Latest Developments

Asia-Pacific
The Straits Times

He saved $8k as a teen, but lost it in bad investments. Now he champions Islamic finance

Muhammad Ridhwaan Radzi is the managing director of Muslim investment platform RizqX. SINGAPORE – Muhammad Ridhwaan Radzi’s first lesson in investing came early in life at age 17, when he invested $1,000 in an Islamic fixed deposit with CIMB Bank. His interest in Islamic finance deepened as he began creating content, conducting research and organising community events on the subject in Singapore in 2023. “(I realised that) discussions around halal investing consistently drew the highest engagement, yet practical tools and access remained limited,” said Ridhwaan. This led him to start building RizqX in his final year at Nanyang Technological University (NTU), where he was pursuing a business degree specialising in international trade and a minor in entrepreneurship. He graduated in 2023. Ridhwaan, now 30, co-founded Rizqx with a partner he met during national service, who is now an Oxford PhD candidate specialising in AI and machine learning. Their investment platform is designed to give Muslims in South-east Asia access to halal, or syariah-compliant, investment opportunities that are often fragmented, under-publicised or difficult to evaluate. While building RizqX, Ridhwaan and his team identified a major gap that is often overlooked in the investment journey for Muslims: the payment of zakat on investments. Zakat is a compulsory wealth contribution in Islam that includes cash, gold, insurance-related savings and other assets, distributed to designated recipients, including the poor and needy. “Many find it difficult to calculate zakat accurately across different investment assets, or to manage distribution in a transparent and structured way,” he said. Zakat is typically 2.5 per cent of a person’s wealth if it reaches a minimum threshold, after it has been held for at least a year. To address this gap, Ridhwaan and his team built a zakat calculation and distribution platform that allows users to calculate zakat across 16 different asset and investment categories, choose the calculation methodology they follow, and specify their preferred beneficiaries across multiple approved organisations. “The idea received early support from NTU, went on to win a competition at NUS, and subsequently received backing from NUS as well,” said Ridhwaan.

He saved $8k as a teen, but lost it in bad investments. Now he champions Islamic finance
Europe
BBC Business

Jaguar Land Rover owner Tata Group's chairman to step down

N Chandrasekaran, the chairman of Tata Group, has said that he will not seek reappointment when his term ends in February. The 63-year-old said the decision came after the board of Tata Sons could not reach a resolution on a five-year extension of his term, months after the proposal first came up. The news sent shares of listed Tata companies plunging and has led to questions over what lies ahead for the gigantic salt-to-steel conglomerate that owns Air India, Tata Steel and Jaguar Land Rover. Chandrasekaran's resignation, which comes days ahead of Tata Sons' annual general meeting, points to tensions that have been playing out for months after a boardroom power battle erupted between trustees. The Tata Group is uniquely structured - a charitable arm called Tata Trusts owns 66% of the group's parent company, Tata Sons. This has given the group tax and regulatory advantages, and allows it to carry out charitable activities, but experts say that its dual non-profit and commercial objectives have sometimes led to governance issues. Tata Trusts has three nominees on the Tata Sons board. Reports have said that the board members have disagreed over issues such as board nominations, funding approvals and the public listing of Tata Sons. The group has not publicly commented on the discord. The internal rifts threatened to distract the group while it was facing severe business headwinds including the revival of Air India, which it bought from the Indian government in 2022. When the proposal for his extension was brought before the board in February, one board member did not support it, Chandrasekaran said in his statement without naming the person. "In the absence of unanimous support, I chose to defer the decision," he said, adding that there was no resolution even six months later. "Tata Sons is a very large institution and there are many strategic projects that are under critical stages of execution. It is not only necessary to have a leader in place to lead the Group beyond Feb 2027, but also clarity on leadership is important for employees, investors, partners and other stakeholders," he said. Chandrasekaran was named the group's chairman in 2017. He replaced the late Cyrus Mistry, whose abrupt removal from the post months earlier had triggered a bitter legal battle. Before becoming chairman, Chandrasekaran was the CEO and managing director of the group's high-profile global IT service provider, Tata Consultancy Services. He joined the group in 1987 - a 2017 press release announcing his appointment as chairman described him as a "Tata lifer".

