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Asia’s currency fight moves offshore as central banks push back

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Asia’s currency fight moves offshore as central banks push back
Asian central banks are increasingly facing currency pressures originating outside their borders. From South Korea to India and the Philippines, policymakers have ramped up efforts to curb offshore forex speculation as high oil prices, foreign fund exodus and a strong dollar pressure regional currencies.

South Korea’s finance ministry said on Sunday it will step up oversight of offshore currency derivatives. The Philippines has asked banks to ensure non-deliverable forward contracts are limited to economic purposes, while India has tightened limits on banks’ net open position to $100 million.

Indonesia, which unexpectedly raised interest rates on Tuesday, has said its central bank is active in currency markets “around the world, around the clock” to support the rupiah.

The warnings underscore concerns among Asian policymakers that offshore trading is adding to pressure on currencies. The oil-price shock from the US-Iran conflict has worsened the problem, hitting the region’s energy-importing nations. Indonesia’s rupiah breached the closely watched 18,000-per-dollar level, the Korean won has fallen to its lowest since the global financial crisis, while the Indian rupee and Philippine peso have hit record lows.

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The efforts to curb offshore forex trading may help ease some pressure, but analysts doubt they can reverse the trend on their own.


“It may have some impact, but ultimately for the measure to be successful there needs to be a shift in the fundamentals as well,” said Michael Wan, senior currency analyst at MUFG Bank Ltd.

1Bloomberg

Non-deliverable forwards are cash-settled derivative contracts that allow investors to hedge or speculate on currencies outside local markets. They make up for about 4% of the global $10 trillion a day FX market, according to Deutsche Bank AG, though they can play an outsized role in Asia where restrictions on convertibility are common.
That means activity driven out of global financial hubs such as Singapore, London and New York can sway local markets.

Authorities across the region have tried to reduce this influence during periods of currency stress.

India allowed local banks to participate in the NDF market in 2020 and has since tried to attract activity onshore to its finance hub at Gujarat International Finance Tec-City, or GIFT City. South Korea has opened its forex market to overseas investors and extended trading hours, while Thailand has allowed non-resident corporates to access onshore baht liquidity and hedge freely.

“The reason the NDF market exists is due to restrictions in the onshore market,” said Khoon Goh, head of Asia research at Australia & New Zealand Banking Group. If those restrictions are eased and there is enough liquidity, the need for NDFs will gradually fade, as seen in the case of the Singapore dollar and Thai baht, he said.

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Short-Dollar Book

Yet, the war-induced crisis has left some central banks with little choice but to intervene in those very markets they’ve been warning against. That defense has contributed to the drop in foreign-exchange reserves in the region.

The Reserve Bank of India has been particularly active, selling dollars primarily in shorter maturities, traders say. The central bank’s short dollar book, which includes offshore derivative positions, has likely surged to around $115 billion. Bank Indonesia has also sold dollars overseas to stabilize the currency.

The interventions have helped reduce outsized spillovers from offshore to local markets. In India’s case, the central bank has often been seen intervening just before onshore open to ease pressure on the rupee.

Some investors say currency weakness is the result of economic problems in individual countries rather than offshore trading.

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India is facing persistent capital outflows, with global funds pulling a record $30 billion from stocks this year, spurring recent efforts to attract overseas capital. In Indonesia, investors are growing wary of the economic outlook and fiscal trajectory under President Prabowo Subianto.

The Philippines is facing a renewed inflation shock from high oil prices, while South Korea has seen over $78 billion of net foreign investment exit its stock market so far in 2026 despite a rally to record highs earlier this month fueled by retail craze for artificial-intelligence stocks.

The steps central banks have taken, including intervening in offshore markets, are aimed at curbing sharper market moves, said Lavanya Venkateswaran, senior economist at Oversea-Chinese Banking Corp. “We still think that policy rate hikes are on the cards” for India, the Philippines and Indonesia, she said.

