Austin City Council member Paige Ellis has again accepted campaign contributions that appear to exceed city limits, according to recent campaign finance reports, raising questions about compliance with local election law as she seeks a third term representing Southwest Austin.
Finance
Japan keeps mum on forex intervention as yen jumps
Japan on Friday left markets guessing on whether it had intervened to shore up the yen against the U.S. dollar, as senior officials neither confirmed nor denied another foray to reduce excessive volatility.
The officials remained silent after the dollar tumbled more than 4 yen from 161 yen over a short span of time in New York overnight, soon after data showed inflation in the United States had continued to slow, strengthening the market view that the Federal Reserve will cut interest rates in September.
Finance Minister Shunichi Suzuki, in a similar vein, did not confirm a media report that the Bank of Japan had conducted a “rate check” on the euro-yen pair, a practice seen by markets as a harbinger of actual intervention. In a rate check, the Japanese central bank contacts market participants to inquire about foreign exchange rates.
Japanese Finance Minister Shunichi Suzuki holds a press conference at the ministry in Tokyo on July 12, 2024. He declined to comment on whether Japan had intervened in the currency market overnight to shore up the yen against the U.S. dollar. (Kyodo) ==Kyodo
“I do not comment on whether we have intervened or not,” Suzuki told a press conference, a remark echoed by Japan’s top currency diplomat Masato Kanda and government spokesman Yoshimasa Hayashi.
Suzuki said foreign exchange levels should be determined by market forces but rapid fluctuations are undesirable. “In particular, we are concerned about one-sided movements,” he added.
The yen’s precipitous fall has raised concern about the negative impact on the Japanese economy, particularly the inflation of import costs for everything from energy to raw materials at a time when households are struggling with a cost-of-living crisis.
The Japanese currency has fallen to an over 37-year low against the dollar near 162, while also hitting its lowest level against the euro since the 1999 launch of the single European currency.
Market analysts say the yen’s rapid appreciation came as market players flocked to the currency as the interest rate differential narrowed following the release of the U.S. inflation data.
Others say Japanese authorities apparently joined the flow and pushed the yen higher, sparking intense yen-buying in a chain reaction as markets players were caught off guard.
“The government will closely monitor currency market developments and take all necessary steps,” Chief Cabinet Secretary
Hayashi told a separate press conference.
Japanese authorities had kept markets vigilant with a series of verbal warnings in recent weeks that they could act to rectify volatile currency movements that do not reflect fundamentals. But they largely let the yen weaken slowly toward 162 to the dollar.
The major factor behind the feeble yen is the wide interest rate differential between Japan on one hand and the United States and Europe on the other.
Kanda said only a handful of officials would have direct knowledge of a market intervention if the government stepped in.
“That being the case, it’s inconceivable that government officials would have commented on it,” Kanda, vice finance minister for international affairs, said about some media reports citing government sources as confirming a foray on Thursday.
The Finance Ministry is scheduled to release market intervention data at the end of July.
When Japan spent 9.79 trillion yen ($61 billion) between April and May to slow the yen’s rapid decline, the foray came after the yen fell to 160.24 on April 29.
At the time, Japanese authorities adopted a strategy known as a “stealth intervention,” meant to amplify market jitters by keeping mum about their action.
Related coverage:
Dollar firms to near 160 yen on receding U.S. rate cut expectations
Japan warns of appropriate action any time against rapid yen moves
U.S. puts Japan back on currency manipulator watch list after 1 year
Finance
MUFG Seeks Stake In Indian Finance Company
Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank by assets and market cap, is close to buying a 20% minority stake in India’s Shriram Finance Limited (SFL), for an investment of $4.4 billion.
SFL is one of the largest non-banking financial companies (NBFC), with assets under management totalling approximately $31 billion.
The negotiations are ongoing, and the agreement is not yet confirmed. The price and stake size could change, the agreement may be delayed, or even fall apart in the coming days.
Shriram’s shares rose nearly 50% this year on India’s National Stock Exchange and the Bombay Stock Exchange, giving a market value of around $18 billion, marking its fifth straight year of positive returns.
The reasons for the rally were: SFL’s strong fundamentals; the Reserve Bank of India’s easing for NBFCs; India’s rising Gross Domestic Product, which is increasing demand for SFL’s core lending segments; SFL’s final 150% dividend payout; and the proposed agreement with MUFG.
MUFG is not the first bank to propose a stake in an Indian bank. Sumitomo Mitsui Financial Group (SMFG), Japan’s second-largest bank, acquired a 20% stake in Yes Bank for $1.6 billion in May 2025, via secondary purchases from the State Bank of India and other banks. SMFG later became the single largest shareholder, acquiring a 24.2% stake in Yes Bank. It has already deployed almost $5 billion and is seeking to expand lending operations and increase employee strength.
Yet another Japanese financial group, Mizuho Securities, a unit of Mizuho Financial Group, is set to acquire a majority stake in Indian investment bank Avendus from KKR for up to $523 million in December 2025. This move will make Avendus a consolidated subsidiary of the Japanese financial group.
Some of the factors that attracted Japanese investors were India’s economic growth projected to grow at 6.5% in 2026, outpacing Japan’s stagnant domestic market, a 1.4 billion consumer base, low banking penetration, Reserve Bank of India’s robust regulatory reforms, eased foreign investment norms, and strong Japan-India collaboration in infrastructure projects like the Mumbai-Ahmedabad bullet train.
Since announcing its deal with Shriram, MUFG has reportedly seen increased interest from automakers looking to boost sales through preferential financing. Should the acquisition close, MUFG plans to have staff in Tokyo and Singapore to develop and execute these deals.
