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'Godzilla El Niño' is wreaking havoc with Philippine central bank's inflation forecasts

BANGKOK — The Philippine central bank is planning for a "Godzilla" El Niño on top of a prolonged oil shock, as the Southeast Asian nation tries to rein in inflation from three-year highs. Governor Eli Remolona said Bangko Sentral ng Pilipinas now sets policy using scenarios that factor in oil prices and the severity of the weather event. "We have the regular, ordinary El Niño, which is bad, and then we have the Godzilla El Niño, which is really, really bad," he said Wednesday on a panel at the IMF and World Bank annual meetings in Bangkok. The worst of El Niño's impact on prices is still to come, with the effects expected from November through February, he said, adding that maintaining price stability remains the central bank's priority. "We're holding our breath," he said, "but we have to be prepared for the worst." The looming weather risk is adding fresh pressure on one of Southeast Asia's most vulnerable economies. Philippine inflation accelerated to 7.2% in September from 6.1% in August, with rice prices up 18%, according to the Philippine Statistics Authority. The world's biggest rice importer is also exposed to food supply risk. Agriculture Secretary Francisco Tiu Laurel has warned that a fresh drought could squeeze domestic supply. Larger Philippine purchases could add demand to a global market already jolted by El Niño and export curbs. The UN Food and Agriculture Organization has raised its rice price index for six consecutive months to a 20-month high. The central bank lifted its benchmark rate by 25 basis points to 5% in August to keep a lid on the runaway inflation. The BSP should deliver another quarter-percentage hike next week to 5.25%, followed by another same-sized hike in December, according to Aris Dacanay, senior ASEAN economist at HSBC Bank, in a note Wednesday. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

'Godzilla El Niño' is wreaking havoc with Philippine central bank's inflation forecasts
Europe
BBC Business

Chancellor rejects calls to raise Capital Gains Tax in Budget

Cabinet ministers Wes Streeting and Louise Haigh both previously voiced support for raising CGT before Andy Burnham became prime minister in July. Ahead of next week's Budget, as first reported by the Times, external, Healey is minded not to increase CGT - which is imposed on the profit people make when they sell an asset that has increased in value, such as shares in a company or properties which are not primary residences. The move followed warnings that it could end up costing the government money if wealthy people leave the country or defer selling off assets. If you pay income tax at the basic rate then CGT is charged at 18%. For higher and additional rate income tax payers, the CGT rate is 24%. Last year, HMRC estimated, external that lifting the lower rate of CGT by 1% could raise £5m by 2028-9 but increasing the higher rate of CGT by 10% would reduce the Treasury's receipts by £3.6bn in 2028-9. The amount raised could be reduced if people adapt their behaviour to the tax rise, for example by moving abroad or deciding not to sell a property. The chancellor gave an indication of his approach last month in a speech when he spoke about the importance of businesses and self-employed people making profits. "I want to see this country as a country of wealth creation. I want our government decisions and policies to raise the levels of confidence, and investment, and profit in British business," Healey said. Burnham has faced warnings against lifting CGT. His former adviser and Goldman Sachs Chief Economist Lord Jim O'Neill suggested it would send "the wrong message to business". But influential Labour figures had pushed for equalising CGT and income tax, with the former generally attracting a lower tax rate. Louise Haigh, a key ally of the prime minister, had suggested capital gains should go up to be closer to income tax, before she became Burnham's first secretary of state. In an article for the Renewal journal,, external Haigh argued that raising CGT would "shift the taxation burden away from punishing work, and towards unproductive capital accumulation which does little to grow the everyday economy".

