A ceasefire between Thailand and Cambodia appears to be holding after weeks of fighting over disputed border areas, which displaced a million people. Al Jazeera’s Assed Baig visited a changing frontline, highlighting efforts toward peace. The conflict’s resolution is crucial for stability in the region.

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The Battleground and Current State of the Conflict

Once the frontline between Cambodian and Thai forces, the area is now scarred by war, with roads cratered by mortar fire, shrapnel, and spent bullet casings. Despite being outnumbered and outgunned, Cambodian soldiers refused to abandon their positions, leaving behind the physical remnants of weeks of fighting. As we crossed into no man’s land, Thai troops are visible on the opposite side, with the Thai flag flying on what remains Cambodian territory. Both militaries are adhering to a ceasefire agreement, halting at their current positions without advancing or reinforcing their holdings. However, uncertainty lingers about whether Thai forces will eventually withdraw from Cambodian territory.

Human Impact and Abandoned Communities

The region is eerily deserted, with villages abandoned and streets silent. Civilians are too afraid to return, often only risking brief visits to assess damage, as homes are riddled with shrapnel and explosions have deformed steel structures. Many families previously protected themselves with bunkers but had to flee as fighting intensified, sometimes abandoning pets in their hurried escape. Some young men have briefly returned to make charcoal, but the danger, including unexploded ordinances scattered across the area, remains a serious threat.

The Fragile Ceasefire and Opportunities for Peace

Although the ceasefire holds for now, the underlying causes of the conflict remain unresolved, casting uncertainty over future peace prospects. The ongoing tension prevents civilians from resettling, and the situation remains volatile. However, the temporary halt to hostilities offers a glimmer of hope that, with continued calm, there is potential for lasting peace. As the guns remain silent, efforts related to diplomacy and understanding are crucial to prevent the conflict from reigniting, fostering a chance for stability in this disputed border region.

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After two years of exceptional gains, India’s smallcap stocks have gone through a sharp and painful correction. The question now facing investors is whether the recent India-US trade deal marks a turning point for the segment.

Smallcap stocks were among the biggest winners of the post-pandemic bull market. The smallcap index delivered returns of 47.5% in 2023 and 29.3% in 2024, driven by strong domestic liquidity, rising retail participation and optimism around India’s long-term growth story.

That momentum has reversed sharply in 2025. The smallcap index fell nearly 10% last year, making it the worst year for the segment since 2018. Even in January, over half of the smallcap universe corrected over 20%. Many smallcap stocks are still trading 25% to 50% below their peaks.

Why the India-US trade deal has changed the mood

Sentiment shifted sharply on Tuesday after India and the US finalised a trade deal that reduced reciprocal tariffs on Indian exports from 25% to 18% and fully withdrew an additional punitive levy linked to Indo-Russian oil trade. Broader indices such as the Nifty Midcap 100 and Smallcap 100 jumped nearly 3% each in a single session. Export-facing sectors saw strong buying, reflecting expectations of better earnings visibility and improved competitiveness in the US market.

India’s tariff rate is now lower than several competing Asian exporters. Countries such as Bangladesh, Sri Lanka, Taiwan and Vietnam face tariffs of around 20%, while Indonesia, Malaysia, Thailand and the Philippines face tariffs close to 19%. This relative advantage is seen as a meaningful positive for Indian exporters.
Veteran investor Ashish Kacholia said the trade deal could mark the end of the smallcap bear phase, calling it a turning point after months of relentless selling pressure.
Relief rally or start of a new cycle?

Despite the sharp bounce, analysts caution against assuming that the trade deal automatically translates into a broad-based smallcap rally. Ravi Singh, Chief Research Officer at Master Capital Services, says the trade deal should be viewed as a supportive tailwind rather than a trigger for an indiscriminate surge across the smallcap universe.

“Smallcap companies operate with narrow product lines or concentrated business models. For such firms, the benefits of lower tariffs will be meaningful only if they have direct exposure to export-linked sectors,” he said, while adding the current market phase is very different from the liquidity-driven rallies of the past.

“Earnings quality, cash flows and balance sheet strength are now back in focus. Investors expecting the kind of across-the-board momentum seen in earlier cycles may be disappointed.”

