Renewed policy support lifts rupee from record-low brink to best week since March

The Business Times - Oct 16, 2026

The currency is up 2% to 94.88 per US dollar due to regulatory curbs reining in greenback demand

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Trump touts Hyundai's $560 mil. Georgia investment pledge at campaign rally
Oct 17, 2026
Trump touts Hyundai's $560 mil. Georgia investment pledge at campaign rally

WASHINGTON — U.S. President Donald Trump on Friday highlighted Korean automotive parts maker Hyundai Transys Inc.'s plan to invest nearly $560 million in Georgia during a campaign rally in the state, as he promoted his economic agenda ahead of the midterm elections. "Hyundai just announced it will invest $560 million to expand its factories in West Point, Georgia," Trump said during the rally in Dalton, Georgia, apparently referring to Hyundai Transys, an automotive parts-making affiliate of Korea's Hyundai Motor Group. The investment plan was announced last week by Georgia Gov. Brian Kemp's office. According to the governor's office, Hyundai Transys plans to upgrade two existing manufacturing facilities and build a third plant in West Point to expand production of hybrid vehicle powertrains, while creating 320 new jobs.

Coastal homes burn as hot winds fuel California fires
Oct 17, 2026
Coastal homes burn as hot winds fuel California fires

SANTA ANA, Calif. — A fast-moving fire fueled by high winds burned at least six homes in Southern California on Friday, engulfing expensive coastal properties and prompting thousands to evacuate. Black smoke — visible from miles away — billowed over tennis courts and swimming pools while firefighters doused blazing homes in San Juan Capistrano in Orange County. Some homeowners sprayed water on their properties before heeding evacuation orders. Two firefighters were taken to the hospital with heat-related injuries, officials said. Authorities have not said how the blaze, which was less than a square mile as of Friday evening, started. “Had these winds been a little bit stronger, a little bit different direction, this could have been a whole lot worse," said San Clemente Mayor Rick Loeffler. Howard Hart, a councilmember for San Juan Capistrano, said he and his wife doused their roof with water and moved propane tanks away from their home before they evacuated Friday with a to-go bag. Laura Hart hasn’t had to evacuate due to fire in the more than five decades she’s lived in the c

Teen shooter who killed 4 at Oregon elementary school was a former student, police say
Oct 17, 2026
Teen shooter who killed 4 at Oregon elementary school was a former student, police say

BEND, Ore. — A teacher threw her phone at the teenage gunman who killed four people at an Oregon elementary school, then tackled and fought with him — likely saving lives before he was shot by a father who followed him into the building, police said Friday. City of Bend Police Chief Mike Krantz called the teacher's actions “heroic” during a news conference and said she was not injured. He identified the attacker as 16-year-old Griffin J. John II and said all of the victims were shot in the same classroom. John was once a special needs student at Silver Rail Elementary, authorities said, and he attacked a classroom with special needs students. He fired as many as 15 shots from a 12-gauge shotgun and had about 44 rounds remaining when he was killed, Krantz said. “Everyone wants to know why, including us,” he said. “We may never get that full answer, but we want it.” Investigators are trying to determine how the shooter obtained the pump-action shotgun, Krantz added. A law enforcement official briefed on the shooting told The Associated Press it was bought by his mother. The

Japan says hosting record number of foreigners
Oct 17, 2026
Japan says hosting record number of foreigners

TOKYO — Japan has registered a record number of foreigners living in the country this year despite growing anti-immigration sentiment, as the country grapples with problems caused by an aging and shrinking population. Data showed 4.28 million foreigners staying in Japan as of the end of June, excluding short-term visitors, the Immigration Services Agency said on Friday. That marks an increase of 156,000 people from the end of last year, and accounts for roughly 3.5 percent of Japan's total population, according to calculations based on government estimates. Immigration expert Toshihiro Menju told AFP that Japan is facing a labor shortage on all levels, from highly skilled professionals to service workers. "With Japan's population shrinking by more than 900,000 a year ... we have no choice but to rely on foreign workers," said Menju, a visiting professor at the Kansai University of International Studies. Government measures such as "the use of AI and robotics, and greater (workforce) participation by women and older people cannot fully make up for the shortfall," he added. Japanese busine

Trump puts new Russia sanctions that he recently signed into law on hold, citing national interest
Oct 17, 2026
Trump puts new Russia sanctions that he recently signed into law on hold, citing national interest