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New Zealand manufacturing slips into contraction amid weak demand, higher costs

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New Zealand manufacturing slips into contraction amid weak demand, higher costs


New Zealand manufacturing slips into contraction amid weak demand, higher costs

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Arlo Stock: Excellent Execution As Company Expands To Senior Monitoring (NYSE:ARLO)

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Arlo Stock: Excellent Execution As Company Expands To Senior Monitoring (NYSE:ARLO)

This article was written by

With combined experience of covering technology companies on Wall Street and working in Silicon Valley, and serving as an outside adviser to several seed-round startups, Gary Alexander has exposure to many of the themes shaping the industry today. He has been a regular contributor on Seeking Alpha since 2017. He has been quoted in many web publications and his articles are syndicated to company pages in popular trading apps like Robinhood.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of ARLO either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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(VIDEO) Knicks Complete Record 29-Point Comeback in Game 4 to Lead Spurs 3-1 in NBA Finals

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Jalen Brunson

NEW YORK — The New York Knicks staged one of the most remarkable comebacks in NBA Finals history, erasing a 29-point deficit to defeat the San Antonio Spurs 107-106 on Wednesday night and take a commanding 3-1 series lead.

OG Anunoby tipped in a miss by Jalen Brunson with 1.2 seconds remaining, completing the historic rally at a raucous Madison Square Garden. The victory puts the Knicks on the brink of their first championship since 1973, with three chances to close out the series starting with Game 5 on Saturday in San Antonio.

It was the largest comeback in Finals history, surpassing the previous mark of 24 points set by Boston against the Lakers in 2008. The Spurs had led 81-52 in the third quarter and held a 27-point advantage at halftime, appearing headed for a commanding road win.

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Dramatic Rally Unfolds

The Knicks limited San Antonio to just 14 points on 4-for-20 shooting in the third quarter, using a 13-0 run to claw back into contention. They entered the fourth quarter trailing 90-75 but outscored the Spurs 32-16 in the final period to pull off the improbable victory.

Brunson led the Knicks with 36 points, delivering clutch scoring throughout the comeback. Anunoby finished with 33 points and made the game-winning play, swooping in as Brunson’s long three-point attempt bounced off the front rim.

“I told OG as big, as strong, as athletic as he is, he’s got to be a monster on the offensive glass tonight,” Knicks coach Mike Brown said. “I don’t know if there was a play bigger than any other play in the history of Knicks basketball.”

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Delirious fans inside Madison Square Garden erupted as the final seconds ticked away, singing along to Journey’s “Don’t Stop Believin’” after witnessing a moment that seemed almost impossible earlier in the evening.

Spurs Collapse After Strong Start

The young Spurs built their massive lead with hot three-point shooting, making 11 of their first 16 attempts. However, they went cold in the second half, shooting just 3 for 17 from beyond the arc as the Knicks mounted their charge.

Victor Wembanyama recorded 24 points and 13 rebounds but shot 9-for-25 from the field. The 7-foot-4 phenom struggled to impose his will consistently against New York’s physical defense in the second half.

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“We got on our heels — we missed some shots,” Spurs coach Mitch Johnson said. “It’s disappointing, to say the least.”

Dylan Harper scored 21 points for San Antonio, while De’Aaron Fox and Devin Vassell each added 18. The Spurs, who had won Game 3 in New York to avoid falling into a 3-0 hole, now face elimination pressure on their home court.

“I think it began before (the fourth quarter),” Wembanyama said of the collapse. “I can’t really explain it right now. I don’t know. … We clearly weren’t the most hungry in the second half.”

Historic Context and Series Implications

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The Knicks had their 13-game winning streak snapped in Game 3 but responded with resilience that has defined their playoff run. This marks only the second time in Finals history that road teams won the first three games, and the Spurs were well-positioned to make it four before the dramatic reversal.

No team had come from more than 24 points down in a Finals game since detailed play-by-play tracking began in 1997. The Knicks’ effort now stands as the largest comeback in Finals annals and the second-largest in any playoff game, behind only the LA Clippers’ 31-point rally against Golden State in 2019.