Jaguar Land Rover owner Tata Group's chairman to step down
Asia-Pacific
The Straits Times

Firms transshipping through S’pore must declare the true country of origin of goods: MTI

This comes after a White House report naming Singapore as part of China’s ‘shadow transshipment network’. SINGAPORE - Companies transshipping goods through Singapore are expected to fully comply with the Republic’s laws and regulations, including accurately declaring the country and region of origin, said the Ministry of Trade and Industry (MTI) on Aug 15. The MTI was responding to queries from The Straits Times about a report issued on Aug 13 by US President Donald Trump’s administration that flagged Singapore and dozens of other economies as at risk of being used by Chinese exporters to avoid US tariffs. The report issued by the White House, titled “The Great Transshipment Scam”, framed the routing of Chinese goods through an intermediate lower-tariff country as an elaborate scheme to conceal their true origin. The ministry noted that Singapore’s economic competitiveness is underpinned by strong rule of law, transparent regulations, as well as zero tolerance for fraud, corruption and criminal activities. As a trusted international business hub, Singapore is committed to upholding the international reputation that it has built up over time and safeguarding the integrity of our business environment, said MTI. The transshipment of goods is governed by the Regulation of Imports and Exports Act 1995, and the Strategic Goods (Control) Act 2002. MTI cited a June 2025 Singapore Customs circular to all traders and declaring agents reiterating the importance of accurate “Country/Region of Origin” declarations in permit applications. The circular stated that all customs declarations, including Singapore’s import, export and transshipment permit applications, are required to be accurate and truthful under the Customs Act and Regulation of Imports and Exports Act. “An incorrect declaration, including as to country/region of origin, may amount to an offence and result in penalties,” the circular stated. Traders are also required to maintain a record of documents – including proof of origin – relating to the purchase, import, sale or export of their goods for at least five years from the date of permit application approval. MTI said: “Singapore does not condone businesses using their association with Singapore and using fraudulent and dishonest means to circumvent or violate the laws and regulations of other countries. Singapore will also not hesitate to take firm and decisive action against any violation of our laws.”

Firms transshipping through S’pore must declare the true country of origin of goods: MTI
Asia
The Hindu BusinessLine

