Business
Vue cinema boss: I don’t see streaming as the competition
Will Bain,Business presenter and
Emer Moreau,Business reporter
The boss of one of the UK’s biggest cinema chains says he does not see streaming services and home entertainment as competition.
Tim Richards, the founder and chief executive of Vue International, says film studios tried to “circumvent” cinemas during the pandemic but lost “hundreds of millions of dollars” as a result.
“I think the studios certainly learned that we are in one small ecosystem, we all need each other,” he told the BBC’s Big Boss Interview podcast.
Rival cinema chains have a constructive relationship too, he says: “We are fairly open in terms of trading best practices. We want to have a message that cinemas are a great place to have a good time.”
Richards spoke of the turbulence of the last five years for the film industry.
Vue went from having its best year ever in 2019, to being “effectively closed for almost two years” during the Covid-19 pandemic, to grappling with actors’ and writers’ strikes which shut down production for nearly another year.
Vue made a pre-tax loss of £91.8m in the 12 months to 30 November 2024 compared with the year prior, and said that a decrease in revenue was “principally driven by lower admissions”.
Globally, the cinema industry has been seeing change, with big names such as Cineworld suffering. It filed for bankruptcy in the US in 2022, and in 2024, went in to administration in the UK. Since then, it has implemented restructuring of its debt, and closing some of its branches, to help it along.
While Richards was trying to figure out how to prevent Vue from going under, or from having to lay off any of its staff, streaming services like Netflix saw their subscriber numbers explode.
“I had a singular focus: save the company and save all of our 10,000 employees,” he says.
“When you have a mission like that, failure is not really an option, because the consequences are too high.”
Even as cinemas began to reopen, industry figures questioned whether the model of film release had changed for good. Films like Marvel’s Black Widow saw minimal theatrical runs as streaming platforms tried to push their original productions.
More recently, titles like K-Pop Demon Hunters and The Thursday Murder Club are playing for just a few weeks in cinemas, despite proving to be hugely popular.
But Richards is unfazed. Vue returned to pre-pandemic trading levels this year and is expecting next summer to be the company’s biggest ever.
He is emphatic that there will always be an appetite for the big screen: “During the pandemic, there was an increase with subscription services because people had no choice. But that has not continued.
“I have never looked at what happens in the home as being competition. Our biggest, most frequent customers are Netflix subscribers or Disney Plus subscribers. People who love movies love movies in all formats.”
The Hollywood strikes, too, he says, were a supply issue, not a demand one. “We’ve never had a demand issue.”
Richards clearly knows the ecosystem of films inside out. Before founding Vue (then Spean Bridge Cinemas) in 1999, he was a senior executive at Warner Brothers, operating the studio’s own cinema chain, Warner Village. Spean Bridge bought Warner Village’s 36 cinemas in 2003, and the Vue brand was born.
“The headline in the business section of the Times was: ‘Unknown Bit Player Buys Warner Brothers,'” he recalls with a laugh.
Entertainment industry squeezed
Due to cost-of-living pressures persisting, many parts of the entertainment industry are seeing revenue slow down as people cut back on discretionary spending.
Added to this are rising operational costs: an increase in the minimum wage and higher employer National Insurance contributions.
“We have done our very, very best to not pass on those costs to our customers,” Richards said. “And we haven’t. And we’ve taken a small hit as a consequence, but we’re hoping that the volume which we’ve seen as a consequence will follow it.”
Still, he says, the entertainment industry has been “squeezed… and kind of attacked in some instances”.
Government decisions have “hurt the people they’re trying to help”, in his view.
What’s the industry’s message ahead of the upcoming Budget? “Please don’t touch [us] again.”
And while Richards doesn’t believe that streamers are poaching his customers, he says he does worry about “somebody turning right and going to a theme park or a football game or something else”.
But it’s not a case of teenagers and young adults sitting at home instead of going out. “They’re a lot more social than previous generations, and that has shown in our attendance with a lot of our movies,” he says.
