WORLD
Exxon Mobil near $60 billion deal to buy Pioneer
A deal could be completed in the coming days provided there are no complications, according to the newspaper.
WORLD
Sam Bankman-Fried told MIT friend $8 billion hole meant FTX wasn’t ‘bulletproof’
Dressed in a gray suit and red tie, Wang didn’t make eye contact with Bankman-Fried as he entered the Manhattan courtroom Thursday afternoon to testify as a government witness.
WORLD
X to test three tiers of service in latest Elon Musk overhaul
The premium plan, which currently costs $7.99 a month, would be split into Basic, Standard and Plus variations as part of the effort, the company told debt holders during the briefing Thursday, according to a person who dialed into the call.
BUSINESS
Fed’s bid to avoid recession tested by yields nearing 20-year highs
The 10-year Treasury yields rose more than half a percentage point the past month to surpass 4.7%, which heightens the danger in the near-term of a financial blowup akin to the regional bank breakdown in March
TRAVEL
These are the cities where hotel rates are rising fastest
Buenos Aires takes this year’s crown, with rates that are set to jump by 17% year over year, according to the Hotel Monitor 2024 report
WORLD
Ozempic is making people buy less food, Walmart says
An increasing number of CEOs and investors are talking about how popular weight-loss drugs might change the economy and business.
BUSINESS
Oyo talking to Apollo for $660 million refinance as IPO delayed
Oravel Stays Pvt, as Oyo’s parent company is known, is seeking to extend maturity to five years compared with the existing 2026 deadline, one of the people said
WORLD
Record Heat Is Unleashing Deadly Floods From US to Libya
More than 100 people died across Asia during an intense monsoon season in July.
BUSINESS
UAE energy giant awards $17 billion gas expansion contracts
The biggest oil producer in the United Arab Emirates awarded contracts worth almost $17 billion to develop an offshore natural gas field along with a project to capture carbon dioxide emissions.
BUSINESS
Tata Group in advanced talks for Temasek’s Tata Play stake
Discussions are ongoing and there’s no certainty that Temasek and Tata Play will proceed with a deal, the people said. A Tata Group representative didn’t offer any immediate comment, while a Temasek spokesperson declined to comment.
BUSINESS
Only an equities crash can rescue the bond market, Barclays says
“There is no magic level of yields that, when reached, will automatically draw in enough buyers to spark a sustained bond rally,” analysts led by Ajay Rajadhyaksha wrote in a note. “In the short term, we can think of one scenario where bonds rally materially. If risk assets fall sharply in the coming weeks.”
BUSINESS
Goldman is cautious on ‘expensive’ India stocks before polls
“The sharp rally since end-March, expensive valuations and global macro risks (high oil, high US rates, strong dollar) warrant a tactically conservative stance over the next three to six months,” analysts including Sunil Koul and Amorita Goel wrote in a note.
WORLD
Citi raises China GDP forecast, saying economy has bottomed out
Retail sales and industrial production may improve, the economists wrote Wednesday, adding that the nation’s export contraction could also narrow after official manufacturing surveys expanded for the first time in six months.
WORLD
Bond market a ‘little oversold’ after ETF pullout, Bill Gross says
Individuals owning hundreds of billions of dollars worth of bond ETFs have been “spooked” by recent losses, and they are “joining the crowd in terms of selling,” Gross said in an interview on Bloomberg Television. “We are seeing a little bit of oversold market” as 10-year Treasury yields approach 5%, he said.
CRICKET
Global giants spend $3,600 a second on cricket world cup ads
India will be hosting the tournament, which begins on Oct. 5 and runs through mid-November, guaranteeing sponsors more than a billion viewers across the world from Europe to Oceania.
BUSINESS
Spotlight still on Vedanta $3 billion debt despite spinoff plan
A streamlined structure could also help Agarwal sell unprofitable or low-growth assets — something the billionaire has long avoided.
BUSINESS
Top vaccine maker seeks growth by selling shots to globetrotters
Over the next three years, Pune-based Serum plans to start production of yellow fever and dengue shots for European and American travelers to countries where those diseases are endemic, Chief Executive Officer Adar Poonawalla said in an interview.
BUSINESS
Emerging Market Bond Yields Are Sending a Worrying Signal
The slump in US Treasuries this week has exacerbated a selloff in developing-nation debt, sending the yield on bonds in the Bloomberg EM Aggregate Sovereign Index to a one-year high of 8.93% on Tuesday.
WORLD
Global Bond Selloff Shows No Signs of Abating
The yield on 30-year US Treasuries hit 5% for the first time since 2007 on Wednesday, while the German 10-year benchmark rate climbed to 3% — a level unseen since 2011. In Japan, the 10-year overnight-indexed swaps jumped to 1% for the first time since January.
WORLD
Palantir closes in on controversial UK health data contract
The five-year contract, which may be extended by as long as two years and is worth much as £480 million ($579 million), is designed to help the agency analyze medical data, detect patterns and ultimately overhaul its entire system.
WORLD
Tesla sales drop brings BYD closest ever to global EV crown
China’s best-selling car brand came within a whisker of toppling Tesla last quarter after factory downtime led to the US automaker’s first delivery decline in more than a year.
BUSINESS
Vivek Wadhwa’s new venture aims to use breath to detect cancer
Wadhwa’s career as a public commentator won both him fame and notoriety. In a series of opinion columns in the Washington Post in the 2010s he had a habit of taking positions that rankled the Silicon Valley establishment.
WORLD
Bond rout deepens with no peak in sight for unmoored rates
The latest sign of US economic resilience unleashed a tide of selling, and traumatized investors opted to steer clear.
WORLD
Copper extends retreat to below $8,000 for first time since May
The concerns were reinforced by an unexpected increase in US job openings that highlighted the durability of the labor market.
