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Developed in collaboration between AECOM and ULI, the report brings together perspectives from stakeholders across infrastructure, government, utilities, investment, planning and development sectors. It draws on a survey of more than 100 senior infrastructure professionals in Asia Pacific, alongside in-depth interviews with industry leaders. As the first edition of the Index, it establishes a baseline for understanding how infrastructure innovation is currently being prioritized and delivered across the region.

“This report highlights how organizations are moving beyond ideas and applying innovation in practical ways to improve delivery, resilience and system performance,” said Ian Chung, chief executive of AECOM’s Asia region. “Infrastructure leaders across Asia Pacific are responding to growing complexity by strengthening digital capabilities, improving coordination across interconnected systems and focusing on long-term operational performance.”

“Our collaboration with AECOM reflects a growing recognition that infrastructure and real estate are increasingly interdependent,” said Alan Beebe, CEO Asia Pacific, ULI. “As cities in Asia Pacific evolve, infrastructure is no longer just a technical consideration, but plays a critical role in shaping how places function, grow and perform. Understanding how innovation is being applied in this context is essential for those involved in the built environment.”

Among the top ten takeaways highlighted in the report, three key themes emerged consistently across both the survey findings and interview insights: the role of AI in infrastructure systems, the integration and growing demands on energy systems, and the need to design and operate infrastructure for climate resilience. Together, these themes highlight a broader shift toward enhancing how infrastructure systems are developed and perform under increasingly complex, real-world conditions.

Read the report here: Asia Pacific Infrastructure Innovation Index | AECOM Insights

Hashtag: #AECOM #AsiaPacificInfrastructureInnovationIndex

https://aecom.com

The issuer is solely responsible for the content of this announcement.

About AECOM

AECOM is the global infrastructure leader, committed to delivering a better world. As a trusted professional services firm powered by deep technical abilities, we solve our clients’ complex challenges in water, environment, energy, transportation and buildings. Our teams partner with public- and private-sector clients to create innovative, sustainable and resilient solutions throughout the project lifecycle — from advisory, planning, design and engineering to program and construction management. AECOM is a Fortune 500 firm that had revenue of $16.1 billion in fiscal year 2025. Learn more at aecom.com.

About the Urban Land Institute

The Urban Land Institute (ULI) is a non-profit education and research institute supported by its members. Its mission is to shape the future of the built environment for transformative impact in communities worldwide. Established in 1936, the Institute has more than 48,000 members worldwide and over 3,000 members in the Asia Pacific region representing all aspects of land use and development disciplines. For more information on ULI Asia Pacific, please visit asia.uli.org, or follow us on LinkedIn, Facebook, Instagram, X, and YouTube.

By K Raveendran Public anger has a strange way of finding symbols. Sometimes it gathers around a saintly figure in a white cap, sometimes around an unlikely political label that sounds almost like a joke until it begins to speak for a generation. The overwhelming response from Gen Z to the Cockroach party carries unmistakable […]

The article Cockroach Politics And The Limits Of Public Anger appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

The yen traded near 159.92 per dollar in Asian dealings, close to the level widely viewed by traders as a possible trigger for official action. The move erased much of the currency’s rebound after Japan’s ¥11.7 trillion intervention campaign earlier this year, leaving markets alert to fresh warnings from the Ministry of Finance.

Dollar demand strengthened after renewed fighting in the Gulf raised fears of wider disruption to energy supplies and trade routes. The US currency benefited from its reserve status, while risk-sensitive currencies came under pressure. The dollar index held around 99.27, supported by geopolitical uncertainty and firm US labour indicators that have reduced expectations of near-term monetary easing by the Federal Reserve.

Japan’s authorities have intensified verbal warnings as the yen weakens. Finance Minister Satsuki Katayama has said the government is ready to respond appropriately to excessive currency moves, language that traders typically read as a signal that intervention remains on the table. Officials have also stressed coordination with the United States, a politically sensitive point because unilateral currency action can draw scrutiny from trading partners.