India Inc. delivers strongest earnings in 10 quarters; markets stay in the red

India’s corporate earnings just posted their best quarter in two-and-a-half years, according to the latest India Strategy report by Motilal Oswal Financial Services Ltd., yet the stock market stayed in red. Weighed down by surging crude oil prices, geopolitical jitters, and a weakening rupee, Indian benchmark indices extended their losing streak to a fifth straight session on Monday, even as the Q1FY27 earnings season wrapped up with results well ahead of estimates. The Nifty 50 settled at 24,287.65, down 78.35 points or 0.32 per cent, while the Sensex slipped 0.36 per cent to close at 77,728.16. The index touched an intraday low of 24,226.95 before recovering partially in afternoon trade. Notably, Nifty closed below its 20-day simple moving average for the first time in a while, a development analysts flagged as a negative technical signal. “Elevated crude prices and geopolitical uncertainty warrant near-term caution, while resilient earnings and strong domestic structural themes continue to support the medium-term outlook,” said Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal Financial Services. The session’s sectoral story was sharply divided. Nifty Realty gained 1.46 per cent and Nifty Metal climbed 1.26 per cent, with Hindalco and Tata Steel among the top index gainers. On the other end, IT shed 1.75 per cent and FMCG fell 1.05 per cent, with HCL Technologies and Infosys leading the declines. Voltas was a notable casualty despite reporting a 51 per cent YoY jump in Q1 PAT to ₹213 crore, a case of solid numbers simply not being good enough for a market priced for perfection. Broader markets held up better. The Nifty Midcap 100 ended nearly flat while the Nifty Smallcap 100 advanced 0.36 per cent, reflecting selective buying interest away from large-cap heavyweights. On currencies, the rupee weakened around 14 paise to 95.59 against the dollar, pressured by subdued foreign institutional flows and the RBI advancing the cut-off date for its concessional FCNR(B) swap facility to August 31. “The rupee remains sensitive to crude and dollar movements,” said Jateen Trivedi of LKP Securities, pegging the near-term trading range at 95.25–95.85. Brent crude rose 1.2 per cent to above $89 per barrel, a key overhang for markets and oil marketing companies alike. Gold traded near $4,395 on COMEX, with MCX Gold holding broad support around ₹1,54,750, as investors await the US Federal Reserve’s July meeting minutes for direction on interest rates. Against this cautious backdrop, the Q1FY27 earnings scorecard offered a rare bright spot. Nifty 50 companies reported 18 per cent YoY growth in profit after tax, the highest in 10 quarters and well ahead of Motilal Oswal’s 10 per cent estimate. ONGC, Hindalco, Reliance Industries, JSW Steel, and Bharti Airtel collectively accounted for 60 per cent of the earnings increase. Mid-cap and small-cap companies also impressed, with PAT rising 23 per cent and 31 per cent respectively. The FY27 Nifty EPS estimate has since been nudged up 0.6 per cent to ₹1,232. Looking ahead, markets are likely to remain range-bound this week with focus shifting firmly to global cues. The US Fed’s July FOMC minutes, the trajectory of crude prices, and the status of the US-Iran ceasefire will be the primary watchpoints. Domestically, IPO activity is set to stay busy, with six new issues, including Horizon Industrial Parks, Lalithaa Jewellery Mart, and Molbio Diagnostics, scheduled to open for subscription. On the charts, analysts see 24,380–24,450 as the immediate resistance for Nifty, while 24,160–24,250 remains the key support zone to watch. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

India Inc. delivers strongest earnings in 10 quarters; markets stay in the red
Europe
BBC Business

PM admits cost of living help is not enough and hints at further support

Prime Minister Andy Burnham has said he accepts his announcements aimed at tackling the cost of living are not enough on their own and hinted at further support. Burnham told BBC's Wake up to Money he will deliver an "accumulation of smaller things" that "combine to take the pressure down" on household budgets. He spoke of an overhaul of train fares and "more public control" of energy, water and housing but did not give details on how he would bring this about. Burnham has made a number of announcements to help people with the cost of living since taking office, including the removal of VAT from domestic electricity bills and bringing forward an already planned end to 'subscription traps'. Asked whether the changes he had announced were not significant to people struggling, he said: "I can accept criticism that this isn't enough, because I wouldn't say it's enough. "But I take an approach to politics where I do what I can, when I can. Just take that little bit of pressure off and address an issue that you know needs addressing. The prime minister, who is embarking on a tour of the UK while Parliament is in recess, said he believed "more public control of essential services" such as water, energy and housing, "would mean we could get to a more substantial answer to the cost of living crisis". On water, he said it would not be easy to reverse the privatisation of water companies in England and Wales that took place in the 1980s. He also said that, following the return of rail operators to public ownership, he wanted to "remodel the rail fares so that we can get more public benefit for people". It comes as the government said on Wednesday that people living within 1,600ft (500m) of new upgraded electricity pylons and substations across Britain will receive a £250 annual discount on their bills for a decade. The prime minister tells Wake Up to Money that the increase to national insurance has "added pressure" to businesses. Burnham told the BBC he has asked Chancellor John Healey to look at what the government can do further on the cost of living in the upcoming Budget, on 28 October, and that Healey has said it will be his "main focus".