Chancellor rejects calls to raise Capital Gains Tax in Budget
Asia-Pacific
Channel NewsAsia

Malaysia's Johor schools to reopen on Oct 26 after weeks of haze-related closures

Authorities cited improving air quality and expected rainfall, with health and safety measures including mask-wearing to accompany the reopening. A mother and her daughter at SJK(C) Foon Yew 2 in Johor Bahru after the school was closed due to the haze on Oct 9, 2026. (Photo: CNA/Zamzahuri Abas) JOHOR BAHRU: All educational institutions in Malaysia's Johor state will reopen on Monday (Oct 26) as haze conditions improve, said Johor education and information committee chairman Muhammad Naqib Md Ghazali. Muhammad Naqib said the decision followed a review of air quality readings and health risk assessments by relevant agencies, local media outlet The Star reported on Saturday. "The decision takes into account the downward trend in Air Pollutant Index (API) readings across Johor over the past five days," he said in a statement. "Changes in wind direction beginning Oct 24, increased humidity and expected rainfall are also anticipated to help reduce the effects of the haze," he added. The reopening also takes into account year-end examinations and preparations for Malaysia's national secondary school examination. CNA Games Guess Word Crack the word, one row at a time Buzzword Create words using the given letters Mini Sudoku Tiny puzzle, mighty brain teaser Mini Crossword Small grid, big challenge Word Search Spot as many words as you can Show More Show Less A security guard puts up a notice that states, "School Closed from Oct 12 Until Further Notice", on a school gate in Pasir Gudang, Johor, on Oct 12, 2026. (Photo: CNA/Zamzahuri Abas) Muhammad Naqib said health and safety measures, including mask-wearing and monitoring school activities based on prevailing API readings, would be implemented. "The state government and relevant agencies will continue to closely monitor the haze situation, and any changes or further action will be announced through official channels," he said. Schools in Johor were initially closed on Oct 8 and 9, with the closures subsequently extended until Oct 23 due to the haze. The prolonged closures affected 1,198 schools and more than 617,000 students across Johor, according to an earlier report by The Star. On Oct 15, Malaysia's education ministry raised the API threshold for school closures to above 200, while outdoor school activities must be suspended when readings reach 100 or higher.

Malaysia's Johor schools to reopen on Oct 26 after weeks of haze-related closures
Asia-Pacific
The Straits Times

Wall Street closes lower to end rocky week

NEW YORK - Wall Street’s main indexes closed lower on Oct 23 even as technology shares steadied somewhat to end a turbulent week for the market-driving AI trade, and investors looked ahead to a busy slate of corporate earnings and a Federal Reserve interest-rate policy meeting. The Nasdaq Composite posted a slim loss a day after the tech-heavy index suffered its biggest one-day drop since June, as concerns flared over financing costs to support heavy AI investment spending. Most S&P 500 sectors fell, however, including declines of well over 1% for the consumer staples and consumer discretionary groups as well as the financials sector. Next week, about one-third of S&P 500 companies report quarterly results, including Alphabet, Microsoft and Amazon, three AI hyperscalers whose capital spending forecasts will be closely watched on Wall Street. “There is still fallout from the questioning of the AI trade,” said Kristina Hooper, chief market strategist at Man Group. “There’s certainly the potential that we see less invested in an AI data centre build-out next year than has been projected. So I certainly think that’s giving pause.” The Dow Jones Industrial Average fell 652.82 points, or 1.23%, to 52,215.16; the S&P 500 lost 39.75 points, or 0.52%, to 7,623.68 and the Nasdaq Composite lost 53.52 points, or 0.21%, to 25,955.34. Telecommunications stocks fell, weighing on the communication services sector, after a report that SpaceX was seeking thousands of cell sites for a fourth wireless carrier. Shares of AT&T and T-Mobile both sank nearly 8% while Verizon shed 1.2%. SpaceX shares rose 1.9%. US cell tower operators gained, with Crown Castle up 9% and American Tower up 4%. The energy sector rose 2.5%, hitting a record high. Brent crude hit its highest level since late April, after Houthi attacks in Saudi Arabia stoked concern over further disruption to energy supplies from the Middle East. American Express shares fell 3.7%, weighing on the Dow. The company raised its profit forecast as it also announced plans to eliminate 5% of its workforce. SLB shares rose 7% after the oilfield services provider beat Wall Street estimates for third-quarter profit.

