Business
Classic-car market poised for strong 2026, says Hagerty CEO
A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
The strength in the classic-car market is expected to continue in 2026 as a new generation of collectors revs up demand, said the CEO of Hagerty.
Auctions and online sales of collectible cars surged 10% in 2025 to $4.8 billion, according to Hagerty, the classic-car insurance company and collector platform. Hagerty CEO McKeel Hagerty said based on the sales pipeline and activity in the private classic-car market, demand appears strong for next year.
“We’ve seen a lot of momentum on the private side,” Hagerty told CNBC. “We’re seeing a lot of private transactions take place of very significant cars, of all kinds, of all ages. We’re looking forward to 2026.”
The biggest driver is a new generation of collectors. As baby boomers age out of the market and downsize, members of Generation X, millennials and Gen Zers are taking over and redefining the market. They’re more comfortable buying online, with online classic-car sales surging 12% this year to $2.5 billion, according to Hagerty.
Younger buyers also want younger cars. The 1950s and ’60s sports cars that have long dominated the classic-car market are being replaced by high-performance supercars of the ’90s and later. Ferrari F40s and F50s, Bugatti Veyrons and Chirons and McLaren F1s, along with Paganis and Koenigseggs are among the most sought-after prizes today.
Hagerty said that because many of today’s supercar makers are also increasing production, supply will remain strong.
“You think Ferrari, Porsche, all of them just seem to be setting record sales numbers every year,” he said. “That’s the future of what people will be buying, and they’ll be collecting and they’ll hang on to them. So we like that as the tail wind.”
The great wealth transfer will also shake up the industry, as a wave of older cars owned by baby boomers are passed down to the next generations. An estimated $100 trillion is expected to be inherited by spouses and families by 2048, according to Cerulli Associates. The amount includes real estate, collectibles and other hard assets.
“Some of that will be cars,” Hagerty said. “Those families will have to decide if they want to keep it, do they want to put it in a garage? Do they want to sell them? I think it’s really just beginning.”
McKeel Hagerty, CEO, Hagerty at the NYSE December 6, 2021.
Source: NYSE
For those looking for good investments in today’s classic-car market, Hagerty just published its Bull Market List. The annual ranking uses Hagerty data to find cars that are good value, fun to drive and likely to increase in price due to strong demand — or as Hagerty says, “sweet buys for the year ahead.”
The list includes the pricey 2004-2007 Porsche Carrera GT (typically over $1.5 million), the 1969-1972 Alfa Romeo GTV (typically $50,000 to $150,000) and the 1999-2005 Mazda MX-5 Miata (usually $9,000 to $26,000).
In the end, Hagerty said the classic-car market is ultimately powered by wealth creation. With stock markets poised for their third year of double-digit growth and interest rates falling, he said collectors have plenty of fuel to keep buying.
“They’re feeling pretty good about their personal balance sheets,” he said. “They log into their accounts and see their portfolio is doing OK. People, I think, are feeling that strength to be able to go out there and make those purchases.”