Export-oriented smallcaps stand out

Where the trade deal could make a real difference is in export-heavy smallcap companies. Sectors such as pharmaceuticals, textiles, IT services, engineering goods and auto ancillaries are seen as the most direct beneficiaries.

Lower tariff barriers improve price competitiveness in the US market and reduce uncertainty around order flows. For small companies operating on thin margins, even modest improvements in export pricing or volumes can have an outsized impact on profitability.

Kush Gupta of SKG Investment & Advisory says the deal has improved the risk-reward equation for export-oriented smallcaps. He notes that the announcement has already sparked a sentiment shift, with smallcap indices posting their best single-day gains in months.

However, there are structural challenges. Valuations remain elevated in parts of the smallcap space. As of late 2025, the segment was trading at close to 30 times forward earnings, while expected earnings growth was only around 11%. A large number of smallcap companies have also underperformed earnings expectations in recent quarters.

“The trade deal is unlikely to fix these issues overnight. It should be seen as a sentiment booster and a sector-specific opportunity rather than a cure-all for the entire segment,” said Gupta.

Are valuations finally becoming attractive?

One positive emerging from the correction is that valuations for several quality smallcap stocks have cooled. Analysts estimate that over a third of the smallcap universe, representing nearly Rs 16 lakh crore in market cap, is now trading at fair or even undervalued levels.

Arjun Guha Thakurta of Anand Rathi Wealth says the recent correction has created a disconnect between stock prices and business performance. While many smallcap stocks have fallen sharply, earnings growth in the segment has remained reasonably healthy.

He notes that much of the selling pressure was driven by sentiment, foreign outflows and risk aversion rather than a collapse in fundamentals. With foreign investors having largely exited speculative positions, the supply overhang appears to be easing.

“When weak hands have already sold, even modest improvements in confidence can lead to sharp recoveries, especially in segments that have underperformed for extended periods,” he said.

How should investors approach smallcaps now?

Most analysts agree that this is not the time for blind index-level bets on smallcaps. The consensus view is that investors should adopt a selective, bottom-up approach rather than chasing momentum. A phased allocation strategy is widely recommended. Instead of deploying large sums at once, investors can gradually increase exposure, focusing on companies with strong balance sheets, sustainable cash flows and clear earnings visibility.

Risk management remains critical. Smallcaps are inherently volatile, and while the trade deal reduces external uncertainty, it does not eliminate company-specific risks or broader market swings. Analysts suggest limiting smallcap exposure to a level aligned with one’s risk appetite and investment horizon.

Arunagiri of TrustLine Holdings says the recovery in small and midcaps is likely to unfold over time rather than in a straight line. He believes the current phase offers opportunities for stock-specific alpha but warns against expecting a rapid return to the speculative excesses of the past.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

The Union Budget 2026 has introduced an important clarification on the taxation of Sovereign Gold Bonds (SGBs), raising fresh concerns for investors who bought these bonds on the secondary market. The update challenges the long-held belief that all SGB holders would receive tax-free redemption benefits at maturity.

With new issuances already discontinued, the latest clarification has important implications for thousands of retail investors who bought SGBs through stock exchanges rather than directly from the government at the time of issuance.

Also Read | Silver & gold ETFs rally up to 9% as bullion boom continues. Should you invest now?

This is the case of Rishi, an SGB investor and viewer of The Money Show on ET Now. He has bought it from the secondary market and wants to know what the changes are and how they are likely to affect his return now.

The expert financial planner, Pankaj Mathpal, explained how the interpretation of tax benefits has now changed under Budget 2026.

Mathpal said that traditionally, Sovereign Gold Bonds offered a clear tax benefit, which means that if an investor bought an SGB at the time of issuance and held it till maturity, the capital gains at maturity were tax-free.
Over time, many investors assumed that this benefit applied even to those who purchased SGBs from the secondary market. “But earlier it was assumed if somebody has bought from the issuer and somebody buys now in the secondary market, so when you are buying from the secondary market, holding till maturity in that case also it was tax-free,” said Mathpal.For example, if an investor bought an older SGB series from the stock exchange that had already completed five years of its tenure and planned to hold it for the remaining three years till maturity, it was widely believed that the maturity proceeds would also be tax-free.

