Greenlogue/AP Nearly half the world’s children are living under at least three overlapping climate threats, with heat, drought and storms pushing risks to health, schooling and survival into the daily lives of about 1.1 billion children, UNICEF findings show. The Children’s Climate Risk Report 2026 maps exposure to eight common hazards: coastal floods, drought, extreme heat, fires, heatwaves, river floods, sand and dust storms, and tropical storms. […]
By K Raveendran The promise of a ‘great settlement’ from President Trump has been enough to pull oil prices lower, calm equity markets and revive hopes that the Strait of Hormuz may return to normal traffic. Yet it shows how fragile the relief remains. A diplomatic opening can move prices in an instant, but a […]
Sri Lanka’s rupee rallied more than 2 per cent after the Central Bank of Sri Lanka shortened the deadline for exporters to convert foreign currency earnings into local currency, a move aimed at easing pressure on a market strained by rising import demand, energy costs and expectations of further depreciation.
The currency strengthened sharply in Colombo trading, touching 328 to the dollar from weaker levels around 336.50 before settling in a wider 332-334 range. The previous close was near 337.00-337.75, underscoring the immediate impact of the central bank’s intervention on market sentiment. The move marks one of the rupee’s strongest single-session gains this year after months of pressure linked to higher fuel bills, vehicle imports and heavy demand for dollars from importers.
The new rule, issued through an extraordinary gazette under the authority of Governor Nandalal Weerasinghe, requires exporters of goods receiving proceeds during a calendar month to convert the residual foreign exchange into Sri Lankan rupees on or before the tenth day of the following month. The change effectively reduces the conversion window to about 30 days from the earlier period of about 90 days, after permitted payments are made.
The directive came into immediate effect and applies to exporters after they use proceeds for authorised payments such as imports, debt servicing and other approved foreign currency obligations. It reverses part of the relaxation introduced in 2024, when the central bank gave exporters more time to convert proceeds as foreign exchange conditions improved after the country’s debt crisis.
The latest measure is designed to bring export dollars more quickly into the domestic market at a time when the rupee has come under renewed strain. The currency had fallen by about 8 per cent this year before the intervention, reflecting a combination of stronger import demand, elevated global energy prices and cautious dollar conversions by exporters waiting for more favourable rates.
Market participants said the shortened conversion period could provide near-term support by increasing the supply of dollars through the banking system. The effect, however, may be temporary if importers absorb the additional liquidity quickly, particularly with fuel, medicines, vehicles and intermediate goods continuing to drive demand for foreign exchange.
The rupee’s rebound follows a series of policy moves by the Central Bank of Sri Lanka to contain pressure on the currency and inflation. On May 26, the central bank raised the overnight policy rate by 100 basis points to 8.75 per cent, its largest increase since 2023, signalling a shift away from growth support towards price and currency stability. The rate move followed a faster-than-expected rise in inflation and a renewed deterioration in external conditions.
Headline inflation in Colombo stood at 5.5 per cent in May, marginally above the central bank’s target and slightly higher than April’s 5.4 per cent. Price pressures have been fuelled by energy adjustments and the spillover from tensions in the Middle East, which have pushed up import costs for fuel-dependent economies. Construction firms have also reported higher input costs and shortages of petrochemical-based materials.
The central bank has already spent foreign exchange to defend the currency. Around $211 million was used in May as the rupee tested its weakest level in four years on May 21. Foreign reserves fell 3.8 per cent in April to about $6.7 billion, reflecting the cost of higher imports and intervention, although reserves remain well above the crisis levels seen during the 2022 balance-of-payments collapse.
Sri Lanka’s external position has become more fragile after a stronger start to the year. The current account moved into deficit in April after surpluses during the first quarter, mainly because of a wider trade gap, a softer services surplus and higher primary income outflows. Workers’ remittances continued to improve, offering some relief, but the recovery in imports has changed the balance in the foreign exchange market.
The policy shift also comes as Sri Lanka remains under a $2.9 billion International Monetary Fund programme designed to restore macroeconomic stability after the country’s sovereign default. A further $695 million disbursement was approved in late May, helping support reserves and fiscal reforms, but the economy remains exposed to external shocks, especially oil price volatility and shifts in investor confidence.
