WORLD
Extreme heat is fast becoming a threat to global fuel security
European crude processing dropped by 700,000 barrels a day over the summer from a year earlier, according to an estimate from industry consultant FGE - around 6 percent of regional throughput, based on figures from BP Plc’s latest Statistical Review of World Energy.
TRENDS
G20 sherpas reach deal on wording for Russia war in Ukraine
The main difference in the text agreed to this year is the removal of most phrasing that expressed divergent opinions over issues such as sanctions and direct condemnation of Russia’s war, replacing it with unanimously supported views backed up with references to United Nations principles.
TRENDS
G20 Summit 2023: G20 sees risks to long-term growth from 'cascading crises'
The G20 bloc also plans to recognize the importance of blended finance to address climate issues, a recognition that public money isn’t sufficient and that businesses are unlikely to invest in situations in which their returns are uncertain.
BUSINESS
G20 Summit: PM Modi enjoys a $3.8 trillion market moment as G-20 leaders fly in
Foreign investors have bought more than $16 billion worth of Indian stocks on a net basis so far in 2023 - set to be the biggest inflow in three years. In addition, the nation stood out in August, when overseas funds sold shares in almost every other Asian emerging market amid a global selloff
BUSINESS
G20 Summit: US, India and Gulf states pushing ahead with plans for rail deal
Earlier this year, White House National Security Advisor Jake Sullivan traveled to Saudi Arabia for talks that also included Indian and UAE representatives on the topic
INDIA
India’s military studying options for any China war on Taiwan
The study will assess various war scenarios and provide options for India in case a conflict breaks out, they said. Some Indian military commanders believe that strong statements may suffice as a response in case the war is short, but ultimately that will not be enough if the conflict drags on like Russia’s war in Ukraine, the officials said.
WORLD
Apple’s 2-day slide nears $200 billion on China iPhone curbs
Shares of the Cupertino, California-based company dropped 6.4% in the worst two-day slump in a month. Apple is the biggest component in major US equity indexes, adding to a broader selloff sparked in part by a litany of woes in China.
BUSINESS
Foxconn seeks to work with STMicro to build semiconductor plant in India
The move comes after Foxconn’s attempted partnership with billionaire Anil Agarwal’s Vedanta Resources Ltd. fell apart after a year of little progress
BUSINESS
Vedanta plans to meet investors as it faces $2 billion debt bill
The non-deal roadshow would take place as soon as this week, said some of the people, who asked not to be named because the matter is private. JPMorgan Chase & Co. and Standard Chartered Plc are helping to organize the event, according to others.
BUSINESS
JPMorgan says ‘trailblazing’ rules to boost India’s ESG market
India rolled out several measures over the past two years to regulate its market for green and other assets, most recently allowing domestic fund managers to launch plans under six types of ESG strategies.
WORLD
China asks fertilizer makers to halt urea exports on price surge
Urea futures traded on the Zhengzhou Commodity Exchange surged almost 50% over a seven-week period from mid-June to the end of July, but prices have fluctuated since then and are around 11% lower this week.
BUSINESS
Coal’s hold on India clouds PM Modi’s G-20 green leadership drive
The world’s most populous country has eye-catching targets for hydrogen, solar and biofuels, and can point to some dramatic progress on renewables. India has installed 71 gigawatts of solar from a negligible amount a decade ago, including a record deployment of utility-scale capacity last year.
WORLD
Emerging markets set for ‘Wild Ride’ on moves in dollar and oil
MSCI Inc.’s gauge of developing equities fell as much as 0.5%, extending its decline to a second day, while the currencies dropped to the lowest in over two weeks. Volatility across emerging markets have prompted Barclays PLC to predict a “wild ride” in local markets.
BUSINESS
AMC Entertainment Holdings plans to sell stock but warns investors of losses
The company filed on Wednesday plans to sell up to 40 million shares of its common stock
BUSINESS
Rise of China’s EV makers threatens Western firms, UBS says
Led by BYD Co., Chinese carmakers will almost double their share of the auto market to 33% by the end of the decade, UBS analysts including Patrick Hummel and Paul Gong wrote in an Aug. 31 report.
WORLD
Saudi Arabia prolong 1 million barrel oil output cut for 3 months
The move by Saudi Arabia will hold output at about 9 million barrels a day, the lowest level in several years.
BUSINESS
SoftBank’s Arm seeks to raise up to $4.87 billion in anticipated IPO
Arm said in a filing Tuesday with the US Securities and Exchange Commission that it will offer 95.5 million American depository shares for $47 to $51 each.
WORLD
Gulf royal’s $1.5 trillion empire draws bankers and billionaires
Over the past few months, Sheikh Tahnoon bin Zayed Al Nahyan has gained control of the largest sovereign wealth fund in the United Arab Emirates, expanding the assets he oversees to almost $1.5 trillion.
BUSINESS
Paytm founder Vijay Shekhar Sharma says he’s looking for chances to raise stake
“There is never a day that I would not buy more equity in Paytm,” Sharma told Bloomberg News in an interview on Monday. “The single largest shareholder of Paytm is now an Indian, that is myself, and I believe this is definitely a key milestone.”
WORLD
China slowdown means it may never overtake US economy, forecast shows
That’s according to Bloomberg Economics, which now forecasts it will take until the mid-2040s for China’s gross domestic product to exceed that of the US — and even then, it will happen by “only a small margin” before “falling back behind.”
WORLD
Uday Kotak sought to allay RBI concerns on succession with an early resignation
Uday Kotak, the country’s richest financier, resigned the same week the bank sent two names including his long-time lieutenant K V S Manian to the Reserve Bank of India as his potential successors, according to people familiar with the matter.
WORLD
Israel, Cyprus, Greece eye gas cooperation, Benjamin Netanyahu says
Cyprus, Greece and Israel could employ the current 3+1 format used for joint meetings with the US to set up a similar arrangement to include India, Netanyahu said.
WORLD
Debt crisis threatens to engulf China’s surviving developers
Out of the nation’s top 50 private-sector developers by dollar bond issuance, 34 have already suffered delinquencies on offshore debt, according to Bloomberg-compiled data as of Sept. 1.
WORLD
Mercedes CEO changes tune on China as ‘economic wonder’ stalls
Mercedes-Benz Group AG had enjoyed a string of successful years in the country, the chief executive officer said, but the best was yet to come.
