Business
Harrods sets aside more than £60m for Mohamed Al Fayed abuse victims
Harrods has set aside more than £60m in its plan to compensate alleged victims of historical abuse.
More than 100 employees of the luxury department store are expected to claim up to £385,000 each via the redress scheme which is open until March 2026.
The scheme, launched in March, provides to victims who claim they have suffered abuse by former Harrods owner Mohamed Al Fayed, who died in 2023.
Multiple women have accused Fayed, who owned the luxury store between 1985 to 2010, of rape and sexual assault. The Met Police said that 146 people have come forward to report a crime in their investigation into Fayed.
Harrods have set aside £57 million to be used to compensate alleged victims, with an extra £5.3m reserved to cover legal and administrative costs, bringing the total amount allocated to £62.3 million.
Harrods Managing director Michael Ward said that “more than 100 survivors” have joined the process of the scheme since it was opened.
He added: “Compensation awards and interim payments began being issued to eligible survivors at the end of April 2025 and the scheme will remain open until 31 March 2026.”
The compensation scheme will award each eligible claimant general damages of £200,000. They could receive up to £385,000 in compensation, plus treatment costs, if they agree to be assessed by a consultant psychiatrist, or up to £150,000 without a medical assessment, Harrods said in March.
Partially due to the scheme, Harrods recorded a £34.3 million loss in its latest full year accounts, compared with a profit of £111 million the previous year.
In a statement announcing the scheme, Harrods said: “While we cannot undo the past, we have been determined to do the right thing as an organisation, driven by the values we hold today, while ensuring that such behaviour can never be repeated in the future.”
To be eligible for the scheme, claimants must prove that they were subject to sexual assault and/or wrongful testing, and prove that Harrods is liable.
Many of those who say Fayed abused them underwent intrusive medical examinations when they were hired.
In accepting a compensation offer, victims will waive their right to pursue further action for damages.
The Harrods Group also operates smaller stores at London’s Heathrow and Gatwick airports, as well as a small chain of beauty stores. Revenues for the financial year 2024 were broadly flat at just over £1bn.
It blamed the drop in profits on weaker beauty trading and modernising some of its systems.
Mr Ward added: “The current domestic and global economic environment means that current trading conditions in the luxury sector remain challenging.
“However, we remain confident in the strength of the business, and the resilience of the luxury sector, and that we will continue to drive progress towards longer-term growth and performance objectives.”
Fayed was not charged before his death two years ago.
Business
‘Swadeshi Campaign’ launch: Govt pushes to boost Indian textiles; domestic market demand expected at $250 billion by 2030 – The Times of India
The ministry of textiles has launched the ‘Swadeshi Campaign’ to boost domestic demand for handloom, handicrafts, and textile products across India. The initiative, which will run for six to nine months, aims to reposition Indian textiles as symbols of pride, style, and heritage, particularly among urban youth and Gen Z consumers. According to the government press release, the campaign’s objectives include stimulating domestic textile consumption, empowering weavers, artisans, and textile MSMEs, and aligning efforts with flagship government initiatives such as the PLI scheme for textiles, PM MITRA Parks, and One District One Product (ODOP). It will also encourage institutional procurement, urging ministries, PSUs, and educational institutions to adopt Indian-made textiles for uniforms and furnishings.
Awareness will be created through events, social media outreach, and partnerships with state governments. The campaign will run under the slogan: “स्वदेशी कपड़ा देश की शान—यही है भारत की पहचान” (Swadeshi fabric is the pride of the nation—this is India’s identity). India’s textile and clothing market, valued at $179 billion in 2024, is expanding at an average annual growth rate of over 7 per cent. Household consumption accounts for 58 per cent of the domestic market and is growing at 8.19 per cent annually, while non-household consumption contributes 21 per cent with 6.79 per cent growth. With the government’s continued initiatives and the Swadeshi Campaign, domestic demand for textiles is projected to grow at a CAGR of 9–10 per cent, reaching $250 billion by 2030.
