The non-banking financial company (NBFC) space is showing early signs of resilience, with collection trends holding firm across segments such as vehicle finance, microfinance, and affordable housing, even as macroeconomic uncertainties and inflationary pressures remain on the radar.

Speaking on ET Now, Rajiv Mehta from Yes Securities highlighted that while the sector continues to face external risks, underlying credit performance has so far remained stable, particularly in the March–May period. He also flagged microfinance and select housing finance players as the most attractive sub-segments within the broader financial space.

Collections remain steady, but macro risks linger
Mehta pointed to better-than-expected repayment behaviour across lending categories, though he cautioned that the next few quarters remain crucial in assessing durability.“Across the NBFC spectrum, be it vehicle finance, be it microfinance, be it affordable housing, be it housing finance, we are seeing pretty strong trends and resilient trends in collections even in April and May, which is very heartening because we were expecting some impact to come through on the ground in terms of collections and repayments, but we have not seen it so far. But of course, it remains a key monitorable for the next three to six months because the affordability challenges, the pass-through from the government side, it is going to be more gradual in nature. So while it remains a key monitorable, so far there has been no impact,” he said.

He added that inflationary pressures and affordability constraints in lower-income segments remain the key variables to watch over the medium term.
Microfinance and SFBs emerge as key growth pockets
Within NBFCs, Mehta believes the strongest cyclical recovery is unfolding in microfinance and microfinance-linked small finance banks, after a prolonged downcycle.He said investors should focus on select players positioned for a sharp earnings recovery.

“We believe that the best way to play the entire NBFC segment is by playing sub-segments like microfinance wherein the cyclical recovery is looking very sharp at this point in time. They have come out of a very deep, long cycle and some of the NBFC MFIs which we like and then some of the SFBs having large microfinance portfolios, they can actually show a very sharp turnaround in their numbers in FY27. So we like microfinance and microfinance-facing small finance banks most,” Mehta said.

He also highlighted affordable housing finance companies as another preferred segment, citing renewed growth momentum.

Lending and housing finance preferences
On specific names, Mehta indicated continued preference for microfinance-heavy lenders and select housing finance companies.

“On the lenders side which I cover, we are looking at the best opportunity coming or arising in microfinance and microfinance-facing small SFBs. Some of them which we like is Ujjivan. We are even hosting them in the conference. We also like the names like CreditAccess Grameen, Fusion. They are pure play microfinance companies. And we also like some of the affordable housing names which are Home First and Aptus wherein we believe that the growth has made a comeback,” he said.

Ratings space offers selective opportunities
Beyond lending, Mehta pointed to credit rating agencies as a relatively stable macro-linked play within financials.

“Speaking about non-lending, I cover rating agencies, so rating agencies is a completely different industry, it is a very macro industry but there are a couple of very interesting plays which we are kind of backing and preferring. One is Care which is the most proxy on the domestic ratings market and we also like Crisil which is a combination of a ratings company as well as it is having two large global businesses which seem to be going on good growth pace,” he noted.

Interest rates: manageable risk, but inflation key concern
On the impact of a higher interest rate environment, Mehta said margin transmission dynamics will matter more than headline rates.

“No, I think that is a very important monitorable from our point of view. We are looking at how the rates are moving and we are also looking at on the other side the ability to pass on rates to the customer and that difference will determine how the margins will move throughout the year,” he said.

He added that asset quality stress is unlikely to come purely from higher rates, but more from broader macro pressure on household incomes.

“I am not worried about rates so much, but I am more worried about how the on-ground situation moves in, how inflation will hit lower-income households, how inflation will hit lower middle-income households. That is something that I would want to closely track in the next three to six months,” he added.

Gold loans: strong demand, rising competition
Discussing gold loan companies, Mehta said the segment remains structurally strong but increasingly competitive.

“Gold loan companies are generally very large proxy play on the gold price. What you saw last year, gold loan portfolio growing by 50% to 100% was largely driven by the price of gold going up so much. But at the core, we also track how customer-level growth has been, how tonnage-level growth has been,” he said.

He added that competition in the segment is intensifying as large NBFCs expand into the space.

“As a space, it remains very interesting. There is growth to be taken out from a volume point of view, from a value point of view both, but players like Muthoot, Manappuram can face more competition than they ever faced before,” Mehta said.

Cycle outlook: recovery intact, but vigilance needed
While acknowledging that the NBFC credit cycle had been turning positive, Mehta cautioned that macro uncertainties could delay the pace of improvement.