PM admits cost of living help is not enough and hints at further support
Asia-Pacific
The Straits Times

Singapore stocks’ record run gets ‘Goldilocks’ boost from growth

Singapore equities are heading for a fifth straight quarter of gains, their longest winning streak in a decade. Singapore’s stocks have outperformed the world over the past month as their traditional strengths of high dividend yields and resilient balance sheets get a lift from a “Goldilocks” economic backdrop. Robust growth fuelled by tech exports, alongside productivity gains that are helping keep inflation in check, has boosted corporate earnings, prompting JPMorgan Chase & Co to use the “Goldilocks” label.The nation’s benchmark equity index has surged 23 per cent to a series of record highs this year, following a similar gain in 2025. Fund managers say the rally has room to run.Jupiter Asset Management believes the nation’s expanding economy and strengthening currency will underpin further equity gains, while Eastspring Investments points to structural themes such as wealth management and artificial intelligence-related infrastructure as driving inflows. “Singapore is gradually evolving from a traditional dividend and defensive market into a dividend-plus-growth market,” said Ernest Chew, head of Asean equities at BNP Paribas Asset Management in Kuala Lumpur. “We still value its defensive characteristics, but increasingly see more opportunities for capital appreciation alongside income.” Singapore equities are heading for a fifth straight quarter of gains, their longest winning streak in a decade, as the market’s combination of growth and stability attracts institutional investors seeking shelter from volatility driven by global conflicts and swings in the AI trade. The main contributors to the rally in Singapore’s benchmark Straits Times Index have been its three biggest banks: DBS Group Holdings, OCBC Bank and United Overseas Bank.They have each set a series of all-time highs in recent months, with investors particularly attracted by their exposure to Singapore’s thriving wealth management industry. Over the past month, all three lenders reported second-quarter earnings that beat analysts’ forecasts. OCBC has been the standout, with shares climbing 61 per cent this year, making it the best performer in the 30-stock gauge. Singapore’s banks have not been alone in attracting investor interest. Expectations of higher-for-longer global interest rates have bolstered financial firms around the world, with the MSCI World Bank Index rising about 20 per cent this year to a record. Adding to the appeal is a positive long-term outlook for the Singapore dollar.The currency has appreciated almost 6 per cent against the greenback in the past three years as investors gravitate towards haven assets amid the global geopolitical turmoil. Singapore’s monetary authorities use the local dollar as their main tool to manage the economy and have been guiding it stronger against a basket of trading-partner currencies to temper inflation. “We’ve been significantly overweight Singapore for many years, with over 16 per cent of our funds invested in Singapore today versus a benchmark weighting of around 3 per cent,” said Sam Konrad, a fund manager for Asian equities at Jupiter Asset in Singapore.“We think it is one of the most attractive developed markets in the world, yet strangely is often ignored, or underappreciated, by investors.” JPMorgan meanwhile raised its forecast for the Straits Times Index to 6,500 in a note published on Aug 11, implying a gain of about 13 per cent from the Aug 14 close of 5,743.59.

Singapore stocks’ record run gets ‘Goldilocks’ boost from growth
North America
CNBC Finance

GM, Chinese automaker extend joint venture for 20 years despite geopolitical tensions with U.S.

DETROIT — General Motors and China's SAIC Motor have extended a decadeslong Chinese joint venture that was set to end next year, the U.S. automaker said Tuesday night. The extension comes amid a rapidly changing automotive landscape in China that has included the swift rise of domestic automakers and a shift away from traditional Western brands and legacy joint ventures. GM declined to provide financial details of the extension, which comes amid heightened geopolitical tensions between the U.S. and China, including a potential stateside ban of Chinese brands and vehicles. The largest disclosed change in the dynamic of the agreement is its length. The initial deal established in 1997 was for 30 years, and now the companies have announced a 20-year extension of the 50-50 joint venture to 2047. GM noted that the deal will focus on refocus domestic sales of Buick and Cadillac models in China in addition to exporting products, including Chevrolet models, built in China for non-U.S. markets. "We are committed to strong performance in the China market, and we see meaningful opportunities to compete in select international markets: the Middle East, Africa, South America, Mexico and Asia-Pacific," GM China President John Roth said in a release. The optimism about exporting comes as China quickly went from a reclusive market to the largest global exporter of vehicles in recent years. China's growth has been fueled by government funding for companies as well as a culture of innovation and speed the country has instilled in its workers, experts have said. But a slowing Chinese market and plant underutilization have forced companies to begin exporting to major auto markets globally. China was GM's top sales market from 2010 to 2023, but the shifting dynamics caused the Detroit automaker and its joint-venture partners to restructure operations. The automaker's earnings from China fell from around $2 billion annually in 2018 to two consecutive years of losses in 2024 and 2025. GM has reported $248 million in equity income through the first six months of this year following restructuring actions that cost the automaker $1.1 billion in special charges last year. GM reports the joint venture has produced and delivered more than 20 million vehicles since it was established in China. Get this delivered to your inbox, and more info about our products and services.