The yen’s slide reflects a combination of external pressure and domestic policy constraints. Japan remains heavily dependent on imported energy, much of it priced in dollars. Higher oil prices therefore worsen the trade position and add pressure to household costs, while a weaker yen raises import bills further. Brent crude climbed towards $95 a barrel as Gulf tensions fed concerns over supplies, adding another layer of strain for Japan’s economy.

Attention is now focused on Bank of Japan Governor Kazuo Ueda, whose next policy signals will be watched closely ahead of the June 15-16 policy meeting. Markets have increased bets that the central bank could raise interest rates from 0.75% to 1%, especially as imported inflation pressures build. Any move would mark a further step away from the ultra-loose policy framework that kept Japan’s rates far below those of other major economies for years.

Still, the Bank of Japan faces a difficult balance. A rate increase could support the yen and help restrain inflation expectations, but policymakers remain cautious about tightening too sharply while domestic demand stays uneven. Wage growth has improved, yet household purchasing power remains vulnerable to higher energy and food costs. A premature tightening cycle could hurt consumption just as companies pass on higher input costs.

The interest-rate gap with the United States remains central to the yen’s weakness. US policy rates are still high by comparison, keeping dollar assets attractive to global investors. Stronger US jobs data has strengthened the argument that the Federal Reserve may keep policy restrictive for longer, or even consider further tightening if inflation risks intensify. That has limited any relief for currencies trading against the dollar.

Other major currencies also softened. The euro slipped as investors assessed rising energy-driven inflation in the eurozone and the possibility of a European Central Bank rate increase at its June 11 meeting. Sterling edged lower, while the Australian and New Zealand dollars were weighed down by weaker risk appetite. Cryptocurrency markets also came under pressure as investors moved away from volatile assets.

For Japan, the 160 level carries market and political significance. Authorities intervened when the yen breached similar levels in 2024 and again used large-scale buying this year to slow the currency’s decline. The effectiveness of intervention, however, depends on whether monetary policy and global market conditions move in the same direction. Without a narrower yield gap or a broader fall in the dollar, direct yen purchases can lose impact quickly.

The offering will comprise existing ordinary shares held by the company’s current shareholders, meaning proceeds from the sale will go to the selling shareholders rather than to OMIFCO. The subscription period is expected to open this month, subject to final regulatory approvals from the Financial Services Authority, with trading targeted for July if market conditions remain supportive.

OMIFCO is 50 per cent owned by Oman state energy group OQ, while Indian Farmers Fertiliser Cooperative Limited and Krishak Bharati Cooperative Limited each hold 25 per cent. The float is expected to give investors access to one of Oman’s largest industrial exporters and a fertiliser producer with strong exposure to global urea and ammonia demand.

The company operates from Sur Industrial City, where its complex includes two ammonia trains and two urea trains. Annual nameplate capacity stands at about 1.15 million tonnes of ammonia and 1.65 million tonnes of urea, making the producer one of the largest fertiliser operators in the Gulf. The business is supported by long-term gas supply arrangements, established marketing relationships and export infrastructure, including a dedicated deep-water berth that connects the plant to overseas markets.

The IPO comes at a sensitive moment for fertiliser supply chains, with Middle East producers drawing stronger investor attention as global prices respond to disruptions in energy and shipping routes. Urea remains OMIFCO’s dominant revenue source, accounting for the bulk of sales, while ammonia provides an additional export stream and supports integrated production at the Sur complex.

OMIFCO generated revenue of $802.3 million in 2025, with an EBITDA margin of 50.6 per cent and a net profit margin of 40 per cent. Revenue for the first quarter of 2026 reached $207.4 million, while EBITDA margin stood at 50.5 per cent and profit margin at 40.4 per cent. The company has said it has maintained a net cash position for several years and has no interest-bearing debt, a profile likely to feature prominently in investor marketing.