Business
Russia sells reserve gold for first time in 25 years to fund Ukraine war deficit: Report – The Times of India
Russia has begun selling physical gold from its central bank reserves for the first time in 25 years, as the government seeks to plug a widening budget deficit driven by sustained military expenditure, according to a report by Berlin-based news outlet bne IntelliNews.Regulatory data show that between 2022 and 2025, Russia sold gold and foreign currency worth over RUB 15 trillion ($150 billion), followed by an additional RUB 3.5 trillion ($35 billion) in just the first two months of 2026, the report noted. In January alone, the Central Bank of Russia sold 300,000 ounces of gold, followed by another 200,000 ounces in February.The move marks a significant shift in reserve management. Earlier, gold transactions were largely notional, involving transfers between the Ministry of Finance and the central bank without physical movement of bullion. In recent months, however, the central bank has started selling actual gold bars into the market.As a result, Russia’s gold holdings have declined to 74.3 million ounces, the lowest level in four years. The disposal of 14 tonnes in January and February is the largest two-month sale since the second quarter of 2002, when 58 tonnes were offloaded in a single tranche.The sales come as Russia’s fiscal position comes under increasing strain. The government ended 2025 with a budget deficit of 2.6 per cent of GDP, compared to an initial projection of 0.5 per cent, Berlin-based bne IntelliNews report noted. Economists estimate the actual deficit could be closer to 3.4 per cent, with some payments deferred to 2026 to limit the reported gap.Pressure on the budget has intensified as oil prices weakened in the second half of the year and US sanctions tightened, reducing the contribution of oil and gas tax revenues to about 20 per cent of total revenues — roughly half of pre-war levels.The decision to sell gold has also been influenced by the sharp rise in bullion prices to above $5,000 per ounce. This surge has pushed Russia’s international reserves to over $809 billion as of February 28, including around $300 billion of assets frozen in the West, according to the Central Bank of Russia. Of this, gold reserves alone are valued at about $384 billion.Russia currently holds more than 2,000 tonnes of gold, making it the world’s fifth-largest sovereign holder, according to World Gold Council data. The country had built up these reserves over the years to reduce dependence on dollar-denominated assets, especially after sanctions imposed following the annexation of Crimea in 2014 and further tightened after the invasion of Ukraine in 2022.Since 2022, the Ministry of Finance has relied on multiple funding channels to manage budget pressures. These include drawing from the National Welfare Fund, which still holds around RUB 4 trillion, increasing issuance of domestic OFZ treasury bonds, and raising value-added tax rates, which account for about 40 per cent of government revenues.The shift to selling physical gold suggests that Russia is now tapping its liquid reserve buffers more directly, underlining the growing fiscal strain as the conflict in Ukraine continues into its fourth year.
Three-month waiver on bank guarantees, credit letters covers rice, seafood, pharmaceuticals among other commodities
Increased sourcing from the US reduces reliance on the Strait of Hormuz — a narrow maritime corridor through which a substantial proportion of global oil trade passes and which remains vulnerable to geopolitical tensions. Photo: Reuters
ISLAMABAD:
The Ministry of Commerce has approved a temporary exemption from financial instruments, including bank guarantees and letters of credit, for exports to Iran, the Central Asian Republics and Azerbaijan via Iran’s land route, it emerged on Saturday.
The development arose from a March 24 notification by the Ministry of Commerce received by The Express Tribune.
The exemption, issued under the Import and Export Control Act 1950, waived the requirement under Paragraph 3 of the Export Policy Order 2022, which mandates that all exports from Pakistan be made in compliance with Foreign Exchange Rules, regulations, and procedures notified by the State Bank of Pakistan (SBP).
The concession will remain effective for three months, from March 24 to June 21. The ministry stated that the federal government had taken the step to facilitate exporters and enhance regional trade.
Read: Local exports hit by ‘triple threat’
Under the exemption, rice may be exported to the Central Asian Republics and Azerbaijan through Iran’s land route. Exports of the following commodities to Iran via land route were also permitted: rice (milled), seafood, potatoes, meat, onions, maize, citrus, banana, tomato, frozen chicken, pharmaceuticals and tents.
However, the exemption from financial instruments, according to the notification, would be subject to the submission of an undertaking by the exporter that the export proceeds would be submitted within the stipulated time period.
Commerce Minister Jam Kamal Khan said Pakistan would now be able to export rice to Central Asia and Azerbaijan via Iran, adding that removing barriers to pharmaceutical exports was the government’s top priority.
He added that trade through Iran would significantly reduce exporters’ costs and time, and that increasing exports would steer the country towards economic stability.
Read More: Attack on Iran jolts Pakistan’s economy
The Ministry of Commerce said it was utilising all resources to enhance regional connectivity and increase trade volume, adding that the measure would strengthen trade links in the region.
A week ago, Pakistan’s Ambassador to Iran, Mudassir Tipu, said bilateral and transit trade between the two countries remained operational despite ongoing regional tensions.
The envoy expressed gratitude to the Iranian government for extending “full facilitation” to Pakistan’s trade, including transit trade through Iran during “challenging times”.
He added that land border crossings between Pakistan and Iran were functioning “optimally”, with green channels at multiple routes ensuring swift movement of goods on both sides. Further, Tipu said that Pakistan was extending maximum cooperation to Tehran to ensure trade flows remain unaffected by the evolving situation.
