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Asia-Pacific
The Straits Times

Japan may have intervened in FX market by spending $46.9 billion to buy yen

Japan has struggled to prevent a decline in the yen, which pushes up import prices and stokes inflation. TOKYO – Japan may have spent as much as US$36.58 billion (S$46.9 billion) to buy yen in the latest action aimed at strengthening the local currency, central bank data indicated on Aug 3, continuing an effort to bring the yen’s value back from historic lows against the US dollar. The Bank of Japan’s (BOJ’s) projection for money market conditions for the following day points to a 11.4 trillion yen (S$93.2 billion) net fund outflow, compared with brokerage forecasts of 5.66 trillion yen to 6.70 trillion yen. Outsized outflows are typically interpreted as correlating with the size of any intervention. Japan and the US have conducted coordinated yen-buying intervention and will not hesitate to take further action, Japan’s Finance Ministry said on Aug 3, confirming rare bilateral action to halt the yen’s slide to 40-year lows. BOJ data on July 31 showed Japan may have sold as much as US$58.97 billion to shore up the yen after the Japanese currency rose sharply in New York on July 30. After paring gains, the yen leapt again late on Aug 3 in what traders suspected was further intervention. The BOJ held its policy interest rate at 1 per cent earlier in the day. A widening interest rate differential with the US, where the Federal Reserve has shifted to a more hawkish stance, has been a key factor in the dollar’s rise against the yen. Japan has struggled to prevent a decline in the yen, which pushes up import prices and stokes inflation, thereby reducing household spending power and pressuring Prime Minister Sanae Takaichi’s public approval rating. REUTERS

Japan may have intervened in FX market by spending $46.9 billion to buy yen
Asia
The Hindu BusinessLine

Q1 Results Today Live: SBI, Titan and Hindalco post Q1 profit growth, Ola Electric & BEML Q1 loss narrowed y-o-y, Hitachi Energy, PFC, Oil India, Kaynes Tech, Ramco Cements, Afcons Infra, Lemon Tree, Cello to announce Q1 results

Two investors are working together with analyzing the stock data graphs in the paper and viewing the data on the laptop screen. istock photo for BL | Photo Credit: wutwhanfoto Q1 Results Today, 07th August 2026 Live Updates: Find all the latest Q1 results 2026 updates of Aarti Pharmalabs, Advait Energy Transitions, Amba Enterprises, Afcons Infrastructure, AG Ventures, Akshar Spintex, Alankit, Anuh Pharma, APM Industries, Aqylon Nexus, Archidply Industries, Arihant Superstructures, Arnold Holdings, Aro Granite Industries. BLS E-Services, a digital service provider firm, posted a profit after tax of Rs 18.6 crore during the June quarter. BLS E-Services provides a diverse range of services, including business correspondent (BC/rural banking outlets) services, and loan disbursement. Total income during the quarter under review stood at Rs 309.8 crore, registering a growth of 23.3 per cent, supported by steady business performance across all business verticals, the company said in a stock exchange filing. - PTI Inox Wind Ltd (IWL) on Friday reported a 34 per cent decline in consolidated net profit to Rs 64 crore in the June quarter mainly due to a dip in revenue from operations. The consolidated net profit was Rs 97 crore in the quarter ended June 30, 2025, an exchange filing showed. - PTI Interarch Building Solutions on Friday said its net profit stayed flat at Rs 28 crore in the April-June quarter of FY27 compared to a year ago. “Profit After Tax (PAT) or net profit stood flat at Rs 28 crore in Q1 FY27 versus Rs 28 crore in Q1 FY26,”, the company said in a statement. Revenue from operations increased by 20.7 per cent year-on-year to Rs 460 crore in Q1 FY27 from Rs 381 crore recorded in the first quarter of the previous fiscal. Ola Electric Mobility reported standalone net loss of Rs 5.63 crore in Q1FY27 as against Rs 55.80 crore loss in March 2026 quarter and Rs 10.56 crore in Q1FY26. • Profitability: Profit before Tax was ~2,429 crores at 11.7% margin, a 64% increase. Adjusting for theimpact of custom duty increase in gold for the quarter, the Profit Before Tax grew 37% compared toQ1FY26.

