Business
Ex-WH Smith finance boss delays Greggs board appointment amid accounting probe

Greggs has delayed the appointment of incoming board director Robert Moorhead due to a review into a major accounting error at his previous firm, WH Smith.
The high street bakery chain said Mr Moorhead – the former finance chief at WH Smith – had asked to delay his appointment until a review by Deloitte into the blunder at WH Smith is completed.
He had been due to start at Greggs on October 1 as an independent non-executive director and chair of the audit committee.
Mr Moorhead left WH Smith in 2024 after more than 20 years at the chain.
The delay to his appointment comes after WH Smith saw nearly £600 million wiped off its stock market value last week when it revealed a review of its finances had discovered trading profits in North America had been overstated by about £30 million.
It warned that annual profits would be lower than expected as a result, sending shares down by more than 40% at one stage during the day.
WH Smith said it had found an issue in how it calculated the amount of supplier income it received – leading it to be recognised too early.
It means the group is now expecting a trading profit for the US of about £25 million for the year to August – a cut from the previous £55 million forecast.
As a result, the company lowered its outlook for annual pre-tax profits to around £110 million.
Greggs said Kate Ferry will remain as a non-executive director and will continue as chair of the audit committee in the interim.
Business
Paraguay – the Silicon Valley of South America?

Jane ChambersBusiness reporter, Asunción, Paraguay

Gabriela Cibils is on a mission – to help turn Paraguay into the Silicon Valley of South America.
When she was growing up in the landlocked country, nestled between Brazil and Argentina, she says the nation “wasn’t super tech focused”.
But it was different for Ms Cibils, as her parents worked in the technology sector. And she was inspired to study in the US, where she got a degree in computing and neuroscience from the University of California, Berkeley.
After graduating she spent eight years working in Silicon Valley, near San Francisco, with roles at various American start-ups.
But rather than staying permanently in the US, a few years ago she decided to return home to Paraguay. She’s now helping to lead efforts to build a large and successful tech sector that puts the country of seven million people on the world map – and attract some of the globe’s tech giants.

“I saw first hand the impact that technology can have on your life,” says Ms Cibils. “After being exposed to such a different world [in Silicon Valley], it’s my responsibility to bring that mindset back and combine it with the talent I see in Paraguay.”
She is now a partner at global technology and investment firm Cibersons, whose headquarters is in Paraguay’s capital Asunción.
While most countries would love to build a world-class tech sector, Paraguay has a distinct advantage in one regard – an abundance of cheap, green electricity.
This is thanks to 100% of its generation now coming from hydroelectric power.
This is centred on the giant Itaipu Dam on the Paraná River, which forms part of the border between Paraguay and Brazil. This huge hydroelectric power station, the largest in the world outside of China, supplies 90% of Paraguay’s electricity needs, and 10% of Brazil’s.
In fact, such is Paraguay’s surplus of electricity that its electricity prices are the lowest in South America.
And it is the world’s largest exporter of clean energy.
The Paraguayan government hopes that the country’s abundance of cheap, green electricity will attract global tech firms increasingly focused on the massive energy demands of AI computing.
“If you want to install any technology investment like AI data centres, keep in mind hydroelectric power is both renewable and steady,” says Paraguayan software development entrepreneur Sebastian Ortiz-Chamorro.
“Compared to other renewable energy sources like wind or solar, that have their ups and downs, it’s much more attractive for creating data centres or any other electro intensive activity that requires a steady electricity source.”
He adds that in addition to Itaipu, and Paraguay’s other large state-owned hydroelectric plant, the Yacyretá Dam, private companies can easily build their own smaller facilities.

On a visit to California last year Paraguay’s President Santiago Peña spoke with companies like Google and OpenAI to encourage them to invest in Paraguay. It remains to be seen if such industry giants open large operations in the country.
Minister of Technology and Communication Gustavo Villate is working closely with the president on the continuing efforts.
“We have the youngest population. We have a lot of renewable green energy. We have low taxes and economic stability,” he says proudly.
I’m taken on a tour with the minister of a planned new digital park near Asunción’s main airport. It’s currently green fields and some army barracks.
Mr Villate unfurls plans to show off the lakes, a childcare centre and other buildings which he says should be ready in under two years.
“The government are going to invest around $20m (£15m) for the first stage, but the idea is for private companies to invest the rest,” he says.
Even though the park isn’t ready yet, Mr Villate says the collaboration already happening between the public, private and university sectors is key to building an ecosystem to attract foreign investors.
The government thinks the country’s young population will be a key attraction, and able to provide a large tech workforce. The average age in Paraguay is 27.