“The cycle had actually turned around on its head and we were entering a very strong phase in FY27, but now with all this macroeconomic, geopolitical issue-driven inflation coming through and likely to hit households, we will have to wait and watch. Otherwise, definitely we were coming out of a cycle and entering a very bullish phase for all companies in FY27. But now I am optimistic but I would be more guarded,” he said.

Outlook
The overall tone from the sector remains cautiously optimistic. While credit performance is stable and selective segments such as microfinance and affordable housing are showing strong momentum, investors are being advised to remain watchful of inflation, affordability stress, and the pace of economic transmission over the coming quarters.

ASEAN is crucial for Australian companies seeking growth, supply chain resilience, and access to Southeast Asia’s market. Approach expansion by identifying key commercial functions due to regional differences. Consider Malaysia or Thailand for industrial activities, with Singapore as a coordination hub.

ASEAN: A Growth Corridor for Australian Companies

ASEAN is increasingly vital for Australian businesses aiming to expand market presence and enhance supply chain resilience. With a population exceeding 680 million and an economy over US$3.8 trillion, the region offers significant opportunities, albeit with diverse characteristics. This diversity means that penetrating ASEAN requires strategic planning rather than mere market entry.

Strategic Entry into ASEAN

Expanding into ASEAN involves a targeted approach. Companies must consider whether they aim for sales growth, enhanced manufacturing, supply chain diversification, or long-term tax benefits. Identifying the primary commercial purpose that ASEAN will fulfill helps pinpoint the optimal entry market. Variations in labor costs, infrastructure, regulatory environments, and consumption potentials further dictate whether to prioritize manufacturing, regional coordination, or consumer market access.

Key Considerations for Australian Firms

Malaysia and Thailand are prime choices for businesses needing robust industrial infrastructure and manufacturing capabilities. Malaysia provides excellent logistics and multilingual capabilities, while Thailand excels in automotive and electronics production. Many Australian companies adopt a hub-and-spoke model, leveraging Singapore for coordination and deploying activities across ASEAN based on sector needs and operational goals.

Expanding in ASEAN: Strategies for Market Entry and Regional Organization for Australian Companies

Expanding Across ASEAN: Market Entry and Regional Structuring Strategies for Australian Firms

Australian firms eyeing expansion into ASEAN should consider tailored market entry strategies to navigate diverse regulatory environments, cultural norms, and consumer preferences. Joint ventures and partnerships with local entities can provide valuable insights and establish a foothold in the region. Understanding local market dynamics and leveraging existing networks are crucial for identifying opportunities and mitigating risks.

Strategically structuring operations across ASEAN involves assessing regional economic integration benefits. The ASEAN Economic Community (AEC) offers a unified market and production base, encouraging Australian companies to optimize supply chains and regional distribution networks. Emphasizing sustainable practices and digital transformation is essential to thrive in ASEAN’s dynamic markets.

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LOS ANGELES — League of Legends faced connectivity and login issues for hundreds of players on Thursday, May 21, 2026, according to user reports and outage tracking sites.

The account @status_is_down posted on X at approximately 7:32 a.m. GMT: “League of Legends is reportedly down for hundreds of players right now. Are you one of them?” The post linked to a community discussion thread on designtaxi.com.

Downdetector recorded elevated reports throughout the morning, with game launch, server connection and gameplay issues as the top categories. Reports peaked in the early hours but remained lower than major historical outages.

Riot Games’ official service status page showed no critical incidents or scheduled maintenance as of midday May 21. The platform listed all systems operational across major regions, including North America.

Downforeveryoneorjustme.com noted problems detected earlier on May 21 with outages lasting about one hour in separate incidents around 1:14 a.m., 3:08 a.m. and 4:29 a.m. ET. Services returned to normal after each period.

Players reported difficulties logging into the client, joining queues or maintaining stable connections. Issues appeared intermittent and affected various regions without a full global shutdown.

This follows previous 2026 disruptions, including a widespread January outage caused by an expired SSL certificate that required players to adjust system clocks temporarily. Riot resolved that incident within a day.

Riot has not issued a specific statement on the May 21 reports. The company typically communicates via its support channels or social media during larger events.

Patch 26.10, released on May 13, introduced demon-themed content. The next update, Patch 26.11, is scheduled for May 28. No emergency patches were announced in connection with the day’s issues.

Community forums and Reddit threads showed players discussing potential fixes such as restarting the Riot Client, repairing game files, checking internet connections and disabling VPNs. These steps align with standard Riot troubleshooting guidance.

