
India changes time for release of key overnight benchmark rate
Financial Benchmark India will publish the daily Mumbai Interbank Offer Rate at 12:45 p.m. IST, instead of the current 10:45 a.m. IST, it said in a release dated July 18.
"The benchmark rate will be computed from actual traded data in the call money market for the first three hours of trading, i.e. from 9 AM to 12 Noon, instead of the first one hour of trading data presently used for computation of MIBOR," the FBIL said.
This move comes after FBIL started publishing a new overnight benchmark, the Secured Overnight Rupee Rate, which gets published daily at 12:45 p.m. IST.
SORR is computed from actual traded data in the tri-party repo market and the basket repo trades of the market repo segment for the first three hours of trading.
A committee set up by the Reserve Bank of India to review the MIBOR had recommended that to compute the rate, the first three hours of trades should be considered instead of the first one hour.
Since about 70%-80% of the daily traded volume in the call money market is transacted in the first three hours of trading, data from that duration would enhance the representativeness of the benchmark, according to the committee.
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Daily Mail
an hour ago
- Daily Mail
GSK strikes £370m deal with Chinese rival Jiangsu Hengrui to develop up to a dozen new medicines
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BBC News
3 hours ago
- BBC News
The rise of Japan's far right was supercharged by Trump
BBC Japanese politics is a usually steady ship, verging on the boring most of the time. Not anymore. Last Sunday, a once obscure far-right party, Sanseito, surged from one to 15 seats in the elections, making them a serious contender in Japan's political scene. With their "Japanese First" slogan, riffing off US President Donald Trump's "America First", they have truly ruffled the feathers of the ruling Liberal Democratic Party (LDP) and its embattled prime minister, Shigeru Ishiba. For him, the last week was something of a rollercoaster. In the election, his ruling LDP coalition lost their majority in the upper house of Japan's parliament - having already lost control of the lower house last year - prompting calls for his resignation from his own party. By Wednesday, he had sealed a deal on tariffs with the US, which the US president called "massive". But while this gave the economy a badly-needed dose of stability, it still couldn't salvage Japan's politics from upheaval. Japan is one of the most stable democracies in the world; their elections are rarely surprising. The LDP has governed almost continuously since 1955 (except brief spells). It seemed immune to the populism seen in other countries. But the party now faces one of its most serious challenges in post-war history. So what turned the land of humdrum politics into a fierce political battleground - and drew many to the far right? Rice wars: anger in supermarkets It has been a tough few years for Japanese households. They have struggled with inflation, high prices, stagnant wages and a sluggish economy. Take the price of rice. It has doubled since last year and a typical 5kg bag of it now costs above 4,000 yen (£20) in supermarkets. This is partly due to a supply shortage caused by a bad harvest in 2023, but it was compounded by a powerful earthquake, which prompted warnings of a "megaquake" - causing shoppers to stockpile in panic. Footage on local TV channels and on social media showed long lines of people queuing to buy rice. Reuters "Rice is a staple for us. We've always sort of taken it for granted [but] this affects everyone, not just me and what my baby eats, but people's business as well," explains Momoko Abe, 36, who is shopping with her four-month daughter in a supermarket in northern Tokyo."It was quite shocking to see that the price could rise like this in such a short period." Another shopper, 65-year-old Watanabe Takeshi, tells me he doesn't have much choice. "It's expensive but we have to buy it. The price of rice is controlled by the government," he says. The agriculture minister, Shinjiro Koizumi, has vowed to bring prices down and to modify the supply chain - and more rice has already gone into the market - but prices remain high. It is a symptom of a government struggling to revive the economy and contain inflation. From 'America First' to 'Japan First' Young Japanese people in particular are fed up. "[We are] sick of the current political situation," a young voter called Eriko Harada told a news outlet at a Sanseito rally. Another young voter, Uta Kato, says: "It's simple. The reason Sanseito won so much support is because they speak on our behalf." Voters' frustration - and anger - is palpable in political rallies, as it is in the aisles of supermarkets. It's what, in part, drove many to support a "Japan First" party. But something else was at play too. "I think we can attribute a lot of this to ripples coming from the White House, from Maga land," argues Jeff Kingston, professor of Asian studies and history at Temple University in Tokyo, referencing the Make America Great Again movement that backed Trump. "Trump is empowering the primordial in people all over the world." Another parallel with Trump's Republicans, as well as other right-wing movements and parties across the world, is the focus on immigration. Japan has historically had very low levels of immigration but it has been on the rise. The number of foreign residents living in Japan at the end of last year was approximately 3.77 million - an increase of almost 11% from the previous year, and a new record high. Japan's population is ageing fast, and many argue that the country needs migrants to work, pay taxes, and take care of the ballooning numbers of elderly people. But others feel differently. "The number of foreign immigrants who don't obey the rules is increasing," argues the young voter Uta Kato. "The burden on citizens including taxes is bigger so life is getting more difficult." Sanseito blames the government for policies that have allowed more foreigners into the country. "We are not promoting xenophobia," the party's founder, Sohei Kamiya, said at a news conference in June. "Japanese people feel unease and dissatisfaction because there are no established rules for accepting foreigners." In another news conference he said: "Many citizens are frustrated that too much money is being spent on social security and education support for foreigners." Welfare minister Takamaro Fukuoka - of the LDP - has rebutted the claim that the government is providing favourable medical or welfare benefits to foreign residents. Still, the message resonates with supporters. "Foreigners are scary. I'm afraid they may go on a rampage," a 54-year-old Sanseito volunteer told the Asahi Shimbun newspaper. When asked why he feared foreigners, he admitted that he had not experienced any direct harm from them. A 35-year-old homemaker attending a Sanseito rally with her husband and child told the paper: "Sanseito says things that other parties don't say." But the far-right party's focus on foreigners doesn't just apply to people seeking to live in Japan. Sanseito has another, more unusual target on its list: tourists. Tourists taking selfies and behaving badly A weak yen has forced Japanese families to tighten their belts - but it also enables millions of tourists to enjoy holidays here (where their money goes a lot further than it used to). As a result, Japan has seen a large rise in incoming tourists. Almost 37 million of them travelled to Japan last year, according to the National Tourism Organisation - an all-time high. Most came from other east Asian countries, like China and South Korea, with a substantial minority also coming from the West. Some argue that tourists behave in an uncouth, disrespectful way - violating the strong norms of courtesy on which Japanese people pride themselves. Last November, a 65-year-old American tourist was arrested on suspicion of scrawling graffiti onto a wooden gate at the Meiji Jingu shrine in Tokyo. Also last year, residents in the town of Fujikawaguchiko admitted their frustration over tourists breaking traffic rules in order to photograph Mount Fuji, which looms over the area. The pretty town, in the foothills of the volcano, is often a base for climbers. It is also on the banks of Lake Kawaguchi. The area is known for its striking beauty - but eventually authorities erected a screen to block the view. "It's regrettable we have to do this because of some tourists who can't respect rules," a local official said. Kazuhiko Iwama, 65, who has lived in the town his whole life, told me about this at the time. "[Tourists] cross the street and they don't seem to care about the cars at all, it is dangerous," he said. "They leave trash and cigarette butts everywhere." Even after the mountain was shielded from view, some tourists found ways to take a selfie. Some incidents were caught on video and posted online. Spreading 'false information about foreigners' This all fuelled a frustration that led to many voters turning to Sanseito - and resulted in its ballot box success. But not everyone believes this was done fairly. Some analysts have argued that the right-wing party has conflated misbehaviour and bad manners by some tourists with Japan's immigration issue and lumped it into one "big foreign problem". "They have spread false information about foreigners [saying that they're] creating