But more young people will need to be trained. The technology minister says the new digital park will also be home to The University of Technology, which is a joint venture between Taiwan and Paraguay.
Meanwhile, there are other initiatives to train young people in the country. “We are working really hard to create a mass of software engineers, programmers and everything you need to provide software services,” says Vanessa Cañete, president of trade group Paraguayan Chamber of the Software Industry.
Ms Cañete says she is also passionate about encouraging more women to study computer engineering. In 2017 she set up Girls Code, a non-profit association which aims to close the tech gender gap.
It organises programming and robotics workshops for teenagers and young women, with more than 1,000 receiving some sort of training to date.
Ms Cañete adds that software developers are also given English lessons for up to four years to improve their communication with overseas firms.
The people I met are brimming with positivity about what Paraguay has to offer the tech world, but they are also pragmatic.
Ms Cibils says there are still “growing pains” for foreign investors, with issues like bureaucracy, which can hold things up adapting local contracts to standardised international ones.
But she is adamant that “if you put innovation at its core and leverage all the benefits that the country has I think Paraguay can be a superpower”.
Business
Consumer tech expansion: Philips to widen India portfolio with global products; focus on male grooming, mother and child care – The Times of India

Philips India is set to broaden its footprint in the domestic market by introducing more global product lines and strengthening its offerings in male grooming and mother and child care, responding to rising consumer demand for premium personal care products.The company, which recently rolled out its rechargeable intimate skin-protect grooming product, OneBlade, aimed at Gen Z consumers, said the premium segment is seeing robust growth, highlighting a shift in Indian consumer preferences, PTI reported.“We will continue strengthening male grooming and mother and childcare with newer and newer innovations, and we continue to get our global categories, which are huge in other markets, into India,” said Smit Shukla, Head of Philips Personal Health India Subcontinent.He added that Philips has a large global portfolio in oral care, and the company is assessing strategies to drive consumer demand before introducing these products in India.According to Vidyut Kaul, Head of Personal Health, Philips Growth Region (JAPAC, ISC, META & LATAM), the non-manual grooming market in India has been expanding at a mid-to-high single-digit growth rate annually over the last five years.In the grooming segment, Philips India enjoys a 50-60 per cent market share, depending on the sales channel, Kaul said, underscoring the brand’s leadership position.He added that while Philips has long been a global innovation leader, the company had earlier avoided introducing premium innovations in India due to perceptions of it being a price-sensitive market. However, he said, “It is not price-sensitive but value-conscious, and we are seeing that premiumisation is fast catching up.”The company’s most premium shaver, launched in April this year, received a strong consumer response, with demand outpacing supply, he said. Philips has witnessed over 75 per cent growth in the premium segment, driven by this shift in consumer sentiment.The male grooming segment continues to be one of the top growth drivers for Philips in India, followed by the mother and child care segment, both of which have performed strongly over the past 2–3 years.“They continue to boost more and more growth and give access to the consumers. In addition, the personal care and personal grooming segments will further accelerate the growth journey there,” Kaul said.He also noted that Philips has enhanced localisation in its manufacturing operations under its ‘local-for-local’ strategy, which has helped shield the company from the impact of rising US tariffs.
Business
Women in banking: SBI aims for 30% female workforce by 2030; steps up inclusion and health initiatives – The Times of India

The State Bank of India (SBI) has set a target to raise the share of women in its workforce to 30 per cent by 2030 as part of a broader push to strengthen gender diversity and inclusivity across all levels of the organisation.SBI Deputy Managing Director (HR) and Chief Development Officer (CDO) Kishore Kumar Poludasu told PTI that women currently account for about 27 per cent of the bank’s total workforce, though the figure rises to nearly 33 per cent among frontline staff.“We will be working towards improving this percentage so that diversity gets further strengthened,” Poludasu said, adding that the bank is taking targeted measures to bridge the gap and meet its medium-term diversity goal.With a staff strength of over 2.4 lakh — among the highest for any organisation in the country — SBI has rolled out several initiatives aimed at creating a workplace where women can thrive professionally while maintaining work-life balance.Among the women-centric measures, the bank offers creche allowances for working mothers, a family connect programme, and dedicated training sessions to help women re-enter the workforce after maternity, sabbatical, or extended sick leave.Poludasu said SBI’s flagship initiative, Empower Her, is designed to identify, mentor, and groom women employees for leadership roles through structured leadership labs and coaching sessions. The programme aims to strengthen the pipeline of women leaders across the organisation.The bank has also introduced wellness initiatives tailored to women’s health needs, including breast and cervical cancer screenings, nutritional allowances for pregnant employees, and a cervical cancer vaccination drive.“These programmes are designed keeping in mind the women and girls who are employed in the bank,” Poludasu said, adding that SBI remains committed to fostering an inclusive, secure, and empowering workplace.Currently, the lender operates over 340 all-women branches across India, and the number is expected to increase in the coming years.SBI, one of the world’s top 50 banks by asset size, has also been recognised among India’s best employers by multiple organisations. Poludasu said the bank continues to drive innovation across processes, technology, and customer experience while ensuring that diversity and inclusion remain central to its transformation journey.
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