Chancellor promised to address the rising burden on businesses ahead of next month’s Budget

Chancellor John Healey said the UK economy was “turning a corner” as he pledged to rein in public expenditure ahead of next month’s Budget.

Delivering his first major address since taking charge at the Treasury, Mr Healey acknowledged the strain of high government borrowing costs and vowed to ease the growing pressure on businesses.

Mr Healey sought to strike an upbeat tone about the UK’s economic outlook, despite the ongoing turbulence caused by global crises including the conflict in the Middle East and Russia’s invasion of Ukraine.

Speaking in Coventry ahead of next month’s Budget — the first since Andy Burnham moved into 10 Downing Street — Mr Healey said: “The Prime Minister and I are in lockstep in our commitment to meeting the fiscal rules at the upcoming Budget, to balancing the books with a buffer to protect against uncertainty.

“To controlling borrowing to bear down on inflation and reducing long-term pressures on our public finances.”

He argued that the mounting cost of debt interest demonstrated that “staying true to our values means being honest about the need to control government spending”.

Yet he maintained there remained an “optimistic story” to be told about the UK economy, which he said possessed “huge latent potential”.

It was, he said, “a country turning a corner, a country whose people, businesses and communities are ready to seize the opportunity of new technologies and new ideas”. Outlining his vision for the economy, Mr Healey confirmed the Government would extend its overhaul of judicial review from energy projects to encompass all major infrastructure schemes.

He stated the reforms would ensure “vexatious litigation and challenge can’t block economic growth”.

The Chancellor also reaffirmed the Government’s pledge to devolve power away from Whitehall, announcing he would unveil a “roadmap to fiscal devolution” at next month’s Budget.

He said: “London, of course, is our powerhouse, but if our city regions could emulate the success of those in France or Germany, growth in our country would be transformed.”

In advance of that, he revealed the British Business Bank would be injecting £150 million into high-growth firms across the North of England, while also announcing the establishment of a “Northern 500” collective of “the North’s most ambitious mid-sized businesses”, to be led by regional mayors.

Mr Healey said he wanted twice as many “unicorn” firms in the UK and to make it easier for businesses to test new technology.

Mr Healey said: “So, I’m setting an ambition now to double the number of unicorn firms in this country.”

He said he would also aim to have “sandboxing” powers in place so businesses and innovators can test technology from pavement robots to drones to life-saving medical equipment, which he said regulation currently prevents.

Whether you’re trying to pay off debt, save for retirement, build an emergency fund, or simply enjoy a more comfortable lifestyle, increasing your income can make a significant difference. While cutting expenses is helpful, there’s a limit to how much you can reduce spending. On the other hand, your earning potential has virtually no ceiling.

The good news is that you don’t need to quit your job or invest thousands of pesos to start earning more. Many income opportunities require little or no capital, and others can grow into full-time businesses over time.

Below are 100 simple ways to increase your income. You don’t have to try all of them. Even implementing a handful could substantially improve your financial future.

1. Ask for a Salary Increase

If you’ve consistently delivered excellent results, prepare evidence of your achievements and negotiate a higher salary.

2. Learn a High-Income Skill

Skills like digital marketing, programming, AI, cybersecurity, copywriting, and data analytics are highly valued.

Offer services on platforms like Upwork or Fiverr, including writing, graphic design, programming, or virtual assistance.

4. Teach Online

Create online courses or tutor students in subjects you’re knowledgeable about.

5. Become a Consultant

Businesses pay experts for advice in accounting, HR, marketing, IT, and management.

Create templates, spreadsheets, eBooks, planners, or printable designs that generate passive income.

A successful blog can earn through display ads, affiliate marketing, and sponsored content.

8. Launch a YouTube Channel

Create valuable videos and monetize them with ads, memberships, sponsorships, and affiliate links.

Promote products and earn commissions from every successful referral.

10. Sell Stock Photos

Upload quality images to stock photo websites and earn royalties.

11-20: Earn More from Your Existing Skills

• Offer resume writing services.
• Become a social media manager.
• Provide bookkeeping services.
• Offer tax preparation assistance.
• Create websites for small businesses.
• Offer SEO services.
• Become a translator.
• Provide voice-over services.
• Edit videos.
• Create logos and branding packages.

