In a regulatory filing, South Korean tech giant LG Electronics projected a consolidated operating loss of 109.4 billion won ($75.3 million) for Q4 2025. This marks a sharp reversal from the 135.4 billion won profit recorded during the same period in 2024 and represents the company’s first quarterly deficit since the fourth quarter of 2016.

The Dichotomy: Record Sales vs. Operating Loss

While the bottom line took a hit, LG’s top-line growth remained resilient.

• Record Annual Revenue: Full-year sales for 2025 hit a record high of 89.2 trillion won ($61.4 billion), a 1.7% increase year-on-year.
• Q4 Revenue Surge: Quarterly revenue actually grew 4.8% to 23.85 trillion won, outperforming market expectations despite the lack of profitability.

Why did LG fall into the red?

Analysts attribute the loss to three primary factors that converged at the end of the year:

1. Restructuring Costs: LG recognized roughly 300 billion won in one-time expenses related to a “voluntary retirement program.” This workforce optimization is intended to reduce fixed-cost burdens starting in 2026.
2. Display & TV Slump: The Media Entertainment (TV) division faced a “tsunami” of competition from Chinese rivals like TCL and Hisense, who have aggressively expanded with lower-priced Mini-LED models. This forced LG to spike marketing expenditures to protect its OLED market share.
3. Tariff Pressures: The 10% universal tariff imposed by the U.S. on imports, combined with higher tariffs on raw materials like steel and aluminum, squeezed margins in the core home appliance sector.

LG Electronics: Q4 2025 vs. Q4 2024

The Silver Lining: “Qualitative Growth”

Despite the hardware slump, LG’s pivot toward B2B and platform services is showing success. These “qualitative growth” segments now account for nearly 50% of total revenue.

• Vehicle Solutions (VS): The automotive division is estimated to have achieved record annual revenue and profit, driven by the demand for premium in-vehicle infotainment.
• HVAC & B2B: LG is seeing rapid growth in cooling solutions for AI data centers, which is becoming a core pillar of its B2B portfolio.
• webOS Platform: The software platform, now installed on over 260 million devices, continues to grow at a double-digit rate, providing high-margin recurring revenue.

Outlook for 2026

Company officials and securities analysts expect a swift rebound. By absorbing restructuring costs in late 2025 and relocating production sites to mitigate U.S. tariffs, LG is positioned for improved profitability. Industry forecasts suggest 2026 annual sales could exceed 90 trillion won with operating profits returning to the 3 trillion won range.

The mining industry saw a significant supply-side breakthrough in 2025. Despite long-standing concerns about “Peak Gold,” a combination of new project ramp-ups and high-efficiency operations allowed the world’s miners to deliver more metal than ever before.

Key Drivers of the 2025 Production Record

Several factors converged to break the supply plateau that had persisted since 2018:

• Rising Profit Margins: With gold prices surging past $4,400 per ounce in late 2025, miners enjoyed record-high margins. Even as all-in sustaining costs (AISC) rose due to inflation, the gap between cost and price provided massive incentive for production.
• New Strategic Projects: Canada emerged as a growth engine, with major projects in Ontario and Nunavut reaching full operational capacity.
• Artisanal Mining Surge: High spot prices led to an increase in output from Artisanal and Small-scale Gold Mining (ASGM), particularly in Africa and South America.
• Operational Expansions: Leading firms like Newmont and Agnico Eagle successfully expanded existing sites, offsetting declining ore grades in older mines.

Top Gold Producing Countries in 2025

The Corporate Leaderboard

The consolidation of the mining industry continued in 2025, with the “Big 5” accounting for a significant portion of the global output.

• Newmont Corporation (USA): Retained the #1 spot, producing an estimated 5.47 million ounces globally following its acquisition of Newcrest Mining.
• Agnico Eagle (Canada): Jumped to #2, praised by analysts for its consistent, low-risk production model in politically stable regions.
• AngloGold Ashanti: Reported the highest year-on-year growth rate (+21.5%) due to strategic restructuring and improved efficiency in African operations.

Supply vs. Demand: A Price Tug-of-War

While production hit record levels, it was still outpaced by a massive surge in demand.

1. Central Bank Buying: Central banks, led by China and Poland, continued a record-breaking “buying spree” to diversify away from dollar-denominated assets.
2. Investment Inflows: Gold ETFs saw their strongest year in history as geopolitical uncertainty around Venezuela and the Middle East drove investors toward safe-haven assets.
3. The Plateau Warning: The WGC warns that while 2025 was a record year, global production is likely to plateau rather than continue climbing indefinitely, as discovery rates for new, large-scale deposits remain low.

