COMPANIES
Blackstone is said to consider sale of $7-billion visa firm VFS
The US alternative asset manager has held preliminary discussions with advisers to evaluate a full or partial stake sale in VFS, the people said, asking not to be identified because the matter is private. A potential transaction could value VFS at about $7 billion, the people said.
WORLD
Asian stocks fluctuate, yen advances as US Fed move nears
Stocks fluctuated in the region, with the yen’s rise to around 141 per dollar pressuring those in Japan, an export-oriented economy. Australian and South Korea shares rose, following a fourth day of gains on Wall Street. Hong Kong futures were higher
BUSINESS
World oil demand growth is slowest since pandemic as China cools, IEA says
In July, China’s consumption fell by 280,000 barrels a day, compared with an increase of about 1 million a day in the previous 12 months, and for the year as a whole will expand by just 180,000 barrels a day, according to the report.
WORLD
China to cut rates on $5 trillion mortgages as soon as September
Policymakers have taken some forceful steps to lower borrowing costs this year including scrapping a central government-guided mortgage rate floor for first and second home purchases
BUSINESS
Two Chinese AI chipmakers seek IPOs to mount challenge to Nvidia
The pair of Shanghai-based chipmakers will join peer Cambricon Technologies Corp. on their home city’s bourse, which is trying to mold the STAR exchange into the country’s premier tech listings destination.
WORLD
ECB cuts rates again as inflation fades and economy stumbles
Europe’s sluggish growth could persist long into the future, former ECB chief Mario Draghi warned this week.
AUTOMOBILE
China directs its carmakers not to make auto-related investments in India
Beijing is strongly advising its automakers to ensure that advanced electric vehicle technology stays in the country
MARKETS
Sebi considers new rules to curb risks as tiny IPOs boom
Mandating a longer track record of profitability and greater scrutiny of financial statements are the other potential steps under review, the person said, asking not be identified as the details are private. This follows incidents of fraud in this segment of the market, they added
TECHNOLOGY
OpenAI fundraising set to vault startup’s valuation to $150 billion
The new valuation, a figure that doesn’t include the money being raised, is significantly higher than the $86 billion valuation from the company’s tender offer earlier this year, and cements its place as one of the most valuable startups in the world.
WORLD
Asian stocks rise as traders look to Fed rate cut
US futures were little changed after the S&P 500 closed 1.1% higher Wednesday, while the tech-heavy Nasdaq 100 rose 2.2%. Nvidia Corp. gained 8.2% as chipmakers rallied
BUSINESS
Core US inflation picks up, damping odds of outsize Fed cut
The so-called core consumer price index — which excludes food and energy costs — increased 0.3% from July, the most in four months, and 3.2% from a year ago, Bureau of Labor Statistics figures showed Wednesday
COMPANIES
UK to provide $654 million for Tata’s Port Talbot steel plant
Business Secretary Jonathan Reynolds is due to announce the details of the package in the House of Commons on Wednesday, according to a person familiar with the matter.
WORLD
Ukraine wants India to play more active role to end Russia’s war
Ukraine wants India to “moderate” talks between the two warring nations and use its ties with Russia to convince Moscow to join peace talks, Ukraine's ambassador Oleksandr Polishchuk said
TECHNOLOGY
L&T joins semiconductor bandwagon, plans to become fabless chipmaker with $300-mn investment
The tech-to-construction company will spend the money over three years to establish a fabless chipmaker, which designs and sells semiconductors but contracts out their production. It plans to design 15 products by the end of this year and start sales in 2027, Sandeep Kumar, head of L&T Semiconductor Technologies, said in an interview
WORLD
Asian stocks fall as investors weigh US Presidential election risks
Equity benchmarks fell in Tokyo and were little changed in Seoul and Sydney. Futures for Hong Kong shares pointed to a lower open. Global growth concerns resurfaced as oil dropped below $70 Tuesday while Treasury yields declined in the run-up to the US consumer price index later Wednesday and the Federal Reserve policy meeting next week
BUSINESS
Brent oil tumbles below $70 as oversupply fears deepen rout
Downbeat economic data from China and the US has stirred fears about oil demand in the top two consumers, adding to concerns that a surplus will emerge next year
BUSINESS
Apple, Google lose multibillion dollar court fights with EU
The EU’s Court of Justice in Luxembourg backed a landmark 2016 decision that Ireland broke state-aid law by giving Apple an unfair advantage
BUSINESS
Coal India to spend Rs 67,000 crore on coal-fired plants near mines
The state-owned miner has already won approval for 4.7 gigawatts of generation to be built over the next six to seven years, with most of the facilities to be in the state of Odisha on India’s east coast, Business Development Director Debasish Nanda said in an interview
BUSINESS
Allianz to sell stake in Indian road operator Interise to Canada’s Omers
Formerly known as IndInfravit Trust, Interise is one of the largest investment trusts in India’s road sector, holding a portfolio of 17 concessions across eight states, 14 of which are toll roads.
BUSINESS
UBS weighs wealth tie-up to compete in cutthroat Indian market
The Swiss bank has held early-stage internal discussions about possibilities including buying a stake in a local firm to form a joint venture, the people said, asking not to be named discussing private information
BUSINESS
Kenyan Court grounds Adani proposal to invest in biggest airport
The High Court issued the order prohibiting any person from implementing or acting on the privately initiated proposal by Adani until the matter is determined, according to Faith Odhiambo, president of the Law Society of Kenya, an applicant in the case.
WORLD
Asian shares fluctuate as investors shrug off Wall Street rebound ahead of US inflation data
The S&P 500 rose 1.2% after its worst start to the month on record, according to Bespoke Investment Group data going back to 1953. Nvidia Corp. and Tesla Inc. led gains in megacaps. Apple Inc. introduced the iPhone 16, with Chief Executive Officer Tim Cook saying it was built for artificial intelligence “from the ground up.” The shares closed little changed after an almost 2% slump
INDIA
India plans to push LNG for trucking in bid to curb emissions, reports Bloomberg
The Oil Ministry plans to encourage the conversion of a third of existing long-haul trucks to the super-chilled gas from diesel, according to a draft policy. It also plans to mandate that a third of new trucks run on LNG
WORLD
Planning to visit Greece soon? These new taxes on tourists could spoil your holiday mood
Greece received a record 36.1 million visitors in 2023, while arrivals rose 16% to 11.6 million in the first half of 2024, according to the latest data from the Bank of Greece. The tourism sector contributes about 20% to the economy, making it vital to the health of the nation
