Business
Government to water down business rate rise for pubs
Simon Jack,BBC Business Editorand
Lucy Hooker,Business reporter
Getty ImagesA climbdown on forthcoming increases to the business rates bills faced by pubs in England is set to be announced by the government in the next few days.
The government is expected to say it will make changes to how pubs’ business rates are calculated, resulting in smaller rises to bills.
Treasury officials say they have recognised the financial difficulties facing many pubs after sharp rises in the rateable value of their premises.
The move follows pressure from landlords and industry groups that included more than 1,000 pubs banning Labour MPs from their premises.
The BBC understands it will apply only to pubs and not the whole hospitality sector.
The Treasury is also thought to be ready to relax licensing rules to allow longer opening and more pavement areas for drinking.
In her November Budget, Chancellor Rachel Reeves scaled back business rate discounts that have been in force since the pandemic from 75% to 40% – and announced that there would be no discount at all from April.
That, combined with big upward adjustments to rateable values of pub premises, left landlords with the prospect of much higher rates bills.
A campaign to dilute the impact of these rises has been gaining traction in recent weeks, with pub owners and industry groups lobbying for more support.
Conversations between the government and the hospitality sector were “ongoing”, DWP minister Dame Diana Johnson said.
Speaking to Radio 4’s PM programme, she said: “We as a government want to make business rates fairer but you’ll also know we’re coming to the end of the transitional relief that was available because of Covid.”
On Wednesday Labour MPs called on the government to rethink its support for the industry.
Conservative leader Kemi Badenoch said: “What has happened is that over Christmas Labour MPs were banned from every single pub they tried to get into… so now they are pushing for a U-turn.”
She said the Conservatives had a “much better plan” which was to “slash business rates for all of the High Street, not just pubs”. She said business rates bills of less than £110,000 would be scrapped completely.
Reform also welcomed the climbdown, saying “pubs have already been lumbered with astronomical energy costs”.
The party’s deputy leader Richard Tice said: “Pubs are the backbone of our communities and a huge part of British heritage. Their closures would be a cultural catastrophe as much as an economic one.”
To calculate a pub’s business rate bill the rateable value of its premises is multiplied by a set figure: “the multiplier”.
The government had already offered some relief by reducing the multiplier for pubs, and may be about to reduce it further.
Alternatively they could boost the £4.3bn “transitional relief” fund brought in to ease the impact of withdrawing support following the pandemic.
Geoff RobbinsGeoff Robbins, who owns the Wheatsheaf Pub in Faringdon, Oxfordshire with his wife Jo, said it was “a great relief” that more help was on the way.
His rates are due to rise by around 80% over the next three years. He needs a discount on most of that, he reckons, after factoring in higher gas, electricity and staffing costs.
“Rates are a tax against your business whether you make a profit or loss… you’ve got to pay, there’s no way round it,” said Geoff, who got in touch with BBC Your Voice.
Industry groups also welcomed news there would be additional help.
Emma McClarkin, chief executive of the British Beer and Pub Association, said it was “potentially a huge win” for the sector.
“This could save locals, jobs, and means publicans can breathe a huge sigh of relief,” she said.
Kate Nicholls, chair of UK Hospitality, representing the industry, said the support should apply not just to pubs, but to all hospitality businesses affected by rising rates, including cafés and restaurants.
“We need a hospitality-wide solution, which is why the government should implement the maximum possible 20p discount to the multiplier for all hospitality properties,” she said.
Other sectors are calling for the support to be even broader, to include live music venues, theatres, galleries, gyms and retailers.
Unpicking the recent Budget would be seen by many as another U-turn following climbdowns on winter fuel payments, disability benefits and inheritance tax on farms and family businesses.
Shadow business and trade secretary Andrew Griffith said the change showed Rachel Reeves’ Budget was “falling apart”.
“Labour were wrong to attack pubs and now have been forced into another screeching U-turn,” he said.
Liberal Democrat Treasury spokesperson Daisy Cooper said: “This is literally the last chance saloon for our treasured pubs and high streets – so the government must U-turn, today.
“These businesses are worried sick, making decisions now, and can’t wait a minute longer.”
The calculation of business rates is an issue that is devolved in all four UK nations.
The discount on rates during the pandemic only applied to hospitality businesses in England.
Scottish businesses are waiting for the Budget there next week to hear how the Edinburgh government will approach the issue.
Pubs there will hope the Scottish government follows the UK government in offering some relief.
Additional reporting by Kris Bramwell
An Imax private screening for the movie “First Man” at an AMC theater in New York on Oct. 10, 2018.
Lars Niki | Getty Images Entertainment | Getty Images
The theatrical industry is in flux — and one stock is rising above the rest.
Imax saw its shares jump more than 44% in 2025, even before the company announced that it had generated a record $1.28 billion at the global box office for the year. Those ticket sales marked a more than 40% increase over 2024 and were 13% higher than its previous record set in 2019.