large amounts of crime and threatening the public order," says Jeffrey Hall, a lecturer in international studies at Kanda University of International Studies, in eastern Japan. "They have also been fixated on the idea of foreigners buying property." Days before the vote, the prime minister's administration spoke about the issue too, announcing a new government taskforce to fight "crimes and disorderly conduct" by foreign nationals. His party has also promised a target of "zero illegal foreigners". The Trump admirer who started Sanseito Sanseito, which translates as "Participate in Politics," started in 2020, the year when the Covid-19 pandemic was at its height, and gained prominence with YouTube videos that spread conspiracy theories about vaccinations. Its founder Sohei Kamiya is a former supermarket manager and reservist of the Self-Defence Force (how Japan describes its army). He has credited Trump as an influence for his "bold political style". Reuters He attracted people on social media who were unhappy with conventional parties, gaining support with warnings of a "silent invasion" of immigrants, and pledges for tax cuts and welfare spending. And in 2022, Kamiya was Sanseito's only candidate to be elected into the upper chamber. In a video released on his YouTube channel, Kamiya referred to the "deep state", the idea that the military, police and political groups work secretly to protect particular interests - and rule a country without being elected. "There is a deep state everywhere," he said in the video. "Such as in the media, the medical field, the agricultural field and Kasumigaseki [government agencies]." He also made certain contentious remarks on the campaign trail, which spread on social media. "Once the election campaign cycle started, every media outlet and online forum was talking about 'Sanseito'… and controversial statements or policy positions," says Rintaro Nishimura, an associate at the Asia Group think tank. Kamiya faced backlash after he branded gender equality policies "a mistake" because, in his view, they encouraged women to work and kept them from having children. But he defended his stance. "The phrase 'Japanese First' was meant to express rebuilding Japanese people's livelihoods by resisting globalism," he said in one interview. "I am not saying that we should completely ban foreigners or that every foreigner should get out of Japan. "We were criticised as being xenophobic and discriminatory. The public came to understand that the media was wrong and Sanseito was right." Gusto over policy? Prof Kingston says his success is less about policies and more about gusto. "It wasn't so much the content of the message, but how the message was delivered," he argues. "It's the passion, the emotions and the social media. People [in] their 30s and 40s think, 'We want change… we may not buy into everything he is pedalling, but he can change things and address my concerns'." In addition to the swelling youth base, a large number of the LDP's core conservative voters have also turned to Sanseito because they no longer see the ruling party as right-wing enough. The late former prime minister, Shinzo Abe, represented the far-right of the LDP and that kept voters on board. His successors like Fumio Kishida and now Ishiba represent a more moderate wing of the LDP. "For voters on the far right, they lost their home. They want a more ardent advocate for their positions. And Kamiya is that passionate advocate," Prof Kingston says. Ultimately, it is too early to tell whether this populist trend will endure in Japanese politics, say analysts. Though it may be seen as the refreshing agent of change in politics, it has yet to be put through the wringer of close scrutiny. The governing LDP may be the weary incumbent but it is still a big beast that has weathered many political storms. It remains the most experienced party when it comes to foreign relations; recently, it had to navigate a volatile global order and an unstable Asia-Pacific region. Domestically, the LDP is down but not out. If nothing else, this is because there is currently no alternative considered viable enough. But the far-right's success has hammered home a new reality: voters can no longer be taken for granted. And while Japan historically cherished its stability, a new generation is hungry for change - even if its not yet clear what that looks like. Top image credit: Reuters BBC InDepth is the home on the website and app for the best analysis, with fresh perspectives that challenge assumptions and deep reporting on the biggest issues of the day. And we showcase thought-provoking content from across BBC Sounds and iPlayer too. You can send us your feedback on the InDepth section by clicking on the button below.