Q1 Results Today Live: SBI, Titan and Hindalco post Q1 profit growth, Ola Electric & BEML Q1 loss narrowed y-o-y, Hitachi Energy, PFC, Oil India, Kaynes Tech, Ramco Cements, Afcons Infra, Lemon Tree, Cello to announce Q1 results
Asia-Pacific
The Straits Times

How a US-Japan pact to hit yen speculators came together

For Japan, a weak yen has fanned import prices, creating cost-of-living headaches for successive governments. TOKYO – A joint US-Japanese effort to fight off speculative bets against a battered yen last week followed months of preparation by the two nations and a rare and public alignment of interests in Washington and Tokyo over exchange rates. While unilateral efforts by the Japanese authorities to stop sharp yen selling in the past have failed to provide a firm floor for the currency, US Treasury Secretary Scott Bessent’s verbal support for a stronger yen has given bureaucrats in Tokyo a new tool in their fight in 2026. For Japan, a weak yen has fanned import prices, creating cost-of-living headaches for successive governments, including Prime Minister Sanae Takaichi’s. For the US, a weak yen blunts the trade advantage from President Donald Trump’s flagship tariffs, while a related sell-off in Japanese government bonds could spill over to US Treasury yields. The shared currency anxiety has not only forged increasingly cosy bilateral conversations about exchange rates, historically a diplomatically thorny topic for the two economic powers, but also added new pressure for the Bank of Japan (BOJ) to persist with rate hikes. Japan’s Finance Minister Satsuki Katayama said she and US Treasury Secretary Scott Bessent have held talks about 10 times. US participation in yen-buying intervention was considered as early as January, when the New York Federal Reserve made rare rate checks to help Tokyo combat yen declines, said a Japanese government official with knowledge of the preparations. “Including online meetings, we’ve held talks about 10 times for discussions that included exchange rates,” Japanese Finance Minister Satsuki Katayama said on Aug 3, on how frequently she spoke with Bessent. “When he visited Japan in May, we talked 3½ hours, including over dinner,” Katayama said upon announcing Japan’s joint currency intervention with the US. The May talks followed Japan’s huge yen-buying intervention between late April and early May, which failed to reverse the yen’s downtrend. In a sign negotiations were intensifying, Katayama said after the May meeting that the two have been “coordinating very closely on foreign exchange and will continue to do so.”

How a US-Japan pact to hit yen speculators came together
Asia
The Hindu BusinessLine

Top five States account for 54% of Jan Dhan beneficiaries; SBI leads in accounts

More than 54 per cent of India’s 58.7 crore Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts are concentrated in five States, led by Uttar Pradesh with 10.43 crore accounts, according to a businessline analysis of data tabled in Parliament. Bihar, West Bengal, Madhya Pradesh and Rajasthan complete the top five. E More than half of India’s Pradhan Mantri Jan Dhan Yojana (PMJDY) beneficiaries are concentrated in just five states, Uttar Pradesh alone accounting for nearly 18 per cent of the country’s 58.7 crore accounts. Businessline analysis of a response to a starred question in the Lok Sabha reveals that Uttar Pradesh tops the list with 10.43 crore PMJDY accounts. It is followed by Bihar (6.98 crore), West Bengal (5.70 crore), Madhya Pradesh (4.73 crore), and Rajasthan (3.85 crore). Together, these five states account for about 54 per cent of all Jan Dhan beneficiaries. Experts said the concentration reflects both demographics and the scheme’s focus on expanding banking access in less financially included regions. “The top five states are the most populous, least banked and poorest. Hence, population and low baseline inclusion are the two key factors influencing PMJDY coverage,” said Vivek Iyer, Partner and Financial Services Risk Leader, Grant Thornton Bharat. Madan Sabnavis, Chief Economist, Bank of Baroda, said rising government welfare transfers have also contributed to higher balances and greater use of Jan Dhan accounts in these states. “As social welfare spending increases, these states would typically tend to have larger amounts in Jan Dhan accounts,” he said. The quality of PMJDY accounts has also improved over time. The average balance in Jan Dhan accounts rose nearly 10 per cent to ₹4,768 in 2025 from ₹4,352 a year earlier, while the share of zero-balance accounts has steadily declined. The data also highlights the overwhelming role of public sector banks in implementing the scheme. State Bank of India (SBI) alone manages 18.14 crore Jan Dhan accounts (30.9 per cent of the national total). Bank of Baroda (BOB) and Punjab National Bank (PNB) follow with 9.22 crore and 8.8 crore accounts, respectively. However, at the state level, the leading bank varies considerably. BOB has the largest share in Uttar Pradesh and Gujarat; PNB leads in Bihar and West Bengal; Canara Bank dominates Karnataka; while Indian Overseas Bank has the largest share in Tamil Nadu. Meanwhile, SBI accounts for more than half of all PMJDY accounts in Rajasthan. According to Iyer, three factors determine a bank’s dominance in a state: whether it is the designated lead bank, the reach of its regional rural bank network, and the size of its branch footprint. These factors have helped SBI maintain its lead, as it serves as the lead bank in multiple States and Union Territories and has the country’s largest branch network. Sabnavis noted that many public sector banks also retain historical strengths in particular regions, even as they have expanded nationwide. While PMJDY has significantly expanded access to banking, experts cautioned against treating the number of accounts as a complete measure of financial inclusion. “The number of accounts reflects access created, not account usage,” said Iyer, adding that metrics such as direct benefit transfer transactions, account balances, overdraft uptake and RuPay card activation provide a better indication of whether beneficiaries are actively using banking services.