The series has been intensely physical, with Wembanyama drawing flagrant fouls and heightened defensive attention. The hostile environment at Madison Square Garden played a significant role in the momentum shift, energizing the Knicks during their third-quarter surge.

Path to the Title

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A Knicks victory in Game 5 on Saturday would give them their first title in more than five decades. The franchise last won in 1973 under Willis Reed. This year’s team, built around Brunson’s leadership and a balanced supporting cast, has overcome significant obstacles throughout the postseason.

The Spurs, in just their third season with Wembanyama, have exceeded expectations by reaching the Finals. A return home for Game 5 offers them a chance to extend the series and test the Knicks’ resolve in a hostile environment once more.

Coaching and Tactical Notes

Mike Brown’s adjustments in the second half, particularly emphasizing offensive rebounding and defensive intensity, proved decisive. The Knicks’ ability to limit San Antonio’s three-point shooting after halftime was a turning point.

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Mitch Johnson and the Spurs staff will need to regroup quickly, addressing second-half execution and finding ways to sustain energy against a motivated Knicks squad.

Fan and Cultural Impact

The atmosphere at Madison Square Garden was electric, with fans roaring through every run. Celebrities including Taylor Swift were in attendance, adding to the spectacle of a Finals game that will be remembered for years.

The Knicks’ resilience has captivated New York and basketball fans nationwide, evoking memories of past championship teams known for toughness and never-quit attitudes.

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As the series shifts back to San Antonio, the Spurs will look to leverage home-court energy while the Knicks aim to close out the championship on the road. Game 5 promises another intense battle between two resilient teams featuring generational talents in Brunson and Wembanyama.

The 2026 NBA Finals have already delivered drama and historic moments. With the Knicks one win away from ending a long title drought, the coming games will determine whether New York completes its journey or if San Antonio forces a longer, more grueling series.

The Knicks’ record comeback in Game 4 stands as a testament to their character and sets up what could be a memorable conclusion to the 2026 postseason.

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Trump, allies working on plan to void his impeachments, WSJ reports

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Treasury Yields, Dollar Little Changed on Inflation Data, Iran Tensions

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Stocks Little Changed After Fed Decision

Treasury yields and the dollar are little changed from Tuesday, as U.S. inflation meets expectations and the war in Iran flares up.

The 12-month May CPI accelerates to 4.2% from 3.8% in April. Ex-energy and food, core inflation is a milder 2.9%, up from 2.8%. The Fed is expected to keep rates unchanged next week while markets price in high odds of a hike later.

The U.S. attacks Iran and President Trump says Tehran has taken too long to make a deal. Crude futures rise 1%. The WSJ Dollar Index is flat.

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NPFD: Rising Rates May Increase Risk Profile

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NPFD: Rising Rates May Increase Risk Profile

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Matador Resources Company (MTDR) Shareholder/Analyst Call Prepared Remarks Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Joseph Wm. Foran
Founder, CEO & Chairman of the Board

Greetings everyone. I’m delighted to welcome all of you here. I can remember going back 40 years ago or maybe a little more when we have our annual meetings, and we could have had them in a closet really. And today, it’s fun to look out there and see over 300 people meeting today to help guide us going forward. So we started with $270,000 and today, we have over $10 billion in assets and moved our shareholder count from 2, which was Nancy and me. And then we were excited when we got to 17, which was our 17 original investors, some of which are here today.

And now we have 300 people showing up for a meeting like this, and it’s really exciting because so much of our industry has gone to the private equity for capital, and we just stayed with friends and family. And I’m very pleased to report that PwC through Fortune Magazine listed the top 1,000 public companies in the States. And that was across all industries. And based on 2024 revenue, which, of course, our 2026 will be much better than that, we were ranked at 826. So we broke into the top 1,000 and the Dallas Morning News said we were #1 in revenue per employee across all industries, too.

