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RBI steps up play in us treasuries, other securities

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RBI steps up play in us treasuries, other securities
The share of deposits parked by the Reserve Bank of India (RBI) with other central banks fell to 8% at March-end from 25% in March 2022, while the share of investments in securities including US Treasury bills rose to 84% from 67% during this period, reflecting preference for globally accepted liquid assets amid heightened geopolitical uncertainties.

The ‘RBI’s Half-Yearly Report on Management of Foreign Exchange Reserves‘ showed that while foreign currency assets (FCA) remained broadly stable over the four-year period, the composition of investments changed. The share of deposits with commercial banks fell to a low of 4.2% at the end of March 2023 before rising steadily to 7.2% by March-end this year.

Madan Sabnavis, chief economist, Bank of Baroda, said there are a few reasons for this phenomenon. “One the valuation of reserves which went up as a result of holding US treasuries which have seen values rising. Second, there has been a principle of diversification followed. Third, higher returns from deposits kept in commercial banks are reflective of treasury operations,” he said.

India’s total foreign exchange reserves increased to $691.1 billion at the end of March this year from $607.3 billion at March-end 2022.

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RBI wide spread chartETMarkets.com

Of the $691.1 billion in reserves, FCA amounted to $552.8 billion, gold was valued at $115.2 billion, special drawing rights at $18.6 billion and the reserve tranche position in the IMF at $4.8 billion.
FCA comprises a multi-currency portfolio of major currencies such as the US dollar, euro, pound sterling and are valued in US dollar terms.
Investments made by the RBI in bonds issued by India Infrastructure Finance Company (UK) are excluded from FCA. At the end of March this year, investments in such bonds stood at $400 million, down from $1.44 billion in March 2022.

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Analysis-Iran standoff could leave Trump worse off than before he went to war

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Analysis-Iran standoff could leave Trump worse off than before he went to war


Analysis-Iran standoff could leave Trump worse off than before he went to war

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FPIs bet small on local debt, inflow pickup seen far away

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FPIs bet small on local debt, inflow pickup seen far away
Foreign portfolio investors were cautious on Indian debt in April, with returns weighed down by a combination of global and domestic headwinds. They invested a modest ₹1,976 crore through the fully accessible route (FAR) for eligible government securities during the month, following net sales of ₹17,688 crore in March.

Economists said elevated real interest rates in advanced economies such as the United States and Japan, a weakening rupee, the risk of higher domestic interest rates, and mounting concerns over fiscal slippage have all combined to temper foreign appetite for Indian debt.

“Outflows could continue intermittently as the impact of higher oil prices on India’s macroeconomic outlook will be felt,” said Dhiraj Nim, economist and FX strategist, ANZ Bank. “Debt inflows are likely to remain patchy amid growing risks of higher interest rates, rupee depreciation expectations and concerns over the fiscal deficit, all of which could keep foreign portfolio investors on the sidelines.”

The FAR pertains to a specialised window, introduced by the central bank six years ago, that allows overseas funds to own specified Indian sovereign debt without caps.

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FPIs Bet Small on Local Debt, Inflow Pickup Seen FAR AwayETMarkets.com

Near-term outlook for Indian debt remains challenging, with economists not expecting any meaningful inflows into Indian bonds. Over the longer term, substantial inflows are likely only if a significant catalyst emerges, such as the inclusion of Indian sovereign debt in a major global benchmark index like the Bloomberg Aggregate Bond Index.
The Indian rupee fell to a fresh record low of 95.33 against the dollar on Thursday, as a sharp rise in crude oil prices triggered a broader risk-off move across global asset classes. Higher oil prices have also intensified concerns over India’s fiscal position, given the country’s heavy dependence on energy imports.
The 10-year Japanese government bond yield reached a 29-year high of 2.52% on Thursday due to an increase in oil prices, according to Reuters. The 10-year US bond yield was up at 4.41%.
“The yield differential between India and US or Japan is also causing many FPIs to move out of emerging markets like India and invest in those bonds, especially at these rates,” said a senior fixed income trader at a foreign bank.