Finance
The big retirement question Aussies are asking right now: ‘We see a jump’
January is nearly behind us and most Australians are now back into the work grind, with kids returning to school to embark on another year. With things settling back to normal, it’s prompted one big retirement question to come to the minds of many workers.
Google Trends data shows searches for ‘how much do you need to retire’ surge as the school year begins. It’s one of four major spikes, along with around the Easter holidays, end of the financial year and the September school holidays.
Super fund HESTA has reported a surge in Australians using its retirement planning tool at the start of the school year, with activity increasing by more than 40 per cent in late January and early February in 2025.
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“We regularly see a jump in planning activity around this time of year after many members have enjoyed quality time with family and friends over the festive season – be it BBQs by the beach or relaxing by the pool,” HESTA CEO Debby Blakey said.
“As Australians look ahead to the rest of the year, many ask one simple question: when can I retire?”
Do you have a story to share? Contact tamika.seeto@yahooinc.com
There’s obviously no one-size-fits-all answer to this question.
While there’s no set retirement age in Australia, to be eligible for the Age Pension, you’ll need to be at least 67.
In terms of how much money you need, the Association of Superannuation Funds of Australia’s standard estimates a single would need $595,000 and a couple $690,000 in their superannuation to retire comfortably at the age of 67. This assumes you receive a part age pension and own your home outright.
If you’re one of the many Aussies dreaming about retirement, Blakey said now was the time to take action.
“The reality is there is no better time than right now to take action on your super and it’s never too late to make a difference to your financial future,” she said.
“There are many small actions people can take to support their journey to a dignified retirement.”
To start with, Blakey said it was important to understand how much super you had, how much your employer was contributing, where your super is invested and how much it’s grown over the long-term.
The super fund’s research found a third of people were only checking their balance once a year or less, while 43 per cent were more likely to check it in times of market turbulence.
Finance
Austin council member Paige Ellis may have violated campaign finance rules again
Austin City Council Member Paige Ellis listens to public testimony on Wednesday, Aug. 16, 2023 at City Hall. The District 8 representative, who is running for re-election this year, has previously faced scrutiny for campaign finance practices.
Under current city rules, candidates for City Council or mayor may not accept more than $450 per contributor per election. The limit applies to individual donors, with exceptions only for the candidate and small-donor political committees.
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Campaign finance reports filed in July 2025 and January 2026 show Ellis accepted nearly $2,500 in contributions that exceeded the $450 individual cap. At least 12 donors gave more than the legal limit, either through single donations above $450 or through multiple contributions across the reporting period that cumulatively exceeded the cap.
In some cases, donors made two or more contributions during the reporting period that, when combined, pushed their total giving beyond the limit. In other instances, donors appeared to list themselves both individually and jointly with a spouse or partner in ways that resulted in total contributions exceeding what is allowed.
Ellis’ campaign manager, Mykle Tomlinson, said he was aware of the $450 cap for individual contributors. Ellis and Tomlinson both said they believed married couples could contribute up to $900 combined, based on each spouse being allowed to give $450.
“As long as the couple hasn’t given over $900, it’s within the limits,” Ellis said. She added that this interpretation applies even when one spouse gives jointly and then later gives individually, calling it a “working definition” that campaigns have followed for years.
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Read More: Austin City Council members push to ease spending rules before vote
Ellis said she personally knows the donors and is aware of which contributors are married, even if both spouses’ names are not listed on campaign finance forms.
However, official guidance from both the Texas Ethics Commission and the City of Austin requires contributors to list their full name on campaign finance reports.
“If a finance report listed an amount above $450 with only one name, that would be an issue for the city’s Ethics Review Commission to review,” city spokesperson Jenny LaCoste-Caputo said in a statement Wednesday.
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Central Texas-based ethics attorney Andrew Cates called it “common sense” to list contributions under two names from a married couple to clarify that those donations come from both people, adding that the whole reporting system is in place so there is no confusion about where the money is coming from.
“If it’s combined, then say it’s combined,” he said. “It’s not that hard.”
City rules state that the candidate is responsible for filing required reports.
Campaign finance violations are reviewed by the city’s Ethics Review Commission. Ellis’ husband, Edward Espinoza, served on the commission from July 2023 through March 2025. He also previously served as Ellis’ campaign treasurer.
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Asked whether Espinoza’s service on the commission posed a conflict of interest, Tomlinson said Ellis recused herself during Espinoza’s appointment by the mayor. He added that the commission often struggled to achieve a quorum during that period and that other council members supported Espinoza’s appointment.
“It doesn’t seem like anyone thought it was a conflict of interest,” Tomlinson said.
Read More: Austin’s proposed tax hike follows behind-the-scenes budget maneuvering
This is not the first time Ellis has faced scrutiny over campaign finance practices. In 2022, the Ethics Review Commission considered a complaint alleging 56 violations related to her campaign, including accepting contributions above city limits and failing to provide required donor employment information.
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Commissioners dismissed the allegations related to donor information but found that Ellis had accepted excessive contributions. Ellis acknowledged the violations and was sanctioned with a letter of notification. She later issued refunds for the amounts in question.
In a written statement, Tomlinson said the commission “dismissed the lion’s share of complaints” and found that seven transactions — totaling about $20 — exceeded contribution limits by small amounts. Those funds were refunded and reflected in a subsequent campaign finance report, he said.
Ellis is running for re-election to a third term representing District 8. Because city rules generally limit members to two terms, she will have to collect signatures from at least 5% of eligible voters in her district to appear on the ballot.
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So far, Ellis has drawn one challenger: Selena Xie, a former Austin EMS Association president, EMS commander and ICU nurse, who announced her candidacy in July.
Voters will decide the District 8 race in the Nov. 3 election. Council districts 1, 3, 5 and 9 will also be on the ballot this November.
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