• Open an online store.
• Sell handmade crafts.
• Start a print-on-demand business.
• Offer cleaning services.
• Start lawn care services.
• Provide pet sitting.
• Offer babysitting.
• Become a mobile car detailer.
• Start pressure washing services.
• Offer home repair services.

31-40: Online Income Ideas

• Sell on Amazon.
• Sell on Etsy.
• Become an Amazon Influencer.
• Flip domain names.
• Sell website templates.
• Create mobile apps.
• Develop browser extensions.
• Create premium newsletters.
• Sell online memberships.
• Launch a paid community.

• Invest in dividend stocks.
• Buy index funds.
• Invest in REITs.
• Purchase rental properties.
• Invest in bonds.
• Use high-yield savings accounts.
• Peer-to-peer lending.
• Invest in ETFs.
• Reinvest dividends.
• Dollar-cost averaging.

51-60: Gig Economy Opportunities

• Drive for ride-sharing services.
• Deliver food.
• Deliver groceries.
• Rent out your car.
• Become a mystery shopper.
• Complete paid surveys.
• Test websites.
• Participate in research studies.
• Become a product tester.
• Rent unused parking spaces.

61-70: Sell What You Already Own

• Sell unused electronics.
• Sell old furniture.
• Sell collectibles.
• Sell books.
• Sell designer clothing.
• Sell unused tools.
• Sell sports equipment.
• Sell musical instruments.
• Host a garage sale.
• Flip thrift store finds.

• Write an eBook.
• Create online courses.
• License your music.
• Sell stock videos.
• Create digital planners.
• Sell Canva templates.
• Develop software.
• Create WordPress themes.
• Sell website plugins.
• License your photography.

81-90: Career Growth

• Earn professional certifications.
• Network with industry leaders.
• Attend conferences.
• Improve communication skills.
• Master negotiation.
• Become a public speaker.
• Learn AI tools.
• Take leadership roles.
• Find higher-paying employers.
• Work remotely for international companies.

91-100: Smart Financial Habits That Increase Income

• Automate investments.
• Invest in yourself every year.
• Read personal finance books.
• Track your net worth.
• Build multiple income streams.
• Use cashback credit cards responsibly.
• Start a family business.
• Turn hobbies into income.
• Partner with other entrepreneurs.
• Never stop learning.

How to Choose the Best Income Strategy

Not every opportunity will fit your personality, schedule, or financial goals. Before committing your time and money, consider these important factors:

• Available Time: Some income sources require only a few hours a week, while others demand full-time commitment.
• Startup Cost: Many side hustles can be started for under P5000, while others require larger investments.
• Skills: Focus on opportunities that match your strengths or those you can learn quickly.
• Scalability: Businesses and digital products often have greater long-term income potential than hourly work.
• Risk: Investments can generate excellent returns but also involve financial risks.

Common Mistakes to Avoid

• Trying too many income ideas at once.
• Expecting overnight success.
• Ignoring taxes and business expenses.
• Not reinvesting profits.
• Failing to continue learning.
• Giving up too early.
• Not building an emergency fund.

Tips for Maximizing Your Earnings

The highest earners rarely depend on a single source of income. Instead, they combine active income with passive income and investments. For example, someone may have a full-time job, operate a blog, invest in dividend stocks, and earn affiliate commissions—all at the same time.

Focus first on increasing your primary income by improving your skills and negotiating better compensation. Then gradually build additional income streams that can eventually operate with minimal daily effort.

Remember that consistency matters more than perfection. Small improvements each month can compound into significant financial growth over the years.

Increasing your income doesn’t always require a dramatic career change. Sometimes, it starts with learning one valuable skill, launching a small side hustle, or making smarter investment decisions.

The 100 ideas listed above prove there are countless opportunities available today, both online and offline. The key is to choose one or two that match your interests, commit to them consistently, and continuously improve your skills.

Financial freedom is rarely achieved overnight, but every additional income stream brings you one step closer to your goals. Start small, stay disciplined, and remember that your earning potential grows as you continue learning and taking action.

Frequently Asked Questions (FAQ)

What is the easiest way to increase my income?

The easiest way is often to combine asking for a raise, freelancing in your existing skill set, and selling unused items. These options require little investment and can produce results quickly.