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NYT Puzzle Answers May 2 2026 Unveiled Wordle BRING Connections Groups Spark Solver Debates

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Nancy Guthrie

NEW YORK — The New York Times delivered its daily dose of brain-teasing challenges on May 2, 2026, with Wordle puzzle #1778 solved by “BRING” and Connections #1056 featuring clever categories that tested players’ associative skills across clairvoyance, performing arts and more. Millions logged in for their morning or evening rituals, sharing triumphs and near-misses across social platforms.

Wordle enthusiasts who navigated the five-letter grid celebrated or sighed as the answer emerged as a straightforward yet strategic verb. “BRING” means to carry or lead something or someone to a particular place, fitting seamlessly into everyday language while challenging those who overthought vowel placements or uncommon letter combinations.

The puzzle’s moderate difficulty kept streaks alive for dedicated players while offering redemption for newcomers. Starters like “AUDIO” or “STERN” provided solid paths, with the final G often proving the decider in later guesses.

Connections Puzzle Delivers Thematic Depth

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Connections No. 1056 grouped 16 words into four categories with increasing complexity, rewarding broad knowledge and lateral thinking. The yellow group highlighted clairvoyant abilities: EXTRASENSORY, MENTAL, PSYCHIC and TELEPATHIC. Green covered staged performances with BALLET, MUSICAL, OPERA and PLAY. Blue tapped U.S. Cabinet departments: EDUCATION, INTERIOR, STATE and TREASURY. The tricky purple category featured words starting with newspaper names: GLOBETROTTER, HERALDRY, POST-IT and TIMES TABLES.

Solvers praised the balance, noting how government and arts themes felt accessible while the newspaper pun demanded an “aha” moment. Perfect scores earned the elusive “genius” tag, fueling competitive leaderboards among friends and online communities.

Mini Crossword and Broader NYT Games Ecosystem

The Mini Crossword offered a quick 5×5 fix with clues ranging from everyday objects to pop culture nods, providing fast satisfaction for time-strapped players. Other offerings like Spelling Bee and Strands added layers for word enthusiasts seeking extended engagement.

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These puzzles form the cornerstone of The New York Times’ digital games portfolio, blending accessibility with intellectual stimulation. Since Wordle’s 2022 acquisition, the suite has grown, attracting casual fans and hardcore cruciverbalists alike.

Player Reactions and Viral Moments

Social media lit up with screenshots of green grids and color-coded Connections boards. Hashtags like #Wordle1778 and #NYTConnections trended as users posted streaks, frustrations and strategies. One viral thread analyzed why “BRING” stumped players fixated on travel-related terms, while Connections purple group sparked debates over “POST-IT” as a clever misdirection.

Educators highlighted the puzzles’ benefits for vocabulary building, pattern recognition and cultural literacy. Families turned solving sessions into bonding activities, with children tackling easier elements and adults guiding deeper connections.

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Strategy Insights from Experts

Top solvers recommend diverse starting words for Wordle to maximize information gain. In Connections, tackling obvious groups first prevents tunnel vision on trickier categories. Tracking eliminated options and considering multiple meanings proves key to success.

Data from past puzzles shows common pitfalls like overlooking homophones or proper nouns. On May 2, the Cabinet departments category rewarded civic knowledge, while the newspaper starters tested brand familiarity in clever ways.

Cultural Significance of Daily Puzzles

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The NYT games phenomenon reflects a broader appetite for mindful digital escapes amid information overload. Short, self-contained challenges provide dopamine hits without addictive pitfalls of endless scrolling. Streaks foster discipline, while community sharing builds camaraderie.

Wordle alone boasts millions of daily players, with answers like “BRING” reminding participants of language’s simplicity and power. Connections adds collaborative puzzle-solving vibes, encouraging group discussions.

Evolution and Future Outlook

The Times continues refining its offerings based on user feedback, maintaining fair difficulty curves and fresh themes. No major disruptions were reported for May 2, preserving the reliable daily drop that fans anticipate.