According to the clarification made in Budget 2026, the tax-free benefit at maturity will apply only to primary investors — those who purchased Sovereign Gold Bonds directly from the issuer (the government) at the time of original issuance. If an investor buys an SGB from the secondary market, the redemption or maturity proceeds will no longer be tax-free in their hands.

This means that investors who purchased SGBs from the stock exchange, even if they hold them till maturity, will now be liable to pay tax on the gains at redemption.

For investors like Rishi, who bought Sovereign Gold Bonds from the secondary market, this change directly affects the post-tax return calculation. Earlier, investors expected full tax-free maturity proceeds, which made secondary market purchases attractive, especially for bonds close to maturity. With the new clarification, the final return will now be reduced by applicable capital gains tax, making the investment less efficient from a tax perspective.

Also Read | Best large cap mutual funds to invest in February 2026

Finance Minister Nirmala Sitharaman announced the move in her Budget 2026 speech, made on Sunday. She said the relief will be given only to those individual investors who have bought it from the Reserve Bank of India (RBI) and hold it till maturity.

“It is proposed to provide that the exemption from capital gains tax in respect of Sovereign Gold Bonds shall be available only where such bonds are subscribed to by an individual at the time of original issue and are held continuously until redemption on maturity,” FM Sitharaman said in her speech. “It is also proposed to provide that this exemption applies uniformly to all issuances of Sovereign Gold Bonds by the Reserve Bank of India,” she added.

The provisions of section 70(1)(x) of the Act provide an exemption from capital gains tax on income arising from the redemption of SGBs issued by the RBI under the scheme that was launched in 2015. The SGBs were issued on a recurring basis through multiple series notified from time to time, each constituting a separate issuance.

According to Nirmala Sitharaman, this move is meant to differentiate SGBs from trading instruments as the government wants to reward committed investors, not speculators.

“SGBs are meant to be a safe, hassle-free alternative to buying physical gold jewellery or coins for your family’s future. By ensuring only patient, buy-and-hold investors get the tax exemption, the policy reinforces that SGBs are about wealth creation through disciplined savings, not quick profits. The uniformity across all RBI issuances also means every investor gets the same fair treatment, regardless of when they invest,” she added.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

If you have any mutual fund queries, message on ET Mutual Funds on Facebook/Twitter. We will get it answered by our panel of experts. Do share your questions on ETMFqueries@timesinternet.in alongwith your age, risk profile, and twitter handle

Operator

Greetings. Welcome to A10 Networks Fourth Quarter and Full Year 2025 Financial Results Conference Call. [Operator Instructions]

I will now turn the conference over to your host, Tom Baumann. Sir, you may begin.

Tom Baumann

Thank you. And thank you all for joining us today. This call is being recorded and webcast live and may be accessed for at least 90 days via the A10 Networks’ website at a10networks.com.

Hosting the call today are Dhrupad Trivedi, A10’s President and CEO; and CFO, Michelle Caron.

Before we begin, I would like to remind you that shortly after the market closed today, A10 Networks issued a press release announcing its fourth quarter 2025 financial results. Additionally, A10 published a presentation and supplemental trended financial statements. You may access the press release, presentation and trended financial statements on the Investor Relations section of the company’s website.

During the course of today’s call, management will make forward-looking statements, including statements regarding projections for future operating results, demand, industry and customer trends, macroeconomic factors, strategy, potential new products and solutions, our capital allocation strategy, profitability, expenses and investments, positioning and our dividend program. These statements are based on current expectations and beliefs as of today, February 4, 2026. These forward-looking statements involve a number of risks and uncertainties, some of which are beyond our control that could cause actual results to differ materially, and you should not rely on them as predictions of future events. A10 does not intend to update information contained in

Southwest Airlines will debut a new ad during the Super Bowl poking fun at its new assigned seating policy.

The ad, “Boarding Royale,” will air on Peacock and broadcast and local cable channels in six markets, including San Diego, Chicago, Denver, Austin, Dallas and Honolulu, during the big game Sunday, according to a Southwest news release.

The ad, which appears set in a forest, features numerous guests running to get to their seats after a voice says, “Southwest boarding begins now.”  

