BUSINESS
Millennium shuts two trading pods in Asia, managers to leave
Millennium Management has shut down two index-rebalancing pods in Asia this month, according to Bloomberg, The Hong Kong-based portfolio managers for both the pods are leaving the firm, it said, citing sources.
BUSINESS
Value-for-money fashion spurs retail stock Trent's 129% surge
Trent’s sales surged 56% in the latest quarter, surpassing rivals such as Avenue Supermarts and Aditya Birla Fashion & Retail, even as extreme heatwaves and recent national elections suppressed consumption in India.
TECHNOLOGY
Cheap voice bots rapidly rise as tech startups eye billion Indians join global AI frenzy
India has tried to keep pace with the global artificial intelligence frenzy in the nearly two years since ChatGPT launched, but chatbots have often been limited by a lack of data on many of the country’s languages.
WORLD
Asian stocks rise as investors count down to interest rate cuts
The prospect of the US finally easing borrowing costs is shaping trading across financial markets. The yield on 10-year US Treasuries declined two basis points to 3.79% during Asian trading
WORLD
S&P 500 up 1% as ‘Powell pivot’ sinks bond yields: Markets wrap
The S&P 500 rose about 1 percent. Treasury 10-year yields declined five basis points to 3.81 percent. The dollar fell 0.8 percent
INDIA
Goldman Sachs cuts India’s 2024 and 2025 GDP growth forecasts
The bank now expects the nation’s economy to expand at 6.7% in calendar 2024, and 6.4% in 2025.
BUSINESS
Adani Power has $800 million in unpaid dues from Bangladesh
Besides Adani Power, a handful of other India state-owned firms, including NTPC Ltd. and PTC India Ltd., also supply electricity to Bangladesh
BUSINESS
Fed’s Jackson Hole conference is underway: Here’s what to expect
With the Fed on the cusp of lowering borrowing costs from a more than two-decade high, Powell’s comments will be closely parsed for any kind of signal about the timing, size and pace of interest-rate cuts.
BUSINESS
India’s ‘sweet spot’ lures bond funds amid global market turmoil
With the prospect of interest rate cuts on the horizon and the rupee treading water near historic lows, offshore investors have bought roughly $7 billion net of the South Asian country’s bonds since May.
WORLD
Jonathan Bloomer, Morgan Stanley International chair, dies in Italy's luxury yacht tragedy
Bloomer's wife, Judy, was also among those killed. They had been guests on the superyacht Bayesian to mark the acquittal of British tech tycoon Mike Lynch at a trial in which Bloomer had been a defense witness.
WORLD
Harris’ vibes-heavy, policy-lite campaign leaves businesses guessing
Cautiously curious business executives, who were unenthused by Biden and are uncertain about a potential Trump 2.0 presidency, are trying to tease out if Harris, aside from the standard political rhetoric, is a candidate more willing to pitch the party back toward the center
WORLD
Asian stocks, bonds face pressure ahead of Powell's Jackson Hole speech
Equities in Australia and South Korea fell alongside Hong Kong share futures, echoing Thursday’s selloff in US stocks where both the S&P 500 and tech-heavy Nasdaq 100 indexes retreated.
BUSINESS
India's PB Fintech tops global fintech index after doubling in 2024
The shares have risen about 110% in 2024, the most among companies with a minimum $1 billion market value in the 52-member Solactive FinTech Index.
BUSINESS
Gautam Adani to revamp Family Offices, hire auditors and CEO to boost oversight
Hiring is underway for a team of about five people, led by a CEO and a chief investment officer, that will initially report to the Group Chief Financial Officer, Jugeshinder Singh, and eventually to the billionaire-founder, the people said.
BUSINESS
Rupee’s record lows mask currency’s trade-weighted overvaluation
Rupee has underperformed Asian peers this month amid a yen trade unwinding and outflows from stocks. The central bank’s strategy to allow a weaker rupee may be aimed at correcting some REER overvaluation to boost India's trade competitiveness.
COMPANIES
DMI Finance to raise funds from MUFG at $3 billion valuation
MUFG is set to buy around $330 million of stock in the company, DMI Finance co-founder Shivashish Chatterjee said in an interview Wednesday
BUSINESS
Temasek mulling exit from Schneider Electric India venture
The Singapore state investment company has been discussing options including a sale of its minority stake in the joint venture to Schneider or another party
WORLD
Asian equities climb ahead of key US Fed, Bank of Japan events
Minutes from the latest Fed policy meeting showed several officials acknowledged a plausible case for cutting rates, before the central bank voted to keep them steady.
BUSINESS
World’s top gambling stock spurred by Philippine online frenzy. Check what's behind 151% surge
Shares of DigiPlus Interactive Corp. are up 151% so far this year, more than any other casino stock with a market value of over $1 billion
BUSINESS
HDFC taps retail bankers as wealth managers amid talent crunch
The bank has been expanding its wealth team by 10% to 20% annually for the past few years.
BUSINESS
Radical changes to India inflation regime are risky, study shows
The paper by think-tank National Council of Applied Economic Research addresses the ongoing debate among policymakers over whether food prices should be stripped from inflation targeting.
BUSINESS
Walmart is seeking up to $3.74 billion in sale of China's JD.com stake
The US retailer is offering 144.5 million shares in a $24.85 to $25.85 price range, the people said, asking not to be identified because the information is private. Morgan Stanley is the broker-dealer of the offering, they added
BUSINESS
RBI Governor Das says inflation must slow to 4% for a rate cut
The inflation rate in July eased below the RBI’s target for the first time since 2019, but the central bank expects it to climb back again from September.
WORLD
Asian stocks decline as Wall Street rally takes a breather
Shares fell in Japan, Australia and South Korea, after the US benchmark edged lower to end an eight-day winning streak. Chinese shares may decline after the Nasdaq Golden Dragon China Index fell 4.1% on Tuesday