Humanity Protocol suffered a sharp market collapse after a private-key compromise hit wallets linked to the Web3 identity project, draining more than $30 million and sending its H token down by nearly 90 per cent during Tuesday trading. The breach exposed a critical weakness in one of the fastest-rising digital identity ventures in the crypto market, where projects promise privacy-preserving proof of personhood but still depend on […]
By Asad Mirza Marking exactly 100 days since a catastrophic conflict reordered the Middle East, a fragile, US-brokered truce violently collapsed as Israeli jets struck deep inside Iranian territory. By directly defying President Donald Trump’s explicit warnings to exercise restraint, Israeli Prime Minister Benjamin Netanyahu has pushed the region into uncharted waters, leaving a heavily […]
A powerful offshore earthquake struck the southern Philippines early Monday, killing at least 12 people, damaging buildings in General Santos City and sending coastal residents racing to higher ground after tsunami waves hit parts of Mindanao. The magnitude was placed at 7.8 by global monitors, while domestic bulletins initially listed the tremor at 7.4. The quake struck at 7.37am local time, with its centre at sea near […]
A 28-year-old man died and a woman was hospitalised after medical emergencies at an overnight music concert in Mumbai’s Worli, prompting police to examine whether alcohol, narcotics, crowd conditions or delayed medical response played any role in the incident.
Vrishabh Mahendra Gangurde, a resident of Mahim, fell ill during the “Klangkuenstler All Night Long” event at the NSCI Dome in the early hours of Sunday. He was taken for medical care after his condition deteriorated, but was declared dead. A female companion who also complained of uneasiness was admitted to hospital, where she remained under observation.
Police have not confirmed drug consumption and are awaiting the post-mortem and forensic findings before drawing a conclusion on the cause of death. Early information available to investigators indicates that the two had consumed alcohol, while the possibility of other substances has not been ruled out. Officers are recording statements of organisers, staff, security personnel, attendees and medical responders to establish the sequence of events inside the venue.
The case has drawn added attention because Mumbai is already dealing with the fallout from another fatal overdose-linked concert case earlier this year. Two management students died after allegedly consuming ecstasy pills at a music event in Goregaon in April, while another woman required hospitalisation. That investigation led to multiple arrests, including alleged suppliers, intermediaries and venue-linked personnel, and pushed police to examine whether large ticketed events were being used by small drug networks to target young attendees.
The Worli incident has now renewed scrutiny of how nightlife events are managed in the city, particularly those running through the night and drawing large crowds. Investigators are expected to check entry controls, availability of medical teams, CCTV coverage, emergency response time, alcohol service protocols and whether organisers had complied with permission conditions. The NSCI Dome, one of Mumbai’s prominent indoor venues, regularly hosts concerts, exhibitions, sports events and corporate gatherings.
Police are also examining whether there was adequate coordination between the organiser, venue management, private security and local authorities. Event permissions for large gatherings generally require compliance with safety norms, crowd-control measures, fire clearances, medical support and restrictions on illegal substances. Any lapse in implementation could invite action under relevant police and municipal provisions.
The performer Klangkuenstler, a German techno artist known for high-energy warehouse-style sets, has a significant following among electronic music audiences. All-night electronic music events have expanded across major cities as promoters tap into demand for global DJs, premium venue experiences and late-night entertainment. The sector has grown quickly, but safety systems have not always kept pace with rising attendance, alcohol access and the risks associated with synthetic drugs.
Medical experts have repeatedly warned that dehydration, heat, alcohol, stimulants and prolonged dancing can combine dangerously in crowded venues. Symptoms such as confusion, collapse, chest pain, overheating, seizures and loss of consciousness require immediate intervention. Synthetic stimulants, including MDMA or ecstasy, can sharply increase body temperature and heart strain, especially when mixed with alcohol or taken in unknown quantities.
For investigators, the immediate challenge is to separate speculation from evidence. A suspected overdose cannot be treated as a confirmed cause until toxicology and post-mortem reports are complete. At the same time, the death of a young attendee at a high-profile venue gives police grounds to examine whether illegal substances circulated inside or around the event and whether organisers had systems to prevent such access.
Mumbai Police have been under pressure to tighten checks after the Goregaon deaths. Measures under discussion after that case included stricter frisking, more accountability for organisers, improved CCTV coverage, better coordination with venue staff and possible deployment of plain-clothes personnel at high-risk events. The Worli death could accelerate those discussions, particularly if forensic findings point to substance use or operational lapses.