Top five States account for 54% of Jan Dhan beneficiaries; SBI leads in accounts
Asia
The Hindu BusinessLine

Parag Milk Foods to invest ₹105 crore to double cheese manufacturing capacity by FY28

The investment comes as India’s cheese market is projected to grow sharply over the next decade, supported by urbanisation, changing consumption patterns and expansion of the organised food service sector. Parag Milk Foods Ltd. (PMFL) announced on Friday that its board has approved a plan to double its cheese manufacturing capacity from 60 metric tonnes per day to 120 mt/day, at an estimated capital expenditure of ₹105 crore. The expansion is expected to be completed by FY28 and will be funded through a mix of internal accruals and debt. The Mumbai-based dairy company said the additional capacity is aimed at meeting rising demand for cheese and whey protein products. PMFL’s cheese brand, Go Cheese, currently holds approximately 35% market share and supplies retail and institutional customers, including hotels, restaurants, and catering businesses. Chief Operating Officer Rahul Kumar Srivastava said the board approval reflects the company’s confidence in the long-term potential of the cheese category and that the expanded capacity would improve manufacturing efficiency and support product innovation. The move is backed by broader industry growth projections. According to research firm IMARC Group, India’s cheese market is forecast to expand from roughly ₹129 billion in 2025 to around ₹620 billion by 2034, driven by urbanisation and the growth of the organised food service sector. PMFL’s Go Cheese portfolio spans mozzarella, cheddar, processed cheese, cream cheese, pizza cheese and specialty variants serving both retail and foodservice segments. The company, founded in 1992, also markets products under the Gowardhan, Pride of Cows and Avvatar brands. 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.

Parag Milk Foods to invest ₹105 crore to double cheese manufacturing capacity by FY28
Europe
BBC Business

Passenger on British Airways mayday flight describes fear and shout of 'I don't want to die'

A passenger on a British Airways flight that issued a distress call on approach to Heathrow Airport earlier this month has described the rising fear in the cabin and a lack of information from the crew. Edward Killiwick had been travelling back from a friend's birthday party with his partner Julie, on the flight from Dusseldorf in Germany on 6 July. He said passengers were told that the landing had been aborted, and then he felt a "very violent manoeuvre" and "did think we could crash". He and his partner had to comfort a woman who "completely lost it and started screaming, 'I don't want to die'". The flight landed safely, but the incident is being investigated with assistance from BA. The UK's Air Accidents Investigation Branch (AAIB) said it was "investigating a serious incident", and France's accident investigation authority, the BEA, said on Wednesday that the plane, an Airbus A320, had issued a distress call. Edward said: "The violent manoeuvre almost felt like it was avoiding another aircraft. You could feel the engines going at full power. "It was a bit odd going around in a holding pattern with no information. I thought if they're not talking, then they're not in a good place." The BEA said that as the plane approached Heathrow, there was a data system failure which triggered a stall warning. The crew then flew the aircraft in a different mode called "alternate law", which removes some automated flight protection systems. Another stall warning then occurred at 3,000 feet — which experts say was likely to have been just miles away from the airport. The urgency call the crew had already made was upgraded to mayday, indicating imminent danger. A British Airways spokesperson said the airline was assisting the AAIB with its investigation and was not legally able to comment further at this stage. Edward said: "I was definitely scared. After the violent manoeuvre I thought, there is definitely something very badly wrong here. I did think we could crash.