“The industry is reaching a stage where it’s harder to find and develop new mines. 2025’s record is a testament to operational excellence, but supply growth remains a long-term challenge.” — World Gold Council Analysis

After a challenging FY24 that saw profits plummet to just ₹59 lakh, Dharma Productions has successfully recalibrated its strategy. The FY25 results indicate a shift away from risky, high-budget tentpoles toward a “leaner” and more sustainable production model.

Key Financial Highlights (FY25)

• Net Profit: ₹27.86 Crore (a sharp increase from ₹0.60 Crore in FY24).
• Total Revenue: ₹555.27 Crore (up from ₹520.20 Crore).
• Net Margin: 5.02% (compared to a wafer-thin 0.11% in the previous year).
• Operating Strategy: The studio focused on “high-concept, mid-budget” films that travel effectively across theatrical and streaming platforms.

The Drivers of Recovery

The “repair” in margins was driven by a mix of calibrated theatrical bets and the continued monetization of its existing library.

1. Mid-Budget Successes: Films like the action-thriller Kill and the sports drama Mr. & Mrs. Mahi performed reliably without the massive overhead of “mega-slate” productions.
2. Monetization of Titles: Revenue was bolstered by the satellite and digital rights of 2024 releases like Yodha.
3. Digital and Music Growth: Consistent with 2024 trends, the studio saw steady growth in digital platform revenue (streaming deals) and its music catalog performance.

Dharma Productions: Financial Snapshot

Strategic Consolidation and Partnerships

The financial stabilization comes at a pivotal moment for the production house:

• The Poonawalla Deal: In late 2024, Adar Poonawalla’s Serene Productions acquired a 50% stake in Dharma for ₹1,000 crore, valuing the studio at ₹2,000 crore. This infusion of capital is expected to fuel expansion into 2026.
• Talent Agency Buyout: Dharma recently took full control of Dharma Cornerstone Agency (DCA), buying out its partner’s 45% stake to integrate talent management more deeply into its content pipeline.

Looking Ahead: The 2025-26 Slate

Despite the “profit repair,” the 2025 calendar year has shown mixed theatrical results for the banner, with sequels like Kesari Chapter 2 acting as a anchor against the underperformance of smaller titles. Analysts expect the studio to double down on “event-scale” titles in 2026 to combine the discipline of FY25 with higher revenue ceilings.

Caracas Stock Exchange (Bolsa de Valores de Caracas) has transformed into the world’s most volatile and best-performing market in the first two weeks of 2026. Investors are aggressively repricing Venezuelan assets as the country enters a period of temporary American oversight following the U.S. military operation “Absolute Resolve”.

The Anatomy of the Surge

The triple-digit gains are the result of a “perfect storm” of political news and market structure:

• Regime Change Speculation: The removal of Maduro has ignited hopes for the normalization of diplomatic ties and a massive debt restructuring for the country’s $154 billion in defaulted obligations.
• The $2 Billion Oil Deal: President Donald Trump announced a deal for the U.S. to import up to 50 million barrels of Venezuelan crude, signaling an immediate restart of the nation’s primary revenue driver.
• Liquidity Voids: The Caracas market is extremely thin, with daily volumes historically below $1 million.⁶When even a small number of international buyers attempt to enter, it triggers discontinuous price jumps.

Performance Breakdown: January 2026

Currency Instability vs. Real Gains

While the headline gains are staggering, economists warn that the rally is partially driven by a currency collapse.

• Bolívar Devaluation: The local currency plunged more than 20% in parallel markets during the same period, meaning some of the “gains” reflect investors fleeing the bolívar for any tangible asset.
• Equities as a Monetary Tool: In hyperinflationary environments like Venezuela (where inflation is projected at 548% for 2026), stocks function less like investments and more like “inflation hedges”.
• Safe-Haven Surge: Investors who cannot access the stock market have turned to gold, which recently broke the $4,400 per ounce level globally due to the Venezuelan shock.

Future Outlook: The Road to 2040

Despite the market optimism, the physical reality on the ground remains dire.

1. Oil Infrastructure: Analysts estimate it will cost $183 billion and take until 2040 to return Venezuela’s oil production to its 1990s peak of 3.5 million barrels per day.
2. Economic Renaissance? President Trump has promised a “renaissance” for the country, but the IMF warns that the monthly minimum wage remains below the extreme poverty line.
3. Debt Negotiations: Treasury Secretary Scott Bessent has hinted that more sanctions could be lifted as early as next week to facilitate the repatriation of oil proceeds.

