Connect with us

Business

‘Pawn in trade negotiation’: China refuses to buy US soybeans; Donald Trump admin plans support for farmers – The Times of India

Published

on

‘Pawn in trade negotiation’: China refuses to buy US soybeans; Donald Trump admin plans support for farmers – The Times of India


American farmers are looking at losing billions of dollars as Chinese importers have refused to buy US soybeans due to tensions between the two nations. To ease the blow, US treasury secretary Scott Bessent announced that the government will be rolling out new support measures for the farming sector.Bessent told CNBC that the federal government stands behind the farming community, which backed President Donald Trump in the 2024 election. “We’ve got their backs,” he said.“It’s unfortunate that Chinese leadership has decided to use the American farmers, soybean farmers in particular, as a hostage or pawn in the trade negotiations,” Bessent told Reuters.Trump on Wednesday said that soybeans would be a major topic of discussion when he meets Chinese President Xi Jinping in four weeks.Bessent explained that buying American farm products is part of nearly every recent US trade deal. “So we’re going to see other countries substitute for China,” he said. However, despite efforts by the administration and the soybean industry, no other markets have come close to matching China’s usual purchase volumes. A record harvest has also added pressure on prices.Bessent said he met Trump and Agriculture Secretary Brooke Rollins in the Oval Office on Wednesday. He asked farmers to expect “substantial support” to be announced on Tuesday, particularly for soybean growers. “On Tuesday, you’re going to see substantial support for the farmers, and we’re also going to be working with the Farm Credit Bureau to make sure that the farmers have what they need for next planting season,” he said.He added that an in-person meeting between Trump and Xi would help set the direction for future trade.“I think with President Trump’s leadership and his relationship – the respect party chair Xi has for him – that this round, which would be our fifth round of talks, should show a pretty big breakthrough,” Bessent said.





Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

UPI transaction in September slip below 2 billlion but daily average up – The Times of India

Published

on

UPI transaction in September slip below 2 billlion but daily average up – The Times of India


MUMBAI: UPI (Unified Payments Interface) transactions in September 2025 continued to show strong momentum, with growth evident in both daily transaction counts and values. While the total number of transactions for the month dipped slightly compared to August, the average daily data—adjusted for the shorter 30-day September—indicates a clear upward trend in activity on the platform.UPI processed 19.63 billion transactions in September, marginally lower than the 20.01 billion recorded in August. In value terms, the platform saw Rs 24.90 lakh crore transacted, almost flat compared to Rs 24.85 lakh crore in August. On a month-on-month basis, this translated into a 1.9% decline in volume but a 0.2% increase in value. The fall in aggregate numbers was largely due to September having one fewer day than August, making the daily averages more representative of underlying growth.On an average daily basis, UPI handled 654 million transactions worth Rs 83,000 crore each day in September. This marked a 1.37% increase in daily transaction count compared to August’s 645 million and a sharper 3.54% rise in daily value from Rs 80,160 crore. The stronger rise in value relative to volume indicates a growth in average ticket size, with users transacting higher amounts per payment in September. July’s daily averages were lower at 628 million transactions and Rs 80,900 crore, showing a clear three-month progression.The year-on-year picture remains more robust. September’s total transaction volume was 31% higher than the same month last year, while August had posted 34% growth. In value terms, both August and September registered 21% growth over their respective 2024 levels. These double-digit gains underscore the platform’s continued expansion and deepening integration into everyday payments.





Source link

Continue Reading

Business

No More 1–2 Day Wait: Cheques To Clear Within Hours From October 4

Published

on

No More 1–2 Day Wait: Cheques To Clear Within Hours From October 4


Last Updated:

RBI launches continuous clearing and settlement for CTS-enabled cheques from October 04, enabling same-day clearance nationwide.

rom Tomorrow, Cheques Won’t Take 1–2 Days—Funds to Reflect in Hours

rom Tomorrow, Cheques Won’t Take 1–2 Days—Funds to Reflect in Hours

In a major overhaul, the Reserve Bank of India (RBI) is going away from the existing batch-processing model (which takes up to two working days). A new framework known as a continuous clearing and settlement on realization framework will become effective from tomorrow, October 04. It is Phase 2 of the major overhaul of the cheque clearing system across the country, which is divided in 2 phases.

