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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
Europe
BBC Business

The change that may help you get a mortgage as a first-time buyer

Image source, Getty ImagesByKevin PeacheyCost of living correspondentPublished4 hours agoIf you're working towards buying your first home you might feel like everything is stacked against you - but recent changes could help you get a mortgage. It hard to save for a deposit when the cost of living is so high, the average house price is nearly £300,000, external and interest rates on new mortgages are rising. However, a rule change and more flexible lending mean first-time buyers can now borrow up to six, or at the most, seven times what you earn in a year. This means mortgages will be within reach for more people but it is a shift that comes with some risk so here's what you need to know. Reckless mortgage lending was blamed for the financial crisis of 2008, which brought some banks to their knees and saw people lose their homes. In 2014, the business secretary of the time, Vince Cable, said he was appalled that some mortgage providers were lending five times a mortgage applicant's income, suggesting a stable level was up to 3.5 times. But house prices have risen significantly since, outstripping wage rises most of the time. So a bigger loan has become the only option for many potential buyers. Regulation limited how much lenders were able to lend - technically, only 15% of their new mortgages could be at higher than 4.5 times loan-to-income. Many of the big lenders played it very safe meaning they didn't get close to the limit. But those rules have been relaxed, external over the last year. Many lenders are offering bigger loans compared with your income, with niche lenders and building societies at the highest end. "The greater flexibility could mean that first time buyers that felt ownership was still out of reach may find that the amount they can borrow has changed markedly in a relatively short time," says David Hollingworth, of mortgage broker L&C. The idea of taking a big income stretch is not going to be for everyone, says Aaron Strutt, of broker Trinity Financial. "But it is tempting for many because it gives them the option to get out of renting or living with parents," he adds.

The change that may help you get a mortgage as a first-time buyer
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
Europe
BBC Business

New Spider-Man film sees second-biggest ever global opening weekend

Image source, Sony Pictures/MarvelByOsmond ChiaBusiness reporterPublished1 hour agoSpider-Man: Brand New Day brought in $927m (£687m) of global ticket sales to make it the second-biggest opening weekend ever as it shot past its estimated $225m production budget. The superhero movie - starring real-life husband and wife Tom Holland and Zendaya - is only behind Avengers: Endgame, which took in more than $1.2bn in its opening weekend in 2019. Brand New Day also set a second-best North American record, with box office takings of $335m. The film's strong performance gives a much-needed boost for Disney ahead of the highly-anticipated December release of Avengers: Doomsday, after a string of Marvel movies under-performed in recent years. Brand New Day, which opened in cinemas last week, picks up a few years after 2021's Spider-Man: No Way Home as Peter Parker continues to fight crime in a world that has forgotten he is the masked superhero. The latest instalment of the hugely popular franchise received largely positive reviews, with some calling it Holland's best Spider-Man performance yet. The film is Marvel's last big-screen outing before Doomsday, the long-awaited culmination of multiple superhero story arcs after Avengers: Endgame. Marvel films released since Endgame have struggled to attract the same broad audiences as they did at their peak. Big budget films like The Marvels and The Thunderbolts recouped their production costs but were among the studio's lowest-grossing films. Spider-Man remains one of Marvel's most lucrative franchises, with No Way Home making nearly $2bn in ticket sales. Cinema attendance has slowed since the Covid-19 pandemic, which accelerated the shift to home-streaming options like Netflix. But the big screen has staged something of a comeback this year, with the North American box office takings on track to pass $10bn for the first time since 2019.