WASHINGTON — U.S. President Donald Trump on Friday signed an executive order that puts on hold a sweeping new sanctions package targeting the Russian economy, telling Congress the pause was in the national interest. Trump personally signed the legislation just last month and his move came just two days before a deadline set in the law itself for its implementation. It drew shift condemnation from congressional Democrats. Named after late South Carolina Sen. Lindsey Graham, the legislation had sought to clamp down more quickly on the flow of financial resources fueling the war against Ukraine. Trump's unexpected decision comes a week after he stunningly said the U.S. had agreed to purchase diesel from Russia to try to bring down global energy prices, despite that potentially hurting Ukraine in its war with Russia. An AP-NORC Center for Public Affairs Research poll published Oct. 1 found that Americans disapprove of the president's handling of the Iran war and blame him for higher prices. Trump's approval ratings have sunk to near-historic lows and pressure is mounting as Republicans try

US envoy highlights role of Korean investment in creating American jobs
Oct 17, 2026
US envoy highlights role of Korean investment in creating American jobs

WASHINGTON — U.S. Ambassador to Korea Michelle Steel has highlighted the role of Korean investment in strengthening the U.S. economy and creating American jobs, expressing hope for expanded economic cooperation between the two countries. Steel made the remarks in a post on X after attending a plenary meeting of the U.S.-Korea and Korea-U.S. Business Council, hosted by the Federation of Korean Industries on Thursday. "Korean investment continues to strengthen the U.S. economy, support American jobs and deepen commercial ties between our two countries," she wrote. "We look forward to building on this momentum and creating even more opportunities for investment and shared growth between our two nations," she added. Her remarks underscored Washington's emphasis on attracting Korean investment following the announcement by the two sides of details of Seoul's planned $200 billion investment in the U.S., part of a broader $350 billion commitment in exchange for lower U.S. tariffs on Korean goods.

New White House press secretary 'let go' from role, official says
Oct 17, 2026
New White House press secretary 'let go' from role, official says

WASHINGTON — White House Press Secretary Katie Zacharia was "let go" from the role, a White House official said on Friday, after U.S. President Donald Trump said he had told her to reconsider the job following public scrutiny. "I told her: 'I think you're better off being happy, and I'm not sure you can ever be happy in this stuff.' There's nothing easy about this stuff," Trump told reporters while departing the White House. He added: "I said to her honestly, 'If I were you, I'd reconsider ... think about it. But I would reconsider.'" Fox News, citing a White House official, later reported that Zacharia was "transitioning" out of the role of press secretary. Zacharia started the job on Monday and held her debut White House briefing on Tuesday. She had said she received a call about the role of press secretary last Wednesday and got offered the job to succeed Karoline Leavitt last Friday. Trump later announced her appointment. In his announcement, he described her an attorney. Over the last week, the issue of whether Zacharia, a graduate of California's Pepperdine University law school, ha

Korean envoy condemns Houthi attacks, urges tougher UN sanctions
Oct 17, 2026
Korean envoy condemns Houthi attacks, urges tougher UN sanctions

WASHINGTON — Korea has condemned recent deadly attacks by Yemen's Houthi rebels targeting civilian infrastructure and threatening commercial shipping in the Red Sea, calling on the U.N. Security Council to strengthen sanctions to cut off weapons supplies to the group. Korean Ambassador to the United Nations Cha Ji-hoon made the remarks during a Security Council debate on the Middle East held Thursday, warning that the attacks pose serious threats to global peace, maritime security and energy supplies. "We condemn such attacks and urge an immediate halt to all attacks against civilians," Cha said during the debate. "We call on this council to strengthen sanctions, to effectively cut off the supply of weapons to the Houthis." Cha said the Houthis' recent attacks targeting civilian infrastructure and threats to commercial navigation in the Red Sea were posing "severe risks to global peace as well as maritime and energy security." The attacks included two consecutive strikes on King Khalid International Airport in Riyadh last week, further escalating tensions in the Middle East. The first,

US Coast Guard rescues at least 16, searching for more in Mexico's Baja Coast
Oct 17, 2026
US Coast Guard rescues at least 16, searching for more in Mexico's Baja Coast