So moving in the right direction, and we were a top 10 producer in New

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Former Detective Explains Why Nearby Kidnapping Suspect Drew Attention in Nancy Case

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Savannah Guthrie & Nancy Guthrie
Savannah Guthrie & Nancy Guthrie
Savannah Guthrie & Nancy Guthrie

TUCSON, Ariz. — A retired homicide detective has explained why investigators in the Nancy Guthrie disappearance case would still examine a wanted kidnapping suspect whose alleged crime occurred less than seven miles from the 84-year-old’s home, even as authorities maintain the cases are unrelated.

Maureen O’Connell, a former FBI agent, highlighted the detail during an interview with NewsNation, noting that the family initially told first responders they had no access to or control over the security cameras around Guthrie’s residence. Those cameras, installed primarily for wildlife observation, provided one of the few pieces of visual evidence in the case — footage of a masked individual attempting to disable the doorbell camera on the night of Feb. 1.

“The thing I found very, very interesting was that the family let the first responders know — this is based on the dispatch recordings — that they had no access or control over any of the cameras around that house,” O’Connell said. She added that the general understanding appeared to be that the cameras were for observing wildlife. “I just found that strange.”

O’Connell stressed that in any major missing person or abduction investigation, detectives cast a wide net. “In any major missing person or abduction-type of investigation, the investigators are going to cast a wide net,” she explained. This includes examining nearby criminal activity for patterns or potential sources of information that could generate leads.

Case Background and Reclassification

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Nancy Guthrie vanished from her Tucson-area home on Feb. 1 under suspicious circumstances. Security footage captured a masked man at the property, blood evidence was reportedly found at the scene, and she left behind critical heart medication. More than four months later, no remains have been recovered despite extensive searches.

The investigation has shifted to a “no-body” murder probe, with authorities believing forensic and circumstantial evidence points to a violent crime at the residence. The Pima County Sheriff’s Department and FBI continue active pursuit of leads, describing the case as far from cold.

A Tucson woman, Coral Michelle Smith, is wanted in a separate late-May kidnapping and aggravated assault case. While police have stated there is no evidence linking Smith to Guthrie’s disappearance, the proximity of the alleged crime has drawn public speculation and prompted questions about investigative thoroughness.

Why Nearby Crimes Matter

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Retired homicide detective Chris McDonough, director of the Cold Case Foundation, reinforced the standard protocol of exploring local criminal activity. “This would be a very standard protocol to try to find her and see if they can connect her in any way, shape or form,” McDonough said. Investigators would likely question individuals familiar with street-level activity near the Guthrie home.

“They’re going to ask her about any familiarity around the Guthrie home. What’s the word on the street?” he added. Even if someone is not considered a suspect, they may hold peripheral information. “She may not be involved in any way, shape or form, but she may have information that may connect something.”

This wide-net approach is common in complex missing persons cases where initial evidence is limited. Detectives seek patterns, witness accounts and potential links that might otherwise be overlooked. The desert terrain around Tucson adds further complexity, with vast search areas and environmental factors hindering physical recovery efforts.

Family’s Ongoing Ordeal

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Savannah Guthrie, co-anchor of NBC’s “Today” show, has spoken candidly about the emotional toll. “I cry every morning on the way to work, and I cry every morning on the way home,” she said during a recent appearance. She has described balancing profound sadness with moments of joy for her children while the family awaits answers.

The Guthrie family has offered a $1 million reward for information leading to Nancy’s recovery. They continue cooperating fully with authorities while navigating intense public interest driven by Savannah’s high-profile role.

Neighborhood Disruptions and Enforcement Actions

The quiet Catalina Foothills neighborhood has been transformed by the case’s notoriety. True crime enthusiasts, amateur sleuths and content creators have converged on the area, leading to complaints about trespassing, road obstructions and disruptive behavior. Sheriff Chris Nanos has increased enforcement, resulting in citations and arrests for public nuisance.

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A memorial near the home was removed, reportedly by the homeowners association. Officials established designated media areas early on to balance transparency with the need to protect the integrity of the investigation.