How many income streams should I have?

Many financial experts recommend having at least three income streams: your primary job, a side hustle, and an investment or passive income source. Diversifying your income reduces financial risk if one source declines.

Which income ideas require the least money to start?

Freelancing, tutoring, blogging, affiliate marketing, virtual assistance, resume writing, and social media management can often be started with just a computer and an internet connection.

What are the best passive income ideas?

Some of the most popular passive income options include dividend investing, creating digital products, publishing eBooks, building niche websites, affiliate marketing, online courses, and renting out property or equipment.

How long does it take to build a significant second income?

It depends on the strategy you choose. Some side hustles can generate income within weeks, while blogs, YouTube channels, and investment portfolios may take months or years to reach their full earning potential. Consistency and continuous improvement are the biggest factors in long-term success.

Business News Philippines was launched in October 2015 as a portal for readers to learn more about operating a business in the Philippines.

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The NBA on Wednesday suspended Los Angeles Clippers owner Steve Ballmer for one year as part of a broad array of sanctions on the basketball team and two senior executives for violating the league’s salary cap circumvention rules related to star player Kawhi Leonard and four companies that did business with the team.

Ballmer “knowingly” sought to help Leonard, 35, obtain off-court income opportunities worth millions of dollars, and approved a business deal that the billionaire former Microsoft CEO “knew was a precondition for Aspiration [Partners] to enter into an endorsement agreement with Mr. Leonard,” the league said in a statement.

The Clippers were also fined $30 million — the largest in NBA history — and will forfeit five first-round draft picks, one each year beginning in 2029.

The Clippers and their personnel will be subject to a compliance and monitoring program overseen by the league office for five years, according to the NBA.

Clippers President of Business Operations Gillian Zucker was suspended without pay for one year, and President of Basketball Operations Lawrence Frank was suspended without pay for six months. Zucker provided false and misleading statements to investigators, according to a summary of findings released Wednesday.

The league said that an investigation of the Clippers by the law firm Wachtell, Lipton, Rosen & Katz “found a pattern of misconduct and multiple significant rules violations” by the organization, which had previously violated salary cap circumvention rules.

“The three individuals most responsible for the Clippers’ rule-breaking are Mr. Ballmer, Ms. Zucker, and Mr. Frank,” a 36-page report by Wachtell, Lipton said.

Ballmer is the ninth-richest person in the world, according to Forbes‘ real-time billionaires list, which puts his fortune at more than $152 billion.

The Clippers, in a statement, said, “We vehemently reject the NBA’s findings.”

“We intend to vigorously challenge these findings and penalties through every avenue available to us and look forward to an ethical and impartial arbitration process,” the team said.

In a summary of its findings, Wachtell, Lipton said the organization’s violations included “initiating off-court income opportunities between” the 35-year-old Leonard and four companies doing business with the team — Aspiration Partners, Boingo Wireless, Daktronics, and Lockton Insurance — and facilitating endorsement deals between those companies and the seven-time NBA All-Star.

The Clippers also induced those companies to enter into deals with Leonard by offering them business from the team, paying personal expenses for Leonard and his representatives, and failing “to report improper solicitations for off-court income opportunities made on Mr. Leonard’s behalf through his then-business manager, Dennis Robertson,” the summary said. Robertson is Leonard’s uncle.

Leonard was ordered to pay the league $700,000 in connection with his own violations, through Robertson’s conduct, which included pressuring the team to help Leonard obtain off-court income opportunities and failing to reimburse payments by the Clippers for personal expenses.

The NBA banned Robertson from conducting business or otherwise engaging with the league’s teams and their affiliates, players or personnel for five years.

The report comes nearly a year to the day after the podcast Pablo Torre Finds Out began a series of episodes alleging that the Clippers and Ballmer violated salary cap circumvention rules in dealings with the now-collapsed green energy financial company Aspiration Partners, which had a four-year, $28 million endorsement agreement with Leonard. The podcast reported that the agreement was never publicly announced, and that Leonard did not perform any services under it.

NBA Commissioner Adam Silver, in a statement Wednesday, said, “The NBA’s collectively bargained system for determining player compensation is a fundamental component of the basketball competition that the league oversees for the benefit of the teams and players and ultimately the fans.”