Controlled fire whirls have emerged as a promising tool for tackling offshore oil spills after large-scale field tests showed that spinning columns of flame can burn crude oil faster, consume more fuel and sharply cut soot compared with conventional surface burning. Researchers led by Elaine Oran and Qingsheng Wang at Texas A&M University, with Michael Gollner of the University of California, Berkeley, created fire whirls under controlled […]
Crypto markets were hit by a sharp wave of forced selling as about $155 million in leveraged long positions were liquidated within 60 minutes, deepening a broader sell-off that pushed Bitcoin and major tokens lower and exposed the risk built up across perpetual futures and margin trading platforms. The liquidation burst reflected a rapid unwinding of bullish bets after prices broke through key support levels, leaving heavily […]
SINGAPORE – Media OutReach Newswire – 3 June 2026 – Handshake Finance, the Singapore-based fintech company building escrow-as-a-service infrastructure for high-trust service industries, has closed a S$500,000 pre-seed funding round. The capital will accelerate the company’s expansion across its beachhead renovation and interior design market in Singapore, with longer-term ambitions to extend its platform across other service industries where payment trust remains a structural problem.
Handshake Finance Founders Christopher Chan (Left) and Lee Jun Xian (Right)
Born From Personal Experience
Handshake Finance launched in September 2025, founded by Christopher Chan and Lee Jun Xian. Both had seen the trust gap up close.
Jun’s close friend lost S$80,000 in pre-payments to a renovation company that collapsed mid-project. At the same time, Christopher’s friend paid a deposit on a rental home she had never viewed, only to discover the listing was fraudulent. Both incidents pointed to the same structural failure: in service industries, someone always carries the risk, and when trust breaks down, there is little recourse on either side.
The two founders met as university classmates in London and returned to the problem with complementary backgrounds. Christopher Chan had spent his career in fintech, designing compliant payment flows on regulated infrastructure. Lee Jun Xian came from venture capital, with experience scaling early-stage companies from zero to one.
Trust as the foundation, not the feature
Handshake operates on bank-grade payment infrastructure provided by MAS-regulated partners. All payment flows are fully MAS regulated, and funds are held with DBS in segregated escrow accounts. For the founders, this is not a checkbox — it is the entire foundation of the business.
“We are trying to solve a structural trust gap in service industries. But before any of that, our users have to trust us,” said Christopher Chan, Co-Founder of Handshake Finance. “Making sure every fund flow is fully compliant, and that our users feel completely assured handing us money in what are often life-changing transactions, is our number one priority. Everything else is built on top of that.”
Closing the Trust Gap Across Service Industries
Every high-trust service transaction carries the same structural flaw: either the customer pays before work is done, or the provider works before getting paid. Someone always carries the risk. Across industries — from renovation and interior design to event planning, creative agencies, and professional services — that risk falls entirely on one side, and when trust breaks down, there is little recourse for either party.
Handshake Finance was built to close that gap. The platform holds customer funds in escrow and releases them to service providers against agreed milestones, giving buyers protection from pre-payment risk while giving service providers the confidence to deliver. The model is designed to work across any service industry where the payment trust problem exists.
Why Renovation and Interior Design Is Handshake’s Beachhead Market
Renovation was where the structural failure ran deepest. The industry operates with no mandatory licensing or regulatory framework. Anyone can set up as an interior designer with no accreditation required, leaving homeowners with no reliable way to assess accountability before signing a contract.
There is no standard payment framework either. Homeowners routinely pay up to 50% of the total project value upfront, with funds going directly to the interior designer before any work begins. If a project stalls or a firm shuts down, there is limited protection and recourse. At the other end of the project, interior designers face the opposite problem: the final handover payment, where homeowners hold most of the leverage, can be withheld over disputes that wipe out up to half a project’s margin.
Eight Months of Listening Before a Single Line of Code
Before writing any software, the Handshake team spent eight months speaking with more than 80 interior designers and homeowners across Singapore to understand the real frictions on both sides of the transaction. What they found reinforced the decision to start here: high transaction values, a broken payment norm, an unregulated supply side, and no existing platform that protected both parties.
That research shaped how the product was built. After a renovation contract is signed, Handshake’s AI automatically generates the transaction structure with line items, payment schedules, and sub-milestones set out clearly to remove ambiguity. Homeowners place funds into escrow rather than paying upfront directly to the interior designer.
Payment releases to the designer as work progresses against agreed milestones, with sub-milestone releases providing faster cashflow access without compromising homeowner protection. The platform also replaces the manual spreadsheet-based back-office admin most interior design firms still run, and offers complimentary mediation and independent assessments in the event of a dispute.
More than 40 Interior Design Companies Onboarded and 2 Major Partnerships Signed
Handshake now has more than 40 interior design companies onboarded. The company has signed partnerships with Renonation.sg and Network SG, two of Singapore’s most established renovation marketplaces, to drive awareness and adoption across the broader ecosystem.