Daily Mail
5 hours ago
- Daily Mail
Trump issues final trade deal threat with four days to price hike 'doomsday'
President Donald Trump levied a fresh threat to countries that have yet to announce trade deals with the U.S. with just four days to go before his new August 1 'doomsday' deadline. Trump skirted over the details when questioned about highly anticipated price hikes for steel, aluminum and pharmaceuticals, with vast economic impacts at stake in each sector. Then he was asked about what his tariff would be for the remaining countries that haven't landed a deal. 'I would say it'll be somewhere in the 15 to 20 percent,' he said. 'Probably one of those two numbers,' Trump added, leaving himself some flexibility. But his latest trade agreements, with Japan, Indonesia, the Philippines, and the EU, indicate that he remains firmly settled on keeping substantial tariffs in place. Trump repeatedly cheers the billions in revenue they bring in to the U.S. Treasury. Critics of the new policy have said these price hikes will get passed on to U.S. consumers. Trump's renewed threat came a day after he announced a major deal with the European Union. He said that EU countries would be facing a 15 percent tariff for exports to the U.S., after earlier threatening to impose a 30 percent tariff. He said U.S. exports would face no tariffs in EU countries. Trump met on Monday at his Turnberry club with British Prime Minister Keir Starmer, whose government has been seeking to bring down 25 percent Trump-imposed tariffs on steel and aluminum. Trump got asked after his meeting if he would do anything to help British steel and aluminum manufacturers who might get hit, and when his tariff might come down to zero on that sector. 'We're a big buyer of steel. But we're going to make our own steel. We're going to make our own aluminum,' he said. Earlier Monday, before his meeting began, Trump also avoided details when the Daily Mail asked if he was going to come down on steel and aluminum. The White House had identified that as a top ask Trump might face at Turnberry. 'They did a great job,' Trump said, speaking in generalities while a bagpiper welcoming his guest played. 'They've been trying to make that deal for 12 years.' Trump also continues to brandish trade talks as a political weapon – in one case, pressing Cambodia and Thailand to stop cross-border attacks. 'That was going to be a very bad war,' Trump said. He said everything was 'settled.' Later, Trump wrote on Truth Social that both countries had agreed to a 'ceasefire and peace.' He said he had instructed his team to restart trade negotiations with them. That leaves India, Brazil, and South Korea as among the major economies with no deal yet. On Sunday, Trump announced he had reached a 'very powerful' trade deal with the European Union that would lower barriers to U.S. exports and bring new European investments into the U.S. Speaking from his Turnberry golf course, Trump said European Union countries would purchase $750 billion of energy from the U.S., and provide an additional $600 billion in U.S. investments. 'All of the countries will be opened up to trade with the United States at zero tariff, and they're agreeing to purchase a vast amount of military equipment,' Trump added. 'We don't know what that number is.' It came after Trump inveighed against 'one-sided' trade with Europe as he sat down at his Turnberry golf course with the EU Commission president, while raging against windmills and saying there were prospects for reaching a deal imminently. 'We wanted to rebalance the trade relations,' said EU Commission Chair Ursula von der Leyen, confirming the agreement while sitting alongside Trump. Trump flashed his anger when a reporter asked if turmoil over the Jeffrey Epstein story had contributed to the rush to get the deal done. 'Oh, you've got to be kidding. No – had nothing to do with it. Only you would make that. That had nothing to do with it,' Trump responded. Both leaders made nice – after the 'Liberation Day' tariffs Trump rolled out in April threatened to cleave the powerful allies. Trump had more recently threatened a 30 percent tariff on the EU – providing an incentive to negotiate it down. Trump upon arriving here in Scotland said the powerful trade bloc must 'buy down' the number. 'Basically the European market is open,' said von der Leyen. 'It's 450 million people, so it's a good deal. It's a huge deal. Was tough negotiations. I knew it at the beginning, and it was indeed very tough, but we came to a good conclusion from both sides,' she said. The number comports with what had already been floated. 'We are agreeing that the tariff straight across for automobiles and everything else' would be 15 percent, said Trump. The agreement – with details still to be revealed – comes after Trump announced other agreements with Japan and other nations, while firing off a series of trade 'letters' announcing new tariffs he is imposing on other nations. Japan, too, would face a 15 percent rate on its auto exports to the U.S. After many economists warned that Trump's tariffs could break the alliance, the two leaders proclaimed new cooperation after they had agreed to broad terms. 'This deal will bring us very close together actually. It's a partnership in a sense,' Trump said. The progress came about an hour after Trump complained about the trade relationship. 'It's been a very one-sided transaction – very unfair to the United States,' he complained alongside von der Leyen, keeping her hands in her lap and her expressions muted. 