New Spider-Man film sees second-biggest ever global opening weekend
Asia
The Hindu BusinessLine

Indian Railways records 9% growth in freight loading, higher passenger traffic in July

Indian Railways recorded a 9% year-on-year increase in freight loading to 141.3 million tonnes in July 2026, driven by higher movement of iron ore, coal, fertilisers and food grains. Indian Railways recorded a 9 per cent year-on-year growth in freight loading in July 2026, handling 141.3 million tonnes compared with 129.7 million tonnes in the corresponding month last year, according to the Ministry of Railways. The ministry said the growth reflected sustained demand across key sectors of the economy and continued efforts to improve freight logistics and operational efficiency. Loading of major commodities recorded strong growth during the month. Iron ore loading increased 22.2 per cent year-on-year, while fertilizer loading rose 12 per cent. Food grains and coal loading each grew 11.5 per cent, while loading of balance other goods increased 12.1 per cent. The rise in coal demand from thermal power plants also led Indian Railways to step up domestic coal supplies to power plants by 20 per cent in July compared with the same month last year. The ministry said the increased movement of key commodities supported industry, agriculture and energy security. Higher freight volumes also translated into stronger revenue generation. Indian Railways recorded incremental freight revenue of Rs 1,137 crore over July 2025, representing an 8 per cent increase. Among zonal railways, East Central Railway and Eastern Railway recorded the highest freight revenue growth at 33 per cent each. West Central Railway reported a 23 per cent increase, while South Eastern Railway registered 10.33 per cent growth. Passenger traffic also continued to expand during July. Indian Railways carried 63.35 crore passengers during the month, compared with 62.19 crore in July 2025. The ministry said passenger traffic increased across both suburban and non-suburban segments, reflecting growing preference for rail travel. The latest performance comes as Indian Railways continues to focus on strengthening freight logistics, expanding rail capacity and improving passenger services. The ministry said sustained improvements in operational efficiency, capacity augmentation and customer-centric initiatives would help strengthen the rail network’s role in supporting economic growth, energy security and mobility across the country. The increase in freight movement, particularly of iron ore, coal, fertilizers and food grains, underscores the continued importance of the rail network in transporting critical commodities and supporting industrial and agricultural activity. 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.

Indian Railways records 9% growth in freight loading, higher passenger traffic in July
Asia
The Hindu BusinessLine

Chennai will need second airport within 5-10 years, says CII Southern Region's Ravichandran

Chennai will need a second airport over the next five to 10 years to support the city's economic growth and its emergence as a major global manufacturing hub, P Ravichandran, Deputy Chairman, CII Southern Region, said. Ravichandran said the existing Chennai airport is currently capable of serving the city's requirements and that improving its efficiency could help extend its capacity. However, he stressed that a second airport would become necessary in the medium term, with the choice of location best left to the government. "Any airport is an economic engine," Ravichandran said, adding that Chennai's requirements extend beyond passenger traffic as the city is increasingly becoming an important manufacturing centre for the global economy. He highlighted Tamil Nadu's growing role in electronics manufacturing, noting that around 50 per cent of Apple iPhones are made in the state. A significant share of electronic goods and components produced in the region is transported by air, making air cargo infrastructure an important consideration in planning Chennai's future airport capacity, he said. According to Ravichandran, cargo infrastructure should be given equal, if not greater, importance while considering a second airport. He suggested that planners should examine whether passenger and cargo operations can be separated or whether dedicated terminals can be developed to enable seamless movement of goods from industrial parks to cargo facilities. The CII Southern Region Deputy Chairman said planning should take a 25-year view and consider the broader airport network around Chennai. He pointed to airports in Puducherry and Nellore, which are located around 140-150 km from Chennai, and said the government needs to take a strategic approach while determining the requirements and timeline for a second airport. Ravichandran also urged stakeholders to give the Tamil Nadu government time to evaluate alternatives following the opposition to the proposed Parandur airport project. He said it would be unfair to blame the Chief Minister at this stage and expressed confidence that the government, supported by its bureaucracy, would come up with an appropriate solution.He clarified that CII does not seek to recommend a specific location for the airport. Instead, its focus is on ensuring that the facility functions as an "economic engine", enabling manufacturers to ship goods quickly and ensuring business travellers can access, commute through and operate from the airport with ease. 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.