And what is his own favourite movie?
He responds diplomatically. “I see a lot – a lot – of movies every week.
“But I look at a movie like One Battle After Another. And when I see a movie like that, I have hope for the future because it’s such an incredible movie. Original IP, original story, incredibly well done.”
Business
India-Oman CEPA rollout: Trade pact may take effect in three month; Piyush Goyal flags faster execution – The Times of India
India and Oman are aiming to operationalise their recently signed Comprehensive Economic Partnership Agreement (CEPA) within the next three months, Commerce and Industry Minister Piyush Goyal said on Friday, signalling a faster rollout than several past trade pacts, PTI reported.The India–Oman free trade agreement was signed on December 18. Under the CEPA, Oman has offered zero-duty access on more than 98 per cent of its tariff lines, covering 99.38 per cent of India’s exports to the Gulf country. At present, these products attract import duties ranging from 5 per cent to as high as 100 per cent.
“All major labour-intensive sectors will get nil duty,” Goyal said, listing gems and jewellery, textiles, leather, footwear, sports goods, plastics, furniture, agricultural products, engineering goods, pharmaceuticals, medical devices and automobiles as key beneficiaries.On the Indian side, New Delhi has offered tariff concessions on 77.79 per cent of its total tariff lines, or 12,556 product categories, which together account for 94.81 per cent of India’s imports from Oman by value.“The Oman minister and I have discussed that this agreement, we will try to operationalise within three months,” Goyal told reporters, contrasting the timeline with Oman’s earlier trade deal with the US, which was finalised in 2006 but implemented only in 2009.Highlighting investment opportunities, Goyal said sectors such as steel, energy, education and healthcare held strong potential for Indian companies in Oman, particularly resource-linked industries. He pointed to a large green steel project in the pipeline and growing interest in converting energy into green hydrogen or green ammonia for exports.“There is a lot of interest because they have large land banks,” he said, adding that opportunities also exist in marble processing, battery manufacturing, education and healthcare.Goyal said Omani businesses were keen to partner with Indian firms, citing interest from an Omani dairy company in forming a joint venture with Amul. He added that Oman’s sovereign wealth fund and companies had been invited to explore investments in India.
Business
Trump’s ‘Gold Card’ defines wealth as an ‘extraordinary ability.’ Immigration experts say it raises questions
President Donald Trump’s new “Gold Card” visa program uses a novel definition of wealth as a job skill to allow the overseas wealthy to bypass immigration rules and secure citizenship, according to immigration attorneys.
Trump last week announced the start of applications for the “Trump Gold Card,” a new investment visa for foreign nationals. In exchange for $1 million and a $15,000 processing fee, “Gold Card” applicants will get full-time residency in the U.S. in “record time,” according to the program’s website. The website also offers a “Corporate Gold Card,” allowing companies to pay $2 million to secure a “Gold Card” for an employee, and a “Platinum Card,” which offers special tax benefits and may eventually be offered for $5 million.
Only Congress can set immigration policy, meaning the president doesn’t have the power to create or destroy a visa program. So to create the “Gold Card,” Trump is effectively adding a new fee model to two existing programs – known as EB-1 and EB-2 – experts explained to CNBC.
The EB-1 and EB-2 programs are both employment-based programs aimed at attracting award-winning or celebrated professionals. The EB-1 program, nicknamed the “Einstein Visa,” is aimed at those with “extraordinary abilities” – such as scientists, artists, entrepreneurs, athletes and professors who have achieved “sustained international or national acclaim.”
The EB-2 is for researchers, scientists and others whose skills are useful to help solve national problems, like a leading cancer researcher developing new treatments, or a top energy scientist who can help expand the power grid.
White House officials say that the $1 million payment is proof that “Gold Card” holders are successful business people who meet the requirements for exceptional abilities. Anyone with $1 million to spend on a visa is likely to be a productive addition to the American economy and society, they say. Entrepreneurs who started companies overseas can come to the U.S. to expand or start new ventures, creating more jobs. Spending by the “Gold Card” wealthy is also expected to help real estate, the service economy and other industries.