The company expects to distribute dividends of about RO71.2 million, equivalent to roughly $185 million, for the 2026 financial year. The payout is planned in two equal instalments, scheduled for September 2026 and April 2027. For the following two financial years, dividend guidance is expected to be linked to either 90 per cent of net profit or a minimum annual compounded increase from the 2026 dividend base, whichever is higher.

The planned sale follows a series of listings and privatisation moves aimed at expanding the depth of Oman’s capital market. OQ Exploration and Production’s 2024 listing was one of the largest offerings in the region that year, while Asyad Shipping also formed part of the state-linked pipeline of public market transactions. OMIFCO’s proposed listing would extend that momentum into industrial manufacturing and food-security-linked exports.

Bank Muscat and Société Générale have been appointed joint global coordinators for the offering, with Bank Muscat also acting as issue manager. Arqaam Capital and United Securities are serving as joint bookrunners. The final structure, allocations and investor eligibility terms will be detailed in the prospectus after approval by the Financial Services Authority.

The offering is expected to include tranches for institutional and retail investors, with participation governed by Oman’s regulations for public joint stock companies. Shares will also be offered to selected qualified investors outside the United States under applicable securities rules, broadening the potential investor base while keeping the formal listing on the Muscat Stock Exchange.

OMIFCO’s position is closely linked to demand from agriculture markets, particularly urea used in crop nutrition. India has remained a major destination for its exports, supported by long-term commercial ties with its cooperative shareholders. From 2023 to 2025, the country accounted for most exported urea volumes and a substantial share of ammonia shipments, reinforcing the company’s role in cross-border fertiliser supply.

The Tokyo-based maker of NAND flash memory and solid-state drives has become one of the most closely watched stocks on the Tokyo Stock Exchange after a sharp rally tied to demand for data-centre storage, AI servers and high-performance memory systems. Its market capitalisation has climbed into the tens of trillions of yen, placing it near Toyota and behind SoftBank Group in a reshuffled ranking that would have seemed unlikely when Kioxia priced its initial public offering at 1,455 yen a share in December 2024.

The shift marks a wider challenge to the long-standing dominance of Japan’s manufacturing champions. Toyota, the global carmaker that symbolised the strength of Japan Inc. for decades, has been displaced from the top position by SoftBank during the latest AI-led surge, while Kioxia has risen rapidly from a former Toshiba memory unit backed by Bain Capital into a central player in the market’s technology rotation.

Kioxia’s climb reflects investor expectations that memory will remain a bottleneck in AI infrastructure. Generative AI systems require vast amounts of storage and high-speed data movement, pushing demand beyond the older cycle driven mainly by smartphones and personal computers. Data-centre operators, cloud companies and chip designers are competing for components needed to train and run large AI models, giving memory producers stronger pricing power after years of volatility.

The company’s earnings have strengthened sharply. Kioxia has projected operating profit of about 1.3 trillion yen for the April-June quarter, a figure that puts it among the most profitable listed companies in Japan. Its latest annual results showed strong momentum in revenue, margins and cash generation, helping ease earlier concerns about debt and cyclicality. Rating upgrades to investment grade have added to the perception that the balance sheet is improving at a time when investors are rewarding semiconductor exposure.

Kioxia’s origins give its rise broader industrial significance. The company traces its roots to Toshiba’s memory business, which was sold to a Bain-led consortium in 2018 after Toshiba’s financial crisis. The group was renamed Kioxia in 2019, drawing on the Japanese word for memory and the Greek word for value. Its public listing in 2024 valued it below 800 billion yen, after earlier IPO attempts were delayed by weak valuation conditions and pressure in the memory market.

That cautious debut contrasts sharply with its current status. Shares have multiplied as investors reassessed the role of NAND flash in AI systems, especially as large-scale data centres require higher storage density, faster access and more energy-efficient hardware. Kioxia has also been developing advanced BiCS FLASH technology and promoting next-generation SSDs for AI storage infrastructure.

The rally has also lifted questions over valuation risk. Memory chips remain one of the semiconductor industry’s most cyclical segments, with prices exposed to shifts in capital spending, inventory levels and customer demand. A sharp rise in market value leaves Kioxia vulnerable if hyperscaler investment slows, if competitors add capacity faster than expected, or if customers push back against higher pricing.

