BUSINESS
Sovereign wealth funds are turning bullish on emerging markets, Invesco survey shows
Two thirds of the respondents expect emerging-market returns to match or beat those from developed markets over the next three years, with non-western SWFs more keen on the relative outperformance of developing assets, according to the survey conducted among 83 sovereign wealth funds and 57 central banks during the first quarter of 2024.
BUSINESS
Suzuki sees India’s automobile market growing fivefold by 2047
First, the goal is for Maruti Suzuki India Ltd., the Japanese carmaker’s subsidiary, to grab 50% market share by 2030, from around 40% for the fiscal year through March. “We’re confident that the Indian market will expand in the mid to long term,” Ayukawa said in an interview.
WORLD
Crypto traders bullish as Joe Biden bows out of US presidential race
The largest digital asset recovered from earlier losses to hover around $68,300 as of 8:42 a.m. in Singapore on Monday as markets reacted to the possibility of a match-up between pro-crypto Donald Trump and Kamala Harris.
WORLD
Jane Street gets millennium trade secrets countersuit tossed
The judge on Thursday said the unfair competition counterclaim failed because Jane Street wasn’t trying to improperly benefit from any labor or investment by Millennium.
WORLD
Copper set for worst week since 2022 as China plenum disappoints
Futures for the red metal have fallen by almost 5% in London this week amid a broad retreat that’s also battered aluminum, tin and nickel.
BUSINESS
Citigroup sees India luring $100 billion in foreign investment
Companies working to help India meet its net-zero goals will be among the beneficiaries of the foreign capital flows, according to K Balasubramanian, head of corporate banking for Southeast Asia and the Indian subcontinent.
BUSINESS
Google set to lead $250 million round by mobile startup Glance
Glance InMobi Pte. is set to raise as much as $250 million as soon as within a few weeks, people familiar with the matter said, asking not to be named as the talks are private. The fundraise isn’t yet finalized and discussions may still break down.
BUSINESS
India targets $110 billion FDI a year to help boost economy
India’s annual average FDI in the seven years through March 2023 amounted to $71 billion, according to figures from the investment agency, which is a joint venture between the Ministry of Commerce and private business chambers.
WORLD
Joe Biden says in TV interview Kamala Harris could lead if health declines
“Only if I was told that there was some medical condition that I had, and that’s not the case,” Biden said when asked in a BET interview broadcast Wednesday if he would consider being a transitional figure, then turn over the presidency to Harris within two years.
BUSINESS
Asian stocks decline as chip selloff gains steam
Shares in Japan and South Korea dropped, with the Topix falling as much as 1.5%, weighed down by a stronger yen and further fallout from heavy selling in chipmakers around the world. Tokyo Electron Ltd. faced the brunt of selling for a second day, dropping almost 11%.
WORLD
Global shipping-market strain revives fear of inflation comeback
Within weeks, spot container rates surged the most since 2022 and customers were demanding lighting products sooner than ever before the peak sales season in the fourth quarter.
WORLD
Morgan Stanley promotes miles to global M&A head in unit revamp
The overhaul is intended to foster stronger integration between the capital markets and investment banking team. The promotions didn’t include any senior women at the US advisory giant, whose top ranks remain dominated by men.
WORLD
Xi jinping to map out vision for China’s economy as key meeting wraps up
The ruling Communist Party is set to publish a document on Thursday — typically written in cryptic and sweeping language — offering the first glimpse of what some 400 officials discussed behind closed doors during the four-day meeting in Beijing. Normally, that communique is fleshed out days later by a more detailed report.
WORLD
Block deals led by global firms reach record $15 billion
About $15 billion has been raised in secondary sales or block trades in India this year, a more than 150% surge from the same period in 2023, data compiled by Bloomberg show. That’s already higher than any previous annual tally. And over $5 billion has been raised in initial public offerings, double a year earlier.
WORLD
Top takeaways from Businessweek’s Donald Trump interview
Trump was clear about his intentions if returned to power in the interview, conducted just weeks before he was set to formally receive the Republican Party’s nomination for president
WORLD
‘I don’t like China:’ What JD Vance has said about Beijing
Vance has suggested the US military should drop everything and focus on Beijing, called for broad tariffs on Chinese imports and introduced legislation that would restrict the Asian nation’s access to the American financial system.
WORLD
Trumponomics 2.0 will awaken bond vigilantes: Jonathan Levin
After a weekend assassination attempt that has galvanized support for the former president, yields on longer-term Treasury securities rose a bit more than shorter-term ones on Monday, a subtle sign that the Trump inflation threat is on the market’s radar.
WORLD
Nomura reshuffles Asia investment bank team, cuts jobs in slump
Patrick Kwan, head of investment banking for Asia excluding Japan, is leaving the firm after more than two years in the role, according to an internal memo confirmed by a company spokesperson.
BUSINESS
Indian bonds in demand as global stock investors seek collateral
This development is appealing to overseas investors, as they can now earn interest on their bond holdings, unlike with traditional cash or cash-equivalent margin postings
BUSINESS
Traders add to bets on three Fed rate cuts in 2024
Fed Chair Jerome Powell in a public appearance Monday reiterated that recent data have given the central bank confidence that inflation is on a path back toward its 2% goal, possibly paving the way for rate cuts, but that he wouldn’t send signals on any particular meeting.
WORLD
Ivory Coast deploys malaria shot developed by Serum Institute and Oxford University
The vaccine was recommended in 2023 by the World Health Organization for use in Africa for children under five years old, the age group there that bears the brunt of a disease that kills more than 600,000 people per year.
WORLD
Trump taps Vance as running mate, picking populist protege
Vance is 39, nearly four decades younger than Trump, 78, marking a potential generational shift for the party and offering a fresh voice to Republican efforts to bolster their appeal to the White working-class voters .
WORLD
Trump’s Vance pick widens rift with GOP’s foreign policy old guard
It’s far too early to know how much Trump would listen to Vance’s counsel if they win in November. But if he does, the US will take an even more skeptical view toward Ukraine than Trump has expressed so far.
INDIA
'China ready but I want India to do it': Bangladesh PM Sheikh Hasina on key $1 billion river project
China and India both want to execute the Teesta River Comprehensive Management and Restoration — a Dhaka-led initiative to better manage the river’s waters — as the two nation vie for influence in neighboring Bangladesh.
