Business
Primark owner warns Rachel Reeves over ‘mistaken’ rate changes
The head of Primark’s parent company has issued a stark warning to the government, branding proposed changes to business rates as “mistaken” and a significant burden on UK high street retailers.
George Weston, the billionaire chief of Associated British Foods (ABF), told the PA news agency that the Labour Government “should not increase taxes on businesses any more” in the forthcoming November Budget.
This financial pressure has intensified concerns that businesses could be targeted with further tax hikes, particularly given prior government pledges to avoid increasing taxes for working individuals.
Businesses have already contended with a series of rising costs, including increases to national insurance contributions, the national minimum wage, and the Extended Producer Responsibility (EPR) packaging tax.
“Increases to labour and packaging have already had an impact and it is important not to make it harder for businesses looking to invest and create jobs,” Mr Weston said.
“My message to Government is that that should not increase taxes on businesses any more.”
Many hospitality, retail and leisure businesses across the UK have also seen the cost of business rates – the tax on commercial properties – increase this year after a previous 75 per cent discount on rates was reduced to 40 per cent in April.
The Government is also introducing a further shake-up to business rates in April next year designed to reduce the rates bills of small high street businesses.
However, Mr Weston said that Primark will face a significantly higher bill as a result, with larger shops and supermarkets having to pay more in order to help cover the cost.
“We are pleased that Government had recognised that there have been problems with the business rates system,” he said.
“But the changes mean there is going to be particular pressure on big stores which are needed to anchor high streets, and I think that was a very mistaken policy.
“We would love to see that reconsidered.”
Primark runs 460 stores globally, with more than 190 of these in the UK.
It came after the British Retail Consortium (BRC) warned on Friday that 400 large-format stores are at risk if they were included in the Government’s new business rates surtax, which affect premises with a rateable value over £500,000.
Experts have said around 363 large shops, excluding supermarkets, are expected to see their rates bills increase in April next year as a result.
Global tax firm Ryan has forecast that an expected surtax would cost these types of shops an extra £45.8 million a year in business rates.
Alex Probyn, practice leader of property tax, at Ryan, said: “This is a stealth tax penalising the very businesses that anchor our high streets and provide mass employment.
“The largest stores are already major contributors to the tax base, and an additional levy will undermine their ability to invest, grow and support local economies.
“It also runs directly contrary to the Government’s policy objective of supporting our high streets and the retail sector.”
Business
Top stocks to buy today: Stock recommendations for April 17, 2026 – check list – The Times of India
Stock market recommendations: Reliance Industries, and Varun Beverages are the top stock recommendations by Bajaj Broking Research for April 17, 2026.Reliance IndustriesBuy in the range of ₹ 1330.00-1350.00
Reliance Industries stock has undergone a corrective phase over the past three months and is currently consolidating near a crucial support zone of ₹1270–₹1300. This technical setup offers a favorable risk-reward profile, positioning the stock for a potential bullish reversal and the next leg of uptrend.This ₹1270–₹1300 range serves as a crucial support area, reinforced by the convergence of multiple technical factors: (a) 61.8% retracement of the previous April 2025-January 2026 up move (1115-1611) (b) 200 weeks EMA placed around 1292, which has historically acted as strong demand area for the stockThe ongoing corrective phase appears to be nearing exhaustion, with price action indicating the potential for a fresh bullish reversal. We anticipate the stock to resume its uptrend and head towards ₹ 1474 levels in the coming quarters being the high of February 2026 and the 61.8% retracement of the recent decline of the last 3 months ₹ 1611-1290.Varun BeveragesBuy in the range of 455-465
The share price of Varun Beverages has generated a breakout above the falling channel containing last 3 months decline signaling strength and offers fresh entry opportunity.The stock has also formed a higher high and higher low signaling resumption of up move after recent corrective decline.We expect the stock to head higher towards 503 levels in the coming weeks being the 80% retracement of the previous decline from 534 to 381.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
Business
Finance ministers and top bankers raise serious concerns about Mythos AI model
Experts say Mythos potentially has an unprecedented ability to identify and exploit cybersecurity weaknesses.
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Business
Anthropic’s new AI model exposes fresh risks, flaws for cybersecurity, IT services – The Times of India
New Delhi: A powerful new AI model is forcing govts, banks, and technology firms to rethink the rules of cybersecurity – and in India, the stakes may be even higher.Claude Mythos, developed by Anthropic, has demonstrated the ability to autonomously detect and exploit software vulnerabilities, including flaws that have persisted for decades. Early tests revealed that the model could identify long-standing weaknesses and simulate complex, multi-step cyberattacks, prompting the company to restrict its wider release. Anthropic CEO Dario Amodei highlighted the shift, noting that AI systems are now capable of finding vulnerabilities “that humans have missed”, a signal of how quickly the cybersecurity landscape is changing.US Treasury Secretary Scott Bessent reportedly convened a meeting with top bank executives – including leaders from JPMorgan Chase, Goldman Sachs, Citigroup, BoA, and Morgan Stanley – to assess the risks posed by such advanced AI systems.That concern is not theoretical. According to Jaydeep Singh, GM for India at Kaspersky, the emergence of such systems represents a turning point not just for security professionals, but for everyday users. “We have been closely monitoring how AI is reshaping the threat landscape, and Claude Mythos represents a moment that every user, not just the cybersecurity industry, needs to understand,” Singh said.The dual-use nature of AI is at the heart of the concern. The same capability that strengthens defences can just as easily be weaponised. “The same capability that finds a 27-year-old vulnerability in hardened infrastructure is the capability that, in the wrong hands, turns every unpatched system into an open door,” Singh added.Cybersecurity firm Check Point Software Technologies echoed the warning. Sundar Balasubramanian, MD, India and South Asia, for Check Point, says, AI is “dramatically lowering the barrier to entry for cyber attackers,” enabling even less-skilled actors to identify and exploit vulnerabilities. He added that defensive tools can be repurposed offensively, compressing the traditional gap between attackers and defenders. Jayant Saran, partner, Deloitte India, described this as a “changed reality,” where organisations must prepare for risks that were previously invisible. He called AI a “double-edged sword…that cannot be reversed,” highlighting an accelerating race between those securing systems and those attempting to break them.In India, the risks are amplified by scale. From UPI to banking and govt platforms, millions depend on digital infrastructure – much of it built on legacy systems. These systems are often slower to patch, harder to monitor, and lack continuous threat intelligence, creating what Saran called an “asymmetric risk exposure.” Singh pointed out that this gap is especially critical in India, where legacy infrastructure serves hundreds of millions.Beyond cybersecurity, ripple effects could reach financial markets. Analysts say models like Mythos could automate parts of software development, testing, and security – core functions of IT services industry. While disruption may be gradual, labour-intensive outsourcing models could face pressure, while firms embracing AI may benefit.
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