Competition is intense. Samsung Electronics, SK Hynix, Micron Technology and SanDisk remain key players across memory markets, with SK Hynix holding a dominant position in high-bandwidth memory used in AI accelerators. Kioxia’s strength is more closely tied to NAND flash and SSDs, where demand from AI infrastructure has broadened the market but does not eliminate the risk of oversupply once new capacity comes on stream.

Toyota’s relative decline in the rankings does not point to operational weakness alone. The carmaker remains one of the world’s largest manufacturers by sales and a major profit generator, but investors have been rotating away from traditional industrial leaders towards companies with direct AI exposure. Concerns over electric-vehicle competition, currency movements and the cost of future technologies have weighed on auto valuations, even as Toyota continues to command global scale in hybrid vehicles and supply-chain management.

SoftBank’s ascent has further highlighted the changing market narrative. Its exposure to Arm and AI-related investments has drawn investors seeking Japan-based access to global AI infrastructure. Together, SoftBank and Kioxia now represent a market story centred on chips, data centres, software platforms and computing capacity rather than the export-led industrial model that long defined Japan’s equity market.

Foreign investor flows have amplified the shift. Japan’s equity market has benefited from corporate-governance reforms, stronger capital returns and renewed interest in companies linked to the AI supply chain. The Nikkei 225 has reached record territory, though the rally has been uneven, with gains concentrated in a limited group of technology-linked names while broader market performance has been more mixed.

Kioxia’s next test will be whether it can convert favourable pricing and sold-out capacity into durable earnings. Investors will look for clearer shareholder-return plans, disciplined capital expenditure and evidence that AI storage demand can remain strong beyond the current investment wave. The company’s contemplated US share listing would widen access to global technology investors and could further raise its profile if market conditions remain supportive.

Consumption growth in the world’s third-largest crude importer is now forecast at about 78,000 barrels a day for 2026, nearly 40 per cent below pre-war expectations. Excluding the Covid-hit year of 2020, that would mark the slowest expansion in a decade for an economy that has otherwise been one of the main pillars of global oil-demand growth.

The downgrade reflects the widening economic impact of the war involving Iran, which began at the end of February and disrupted flows through the Strait of Hormuz, one of the world’s most important oil transit routes. International crude prices have risen sharply from pre-conflict levels, while refined product markets have tightened as Gulf exports of fuels and feedstocks remain constrained.

India’s reliance on imported crude and petroleum products has amplified the pressure. Higher energy prices are feeding into transport costs, refinery margins, aviation fuel expenses and household fuel supply management. A weaker rupee has added to the burden by increasing the local-currency cost of dollar-denominated imports.

State-run refiners have raised some fuel prices modestly, but domestic retail prices remain well below market-reflective levels. Oil ministry estimates indicate that processors have been losing about ₹6 billion a day on sales of diesel, petrol and liquefied petroleum gas. The strain has revived concerns over under-recoveries at state-controlled retailers, even as authorities seek to shield households and small businesses from a sharper fuel-price shock.

Diesel, the largest component of petroleum product consumption, is showing the clearest signs of stress. It powers trucks, tractors, construction equipment and a large portion of industrial activity. Forecasts for diesel-demand growth have been cut heavily, with some estimates suggesting growth may slow to only 4,000 to 5,000 barrels a day, compared with earlier expectations of 50,000 to 60,000 barrels a day.

Transport operators say higher running costs are already hurting freight movement. Rajendra Kapoor, president of the All India Motor and Goods Transport Association, said customers were resisting higher freight charges even as fuel expenses had risen. He estimated that fleet movement had fallen by 15 per cent to 20 per cent, affecting the movement of farm goods, industrial raw materials and retail products.

Petrol demand remains more resilient because passenger mobility has held up better than heavy freight. Even so, growth projections for petrol have been cut by about 40 per cent to around 38,000 barrels a day. Urban commuting, private vehicle use and two-wheeler demand continue to support consumption, but high prices and government appeals for fuel conservation are tempering growth.