“It is an incredible feeling to see this much support behind us, and we are excited about what is ahead,” said Lee Jun Xian, Co-Founder of Handshake Finance. “We are industry-agnostic by design, but we are laser-focused on fixing renovation first. The scams that are still everyday occurrences in this space need to go, and the transactional experience for everyone involved needs to be better before we turn our attention to the next industry or market.”
Homeowners and interior designers can learn more or request access athandshake.finance.
Hashtag: #HandshakeFinance
The issuer is solely responsible for the content of this announcement.
About Handshake Finance
Handshake Finance is a Singapore-based fintech building escrow-as-a-service infrastructure for high-trust service industries. The platform holds customer funds in segregated escrow accounts and releases them against agreed milestones, protecting buyers from pre-payment risk while giving service providers the confidence to deliver. All payment flows are fully MAS regulated. Funds are held with DBS. Handshake is currently focused on Singapore’s renovation and interior design market as its beachhead, with plans to expand across other service industries and Southeast Asia.
Sui’s mainnet disruptions over May 28 and May 29 have put renewed pressure on the Layer-1 blockchain’s engineering controls after three separate halts were traced to bugs connected with its v1.72 software release and the handling of gas payments, validator restarts and on-chain randomness. The network has since returned to operation, but the episode has sharpened scrutiny of Sui’s upgrade process because the outages occurred in close […]
US forces said they defeated an overnight wave of missile and drone attacks launched by Iran towards Gulf states and civilian shipping, while carrying out self-defence strikes on military sites on Qeshm Island near the Strait of Hormuz. The confrontation marked a sharp escalation in a conflict already threatening energy flows, maritime security and diplomatic efforts to contain hostilities across the Gulf. US Central Command said its […]
Between 2018 and 2023, Dr Ivan Puah treated over 550 cases, addressing unique challenges in Singapore’s multi-ethnic population. His study included diverse case profiles. Results revealing no complications and high satisfaction prove the need to adapt surgical techniques for variations in skin type between Asian and Caucasian patients.
SINGAPORE – Media OutReach Newswire – 3 June 2026 – The evaluation and management of surgical treatment for gynecomastia primarily focus on Western populations. However, Amaris B. Clinic’s decades of experience in Singapore highlight specific considerations for Asian patients.
Dr Ivan Puah, Medical Director at Amaris B. Clinic and the lead researcher on a recent study, has offered new insights into treating gynecomastia, a condition characterised by male breast enlargement, in Singapore.
The research paper titled ‘Surgical Management of Gynecomastia in Asian Men – Clinical Experience and Considerations for Different Patient Types’ provides detailed, important considerations, including the management of the consultation process, addressing varying patient expectations, and tackling the surgical aspects necessary to achieve desired aesthetic outcomes.
Between 2018 and 2023, Dr Puah treated over 550 cases at Amaris B. Clinic and presented six representative patient cases that illustrate the demographics and unique challenges faced by this multi-ethnic Asian population.
The typical patient profiles included obese, overweight, and lean adults, as well as adolescents. Common causes of gynecomastia observed in the patients included hormonal changes during puberty, drug-induced gynecomastia from anabolic steroids, and conditions related to weight loss.
Dr Puah’s proprietary surgical methods involve making a single incision along the areola to minimise scar visibility while effectively excising glandular tissue, performing liposuction to remove excess fat, and tightening the chest skin.
Six case studies of diverse gynecomastia patient profiles
Gynecomastia Grade
Demographic
Profile
Grade II
17-year-old Chinese
A history of bilateral breast enlargement since 13 years-old
Grade II
18-year-old Chinese
A history of bilateral breast enlargement since 12 years-old
Grade II
22-year-old Malay
Using anabolic hormone supplements for bodybuilding for 4 years
Grade II
46-year-old Chinese
Took anabolic steroids for 5 years
Grade IV
28-year-old Chinese
Overweight since childhood
No reduction in breast enlargement despite losing weight
Skin laxity present
Grade IV
21-year-old Indian
Overweight since childhood
No reduction in breast enlargement despite losing weight
Skin laxity present
At the 3-month follow-up after surgery, 5 of 6 patients reported no complications, highlighting the effectiveness of the tailored surgical approach. They expressed high satisfaction with the aesthetic results of the procedure, rating it a perfect 7 out of 7, and reported relief from emotional distress.
Only one patient experienced mild keloid formation at the edges of both areolae where incisions were made, which were not easily noticeable, and reported no complications or dissatisfaction.
