BUSINESS
Soaring onion prices may hurt PM Modi more than tomatoes
India has imposed a 40% export tax on onions and plans to sell them locally at subsidized rates.
WORLD
SoftBank’s arm files for IPO that is set to be 2023’s biggest
In a long-awaited regulatory filing Monday, Arm said the offering is being led by Barclays Plc, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Mizuho Financial Group Inc. The document listed 24 other underwriters below that top tier — with Morgan Stanley notably absent.
BUSINESS
Goldman Sachs Plans to Undo Another Solomon Deal Chasing Mass Market
The bank is looking to sell the personal financial management business, which oversees about $29 billion in assets and grew out of United Capital, a California-based registered investment adviser Goldman purchased for $750 million in 2019.
WORLD
BRICS Expansion Gets Interesting If Saudis Join, Jim O’Neill Says
“I think them joining — which I imagine if anybody is joining it will include them — is a pretty big deal,” he said in an interview on Bloomberg Television Monday
BUSINESS
Travel Will Represent a $15.5 Trillion Economy by 2033
By 2033, travel is set to become a $15.5 trillion industry—accounting for more than 11.6% of the global economy. This represents a 50% increase over its $10 trillion value in 2019, when travel represented 10.4% of the world’s gross domestic product.
BUSINESS
From Aircons to Cars and TVs, India’s HDFC Bank Wants to Give Loans For Everything
The Mumbai-based bank is converting about 530 offices that previously specialized in mortgages into ones with fully-fledged banking services in the coming months, said Kaizad Bharucha. The HDFC Bank deputy managing director said his firm can now offer home loans at more than three times the locations following its merger with HDFC Ltd. and that’s just the start.
WORLD
Fed can’t celebrate yet as investors expect rates, inflation to remain elevated
That doesn’t mean anyone at Jackson Hole, where Federal Reserve chief Jerome Powell and his peers meet this week, is likely to declare mission accomplished.
BUSINESS
Rupee outperforms EM Asia peers even as it approaches record low
A reserves stockpile of $600 billion, more than $16 billion worth of foreign inflows for stocks this year and economic growth forecast at 6.5% are among the reasons behind the optimism for Neuberger Berman Singapore and Columbia Threadneedle Investments.
BUSINESS
Tata seeks partnerships for UK battery plant to supply Jaguar Land Rover eVs
The collaborations for the battery plant, capable of supplying cells for at least 500,000 vehicles a year, could range from a joint venture and sharing of knowledge to experimentation and licensing agreements, Balaji said.
BUSINESS
Rolls-Royce debuts Droptail Roadster, priced at over $30 million
Rolls-Royce Motor Cars Ltd. has unveiled the latest of its exclusive coachbuilt series, the Rolls-Royce Droptail.
BUSINESS
Bond investors brace for supply freight train before fed confab
The highest long-term Treasury yields in years are headed for a major hearing next week as investors place their bids for two risky auctions — right before the Federal Reserve’s potentially game-changing annual gathering at Jackson Hole.
BUSINESS
Top US firms from Apple to Intel decry India PC import curbs
In a letter to US officials this week, eight American trade groups comprising the biggest players in technology and manufacturing asked the Department of Commerce, US Trade Representative and government more broadly to urge India to reconsider the policy.
BUSINESS
Indian solar firm Jakson Group plans $3 billion move into power generation
The firm is counting on India’s ambitious plan to install 500 gigawatts of clean energy capacity by 2030.
BUSINESS
Startups are vying to fix one of fashion’s fossil-fueled secrets
DyeCoo is one of several startups exploring new ways to dye textiles.
BUSINESS
Global stock managers on guard as China pain set to spread
The mounting worries have sent equity benchmarks in Hong Kong and China to their lowest levels since November, with the Hang Seng Index entering a bear market on Friday.
BUSINESS
US ETF Market Ushers In Active Investing in India, Brazil Stocks
Global X launches funds focused on popular emerging markets BTG Pactual among top Brazil bets, SBI Life favored in India
BUSINESS
Barclays names new India CEO, COO in reshuffle of key market
Among Barclays’ global units, India ranked fourth by revenue last year, trailing only the UK, US and Ireland.
BUSINESS
China targets Yuan bears with most forceful fixing guidance
The People’s Bank of China set its so-called fixing at 7.2006 per dollar compared to an average estimate of 7.3047 in a Bloomberg survey with traders and analysts.
WORLD
Elon Musk arrives in Japan for first visit in nine years
The chief executive officer of Tesla Inc. and SpaceX posted on X, formerly known as Twitter, at around 8:30 p.m. Thursday local time that he had just arrived in “amazing” Japan.
BUSINESS
UBS seeks to hire several private bankers to serve India’s rich
The bank, which returned to the private wealth market with its rescue takeover of Credit Suisse two months ago, plans to add at least seven relationship managers to bring its total advisory strength in India to about 25, according to people familiar with the matter.
INDIA
Delhi looks to its lakes to secure drinking water
The restoration is one of the first of hundreds that Delhi plans to secure its water supply and become less reliant on neighboring states.
WORLD
BofA’s warning of a ‘5% world’ sinks in with yields pushing higher
The surprisingly resilient US economy, ballooning debt and deficits, and escalating concerns that the Federal Reserve will hold interest rates high are driving yields on the longest-dated Treasuries back to the highest levels in over a decade.
INDIA
Govt seeks to carve out $12 billion to cool inflation, may lower taxes on fuel sales
Prime Minister Narendra Modi will take a decision in the coming weeks, which could include lowering taxes on local petrol sales and easing import tariffs on cooking oil and wheat, according to sources.
BUSINESS
JSW Steel weighs majority stake in Teck Resources’ coal unit, rivalling Glencore's bid
Mumbai-based JSW is seeking partners for an offer to acquire a 75% interest in the asset, known as Elk Valley Resources Ltd, sources told Bloomberg.