LOS ANGELES — At least 16 people seen floating in the Pacific Ocean off Mexico’s Baja California coast were rescued in the predawn hours Friday and authorities were searching for several others, a U.S. Coast Guard official said. Petty Officer Chris Sappey said that at about 1 a.m., several people were spotted floating in the water about 140 miles west of Ensenada. Sappey said it was unclear why people were in the water and no vessel has been found. He said one person who was rescued said as many as 27 people were on board a boat. Sappey had no further details about what the people were doing. “There was no sight of a vessel in the water, just straight people in the water,” Sappey said. Those being rescued were being taken to hospitals in San Diego, Sappey said. The Coast Guard was assisting Mexican authorities in the search efforts with a helicopter, fixed-airwing plane and a cutter, Sappey said. Migrants are increasingly turning to the risky alternative offered by smugglers to travel by sea to avoid heavily guarded land borders, including off California’s coast. Pangas leave Me

Zelenskyy drums up European backing as Trump ties slump
Oct 17, 2026
Zelenskyy drums up European backing as Trump ties slump

BRUSSELS, Belgium — Ukrainian President Volodymyr Zelenskyy urged EU leaders Friday to keep financing Kyiv's fight with nearly $80 billion more next year, as he insisted he was standing up for his country amid a fresh row with U.S. President Donald Trump. Kyiv's ties with Trump have nosedived after the U.S. leader eased sanctions on Russia as part of a deal to supply diesel. Trump branded Kyiv's actions a "disgrace" and said it was easier to deal with Russia's President Vladimir Putin than Zelenskyy after the Ukrainian leader ordered his forces to resume strike on Russian refineries. "I defend the interests of Ukraine and the Ukrainian people exclusively," Zelenskyy told journalists after talks with EU leaders in Brussels. Asked if he was being made a scapegoat for Trump's domestic woes ahead of the U.S. midterms, Zelenskyy just smiled. "This is my answer," he said, after an extended pregnant pause. The latest breakdown between Trump and Zelenskyy has fueled fear that the U.S. leader is siding with Moscow. Those concerns have been heightened by disruptions to a critical U.S.-provided sate

Haze triggers highest alert level in southern ASEAN zone: monitor
Oct 17, 2026
Haze triggers highest alert level in southern ASEAN zone: monitor

SINGAPORE — Ongoing fires in Indonesia that have blanketed parts of Southeast Asia with toxic haze have triggered the highest-level alert by the regional bloc's climate and fire monitor. "Activation of Alert Level 3 for the Southern ASEAN region," the Singapore ASEAN Specialised Meteorological Centre (ASMC) said on its website, seen on Saturday. Based near Singapore's Changi Airport, the ASMC uses a four-tiered alert level system, from zero to three, with the highest triggered if there is a "high risk of severe transboundary haze in the region." This included significant and persistent hot spot activities with widespread moderate to dense smoke haze, observed over two or more consecutive days, dry weather persisting and wind continuing to blow haze toward neighbouring ASEAN countries. The ASMC alert was issued Friday, but similar alerts have already been handed out twice this year — on Aug. 26 and March 27. The monthslong spell of haze has been disrupting life in large parts of Southeast Asia, closing schools and spiking respiratory complaints. Singapore said on Friday it would issue w

Pope Leo brings American-style governance to Vatican, even in health crisis
Oct 17, 2026
Pope Leo brings American-style governance to Vatican, even in health crisis

VATICAN CITY — There’s a telling anecdote from St. John Paul II's pontificate that illustrates how Pope Leo and his American style of governing have changed the Vatican and the way it handles papal health crises. The Polish pope, 84 at the time, was back at Gemelli hospital battling an acute respiratory infection, breathing problems and the worsening effects on his larynx of Parkinson’s disease, which had made speaking nearly impossible and breathing difficult. Doctors performed a tracheotomy under anesthesia, an incision in John Paul’s windpipe, to help him breathe. And yet the next morning, his spokesman gave reporters a remarkably rosy, seemingly implausible update: John Paul had eaten his regular breakfast of coffee with milk, 10 biscuits and a yogurt. “Something that would suffocate anyone,” church historian Alberto Melloni recalled Friday. “But it was normal then that they told lies about the pope. Those were the rules of the game.” Two papacies and twenty years later, Leo has changed the rules of the game. Not only did history’s first American pope announce himsel

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