Dr Ivan Puah emphasises, “It is important to adapt surgical techniques to address issues such as scarring and hyperpigmentation, which can be more pronounced in Asian patients due to their skin types. The differences in skin quality and glandular tissue characteristics between Asian and Caucasian patients with gynecomastia necessitate distinctions in treatment planning, particularly regarding careful incision placement.”
The issuer is solely responsible for the content of this announcement.
ABOUT AMARIS B. CLINIC
Amaris B. Clinic, established in 2004 in Singapore and led by Dr Ivan Puah, focusing on medical aesthetics and cosmetic surgery.
The clinic offers facial and body sculpting services such as liposuction, gynecomastia surgery, and fat grafting, as well as non-surgical treatments like Ultherapy Prime, biostimulator injections, and hair loss therapy.
Dr Puah, an MOH-accredited liposuction doctor with extensive training in various cosmetic procedures, is committed to providing personalised care with an artful eye and proven medical techniques.
Dedicated surgical training in gynecomastia surgery in San Francisco
Chairman of the Lipo Peer Review Committee in Singapore
Trained in Vaser liposuction (fundamental and hi-definition) in Colorado and Argentina
Trained in syringe liposculpture, fat grafting, and thread lift from renowned French plastic surgeon, Dr Pierre Francois Fournier
Appointed trainer by Allergan and Merz for fellow doctors on cosmetic injectables
Designated trainer for PDO thread lift and Picolaser from Venusys Medical
Graduate Diploma in Family Dermatology from NUS
Graduate Diploma in Acupuncture from TCMB
Graduate Diploma in Sports Medicine from LKCMedicine, NTU
Swiss watch exports fell sharply in April as shipments to the United States slumped from a distorted high base created last year, when brands and distributors rushed inventory across the Atlantic before higher US tariffs took effect. Exports dropped 16.6 per cent year on year to CHF2.13 billion, with the United States accounting for the largest drag on the industry’s monthly performance. Shipments to the US, still […]
GoPro has warned that rising memory component costs, weaker camera demand and tight debt covenants have cast substantial doubt over its ability to continue as a going concern, marking a sharp escalation in the financial strain facing one of the best-known names in action cameras. San Mateo-based GoPro, founded by Nicholas Woodman, updated its 2025 financial statements to include the warning after developments that followed its annual […]
Coal India Ltd cut coal production in May by 11.6 per cent year-on-year to 56.13 million tonnes, underscoring a shift in the country’s energy market as high inventories, uneven industrial demand and rising non-fossil capacity alter the operating rhythm of the world’s largest coal miner.
The May figure, based on provisional operational data for the month ended 31 May, came against a monthly target of 66.28 million tonnes. Coal offtake, the volume supplied to power utilities and other customers, rose 2.26 per cent to 66.18 million tonnes, showing that dispatches continued to outpace production as the company worked down inventories rather than pushing output at full pace.
The fall marks the second straight month of reduced production after April output dropped 9.7 per cent to 56.1 million tonnes. The pattern points to a deliberate balancing act by Coal India, which remains central to electricity security but is also facing the consequences of heavy stock accumulation at mines and the growing role of solar, wind, hydro and nuclear generation in meeting demand.
Coal India, through its subsidiaries, accounts for about four-fifths of domestic coal output. Its production in the first two months of the 2026-27 financial year stood at 112.19 million tonnes, below the target of 127.85 million tonnes. The company’s annual production target for the year is 815 million tonnes, a demanding goal at a time when the power market is becoming more seasonal and less dependent on continuous coal expansion.
Demand for coal has not collapsed. Peak electricity demand touched a record level of about 270.8 gigawatts in May as a severe heatwave lifted cooling needs across several regions. Coal-fired plants remain the backbone of the grid, generating more than 70 per cent of electricity despite the rapid expansion of non-fossil capacity. Yet the pressure on Coal India is no longer simply to mine more. It is to supply coal to the right locations at the right time while avoiding excessive stock build-up at pitheads.
Inventories have become a key concern. Coal stocks across the system stood at about 168 million tonnes in late May, including 47.6 million tonnes at power plants and 113.5 million tonnes at Coal India mine-heads. The company has said those reserves are enough for 19 days of consumption. Mine-head stocks were about 10 per cent higher than a year earlier, creating operational and financial incentives to moderate production while dispatches catch up.