“I am deeply disappointed by the flagrant violations of our rules and by the Clippers’ institutional and leadership failures that led to this misconduct. The severity of the penalties reflects the seriousness of the violations,” Silver said.

Leonard, in a statement through his new agent, said, “Integrity and respect for this game are fundamental to who I am. I accept full responsibility for lapses in judgment by people within my inner circle and regret the distraction this situation has caused the fans and my family.

“I entered into my contract with the Clippers as well as the agreements in question in good faith, fully committed to fulfilling my obligations and with no knowledge of any intent on anyone’s part to circumvent the salary cap,” Leonard said.

The probe’s close could clear the way for the Clippers and Leonard to part ways. A trade that would send Leonard to the Toronto Raptors, the team he played for before the Clippers, was put on hold this summer while the investigation concluded.

“As I return to Toronto, I am focused on what I can control, closing this chapter, and moving forward with a clean slate,” Leonard said.

In its own statement, the Clippers said the report’s findings “are the result of a heavily biased investigation seeking to justify a predetermined narrative rather than facts and evidence.”

“What the league told us privately differs from what it announced today publicly, and they have not held themselves close to the standard Commissioner Silver set at the start of this investigation to ensure [its] fairness and accuracy,” the team said.

“For the past year, we cooperated fully and in good faith and we will now fight just as hard to demonstrate our innocence.”

Most foreign investors start with a single PT PMA in Indonesia; expansion depends on business complexity, legal, and regulatory considerations, affecting management, compliance, and tax obligations.

Establishing and Expanding PT PMA in Indonesia

Most foreign investors start with a single PT PMA when entering Indonesia. As their business grows, they often face the decision of whether to expand within the same company or create additional subsidiaries. This choice depends on how they plan to structure and scale their operations over the long term, especially when venturing into new industries, acquisitions, or joint ventures.

Suitable Use of a Single PT PMA

A single PT PMA is suitable when new activities can be integrated under existing operations using compatible KBLI classifications. This approach is practical when the new activities do not require separate licenses or distinct regulatory oversight. Expanding within one company can streamline administrative processes while accommodating related business growth.

Considerations for Establishing Multiple Entities

However, certain transactions and strategic decisions may necessitate creating new companies due to legal, commercial, or regulatory reasons. It’s important to weigh the benefits of maintaining separate subsidiaries against the increased regulatory obligations. Each PT PMA operates as a distinct legal and tax entity, responsible for its own compliance, accounting, and reporting requirements.

BBSM had customers in the education, leisure, hospitality and industrial sectors

A Devon boiler company that fell into financial difficulty is to be liquidated, with the loss of 30 jobs. BBSM was established in 2019 by Robin Cotton, Adrian Ham and Simon Hayes, and provided biomass boiler servicing, maintenance and installation services across England and Wales.

The Tiverton-based business grew rapidly, increasing turnover to almost £4m within five years and developing a substantial customer base in the commercial and public sectors.

Customers included schools, leisure centres and hotels, including luxury Devon seaside hotel Saunton Sands and wedding and events venue The Corn Barn in Somerset.

According to the directors, the company’s decline was caused by a “combination of factors” over the past 18 months. These included bad debts from customer insolvencies; losses on two major projects; and rising operating costs. They also said cash flow had come under pressure as customers took longer to pay, while earlier this year several projects were cancelled or delayed.

As a result, Nick Harris and Lucinda Coleman, partners in the restructuring team at PKF Francis Clark, were appointed liquidators after BBSM entered creditors’ voluntary liquidation last week.

Mr Harris said: “BBSM had established an excellent reputation within the biomass heating sector. After encountering various headwinds in recent times, the directors worked hard to explore options to secure the future of the business.

“Unfortunately, it was not possible to rescue the company as a going concern and there was no alternative to liquidation in the circumstances. Our focus now is on realising the company’s assets for the benefit of creditors, as well as supporting former employees with claims to the Redundancy Payments Service.”

Creditors are encouraged to contact Charles Bell, at the Bristol office of PKF Francis Clark, on 0117 403 9800 or charles.bell@pkf-francisclark.co.uk.

A small asteroid harmlessly burned up in Earth’s atmosphere over the Indian Ocean near northwestern Australia on Sunday, marking just the 13th time in history that scientists have successfully spotted an incoming asteroid before it struck the planet.