‘SUPER BOWL BREAKFAST’ RETURNS WITH FOCUS ON LEADERSHIP AND LEGACY AHEAD OF NFL SHOWCASE

In what seems to be a hyperbolic expression of how travelers would react during the company’s open seating boarding process, people in the video chaotically run to grab a seat.

“I thought you checked us in last night?” a woman in the advertisement asks.

“I was one minute late,” the man who appeared to be traveling with her replied.

HOSTING A SUPER BOWL PARTY? EXPECT A HIGHER FOOD BILL THIS YEAR

The video also features a woman swinging on a tree vine while screaming in what appears to be an effort to make it to her seat on time.

Ticker	Security	Last	Change	Change %
LUV	SOUTHWEST AIRLINES CO.	52.60	+1.42	+2.77%

On-screen text then appears that says, “That was wild,” followed by a couple calmly sitting in their seats with another on-screen text card that says, “Assigned seating is here.”

The ad “celebrates” the airline’s new assigned seating model while “clapping back to the days of open seating,” the company said in the release.

The company shared that viewers should recognize Southwest’s “self-aware humor” the airline says it’s known for.

Southwest says the new assigned seating policy should “position the airline for the future.”

SOUTHWEST OFFERING $67 FLIGHTS IN NOD TO VIRAL INTERNET MEME: ‘TRENDY’ SALE

“While open seating played a huge role in Southwest’s history and helped it grow from a regional carrier into one of the largest airlines in America, the new assigned seating policy positions the airline for the future and addresses customers’ needs,” Southwest said in the release.

The airline’s new seating policy went into effect Jan. 27. Customers now have the choice between an “extra legroom seat,” “preferred seat” and a standard seat.

The company said the policy “gives [customers] more choices when [they] travel,” according to the airline’s website.

“For your comfort, we’re introducing seat options that allow you to choose the experience you prefer,” the airline said on its seating information page.

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The Seattle Seahawks will face off against the New England Patriots Sunday in the Super Bowl at Levi’s Stadium in Santa Clara, California.

Despite the changes, Southwest reassured customers they should still expect the same “legendary” hospitality.

“Southwest’s bold personality and humor have always been unique in the industry,” it said in the release. “No matter the seat configuration, the legendary hospitality that customers expect at Southwest remains.”

Lots of smart people think President Trump and the Republicans have a very steep uphill climb if they expect to win the midterms, especially the House. Newt Gingrich thinks if the election were today the GOP would lose. I’ve been exhorting GOP leaders to tout the red-hot economy with numbers and repetition, as often as possible, at every campaign stop.

More positive numbers came out today for the Institute for Supply Managers, where the combined purchasing managers’ indexes for manufacturing and services are the best they’ve been in nearly two years. And there’s a business boom. And there’s a productivity boom. And wages are outstripping inflation. Yet it’s a story that has got to be told, including the Trump Accounts, which can turn working-class minority children into millionaires. Where the next generation of youngsters can be a nation of owners, democratizing stock ownership, and understanding the miracles of free-market capitalism. That, too, is a story that has to be told over and over again.

Yet not all is lost. The latest Harvard CAPS Harris poll shows some improvement in personal financial situations, and though it’s still underwater, it’s getting better. That same poll shows a strong support for Mr. Trump closing the border. And 73 percent say criminal illegal aliens should be deported, 67 percent say local jails should hand over criminal illegals to federal authorities for deportation, which is exactly what the border czar, Tom Homan, is trying to do. And roughly 60 percent see the Democrats as encouraging resistance to deporting criminal illegals.

Another part of that poll shows that 60 percent favor a platform described as reduced government spending, lower taxes, tougher trade deals, lower prescription drug costs, and a closed border, which is of course, the Trump package. And only 40 percent prefer more government spending, liberal immigration, more taxes, and higher healthcare subsidies. Polls are not votes, but good polls are informative.

And finally, money matters. Politico is reporting that Mr. Trump raised $26 million through his joint fundraising committee in the back half of last year. And another $8 million directly into his leadership political action committee. A super PAC linked to him has more than $300 million in the bank. That’s a lot of money. All in, they estimate the president’s orbit has $375 million of firepower. And the president is outstripping everybody in fundraising by a long shot.

So, all is not lost. It’s still early in the game.

