India Seeks Ban on Online Betting Apps to Curb Addiction, Frauds
A bill tabled in the lower house of Parliament on Wednesday seeks to prohibit promotion and operation of gaming apps that require users to pay money for the chance to win cash.
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Yahoo
6 minutes ago
- Yahoo
Dollar drifts as investors ponder Fed independence ahead of Powell speech
By Ankur Banerjee SINGAPORE (Reuters) -The U.S. dollar drifted on Thursday as investors fretted about the Federal Reserve's independence after yet another attack from President Donald Trump ahead of remarks from Chair Jerome Powell later this week that could influence the outlook for rates. Trump called on Fed Governor Lisa Cook to resign on the basis of allegations made by one of his political allies about mortgages she holds in Michigan and Georgia, intensifying his effort to gain influence over the U.S. central bank. Cook said she had "no intention of being bullied to step down" from her position at the central bank. Trump has also told aides he is considering trying to fire Cook, the Wall Street Journal reported on Wednesday. "It has the potential to raise questions around the Fed's oversight and regulatory functions but it has little to no near-term monetary policy implications," said Prashant Newnaha, senior Asia-Pacific rates strategist at TD Securities. That explained the relatively muted reaction in the currency markets to the news as the dollar initially dipped on the news but was mostly calm into the Asian session. The Japanese yen held onto gains made in previous sessions and was little changed at 147.41 per dollar, while the euro was steady at $1.1642. Sterling last fetched $1.34535. That left the dollar index, which measures the U.S. currency against six other peers, steady at 98.301. Trump has repeatedly criticised Powell for being too slow to cut rates, stoking investor worries about the central bank's independence and its credibility. Investors expect Trump will replace Powell with a more dovish appointment when his term ends in May. Trump earlier this month said he would nominate Council of Economic Advisers Chairman Stephen Miran to serve out the final few months of a vacant Fed seat after Adriana Kugler unexpectedly resigned. Kristina Clifton, a senior economist at the Commonwealth Bank of Australia in Sydney, said if Cook resigns it would create another opening for Trump to appoint a Fed Governor who will vote to lower interest rates. "Perceived political interference in the Federal Reserve can undermine its independence, steepening the yield curve and denting the USD's safe haven status." POWELL SPEECH The main focus this week has been on whether Powell will push back against market expectations for a rate cut at the Fed's September 16-17 meeting when he speaks on Friday at the Jackson Hole meeting, following a weak jobs report for July. "Markets are adamant that recent labour market data necessitates some policy calibration and are expecting Chair Powell to tip his hat in that direction," TD's Newnaha said. Traders are pricing in an 82% chance of a 25-basis-point rate cut next month, CME FedWatch tool showed. While the odds have lowered from last week after hotter than expected producer price inflation tempered expectations, investors are still pricing in over 50 bps of easing this year. Some analysts cautioned that markets could end up being disappointed by Powell's speech, noting that the impact of Trump's tariffs on inflation remains uncertain. "It is not clear that Powell will deliver strong guidance," said Benoit Anne, managing director in the investment solutions group at MFS Investment Management. If the dovish signals elude us, there will be significant pricing out of the odds for a September cut." In other currencies, the New Zealand dollar was nursing steep overnight losses at $0.58205 after diving 1.2% to its lowest level since April. New Zealand's central bank cut interest rates on Wednesday as expected but left the door wide open to yet more easing if needed. The Australian dollar eased 0.13% to $0.64245, hovering near a two-week low. [AUD/] Sign in to access your portfolio
Associated Press
9 minutes ago
- Associated Press
New Zealand will spend $1.6B on military aircraft in a plan to double the defense budget
WELLINGTON, New Zealand (AP) — New Zealand 's government announced new military spending Thursday of 2.7 billion New Zealand dollars ($1.6 billion) to replace aging aircraft, with senior officials who unveiled the package citing rapidly growing global tensions and a deteriorating security environment. The purchase of military planes and helicopters was the first procurement announced in a government plan, disclosed April, to double defense spending from 1% to 2% of GDP in the next decade. New Zealand's military spending has trailed that of its larger partners in the Five Eyes intelligence sharing group of countries — which includes the United States, Britain, Canada and Australia — and the bolstered budget reflects a shift in how the remote island nation is responding to strategic competition between major powers in the Pacific Ocean. The procurement includes five MH-60R Seahawk helicopters to replace the existing maritime fleet and two Airbus A321XLR aircraft, allowing the retirement of Boeing 757s that are more than 30 years old and were already secondhand when purchased. The helicopters accounted for more than NZ $2 billion of the spending, officials said. Defense Minister Judith Collins said her government would 'move at pace' to procure the helicopters directly through the United States' foreign military sales program instead of going to a wider tender. Cabinet ministers were expected to consider the final business case in 2026, she told reporters in Wellington on Thursday. It would take 'a few years' to acquire the helicopters, Collins added, because buying new meant New Zealand would need to 'wait in line.' She denied the choice to buy from the United States was an attempt to rectify the trade imbalance that has seen New Zealand goods targeted for an adjusted 15% levy when arriving in the U.S. under the Trump administration's global tariffs plan. The aging Boeing aircraft have frequently broken down while transporting New Zealand prime ministers abroad in recent years and now can only be flown short distances. The episodes are among an awkward string of incidents that have highlighted the rundown state of the country's military hardware and persistent difficulties in maintaining it due to recruitment shortfalls.
Yahoo
36 minutes ago
- Yahoo
Apple Supplier BIEL Crystal Unveils "Witch Cloak" Ultra-Hard Coating Smartphone Glass Cover
HONG KONG, Aug. 20, 2025 /PRNewswire/ -- BIEL Crystal, a key Apple supplier and global leader in smart device components, has launched its revolutionary ultra-hard coating smartphone glass cover – "Witch Cloak". This breakthrough cover glass is now featured on Honor's latest Magic V5 foldable smartphone. According to official Honor mobile phone data, devices equipped with Witch Cloak glass demonstrate: 10x improvement in drop resistance 15x enhancement in scratch prevention 3x increase in abrasion durability significantly reducing screen cracks and breakages from everyday impacts. About WITCH CLOAK ultra-hard coating The Witch Cloak ultra-hard coating glass utilizes a glass-ceramic substrate coated with precisely alternating layers of silicon nitride (SiN) and silicon oxynitride (SiON). BIEL Crystal offers customizable coating solutions ranging multilayer to meet specific durability requirements. About BIEL Crystal Founded in 1989, BIEL Crystal is a leading global provider of exterior structure and module solutions for smart devices. Our products are widely used in smart digital devices, smart wearable devices, AR/VR glasses and automotive industry. Our long-term cooperation customers include Apple, Samsung, Xiaomi, vivo, Meta, ByteDance, Tesla, Google and so on. With more than 30 years of technological innovation and excellent management, BIEL Crystal has become a large technology innovation group with 9 advanced production bases worldwide, with a total investment of over HK$42 billion, covering a total area of about 4.3 million square meters, employing more than 90,000 people and with an annual production capacity of 2.2 billion pieces. View original content to download multimedia: SOURCE BIEL Crystal Sign in to access your portfolio