League of Legends continues to operate with millions of daily active users. The 2026 season features ongoing ranked play, events and esports competitions, including LCS Spring Playoffs.

Outage tracking sites indicated reports concentrated during peak hours in different time zones. No widespread server-side failure was confirmed by Riot.

The game’s infrastructure supports multiple regional shards to reduce latency. North America, Europe West and other major servers showed varying levels of user-reported problems.

Riot Games maintains the Riot Client as the launcher for League of Legends and other titles. Client-side bugs have been a recurring topic in player feedback throughout 2026.

Players experiencing issues can visit the official Riot service status page or Downdetector for real-time updates. Support articles recommend verifying game integrity through the client’s repair tool.

The May 21 reports represent a relatively minor and short-lived disruption compared to past global outages. Services largely stabilized by midday.

Riot continues regular content updates and balance changes. The demon season theme remains active with new champions, skins and modes available.

Esports schedules, including regional leagues, proceeded without reported server-related interruptions on May 21.

League of Legends remains one of the most popular PC games worldwide. Its competitive scene and regular patches sustain long-term engagement despite occasional technical hiccups.

Users are advised to monitor official channels for any further developments. Riot typically resolves minor connectivity issues quickly through client restarts or backend adjustments.

Facebook’s parent company has begun notifying staff worldwide that they are out of a job, with engineers and product teams bearing the brunt of a 10 per cent cull designed to bankroll a $145bn artificial intelligence spending spree.

Meta Platforms started handing out redundancy notices on Wednesday morning, kicking off one of the most aggressive restructurings in Silicon Valley this year. As many as 8,000 roles, roughly a tenth of the company’s global headcount, are expected to disappear as Mark Zuckerberg shifts the business onto a leaner, AI-first footing.

The cuts are heavily concentrated in the company’s engineering and product divisions, according to a Bloomberg report, with around 350 jobs in Dublin, Meta’s European headquarters, set to go. The Irish capital has long been a critical hub for the owner of Facebook, WhatsApp and Instagram, hosting thousands of staff serving customers across the EMEA region.

Even before the redundancy letters landed, the wheels of internal change were already in motion. On Monday, some 7,000 employees were told they had been redeployed to newly formed teams charged with developing AI products, agents and assistants that will be threaded through Meta’s family of apps.

“We’re now at the stage where many orgs can operate with a flatter structure with smaller teams of pods/cohorts that can move faster and with more ownership,” Janelle Gale, Meta’s chief people officer, wrote in an internal memo seen by staff this week.

A $145bn bet on ‘personal superintelligence’

The job losses come as Meta pours unprecedented sums into the data centres, chips and engineering talent it believes will define the next decade of computing. At its most recent quarterly results, the company told investors it would spend up to $145bn on capital expenditure this year, more than double the $72bn it shelled out in 2025.

Where rivals such as Google, Microsoft and Amazon are funnelling much of that AI capability into cloud services they can sell to corporate customers, Mr Zuckerberg is taking a different path. The Meta co-founder is pursuing what he calls “personal superintelligence” — a hyper-personalised AI assistant designed to live inside Facebook, Instagram, WhatsApp and the company’s growing range of smart glasses and headsets.

Meta’s Muse Spark model, released in April, is the first significant product to emerge from its Superintelligence Labs unit, which was set up last June and stocked with high-profile hires poached from OpenAI, Anthropic and Google DeepMind.

That spending has unnerved investors and weighed on the share price. Meta’s stock is down 8.4 per cent so far this year, even as the wider Nasdaq has put on 12.5 per cent, a divergence that, as Business Matters reported after the first-quarter results, reflects mounting unease over the lack of a direct revenue line attached to Meta’s AI bill. When pressed on the return on investment of the spending, Mr Zuckerberg told analysts on the Q1 earnings call that it was “a very technical question”, a line that did little to soothe nerves on Wall Street.

A wider AI-driven shake-out in tech

Meta is far from alone in trying to wring efficiencies out of its workforce while throwing money at AI. Intuit, the American owner of QuickBooks and TurboTax, is preparing to lay off around 17 per cent of its workforce, or roughly 3,000 staff. Amazon, Microsoft, Cloudflare and Jack Dorsey’s payments group Block have all announced major redundancy rounds this year, with Amazon’s own 16,000-job cull framed by chief executive Andy Jassy as a way to “remove bureaucracy”.

According to Layoffs.fyi, which tracks redundancies in the tech sector, more than 140 companies have laid off in excess of 111,000 employees so far this year, already closing in on the 124,636 cuts recorded across the whole of 2025.

