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Indonesia Stock Exchange CEO steps down after market crash

The President Director of the Indonesia Stock Exchange (IDX), Iman Rachman, resigned on Thursday, following a sudden market collapse that erased over US$84 billion from the country’s stock market in just two days. His resignation comes amid growing concerns about market governance and transparency, and is seen as an attempt to stabilize investor confidence.

Speaking to reporters, Rachman said he was taking responsibility for the turmoil and hoped his resignation would help pave the way for reforms. “This decision is about accountability and giving the market a chance to recover,” he said. Analysts believe the move may help restore investor trust in Indonesia’s financial system.

The shake-up extends beyond the stock exchange. The Financial Services Authority (OJK) also saw resignations from key officials, including its chairman, who cited similar accountability for the market downturn.

Finance Minister Purbaya Yudhi Sadewa welcomed Rachman’s resignation, describing it as a “strong signal of responsibility and commitment to market stability.” The government has promised a series of reforms to improve transparency, increase share liquidity, and attract more institutional investors.

The sharp decline was triggered after MSCI, a global index compiler, warned that Indonesia’s stock market risked being downgraded from an emerging market to a frontier market. This warning sparked panic selling, with the Jakarta Composite Index (IHSG) losing more than 8% over two sessions. Some trading was temporarily halted as authorities tried to curb the sell-off.

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Trump to nominate Kevin Warsh as Federal chair

US President Donald Trump is expected to name Kevin Warsh as the next chair of the Federal Reserve, a move that could shape the future direction of America’s central bank. While the White House has not yet made a formal announcement, reports suggest the decision is imminent.

Kevin Warsh is not a new face in Washington or on Wall Street. He served as a Federal Reserve governor in the past and has long been seen as a serious contender for the top job. Known for his deep understanding of financial markets and monetary policy, Warsh has been close to the centre of economic decision-making during periods of crisis and recovery.

Trump has repeatedly expressed dissatisfaction with the current Fed chair, Jerome Powell, mainly over interest rate policy. The president has argued that rates should be cut faster to support economic growth. Powell’s term is set to end later this year, opening the door for new leadership at the central bank.

If confirmed, Warsh would step into the role at a sensitive time for the US economy. Inflation concerns have eased compared to previous years, but questions remain over growth, borrowing costs and global uncertainty. Investors and economists are closely watching how the next Fed chair might balance inflation control with the need to support jobs and expansion.

Financial markets reacted cautiously to reports of Warsh’s likely nomination. The US dollar strengthened slightly and bond yields moved higher, reflecting expectations that Warsh may take a more traditional and disciplined approach to monetary policy compared to some other potential candidates.

Supporters believe Warsh’s experience could bring stability and predictability to the Federal Reserve. They see him as someone who understands both government policymaking and market realities, which could help restore confidence during uncertain times.

However, the expected nomination has also revived concerns about political pressure on the central bank. Critics worry that Trump’s open criticism of the Fed could threaten its independence, a principle seen as crucial for maintaining long-term economic stability.

Warsh will need approval from the US Senate before taking charge. His confirmation hearings are likely to be closely followed, as lawmakers question him on interest rates, inflation, and the Fed’s independence.

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Tesla ends Model S, Model X production confirms Musk

Tesla has announced it will stop producing its premium Model S sedan and Model X SUV by mid-2026. These two cars have long been the company’s flagship models, but sales have been falling steadily. CEO Elon Musk revealed the decision during Tesla’s fourth-quarter earnings call on 28 January 2026, describing it as an “honorable discharge” for the vehicles that helped define Tesla’s luxury lineup.

Musk explained that the move is part of a larger plan to focus on robotics, AI, and autonomous driving technology. He encouraged anyone interested in the Model S or X to place orders before production ends, noting that current inventory will be the final units.

Tesla’s Fremont factory in California will be reconfigured to manufacture the company’s Optimus humanoid robots, with a goal of eventually producing up to one million units annually. This shift underscores Musk’s vision of transforming Tesla from a traditional carmaker into a technology-driven company with a focus on automation and AI.