Challenges in Long-Term Missing Persons Cases

The Nancy Guthrie case illustrates broader difficulties in prolonged missing persons investigations, particularly those involving vulnerable adults. Without physical remains or a clear suspect, building a prosecutable case relies heavily on circumstantial evidence, digital records, timelines and community tips.

The transition to a no-body murder framework signals that authorities believe they have reached a threshold of evidence suggesting homicide, though proving it without a body remains a significant legal hurdle. Successful prosecutions in similar cases often hinge on meticulous documentation and strong narrative threads connecting forensic details, behavioral patterns and witness statements.

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Public Cooperation Still Essential

Law enforcement continues to urge anyone with information, no matter how minor, to come forward through official channels. Tips can be submitted anonymously to the FBI at 1-800-CALL-FBI or the Pima County Sheriff’s Department. Officials emphasize that even small details could help connect pieces of the puzzle.

The $1 million family reward remains active, providing a substantial incentive for credible information. Investigators stress the importance of allowing professionals to handle the case without interference from unauthorized individuals.

Community and Media Attention

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The high-profile nature of the disappearance, tied to Savannah Guthrie’s national platform, has sustained intense media coverage and public interest. While this attention has generated tips, it has also complicated operations by drawing crowds to the neighborhood.

Authorities have navigated the balance between transparency and operational security, providing regular updates while protecting sensitive details. The case serves as a reminder of the human impact behind high-profile investigations and the strain placed on families enduring prolonged uncertainty.

Path Forward in the Investigation

As the case moves deeper into its fifth month, the focus remains on forensic analysis, digital evidence review and neighborhood canvassing. The FBI and local agencies continue collaborating, with every resource dedicated to determining what happened to Nancy Guthrie on Feb. 1.

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The separate kidnapping case involving Coral Michelle Smith will be pursued independently, but the principle of casting a wide net ensures that any potential overlaps or useful information are thoroughly examined. This methodical approach, while sometimes appearing slow to outsiders, is standard in efforts to build the strongest possible case.

For the Guthrie family and the Tucson community, the search for answers continues amid profound loss. Investigators maintain that the probe is active and evolving, with hope that new leads or evidence will eventually bring resolution and justice.

The Nancy Guthrie disappearance has captured national attention not only because of her daughter’s prominence but also due to the enduring mystery surrounding the events of that February night. As authorities explore every avenue — including nearby criminal activity — the case underscores both the challenges and the dedication required in long-term investigations of this nature.

Public cooperation and patience remain vital as professionals work to uncover the truth. The coming weeks and months may bring further developments as the no-body murder investigation advances and every possible connection is examined. For now, the focus stays on following leads and supporting the family through their ongoing ordeal.

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Alphabet Convertible Preferred Offers 6% Yield and Upside With Common Stock

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LPP SA (LPPSY) Q1 2027 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Monika Wszeborowska

Good afternoon, Monika Wszeborowska. I would like to welcome you at the conference — LPP Conference results — on the results of the first quarter. With me here is Marcin Bojko, CFO; and Magdalena Kopaczewska, Investor Relations representative.

We presented the results from the first quarter, how they reflects the reality in our activity. We will talk about to you in a moment. We would like to present to you our plans for this year, but also we would like to refer to our plans for the next three years regarding our development, development of our stationary network.

During this meeting, we would like to present to you our financial goals for 2026 and ’27 and the entire meeting will end with Q&A. You can ask questions via chat that is visible on your screens. It’s already active, and it will be active till the end of today’s conference. After the conference, if you have any additional issues or questions, please contact our Investor Relations Department and lpp.investor.relations@lpp.com or via our media@lpp.com.

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So let’s move on to the results from the first quarter. Thank you. Traditionally, the summary of the first quarter, let’s start with most important operational events. In the first quarter of ’26, we opened 121 new stores, 102 in Sinsay brand according to our plans for this time. At the same time, we spent already PLN 600 million (sic) [ PLN 562 million ] for investment within the first quarter. Close to PLN 3 million (sic) [ PLN 300 million ] was allocated for logistics.

This year is not going to be a record-breaking year, but constantly, we’ve been investing

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