Textile, Farm Exports Hopes Rise on UK-India Trade Deal
Good morning, this is Alex Gabriel Simon, an equities reporter in Mumbai. Looks like Indian stocks are set for a rough morning, considering the weakness in Nifty futures and other Asian markets. It's a relief that the Nifty gauge held onto its 50-day moving average yesterday - a break below that would've been worrying. Today, all eyes are on the financial services sector as big players like Bajaj Finserv, Bank of Baroda, SBI Cards, and Shriram Finance announce their quarterly results. Meanwhile, Sun Pharma might take a hit after paying up $200 million to settle a price-fixing case in the US.
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Yahoo
25 minutes ago
- Yahoo
PBOC Moves to Stabilize Yuan With Fixing After Dollar Rally
(Bloomberg) -- China's central bank stepped in to stabilize the yuan with its daily reference rate, after the currency dropped to a two-month low in response to the dollar's surge. The World's Data Center Capital Has Residents Surrounded An Abandoned Art-Deco Landmark in Buffalo Awaits Revival Budapest's Most Historic Site Gets a Controversial Rebuild San Francisco in Talks With Vanderbilt for Downtown Campus We Should All Be Biking Along the Beach The People's Bank of China set the yuan's reference rate around 7.15 per dollar on Thursday, diverging from analyst estimates by the most since late April. The move signals a show of support for the currency which fell after the dollar rallied to its strongest level in two months. The central bank is renewing its support for the currency as the dollar's rise gains momentum following trade deals favoring the US and as the Federal Reserve signals patience on rate cuts. The PBOC had largely refrained from boosting the yuan in May and June as the currency was on a rising trajectory. The fixing 'will help to limit yuan weakness today,' said Khoon Goh, head of Asia research at Australia & New Zealand Banking Group. 'Authorities do not want too much volatility in the currency' and are opting to cap the fix around 7.15 despite the strong dollar rally. The offshore yuan gained 0.2% to 7.1993 per dollar on Thursday, after falling as low as 7.2146 Wednesday, the weakest since early June. The yuan, along with the Singapore dollar, remained resilient on Thursday, while other regional peers fell under the weight of the greenback's overnight gains. Monetary authorities in Indonesia and Hong Kong also stepped into the market to defend their respective currencies on Thursday. For the PBOC, defending the yuan against sharp depreciation remains paramount as it negotiates a trade deal with the US. China's central bank official said earlier this month that the nation didn't seek any competitive edge from yuan depreciation. The recent revival of the greenback, which has already triggered hedge funds to unwind short dollar bets, is set to test the confidence of yuan bulls. A few Wall Street names including Morgan Stanley, UBS Global Wealth Management and Deutsche Bank AG had forecast the yuan would climb 7.1 or lower in their research notes this month. Angst over US tariffs has added to the dollar's strength and dragged down currencies including the euro and Indian rupee. That's before Bloomberg's dollar gauge jumped on Wednesday as Fed Chair Jerome Powell said that there is no decision on a September move and traders dialed back bets on rate cuts this year. Markets were caught wrong-footed on the dollar when Powell sounded more hawkish than expected, said Fiona Lim, a senior strategist at Malayan Banking Bhd. 'The PBOC is using the fix to stabilize the yuan, keeping to its stance of ensuring currency stability, whilst still allowing the broader market forces to determine its direction' --With assistance from Ran Li. (Updates with details on other central bank interventions in 6th paragraph.) Russia Builds a New Web Around Kremlin's Handpicked Super App Burning Man Is Burning Through Cash Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Gold demand in key Asian hubs improves amid price correction
By Rajendra Jadhav and Anmol Choubey (Reuters) -Physical gold demand in key Asian markets improved slightly this week as a pullback in prices sparked buying interest, though volatility kept some buyers cautious. Spot gold hit its lowest level in a month on Wednesday and was headed for third consecutive weekly loss. [GOL/] "This week, footfall was better than last week. Buyers were inquiring about price trends and making small purchases," said a Pune-based jeweller. Domestic gold prices were trading around 97,700 rupees per 10 grams on Friday after rising to 100,555 rupees last week. Discounts offered by Indian dealers narrowed to as much as $7 an ounce over official domestic prices, inclusive of 6% import and 3% sales levies, compared to up to $15 last week. Jewellers were keen to make purchases to replenish inventory after a correction in overseas prices, but a significant drop in the rupee offset the impact of the price fall to an extent, said a Mumbai-based bullion dealer with a private bank. India's gold consumption in 2025 is set to fall to a five-year