The Model S and X have seen declining sales over the past few years, contributing only a small portion of Tesla’s total vehicle deliveries. In contrast, the Model 3 and Model Y remain the company’s top-selling vehicles, driving most of Tesla’s revenue.

Tesla also reported its first annual revenue decline, with 2025 sales dropping about 3% to $94.8 billion, marking a rare slowdown after years of consistent growth. Despite this, Musk emphasized Tesla’s commitment to developing self-driving technology, AI-powered hardware, and robotics, including the Optimus project.

While new Model S and X cars will no longer be produced, the company will continue to support existing owners with service and maintenance. This decision reflects Tesla’s strategic realignment, focusing on high-volume models like the Model 3, Model Y, and the upcoming Cybertruck, while expanding into emerging tech sectors.

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PM Modi offers $500bn energy deal at IEW 2026

Prime Minister Narendra Modi on Tuesday said India’s energy sector offers $500 billion worth of investment opportunities, inviting global companies to partner in the country’s growth journey. Speaking at India Energy Week 2026, he said rising demand, policy reforms and long-term planning make India a key destination for energy investments.

He highlighted opportunities across oil and gas exploration, refining, pipelines, natural gas and LNG infrastructure. He affirmed India plans to attract $100 billion in oil and gas investments by 2030, while expanding exploration acreage to nearly one million square kilometres.

PM Modi noted that India already ranks among the world’s top refining hubs and is working to further increase capacity to meet domestic and export demand. He also underlined the government’s focus on raising the share of natural gas in the energy mix through new terminals and transport networks.

Modi said consistent reforms, stable policies and a growing economy are helping India move towards energy security and self-reliance, while offering strong returns to investors.

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FTA to lift luxury cars, says BMW CEO

BMW Group India CEO Hardeep Singh Brar has said the proposed India–European Union Free Trade Agreement (FTA) could help grow India’s small luxury car market by making imported premium vehicles more accessible. He noted that lower import duties would allow global automakers to introduce a wider range of models and gradually expand the segment, which currently accounts for barely one per cent of India’s total passenger vehicle sales.

According to Brar, reduced tariffs on completely built units (CBUs) could help brands test new products and respond better to evolving consumer preferences. However, he cautioned that growth would be steady rather than sudden, as India remains a highly price-sensitive market.

The comments come as India and the EU move closer to finalising a long-pending trade pact that is expected to sharply cut import duties on European cars. At present, imported vehicles attract customs duties ranging from 70 per cent to over 100 per cent, significantly pushing up prices and limiting volumes. Under the FTA, tariffs are likely to be reduced in phases, with duties potentially dropping to as low as 10 per cent for a fixed annual quota of imported vehicles.

Industry experts say the proposed changes could benefit European brands such as BMW, Mercedes-Benz, Audi and Volkswagen, which have struggled to scale up sales in India due to high costs. Lower duties could make some luxury models more competitively priced and broaden customer choice, particularly in the premium end of the market.

However, analysts also warn that the impact of the FTA may be limited largely to the luxury segment. Mass-market cars are mostly manufactured locally and remain extremely price sensitive. Even with tariff cuts, imported vehicles may still face challenges such as high logistics costs, regulatory compliance requirements and currency volatility.

The agreement is expected to include safeguards like import quotas to prevent a sudden surge of foreign vehicles and protect domestic manufacturers. This balance is seen as critical, given India’s strong focus on local manufacturing and employment generation.

Beyond pricing, auto industry leaders believe the India-EU FTA could encourage deeper collaboration in areas such as advanced automotive technology, electric mobility and safety standards. While the deal may not immediately transform the market, it is widely viewed as a long-term opportunity to strengthen India’s integration with global auto supply chains.

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IMF Chief warns AI could impact 40% of global jobs

The International Monetary Fund (IMF) has warned that artificial intelligence could dramatically reshape the global job market. IMF Managing Director Kristalina Georgieva described AI’s rapid rise as a “tsunami” sweeping through the workforce, transforming jobs faster than governments and societies are ready for. Speaking at the World Economic Forum in Davos, she urged policymakers and businesses to act quickly to manage the challenges and risks posed by AI.