Chennai will need second airport within 5-10 years, says CII Southern Region's Ravichandran
Asia
The Hindu BusinessLine

Evren signs 750 MW renewable energy PPA with NTPC

Brookfield-backed Evren has signed a 750 MW power purchase agreement (PPA) with NTPC for solar, wind and battery energy storage projects in Andhra Pradesh and Rajasthan. Evren on Monday said it has signed a 750 MW power purchase agreement (PPA) with state-owned power giant NTPC, comprising solar, wind, and battery energy storage projects in Andhra Pradesh and Rajasthan. This agreement marks a significant milestone in the company’s growth journey and is among the largest renewable energy projects secured by capacity in India, the company said in a statement. The project, once operational, will generate 2.5 billion units of clean energy annually and mitigate 1.8 million tonnes of carbon dioxide emissions every year, it added. Suman Kumar, CEO of Evren, said, "Securing this 750 MW PPA reflects the scale, quality, and execution capabilities Evren has built over time. With an 11 GW pipeline portfolio, including over 3.5 GW under construction across solar, wind and battery energy storage, we are well positioned to deliver reliable, sustainable power at scale and serve as a long-term partner to customers". Evren is a renewable energy platform backed by Brookfield focused on developing, owning, and operating utility-scale solar, wind, and energy storage assets in India. 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.

Evren signs 750 MW renewable energy PPA with NTPC
Asia
The Hindu BusinessLine

DBS hires ex-Standard Chartered banker to lead India wealth team

DBS Group Holdings Ltd. has hired Nitin Chengappa, a former Standard Chartered Plc banker, to head its wealth management business in India as it bets on rising demand for tailored products from the country’s newly rich. Chengappa joined the lender in July and reports to Ambuj Chandna, who heads DBS’s consumer banking business in India, said people familiar with the matter who requested not to be identified as the appointment has not been publicly announced. DBS Bank India confirmed to Bloomberg News that Chengappa had joined the firm as managing director and head of Treasuries Business and Wealth Management but didn’t provide further details. Chengappa spent nearly a decade at Standard Chartered in India where he last worked as head of affluent distribution and branch network, according to his LinkedIn profile. Previously, he spent more than a decade at HSBC Holdings Plc, among others. Wealth management has emerged as a key growth area in India, with the rise in rich individuals and families prompting the likes of HSBC and domestic firms to expand aggressively in the country. India is among the world’s fastest-growing wealth markets, with about 917,000 millionaires and just under 200 billionaires, according to UBS. DBS has been positive about growth in India and willing to commit capital to the market. It entered India’s buoyant equity capital market this year, marking a push into one of the world’s busiest venues for share sales. It took over Lakshmi Vilas Bank Ltd. in 2020, the first time Indian authorities turned to a foreign lender to bail out a struggling local rival. 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.

DBS hires ex-Standard Chartered banker to lead India wealth team
Asia
The Hindu BusinessLine

GSK Pharma Q1 profit up 16% at ₹237.18 cr

GlaxoSmithKline Pharmaceuticals Ltd on Monday reported a 16 per cent rise in consolidated net profit to ₹237.18 crore in the first quarter ended June 30, 2026. The company had posted a consolidated net profit of ₹205 crore in the corresponding period of the preceding financial year, GlaxoSmithKline Pharmaceuticals Ltd (GSK India) said in a regulatory filing. Consolidated revenue from operations in the first quarter of FY27 stood at ₹938.44 crore against ₹805.17 crore in the year-ago period, it added. Total expenses in Q1 FY27 increased to ₹659.75 crore, compared to ₹569.91 crore in the same period a year ago, the company said. The first quarter performance reflects continued progress in the company's portfolio transformation strategy, supplemented by execution excellence and a favourable base effect from the comparable period last year, GSK India said. Commenting on the performance, GSK India MD Bhushan Akshikar said,"GSK India's broad-based growth demonstrates the resilience of the core general medicines and vaccines portfolio and the growing contribution of the innovative business." This growth was enabled by a relentless focus on scientific excellence, sharper execution in the field and meaningful investments in technology and talent development, he added. “With a strong innovation pipeline and launch opportunities ahead, we are well-positioned to deliver sustainable growth and meaningful impact for millions of patients in India,” Akshikar said. 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.

GSK Pharma Q1 profit up 16% at ₹237.18 cr