BUSINESS
88-year-old Japanese ex-pet-shop owner built a $14 million fortune buying stocks
In a nation where the norm has been for people to park their assets in cash and deposits that offer almost no interest, he’s built a small fortune. After almost seven decades of stock trading, the octogenarian has accumulated about ¥2 billion ($14 million) of wealth.
BUSINESS
Zuckerberg’s Metaverse gamble pays off with $201 billion fortune
While other tech titans made big jumps in net worth this year — Nvidia Corp. Chief Executive Officer Jensen Huang, for example, has more than doubled his wealth to $106.2 billion — none has grown as much as Zuckerberg’s.
MARKETS
Japanese stocks falter as new PM Ishiba’s win wrongfoots easing bets
The Nikkei 225 Stock Average slid as much as 4.7% in early trading after Ishiba’s selection forced investors to pare positions
MARKETS
Chinese stocks soar most since 2015, heading for bull market
The CSI 300 Index jumped as much as 6.5% on Monday, the most since 2015, as traders rushed to buy shares in the last session before a week-long holiday
BUSINESS
Japan stocks set to fall on rate hike fears after Shigeru Ishiba’s win
The equity market will likely have large swings in the near term until there’s more clarity around Ishiba’s policies, according to analysts.
WORLD
Powell speech and jobs data to help clarify Fed rate path
The jobless rate probably held at 4.2%, while average hourly earnings are projected to have risen 3.8% from a year earlier
BUSINESS
Moody’s downgrades Israel again as economic costs of war mount
Moody’s cut Israel by two notches to Baa1 from A2, the ratings company said late on Friday, leaving the country three steps above non-investment grade. The outlook remains negative.
BUSINESS
Adani’s Kenya dealings spark protests, lawsuits and hearings
Gautam Adani's plan to operate Kenya's main airport has sparked significant opposition, with protests, Senate inquiries, and legal challenges. The proposal involves a 30-year concession and a $1.85 billion investment, drawing criticism over transparency concerns. Meanwhile, Adani Group is also engaged in building high-voltage power lines in the country.
BUSINESS
Aster DM’s gulf unit eyes $250 million healthcare deals for Saudi expansion
Health care is one of the main focus areas of Crown Prince Mohammed bin Salman’s trillion-dollar Vision 2030 plan, as the government makes a push to draw in expatriates to the biggest Middle Eastern economy.
BUSINESS
Japan picks ‘Asian NATO’ backer Shigeru Ishiba as new PM, intensifying tensions with China
Ishiba beat Sanae Takaichi in a run-off for the leadership of the Liberal Democratic Party, helped by strong support among rank-and-file members.
BUSINESS
Arm rebuffed by Intel after inquiring about buying product unit
As part of its turnaround efforts, Intel is separating the chip product division from its manufacturing operations. The move is aimed at attracting outside customers and investors.
INDIA
India keeps markets guessing over RBI's monetary policy committee positions
The contracts of three external members of the Reserve Bank of India’s monetary policy committee will expire on October 4, just days before the MPC is expected to meet and make its rate decision on October
WORLD
Tokyo Electron prepares India expansion as PM Modi lures chipmakers
India is amping up efforts to attract international electronics companies and chipmakers to set up facilities within its borders, under a plan by the Narendra Modi administration to close the tech gap with advanced economies
WORLD
China cuts key rate, frees up cash for banks to spur growth
The People’s Bank of China’s 0.5 percentage point reduction to the reserve requirement ratio was announced earlier this week by central bank chief Pan Gongsheng, who didn’t provide a timeframe
MARKETS
Asian stocks extend rally on china, US sentiment
Equities in Australia advanced, while Japan’s Nikkei index was poised to erase all losses since the Bank of Japan’s July 31 interest rate hike
BUSINESS
HDFC Bank sells $717 million of home loans to reduce credit book
The buyers who subscribed to the pass-through certificates, backed by HDFC’s car loans, included ICICI Prudential AMC, Nippon Life India Asset Management Ltd
BUSINESS
Shapoor Pallonji Mistry taps Deutsche Bank to service India’s biggest junk bond
The debt-repayment struggle by the firm, which is part of conglomerate The Shapoorji Pallonji Group, underscores broader risks faced by global private credit investors flocking to emerging markets.
WORLD
Japan, South Korea eye anti-dumping action on China steel goods
The actions come as concerns grow in a number of countries over the impact of cheap goods flowing from the world’s biggest manufacturing nation
BUSINESS
Gautam Adani’s billion dollar copper play slows amid mining shortfall
Adani Enterprises Ltd. is likely to start processing the first copper concentrates or ore at its plant in the western Indian state of Gujarat in November and will build up slowly from there, according to people familiar with the matter.
BUSINESS
Jerome Powell emerges stronger after leading US Fed to big rate cut
“The chair always has enormous power,” said Mark Spindel, founder of Potomac River Capital and co-author of a book on the Fed and Congress. “There is a clear success story in Powell’s ability to get all but Bowman on board, and he is a more powerful chairman now.”
WORLD
Palm oil, world’s most popular vegetable oil, is no longer the cheapest
The tropical oil, which traded at a discount of $782 a ton to soyoil as recently as November 2022, is currently commanding a rare premium
WORLD
Xi Jinping & Co pledge fiscal spending and rate cuts to force China's economic turnaround
Officials said the government needs to ensure necessary fiscal spending and stabilize the real estate market, including strictly limiting the supply of new commercial housing construction
MARKETS
BSE said to push for tighter scrutiny of SME listings: Report
Sundararaman Ramamurthy, BSE’s chief executive, told bankers on Tuesday to ensure IPO hopefuls aren’t inflating their numbers
BUSINESS
India's gold imports more than triple in August after duty cut ahead of wedding season
The positive trend is likely to continue as a bountiful monsoon this year has brightened crop prospects, potentially boosting disposable incomes of farmers — a major consuming group.
