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Asia
The Hindu BusinessLine

MSE facilitates India’s first tokenised corporate bond under SEBI’s Demat 2.0 pilot

Metropolitan Stock Exchange of India (MSE) has facilitated the country’s first tokenised corporate bond issuance under the Securities and Exchange Board of India’s (SEBI) Demat 2.0 pilot, a regulatory sandbox initiative aimed at modernising India’s debt market infrastructure. The bond was issued by IIFL Finance Ltd through MSE’s Electronic Bond Platform (MSE EBP), with Trust Investment Advisors Pvt Ltd serving as the arranger. The issuance marks the first instance of a corporate bond being issued natively on a distributed ledger in India, with ownership records held with statutory depositories and settlement conducted in Central Bank Digital Currency (CBDC). The pilot was launched at Global Fintech Fest 2026 in Mumbai on September 11 by SEBI Chairman Tuhin Kanta Pandey and Reserve Bank of India Governor Sanjay Malhotra, alongside key stakeholders from market infrastructure intermediaries, financial markets, and the fintech ecosystem. The initiative operates within existing regulated market infrastructure and is designed to deliver faster settlement, greater transparency, and wider market access in India’s corporate bond segment, areas where the debt market has historically faced structural friction. MSE Managing Director and CEO Latika S Kundu described the pilot as an important step in shaping India’s debt markets, noting that tokenisation combines technology with established market infrastructure to improve efficiency and security in capital formation. The Demat 2.0 framework signals a broader regulatory push to bring blockchain-based instruments into India’s mainstream financial markets under supervised conditions. 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.

MSE facilitates India’s first tokenised corporate bond under SEBI’s Demat 2.0 pilot
Asia
The Hindu BusinessLine

‘UNSC Reforms Can No Longer Wait’: PM Modi Outlines 10 Proposals to End ‘Pyramid of Privilege’ at BRICS Summit

Prime Minister Narendra Modi hopes that the two-day annual BRICS summit will deliberate on protecting developing economies from the global impact of wars in Ukraine and West Asia. | Photo Credit: - Prime Minister Narendra Modi on Saturday officially declared the BRICS Summit, 2026 open with ten proposals to upend the global “pyramid of privilege” for a select few countries into a “platform of partnership” for everyone. He asserted that the reforms in the UN Security Council can no longer be delayed. Exhorting the gathering that included the top leadership of BRICs – Russian President Vladimir Putin, Chinese Premier Xi Jinping, Iranian President Masoud Pezeshkian, South African President Cyril Ramaphosa, Malaysian Prime Minister Anwar Ibrahim and Indonesian President Prabowo Subianto among others -- to steer the Global South towards becoming a “rule shaper” to deal with various challenges, Prime Minister Narendra Modi hoped that the two-day annual BRICS summit will deliberate on protecting developing economies from the global impact of wars in Ukraine and West Asia. PM Modi also called for immediate reform of the UN Security Council. “The UNSC reforms can no longer wait,” he said. Modi called for a major overhaul of global governance, proposing that the eleven-member BRICS bloc prepare a `10-point Reform Roadmap’ to make international institutions more representative, responsive and inclusive, with countries driving global economic growth given a greater role in shaping global rules. “Those countries that give momentum to global economic growth should also get due role in giving direction to global economic governance,” the PM said. The PM’s observations are significant given the fact that India’s economic growth is one of the fastest among major economies. Efforts need to be made to make the Global South move from being rule-takers to rule-shapers, Modi said. “Through BRICS, we can provide negotiation skills, practical training, and legal expertise to young diplomats and policy-makers of Global South countries,” he added. Modi said the current global governance structure resembled a “pyramid”, with power and decision-making concentrated at the top while countries affected by these decisions remained largely at the bottom. “The Global South is at the front row of global crises, but at the back row of decision-making,” he said, calling for the pyramid to be transformed into a “privileged platform of partnership” where every country has a voice and every member has a stake. Modi proposed that BRICS jointly prepare ten proposals for global governance reform and give them the form of a `BRICS Reform Roadmap’ by the next summit. He identified three key areas for the roadmap — representation, responsiveness and rule-making. On representation, Modi said reform of the United Nations Security Council could no longer be stalled and called for text-based negotiations to be linked to a definite timeline and clear outcome. He also called for the voting power, leadership positions and policy priorities of international financial institutions to be reviewed in line with today’s economic realities.