Prime Minister Narendra Modi has urged people to save fuel by working from home where possible, using public transport and avoiding non-essential overseas travel. Such measures indicate how the energy shock has moved beyond refinery balance sheets into wider economic management.

Aviation turbine fuel is another area under pressure. Jet fuel costs account for a major share of airline operating expenses, and the loss of Middle East product exports has tightened supplies. Forecasts for jet fuel growth have been halved by some market consultants, while airlines face the twin challenge of higher fuel bills and weaker discretionary travel demand in price-sensitive segments.

Liquefied petroleum gas has also been hit by supply disruptions. April consumption fell to about 2.2 million metric tonnes, down more than 16 per cent from a year earlier, as import flows were affected. Authorities have asked state fuel retailers to build LPG storage capacity equivalent to 30 days of demand, a move aimed at strengthening energy security against further disruptions.

Official petroleum data showed total product consumption at 19.30 million metric tonnes in April, down 4.6 per cent from a year earlier. The contraction followed a record high of 21.75 million tonnes in December 2025, underlining the speed with which the war-related price shock has altered demand conditions.

Global oil-market agencies also disagree over the depth of the slowdown. Some forecasts still expect worldwide demand to rise this year, while others now see a contraction because of weaker refinery runs, reduced petrochemical feedstock availability and lower aviation activity. The sharpest downgrades have been concentrated in Asia, where import-dependent economies are most exposed to disruption in Gulf supply chains.

The shift reflects a sharp change in investor preference after months of underperformance by Hong Kong equities against mainland peers. Mainland investors sold about HK$3.6 billion of Hong Kong shares through the trading links last month, the first monthly net outflow since June 2023 and one of only a small number of monthly selling episodes since the southbound channel became a key route for mainland money into the city’s market.

The move is striking because southbound buying has been one of the strongest supports for Hong Kong stocks over the past year. Mainland funds poured into high-dividend banks, telecoms groups, energy companies and internet platforms during earlier phases of the rally, helping offset caution among global investors. That support is now weakening as domestic funds chase companies tied to AI infrastructure, chips, optical modules, software and computing power.

Onshore AI shares have delivered a stronger performance than Hong Kong’s technology benchmarks this year. The CSI Artificial Intelligence Index has risen sharply, while the Hang Seng Tech Index has lagged, weighed down by concerns over platform margins, heavy spending on AI models and pressure from subsidy battles in e-commerce and online services. The divergence has encouraged active money managers and retail traders to reassess whether Hong Kong-listed internet giants still offer the most attractive exposure to China’s technology story.

The change in flows also comes as Beijing’s industrial policy continues to favour advanced manufacturing, domestic semiconductors, large language models and high-end computing. Companies linked to AI servers, data centres, optical communications, robotics and chip design have become favoured market proxies for China’s effort to reduce dependence on foreign technology. That policy backdrop has helped support valuations even as questions persist over earnings visibility, capital expenditure demands and competition.

Cambricon Technologies, Zhongji Innolight, Kingsoft Office, iFlytek and other mainland-listed technology names have been among the companies watched closely by investors seeking domestic AI exposure. Hong Kong still hosts major technology groups such as Tencent, Alibaba, Baidu, Meituan and Xiaomi, but the market’s heavyweight structure makes it more exposed to mature platform businesses than to the faster-growing AI hardware and infrastructure supply chain favoured by onshore traders.

Hong Kong’s role as a fundraising centre remains intact despite the outflow. The city has continued to attract listings from technology, healthcare, robotics and semiconductor-related companies, while mainland firms still view it as the most practical offshore venue for raising international capital. Several AI and chip-linked companies are preparing or considering Hong Kong share sales, suggesting the city remains central to China’s capital market architecture even as secondary-market money rotates elsewhere.