'It's been a very, very one-sided deal, and it shouldn't be,' Trump fumed. He said a deal, if it can be reached, would be the biggest deal 'ever struck by anybody.' 'This is the biggest deal. People don't realize – this is bigger than any other deal. And it could happen – should happen,' he said. Fielding questions at a press event that put the 'working' in what his team calls a 'working visit,' Trump went off on a number of topics. His attacks quickly changed to wind turbines he said obstructs the view from his Scottish golf course. 'It ruins the landscape it kills the birds. They're noisy,' Trump complained. He said what he terms windmills in Massachusetts were 'driving them loco – driving them crazy.' 'Today I'm playing the best course, I think, in the world: Turnberry ... And I look over the horizon and I see nine windmills. I say isn't that a shame,' he said. On immigration, another tension point, Trump said: 'We've sealed our borders. We have nobody coming in ... I think they're going to end up in the same place. You might as well go there quicker.' Von Leyen shared his assessment on the chance of reaching an agreement, putting it at 50 percent. Trump got asked at one point if he could do better than 15 percent – the amount of a tariff on European imports that has been floated as a potential final number in an agreement. 'Better meaning lower? No,' Trump said flatly. But the former German politician showed some give in her own remarks, and kept her composure even as Trump tore into European policies on trade, energy, and immigration. 'I think the President is right. You have a 50 percent chance to strike a deal. And indeed, it is about rebalancing. So you can call it fairness, you can call it rebalancing.' She continued: 'United States has a deficit, and we have to re balance it. We have an excellent trade relations – tt's a huge volume on trade that we have together. So we will make it more sustainable. The two leaders sat in the Donald J. Trump ballroom – one Trump said he wishes he could simply drop down inside the White House, where he has plans for a new ballroom. 'You know, we just built this ballroom, and we're building a great ballroom at the White House. The White House has wanted a ballroom for 150 years, but they never had a real estate person,' he said. He called the ballroom, which is named for himself, 'quite the success.' 'I could take this one, drop it right down there, and it would be beautiful,' Trump said. The trade talk comes a day before Trump is set to sit down with British PM Keir Starmer, amid indications that Trump's love of pomp and pageantry could be working to his host county's benefit. He also complained that the U.S. doesn't get enough credit to approving food aid for Gaza, amid growing hunger and signs of starvation as Israel paused military action. 'Nobody acknowledged it. Nobody talks about it,' Trump complained. 'The US is going to do more aid for Gaza but we'd like to have other countries participate,' Trump said. The meeting came after Trump spent a second day on his Turnberry golf course Sunday – after raging at rivals from Democrats to Beyonce overnight. This time, he golfed just with his son Eric, despite touting a littany of big shots he said would be staying at his private course. 'We'll have numerous executives that we're meeting with – lot of them. We're going to be meeting with a lot of people. A lot of people will be staying at Turnberry,' Trump said after landing Friday night. His aides are calling it a 'working visit' – although he has made time to play his course for two successive days. There is a typically massive security footprint – including the rollout of a new armoured golf court after a phalanx of agents swept his course in search of potential security threats. The last minute addition to his schedule has Trump going toe-to-toe with a top European leader days after he said there was a 'fifty-fifty' chance of reaching a trade deal. If Trump wanted to send a message about what kind of contender she was dealing with, he posted a short video of himself swinging a driver at one of the tees on his Turnberry course. Trump also put in plug by golf legend Gary Player, quoting him as saying 'Turnberry is, without a question, in the Top Five Greatest Golf Courses I've ever played in my 73 years as a pro.' 'Thank you, Gary!' Trump added. Not all of his musings were upbeat – on a trip that Trump began by railing against wind turbines and illegal immigration. Trump used his site to fire at Democrats about the 2024 election, after spending part of the week accusing President Barack Obama of 'treason' after his administration released declassified documents about Russian election interference intelligence assessments. 'I'm looking at the large amount of money owed by the Democrats, after the Presidential Election, and the fact that they admit to paying, probably illegally, $11 million to singer Beyoncé for an endorsement (she never sang, not one note, and left the stage to a booing and angry audience!), $3 million for 'expenses,' to Oprah, $600,000 to very low rated TV 'anchor,' Al Sharpton (a total lightweight!), and others to be named for doing, absolutely nothing!' he wrote, sprinkling in all-caps. The Kamala Harris campaign has long denied paying for any endorsements. Oprah Winfrey has said she was 'not paid a time' to appear with Harris, although the campaign picked up production costs of the event. FEC filings show the Harris camp gave $165,000 to Beyonce's production company, Parkwood Production Media LLC,