‘UNSC Reforms Can No Longer Wait’: PM Modi Outlines 10 Proposals to End ‘Pyramid of Privilege’ at BRICS Summit
North America
CNBC Finance

American Airlines continues premium push with redesigned Boeing planes

American Airlines is expanding its push into premium travel on its largest planes. The carrier on Wednesday launched its first retrofitted Boeing 777-300ER, which it uses for its most popular long-haul international flights, including routes to London, Tokyo and Sydney. The new layout on the wide-body plane features 144 premium seats, including 70 lie-flat seats with sliding doors in its Flagship Suite section at the front of the plane. American said in 2022 that it planned to get rid of its international first class on many of its planes in favor of the single, larger premium cabin at the front of the plane. It started flying the suites last year after facing delays from suppliers. The lie-flat seats can bring in close to $10,000 on some long-haul international routes compared with $2,000 or much less for a seat in the back. There's also a Premium Economy section, with 44 seats that have privacy headrest wings and adjustable calf and footrests, as well as 30 Main Cabin Extra seats with additional legroom. American said its full fleet of 20 Boeing 777-300ER aircraft will be retrofitted by next year. The carrier will have a similar but smaller layout on its Airbus A321XLRs. The airline has been trying to catch up to its rivals Delta Air Lines and United Airlines, which have a head start on catering to high-spending travelers. The airline's new suites are a key part of that strategy. American has also been working to grow its loyalty program, improve its on-time rate and expand its network. Last week, the airline announced it will add seven international routes to its 2027 schedule, though none of those are on the Boeing 777-300ERs. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

American Airlines continues premium push with redesigned Boeing planes
Asia
The Hindu BusinessLine

Iran says it plans new Gulf 'exclusion zone', threatens US with new missiles

Highlights Security chief Rezaei says 'Iran's new missiles' are a warning to US Iranian rhetoric comes as US sanctions punish its ailing economy Trump says fuel prices will fall when the US wins the war Iran threatened the United States with “economic warfare” on Tuesday and said it had fired an advanced missile at US warships, underscoring the risks of further escalation in the war only days after both sides traded blows again. The six-month-old war has been marked by a cycle of pauses followed by periodic flare-ups, with the US last reporting attacks on Iranian targets on Saturday, when US forces struck three Iranian oil tankers. Iranian state media on Sunday reported that Iran fired the Qassem Basir missile. Despite US attempts to open up the Strait of Hormuz, Iran has continued to disrupt shipping through the critical artery for global oil and gas supplies, and there is no sign of progress towards a diplomatic breakthrough that could end the war which began with US and Israeli strikes on February 28. The Islamic Republic has vowed to announce a new restricted zone in the Gulf in the coming days, along with maps of a new shipping corridor through the Strait of Hormuz, though it was unclear when details would emerge. The new restricted zone would begin from where the US blockade of Iran begins and extend into areas of the Gulf, Mohsen Rezaei, the secretary of Iran’s Supreme National Security Council, told state television on Sunday, adding that any vessel entering the area would be placed on an Iranian sanctions list. “In recent days, Washington has received a clear warning from Iran’s new missiles. Economic warfare will be met by a maritime exclusion zone across the Persian Gulf to the blockade perimeter. The operational posture toward US warships and bases has been fundamentally recalibrated,” Rezaei said. Rezaei was likely referring to the Qassem Basir ballistic missile that Iranian media reported was fired at US warships near the Strait of Hormuz. The US military said its warships evaded any missile attacks. Despite major US barrages that have degraded Iran’s conventional forces and punished its already ailing economy, it has maintained missile and drone capabilities to threaten oil tankers transiting the Strait of Hormuz without its permission and attack Gulf neighbours that are home to US military bases. Iran has touted the Qassem Basir as an upgraded missile with improved manoeuvrability that can evade missile defence systems, with a guidance system that is effective against electronic warfare. The Fars news agency reported its first combat use came in June 2025 against Israel. Some analysts conjecture Iran’s leverage of the Strait of Hormuz may be dwindling while harsh new US economic sanctions are becoming increasingly difficult for Iran to withstand. About one-fifth of global oil and liquefied natural gas shipments passed through the strait before the war, which enabled Iran to threaten tankers from Gulf neighbours seeking to export oil and gas, pressuring energy prices at a time when the war, which opinion polls show is unpopular in the US, has increased the risks for President Donald Trump’s Republican Party in November congressional elections. “Oil prices will drop precipitously, like everything else is dropping (but more!), when we WIN the war with Iran. Three Dollars a gallon, but ultimately, below Two Dollars a gallon. It will all happen quickly, and Iran will never have a Nuclear Weapon,” Trump said on social media.