Passenger on British Airways mayday flight describes fear and shout of 'I don't want to die'
Europe
BBC Business

India wants to join the strawberry superpowers

In the west of India, the mountainous region of Mahabaleshwar is home to most of India's strawberry farms. An altitude of more than 1,000m (3,280ft) gifts the region a long cool growing season between November and March. But that doesn't mean farmers have an easy life - it's a labour intensive and risky way to make a living. "If you have a field full of strawberries and sudden heavy rains hit, the entire crop is ruined and we have to bear massive losses," says Sheetal Danavle who, with her husband, grows strawberries on half of their three-acre farm. Strawberry plants have to be replaced every season and are not grown from seed. Instead, farmers buy young plants from suppliers. For Danavle, on her small farm, that's an outlay of $2,500 (£1,900) every year. "If the season goes well, you can earn double your investment. But the climate makes it a huge gamble," she says. Thousands of farmers grow strawberries across the Mahabaleshwar region, making the fruit one of the most profitable horticultural crops in western India. Despite that success the industry still relies on varieties that are imported from California, Florida, Italy and Spain, as no one in India has developed a domestic plant. It can take 10 to 15 years for breeders in the US and Europe to develop a top quality fruit and they patent their varieties. "We import the certified mother plant from the breeder abroad," says Nelson Sequeira, the founder and director of Tara Farms Fresh, a licensed strawberry propagator. Once imported the plants have to go through a government quarantine, before they are planted in a nursery. There the mother plant produces daughter plants and those are then sold to farmers. "One single imported mother plant becomes an engine. That single mother plant will shoot out runners to yield an average of 20 daughter plants - with some advanced growers pushing that up to 30 or 40," says Sequeira.

India wants to join the strawberry superpowers
North America
CNBC Finance

Ford wants more customers to customize vehicles to boost profits as it eyes 'Nike shoe drop' moments

BROOKLYN, Mich. — Ford Motor is expanding its accessory and parts business in an effort to boost profits and better tap into the $53 billion U.S. aftermarket industry. The automaker is planning to increase its aftermarket products — from exterior detailing and vehicle wraps to performance parts and systems — and have more exclusive moments it's comparing to a "Nike shoe drop," with new and special-edition vehicle models, according to Matt Simpson, Ford Customization's executive director. "Think like a 'Nike dropping a sneaker' is the vision," Simpson told CNBC during an event at the Michigan International Speedway racetrack here promoting the company's efforts. "We're significantly increasing our investment in this group to bring more choice and to engage customers in this aftersales." Automakers have long used special-edition vehicles and souped-up models to boost vehicle prices and profits, but Ford says it is methodically taking steps to increase customers' ability to customize vehicles across all price levels. That includes expanding accessories as well as investing additional resources in Ford Custom Garage, which launched last year as a one-stop shop for customizations from the carmaker. Ford Custom Garage's first shoe-like "vehicle drop" occurred Monday. It unveiled a sunrise-inspired Ford Bronco SUV that wouldn't be out of place in a new Barbie movie — although the company's designers say they did not have the Mattel toy in mind when developing the vehicle. The automaker said it will produce 1,000 of the limited-edition Broncos with the Desert Rising package as part of the Ford Custom Garage's new Bronco Horizon Series. The $13,695 package boosts the vehicle's price to $57,350. Other full packages through the Ford Custom Garage start at thousands of dollars and can run up to $16,000 to $18,000 for some Mustang performance packages and nearly $27,000 for a special performance version of the F-150 pickup truck. "It is a growth lever for us. It's been a good business for us. We think it can be significantly bigger, hence the investment," Simpson said. The efforts come as vehicles have grown increasingly more complex and harder for individual owners or non-automaker certified stores to work on in the aftermarket. CEO Jim Farley came under fire last month after President Donald Trump said Ford and crosstown rival General Motors were supporting legislation to make it harder to keep owners from working on their own vehicles. Farley later clarified that he thinks customers shouldn't work on cars under warranty since new vehicles require specialty tools. He has touted the automaker's aftermarket business as a major growth opportunity, including by boosting software services in addition to traditional parts and accessories.