low, as record-high prices are denting jewellery purchases, the World Gold Council said on Thursday. In China, dealers quoted gold in a wide range, between a discount of $4.2 and a premium of $12 per ounce above international rates. "China appears to slightly buy the dip in gold... trading volume for the physical proxy contract AU9999 on the Shanghai Gold Exchange has been on the rise (11 tons traded yesterday), reflecting a renewed interest in the metal," said Hugo Pascal, a precious metals trader at InProved. In Hong Kong gold was sold at par to a $1.50 premium, while Singapore prices ranged from par to a $1.40 premium. In Japan, bullion was sold at par to a premium of $0.60. "There was lots of demand to buy if the price dropped even slightly. Regardless of the Japan-U.S. trade deal, gold is being purchased as an asset class amid low interest rates," a Japan-based trader said. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
New York Post
an hour ago
- New York Post
Bodegas are the new ‘It' restaurants as dining out costs spiral: ‘It's not just mozzarella sticks anymore'
NYC's corner markets are cornering the market — on haute cuisine. As the cost of dining out in the Big Apple spirals higher, eating well without breaking the bank could be as simple as visiting your nearest bodega. The city's humble bazaars are increasingly perceived as epicurean pioneers — with gourmands and social media influencers clamoring for a bite. The craze comes as the price of eating out in the five boroughs has been said to soar by nearly 30%, according to a 2024 City Comptroller's Office report — with even a sad Midtown desk lunch of salad or fast food often costing a minimum of $15 nowadays. 16 A worker prepares a shrimp and octopus cocktail at La Esquina Del Camarón Mexicano, a Mexican seafood depot at the back of an Indian bodega in Jackson Heights, Queens. Tamara Beckwith/ By contrast, determined diners willing to look past the toilet paper rolls and bricks of Cafe Bustelo can fill their belly at a wave of unlikely grocery gastro-hubs for a fraction of the price — without degrading their palate. 'I go to my bodega every day, and the halal food is better than the food truck next door and cheaper — and they can do it all,' Karissa Dumbacher, an NYC foodfluencer with over 5 million followers across TikTok and Instagram, told The Post. 'I mean, it's not just mozzarella sticks anymore.' Here's the dish on six tasty, cutting-edge supping spots. Java, no jive 16 IndoJava Chef Anastasia Dewi Tjahjadi and owner Elvi Goliat display a bowl of lontong mie. Tamara Beckwith/ There's no menu at IndoJava, a bite-sized bodega in Elmhurst, Queens — but behind the selection of sambals and other Indonesian staples, intrepid diners will find one of the toughest tables in town. Javanese chef Anastasia Dewi Tjahjadi, one of two haute-hash slingers (Thursdays, a chef from Jakarta takes over the stove), recently served just one dish: lontong mie ($15), a fragrant specialty from her hometown of Surabaya. The piquant combo of noodles, bean curd, bean cake wedges, compressed rice cakes, garlic crackers, prawns and clam skewers packed a punch — in a brawny broth infused with pungent shrimp paste and served with weapons-grade chili peppers. 16 Diners can eat at a squat yellow table at the back of the bodega. Tamara Beckwith/ And don't bother asking the chef to turn the heat down. 'I don't want the people to come here and be, like, 'Oh, I'm sorry, I don't like spicy' — because my food … is spicy,' the griddle gourmet proudly told The Post. 'I can't make it not spicy.' Opened back in 2008, IndoJava has become a bona fide sensation. In a viral video, influencer Dumbacher labeled the offerings the closest thing to 'actual authentic Indonesian food in New York City.' IndoJava's food pop-ups are available on Tuesdays from 10 a.m.-8 p.m. and Thursdays from 10 a.m.-3 p.m. while supplies last; daily specials are announced on Instagram. 'We do very traditional, very authentic,' owner Elvi Goliat told The Post. 'We need to make something interesting so they will come every week.' IndoJava, 8512 Queens Blvd., Elmhurst Mart of the deal 16 A variety of Guatemalan specialties are displayed at the Karen Deli. Stefano Giovannini for In Sunset Park, Brooklyn, the tiny Karen Deli has an ace up its sleeve — a speakeasy-like Guatemalan canteen located incongruously at the back, near a Central American mural. The crown jewel drawing in-the-know types is the Pepian De Pollo ($13), a rich, spice-inflected stew studded with pumpkin seeds, best paired with a chuchito ($3), a miniature Guatemalan tamale, and washed down with a regional soda from the cooler. This hearty combo costs a fraction of what you'd pay for one entrée at a sit-down spot in nearby trendy neighborhoods. 16 It is one of many bodegas serving unique dishes. Stefano Giovannini for According to legendary NYC restaurant critic Robert Sietsema, unexpected finds like these show how bodegas are evolving. 'For decades, [the bodega] was a province of Puerto Ricans and Dominicans and African-Americans, hence the term bodega, which is just Spanish for store,' the Village Voice alum told The Post. 