass all that (cost increase) on to the customer.”

Mr Urban said steak prices have gone up due to a “perfect storm” of impacts on beef supply in the UK and worldwide, but he expects it to be a “blip” and hopes costs will come back down in the next year or so.

M&B added that the additional bill of about £130 million for the year to next September also includes a “preliminary assessment of the impact of the Chancellor’s recent autumn Budget”.

Mitchells & Butlers also owns brands such as All Bar One and Harvester

Mitchells & Butlers also owns brands such as All Bar One and Harvester (Mitchells & Butlers)

The government announced earlier this week that the minimum wage will jump by another 4.1 per cent from April.

The Budget delivered a further blow to many firms such as pubs, restaurants and small shops, which are expected to see property tax payments surge from the next financial year.

Mr Urban said the property tax changes were “super disappointing” for the sector, but added that smaller players would bear most of the cost, with larger groups such as M&B facing a “modest increase”.

M&B’s full-year results on Friday showed pre-tax profits rising by a fifth to £238 million in the year to September 27, despite the extra costs of April’s wage bill increases.

The firm has been taking action to make savings in the face of cost headwinds, including through a labour scheduling system and auto-ordering to keep stock levels in check and minimise waste, alongside energy-saving measures.

Like-for-like sales were up 4.3 per cent over the year, but growth slipped to 3.2 per cent in the final quarter due to weaker trading in and around the London area and in more premium brands.

Sales growth was 3.8 per cent in the first eight weeks of the new financial year.

Mr Urban added that sales had been weighed on in the run-up to the Budget with many consumers “unnerved” by speculation in the weeks beforehand.

He said people are “relieved that it’s come and gone” and will “go out and enjoy themselves and worry about it in January”.



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Ganga Expressway inaugurated by PM Modi: UP’s longest expressway between Meerut & Prayagraj; check travel time, route, speed limit – top facts & images – The Times of India

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Ganga Expressway inaugurated by PM Modi: UP’s longest expressway between Meerut & Prayagraj; check travel time, route, speed limit – top facts & images – The Times of India


Uttar Pradesh has over 60% of India’s total access-controlled expressway network.

Ganga Expressway, the longest expressway so far in Uttar Pradesh, was inaugurated by Prime Minister Narendra Modi on Wednesday. The 594 kilometres long Ganga expressway is a six-lane expressway that aims to reduce the travel time between Meerut and Prayagraj to just 6 hours!Uttar Pradesh has over 60% of India’s total access-controlled expressway network. Recently, Chief Secretary Manoj Kumar pointed out that of the nearly 2,900 km of such highways across the country, close to 1,200 km are located in the state.Meerut District Magistrate and Collector Vijay Kumar Singh on Tuesday said the project has generated tremendous excitement among the public. He noted that the expressway will greatly enhance connectivity to Prayagraj as well as the state capital, Lucknow.Experts say the expressway’s length is particularly significant. According to the Department for Promotion of Industry and Internal Trade, road transport remains economically efficient for freight over distances of up to about 600 km, while rail becomes more viable beyond that point. At 594 km, the Ganga Expressway falls almost exactly within this crucial range for cargo movement.

Ganga Expressway

How will the Ganga Expressway cut down travel time, what districts will it cover, what will be the toll policy, and what cost has it been constructed at? We take a look:

Ganga Expressway: Top Points About UP’s Longest Expressway

Travel time: One of its most noticeable benefits will be the sharp reduction in travel time. The trip between Meerut and Prayagraj, which currently takes around 10 to 12 hours, is likely to be cut to approximately 6 to 7 hours. Access from Delhi: For travellers from the Delhi-NCR region, access will be seamless through the Delhi-Meerut Expressway, followed by a short connecting link at Bijoli to join the Ganga Expressway.

Ganga Expressway: Top facts

Construction cost: Developed at an estimated cost of Rs 36,230 crore, the Ganga Expressway ranks among Uttar Pradesh’s most ambitious infrastructure initiatives. The Ganga Expressway stretches from Bijoli village in Meerut to Judapur Dandu village in Prayagraj.Speed limit: The expressway has been built for speeds of up to 120 kmph. The six-lane access-controlled expressway, has been designed with the provision for expansion to eight lanes.

Ganga Expressway

Route & Districts covered: The expressway will pass through 12 districts: Meerut, Hapur, Bulandshahr, Amroha, Sambhal, Badaun, Shahjahanpur, Hardoi, Unnao, Rae Bareli, Pratapgarh and Prayagraj. In doing so, it will directly influence more than 500 villages along its alignment.Interchanges & amenities: Its connectivity is further strengthened by 21 interchanges that link the corridor with existing national highways and state roads.

Ganga Expressway: Top facts

The project also includes major river crossings, notably a 960-metre bridge over the Ganga and a 720-metre bridge across its tributary, the Ramganga. Both structures have been engineered to suit local flood conditions.To support travellers, the expressway will also feature nine public utility complexes equipped with fuel stations, rest areas and food courts.

Ganga Expressway

Emergency Landing Strip: One of the expressway’s standout features is a 3.5-km emergency landing strip in Shahjahanpur district. Already tested by the Indian Air Force, this airstrip adds a strategic defence dimension to the project, enhancing national preparedness in addition to its economic significance, according to an official statement.Integration with other expressways: Ganga Expressway will eventually be integrated with existing and even upcoming corridors. These include the Agra-Lucknow Expressway, the Farrukhabad Link Expressway, the Jewar Link Expressway, and a proposed extension that will connect Meerut to Haridwar.According to reports, plans are underway to extend the expressway by around 146 kms up to Haridwar. This extension will pass through Amroha and Bijnor and cover more than 200 villages.