“Why shouldn’t we expedite the people who are willing to step up, to give the United States $1 million,” Commerce Secretary Howard Lutnick told CNBC last week. “Let’s bring in the top of the top, the best. Why should we take people who are below average?”
Immigration attorneys, however, say that replacing highly skilled or celebrated talents with foreign nationals whose sole qualification is writing a $1 million check distorts the intent of the EB-1 and EB-2 programs. Not everyone with $1 million payment is a high-achieving businessperson or entrepreneur, they say. Some may have borrowed the money from friends, family or a lender. Others may have inherited their fortunes but have scant job skills.
“Having $1 million has nothing to do with your value as a person of extraordinary ability,” said Emily Neumann, an immigration attorney with Reddy Neumann Brown PC. “It doesn’t mean you are able to provide value to the United States of America. These categories were supposed to be reserved for people who can foster innovation and contribute to the economy and create jobs. There is no requirement that “Gold Card” holders have a track record of any of those things, just because they happen to have $1 million.”
While “Gold Card” applicants can’t legally skip the current waiting line for EB-1 and EB-2 holders, some attorneys fear the White House will give “Gold Card” applicants priority. Neumann said she has an Indian client who’s a leading expert in artificial intelligence and machine learning and is working on AI applications for doctors to better diagnose patients. He’s approved for the EB-1 but is still waiting on a green card, which could take years.
“They’re using up a limited number of green cards meant for people who have done wonderful things,” she said. “It’s a very different standard.”
Using the EB-1 and EB-2 programs for the “Gold Card” program has created other potential hurdles. While Trump has said he would sell “millions” of “Gold Cards,” and Lutnick said sales could raise $1 trillion in revenue, the two programs are capped at around 28,000 a year. Individual countries are capped at 7% of the total, which is why the the waiting list for E-1 and E-2 applications from India and China already extends for several years.
Immigration attorneys say India and China would be largest sources of demand for “Gold Cards.” Yet because of the waiting lists, few are likely to apply.
“If ‘Gold Card’ holders will be allowed to jump the queue, there will likely be lawsuits from those currently on the wait list,” said Reaz Jafri, an immigration attorney with the international law firm Withers. “And if not, who will want to pay the $1 million and then wait for three years?”
The unanswered questions and legal risks surrounding the “Gold Card” have caused potential buyers to hold off on applying, attorneys say. Dominic Volek, group head of private clients at Henley & Partners, said a number of his clients in Taiwan, Vietnam and Singapore are interested in the “Gold Card” but are waiting for proof that the program works.
Some are also worried about paying the $1 million and then having their visas overturned by a court or a future Democratic administration.
“They want to see the dust settle and see if there are any major legal challenges,” Volek said.
Another concern is the structure of the fee. While some national investment visas are more expensive – such as Singapore’s at nearly $8 million or New Zealand’s at nearly $3 million – they’re structured as investments rather than non-refundable payments. Without an explicit guarantee of a green card, the overseas wealthy are reluctant to pay the $1 million.
“It’s not clear if you make the payment once it’s approved or you provide the payment as evidence, or if it’s kept in escrow during the process,” Jafri said. “They haven’t addressed so many basic questions.”
Proof of funds is proving to be another hurdle for the overseas wealthy. In order to screen for money laundering or criminal activity, the U.S. government typically requires proof that the $1 million fee didn’t come from illegal or illicit sources. Many potential applicants from Asia, Africa and the Middle East are already balking at the demands, since financial documentation is not as thorough.
“The biggest sticking point for a lot of clients is being able to document the source of money,” Jafri said. “In certain parts of the world it’s not so easy to document.”
Last Updated:
In 2025, a sweeping set of reforms by the Pension Fund Regulatory and Development Authority (PFRDA) has been announced to make NPS more attractive, flexible, and investor-friendly.
