There is a shortage of workers: Nvidia CEO Jensen Haung
Synopsis
Nvidia CEO Jensen Huang, speaking at the Milken Global Conference 2025, said that AI will impact every job—but not necessarily eliminate them. He urged people to embrace the tech or risk falling behind. Highlighting AI's power to boost global GDP, he called it a tool to bridge skills gaps and revive employment.
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Time of India
36 minutes ago
- Time of India
Strict checks coming in! RBI to tighten rules for overseas remittances by resident Indians; here's what is being planned
The RBI's Liberalised Remittance Scheme (LRS) governs foreign investments by individuals. (AI image) The Reserve Bank of India intends to strengthen regulations concerning international money transfers, that is, overseas remittances by Indian residents, with new restrictions on foreign currency deposits that involve lock-in periods. The RBI's Liberalised Remittance Scheme (LRS) governs foreign investments by individuals, permitting resident Indians to send up to $250,000 annually for various purposes, including overseas education, travel, investment in equity and debt instruments, and healthcare services. The RBI will modify its guidelines to stop international transfers from being utilised to deposit funds in overseas interest-bearing accounts or time deposits, an official told Reuters. "This is akin to passive wealth shifting, which is a red flag for the RBI in a still-controlled capital regime," noted the official. India's conservative approach towards increasing outward remittances and complete rupee convertibility is evident in these proposed modifications, as officials work to protect forex reserves and control currency fluctuations, according to the sources. The central bank, whilst in talks with the government, intends to implement measures preventing such deposits from being made under different nomenclatures, as per the second source. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like What She Did Mid-Air Left Passengers Speechless medalmerit Learn More Undo Also Read | Rs 4.58 crore siphoned off from customer accounts, FDs! How former ICICI Bank relationship manager pulled off a stunning fraud - explained in 10 points The initiative aims to streamline regulations within the scheme's legal structure, aligning with the central bank's stated objectives in its yearly report. According to RBI statistics, individual residents' outward remittance deposits increased significantly to $173.2 million in March, up from $51.62 million in February. March traditionally sees heightened outward remittances as residents seek to utilise their yearly allowances and manage tax implications. Whilst it remains the scheme's peak period under LRS, the RBI has expressed concerns about potential passive fund parking. The total outward remittances under the scheme for the financial year 2024/25 showed a slight decrease but maintained substantial levels at approximately $30 billion, compared to $31 billion in the previous year. The outbound transfers from India through the programme have shown consistent growth, especially with fintech companies and private banking institutions facilitating international investments for individual investors. Also Read | Remittances tax: How Donald Trump's 'The One Big Beautiful Bill' may turn out to be ugly for Indians in the US "The move addresses a growing misuse of the scheme as a vehicle for passive capital export," according to the second official. "It also aligns the scheme more closely with India's calibrated approach to capital account convertibility." India maintains a prudent stance regarding unrestricted outward flows, primarily to safeguard its forex reserves and regulate currency fluctuations. The updated regulations will not impact authorised foreign investments in shares, mutual funds or real estate under the LRS, as confirmed by the second official. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
an hour ago
- Time of India
Loan stress resurfaces! Banks facing potential rising credit costs in FY26; private banks more exposed than PSBs: Report
AI-generated image Banks could face an increase in credit costs in Financial Year (FY) 2026, primarily due to emerging pressures in the unsecured lending and microfinance sectors, according to an analysis by CareEdge Ratings. Despite these headwinds, banks are well-equipped to manage potential losses, supported by substantial provision buffers and high provision coverage ratios (PCRs). Public Sector Banks (PSBs), in particular, have built strong financial provisions over the past 18-24 months to guard against loan defaults. With a sustained decline in non-performing assets (NPAs), the need for additional provisioning has reduced, consequently lowering credit costs. PSBs currently maintain a robust PCR in the range of 75 to 80 per cent, reflecting adequate reserves to absorb stressed assets. This lower provisioning requirement could also translate into additional income through recoveries of previously written-off bad debts. Private sector banks, while exhibiting lower levels of NPAs, operate with a slightly lower PCR of around 74 per cent. Improved loan repayment behaviour across the banking sector has further contributed to reduced losses and bolstered overall profitability. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2 & 3 BHK Homes Near Padur, OMR Starting @ ₹72.50 Lakh* TVS Emerald Undo According to CareEdge Ratings, quoted by ANI, credit costs have steadily declined from 0.86 per cent in FY22 to 0.47 per cent in FY24, and further to 0.41 per cent in FY25. However, this downward trend is expected to reverse, as new stress emerges in select lending segments. Sanjay Agarwal, Senior Director at CareEdge Ratings said, 'Net additions to NPAs have remained broadly low, enabling the sector to witness a steady reduction in headline asset quality numbers. However, with the personal loans segment facing stress, the overall fresh slippages are expected to rise, and recoveries/upgrades are likely to taper gradually.' He added, 'The SCB GNPA ratio is projected to marginally deteriorate, albeit remain in the same broad range from 2.3 per cent by FY25-end to 2.3–2.4 per cent by FY26-end due to an increase in slippage in select pockets and stress in unsecured personal loans, which would be offset by corporate deleveraging and a declining trend in the stock of GNPAs. Key downside risks include deteriorating asset quality from elevated interest rates, regulatory changes, and global headwinds such as tariff increases. ' Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