The May subsidiary-wise data showed a mixed picture. Mahanadi Coalfields produced 14.26 million tonnes, about 20.1 per cent lower than a year earlier, while Northern Coalfields fell 23.69 per cent to 9.47 million tonnes. Bharat Coking Coal declined 25.51 per cent to 2.28 million tonnes. Western Coalfields dropped 8.4 per cent and Eastern Coalfields was down 3.63 per cent. South Eastern Coalfields was the exception, increasing output 4.53 per cent to 14.42 million tonnes, while Central Coalfields edged up 0.44 per cent to 6.2 million tonnes.
The company’s offtake profile was more resilient. Mahanadi Coalfields dispatched 18.34 million tonnes in May, up 5.77 per cent, while Central Coalfields rose 17.45 per cent and Eastern Coalfields gained 6.48 per cent. South Eastern Coalfields increased dispatches by 3.18 per cent. The weaker areas included Bharat Coking Coal, where offtake fell 16.16 per cent, and Northern Coalfields, down 8.44 per cent.
The wider power sector is changing quickly. Non-fossil fuel capacity reached 283.46 gigawatts by the end of March, including 150.26 gigawatts of solar, 56.09 gigawatts of wind, 51.41 gigawatts of large hydro and 8.78 gigawatts of nuclear power. Renewable energy additions in 2025-26 were driven mainly by solar, which has become a significant contributor during daylight peaks. Even so, the grid still leans heavily on coal after sunset and during periods when renewable output weakens.
That split has created a more complex operating environment. Coal India is being asked to ensure reliability during heatwaves, support power plants with low stocks and maintain supplies to non-power consumers, while policymakers are also pushing cleaner energy, storage and transmission upgrades. The result is a coal market where peak demand can be exceptionally strong even as average growth in coal consumption becomes less predictable.
SoftBank Group has overtaken Toyota Motor as Japan’s most valuable company, underlining a sharp shift in investor preference from the country’s traditional manufacturing champions towards businesses seen as central to the global artificial intelligence build-out.
Shares in Masayoshi Son’s technology investment group surged in Tokyo trading, lifting its market value to about ¥47.2 trillion, or roughly $296 billion, ahead of Toyota’s ¥45.7 trillion after the carmaker’s stock fell nearly 5 per cent. The move placed SoftBank at the top of Japan’s corporate valuation table for the first time in more than two decades and added momentum to a Nikkei 225 rally that pushed the index above 67,000.
The change is more than a stock-market milestone. It reflects how the AI boom has reshaped capital allocation in Japan, where investors are assigning higher value to companies with exposure to semiconductors, data centres, power infrastructure and generative AI platforms. Toyota remains one of the world’s largest and most profitable carmakers, but its valuation is now being weighed against a slower earnings outlook, tariff pressure, currency swings and the heavy cost of electrification.
SoftBank’s advance has been driven by a powerful combination of portfolio gains and expectations that its AI-linked holdings could generate fresh liquidity. The group’s exposure to Arm, the British chip-design company it took public in 2023, has become a key pillar of its market value. Arm’s technology is used widely across smartphones, cloud computing and increasingly AI-related chips, giving SoftBank a central position in the semiconductor supply chain.
OpenAI has become the second major driver of investor attention. SoftBank has committed tens of billions of dollars to the ChatGPT developer and is positioning itself as a core financier of AI infrastructure. Expectations that OpenAI could move towards a public listing have intensified interest in SoftBank’s asset base, even as analysts continue to debate how much of the group’s valuation depends on private-market pricing and future monetisation.
The latest surge followed SoftBank’s plan to invest up to €75 billion in AI infrastructure in France, including data centres and power-intensive computing capacity. The first phase is expected to involve about €45 billion of investment to build 3.1 gigawatts of capacity by 2031, with further expansion potentially taking the total to 5 gigawatts. The project places France at the centre of Europe’s push to develop sovereign AI infrastructure, helped by its nuclear-heavy power system and available industrial sites.
SoftBank is also moving to create public-market vehicles around AI infrastructure. SB Energy, its power and data-centre platform, is preparing for a potential US listing and has been linked to a valuation above $50 billion. The company is involved in large-scale power projects designed to support AI workloads, including a 1.2-gigawatt data-centre development in Texas. A separate robotics venture, Roze, is also being prepared for a possible listing, highlighting SoftBank’s attempt to build an ecosystem around energy, construction automation and computing capacity.
Toyota’s fall in ranking does not signal operational weakness. The carmaker reported operating income of ¥3.8 trillion for the financial year ended March 2026, supported by vehicle sales and pricing power despite tariff costs and rising expenses. It remains a global force in hybrid technology, production efficiency and supply-chain management. However, investors have become more cautious about its growth outlook as the auto sector faces higher regulatory costs, slower battery-electric vehicle adoption in some markets, and intensifying competition from China-based manufacturers.