Iran says it plans new Gulf 'exclusion zone', threatens US with new missiles
North America
Yahoo Finance

How Are Nasdaq, Dow, S&P 500 Futures Reacting As US Launches Fresh Strike On Iran?

U.S. stock futures were falling in the overnight session late Sunday after the U.S. attacked two Iranian rocket launchers at Larak Island in Iran in the Strait of Hormuz, the first known American strikes since late July. Nasdaq-100 futures fell 0.64%, while Dow futures and S&P 500 declined 0.33% and 0.44%, respectively, at 9:53 PM EDT. On Friday, all three benchmark indexes closed lower. The Nasdaq Composite led the decline, losing nearly 140 points to end 0.52% down. The Dow Jones Industrial Average and the S&P 500 fell 0.02% and 0.25%, respectively. All three indexes are poised to end the month higher, bolstered by a rise in technology share prices. Geopolitics are back in the center stage over the weekend after the U.S. struck two Iranian rocket launchers late Sunday. Brigadier General Hossein Mohebi, the spokesperson for the Islamic Revolutionary Guard Corps (IRGC), has said, as per the IRNA agency in a post on X, “This action, the terrorist enemy's incursion on Larak Island, constitutes a strategic and fatal error by the Trump administration amid its ongoing economic warfare. It is an error that will tip the balance against its perpetrators and entail severe repercussions. The adversary will face the ramifications of this faulty calculus across both the economic and military arenas.” ⁠Iran ⁠has reportedly responded by striking ​U.S. forces in ‌Jordan, ⁠a Fox ⁠News report said, which cited a ⁠U.S. source. However, no significant damage has been caused so far, with nearly all incoming missiles intercepted, according to the report. The U.S. Central Command said in a post on X that IRGC’s claims that the U.S. strikes were an act of aggression are “absolutely FALSE.” It said that the fact is that “U.S. forces took limited, precise action against IRGC minelaying forces posing an imminent threat in the Strait of Hormuz. In essence, Iran created the threat and the U.S. military eliminated it to protect civilian mariners, commercial shipping, and the free flow of global commerce.” The strikes pushed global oil prices higher as concerns over constrained energy resources re-emerged. Brent crude futures expiring in November briefly topped $90 a barrel and were up about 1.32% to trade at $89.26 a barrel at the time of writing. Meanwhile, WTI crude futures expiring in October were trading at $84.38 per barrel. The attacks come amid a strong month for U.S. stock markets, which gained significantly in August following a slew of optimistic results from technology companies like Nvidia Corp. (NVDA), Salesforce Inc. (CRM), Microsoft Corp. (MSFT), among others. “Big Tech dominated earnings season: The S&P 500's total market cap has surged +$1.75 trillion since Q2 earnings season began on July 13th. The Technology sector alone accounts for +$1.39 trillion of that gain, or ~79% of the total,” The Kobeissi Letter said in a post on X over the weekend. “Big Tech has never been bigger,” it added.

How Are Nasdaq, Dow, S&P 500 Futures Reacting As US Launches Fresh Strike On Iran?
Europe
The Guardian