Amidst the persistent air quality crisis in Delhi-NCR, a legal battle has unfolded over the affordability of air purifiers. While the Delhi High Court has expressed concern that citizens are being “penalized” for seeking clean air, the Central Government has maintained a firm stance against a court-ordered tax reduction.

The Core Arguments

The PIL, filed by advocate Kapil Madan, argues that air purifiers should be reclassified as “medical devices” to lower their GST rate from 18% to 5%. The Centre’s opposition is based on several key pillars:

• Constitutional Boundaries: The government asserted that under Article 279A, only the GST Council has the exclusive power to recommend tax rates. Any judicial direction to modify these rates would violate the doctrine of separation of powers.
• Cooperative Federalism: The Centre argued that GST rates are the result of a delicate consensus between the Union and the States. Judicial interference would bypass this mandated consultative process.
• Regulatory Risks: Classifying air purifiers as medical devices would subject them to the Drugs and Cosmetics Act. The Centre warned this could trigger “monopoly conditions” and restrict market participation to only a few licensed entities.
• “Motivated” Litigation: In its affidavit, the Centre labeled the petition “colourable and motivated,” suggesting it may be driven by commercial interests seeking regulatory advantages rather than genuine public concern.

GST on Air Purifiers: Current vs. Proposed

The Court’s Perspective

The High Court has taken a more empathetic view of the public health crisis. During earlier hearings, the bench remarked that since the authorities have failed to provide clean air, they should at least make protective equipment more accessible to the common man.

• “Why wait till people die?” The bench questioned the government’s request for more time to respond, noting that thousands of citizens suffer from “very poor” AQI levels every winter.
• Parliamentary Support: The court highlighted a December 2025 Parliamentary Standing Committee report which recommended that the government “sympathetically consider” reducing or removing GST on air purifiers and HEPA filters.

What Happens Next?

The Delhi High Court has granted the petitioner time to file a rejoinder to the Centre’s affidavit. The matter is scheduled for further hearing on March 19, 2026. While a court-ordered cut seems unlikely given the constitutional hurdles, the pressure remains on the GST Council to address the issue in its upcoming sessions.

In December 2025, India’s mutual fund industry reached a significant milestone as monthly inflows through Systematic Investment Plans (SIPs) crossed the ₹31,000 crore mark for the first time. However, this record was accompanied by a sharp increase in the SIP stoppage ratio, which climbed to 85%.

Record SIP Inflows: December 2025

Retail investor discipline remained strong despite broader market volatility, driving SIP contributions to an all-time high.

• Gross Inflows: Monthly SIP contributions reached ₹31,002 crore, up roughly 5.3% from ₹29,445 crore in November.
• SIP Assets: Total assets under management (AUM) linked to SIPs rose to ₹16.63 lakh crore, accounting for 20.7% of the entire mutual fund industry’s assets.
• Account Growth: The number of contributing SIP accounts expanded to 9.79 crore, compared to 9.43 crore in November.
• New Registrations: Investors registered 60.46 lakh new SIPs during the month, a 5.8% increase over the previous month.

Understanding the 85% Stoppage Ratio

The “stoppage ratio” measures the number of SIPs discontinued or matured relative to new registrations in a given month. While the headline figure reached 85%, data from the Association of Mutual Funds in India (AMFI) provides a more nuanced view.

Key Drivers for the Surge

1. Natural Maturities: A significant portion (approx. 36%) of the closures were due to SIPs reaching their intended end-of-term rather than investors manually stopping them.
2. Market Volatility: Short-term market fluctuations often trigger “panic pauses” or profit-booking among newer retail investors.
3. Financial Year-End Pressures: Outflows in December are often linked to advance tax payments and quarterly liquidity management by both retail and corporate investors.
4. Rise of Direct Investing: Experts note that investors in “direct mode” accounts often exhibit higher churn and shorter holding periods compared to those with professional guidance.

Broader Mutual Fund Performance

While SIPs remained resilient, the overall mutual fund industry saw a marginal decline in total assets.

• Total Industry AUM: Slipped slightly to ₹80.23 lakh crore from ₹80.80 lakh crore in November, primarily due to heavy outflows in debt funds.
• Gold ETFs Surge: Gold-oriented exchange-traded funds saw a massive 211% jump in inflows, reaching ₹11,647 crore as investors sought safe-haven assets.
• Equity Trends: Net inflows into equity schemes moderated by 6% to ₹28,054 crore, with a strong preference for flexi-cap funds, which attracted over ₹10,000 crore.