According to IMF analysis, up to 60% of jobs in advanced economies and about 40% of jobs globally could experience significant change due to AI in the coming years. While some jobs will benefit, seeing productivity and wages rise as AI complements human work, many roles, especially those involving routine tasks, are at risk of automation.

Entry-level positions are particularly vulnerable. These roles, often the first step for young workers entering the labor market, involve repetitive tasks that AI systems can perform efficiently. This could make it harder for graduates and young professionals to secure meaningful employment and gain early career experience.

Middle-income workers are also likely to face disruption. Positions that do not see productivity gains from AI may experience stagnant wages, slower hiring, or even elimination, widening the gap between high-skill, high-paying jobs and others. Georgieva highlighted that, while a small share of workers already benefit from AI, about one in ten jobs in advanced economies, the majority could face uncertainty without proper planning.

The IMF chief stressed that governments are lagging in creating rules, safeguards, and social policies to manage this transformation. She urged policymakers, educators, and business leaders to act quickly to ensure that AI adoption is inclusive and equitable, minimizing risks to the workforce while maximizing productivity gains.

“AI is for real, and it is transforming our world faster than we are getting a handle on it,” Georgieva said. The warning serves as a call to action for nations to prepare for significant structural shifts in the labor market and to implement strategies that protect vulnerable workers while supporting adaptation to the new AI-driven economy.

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Jayant Acharya maps ₹2 lakh cr JSW Steel growth

JSW Steel, one of India’s top private steelmakers, has unveiled an ambitious ₹2 lakh crore investment plan to expand its production capacity by 25 million tonnes by the financial year 2030–31. The announcement was made by Jayant Acharya, Joint Managing Director and CEO, underlining the company’s focus on long-term growth and market leadership.

The investment will raise JSW Steel’s output from the current 34–35 million tonnes per annum (MTPA) to over 55 million tonnes by FY31. The plan includes building new greenfield plants, upgrading existing facilities, adding downstream units for value-added products, and adopting advanced technologies to boost efficiency.

A flagship project is a 5 MTPA plant in Paradip, Odisha, complemented by expansions at the Vijayanagar plant in Karnataka and a green steel facility in Salav, Maharashtra. These projects collectively aim to enhance JSW Steel’s production capability and meet rising domestic demand.

The company plans to fund most of the expansion through internal cash flows, supplemented by careful debt management. Strategic collaborations, including a joint venture with Japan’s JFE Steel, are expected to support operational efficiency and smooth execution of the projects.

Despite global steel price volatility and challenges such as Europe’s carbon border adjustment measures, JSW Steel remains optimistic. Domestic steel demand is projected to grow by 11–13 MTPA over the next two years, providing a robust market for the increased production.

The investment reflects JSW Steel’s commitment to leading India’s steel sector, leveraging infrastructure growth, industrial demand, and green steel initiatives. By investing in capacity and modern technology, the company aims to stay competitive while supporting India’s growing steel requirements.

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Arijit Basu named part‑time chairman of IndusInd Bank

IndusInd Bank has appointed Arijit Basu, former Managing Director of the State Bank of India (SBI), as its new Part‑Time Chairman and Non‑Executive Independent Director, effective January 31, 2026. His term will run for three years, subject to shareholder approval and regulatory compliance.

Basu succeeds Sunil Mehta, whose term ends on January 30, 2026. Mehta, who has led the board since January 2023, opted not to seek reappointment. The transition has been approved by the bank’s board and the Reserve Bank of India (RBI).

Before joining IndusInd Bank, Basu was Chairman of HDB Financial Services, the non‑banking finance subsidiary of HDFC Bank, a role he resigned from to take up the new position. Basu’s career spans several decades in banking and financial services, including leadership roles as MD of SBI and CEO of SBI Life Insurance Company.