Meanwhile, shares of fellow theatrical stocks AMC, Cinemark and Marcus Theatres cratered in 2025. AMC was down more than 60%, Cinemark’s stock fell 25% and Marcus Corp., which operates theaters and hotel chains, slumped around 28%.
The sharp declines on Wall Street come as theater operators struggle to grapple with massive changes in the industry.
Domestic ticket sales have rebounded from the record lows posted during the Covid pandemic, but remain about 25% below the the record-breaking $11.8 billion collected in 2018. The 2025 box office fell short of the $9 billion analysts had projected heading into the year, signaling to industry watchdogs that post-pandemic hurdles could be more permanent than anticipated.
“In an environment where consumer spending headwinds and economic concerns forced consumers to be choiceful with their entertainment spending, streaming services continue to represent an attractive option,” Eric Wold, executive director of equity research at Texas Capital Securities, told CNBC.
At the same time that consumer habits have shifted toward the home entertainment market, Hollywood is producing fewer films.
A combination of Wall Street penny-pinching, studio mergers and lingering production shutdowns from the pandemic and dual labor strikes has led to a significant drop-off in the number of movies hitting theaters.
“I think investors are still struggling with, and frankly, what everyone within the industry is still trying to figure out is, what is the real new normal for box office?” said Robert Fishman, senior research analyst at MoffettNathanson.
The winnowing of theatrical has left Imax ahead of the pack.
Move toward premium
When the theatrical slate is thin, Imax benefits, because when moviegoers do decide to leave their couches they are opting more and more for premium large format experiences.
In 2025, more than 16% of tickets sold for domestic showtimes were for these types of theaters, according to data from EntTelligence. That’s up from 15% in 2024 and 13.8% in 2023.
Often called PLFs, premium large format auditoriums are considered an elevated viewing experience, with bigger screens and higher-quality sound systems and seating options — and they come with higher ticket prices.
In 2025, general movie tickets averaged $13.29 apiece, while PLF tickets went for around $17.65 each, EntTelligence data showed. For comparison, premium tickets in 2024 averaged around $16.88 apiece.
As Hollywood shifts toward producing more big-budget blockbuster features — while medium-to-low-budget films are more often sent to streaming — PLF screens will become increasingly important.
After all, the films that benefit the most from PLF ticket sales have been Hollywood’s biggest releases, as audiences want to see explosive action movies and dazzling spectacles in the most state-of-the-art locations.
ScreenX is the world’s first multi-projection cinema with an immersive 270 degree field of view.
CJ 4DPLEX
On the docket for 2026 is Disney’s “Star Wars: The Mandalorian and Grogu,” Universal and Christopher Nolan’s “The Odyssey,” Netflix and Greta Gerwig’s “Narnia” and Warner Bros. and Denis Villeneuve’s “Dune: Part Three.”
All of these films were shot with Imax film cameras and will have theatrical releases on Imax screens.
The company has forecast its 2026 global box office haul at a new record of $1.4 billion.
“We see no signs of slowing down given a very promising slate ahead and the consistency of our market share gains, as filmmakers, studios, and audiences worldwide continue to gravitate toward the Imax experience,” said Rich Gelfond, CEO of Imax, in a statement Wednesday.
As of the end of September, Imax had more than 1,700 locations and a backlog of 478 contracts to build Imax screens. Notably, Imax screens represent less than 1% of the total movie screens worldwide.
Putting up profits
AMC, Cinemark and Marcus all have premium large format movie screens as part of their suite of theaters as well and have invested in creating more of these spaces in their cinemas.
But the chains are playing a game of catch-up.
AMC, in addition to its existing partnership with Imax, has plans to add more Dolby Cinema theaters to its U.S.-based locations as well as Screen X and 4DX auditoriums globally. Cinemark, too, made investments in the last year to add more Screen X theaters to its portfolio.
Of course, these upgrades can be expensive. In the case of AMC, renovations prior to the pandemic saddled the company with billions in debt, which was exacerbated during Covid-related shutdowns. The company is still dealing with this debt load.
Working in Imax’s favor is the fact that the company is notably asset-light, meaning it has minimized its ownership of physical assets like buildings by leveraging its technology and partnering with other companies.
Instead of costly real estate leases, Imax makes deals with cinema chains to install its equipment into their auditoriums and then takes a share of the box office receipts for films screened in those theaters.
AMC, Cinemark, Marcus and other theater operators, on the other hand, have the financial burden of rent and utility payments, which are only partially offset by ticket sales that they split with studios. Concessions — popcorn, soda and specialty food — have become the means for these businesses to drum up enough funds to cover expenses.
But, if the production slate isn’t strong and cinemas don’t have enough content to draw in moviegoers, then profitability is at risk.