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As artificial intelligence tools emerge for puzzle assistance, purists emphasize the joy of unaided solves. The human element — that satisfying click when connections form — remains irreplaceable.

For those who missed perfect runs on May 2, tomorrow promises new opportunities. Archives allow revisiting past puzzles, turning casual play into ongoing learning experiences.

Tips for Aspiring Solvers

Beginners should embrace mistakes as learning tools. Advanced players experiment with hard modes or timed challenges. Resources like companion sites offer post-solve analysis without spoiling future games.

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Diversity in reading and experiences enhances performance across categories, from literary references to current events. Consistency trumps innate talent, as daily practice sharpens mental agility.

The May 2, 2026, NYT answers exemplified the platform’s enduring appeal: “BRING” grounded players in familiar language, while Connections elevated thinking through unexpected links. As solvers wrapped up their sessions, many reflected on small victories that brightened their day.

In homes, offices and commutes worldwide, the puzzles united people in shared intellectual pursuit. Whether nailing Wordle in three guesses or untangling Connections on the first try, participants carried forward the satisfaction that keeps them returning.

The New York Times games continue proving that in a complex world, simple word challenges bring clarity, connection and quiet joy to millions. As another day dawns, eyes will turn to fresh grids, ready for whatever linguistic adventures await.

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AI agents becoming day traders, but gains prove elusive

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AI agents becoming day traders, but gains prove elusive
Jake Nesler‘s AI trading bot got one big decision right in its first week. It ignored the chase.

When Nvidia’s earnings sent the stock surging in late November, the agent-trained on Nesler’s own trading instincts-argued with itself over whether to follow the momentum. Fortunately, the bot decided against it, as chasing the high would have lumbered Nesler’s portfolio with an estimated $10,000 loss that week.

Nesler, a 29-year-old software engineer in Scranton, Pennsylvania, had burned himself out trying to trade options around his day job. He found himself inspired by an Anthropic experiment in which the firm’s Claude model controlled an office vending machine. But what if, instead of offering snacks, Claude could be trained to buy and sell stocks instead? Nesler spent two and a half weeks teaching the model how he thought about risk, entry signals and position sizing, then set it loose on a simulated brokerage account on Alpaca, an algorithmic trading platform, with $100,000 in fake money to spend.

“I wanted something that could be a proxy for the way I think and carry out those things while I’m doing other stuff,” he said in an interview. The rest of the agent’s week was less impressive, losing money on a series of speculative trades that didn’t go its way. After five days of trading, Nesler was left with one good call alongside a string of losses.

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Across equities, crypto and prediction markets, a growing legion of retail traders are training AI agents to buy and sell assets on their behalf. It’s a sign of a new era in retail investing, where traders believe that AI-powered tools can produce better investment outcomes-and that anything still done manually is a process waiting for improvement.


Open-source platforms such as OpenClaw allow users to talk to their AI agents through accessible messaging apps like WhatsApp and Telegram, attracting hordes of wannabe stock-pickers without a tech school resume. All they have to do is connect an AI model to the system, then let it loose with simple instructions.
On X, claims of extraordinary returns through AI agents have become a genre of their own. One viral post, viewed 4.7 million times, boasted of a 5,860% return in two days on prediction markets platform Polymarket. Its story was later debunked by another account operated by an AI agent, saying the claims were impossible. Similar posts have connected users directly to malware, presenting a security risk for unsuspecting investors.The tools to set up these bots have never been more accessible. Agents are becoming the logical next step for a generation of traders who came of age on apps like Robinhood Markets, adding another layer of automation to speculation. Trading platforms themselves are jumping on the trend, with companies like Public Holdings seeking to offer their own AI agents to customers. But what AI has yet to make easier is actually earning any money. Nesler encountered a recurring problem with his agent. The bot kept defaulting to responsible behaviour, gravitating toward blue chips and S&P 500 stocks-the kind of positions that would barely move in a week. Nesler said he had to override it repeatedly, pushing the model toward riskier trades that suited his own appetite.