'This is indicative of other groups taking over the bodegas, having a much broader selection,' he said. Karen Deli, 6116 5th Ave., Brooklyn Prawn stars 16 A cocktail of shrimp and octopus at La Esquina Del Camaron. Tamara Beckwith/ Jackson Heights, Queens, has always been the Big Apple's multicultural bouillabaisse. Head to Roosevelt Avenue — where diners will find an Indian mini mart in the front and a Mexican seafood restaurant in the back. Dubbed La Esquina Del Camaron Mexicano, the tiny, cash-only sit-down serves shrimp and octopus cocktails with cilantro, avocado and a 'secret' cocktail sauce ($15 for a small portion). 16 Indian bodega La Esquina Del Camaron features a bustling Mexican seafood restaurant. Tamara Beckwith/ 16 Diners can check out a mini mart in the front — and the seafood paradise in the back Tamara Beckwith 16 The Jackson Heights go-to also offers Coctel de Camarones y Pulpo, and fish and tacos. Tamara Beckwith/ It's perhaps one of the few places in town you'd want to tuck into a plate of shellfish while pondering a wall of e-cigarettes and playing your scratch-off tickets. La Esquina Del Camaron Mexicano, 8002 Roosevelt Ave. The hero we deserve 16 The hand-scrawled hero menu frames a kitchen worker at Sunny & Annie's Deli. Tamara Beckwith/ Sunny & Annie's Deli in Manhattan's East Village is much more than a bacon-egg-and-cheese broker, offering a 24-hour smorgasbord of inventive, submarine-sized, Asian-inflected heroes, which the Korean owners list on handscrawled notecards. Wacky fare includes the Obama (grilled chicken and eggplant), the Bernie Sanders (teriyaki chicken and shiitake mushrooms), and other sandwiches whose ingredients appear to be charmingly unrelated to their celeb namesake. Check out the Pho #1 ($10.99 cash, $11.97 using a card), which, like its eponymous soup, features beef, bean sprouts, basil, cilantro, sriracha and a slathering of hoisin. The dining depot is a standby for food critic Sietsema, who described the noshes as 'just plain weird in a good sort of way.' 16 A pho-inspired sandwich from Sunny & Annie's Deli. Tamara Beckwith/ 'There's no place that makes sandwiches that uses the odd combination of semi-healthy ingredients with good bread,' the pro told The Post. 'And people that go in there for the first time, they're dumbstruck by the menu.' Sunny & Annie's Deli, 94 Avenue B Way to plant 16 The Clinton Fruit Market on Ninth Avenue in Manhattan is one of 50 bodegas where customers can find Plantega. Tamara Beckwith/ Bodegas haven't historically been bastions of vegetarian-friendly fare, Plantega is changing that — offering a '100% plant-based menu' that 'reimagines New York's iconic deli sandwiches,' ranging from the steak, egg and cheese burrito to the chopped cheese (both $12). 'In a way, bodegas are the city's original test kitchens,' Plantega Founder and CEO Nil Zacharias told The Post. The concept, launched in 2022, is available at 50 bodegas. It reflects the corner store's legacy for innovation, where a 'Dominican-owned grill meets halal ingredients, or a classic bacon, egg, and cheese gets a twist that reflects the neighborhood,' he said. 'Too often, 'better food' is framed as something exclusive,' he told The Post of grub which is often 'packaged for a certain demographic.' 16 A vegan chopped cheese, courtesy of Plantega. Tamara Beckwith/ 'Instead of asking people to change their habits, we chose to meet them where they already eat,' he added. 'That meant starting with the bodega, one of the most trusted, culturally rooted spaces in New York City.' Plantega features a Chopped Cheese with Beyond Meat, Stockheld cultured cheddar and Fabalish vegan mayo — a combo that's tasty and healthier than oft-dubious deli protein. 'The food is hot, satisfying and made to order, just without the meat sweats or the 3 p.m. crash that makes you question your life choices,' Zacharias quipped. Plantega, various locations Ock-ed and loaded 16 'For years, I [saw] people get the same sandwiches and order all of these things on the side,' said Rahim Mohamed, owner of Red Hook Food Corp. Stephen Yang Probably the only bodega in remote Red Hook, Brooklyn, to have lured celebs like Ed Sheeran and Giants quarterback Eli Manning, Rahim Mohamed's Red Hook Food Corp has become a viral sensation. Better known online as General Ock — derived from Americanized Arabic slang for 'akhi,' meaning 'brother' — the savvy seller has created a cutting-edge meal mecca, amassing over 5.5 million TikTok followers by sharing videos of him whipping up some of NYC's wildest vittles. 16 A sandwich hits the griddle before heading to a hungry customer. Stephen Yang 16 A stuffed sandwich at Red Hook Food Corp. Stephen Yang And no ingredient is too outlandish. Here, chopped cheese sandwiches are piled high with Pop-Tarts, mozzarella sticks, cotton candy, Rice Krispies Treats and more — in a method dubbed the Ocky Way. 'For years, I [saw] people get the same sandwiches and order all of these things on the side. I thought, 'Why can't I mix it all together?'' he told The Post in 2021. Red Hook Food Corp, 603 Clinton St., Brooklyn