Ganga Expressway

Toll: The project will be operated under a toll-based public-private partnership model. Adani Enterprises and IRB Infrastructure Developers have been awarded concession rights for a period of 30 years.For toll collection, two primary toll plazas will be set up at the main entry points in Meerut and Prayagraj. The final toll charges have not yet been announced, however officials have indicated that they are likely to be in line with other expressways in Uttar Pradesh. At present, four-wheelers pay around Rs 2 to Rs 3 per kilometre.



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Oil prices decline after UAE says it will exit Opec amid Iran war energy crisis

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Oil prices decline after UAE says it will exit Opec amid Iran war energy crisis


Stocks mostly advanced in Asia on Wednesday despite losses on Wall Street, while oil prices fell after the United Arab Emirates said it would leave Organisation of the Petroleum Exporting Countries (OPEC) in a blow to the powerful oil cartel.

US futures edged higher. Markets in Japan were closed for a holiday.

Elsewhere in Asia, South Korea’s Kospi rose 0.3 per cent to 6,657.40 and the Hang Seng in Hong Kong gained 1.4 per cent to 26,029.02. The Shanghai Composite index traded 0.3 per cent higher at 4,091.01.

Australia’s S&P/ASX 200 slipped 0.3 per cent, to 8,689.50.

Taiwan’s Taiex lost 0.6 per cent, and India‘s Sensex gained 0.4 per cent.

The price of a barrel of Brent crude oil to be delivered in June fell 0.5 per cent to $110.71 early Wednesday. Brent to be delivered in July dropped 0.6 per cent to $103.74. Brent oil was around $70 per barrel before the war began in late February.

Benchmark US crude fell 0.6 per cent to $99.32 a barrel.


Exterior views of Opec (Organization of the Petroleum Exporting Countries) headquarters on 28 April 2026 in Vienna, Austria (Getty)

The UAE’s departure from Opec, due to happen on Friday, has been closely watched by oil markets. Opec accounts for roughly 40 per cent of global oil output, and the UAE is one of Opec’s largest oil producers. It has pushed back against Opec production quotas in recent years, wanting to sell more oil to the rest of the world.

“The UAE’s exit will increase (oil) output,” ING Bank strategists Warren Patterson and Ewa Manthey wrote in a research note on Wednesday. “The UAE has been increasingly frustrated over recent years by its output being constrained by Opec production quotas, which have kept it well below its potential.”

But as US-Iran negotiations for a permanent end to the Iran war stalled and the Strait of Hormuz, where roughly one fifth of the world’s oil passed through before the war, was still largely closed, short term impacts on oil prices will still depend mainly on prospects for reopening the waterway, analysts said.

The UAE was the third largest oil producer within Opec before the Iran war. ING said its departure “will reduce Opec’s effectiveness in managing and influencing the global oil market through supply measures.”

Investors are also awaiting more updates on US-Iran peace talks, although limited progress has been made. Iran has offered to reopen the Strait of Hormuz if the United States lifts its blockade on its ports. So far, the US appears to be ruling out a deal that excludes the Islamic Republic’s nuclear programme.

The Federal Reserve is expected to announce a decision on interest rates later Wednesday.

On Tuesday, Wall Street retreated from its recent record highs. The benchmark S&P 500 fell 0.5 per cent from its latest all-time high to 7,138.80. The Dow Jones Industrial Average edged down 0.1 per cent to 49,141.93, and the technology-heavy Nasdaq composite dropped 0.9 per cent to 24,663.80.

Artificial intelligence-related stocks led the losses. Chip company Broadcom lost 4.4 per cent, Nvidia fell 1.6 per cent and Micron Technology lost 3.9 per cent. Alphabet, Amazon, Microsoft and Meta Platforms are reporting quarterly results on Wednesday.

In other dealings early Wednesday the US dollar rose slightly to 159.63 Japanese yen from 159.62 yen. The euro was trading at $1.1708, down from $1.1712.

The yield on the US 10-year Treasury remained at 4.35 per cent.



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Maruti profit slips 6.4% in Q4, revenue jumps 29% – The Times of India

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Maruti profit slips 6.4% in Q4, revenue jumps 29% – The Times of India


New Delhi: Maruti Suzuki had a record year in 2025-26 in terms of revenue and sales, but rising costs took a bite out of profits. The automaker posted consolidated revenue of over Rs 1.8 lakh crore, up 19.9% from the previous year, with total sales of 24.2 lakh vehicles. Net profit, however, barely moved – rising 1.2% to Rs 14,680 crore – as higher material, employee and depreciation costs ate into margins.The March quarter told a similar story: Revenue jumped 28.6% to Rs 52,462 crore, but net profit slipped 6.4% to Rs 3,659 crore.R C Bhargava, chairman, Maruti Suzuki India, said the auto industry is back in a growth phase, helped by stronger consumer demand and govt support, including lower taxes on small cars. He said Maruti expects to roll out about 2.5 lakh more vehicles this year as supply bottlenecks ease and new capacity comes online. The bigger constraint right now, he said, is not whether people want to buy cars but how many the company can actually make. Maruti is adding new production lines that will bring roughly 5 lakh additional units of annual capacity this year.



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