The problem is baked into the technology. Large language models like Claude are trained on vast amounts of financial advice, risk management literature and market commentary. Left unprompted, they absorb the consensus view of what responsible investing looks like-and behave like the median of every financial adviser’s blog posts. Some of the traders deploying agents on top of these models are fighting that default conservatism, trying to coax risk-taking out of a system trained to avoid it.

Once tuned to Nesler’s liking, the agent posted a return of about 7% over 30 days-outpacing the S&P 500’s roughly 4.5% gain over the same stretch. In between, it tested his appetite for volatility, experiencing drawdowns of as much as 22%.

While he’s since published his code online for others to try, Nesler isn’t ready to recommend that anyone give it real cash.

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“It’s totally possible to make money with it,” he said. “But I mean, anybody could do that with dumb luck on options. It doesn’t mean they’re not going to lose that money also.”

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Air Canada Swings to First-Quarter Profit, Suspends Full-Year Guidance

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Air Canada Swings to First-Quarter Profit, Suspends Full-Year Guidance

Air Canada AC -2.09%decrease; red down pointing triangle swung to a profit in the first quarter on resilient air travel demand, but suspended its full-year guidance amid unpredictable jet fuel costs.

“Given ongoing disruption in global energy markets caused by recent developments in the Middle East and the significant volatility in jet fuel prices, the reliability of any fuel forecast for the second half of 2026 is materially reduced,” the Montreal-based airline said Thursday.

Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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Luka Doncic Hamstring Injury Update Lakers Star Faces Slow Recovery Path in 2026 Playoffs

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Luka Doncic Cheers Lakers from Bench in Game 2 as

LOS ANGELES — Los Angeles Lakers superstar Luka Doncic remains sidelined with a Grade 2 left hamstring strain suffered on April 2, casting uncertainty over his availability as the team pushes through the first round of the 2026 NBA playoffs against the Houston Rockets. Recent updates indicate a cautious, slow recovery with no firm timetable, though progress in on-court movement offers a glimmer of hope for a potential return later in the postseason.

ESPN insider Shams Charania reported this week that Doncic is on a deliberate recovery path and is expected to miss the remainder of the first-round series. Even if the Lakers advance, the Slovenian phenom could sit out the start of the Western Conference semifinals against a likely Oklahoma City Thunder opponent. “It is a slow path on the recovery front for Luka,” Charania said. “The expectation is if the Lakers are able to beat Houston and advance, Luka Doncic will be out for the next series.”

Lakers coach JJ Redick provided the most recent team update, noting that Doncic has progressed beyond stationary exercises to light on-court movement. “He’s progressing, but no update on any timeline or anything like that,” Redick said ahead of a recent playoff game. This step marks improvement after specialized treatment in Europe, but Doncic has not yet advanced to full scrimmaging or high-intensity drills.

Injury Details and Timeline Challenges

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The injury occurred during a regular-season blowout loss to the Thunder, when Doncic felt discomfort in his left hamstring. An MRI confirmed the Grade 2 strain, typically requiring 4-6 weeks of recovery. At nearly four weeks post-injury as of early May, Doncic’s cautious ramp-up aligns with medical guidelines to avoid re-injury, which could sideline him longer or impact next season.

Sports medicine experts like Dr. Jesse Morse suggested a potential return window of 10-14 days from recent movement milestones, pointing toward mid-May. However, Charania’s reporting tempers optimism, emphasizing the need for full confidence in explosive movements central to Doncic’s game. Hamstring strains notoriously linger, demanding patience from star players and franchises.

Doncic traveled to Europe for advanced treatment, including injections, to accelerate healing while minimizing risks. He has remained engaged with the team, supporting teammates from the sideline and during film sessions, showcasing leadership amid adversity.

Impact on Lakers’ Playoff Run

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The Lakers have managed admirably without their MVP-caliber leader, who averaged a league-leading 33.5 points, 8.3 assists and 7.7 rebounds during the regular season. Wins in the opening playoff games against Houston highlight depth from players like LeBron James, Austin Reaves (also recovering) and supporting cast members stepping into expanded roles.