The weakness in southbound appetite also reflects broader caution over Hong Kong valuations after a strong earlier advance. Investors who bought the market for dividends and policy support are locking in gains while seeking higher-beta opportunities at home. The shift does not necessarily point to a structural rejection of Hong Kong stocks, but it does show that mainland money is becoming more selective after helping drive earlier momentum.

Regulatory pressure on offshore investment channels may also be influencing behaviour. Authorities have tightened scrutiny of unauthorised cross-border trading accounts and offshore brokerage activity, reinforcing the appeal of regulated domestic routes. While Stock Connect remains an approved mechanism, wider efforts to keep capital within supervised channels have added another layer of sensitivity around outbound allocations.

Market analysts say the key question is whether the AI-led onshore rally can broaden beyond a narrow group of highly valued companies. China’s AI supply chain is benefiting from state support, falling model costs and growing enterprise adoption, but investors face risks from crowded positioning, uneven profitability and rapid technological shifts. Several AI-linked companies still trade more on expectations than on proven earnings, leaving the sector vulnerable to volatility if sentiment turns.

Advancing Research Commercialization and Building a Vibrant I&T Ecosystem

HONG KONG SAR – Media OutReach Newswire – 2 June 2026 – The Hong Kong University of Science and Technology (HKUST) today successfully hosted its annual “Unicorn Day,” one of Hong Kong’s flagship innovation and entrepreneurship events. The event brought together over 1,800 participants, including students, faculty, and alumni, as well as international and local government representatives, industry partners, investors, innovation and technology entrepreneurs, and researchers. Participants exchanged insights on strategies to strengthen collaboration across the innovation ecosystem, foster cross-disciplinary partnerships, and accelerate the translation of research outcomes into real-world impact.

The event was officiated by Prof. SUN Dong, Secretary for Innovation, Technology and Industry of the HKSAR Government, alongside consuls-generals and senior officials from countries including Australia, Chile, France, Hungary, India, Japan, Malaysia, the Netherlands, Vietnam, and the United Arab Emirates. They were joined by Prof. Nancy IP, HKUST President; Prof. Lionel NI, HKUST (Guangzhou) President; and Prof. Tim CHENG, HKUST Vice-President for Research and Development; in touring over 100 HKUST-nurtured startups, showcasing innovations and applications spanning areas such as healthcare, electronics, and artificial intelligence systems, as well as new materials, green energy, and sustainability.

Prof. Sun Dong remarked, “Innovation and technology (I&T) has always been at the top of the Hong Kong SAR Government’s agenda. We fully recognise the crucial role of local universities — not only as key partners, but as the bedrock of Hong Kong’s I&T ecosystem. In just three and a half decades, HKUST has risen to become a global powerhouse in deep tech, entrepreneurship, and innovation as demonstrated by its ability to nurture unicorns and deep-tech ventures. Hong Kong is entering a golden era of I&T development. We are building new engines to drive Hong Kong’s high-quality development, focusing on research and development in key fields and leading industry applications. I am confident that Hong Kong will rise as a leading international I&T center and contribute meaningfully to our nation’s high-quality development, and that HKUST will continue to be a driving force in this amazing journey.”

President Ip said, “As we mark the 35th anniversary of HKUST this year, we also celebrate the spirit of innovation and entrepreneurship that has long been embedded in our DNA. Both the Technology Transfer Center and the Entrepreneurship Center were established in the University’s early years to support faculty and students in realizing their entrepreneurial aspirations and to promote the translation of research outcomes into practical solutions. Over the past 35 years, the University has forged ahead with determination, sowing the seeds of innovation and yielding remarkable achievements across multiple frontier fields. Today, HKUST continues to broaden its horizons, strategically positioning itself in key domains. One example is medical education. The establishment of the HKUST Medical School will integrate the life sciences with cutting-edge technologies to nurture a new generation of interdisciplinary medical professionals.