The Hindu
an hour ago
- The Hindu
U.S.-China trade truce leaves military-use rare earth issue unresolved, sources say
The renewed U.S.-China trade truce struck in London left a key area of export restrictions tied to national security untouched, an unresolved conflict that threatens a more comprehensive deal, two people briefed on detailed outcomes of the talks told Reuters. Beijing has not committed to granting export clearance for some specialised rare-earth magnets that U.S. military suppliers need for fighter jets and missile systems, the people said. The United States maintains export curbs on China's purchases of advanced artificial intelligence chips out of concern that they also have military applications. Editorial | Big deal: On the U.S.-China trade deal At talks in London last week, China's negotiators appeared to link progress in lifting export controls on military-use rare earth magnets with the longstanding U.S. curbs on exports of the most advanced AI chips to China. That marked a new twist in trade talks that began with opioid trafficking, tariff rates and China's trade surplus, but have since shifted to focus on export controls. In addition, U.S. officials also signalled they are looking to extend existing tariffs on China for a further 90 days beyond the August 10 deadline agreed in Geneva last month, both sources said, suggesting a more permanent trade deal between the world's two largest economies is unlikely before then. The two people who spoke to Reuters about the London talks requested not to be named because both sides have tightly controlled disclosure. The White House, State Department and Department of Commerce did not immediately respond to requests for comment. China's Foreign and Commerce ministries did not respond to faxed requests for comment. President Donald Trump said on Wednesday the handshake deal reached in London between American and Chinese negotiators was a "great deal," adding, "we have everything we need, and we're going to do very well with it. And hopefully they are too." And U.S. Treasury Secretary Scott Bessent said there would be no "quid pro quo" on easing curbs on exports of AI chips to China in exchange for access to rare earths. China Chokehold But China's chokehold on the rare earth magnets needed for weapons systems remains a potential flashpoint. China dominates global production of rare earths and holds a virtual monopoly on refining and processing. A deal reached in Geneva last month to reduce bilateral tariffs from crushing triple-digit levels had faltered over Beijing's restrictions on critical minerals exports that took shape in April. That prompted the Trump administration to respond with export controls preventing shipments of semiconductor design software, jet engines for Chinese-made planes and other goods to China. At the London talks, China promised to fast-track approval of rare-earth export applications from non-military U.S. manufacturers out of the tens of thousands currently pending, one of the sources said. Those licenses will have a six-month term. Beijing also offered to set up a "green channel" for expediting license approvals from trusted U.S. companies. Initial signals were positive, with Chinese rare-earths magnet producer JL MAG Rare-Earth, saying on Wednesday it had obtained export licences that included the United States, while China's Commerce Ministry confirmed it had approved some "compliant applications" for export licences. But China has not budged on specialized rare earths, including samarium, which are needed for military applications and are outside the fast-track agreed in London, the two people said. Automakers and other manufacturers largely need other rare earth magnets, including dysprosium and terbium. Big Issues Remain The rushed trade meeting in London followed a call last week between Trump and Chinese leader Xi Jinping. Trump said U.S. tariffs would be set at 55% for China, while China had agreed to 10% from the United States. Trump initially imposed tariffs on China as punishment for its massive trade surplus to the United States and over what he says is Beijing's failure to stem the flow of the powerful opioid fentanyl into the U.S. Chinese analysts are pessimistic about the likelihood of further breakthroughs before the August 10 deadline agreed in Geneva. "Temporary mutual accommodation of some concerns is possible but the fundamental issue of the trade imbalance cannot be resolved within this timeframe, and possibly during Trump's remaining term," said Liu Weidong, a U.S.-China expert at the Institute of American Studies, Chinese Academy of Social Sciences. An extension of the August deadline could allow the Trump administration more time to establish an alternative legal claim for setting higher tariffs on China under the Section 301 authority of the USTR in case Trump loses the ongoing legal challenge to the tariffs in U.S. court, one of the people with knowledge of the London talks said. The unresolved issues underscore the difficulty the Trump administration faces in pushing its trade agenda with China because of Beijing's control of rare earths and its willingness to use that as leverage with Washington, said Ryan Hass, director of the John L. Thornton China Center at the Brookings Institution. "It has taken the Trump team a few punches in the nose to recognise that they will no longer be able to secure another trade agreement with China that disproportionately addresses Trump's priorities," Hass said.