Yet, Doncic’s absence looms large against elite competition. His unique playmaking, scoring gravity and size create mismatches few can replicate. A potential second-round clash with Oklahoma City would test Los Angeles severely without its primary offensive engine. Coach Redick has stressed load management and player availability, prioritizing long-term health over rushed returns.

Insiders suggest the earliest realistic return could come in Games 3 or 4 of a second-round series, assuming advancement. This timeline would give Doncic additional ramp-up time while preserving his explosiveness. Worst-case scenarios have him missing significant postseason action, shifting focus to the offseason for full recovery ahead of a critical campaign.

Doncic’s Season in Perspective

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Before the injury, Doncic was authoring one of his finest seasons, cementing his status among the NBA’s elite. His acquisition by the Lakers transformed roster dynamics, pairing him with James in a high-powered offense. The hamstring setback interrupted what many viewed as an MVP push, though team success without him validates organizational depth.

At 27, Doncic’s durability has drawn scrutiny amid a heavy workload, but his talent remains undeniable. Recovery protocols emphasize strength, flexibility and gradual reintroduction to contact. Lakers medical staff, working closely with international specialists, aim for a sustainable return rather than a hasty one that risks chronic issues.

Fan and League Reactions

Lakers Nation has expressed frustration mixed with realism on social media. Supporters rally behind the current roster while anxiously tracking updates. Broader NBA discourse highlights injury management in a grueling playoff format, with calls for better player load protocols league-wide.

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Rival fans and analysts debate the Lakers’ championship window, noting how Doncic’s health could define their trajectory. Positive movement reports have sparked cautious optimism, with some predicting a heroic mid-series return if the series extends.

Broader Context in Lakers History

Injuries have shaped Lakers lore, from Magic Johnson to Kobe Bryant and beyond. Doncic joins a lineage of stars navigating physical setbacks in pursuit of titles. The organization’s track record in rehabilitation, bolstered by cutting-edge resources, provides confidence despite the current uncertainty.

As the first round progresses, focus remains on closing out Houston efficiently. Every victory buys more recovery time for key pieces. Redick’s rotations and strategic adjustments have drawn praise for keeping the team competitive.

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Looking Ahead for Doncic and Lakers

The coming days will bring more clarity through practice observations and official injury reports. Full participation in team activities would signal a major step, potentially aligning with a second-round debut. Until then, the Lakers emphasize collective resilience.

Doncic’s return, whenever it occurs, could electrify the fanbase and shift series momentum. For now, patience defines the approach — a measured path prioritizing health in a high-stakes environment. As one of the league’s most dynamic talents, his presence remains pivotal to Los Angeles aspirations.

Medical experts continue monitoring similar cases, noting variability in hamstring recoveries based on individual factors like age, conditioning and prior history. Doncic’s youth and elite athleticism bode well for a strong comeback, potentially stronger than before once fully cleared.

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The NBA postseason’s physical demands underscore why such injuries test teams deeply. Lakers supporters worldwide stay glued to updates, hoping for news that accelerates the timeline without compromising the star’s future. As May unfolds, all eyes remain on Doncic’s progress and the Lakers’ ability to sustain momentum deep into spring.

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Apple Stock Is Up As Earnings Call Ends

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Apple Stock Continues to Edge Higher Ahead of the Close

Apple stock took a wild ride after earnings on Thursday night.

Shares initially traded lower following the release of the earnings report. But it bounced back, and more, after Apple offered a strong outlook for the June quarter.

As the earnings call concluded, Apple shares were up 4.1% in after-hours trading.

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Wordle Answer May 2 2026 Revealed as BRING Sparking Global Player Frenzy and Strategy Debates

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Air travellers wearing a protective face masks, amid the coronavirus disease (COVID-19) pandemic, at JFK International airport in New York

NEW YORK — The New York Times’ popular Wordle puzzle delivered “BRING” as the solution for May 2, 2026, leaving millions of daily players scrambling for hints while celebrating or commiserating over their guesses in what has become a cultural staple of morning routines worldwide.