The object, first identified late Saturday under the temporary designation CERNQ52 by the Mount Lemmon Observatory in Arizona, part of the Catalina Sky Survey, was later given the official catalog name 2026 RW1. Astronomers tracked the space rock for roughly seven hours and 22 minutes between its initial detection and its atmospheric entry, giving researchers a rare, if brief, window to calculate its trajectory before impact.

Estimates of the asteroid’s size varied slightly depending on the tracking source, with most measurements placing its diameter at approximately 0.8 meters, or about 2.6 feet, though the European Space Agency calculated a slightly broader range of 0.6 to 1.3 meters. Given its small size, the object posed no threat to people or infrastructure and was expected to disintegrate completely during its descent through the atmosphere, producing a bright meteor visible only over the remote, largely uninhabited ocean region where it entered.

Richard Moissl, head of the European Space Agency’s Planetary Defence Office, publicly announced the incoming object ahead of its predicted atmospheric entry.

“Our systems have calculated an atmospheric entry in the timeframe between 16:00-16:30 UTC of a harmless object discovered by Mt Lemmon survey with a diameter of ~0.8 m northwest of Australia over the ocean,” Moissl said.

The asteroid ultimately entered Earth’s atmosphere at 16:07 UTC, or 11:07 a.m. Central time, on Sunday, according to tracking data. ESA’s monitoring system determined the median impact position at approximately 13.77 degrees south latitude and 116.43 degrees east longitude, placing the entry point over the Indian Ocean northwest of Australia. Because the impact occurred over water in a remote area, there were no confirmed visual sightings of the resulting meteor as it burned up.

The event’s significance stemmed not from the asteroid’s size, which was well within the range NASA has said generally poses no danger, but from the fact that astronomers were able to detect and track it before impact at all. According to EarthSky, 2026 RW1 became just the 13th asteroid ever discovered in space prior to striking Earth’s atmosphere, a list that reflects the continued advancement and increasing sensitivity of global asteroid-monitoring networks over the years. The most recent prior pre-impact detection, an object designated 2026 JN4, occurred in May, marking the first such detection in nearly a year and a half before Sunday’s event.

Beyond its rarity as a successfully predicted impactor, the asteroid also carried a notable scientific distinction related to its specific orbital classification. Adrien Coffinet, a member of the Minor Planet Mailing List, highlighted this detail in comments cited by EarthSky.

“If I’m not wrong, this will be the first Aten asteroid detected in space before impact,” Coffinet wrote. “All the previous impactors detected in space before impact were Apollo asteroids.”

The distinction between the two asteroid classifications relates to their orbital paths around the sun. Aten asteroids, the category into which 2026 RW1 falls, maintain orbits that keep them inside Earth’s orbital distance from the sun, classified as having a semi-major axis of less than one astronomical unit. Apollo asteroids, by contrast, which accounted for all 12 previous pre-impact detections, orbit farther from the sun on average than Earth does, crossing Earth’s orbital path from the outside rather than the inside.

That orbital difference carries practical implications for detection difficulty. Because Aten asteroids spend the bulk of their time closer to the sun than Earth, they tend to approach primarily from the daytime side of the sky, a region ground-based sky surveys generally cannot observe effectively, since those systems typically operate at night and point their instruments away from the sun’s glare. As a result, Aten-class objects like 2026 RW1 often remain effectively hidden from detection until only the final hours before a potential impact, making Sunday’s successful identification a notable technical achievement even given the asteroid’s tiny size.

The object was first reported to the Minor Planet Center by the Catalina Sky Survey, with additional earlier observations contributed by the Pan-STARRS telescope system in Hawaii. NASA’s Center for Near-Earth Object Studies subsequently calculated the asteroid’s trajectory and predicted impact location, drawing on the combined observational data from multiple survey systems to refine the object’s projected path in the hours before it reached Earth’s atmosphere. ESA’s own tracking system, known as Meerkat, is specifically designed to rapidly assess newly detected objects even when only a short observational history is available, testing a range of possible trajectories and progressively narrowing the solution as additional measurements come in.

