BUSINESS
Big Tech firms bracing for EU’s biggest antitrust crackdown; Apple, Alphabet, Meta likely to be affected
The Digital Markets Act, or DMA, which takes effect early next year, will impose a rigid regime of dos and don’ts on firms that previously left regulators in their wake
BUSINESS
UK drivers hit by one of the biggest fuel price jumps in decades
Pump prices were driven up by the cost of oil as producer group OPEC and its allies curbed output
WORLD
Trafigura Says ‘Fragile’ Oil Market May Be Prone to Price Spikes
The consensus view is for prices to remain near current levels, but the market is “more fragile than it looks,” Ben Luckock, the co-head of oil trading said in an interview at APPEC in Singapore. Brent crude is nearing $90 a barrel after OPEC+ heavyweights reduced supply — curbs that could continue further.
WORLD
China to Set Up New Agency to Promote Private Sector Growth
The private economy development bureau will be responsible for tracking and analyzing the state of the industry, along with coordinating and drafting policies to promote its growth, the National Development and Reform Commission announced Monday.
WORLD
Veteran oil consultant says $100 oil is in sight as China takes to the skies
Domestic flights in China are already back to 110% of their pre-pandemic levels and long-distance road travel is still dominated by gasoline-powered cars, Gary Ross said in an interview at APPEC by S&P Global Commodity Insights in Singapore on Monday.
AUTOMOBILE
Mercedes new launch bets on range boost in swipe at Tesla’s EV lead
The company presented a near-production concept of its CLA sedan rated to go more than 750 kilometers (466 miles) on a single charge, beating Tesla’s refreshed Model 3.
WORLD
Xi Jinping’s G-20 snub marks shift from statesman to China ‘emperor’
Now Xi seems to be taking a different approach, dodging an event where he’d likely face thorny questions over China’s economic trajectory, Beijing’s military aggression toward Taiwan and his support for Russia after its invasion of Ukraine.
WORLD
Chinese banks lend billions to Russia amid western sanctions
Since Moscow’s invasion of Ukraine in February 2022, western regulators have cracked down on Russia by imposing sanctions and urging banking institutions to pull back on operations in the country. Chinese lenders are now filling the gap, the newspaper said.
WORLD
From BlackRock to Pimco, bond investors bet Fed hiking is over
While inflation has been trending lower in recent months, a resilient job market has been the main stumbling block for the Fed to stop hiking after raising the borrowing costs by 525 basis points since March 2022, to a range of 5.25-5.5 percent.
WORLD
US, allies see opportunity and risk in China’s slowing economy
If China once seemed on an inevitable path to overtaking a declining America as the world’s leading economic power, that’s no longer the case. The calculations in Washington and beyond are increasingly about how to deal with a China that, even if it is not yet in absolute decline, may well be approaching a peak in power.
BUSINESS
Rice market shows strain after India’s six-week campaign of curbs
Rice prices in Asia jumped back near the highest level in almost 15 years on August 30 after India slapped more curbs on parboiled and basmati over the previous weekend.
WORLD
US, allies see opportunity and risk in China’s slowing economy
The calculations in Washington and beyond are increasingly about how to deal with a China that, even if it is not yet in absolute decline, may well be approaching a peak in power.
WORLD
Billionaire-backed city gets slick ‘California Forever’ website
A plan to build a utopian urban oasis in the windswept hills of Northern California’s Solano County now has a splashy website, which aims to tout the controversial project’s benefits and win over wary locals.
BUSINESS
Asia’s manufacturing slump worsens as China curbs demand
Manufacturing activity in Asia’s major export powerhouses slumped further in August as weak demand persisted in the region’s key trade markets, particularly in China.
WORLD
China stock investors pin hopes on revival after brutal August
Here are four charts to illustrate the state of play in China stocks
WORLD
X plans to collect biometric data, job and school history
X doesn’t define what it considers biometric, though other companies have used the term to describe data gleaned from a person’s face, eyes and fingerprints.
BUSINESS
Sea Ltd brings back one of its top game titles in India after ban
The relaunch is set to provide a boost for Singapore-based Sea, which is trying to reverse slowing sales growth amid intensifying competition.
BUSINESS
HDFC Bank’s Unit Plans $2 Billion Private Credit Fund
HDFC Capital Advisors Ltd. is looking to raise $1 billion, with an option to expand the fund by an additional $1 billion, according to people familiar with the matter.
BUSINESS
India’s driest august in a century stokes fears of more crop curbs
The country received 629.7 millimeters of rainfall this month, 36% lower than normal, according to data compiled by the India Meteorological Department. Total rainfall during June-August was 10% below average, the figures show.
BUSINESS
Leading Indian bad debt recovery company seeks global partners to boost presence
ARCIL, with assets of more than 162 billion rupees, is looking to acquire soured debt from “promising” sectors such as renewable energy, road, steel and logistics. It may bring Avenue Capital as a co-investor, Mohapatra said.
WORLD
China’s factory activity contracts again amid gloomy outlook
The official manufacturing purchasing managers’ index rose slightly to 49.7 last month, according to the National Bureau of Statistics, in contraction but still an improvement over the 49.3 reading in July.
WORLD
Country Garden enters key phase as voting ends on bond extension
This all marks a crucial phase for Country Garden, which revealed late Wednesday an unprecedented net loss of 48.9 billion yuan in the first half of the year.
WORLD
Tesla executive in purchasing probe draws scrutiny from US
The US Attorney’s Office in New York has sent subpoenas to a number of current and former employees at the EV-maker in recent weeks seeking information related to the materials, according to people familiar with the probe.
WORLD
Nvidia partner expects AI server sales to double in 2024
The AI boom “actually is going to maintain and you’ll see its growth keeping stronger and stronger for the upcoming years,” President Mike Yang of supplier QCT, a wholly-owned subsidiary of Taiwan’s Quanta Computer Inc., told Bloomberg Television in an interview.