Global bond sell-off intensifies as US-Iran tensions stoke inflation fears

Investors across major markets have been dumping bonds in recent days amid fears about inflation and spiralling deficits. Photograph: Henry Nicholls/ReutersView image in fullscreenInvestors across major markets have been dumping bonds in recent days amid fears about inflation and spiralling deficits. Photograph: Henry Nicholls/ReutersBondsGlobal bond sell-off intensifies as US-Iran tensions stoke inflation fearsUK borrowing costs driven up, adding to challenges facing John Healey as he prepares for first budget The global government bond sell-off resumed on Wednesday, driving up the UK’s borrowing costs and exacerbating the challenges facing John Healey as he prepares his first budget. The yield – effectively the interest rate – on 10-year UK government bonds, or gilts, jumped to just below 5.3% in early trading: its highest level since mid-2008. Investors across major markets have been dumping bonds in recent days amid fears about inflation and spiralling deficits. Global inflation fears have intensified since the US and Iran began exchanging fire again at the weekend, pushing up the oil price and increasing expectations that central banks will have to raise interest rates in the coming months. Higher bond yields progressively increase the cost of financing the government’s debt. UK analysts have warned that higher gilt yields since the start of the Iran war have potentially wiped out almost half of Healey’s headroom against the government’s fiscal rules. Economists at Deutsche Bank reckon the £26bn room for manoeuvre Rachel Reeves created at her spring forecast could be down to less than £14bn by the time of the 28 October budget. Healey would then have to decide whether to rebuild the margin for error with tax increases or spending cuts – alongside facing pressure to fund higher defence spending. Chris Beauchamp, the chief market analyst at IG, said: “Governments around the world are feeling the pressure from bond markets, but the situation is particularly acute for the UK, where Andy Burnham’s grand promises about reforming the economy are about to meet the cold reality of high debt levels and rocketing borrowing costs.” The Brent crude oil benchmark is currently hovering at about $95 a barrel amid renewed fighting in the Middle East. The US launched new airstrikes on Iranian targets overnight, prompting counterstrikes by Tehran targeting American interests in Gulf allies. The resumption of the sell-off in UK markets came after Asian stock markets fell sharply. In Tokyo the Nikkei 225 share index slumped by 2.85%. China’s CSI 300 lost 1.4%, while South Korea’s Kospi dropped by 3.3%. Investors have also been rattled in recent days by the US administration’s attempts to interfere in financial markets – including helping the Japanese to prop up the value of the yen and buying back more US government bonds, or treasuries, to rein in rising yields. Neither move appears to have been successful.

Global bond sell-off intensifies as US-Iran tensions stoke inflation fears
Asia
The Hindu BusinessLine

BRICS Summit 2026 Live Updates: Xi Jinping leaves for New Delhi, to hold talks with Modi

India is all set to host the 18th BRICS Summit on September 12 and 13 in New Delhi as the current chair of the influential grouping. BRICS, originally comprising Brazil, Russia, India, China and South Africa, expanded in 2024 to include Egypt, Ethiopia, Iran, the UAE and Saudi Arabia, with Indonesia joining in 2025. Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan and Vietnam became BRICS partner countries last year. India is a BRICS founding member and has previously held its chairship three times, in 2012, 2016 and 2021. India assumed its fourth BRICS chairmanship on January 1 this year. The year 2026 also marks a milestone as BRICS completes 20 years since its establishment. This year’s summit is set to see the attendance of several world leaders amid geopolitical uncertainties and trade tensions. Russian President Vladimir Putin and Prime Minister Narendra Modi has already met for talks on the eve of the summit. Chinese President Xi Jinping’s visit today will be in focus amid cautious thawing of India-China tensions. Amid the ongoing conflict with Ukraine, Russian President Vladimir Putin warned European nations against sending troops to Kyiv, clarifying that the nation does not threaten European countries. Speaking to reporters in New Delhi on the sidelines of the 2026 BRICS Summit, Putin affirmed that sending troops to Ukraine will mean “war with Russia.” He said, “There is no such threat, and there has never been. We are not threatening European countries, nor are we going to threaten them. Why would we? No one seems to even consider that we have no grounds for any conflict with Europe. All issues were settled as a result of the Second World War. And what happened later, after the collapse of the Soviet Union, was done with the consent of the Russian Federation as the successor of the Soviet Union. Everything that runs counter to those arrangements runs counter to our interests and does not comply with the fundamental principles of international law and the UN Charter.” (ANI) Xi Jinping visits New Delhi for the BRICS Summit, marking his first trip to India in nearly seven years. 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.

BRICS Summit 2026 Live Updates: Xi Jinping leaves for New Delhi, to hold talks with Modi
Asia
The Hindu BusinessLine