Concurrently, HKUST has been actively involved in national initiatives such as the Chang’E 8 lunar exploration mission and research projects for the Tiangong Space Station, and the launch of the first commercially viable aerospace project under the RAISe+ Scheme. These achievements exemplify HKUST’s enduring ‘can do’ spirit over the past decades and echo the theme of today’s event—’From Ideas to Miracles—35 Years of Impact and Beyond’. Looking ahead, HKUST will continue to nurture bold ideas and action, working hand in hand with partners across different sectors to cultivate a vibrant innovation ecosystem, ensuring that research achievements benefit society and create lasting global impact.”

To support startups in expanding into global markets and to promote cross-border collaboration, HKUST introduced an “International Pavilion,” featuring startups and innovation organizations from various countries and regions. Participants from Thailand, Singapore and Korea were among those represented, strengthening connections between Hong Kong, and countries and regions along the Belt and Road in technology application and industry development.

The event also saw the signing of multiple partnership agreements, including six strategic collaborations with:

• GPTX Investment Management Limited
• China Everbright Water Limited
• Jiangsu Daotop Environmental Technology
• Samsung R&D Institute China – Guangzhou
• CalmCar Physical AI Innovation Center
• InnoAngel

to advance talent development and industry–academia integration, and foster innovation-driven research and real-world technology translation.

HKUST’s I&T Strength Driving Economic Growth

In addition, HKUST also released the report Driving Socioeconomic Impact Through Research and Innovation: Insights from HKUST, commissioned by the University and prepared by the international research information analytics organization Elsevier. The report highlights HKUST’s outstanding performance in innovation and entrepreneurship. Over the past five years, research output has recorded an average growth of 10%, approximately 9% higher than that of other local institutions. More than 65% of the research is concentrated in engineering and computer science, while 6.2% involves academia-industry collaboration, significantly higher than the global average of 2.7%. These collaborations have translated into impactful intellectual property, with approximately 1,670 patent applications and 700 grants over the same period, and a high IP utilization rate of above 30%.

Prof. Tim Cheng noted that the findings demonstrate HKUST’s steadily strengthening capabilities in research translation and academia-industry collaboration. HKUST’s publications achieved a Field-Weighted Citation Impact of 4.40, indicating that their citation impact is 4.4 times the global average. This underscores HKUST’s significant contributions to advancing Hong Kong’s socioeconomic development and enhancing its competitiveness in innovation and technology.

In addition, a “Marketplace” was also featured, showcasing products already launched by startups, including AI analytics tools, healthcare technologies, and smart city solutions, demonstrating the progress of translating research into practical applications.

Hashtag: #unicorn #unicornday #HKUST #partnership #innovation #startup #tech #AI #space #robotics #materialscience

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The reported move, if confirmed, would mark a significant shift in the composition of India’s external buffers at a time when oil prices, foreign portfolio outflows and import demand are combining to test the country’s balance of payments position. The RBI has not publicly confirmed any gold sale of that scale, and the latest available reserve data show a fall in the value of gold holdings rather than a definitive disclosure of physical bullion sales.

India’s foreign exchange reserves fell to $681.4 billion for the week ended May 22, down $7.5 billion from the previous week. Foreign currency assets declined by about $3 billion to $543 billion, while the value of gold reserves dropped by roughly $4.5 billion. The fall came as the rupee traded near record lows, having weakened by more than 4 per cent since the outbreak of the US-Iran conflict and the accompanying rise in energy prices.

The rupee has been under sustained pressure from higher crude oil and liquefied natural gas costs, wider hedging by importers and withdrawals by overseas investors from domestic equities. Brent crude has traded in the mid-$90 range, raising concern over India’s import bill because the country depends heavily on overseas energy supplies. Any prolonged disruption in Gulf shipping routes would add to inflation risks and intensify demand for dollars from refiners and importers.

The RBI has intervened through state-run banks to slow the currency’s decline, with traders indicating that the central bank has been uncomfortable with disorderly depreciation. The rupee was around 95 to the dollar this week after briefly sliding close to 97 in May. The central bank’s policy decision due this week is being watched for signals on whether it will rely mainly on liquidity tools, dollar sales and administrative measures, or consider a firmer monetary response.