The Continuous Clearing and Settlement on Realisation will ensure cheque clearance within a few hours, reduce settlement risks and improve efficiency and customer experience.

Instead of fixed-batch cycles, the cheques will be scanned, presented and cleared in real-time processing during business hours (10:00 Am to 4:00 PM).

This will help customers to get funds through cheques on the same day, typically within hours, reducing the typical 1–2 day wait. Note that this applies to all CTS-enabled cheques across India. There are no changes to physical cheque issuance rules.

Process Flow:

  • Presenting banks scan and send cheque images/MICR data to the clearing house immediately upon receipt.
  • The clearing house forwards these to drawee banks (the paying bank) in real-time.
  • Drawee banks provide positive (honour) or negative (dishonour) confirmation.
  • Settlements occur hourly until the end of the confirmation session (7:00 PM).
  • Once settled, presenting banks must credit funds to customers’ accounts within one hour, subject to standard safeguards.

Phase 2 To Bring T+3 Settlement

Phase 2, which is expected to be implemented from January 03, 2026 onwards, will expedite the process faster. Phase 2 will introduce T+3 clearance hours (item expiry time), which means cheques presented 10:00–11:00 AM must be confirmed by 2:00 PM; unconfirmed ones are deemed approved at expiry.

This mechanism sets a strict timeline for drawee banks (the bank on which the cheque is drawn) to confirm whether a cheque is honoured or dishonoured, ensuring faster cheque clearance within hours on the same day.

T+3 refers to a time-bound process where a cheque presented to the clearing house must be confirmed (either honoured or dishonoured) by the drawee bank within three hours from the time of its presentation.

Varun Yadav

Varun Yadav

Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More

Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More

Click here to add News18 as your preferred news source on Google. Stay updated with all the latest business news, including market trendsstock updatestax, IPO, banking finance, real estate, savings and investments. To Get in-depth analysis, expert opinions, and real-time updates. Also Download the News18 App to stay updated.
Disclaimer: Comments reflect users’ views, not News18’s. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.

Read More



Source link

Continue Reading

Business

The people turning to AI for dating and relationship advice

Published

on

The people turning to AI for dating and relationship advice


Suzanne BearneTechnology Reporter

Getty Images A young woman, looking concerned, looks at here smartphone.Getty Images

Earlier this year, Rachel wanted to clear the air with a man she had been dating before seeing him again in a wider friendship group setting.

“I’d used ChatGPT for job searching but had heard someone else use it [for dating advice],” says Rachel, who does not want her real name used, and lives in Sheffield.

“I was feeling quite distressed and wanted guidance, and didn’t want friends involved.”

Before the phone call, she turned to ChatGPT for help. “I asked, how do I deal with this conversation but not be on the defensive.”

Its response?

“ChatGPT does this all the time but it was something like ‘wow, that’s such a self-aware question, you must be emotionally mature going through this. Here are some tips’. It was like a cheerleader on my side, like I was right and he was wrong.”

Overall, she says it was “useful” but described the language as “very much like therapy speak, using words like ‘boundaries'”.

“All I took from it was it reminded me to be OK to do it on my terms, but I didn’t take it too literally.”

Rachel is not alone in turning to AI for advice in dealing with relationships.

According to research by the online dating firm Match, almost half of Generation Z Americans (those born between 1997 and 2012) said they have used LLMs like ChatGPT for dating advice, that’s more than any other generation.

People are turning to AI to help craft breakup messages, to dissect conversations they’re having with people they’re dating, and to resolve problems in relationships.

Anastasia Jobson With long dark hair and wearing a pink jacket, Dr Suglani smiles looking into the camera .Anastasia Jobson

Using AI might be a tactic to avoid difficult feelings says Dr Suglani

Dr Lalitaa Suglani, psychologist and relationship expert, says AI can be a useful tool, especially for people who feel overwhelmed or unsure when it comes to communication in relationships.

It may help them to craft a text, process a confusing message or source a second opinion, which can offer a moment of pause instead of being reactive, she says.