Saudis shut down oil pipeline as Houthis tighten grip on Red Sea shipping

Saudi Arabia has shut down its East-West pipeline after the vital ‌oil conduit came under aerial attack in the widening Middle East war. The world’s largest crude oil exporter temporarily ​closed the pipeline after a drone attack that both Baghdad and Riyadh said had originated in Iraq, where Iranian-backed militias operate. Iraq ⁠dismissed a military commander on Saturday in response to the attack. The 1,200-kilometre (745-mile) pipeline running across the Arabian Peninsula had helped Saudi Arabia to bypass a shipping logjam in the Strait of Hormuz, where tanker traffic has slowed to a trickle due to the war between the U.S. and Iran. The Saudi energy ministry said it ‌had shut the pipeline as a precaution. The line has been moving 4 million to 5 million barrels per day in recent months, amounting to 4% to 5% of global supply, according to ship tracking companies and analysts. The attack comes as ‌Iran-aligned Houthi rebels in Yemen tightened their grip in the Red Sea, which combined with the Strait of Hormuz disruptions has put an ‌energy ⁠squeeze on both sides of the Arabian Peninsula and sent global oil prices back above $100 per barrel. Four Yemeni government sources ⁠told Reuters that Houthis had seized the strategic island of Perim on Friday at the mouth of the Red Sea, in the Bab el-Mandeb Strait. The dual attacks reported on Friday - on the pipeline and Perim island - could represent a dangerous escalation while diplomatic efforts to end the war have stalled. Saudi Arabia has asked Washington for military help with the Houthis, ​sources said, at a time when higher fuel prices ‌during the war have already exacted a political toll on U.S. President Donald Trump and his Republican Party ahead of November congressional elections. The East-West pipeline was hit on Thursday morning in Saudi Arabia’s Riyadh and Medina regions, the Saudi energy ministry said. It was not immediately clear who was responsible for the strikes. The cashiered Iraqi military commander had led operations in Maysan province, according to Saturday’s statement by the Iraqi prime ‌minister’s office. Maysan province, which borders Iran in southeastern Iraq, has long been regarded as an area where Iran-backed Shi’ite militias ​operate and maintain influence. Saudi Arabia has opted against retaliation so far following a request from the Iraqi prime minister, the Saudi foreign ministry said in a statement, while adding the kingdom reserves the right to “take all measures necessary” to protect ⁠its interests. Iraq’s government condemned attacks. Saudi crude supply fell to the lowest levels in more than three decades, the International Energy Agency said on Friday, partly due to attacks on ships transiting Bab el-Mandeb by Houthi-linked groups.

Saudis shut down oil pipeline as Houthis tighten grip on Red Sea shipping
North America
CNBC Finance

How one of the largest investors in student housing is playing this school year

Students are heading back to school across the nation and leasing student housing at a faster clip than they were last year. For investors, that creates new opportunities, but one leader in the field cautions that the differences in market fundamentals are widening across universities and regional markets. Some types of universities are seeing much higher occupancies and lagging construction, while others are overbuilt with falling demand. On a national level, pre-leasing across the Yardi 200 — a curated set of the most important student housing markets, representing 90% of the institutional space — reached 89.1% in July ahead of fall move-ins. That is up from 88.1% in July 2025 but still below August 2025 levels of 89.9%. According to Yardi, 117 of the 200 markets surveyed in July were at or above their year-earlier pre-leasing levels, but there was significant variation across different markets. "New supply is increasingly concentrated in large markets, dragging down performance at schools with the most beds and weighing more heavily on national metrics," wrote Tyson Huebner, director of research at Yardi Matrix, in the report. Harrison Street Asset Management is one of the largest investors and developers in the sector, with more than $24 billion allocated across 432 student housing properties since its launch in 2005. Its investments total more than 238,000 beds across 200 university markets in North America and Europe. "Our conviction in student housing is really high, but our conviction in every student housing market is not," said Mike Gordon, global chief investment officer for real estate at Harrison Street. "Frankly, I think that creates a really interesting investment environment." Gordon said there are a lot of investors trying to get access to the sector, but only a limited number of managers with long-term experience in it. Specialization, he said, is more vital than ever, because the differences between university markets have grown quickly due to funding cuts, enrollment and specific student demand. CNBC's Property Play with Diana Olick covers new and evolving opportunities for the real estate investor, delivered weekly to your inbox. "Enrollment, applications, selectivity, research funding, student outcomes are increasingly concentrated at many of the leading institutions. Michigan, UVA, UNC, a number of the large public Power Four universities," said Gordon, referring to the schools that belong to the four major athletic conferences. "Prospective students continue to value strong graduation incomes, alumni earnings, research capabilities, and many of the university markets that we focus on are really operating at or above 95% occupancy." He noted that housing supply has lagged enrollment growth at the universities in a number of these markets, specifically citing Virginia Tech, Auburn University and Penn State. "I think about the best university towns almost like factory towns where the factory is never closing. The university is the factory, and what it produces is intellectual capital. It attracts students, obviously, but also professors and researchers, entrepreneurs, companies that want to be close to that intellectual capital, and everyone needs somewhere to live," Gordon said.

How one of the largest investors in student housing is playing this school year