The reported $12 billion gold-related action has drawn attention because India’s gold holdings have expanded in importance within the reserve portfolio. The central bank held about 880.5 tonnes of gold at the end of March, with gold accounting for nearly 17 per cent of total foreign exchange reserves. The physical stock has been broadly steady around 880 tonnes since mid-2025, suggesting that changes in the dollar value of gold reserves can reflect price movements, accounting effects and reserve operations as well as outright sales.

Gold has become a larger part of central bank reserves worldwide as monetary authorities seek diversification away from dollar assets and protection against geopolitical shocks. India has also moved more of its bullion to domestic vaults, reducing custody risks linked to overseas storage. That strategy had been seen as a long-term strengthening of sovereign reserve control, making any suggestion of sizeable gold liquidation politically and financially sensitive.

The government has moved separately to curb foreign exchange outflows. Import duties on gold and silver have been lifted sharply to about 15 per cent from 6 per cent, reversing earlier tariff relief and increasing the landed cost of precious metals. Rules around some bullion imports have also been tightened, while appeals have been made to households to reduce discretionary gold purchases.

Fuel prices have also been raised as state-run retailers pass through part of the increase in international crude costs. Petrol and diesel prices have risen after several years of limited retail adjustments, adding to household costs but reducing the burden on public-sector oil marketing companies. The step is intended to limit under-recoveries at fuel retailers and reduce the fiscal strain that would otherwise build if global prices stay elevated.

The combined policy response reflects the strain of a classic external shock: a weaker currency lifts import costs, higher oil prices widen the trade deficit, and investors demand higher compensation for risk. India enters this phase with substantial reserves, moderate inflation by past crisis standards and a financial system that remains broadly stable, but the speed of the rupee’s decline has revived comparisons with earlier episodes of currency stress.

For markets, the key question is whether the central bank can preserve confidence without exhausting liquid dollar assets or signalling panic. A calibrated use of reserves can smooth volatility, but heavy intervention may raise doubts if investors see it as a defence of a particular exchange-rate level. The RBI’s challenge is to keep currency markets orderly while allowing enough flexibility for the rupee to adjust to the oil shock and global risk aversion.

The award-winning dance company is one of the premier collegiate dance ensembles in the United States, renowned for its elite performance and vibrant stage presence. It has captivated audiences worldwide with its unique blend of standard ballroom and Latin dances, including the Waltz, Tango, Quickstep, Cha-cha and Samba.

Audiences in India can look forward to an unforgettable evening of entertainment, featuring artistic moves with dazzling costumes. These appearances are part of the Company’s annual international tour, which seeks to foster cultural understanding and strengthen global friendships through the universal language of dance.

Last year, they had the privilege of performing for His Majesty King Maha Vajiralongkorn and Her Majesty Queen Suthida in Thailand; Her Royal Highness Preah Reach Botrey Samdech Norodom Arunrasmy in Cambodia; as well as other dignitaries and professionals in Vietnam, demonstrating their role as cultural ambassadors on the global stage.

“We feel deeply honored for the opportunity to travel to India and experience its remarkable culture and traditions firsthand,” said Curt Holman, the artistic director of the Company. “Ballroom dance has a unique ability to transcend language and culture, and through movement and music. Our students look forward not only to sharing their artistry, but also to learning from the people of India.”

Bengaluru:

• 9 June 2026
• 7:00–8:30 p.m.
• MLR Convention Center (4th Cross Road, Kaveri Nagar, Whitefield, Bengaluru, KA 560048)
• https://www.eventbrite.com/e/byu-ballroom-dance-company-mlr-convention-centre-bengaluru-tickets-1987099925368?aff=ebdssbdestsearch

Hashtag: #byuballroom

https://pam.byu.edu/performance-groups/ballroom-dance-company/
https://www.facebook.com/byuballroom
https://www.instagram.com/byuballroom/
https://www.youtube.com/@byuballroomdancecompany2994

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BYU Ballroom Dance Company

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