Non-government subscribers with an NPS corpus of more than Rs 12 lakh can now withdraw up to 80% of their savings as a lump sum, with only 20% mandatorily allocated to an annuity.
The National Pension System (NPS) has been largely used for tax savings. In 2025, a sweeping set of reforms by the Pension Fund Regulatory and Development Authority (PFRDA) has been announced to make NPS more attractive, flexible, and investor-friendly.
Here’s a simple breakdown of what has changed.
Higher lump-sum withdrawals at retirement
One of the most significant changes is the higher cash withdrawal limit. Non-government subscribers with an NPS corpus of more than Rs 12 lakh can now withdraw up to 80% of their savings as a lump sum, with only 20% mandatorily allocated to an annuity. Earlier, 40% had to be annuitised, a provision that often reduced post-retirement returns.
New withdrawal slabs for smaller NPS corpus
PFRDA has introduced a new withdrawal framework based on corpus size, offering greater flexibility to investors with lower balances.
Subscribers with a corpus below Rs 8 lakh can withdraw 100% of the amount as a lump sum. Those with a corpus between Rs 8 lakh and Rs 12 lakh can choose between phased withdrawals using Systematic Unit Redemption (SUR), partial lump-sum withdrawal combined with annuity purchase, or higher lump-sum withdrawal depending on subscriber category.
Systematic Unit Redemption (SUR) introduced
A key structural reform is the introduction of Systematic Unit Redemption, which allows subscribers to withdraw their NPS corpus gradually over a minimum period of six years. This enables a steady post-retirement income stream without locking funds into an annuity.
Investment age limit extended to 85 years
Subscribers can now remain invested in NPS until 85 years of age, up from the earlier limit of 75. This benefits investors who want to delay withdrawals or continue compounding their retirement corpus beyond the traditional retirement age of 60.
More flexibility in partial withdrawals
Before turning 60, NPS subscribers can now make up to four partial withdrawals, compared with three earlier, with a minimum gap of four years. Withdrawals of up to 25% of own contributions are allowed for specified purposes such as education, marriage, home purchase and medical emergencies.
After 60, subscribers who continue investing can make partial withdrawals with a minimum gap of three years between transactions.
Multiple schemes under one NPS account
Non-government subscribers can now hold multiple schemes under a single PRAN, allowing them to diversify across fund managers and investment strategies without opening separate accounts.
100% equity option for long-term investors
From October 2025, private, corporate and self-employed subscribers can invest up to 100% in equities under the Multiple Scheme Framework, up from the earlier cap of 75%. This option is designed for younger investors with long time horizons who can tolerate higher volatility.
Switching between MSF schemes, however, is restricted for the first 15 years or until age 60.
NPS can now invest in gold, REITs and IPOs
NPS equity schemes are now permitted to invest in gold and silver ETFs, REITs, equity AIFs and IPOs. The combined exposure to these assets is capped at 5% of the equity allocation, offering diversification without excessive risk.
Scheme A discontinued: What subscribers must do
Subscribers invested in Scheme A, which focused on alternative assets such as infrastructure, must switch to Scheme C or Scheme E by December 25, 2025. The scheme is being phased out due to low participation and liquidity challenges.
Other investor-friendly changes
Several additional reforms have further improved NPS attractiveness. These include removal of the five-year lock-in for non-government subscribers, permission to pledge NPS corpus to obtain loans (up to 25% of own contributions), and enhanced tax benefits for NPS Vatsalya contributions under Section 80CCD(1B).
Clearer exit and family protection rules
Exit rules have also been streamlined. Subscribers who renounce Indian citizenship can withdraw their entire corpus. In the event of death, nominees or legal heirs receive 100% of the corpus if no annuity has been purchased. Interim relief provisions have also been introduced for cases where a subscriber is legally declared missing.
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December 19, 2025, 16:15 IST
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