GM, Chinese automaker extend joint venture for 20 years despite geopolitical tensions with U.S.
Europe
BBC Business

First 'pounds for pylons' energy bill discount sites revealed

The first locations where households living close to new upgraded electricity pylons and substations will receive a £250 year discount on their bills have been revealed. Customers living within 1600ft (500m) of 43 transmission projects across Britain will be eligible for the payments for up to 10 years under the bill discount scheme, sometimes dubbed "pounds for pylons". UK ministers say replacing and upgrading decades-old infrastructure is vital for distributing renewable power and improving energy security. Critics, however, argue the discounts are meagre compensation for the impact on their homes, neighbourhoods, and the environment. About two-thirds of the projects are in Scotland, to support the fast-growing wind energy sector. But major upgrades are also planned across Britain, including areas north of London, as well as East Anglia, the Midlands, and North Wales. UK Energy Minister Michael Shanks said upgrading the grid is "a vital part of how we deliver secure, homegrown energy and unlock economic growth across the country." He added: "It is a moment of national renewal – upgrading what was built largely in the 1960s for the modern age and is our route to bringing down electricity bills for households across the country. "It's vital we build again as a country and we are determined those communities which host pylons should benefit, which is why we're bringing down the energy bills of those hosting this vital national infrastructure." The Department for Energy Security and Net Zero says Britain's electricity grid was largely designed for an era when power came from coal and gas-fired power stations, and now needs major upgrades to cope with growing amounts of renewable energy. Ministers say the lack of capacity means some wind farms are sometimes paid to switch off because there is not enough network infrastructure available to carry the electricity to homes and businesses that need it. Approximately 80p a year will be added to all energy bills to fund the discount scheme.

First 'pounds for pylons' energy bill discount sites revealed
Europe
BBC Business

Sun-tanned cauliflowers and knobbly spuds - the heatwave veg that's good to eat

Image source, OddboxByAlex DanielBusiness reporterPublished4 hours agoWould you buy a cauliflower that looks like it's been sunburnt or a cucumber that's curled back on itself? Farmers across the UK are grappling with one of the driest, hottest growing seasons in decades. Repeated heatwaves after a warmer than usual spring have led to predictions of the worst harvest since records began. The heat is not only affecting how much produce is grown, but also how it looks. Retailers usually reject fruit and vegetables that don't meet strict guidelines on size, shape and colour. But with supplies under pressure, many are now expected to loosen those rules rather than risk empty shelves. That means shoppers could start seeing smaller, wonkier or oddly coloured veg on the shelves in the coming weeks - and sellers and growers say it's still good to eat. Cauliflower is one of the most affected vegetables in hot weather because it needs lots of water. Its heads are usually shielded from sunlight by the leaves, but in this year more light is reaching them and turning them yellow. Emilie Vanpoperingh, co-founder of Oddbox, a subscription company that sells surplus produce that supermarkets reject, said it is "purely a cosmetic defect" and the plants taste exactly the same. She said Oddbox acquired 6,000 cauliflower heads last week that were too dark for supermarkets to sell. Growers are reporting that their water reserves are depleted, Vanpoperingh said, which means the cauliflower and broccoli family of brassicas will experience slower growth, leading to shorter supplies. That short supply means retailers may soon start stocking "sun-tanned" cauliflower because "their biggest nightmare is empty shelves", she said. "They want to make sure that they've got availability of produce all the time." Growers are also reporting cucumbers that are coming out misshapen, with some bending back into a spiral.

Sun-tanned cauliflowers and knobbly spuds - the heatwave veg that's good to eat