He holds a master’s degree from the University of Delhi and professional banking qualifications, and currently serves on multiple corporate boards and as an advisor to international financial firms. His appointment is expected to strengthen the bank’s governance and strategic oversight.

The move comes at a critical juncture for IndusInd Bank, which has faced financial pressures and regulatory scrutiny following accounting irregularities disclosed in 2025. The lender reported a 91% year‑on‑year decline in net profit, falling to ₹128 crore in the December quarter, due to higher provisions and lower interest income.

Basu’s appointment is seen as a step to restore stakeholder confidence, enhance governance, and guide the bank through restructuring efforts. IndusInd Bank has stated that Basu is fully eligible to hold directorship without regulatory disqualifications.

Industry experts note that his extensive experience across banking, insurance, and corporate governance positions him well to help IndusInd navigate its current challenges while focusing on long-term growth. With Basu at the helm, the bank aims to stabilize operations, improve investor trust, and reinforce its strategic direction in India’s competitive banking sector.

Also Read: IndusInd Bank Q3 net profit drops 91% to ₹128 cr

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SAT orders ₹100 cr deposit for Avadhut Sathe

The Securities Appellate Tribunal (SAT) has granted partial relief to trading educator Avadhut Sathe and his Avadhut Sathe Trading Academy (ASTA) in an ongoing case with market regulator SEBI, directing them to deposit ₹100 crore while allowing the regulator’s probe to continue.

SEBI had passed an interim order in December alleging that Sathe and his academy were providing unregistered investment advisory and research analyst services in the guise of trading education. According to SEBI, the academy collected nearly ₹601 crore from more than 3.3 lakh participants through various courses and programmes. The regulator barred Sathe and ASTA from accessing the securities market, froze bank and demat accounts, and ordered the impounding of about ₹546 crore, which it termed unlawful gains.

Challenging the order before SAT, Sathe argued that his academy only offered educational services and did not provide stock tips or investment advice. He also contended that SEBI’s action was excessive and was taken without giving him a proper hearing.

In its ruling, the SAT bench acknowledged that SEBI had made out a prima facie case warranting further investigation. However, it said the full amount sought by SEBI need not be secured at this interim stage. The tribunal noted that significant sums had already been paid by the academy in the form of income tax and GST, and that the group also owned fixed assets of substantial value.

Balancing these factors, SAT directed Sathe and ASTA to deposit ₹100 crore in a fixed deposit, with a lien marked in SEBI’s favour. The tribunal also restrained them from selling or creating third-party rights over their fixed assets during the pendency of the proceedings.

The order provides conditional relief: once the ₹100-crore deposit is made and a compliance affidavit is filed, restrictions on bank accounts and certain market-related prohibitions will be eased. However, the tribunal did not quash SEBI’s interim order or its findings, making it clear that the investigation and adjudication process will continue.

SAT also granted the academy time to submit its reply to SEBI’s show-cause notice. The regulator will proceed with further action based on the outcome of the ongoing inquiry, keeping investor protection at the centre of the case.

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AI may replace engineers soon, says Anthropic CEO

At the World Economic Forum in Davos, Dario Amodei, CEO of AI firm Anthropic, warned that artificial intelligence could soon take over many tasks currently performed by software engineers. He said some engineers at his company no longer write code manually, instead relying on AI models to generate and refine it.

Amodei suggested that as AI systems improve, they could handle most coding tasks, including planning, debugging, and deployment, possibly within the next six to twelve months. However, he noted that certain areas, like hardware production and AI training infrastructure, still require human intervention.

His comments have sparked debate online, especially regarding H‑1B visa workers. Some observers suggested that if AI can automate coding, traditional tech roles, particularly for foreign workers, could be at risk. Others stressed that AI is not yet capable of fully replacing engineers, especially for complex problems and legacy systems that demand human insight.

 Amodei’s forecast highlights the fast pace of AI development and its potential to reshape the global workforce, prompting discussions among businesses, engineers, and policymakers about how to adapt to this new era.

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