For UK small and medium-sized businesses, the message from the world’s most valuable technology companies is unmistakable. Capital that once funded sprawling product teams is now being redirected into infrastructure, models and a much smaller pool of senior engineers. As consultancy giants such as McKinsey trim their own ranks on the same logic, British SME owners weighing their own AI strategies face an uncomfortable question: are they investing fast enough to keep up, or being lured into a costly arms race they cannot win?

Meta and Intuit were contacted for comment.

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NEW YORK — John Ramsey, father of murdered child JonBenét Ramsey, advised the family of missing Nancy Guthrie to closely monitor police efforts in the ongoing investigation, drawing from his own experience with his daughter’s unsolved 1996 homicide.

Ramsey shared the recommendation during a May 20, 2026, episode of “Brian Entin Investigates.” He told the Guthries, including NBC “Today” anchor Savannah Guthrie, not to assume authorities are pursuing every lead effectively.

“Don’t assume the police are doing everything they can do,” Ramsey said. “They may be, but don’t assume that. Don’t assume they know what they’re doing. They may, but don’t assume that. And really scrutinize what they’re doing. Ask questions.”

He compared the situation to having an advocate in a hospital and encouraged questions about DNA evidence found at the scene. “It’s like they say when you’re in a hospital, you got to have an advocate,” Ramsey added.

Ramsey described police departments as multi-purpose agencies handling tasks from traffic tickets to complex murders. “You can’t do everything well,” he said. “And it’s imperative they bring in all the resources they can bring in.”

Nancy Guthrie, 84, mother of Savannah Guthrie, was last seen on Jan. 31, 2026, after family dropped her off at her Catalina Foothills home near Tucson, Arizona, following dinner and a game night. She failed to appear for a virtual church service the next day.

Pima County Sheriff’s Department investigators believe she was taken against her will. Evidence at her home, including blood on the porch, supported that conclusion. Surveillance footage showed a masked individual approaching the door and removing SIM cards from security cameras.

Her Bluetooth-enabled pacemaker disconnected around 2:30 a.m., indicating it went out of range. The family offered a $1 million reward in February. Multiple purported ransom notes were sent to media outlets.

As of May 21, 2026, more than 109 days have passed since the disappearance. No arrests have been made. The Guthrie family, including all siblings and spouses, has been cleared as suspects.

Sheriff Chris Nanos stated in early May that the investigation remains active. “We’re not going to give up on it just because it’s been 100 days,” he told local station KOLD. DNA analysis and video review continue with FBI assistance and labs across the country.

More than 30,000 tips have been received. In recent weeks, the sheriff noted his department no longer communicates directly with the family, with the FBI handling liaison duties.

The JonBenét Ramsey case has remained unsolved since Dec. 26, 1996, when the 6-year-old was found dead in the family’s Boulder, Colorado, home. John and his late wife Patsy Ramsey faced intense public scrutiny. The case drew global attention and criticism of the original investigation.

Ramsey’s comments came as the Guthrie case nears its four-month mark. Pima County authorities continue DNA work on evidence, including a hair sample. No suspect has been publicly identified.

Brian Entin, a NewsNation correspondent, hosts the investigative series featuring the interview. The episode highlighted parallels in high-profile missing persons cases involving prominent families.

Savannah Guthrie has made public appeals for her mother’s return. She briefly stepped away from “Today” duties earlier in the case. The family continues cooperating with investigators.

John Ramsey, now in his 80s, has spoken publicly over the years about lessons from his daughter’s case. He has advocated for independent reviews and external expertise in complex investigations.

The Guthrie disappearance involved door-to-door searches, sniffer dogs and analysis of thousands of hours of video. A man was detained early but released without charges.

Pima County Sheriff Nanos expressed optimism in mid-May, saying daily DNA lab work generates new ideas. “I think we’re getting closer,” he told People magazine.

The case has drawn national attention due to its connection to the prominent television personality. Public speculation and scrutiny mirror aspects of the Ramsey investigation decades earlier.

John Ramsey’s advice emphasized proactive family involvement. He stressed verifying that specialized resources are utilized when local departments handle rare high-profile cases.

No new major developments were announced on May 21. The investigation remains active with FBI collaboration. Tips continue to be reviewed.

The full interview with John Ramsey is available on the “Brian Entin Investigates” YouTube channel and podcast platforms. It runs approximately 44 minutes.

KUWAIT CITY — Kuwait International Airport is open today, with commercial flights continuing their phased recovery after an eight-week suspension triggered by regional security tensions and drone strikes that damaged parts of the facility.