“In many ways it can function like a journalling prompt or reflective space, which can be supportive when used as a tool and not a replacement for connection,” says Dr Suglani.

However, she flags several concerns.

“LLMs are trained to be helpful and agreeable and repeat back what you are sharing, so they may subtly validate dysfunctional patterns or echo back assumptions, especially if the prompt is biased and the problem with this it can reinforce distorted narratives or avoidance tendencies.”

For example, she says, using AI to write a breakup text might be a way to avoid the discomfort of the situation. That might contribute to avoidant behaviours, as the individual is not sitting with how they actually feel.

Using AI might also inhibit their own development.

“If someone turns to an LLM every time they’re unsure how to respond or feel emotionally exposed, they might start outsourcing their intuition, emotional language, and sense of relational self,” says Dr Suglani.

She also notes that AI messages can be emotionally sterile and make communication feel scripted, which can be unnerving to receive.

Es Lee Wearing a grey blazer and checked shirt Es Lee looks into the camera.Es Lee

Not everyone can talk to friends and family about relationships says Es Lee

Despite the challenges, services are springing up to serve the market for relationship advice.

Mei is a free AI generated service. Trained using Open AI, the service responds to relationship dilemmas with conversational-like responses.

“The idea is to allow people to instantly seek help to navigate relationships because not everyone can talk to friends or family for fear of judgment,” says New York-based founder Es Lee.

He says more than half of the issues brought up on the AI tool concern sex, a subject that many may not wish to discuss with friends or a therapist, Mr Lee says.

“People are only using AI as existing services are lacking,” he says.

Another common use is how to reword a message or how to fix an issue in a relationship. “It’s like people need AI to validate it [the problem].”

When giving relationship advice, issues of safety could come up. A human counsellor would know when to intervene and protect a client from a potentially harmful situation.

Would a relationship app provide the same guardrails?

Mr Lee recognises the concern over safety. “I think the stakes are higher with AI because it can connect with us on a personal level the way no other technology has.”

But he says Mei has “guardrails” built into the AI.

“We welcome professionals and organisations to partner with us and take an active role in molding our AI products,” he says.

OpenAI the creator of ChatGPT says that its latest model has shown improvements in areas like avoiding unhealthy levels of emotional reliance and sycophancy.

In a statement the company said:

“People sometimes turn to ChatGPT in sensitive moments, so we want to make sure it responds appropriately, guided by experts. This includes directing people to professional help when appropriate, strengthening our safeguards in how our models respond to sensitive requests and nudging for breaks during long sessions.”

Another area of concern is privacy. Such apps could potentially collect very sensitive data, which could be devastating if exposed by hackers.

Mr Lee says “at every fork in the road on how we handle user privacy, we choose the one that preserves privacy and collects only what we need to provide the best service.”

As part of that policy, he says that Mei does not ask for information that would identify an individual, other than an email address.

Mr Lee also says conversations are saved temporarily for quality assurance but discarded after 30 days. “They are not currently saved permanently to any database.”

Some people are using AI in combination with a human therapist.

When Corinne (not her real name) was looking to end a relationship late last year, she started to turn to ChatGPT for advice on how to deal with it.

London-based Corinne says she was inspired to turn to AI after hearing her housemate talk positively about using it for dating advice, including how to break up with someone.

She said she would ask it to respond to her questions in the same style as popular relationship expert Jillian Turecki or holistic psychologist Dr Nicole LePera, both very popular on social media.

When she started dating again at the start of the year she turned to it again, again asking for advice in the style of her favourite relationship experts.

“Around January I had been on a date with a guy and I didn’t find him physically attractive but we get on really well so I asked it if it was worth going on another date. I knew they would say yes as I read their books but it was nice to have the advice tailored to my scenario.”

Corinne, who has a therapist, says the discussions with her therapist delve more into childhood than the questions she raises with ChatGPT over dating or relationship queries.

She says that she treats AI advice with “a bit of distance”.

“I can imagine people ending relationships and perhaps having conversations they shouldn’t be having yet [with their partner] as ChatGPT just repeats back what it thinks you want to hear.

“It’s good in life’s stressful moments. And when a friend isn’t around. It calms me down.”

More Technology of Business



Source link

Continue Reading

Trending