Wordle #1778 challenged solvers with a common verb that means to carry or convey something to a place, often implying accompaniment or delivery. According to Webster’s New World College Dictionary, it refers to leading or transporting a person or thing to the speaker’s location or another specified spot. The word features common letters like B, R, I, N and G, with no duplicates, making it approachable yet tricky for those fixated on vowels early.

Players who started with strong openers such as “CRANE,” “SLATE” or “TRACE” often found yellow or green feedback on the R, N or G, narrowing possibilities quickly. The answer’s everyday usage — from “bring your own bottle” to “bring it on” — resonated with solvers once revealed, prompting widespread shares on social media.

The Daily Puzzle Phenomenon

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Since its acquisition by The New York Times in 2022, Wordle has maintained its simple charm: six attempts to guess a five-letter word, with color-coded feedback — green for correct letter and position, yellow for correct letter in the wrong spot, and gray for incorrect. Creator Josh Wardle originally designed it for his partner, but it exploded into a global sensation, peaking at millions of daily players.

On May 2, the puzzle’s moderate difficulty — testers averaged around four to five guesses — sparked discussions about optimal starting words. Data from Wordle enthusiasts shows “BRING” fits patterns where consonants dominate, testing players who prioritize vowels like A, E or I in early attempts.

For many, the day began with coffee and a quick puzzle before work. Success stories flooded platforms, with some boasting streaks over 100 days preserved thanks to careful elimination tactics. Others lamented starting with “BRING” variations or missing the G in the final position.

Hints and Community Strategies

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Official and fan sites provided spoiler-free guidance. Early hints noted it as a verb with no repeated letters, starting with B and ending in G. Synonyms include “deliver,” “carry” or “accompany,” offering subtle nudges without spoiling.

Advanced players recommend hard mode, where confirmed letters must be reused, increasing challenge and satisfaction. Analysis tools and bots post-solve reveal probability stats, showing “BRING” as a relatively frequent English word that balances accessibility with nuance.

Communities on Reddit, X and Discord dissected the puzzle. Threads debated whether “BRING” was easier or harder than recent answers like “PLUME” on May 1. Some shared screengrabs of near-misses, such as guessing “BRUNG” or “BRINK” before landing on the correct term.

Parents and educators highlighted Wordle’s educational value, reinforcing vocabulary, pattern recognition and logical deduction for children and adults alike. Schools in various districts incorporate similar word games into curricula, citing improvements in spelling and reading comprehension.

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Cultural Impact and Player Stories

Wordle’s streak feature fosters dedication, turning casual play into daily rituals. Losing a long streak to “BRING” prompted humorous memes and supportive comments online. One viral post recounted a player in their 200-day streak who solved it in three guesses after a lucky second attempt with “GRIND.”

Celebrities and influencers occasionally weigh in, sharing their results and boosting engagement. The game’s accessibility — free, no ads in its core form, and playable on any device — sustains its appeal across demographics.

Variations like Wordle Unlimited or themed editions keep interest high between official puzzles. Spin-offs in other languages or with numbers and geography expand the franchise, but the original remains king.

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Behind the Scenes at The New York Times

The Times curates the answer list carefully to avoid obscure terms while maintaining variety. Words are selected in advance, with safeguards against repeats in short periods, though occasional controversies arise over perceived difficulty spikes. “BRING” represents a solid mid-week choice — familiar yet requiring thought.

Editors monitor feedback to balance fun and frustration. Community input influences future tweaks, ensuring the game evolves without losing its minimalist essence. No major updates were announced for May 2026, but rumors of enhanced statistics or family modes persist among fans.

Tips for Future Success

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Experts advise starting with words containing common letters: S, T, R, N, L for consonants and A, E for vowels. Avoid guessing the same pattern repeatedly. Track eliminated letters systematically. For tough days, step away briefly to return with fresh eyes.

Tools like word finders exist but many prefer the pure experience. Practicing with past puzzles builds intuition for letter frequencies and common endings like -ING, which proved useful on May 2.