The contrast between SoftBank and Toyota captures a broader reordering of Japan’s equity market. AI-linked names, chip suppliers and infrastructure companies are drawing strong inflows, while parts of the auto sector and older industrial groups face questions over margin durability. Kioxia, the memory-chip maker, has also climbed sharply this year, showing how investor enthusiasm has spread beyond SoftBank into companies tied to storage and high-performance computing.
The rally has strengthened the profile of Son, whose investment record has swung between spectacular gains and painful losses. SoftBank’s Vision Fund suffered heavy write-downs after the collapse in technology valuations in 2021 and 2022, while earlier bets such as WeWork damaged confidence in the group’s risk controls. Its comeback has been powered by a more concentrated AI narrative, but that also leaves the shares vulnerable if expectations around OpenAI, Arm or infrastructure listings are revised lower.
IndiGo slipped to an unexpected quarterly loss as a sharp foreign-exchange hit, elevated fuel costs and West Asia-linked operational disruption outweighed steady revenue at Asia’s largest low-cost carrier.
InterGlobe Aviation, the parent of IndiGo, reported a consolidated net loss of ₹2,536.9 crore for the quarter ended 31 March 2026, compared with a profit of ₹3,067.5 crore a year earlier. Revenue from operations rose 1.3 per cent to ₹22,438.4 crore, underscoring the pressure on margins even as traffic and network scale remained broadly resilient.
Foreign exchange was the biggest drag on earnings. The airline recorded a net forex loss of about ₹4,823 crore during the quarter, reversing a gain in the same period last year. More than half of IndiGo’s cost base is linked to the US dollar, leaving the carrier exposed to currency movements through aircraft leases, maintenance, engine costs and other overseas obligations.
The March-quarter performance also reflected the impact of higher aviation turbine fuel prices, which rose sharply as geopolitical tensions disrupted crude markets. Fuel remains the single largest variable cost for airlines, and IndiGo’s low-cost model has been tested by the combination of higher oil prices, a weaker rupee and operational restrictions affecting parts of its network.
Capacity growth slowed to 3.4 per cent during the quarter, far below the pace recorded a year earlier. The carrier faced route and scheduling challenges tied to West Asia airspace disruption, while higher fuel prices made some services less attractive commercially. IndiGo and other carriers have trimmed planned domestic schedules for June and July as they reassess deployment during the summer travel period.
The result marks a sharp reversal for an airline that has benefited from strong domestic demand, high aircraft utilisation and the weakness of smaller rivals. IndiGo still controls the largest share of the country’s aviation market and operates one of the world’s biggest aircraft order books, but the quarterly loss shows that scale alone cannot fully offset external shocks.
Operationally, the airline continued to expand its network and strengthen international connectivity, including services aimed at capturing longer-haul demand from South Asia to Europe, the Gulf and Southeast Asia. Management has been pushing a broader transformation from a predominantly domestic low-cost carrier into a larger international operator with premium options on select routes.
That strategy requires higher spending, more complex aircraft deployment and deeper exposure to foreign-currency costs. Lease liabilities, engine maintenance obligations and airport charges in overseas markets are all sensitive to exchange-rate movement. The quarter therefore highlights a central challenge for IndiGo: maintaining its cost advantage while moving into markets where volatility is harder to absorb.
The airline is also evaluating a broader hedging approach for fuel and currency exposure. IndiGo has traditionally kept a limited fuel-hedging position, relying instead on operational efficiency and scale. The latest loss could accelerate a shift towards more active risk management, particularly if crude prices remain elevated and the rupee stays under pressure.
Passenger demand has not collapsed, but softer discretionary travel linked to higher fares and regional uncertainty has added pressure. Airlines have sought to pass part of the fuel-cost increase to passengers, yet fare hikes can weaken price-sensitive demand, especially in the low-cost segment. That balance is becoming more difficult as carriers deal with aircraft shortages, engine inspections and congested airports.
IndiGo’s cost structure also faced pressure from labour-related provisions and broader inflation in staff, airport and maintenance expenses. The company has been adding pilots, cabin crew and engineering capacity to support network growth, while aircraft groundings linked to engine issues continue to affect industry-wide fleet planning.
Despite the quarterly loss, the airline remains better placed than many competitors because of its fleet scale, liquidity position and extensive domestic network. Its large Airbus order book gives it long-term growth visibility, while its high-frequency metro and regional operations provide strong load-factor support. The carrier’s ability to manage unit costs will be central to restoring profitability.