Wall Street closes lower to end rocky week
North America
Yahoo Finance

Nasdaq 100 Records Worst Week In 18 Months As Investors Steer Clear Of Chipmakers — AAPL, MSTR, UBER, SOXX In Focus

U.S. stock indices dropped on Friday, with the Nasdaq 100 recording its worst week in over a year and a half, pulled down by weakness in chip stocks. The S&P 500 ended Friday 1.1% lower, the Nasdaq 100 fell 2.5%, and the Dow Jones Industrial Average slipped 0.3%. The Russell 2000, which tracks small-cap stocks, ended 1.7% lower. S&P 500 futures slipped 0.2%, while Nasdaq-100 futures dropped 0.7%. Dow Jones Industrial Average futures rose just 22 points. The Roundhill Memory ETF (DRAM) fell about 6% on Friday, with most memory chip stocks in the red. Retail sentiment on Stocktwits for QQQ, SPY, and DIA was ‘bearish’ with ‘high’ message volumes. Anxiety rose among market participants over excessive spending and debt tech firms are taking on to finance AI expansion. Neocloud provider CoreWeave saw its stock tumble almost 12%, extending weekly losses to 25% as its overall debt load ballooned past $51 billion. Michael Rosen, chief investment officer at Angeles, told CNBC that while mounting debt warrants close monitoring, current levels remain far from systemic danger. “Obviously, increased debt issuance is something to observe and continue to watch and be concerned about if it continues to get to levels of excessiveness. But we’re not remotely close to that right now.” Alternatively, Nvidia’s chief Jensen Huang has been publicly advocating for the AI industry by saying the benefits of the technology will soon outweigh the concerns of investors. “All of this is going to pass, and the reason for that is very simple,” Huang told Bloomberg during an event in Berlin. “It’s going to be transformative. It’s going to impact in a very positive way every single industry and every single country. There’s no question it will continue, and we’re at the beginning of that.” Apple Inc. (AAPL) is preparing to fight U.K. antitrust regulators over proposed rule changes designed to break the tech giant’s grip on its iPhone tap-to-pay technology. Shares of Michael Saylor-backed Strategy (MSTR) fell on Friday, reversing Thursday’s gains, after MSCI announced it would adopt a new approach to screening companies for its global benchmark indexes that could put the Bitcoin (BTC) treasury firm’s index membership at risk. Uber (UBER) shares were in focus after Guggenheim reiterated its ‘Buy’ rating and $125 price target, calling it a “compelling investment opportunity.”

Nasdaq 100 Records Worst Week In 18 Months As Investors Steer Clear Of Chipmakers — AAPL, MSTR, UBER, SOXX In Focus
Europe
BBC Business

The tech helping crack decades-old cold cases

Randy Gail Sperino was last seen alive on the evening of 9 November 1993, as she was getting into a pickup truck in Granite City, Illinois. The 34-year-old's body was found hours later in a field nearby, the victim of blunt force trauma. The identity of her killer was a mystery. DNA evidence found at the crime scene was tested against standard law enforcement databases, but no matches were found. For three decades, investigators from the Madison County Sheriff's Office chased leads and interviewed hundreds of people as they attempted to identify the perpetrator. The case looked like it would remain one of more than 250,000 unsolved homicides in the US. Then, last year, detectives tried a fresh approach. They sent genetic evidence to Othram, a Houston-based company that uses DNA technology to help identify the perpetrators in cold and current crime cases. The Madison County detectives had been inspired by investigative genetic genealogy techniques used to identify the Golden State Killer, Joseph James DeAngelo, back in 2018. In that case, an investigative team constructed a family tree to help identify the killer. They were able to do so thanks to DNA data that relatives had provided to commercial databases, similar to consumer ancestry platforms. Unlike traditional forensic DNA testing, which generally relies on a direct comparison between evidence and a known person, investigative genetic genealogy can identify distant genetic relatives of an unknown individual. Othram set about applying this technique to track down Sperino's killer. While the suspect's own DNA profile wasn't available, profiles submitted by his extended relatives allowed the company to identify a male family member. "That lead broke the case open," said Captain Tim Lawrence of Madison County Sheriff's Office, which was responsible for investigating the crime. It was a crucial clue that led the detectives to Albert "Buddy" Zigler, 70, who police say then confessed to the murder. He was charged in May this year.