Business
Pakistan pitches port on Arabian Sea to US; eye on minerals hub development: Report – The Times of India
Advisers to Pakistan’s military chief, Asim Munir, have reportedly approached US officials with a proposal to construct and operate a port at Pasni on the Arabian Sea, offering Washington a strategic presence in a geopolitically sensitive region. According to the Financial Times, the plan envisages transforming Pasni—a small fishing town—into a hub for transporting Pakistan’s critical minerals, including copper and antimony, essential for batteries, fire-retardant materials, and missile production. The town lies about 100 miles from Iran and 70 miles from Gwadar, where China operates a major port facility. The initiative, which is not official government policy, was reportedly shared with Munir ahead of his White House meeting with President Donald Trump last month. However, a senior Trump administration official clarified that the proposal had not reached the president or his advisers for discussion. The port plan forms part of a broader push by Pakistani officials to strengthen ties with the Trump administration. Other initiatives include collaboration on a Trump-backed cryptocurrency project, deeper cooperation against the Afghanistan-based militant group Isis-K, support for his Gaza peace plan, and access to critical minerals. US and Pakistani diplomats have described the relationship between Munir and Trump as “a bromance” since the president claimed credit in May for brokering a ceasefire between Pakistan and India. Over the summer, US-India relations have cooled, while Munir and Prime Minister Shehbaz Sharif publicly thanked Trump and even nominated him for the Nobel Peace Prize. Following their recent meeting, the White House released photographs showing Munir and Sharif presenting Trump with mineral samples. The Pasni port blueprint includes a railway to transport minerals from Pakistan’s interior, connecting to mines such as Reko Diq, developed by Canada’s Barrick Mining. The project’s estimated cost is $1.2 billion, with proposed funding from a mix of Pakistani federal and US-backed development finance. Supporters say the plan would diversify Pakistan’s strategic options while balancing relations with China, the US, Iran, and Saudi Arabia, following a recent security pact with Riyadh. The blueprint stated, “Pasni’s proximity to Iran and Central Asia enhances US options for trade and security. Engagement at Pasni would counterbalance Gwadar and expand US influence in the Arabian Sea and Central Asia.” It also flagged potential dual-use concerns at China’s Gwadar port under the Belt and Road Initiative, alluding to fears it could serve as a naval base, a claim denied by Islamabad and Beijing. The plan specifies no “direct basing,” meaning the port would not host US military installations. Pakistan has historically been a close US ally, first during the Cold War and then after the 9/11 attacks, but relations frayed due to Islamabad’s support for the Taliban in Afghanistan. One adviser, quoted by FT, said, “I’ve been telling our leaders we need to diversify from China. We don’t need to consult the Chinese as it’s outside the Gwadar concession.” Missouri-based US Strategic Metals (USSM) has shown early interest, signing a memorandum of understanding in September with Pakistan’s military engineering corps. USSM commercial director Mike Hollomon said, “In our conversations with the field marshal, he stressed that Pakistan has been an ally of the US for a long time and minerals is a way to rekindle a dormant friendship.” Late last month, Pakistan shipped a small first consignment of fewer than two tonnes of critical minerals, including copper, antimony, and neodymium, to USSM. The minerals sector currently accounts for about 3 per cent of Pakistan’s GDP, with large untapped reserves in insurgency-hit western provinces. Hussain Abidi, chair of the Pakistan Council of Scientific and Industrial Research, described the initiative as, “This is a reset with America through economic ties rather than just the traditional security ties.”
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Nithin Kamath hints Zerodha may start charging brokerage for equity delivery trades amid regulatory changes and revenue decline.
Weekly Options Ban Could Hit Revenues, Zerodha Mulls Charging Delivery Brokerage
Zerodha co-founder Nithin Kamath in his latest blog has hinted that the online brokerage platform may implement brokerage charges for equity delivery trades from customers, which are currently non-chargeable, to ensure the sustainability of the business. “We would be forced to start charging brokerage for equity delivery trades to make the business tenable,” Kamath said in the blog upon the regulator’s evaluation on whether to stop weekly options completely.
Zerodha will see another revenue hit if the regulator stops weekly options completely. Kamath said that the options business might be at further risk, with the regulators evaluation whether to stop weekly options.
On the question of what would we do if weekly options were removed, I suppose we’ll see another hit to our revenues in the short-term, Kamath explained the rationale behind the move.
The Securities and Exchange Board of India (Sebi) in the past few years has taken several measures to restrict the galloping futures and options trading business across the country, leading to major losses to traders. According to a previous Sebi study, 93% F&O traders are in loss, marking a substantial trap for small investors to lose their hard-earned money in the pretext of speculative trading.
Kamath had earlier stated that the platform’s broking revenue fell 40% in 2025 due to combined factors, including the STT increase on options, then the removal of exchange transaction charge rebates, and a reduction in weekly expiries. In addition to this, there was a significant decline in market activity, he said, adding that our (Zerodha) revenues and profits suffered a decline.
Moreover, Kamath said, new account openings were lower due to the overall market activity.
“Our overall share of NSE’s active client list has trended down. A person trading once a year is considered active by NSE. I don’t pay much attention to this data because brokers are constantly gaming this by pestering customers to trade via notifications and dark patterns. By triggering people to trade, you not only generate turnover but also move up the list,” Kamath added in the post.
On the question of what would we do if weekly options were removed, I suppose we’ll see another hit to our revenues in the short-term.Having said that, when you’re building a business for the long term, focusing on quarterly or even annual growth is a poor metric. The more you… pic.twitter.com/ZAx2ih7sxg
— Nithin Kamath (@Nithin0dha) October 1, 2025
To allay the fear of customers, Kamath ensured that Zerodha is financially stable with a net worth of Rs 13,000 crore, substantially higher than its competitors.
“Our net worth as a percentage of client funds we handle is unprecedented—more than 50% on any given day. We have zero debt on the books, and as we are fully privately held, we have more skin in the game than any other broker in India,” Kamath added in the post.
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More
October 04, 2025, 15:00 IST
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