The board has approved a plan to deploy up to $450 million for aircraft, engines and other aviation assets, a move aimed at giving the airline more control over key operating inputs. That investment points to a longer-term effort to reduce dependence on leased capacity and improve flexibility in fleet management.
Carnival Corporation has begun notifying nearly 6 million people after a cyber intrusion exposed personal information, intensifying scrutiny of data protection practices at one of the world’s largest cruise operators. The Miami-based company said unauthorised activity was detected on April 14 after an attacker used social engineering to deceive an employee and gain access to a limited part of its IT environment. Regulatory filings show 5,995,277 people […]
Asia’s first Design & Innovation Festival announces its venue and key speakers — where Japanese design expertise meets the cultural diversity of Asia
BANGKOK, THAILAND – Media OutReach Newswire – 27 May 2026 – On Friday, June 26, 2026, SYNC Design & Innovation in SITE 2026 will be held at Siam Paragon, Bangkok — a large-scale forum dedicated to the convergence of design and business. Organized by Nikkei Business Publications, Inc. (Nikkei BP) and co-organized by FOURDIGIT Inc. and the National Innovation Agency (NIA) of Thailand, the event announces its venue and principal speaker lineup.
A special program within SITE 2026, one of Southeast Asia’s largest innovation festivals
SYNC Design & Innovation is realized in collaboration with SITE 2026 (June 25–27), the flagship startup and innovation technology festival hosted by NIA and one of the largest of its kind in Southeast Asia. Past editions have drawn more than 30,000 in-person visitors and generated approximately 2.89 million online impressions, establishing SITE as a focal point of the regional innovation calendar across Asia. SYNC will be staged on June 26, the second day of SITE 2026, as a dedicated forum within the festival, positioned as the meeting point where Japanese design intelligence converges with the cultural diversity of Asia.
A landmark gathering of Japan’s leading designers and business leaders
The program brings together pioneers who have carried the power of design from Japan to the global stage:
• Manabu Mizuno (good design company), known for long-horizon brand strategy and total direction
• Eisuke Tachikawa (NOSIGNER), Board of Directors, World Design Organization (WDO)
• Eriko Yamaguchi, founder of MOTHERHOUSE, a brand operating across six Asian markets
• Kazufumi Nagai (Tama Art University), behind the branding of numerous Japanese corporations
• Yoshihiro Yagi (dentsu Japan), recipient of more than 750 awards in Japan and abroad
From the co-organizer, Ryo Taguchi, CEO of FOURDIGIT Inc., who has pioneered UX design within Japan’s digital industry, and Takehiro Suenari, who has led service design practice across Southeast Asia, will also take the stage.
The business track features practitioners working at the intersection of AI, technology and enterprise, including Satoru Yamamoto, who leads AI initiatives across the Dentsu Group; Akio Kazama of ZOZO, Japan’s leading fashion commerce company; and Shinichiro Nishikawa of NTT DATA Global Payment, who has supported international financial innovation. They will be joined by senior leaders of Japanese enterprises based in Thailand.
Thai innovation and design leaders join the stage
From the host city, leaders shaping policy, business and design in Thailand will convene:
• Dr. Krithpaka Boonfueng, Executive Director of NIA, architect of the 4G Strategy for national growth
• Dr. Chakrit Pichyangkul, Executive Director of the Creative Economy Agency (CEA), driving Thailand’s creative economy
• Dr. Surapant Meknavin of the National Higher Education, Science, Research and Innovation Policy Council (NXPO), leading AI policy and digital transformation
• Dr. Nares Damrongchai, an international leader of organizational transformation
• Sumpatha Jadee, Senior Designer at Farm Group
A special live performance bridging music and innovation
Beyond the business and design sessions, SYNC will feature live performances by acclaimed Japanese and Thai artists, designed to symbolize the fusion of business and creativity and to broaden the event’s reach to wider audiences.
Featured artists include: Wednesday Campanella, KIKI, EYE VDJ MASA (with ALS MASATANE MUTO), Takahito Uchisawa (androp), STEREO DIVE FOUNDATION, Tom Kawada, Ohzora Kimishima, Hana Taguchi, inmintcondition, and others.
Special guest: Kumamon to appear with Manabu Mizuno
The forum welcomes a special guest from Japan: Kumamon, Sales and Happiness Manager of Kumamoto Prefecture. The beloved mascot will share the stage with creative director Manabu Mizuno, who designed Kumamon.
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