Business
Noida International Airport inauguration: Delhi-NCR gets new airport – all you need to know – The Times of India
NEW DELHI: Prime Minister Narendra Modi on Saturday inaugurated Phase I of the Noida International Airport at Jewar in Uttar Pradesh, marking a significant milestone in India’s expanding aviation infrastructure.PM Modi was accompanied by Uttar Pradesh chief minister Yogi Adityanath and Governor Anandiben Patel.
Developed at an investment of around Rs 11,200 crore under a Public–Private Partnership (PPP) model, the project is expected to enhance both regional and international connectivity for the National Capital Region (NCR).The airport is being positioned as a key addition to India’s aviation network, aimed at easing pressure on existing infrastructure while supporting the country’s ambition of becoming a global aviation hub.
Second international gateway for Delhi NCR
Noida International Airport has been developed as the second international gateway for Delhi NCR, complementing the existing Indira Gandhi International Airport, which currently handles the majority of the region’s air traffic.
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With rising passenger demand and capacity constraints at IGI Airport, the new facility is expected to play a crucial role in distributing traffic more efficiently.Together, the two airports will function as an integrated aviation system, helping reduce congestion, improve connectivity, and enhance the region’s standing among leading global aviation hubs.
Phase I capacity and future expansion plans
Phase I of the airport is designed to handle 12 million passengers per annum (MPPA), providing immediate relief to the region’s growing air travel demand.The project has been planned with scalability in mind, with provisions to expand capacity to 70 million passengers annually in subsequent phases. This long-term vision reflects the government’s strategy to future-proof infrastructure and accommodate sustained growth in air travel.
Modern infrastructure and all-weather operations
The airport features a 3,900-metre runway capable of handling wide-body aircraft, making it suitable for both domestic and international long-haul operations.
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Equipped with advanced navigation systems such as the Instrument Landing System (ILS) and modern airfield lighting, the facility is designed to support efficient, all-weather, round-the-clock operations. These features ensure operational reliability even under challenging weather conditions.
Cargo hub and logistics ecosystem
In addition to passenger services, the airport includes a comprehensive cargo ecosystem aimed at strengthening logistics and trade.The Multi-Modal Cargo Hub comprises an Integrated Cargo Terminal and dedicated logistics zones, with an initial handling capacity of over 2.5 lakh metric tonnes annually. This capacity is expected to expand significantly to around 18 lakh metric tonnes in the future, positioning the airport as a major cargo and logistics centre in North India.
Dedicated MRO facility to enhance efficiency
A key component of the airport’s infrastructure is a 40-acre Maintenance, Repair and Overhaul (MRO) facility.This dedicated facility is expected to improve operational efficiency by enabling airlines to service and maintain aircraft locally, reducing turnaround times and operational costs. It also strengthens India’s capabilities in aviation maintenance services.
Sustainability and future-ready design
Noida International Airport has been designed as a sustainable and future-ready infrastructure project, with a focus on achieving net-zero emissions.The project incorporates energy-efficient systems and environmentally responsible practices, aligning with India’s broader climate goals. The airport’s development reflects a growing emphasis on green infrastructure in large-scale projects.
Architecture inspired by Indian heritage
Blending modern infrastructure with cultural aesthetics, the airport’s architectural design draws inspiration from traditional Indian elements such as ghats and havelis.This approach aims to create a distinctive identity for the airport while offering passengers a sense of place rooted in Indian heritage.
Strategic location and multi-modal connectivity
Strategically located along the Yamuna Expressway in Gautam Buddha Nagar district, the airport is planned as a multi-modal transport hub.It will feature seamless integration with road, rail, metro and regional transit systems, ensuring smooth connectivity for passengers and cargo. This connectivity is expected to significantly improve accessibility for travellers across Delhi NCR and neighbouring regions.
Boost to India’s aviation ambitions
The inauguration of Phase I of Noida International Airport is being seen as a major step in strengthening India’s aviation ecosystem.By expanding capacity, improving connectivity, and integrating modern infrastructure with sustainability, the project is expected to play a key role in positioning Delhi NCR as a major global aviation hub while supporting economic growth and regional development
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