Because the asteroid’s predicted impact zone lay entirely over open ocean, researchers have said there is almost no realistic chance of recovering any physical fragments from the object, with any surviving material likely reduced to tiny, pebble-sized pieces that would have fallen harmlessly into the sea.

Scientists involved in tracking the event have emphasized its value as a real-world test of planetary defense and early-warning detection systems, even though the asteroid itself posed no danger. By successfully identifying, tracking and predicting the impact location of an object as small as 2026 RW1, researchers say they continue refining the tools and techniques that would prove critical for detecting significantly larger and more dangerous near-Earth objects with enough advance warning to potentially respond, should such an object ever be found on a collision course with Earth.

With Sunday’s event now recorded as the 13th confirmed pre-impact asteroid detection in history, researchers continue monitoring the skies for additional near-Earth objects, relying on the same global network of automated sky surveys, including Catalina, Pan-STARRS and others, that made possible the successful, if brief, tracking window that allowed astronomers to anticipate 2026 RW1’s harmless demise over the Indian Ocean before it ever occurred.

Thailand is strengthening ties with Africa through Deputy Prime Minister Sihasak’s visit to Nigeria, where he discussed bilateral relations, signed a cooperation agreement, and attended a business forum to explore trade opportunities.

Key Points

• Thailand is enhancing political, economic, and development ties with Africa, marked by Deputy Prime Minister Sihasak Phuangketkeow’s visit to Nigeria, where he engaged with Nigerian Foreign Minister Bianca Odumegwu-Ojukwu to discuss the Thailand-Africa framework and bilateral relations.
• A memorandum of understanding on technical cooperation was signed, focusing on aquaculture technology and sustainable agriculture, along with discussions on technology transfer, skills development, trade, and investment. Nigeria was Thailand’s second-largest trading partner in Africa in 2025, with trade worth about US$1.2 billion.
• Sihasak also engaged with Damtien Larbli Tchintchibidja of the ECOWAS Commission, exploring cooperation in public health and economic development. Additionally, he attended the Thailand-Nigeria Business Forum in Lagos to promote trade and investment opportunities and plans to visit Ethiopia for further talks with the African Union.

Thailand is expanding political, economic, and development ties with Africa as Deputy Prime Minister and Foreign Minister Sihasak Phuangketkeow made his first visit to Nigeria. In Abuja, he met Nigerian Foreign Minister Bianca Odumegwu-Ojukwu to discuss bilateral relations and Thailand’s renewed engagement with Africa under the Thailand-Africa framework.

The two countries signed a memorandum of understanding on technical cooperation and agreed to pursue projects in aquaculture technology and sustainable agriculture. Discussions also covered technology transfer, skills development, trade, and investment. Nigeria was Thailand’s second-largest trading partner in Africa in 2025, with bilateral trade valued at about US$1.2 billion.

Sihasak also met Damtien Larbli Tchintchibidja, vice president of the ECOWAS Commission, to discuss closer ties between Thailand, West Africa, and ASEAN. Thailand has appointed Ambassador to Nigeria Thirapath Mongkolnavin as its first permanent representative to the Economic Community of West African States, and potential areas of cooperation include public health, economic development, and knowledge sharing.

Sihasak also attended the Thailand-Nigeria Business Forum in Lagos on August 27, where Thai businesses explored trade and investment opportunities. He is scheduled to travel to Ethiopia today (Aug 28) for talks with the African Union, continuing Thailand’s efforts to broaden bilateral and regional engagement across Africa.

Source : Thailand Expands Ties With Africa Through Nigeria Visit

The Cardiff headquartered firm has reported strong revenues for the first half of this year

One of Wales’ leading tech firms, IQE, have reported a more than 40% rise in half year revenues while reaffirming a positive trading outlook in part supported by strong growth in AI and data centre related markets.

The Cardiff headquartered firm, a leading global supplier of compound semiconductor wafer products and advanced material solution, said that trading had exceeded management expectations.

It has also confirmed it plans to move from the Alternative Investment Market to the main London Stock Exchange in the first half of next year. This should increase its visibility with institutional investors.

Earlier this year IQE confirmed a £81m investment package to support its growth plans following a strategic review of the business.

The funding included a £30m investment by US semiconductor manufacturer MACOM Technology Solutions – which has increased its position as a key customer – which also providing a further £15m in convertible loan notes.