The airport reopened its airspace on April 23, 2026, with commercial passenger flights resuming April 26 from Terminals 4 and 5, according to the state-run news agency Kuna and the General Civil Aviation Authority. The closure began February 28 amid regional developments and came after the airport was targeted by multiple Iranian drones and missiles.

Kuwait Airways announced May 9 a gradual restoration of services from Terminal 4, with plans to resume flights to 29 destinations as part of a structured, phased recovery plan. Jazeera Airways restarted full operations from Terminal 5 on May 3, serving 27 destinations after temporarily relocating to hubs in Saudi Arabia and Egypt during the shutdown.

The airline said the rollout will be carried out in stages and in close coordination with national authorities. “We are working to gradually raise flights from Kuwait International Airport, in accordance with a phased operational plan, taken into consideration security requirements and continuous coordination with relevant authorities,” Kuwait Airways said in a statement.

This marks a significant step following an eight-week suspension of commercial air services to and from Kuwait International Airport, which came after the airport was targeted by multiple Iranian drones and missiles.

Sheikh Hamoud Mubarak Al Sabah, Chairman of the General Civil Aviation Authority, said the move was coordinated with relevant domestic and international authorities to ensure operations resume in line with the highest safety and security standards. He added that the reopening forms part of a carefully planned, gradual approach to restoring air traffic, with full operations expected to resume in due course.

Authorities said damage assessments had been completed following what they described as an Iranian attack and actions by affiliated armed groups, with technical teams undertaking maintenance and repairs to restore operational readiness. Initial operations were limited to selected destinations based on operational priorities, with each phase subject to ongoing evaluation before broader expansion.

Kuwait Airways began phased services from Terminal 4, initially serving select destinations and expanding to roughly 29 routes by mid-May. Jazeera Airways operates 27 destinations from Terminal 5, according to travel industry tracking data.

The airport has not yet returned to pre-crisis capacity. Officials describe the current phase as a controlled ramp-up that prioritizes safety over speed, emphasizing rigorous protocols before expanding operations further.

The closure severely disrupted Kuwait’s connectivity during the peak spring travel period. More than 200,000 passengers were affected during the suspension, with many travelers rerouted through Dubai, Doha and Riyadh while Kuwait Airways operated a temporary dual-hub model from bases in other Gulf states.

Terminal 1 sustained damage during the drone strikes and has remained closed for repairs with no official reopening timeline announced. Technical teams have completed essential repairs on runways, fuel systems and security infrastructure, though full restoration depends on ongoing assessments.

Travelers currently face operational challenges. Many report delays and cancellations as airlines work through compressed schedules that strain crew rotations and ground handling. Foreign carriers are operating cautiously, with some routes rerouted or scaled back during the recovery period.

Passengers are advised to check flight status frequently and arrive early at the airport. Check-in processes have been streamlined for security reasons, contributing to longer processing times for travelers.

The economic impact of the closure has been significant. Kuwait Airways and Jazeera Airways reported revenue losses during the suspension, with stranded passengers and disrupted supply chains affecting regional connectivity. Businesses reliant on air cargo and tourism also suffered during the shutdown.

Enhanced security measures remain in place at both active terminals, including stricter inspections and coordination with the Ministry of Interior. Travel experts recommend verifying terminal assignments, as most international flights currently use Terminal 4 or Terminal 5.

Kuwait Airways added routes incrementally in recent weeks, including new services to Cairo. Jazeera Airways is focused on restoring its low-cost network, with passenger numbers rising steadily as confidence returns.

International carriers including Emirates have resumed limited services, though many long-haul routes remain curtailed. Emirates resumed Kuwait flights on May 1 with up to five daily services by late May.

The long-term modernization project continues despite the disruption. Kuwait’s new Terminal 2, designed by Foster + Partners and built by Limak İnşaat, remains on track for a late 2026 opening. The facility will boost capacity to 27 million passengers annually once operational.

Looking ahead, airport authorities aim for progressive expansion in the coming weeks and months. Officials hope to increase daily flight numbers and operating hours as confidence in infrastructure stability grows.

As the summer travel season approaches, demand for flights through Kuwait is expected to surge. Authorities and airlines have pledged continued coordination to minimize disruptions while maintaining the highest safety standards.

The skies above Kuwait are once again seeing increasing activity, symbolizing a cautious but determined return to connectivity after a difficult two-month period. Officials and airlines alike are committed to restoring full service as safely and quickly as conditions allow.