Ford wants more customers to customize vehicles to boost profits as it eyes 'Nike shoe drop' moments
Asia-Pacific
The Straits Times

GIC, Temasek and MAS face a tougher world, but their long game is paying off

Economies are under relentless pressure to manage the balance between growth and inflation as the world economic order frays at the seams. SINGAPORE – The steady performance of three Singapore entities – GIC, Temasek and the Monetary Authority of Singapore (MAS) – that manage the country’s national reserves shows they continue to maintain the capability to generate sustainable returns over the long term even when the odds are against them.Starting with the US-China trade war that broke out in 2018, the global economy and capital markets worldwide have weathered a series of shocks, including the Covid-19 pandemic, the Russia-Ukraine war, the US’ new round of sweeping tariffs on its friends and foes alike, and the onset of the Iran war in February. These upheavals have menaced businesses worldwide with higher operating costs and lower margins, amid sporadic supply chain disruptions and volatile pricing of energy and raw materials.Meanwhile, economies are under relentless pressure to manage the balance between growth and inflation as the world economic order frays at the seams.Hence, these are testing times for the guardians of Singapore’s reserves, even as their mandates, portfolio construction approaches, investment horizons and reporting frameworks are different. GIC – the primary manager of government assets invested abroad – posted in its annual report for the financial year ended March 31, 2026, its lowest 20-year annualised returns since 2020.However, it still managed to nearly double the inflation-adjusted purchasing power of its reserves over that period.MAS – which maintains a globally diversified, liquid official foreign reserves (OFR) portfolio to support its functions as a central bank – recorded a net profit of $20 billion, backed by investment gains of $39.8 billion that exceeded its 10-year historical average of $18.3 billion.MAS uses the OFR to buy and sell assets, allowing the Singapore dollar to maintain an appropriate value against other currencies. This is a monetary policy imperative because, unlike most central banks which target interest rates, MAS uses the exchange rate to manage inflation.MAS said it will contribute $1 billion to the Government’s Consolidated Fund, and return a further $2.5 billion of its net profit to the national financial account, where all public revenues are deposited.Temasek – the active, value-oriented equity investor wholly owned by the Government – reported its net portfolio value hitting a record $518 billion, up by $49 billion in the last year, amid a strong performance by its Singapore-based portfolio companies.The investment company, which holds a mix of foreign and local assets, delivered a one-year total shareholder return of 10.5 per cent and a 20-year total return of 6.8 per cent. The overall performance and risks to the portfolio of assets invested by the three entities are meaningful for Singapore’s economy and citizens in more ways than one.They not only preserve and grow reserves that can be used in times of economic stress and crisis, but also provide a stream of income to help finance part of the annual government budget.Up to 50 per cent of the expected returns from the three entities flow directly back into Singapore’s annual national budget via the Net Investment Returns Contribution (NIRC).Their steady performance allows the NIRC to consistently remain the single-largest source of government revenue, directly funding public infrastructure, healthcare subsidies and education without relying solely on taxation.Hence, their views on the global economy and their strategies to fulfil their mandates while mitigating risks matter.The unprecedented convergence of geopolitical tensions, protectionism, technological competition and transformation, and energy security concerns – exacerbated by the Middle East conflict – may keep inflation sticky and interest rates higher. MAS also warned that uncertainty over sustaining the AI investment boom – which has been an important plank of global and domestic growth – can become a key economic and markets risk.MAS managing director Chia Der Jiun said global growth, investment and financial market performance have become highly dependent on projections of large and increasing investment in data centres and semiconductor chips continuing well into the future. He added that besides financial stability risks, a significant pullback in AI investments is likely to sharply weaken economic expansion around the world – especially in Asia, where AI-driven electronics exports account for more than 70 per cent of the region’s export growth year to date, up from 46 per cent in 2024.However, the investment boom and the global economy in general remain resilient despite repeated shocks, from higher US tariffs to the Iran war, he noted.Looking ahead, he said, growth of the Singapore economy should stay firm for the rest of 2026, with global AI-related demand likely to continue providing a meaningful boost.Both GIC and Temasek remain committed to their investment strategies to harness the growth potential of a broad spectrum of AI-related firms.GIC said it will broaden its focus across the AI value chain from “enablers” of artificial intelligence – creating the foundational infrastructure for the technology – to monetisers building AI-powered products and platforms, as well as companies that have adopted AI to transform their operations and growth prospects.Temasek had a similar view on AI, with chief executive Dilhan Pillay saying that promising companies across technology’s value chain will remain a key focus area, along with core-plus infrastructure and private credit.He said Temasek has set targets to grow its portfolio exposure to these three areas by March 2031. AI-focused investments will grow by up to 15 per cent, and 5 per cent each for core-plus infrastructure and private credit.However, Temasek will remain selective and disciplined about risks, especially pertaining to the AI segment, he noted. Ovais Subhani is senior business correspondent at The Straits Times. He writes stories that demystify the latest economics, trade and finance news.

GIC, Temasek and MAS face a tougher world, but their long game is paying off