In the first quarter of 2025, all three cinema stocks posted net losses. Marcus and Cinemark rebounded to profitability in the second and third quarter, as the calendar of films improved, while AMC posted two more periods in the red.
Imax, on the other hand, was profitable in all three quarters. Through the first nine months of 2025, Imax reported net income of $43 million, up 67% from the same period in 2024.
The theater stocks will all report fourth-quarter results in the coming weeks as earnings reports roll out.
Business
India outlook: Reforms put wind in its sails amid global headwinds; PMO’s Shaktikanta Das maps the road ahead – The Times of India
India is at the cusp of a historic economic journey, with government policies and reforms giving the country “wind in its sails” even as global trade uncertainties intensify, Principal Secretary to the Prime Minister Shaktikanta Das said on Friday.Delivering the inaugural Bibek Debroy Memorial Lecture, Das said India has emerged stronger from successive global shocks and is now positioned to pursue sustained growth despite a fragmented global economic order, PTI reported.
Atmanirbharta as resilience, not isolation“At a time when the consensus that powered globalisation in past decades has frayed and multilateral cooperation has become harder to achieve, India has embraced Atmanirbharta as the overarching principle of our policies,” Das said.Clarifying the approach, he added: “Atmanirbharta is not being isolationist, but a strategy to build core competence and resilience. Economic Atmanirbharta means developing the capacity to produce critical goods and technologies at home and reducing over-reliance on foreign sources.”A self-reliant economy, backed by strong domestic capabilities and an autonomous foreign policy, provides India greater strength to sustain growth and navigate external challenges, he said. “Together, they ensure that India’s rise is resilient, sustainable and beneficial to us and to the world.”From global shocks to ‘wind in our sails’Das said India has successfully emerged from what appeared to be “perfect storms” triggered by multiple global shocks since the COVID-19 outbreak in 2020.“And now with the policies that the country has adopted, the wind is in our sails. We are indeed on our path to Viksit Bharat,” he said.India, he noted, stands at an inflection point where shifting geopolitical alignments and trade policies are reshaping the global economic landscape.“India stands today at the cusp of a historic journey — from being an incredible India to a credible India. There will be headwinds and challenges emanating from known and unknown sources,” Das said.Fragmenting world, India’s strategic responseDas flagged the strain on global institutions and multilateral frameworks, saying traditional multilateralism is increasingly being sidelined by geopolitical rivalries, protectionism and fragmentation.“Key international institutions are struggling to deliver on their mandates… Trade and supply chains, once seen as neutral conduits of globalisation, are increasingly being utilised as instrumentalities of disruption and dominance,” he said.Reshoring, friend-shoring and restricted technology flows are fragmenting global networks, reflecting broader geo-economic fragmentation, Das added.Against this backdrop, India’s approach is pragmatic. “India stands for a cooperative and rules-based global system; but at the same time, we are proactively forging partnerships and strategies to secure our national interest in a world where power is more diffused,” he said.“We, of course, acknowledge that the multilateral system must be revitalised, even as we adapt to new alignments,” Das added.
President Droupadi Murmu has approved the summoning of both Houses of Parliament for the Budget Session 2026 from January 28 on the government’s recommendation, Union Parliamentary Affairs Minister Kiren Rijiju announced on Friday.
“On the recommendation of the Govt of India, Hon’ble President of India, Smt. Droupadi Murmu ji has approved the summoning of both the Houses of Parliament for the Budget Session 2026. The Session will commence on 28 January 2026 and continue till 2 April 2026. The first phase concludes on 13 February 2026, with Parliament reassembling on 9 March 2026, a vital step towards meaningful debate and people-centric governance,” Rjiiju said in a post on X.
According to reports, Finance Minister Nirmala Sitharaman is likely to table the Budget on February 1, which falls on a Sunday — a rare occurrence that would require special arrangements.
The Economic Survey, providing a comprehensive review of the economy, is anticipated to be laid before Parliament on January 29 or 30.
The Budget Session traditionally begins with the President’s address to a joint sitting of Lok Sabha and Rajya Sabha, outlining the government’s policy priorities and vision.
This address will take place on the opening day, January 28.
The announcement sets the stage for one of the most important parliamentary events of the year, during which the Union Budget for the financial year 2026-27 is expected to be presented.
Rijiju’s post stressed the government’s commitment to transparent and effective legislative processes.
The two-phase format allows for initial discussions on the Budget and other key matters, followed by detailed scrutiny in standing committees during the recess, before final deliberations and passage of financial bills.
This session comes at a crucial time as the government focuses on economic growth, fiscal consolidation, and addressing emerging challenges in sectors like infrastructure, employment, and sustainability.
Parliamentarians from across parties are expected to engage in intensive debates on taxation, expenditure, and policy reforms. The formal approval by President Murmu marks the procedural start of preparations for the session, with both Houses gearing up for what promises to be a packed legislative calendar.
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