Global Reach and Mental Health Benefits

Wordle transcends borders, uniting players in offices, homes and commutes from New York to Seoul. Studies link daily word games to reduced cognitive decline and stress relief, providing a quick mental workout amid busy schedules.

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On challenging days like those with rarer words, players report camaraderie in shared struggle. “BRING” generated positive vibes due to its utility in conversation, inspiring wordplay and sentences using the answer.

As streaks reset or extend, the community grows. New players discover it daily through friends or viral shares, perpetuating the cycle.

Looking Forward in Wordle History

By May 2026, Wordle has surpassed thousands of puzzles, each contributing to its legacy as a simple yet addictive digital pastime. “BRING” joins a long list of answers that range from the mundane to the surprising, each with its own story.

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Whether solved in two guesses or requiring the full six, the May 2 puzzle reminded everyone why Wordle endures: it rewards knowledge, persistence and a bit of luck. Players now turn their attention to May 3, wondering what challenge awaits at midnight.

For those who missed “BRING,” tomorrow offers redemption. The game’s forgiving nature — one puzzle per day — encourages consistency over perfection. In a world of endless notifications, Wordle’s quiet satisfaction stands out.

The phenomenon shows no signs of fading. With its blend of accessibility, competition and learning, Wordle continues bringing joy — and the occasional frustration — to screens everywhere. As solvers logged off on May 2, many reflected on their performance, shared tips and prepared for the next word, keeping the global conversation alive.

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DBS Group Holdings Ltd (DBSDY) Q1 2026 Earnings Call Transcript

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

DBS Group Holdings Ltd (DBSDY) Q1 2026 Earnings Call April 29, 2026 11:30 PM EDT

Company Participants

Nicholas Teh
Tan Shan – Group CEO & Executive Director
Sok Hui Chng – Chief Financial Officer
Philip Fernandez – Group Corporate Treasurer
Shee Tse Koon

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Conference Call Participants

Jayden Vantarakis – Macquarie Research
Melissa Kuang – Goldman Sachs Group, Inc., Research Division
Yong Hong Tan – Citigroup Inc., Research Division
Aakash Rawat – UBS Investment Bank, Research Division
Harsh Modi – JPMorgan Chase & Co, Research Division
Nicholas Lord – Morgan Stanley, Research Division
Sukriti Bansal – BofA Securities, Research Division

Presentation

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Nicholas Teh

Okay. Hi, everyone. Welcome to the first quarter ’26 DBS Analyst Briefing. As usual, you’ve heard the media briefing, so you’ve gone through the decks. We can go straight to Q&A.

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Question-and-Answer Session

Nicholas Teh

So first question from Jayden from Macquarie.

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Jayden Vantarakis
Macquarie Research

I just had 3 points I wanted to ask on. The first is just to clarify on the general allowances. So I think you made it pretty clear during the media briefing that it’s unclear if we could have write-backs now. But we’ve sort of said that the GP allowance is appropriate for the current sort of situation. Just wanted to know, did you change any of the macro assumptions that go into the MEVs like the view on growth, inflation, any potential impacts on the economies in where you operate? Obviously, I realize that there’s a lot of judgment that goes into that, would be interested for your thoughts, if I could start there.

Tan Shan
Group CEO & Executive Director

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Well, I can take the sort of the way we think about this part and then maybe Sok Hui can go through the MEV platform numbers. And we’ve done this quite a few times, right, from COVID to Ukraine to now

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Apple Ends ‘Net-Cash Neutral’ Policy

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Apple Stock Continues to Edge Higher Ahead of the Close

Back in the 2010s, Apple had a problem: it had too much cash, and more kept coming in. The company began paying dividends and buying back shares, managing a complex balance sheet that includes cash, investments, and debt.

But the pile kept growing. By 2018, Apple had $163 billion in “net cash,” or cash plus investments minus debt. It announced a plan to get to bring those in line, and get net cash close to zero through an aggressive return of cash through share buybacks and dividends.

At the end of the second quarter, Apple had $62 billion in net cash, and the company announced that it is no longer managing cash and debt together and will treat them separately. It’s essentially the end of its net-cash neutral policy.

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