The tech helping crack decades-old cold cases
Asia-Pacific
Channel NewsAsia

The world's oldest cave paintings in Indonesia under threat of wildfires

In a cave in South Sulawesi's Maros-Pangkep, an artwork depicting human-like figures interacting with a pig was dated by researchers from Australia's Griffith University to be at least 51,200 years old. A rock painting depicting a pig at a cave in Maros-Pangkep, South Sulawesi province, Indonesia, Oct 12, 2026. (Photo: National Research and Innovation Agency/Handout via Reuters) MAROS-PANGKEP, Indonesia: The world's oldest cave paintings on the Indonesian island of Sulawesi are under threat as heat and smoke from the country's worst wildfires in more than a decade risk accelerating the deterioration of the more than 67,000-year-old works of art, researchers said. Indonesia is battling its most intense forest and land fires since 2015 as a severe El Nino drives up temperatures and reduces rainfall, leaving its forest and peatland vulnerable to fire. While the islands of Sumatra and Borneo are the worst affected by the disaster, fires have also spread on the island of Sulawesi, including in South Sulawesi where limestone caves house the world's oldest prehistoric art. In a cave in South Sulawesi's Maros-Pangkep, an artwork depicting human-like figures interacting with a pig was dated by researchers from Australia's Griffith University to be at least 51,200 years old. In a cave on Muna island, off Sulawesi, a reddish-coloured hand stencil was dated to at least 67,800 years. CNA Games Guess Word Crack the word, one row at a time Buzzword Create words using the given letters Mini Sudoku Tiny puzzle, mighty brain teaser Mini Crossword Small grid, big challenge Word Search Spot as many words as you can Show More Show Less Near the Maros-Pangkep cave, firefighters worked to put out fires as smoke drifted over the dramatic karst landscape that is a defining feature of the national park and UNESCO Global Geopark surrounding the cave. Firefighter Muhammad Ikfar said fires burned near the site for more than a week earlier this month and came within 800m of the cave. More than 270 hectares of the national park burned between Sep 30 and Oct 18, Ikfar said. "The first and most destructive effect is the heat. Even without direct fire touching the paintings, it could ruin them because it changes the temperature around the paintings and accelerates the process of corrosion," said Griffith University archaeologist Basran Burhan. "They create soot on the paintings and cover them, so that the paintings will become blurred and difficult to identify," he said. On Thursday (Oct 22) and Friday, firefighters were working to put out fires in other parts of the park, firefighter Ikfar said, adding that the conditions were dry with no rain yet.

The world's oldest cave paintings in Indonesia under threat of wildfires
Asia
The Hindu BusinessLine

Sensex today | Stock Market Live: Sensex falls over 400 pts, Nifty below 22,500 as oil concerns persist, Fed decision looms