In its first half to the end of June IQE revenues climbed 43% a year earlier from £45.3m to £64.6m. It posted an Ebitda of £6m compared to an Ebitda loss of £400,000 in the first half of 2025. Losses before tax were down from £18.3m to £12.6m with an improved cash and cash equivalent position of £41.6m.

It sees the potential for upside opportunities in optical communications for data centre and AI infrastructure, underpinned by recently signed supply agreements.

IQE chief executive Jutta Meier said: “I am pleased to report a strong first half performance, with more than 40% revenue growth year-on-year across our core markets driving profitability. This reflects the strong momentum we are seeing across AI-driven data centre infrastructure, advanced sensing, wireless and defence applications, alongside improved operational execution and a more favourable product mix.

“During the period, we have demonstrated our ability to capture long-term growth opportunities across these critical markets, underpinned by a number of key supply agreements. IQE is uniquely positioned to meet customer needs and will be converting existing capacity in H2 to support the increasing demand for indium phosphide solutions.

“Looking ahead, we have initiated a move to the main market of the London Stock Exchange, marking an important next step in IQE’s development and reflecting the board’s ambition to broaden support for the business and position IQE for the future.”

Transportation Secretary Sean Duffy is accusing Ford Motor Co. of becoming too dependent on Chinese companies, warning CEO Jim Farley that the automaker’s business ties to China threaten U.S. national security and American manufacturing.

In a letter sent Tuesday to Farley and obtained by FOX Business, Duffy criticized Ford’s growing reliance on Chinese technology and manufacturing partnerships, arguing that the strategy raises national and economic security concerns.

The letter marks one of the Trump administration’s strongest public rebukes of a major American automaker over its business relationships with China.

“I am writing to express the profound concern of the U.S. Department of Transportation (DOT) regarding the strategic trajectory of Ford Motor Company,” Duffy wrote, adding that the company’s recent decisions “paint a troubling picture of a foundational American brand actively intertwining its future with Chinese state-backed enterprises.”

FORD’S US MANUFACTURING EXPANSION TO BRING ‘THOUSANDS AND THOUSANDS OF JOBS,’ LUTNICK SAYS

CEO Jim Farley takes off his mask at the Ford Built for America event at the company’s truck plant in Dearborn, Michigan. (Nic Antaya/Getty Images)

Administration officials argue the concerns are twofold: that Chinese law can require companies to provide the government access to proprietary and customer data, creating potential national security risks, and that increased reliance on Chinese manufacturing comes at the expense of American workers.

Duffy pointed to several examples in the letter, including Ford’s continued use of licensed battery technology from Chinese manufacturer CATL at its BlueOval Battery Park in Marshall, Michigan; the company’s joint venture with Chinese-owned Geely in Spain; reported discussions with BYD over hybrid vehicle components; and the company’s delayed plans to reshore Lincoln models such as the Nautilus, which Duffy said could extend until 2030.

He argued those moves deepen Ford’s reliance on Chinese supply chains while helping strategic competitors expand their influence in the global auto industry.

“When a company intentionally chooses to deepen operational dependencies on strategic competitors, it fails to act as the reliable partner the American public and this DOT require,” Duffy wrote.

FORD BOOSTS US LINCOLN PRODUCTION AS IT PHASES OUT IMPORTS FROM CHINA

Secretary Sean Duffy said Ford is becoming too dependent on Chinese companies. (Reuters/Brian Snyder)

Duffy also urged Ford to reduce its dependence on foreign technology.

“Iconic American companies, like Ford, are also expected to out-innovate competitors,” he wrote. “To that end, they need to chart clear paths to technological self-reliance.”

Ford sharply disputed Duffy’s accusations, calling the letter “a wrongheaded attempt to capture headlines at the expense of a company that has done more for American manufacturing than virtually any other in the nation’s history.”

The automaker said its BlueOval Battery Park Michigan facility in Marshall is owned and operated by Ford, represents billions of dollars in investment and is expected to create about 1,700 American jobs. Ford also said its agreement with Chinese battery maker CATL is “a limited technology-licensing and services agreement, not a joint venture or foreign-owned manufacturing operation.”