Senate Banking Committee Chair Tim Scott said Wednesday that he doesn’t think Federal Reserve Chair Jerome Powell committed a crime during his testimony last summer about the central bank’s costly renovation project.

Scott, R-S.C., said in an appearance on FOX Business’ “Mornings with Maria” that while he has other issues with how Powell has led the central bank and its monetary policy moves, he doesn’t believe that the Fed chair committed a crime in his testimony.

“As it relates to the DOJ investigation, I’ll tell you what I would tell a prosecutor if they came into my office. I was the one asking the questions, Jay Powell was responding to me. Obviously, he and I have very, very strong disagreements on many issues, No. 1,” Scott said. “No. 2, I believe that it’s time for a new Federal [Reserve] chair. Thank God almighty, we’re getting ready to get one.” 

“No. 3, I found him to be inept at doing his job, but ineptness or being incompetent is not a criminal act. I believe what he did was make a gross error in judgment, he was not prepared for that hearing. I do not believe that he committed a crime during the hearing,” Scott said.

TRUMP SAYS HE WILL NOT DROP DOJ CRIMINAL PROBE INTO FED CHAIR JEROME POWELL

The Department of Justice opened a criminal inquiry into whether Powell misled Congress during his testimony before the Senate Banking Committee last summer about the Federal Reserve’s headquarters renovation, which has run over budget.

The criminal probe came against the backdrop of an effort by President Donald Trump and his allies to pressure Powell and the Fed into cutting interest rates to spur the economy. 

Powell denied wrongdoing and called the probe a pretext for exerting political influence over monetary policy decisions.

TRUMP’S FED PICK KEVIN WARSH FACES UNEXPECTED ROADBLOCK OVER ONGOING POWELL PROBE

A key member of the Senate Banking Committee, Sen. Thom Tillis, R-N.C., responded to the probe by vowing to block any Federal Reserve nomination until the DOJ’s investigation of Powell concludes.

“If there were any remaining doubt whether advisors within the Trump administration are actively pushing to end the independence of the Federal Reserve, there should now be none. It is now the independence and credibility of the Department of Justice that are in question,” Tillis said last month.

POWELL OFFERS ADVICE FOR NEXT FED CHAIR, ADDRESSES FUTURE AT CENTRAL BANK

Scott told Bartiromo on Wednesday that he thinks the investigation of Powell will be resolved and that will clear the path for considering the nomination of former Fed Governor Kevin Warsh to serve as the next chair of the central bank. 

Trump nominated Warsh to the role last week, and Tillis reiterated his stance that he won’t consider Fed nominees until the DOJ probe is over.

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“I believe that we’re going to resolve that issue, we’re going to move forward and Thom Tillis will be voting for Kevin Warsh as the next chairman of the Federal Reserve. That’s my prediction,” Scott said.

Kristin Dziczek

Well, thank you so much for coming back and staying with us. This you won’t want to miss. So it’s my pleasure to introduce our next session, managing transformation in a dynamic environment. [Operator Instructions] I’d first like to introduce our moderator, Mike Colias. Mike is the U.S. Auto Editor for Reuters. He’s long covered the auto industry and for the Wall Street Journal and Automotive News, and he’s the author of a 2025 book, Inevitable: Inside the Messy, Unstoppable Transition to Electric Vehicles. So he’s pretty ideally positioned to lead today’s fireside chat with GM’s CFO, Paul Jacobson.

And speaking of which we are tremendously honored that Paul has decided to join us. He’s a well-known around Detroit and in the auto industry since he joined General Motors in 2020 as the Executive Vice President and CFO. He’s established himself as an exceptional leader on GM’s executive team, demonstrating a remarkable financial stewardship during some very unprecedented business and industry challenges.

From navigating the post-pandemic supply chain disruptions to orchestrating GM’s strategic pathway to EV profitability and tariffs and what we can all agree has been a very uncertain policy environment. Under Paul’s guidance, GM has delivered impressive results in 2025 with robust earnings and a strong outlook. We are again thankful that Paul has agreed to join us today to share his insights.

I’ll bring Paul up for a few remarks, and then Mike will join him on stage for the Q&A.

Paul Jacobson
Executive VP & CFO

Well, thank you all. I was having to look around to figure out who