Sensex Today, Nifty 50 | Stock Market Live Updates: Find here all the live updates related to Sensex, Nifty, BSE, NSE, share prices and Indian stock markets for 26th October 2026. Brent crude futures traded around $115 a barrel, easing from a near six-month high of $117 after the Indian market close on Friday, though ongoing ‌attacks on Saudi Arabia kept supply concerns in focus. Markets fell for a fourth consecutive session on Friday, weighed down by Brent crude hovering near a six-month high and escalating Middle East tensions, with selling extending well beyond the headline indices, the Nifty Smallcap 100 shed nearly 3 per cent, and 460 of the 500 most-tracked stocks closed in the red. The Nifty 50 ended 0.39 per cent lower at 22,600, having slipped to an intraday low of 22,372 before buyers stepped in at lower levels. The BSE Sensex shed 125.56 points, or 0.17 per cent, to close at 73,123.83, swinging between a session high of 73,766 and a low of 72,452. The Sensex lost 2.15 per cent on a weekly basis. Top gainers of Nifty 50: Kotak Mahindra (+2.42%), JSW Steel (+1.26%), Max Health (+0.93%), Adani Ports (+0.90%) Top losers: Shriram Finance (-5.34%), Infosys (-2.88%), Asian Paints (-2.21%), Tata Consumer (-2.06%) The benchmark KOSPI ‌was down 83.14 points, or 1.50%, at 5,467.16 as of 03:30 GMT. The index ‌has risen about 30% so far this year. Gold prices steadied near $4,000 after falling more than 4% last week and briefly slipping below psychological level for the first time since July, as elevated energy prices continued to weigh on the monetary-policy outlook. Brent gained more than 6% last week amid persistent Middle East supply risks, reinforcing concerns that higher energy costs could keep U.S. inflation elevated and limit the Fed’s flexibility. However, crude prices eased in early trade amid renewed diplomatic efforts, providing some relief to bullion. The 10-year Treasury yield remained near 5%, weighing on bullion, although continued geopolitical uncertainty provided underlying safe-haven support. Attention now shifts toward Fed’s October 27–28 meeting, where markets widely expect rates to remain unchanged, making Chair Warsh’s guidance on December meeting particularly important. Markets currently price around a 78% probability of a December hike following stronger CPI and PPI readings. PCE inflation later this week will therefore remain another crucial trigger, with any upside surprise likely to reinforce tightening expectations, while softer inflation could provide relief to gold. United States: Consumer sentiment is near a record low and business activity is cooling, while inflationary pressures persist; markets await the Federal Reserve decision and major tech earnings. United Kingdom: Retail sales and consumer confidence have weakened, although business activity improved; the upcoming budget includes a proposed £20 billion capital boost for two state-backed lenders. Eurozone: Economic growth slowed to a four-month low amid rising costs and political uncertainty, while French debt concerns weighed on the euro and regional stock markets.

Sensex today | Stock Market Live: Sensex falls over 400 pts, Nifty below 22,500 as oil concerns persist, Fed decision looms
Asia-Pacific
Channel NewsAsia

Indonesia seizes 1.1 tonnes of ketamine in major haul

Indonesian authorities seized the drugs from a foreign vessel in Sumatran waters. Indonesian armed police officers stand guard beside packages from a haul of 1.16 tons of ketamine and 1.1 tons of methamphetamine during a press conference in Belawan in Medan, North Sumatra province, on Oct 23, 2026, following the drugs seizure from the Mongolian-flagged tanker ship MT Global 168. (Photo: AFP/Kiki Cahyadi) MEDAN: Indonesian authorities have seized 1.1 tonnes of ketamine from a foreign vessel in Sumatran waters, the Southeast Asian nation's second major drug bust in two months, a police official said Friday (Oct 23). Ketamine functions primarily as a fast-acting anaesthetic but is widely abused as an illicit party drug. Its distribution is tightly controlled and monitored in Indonesia. The intelligence community began tracking the MT Global 168 tanker, sailing from Thailand through the Andaman Sea, in August after receiving information it may be engaged in suspicious activities, national police chief Suyudi Ario Seto told reporters in the city of Medan. The vessel flew the Mongolian flag but is owned by a company based in Johor Bahru, Malaysia, Suyudi said. CNA Games Guess Word Crack the word, one row at a time Buzzword Create words using the given letters Mini Sudoku Tiny puzzle, mighty brain teaser Mini Crossword Small grid, big challenge Word Search Spot as many words as you can Show More Show Less Indonesian armed police officers stand guard on the Mongolian-flagged tanker ship MT Global 168 in Belawan in Medan, North Sumatra province, on Oct 23, 2026. (Photo: AFP/Kiki Cahyadi) On Tuesday, police and customs officers intercepted the vessel in the Strait of Malacca as it was heading toward Port Klang, Malaysia, and brought it to Belawan Port in North Sumatra for inspection. "From this search operation, the joint team managed to seize illicit drugs in the form of ketamine HCL (hydrochloride). The evidence was found in 58 sacks with a total weight reaching 1.16 tonnes," he said. Police estimated the load was worth 3.48 trillion rupiah (US$192 million), Suyudi said. The seizure came just over two months after Indonesian authorities intercepted a ship carrying 1.3 tonnes of ketamine from Thailand hidden inside 65 sacks near the Riau islands. Indonesia has some of the world's toughest anti-drug laws, including the death penalty for traffickers, but has maintained a moratorium on executions for several years.

Indonesia seizes 1.1 tonnes of ketamine in major haul