JAGUAR LAND ROVER OPENS VOLUNTARY REDUNDANCY PROGRAM IN $2.3B COST-CUTTING DRIVE

Ford further argued that Duffy’s letter contains factual errors, disputing its characterization of the company’s manufacturing plans and noting the White House highlighted the Marshall battery project in a recent press release. The automaker also pointed to recent comments from Commerce Secretary Howard Lutnick praising Ford’s decision to expand Lincoln production in the United States.

“Ford supports the Trump administration’s vision for advancing American innovation and manufacturing,” the company said. “Had Secretary Duffy reached out before issuing his letter to the press, we would have been happy to share more details about Ford’s U.S. commitment.”

The letter comes as lawmakers and the auto industry have pushed for tighter restrictions on Chinese involvement in the U.S. automotive market.

CLICK HERE TO GET FOX BUSINESS ON THE GO

In July, the Senate Commerce, Science and Transportation Committee approved bipartisan legislation that would ban the import, sale and operation of vehicles manufactured by companies designated as foreign entities of concern, including firms based in China. The measure would also prohibit certain connected vehicle technologies developed by those countries.

Separately, the Alliance for Automotive Innovation urged congressional leaders in September to enact a permanent ban on Chinese-made vehicles in the United States.

Key Points

Currency Movement & Outlook
• USD/THB declined from 33.90 in late July to approximately 32.70, driven by a weaker Dollar
• Commerzbank expects near-term consolidation in the 32.50–33.00 range
• Recent baht volatility reflects Middle East risks and changing Federal Reserve expectations

Monetary Policy Decision
• Bank of Thailand maintained benchmark one-day repurchase rate at 1.00% for the third consecutive meeting
• Monetary Policy Committee voted unanimously (7-0) to keep accommodative stance
• BoT likely to remain on hold through H1 2027, with no rate cuts warranted under current conditions

Economic Context
• Current policy provides sufficient growth support while keeping inflation expectations anchored
• Excessive baht appreciation is considered undesirable given the fragile domestic recovery
• MPC showed no indication of shifting policy in response to currency movements

Commerzbank FX Analyst Report on USD/THB and Thai Monetary Policy

Bank of Thailand Maintains Accommodative Stance with Unchanged Rates

The Bank of Thailand (BoT) kept its benchmark one-day repurchase rate steady at 1.00% for the third consecutive meeting, with the Monetary Policy Committee voting unanimously 7-0 in favor of this decision. The central bank has maintained an accommodative monetary policy bias and appears willing to extend its hold period potentially through the first half of 2027.

According to Commerzbank’s analysis, the BoT is expected to remain on hold throughout 2026, as current policy settings provide adequate support for economic growth while keeping inflation expectations anchored. However, the BoT has clarified that rate cuts are not currently justified under existing conditions, and monetary policy transmission effectiveness is diminishing. This balanced approach reflects the central bank’s commitment to supporting the still-fragile domestic recovery without pursuing aggressive rate adjustments.

USD/THB Eases Amid Dollar Weakness and External Pressures

The USD/THB exchange rate has declined from approximately 33.90 in late July to about 32.70, primarily driven by a softer US dollar. The BoT attributes recent baht volatility to two primary factors: developments in the Middle East and shifting expectations surrounding the US Federal Reserve’s monetary policy direction. Commerzbank analysts note that while excessive Thai baht appreciation would be undesirable given the country’s economic recovery phase, the MPC has not indicated any policy changes in response to currency movements. The bank maintains that consolidation is expected in the near term, with USD/THB trading around the 32.50–33.00 range. This narrow trading band reflects market equilibrium between external pressures and domestic economic considerations.

Market Outlook and Policy Implications

Looking ahead, Commerzbank’s assessment suggests a continuation of Thailand’s accommodative monetary framework despite challenges to policy transmission effectiveness. The BoT’s decision to maintain rates reflects confidence in the current economic trajectory while acknowledging the complexities of currency markets driven by geopolitical and international monetary factors. The anticipated consolidation in USD/THB signals relative stability in the currency pair, allowing Thai policymakers to focus on supporting economic growth without urgent currency intervention needs. This measured approach balances Thailand’s domestic recovery objectives with global market realities, positioning the baht for steady appreciation potential should the US dollar remain under pressure.

Source : Thai Baht: Consolidation expected in defined range against US Dollar – Commerzbank