WORLD
MSCI China index set to erase gains seen since politburo meet
The MSCI China Index dropped as much as 0.9% early Wednesday amid mounting concerns over China’s economic growth. The Hang Seng Index slid more than 1%, inching closer to a technical bear market.
WORLD
Mastercard to buy stake in MTN’s $5.2 billion fintech unit
“Signing of the definitive investment agreements is expected to occur in the very near term,” MTN Chief Executive Officer Ralph Mupita said in a statement on Monday.
BUSINESS
iPhone maker Hon Hai cuts outlook as demand weakens
The Taiwanese company said it now sees its sales falling in the current quarter as well as for the year overall, with most of its main business segments in contraction.
WORLD
Goldman pencils in first Fed rate cut for second quarter of 2024
“The cuts in our forecast are driven by this desire to normalize the funds rate from a restrictive level once inflation is closer to target,” Goldman economists including Jan Hatzius and David Mericle wrote in a note dated Sunday.
WORLD
Yen slides to weakest since November on wide Japan-US yield gap
The currency depreciated past 145.07 and towards a zone that last year saw Japanese authorities intervene in the market. It was at 145.18 at 9:35 a.m. Tokyo time on Monday, the weakest since November.
WORLD
The Fed is playing a waiting game to try to avoid a recession
Fed Chair Jerome Powell says he expects the central bank to navigate a path where the US economy expands with inflation rates falling back to the 2% target, though the task will be challenging.
BUSINESS
Adani probe wraps up as India tightens disclosure for big firms
The panel accused Sebi of having diluted rules that would have helped break through so-called opaque structures and the regulator’s job is made harder by India’s overlapping web of corporate laws that offer loopholes large businesses often exploit.
WORLD
Mark Zuckerberg says ‘time to move on’ from Elon Musk cage fight challenge
“If Elon ever gets serious about a real date and official event, he knows how to reach me. Otherwise, time to move on,” Zuckerberg posted Sunday on Meta’s Threads. “I’m going to focus on competing with people who take the sport seriously.”
BUSINESS
Bond market sees no end to tumult as Fed casts a hawkish shadow
Across Wall Street, there’s growing relief that the Federal Reserve — at long last — may be done raising interest rates. But that doesn’t mean turbulence in the bond market will soon become a thing of the past.
WORLD
Jeff Bezos buys $68 million home on Florida’s exclusive island
The Amazon.com Inc. founder, and the world’s third-richest person, agreed to pay $68 million for an estate in Indian Creek, a man-made barrier island in the larger Miami area.
BUSINESS
Adani Ports auditor Deloitte to resign after flagging concerns
Deloitte Haskins & Sells LLP has communicated to Adani Ports & Special Economic Zone Ltd. its resignation plans and a formal announcement is expected in coming days, one of the people said, asking not to be identified discussing a sensitive matter
BUSINESS
Oaktree targets record private debt fund of over $18 billion
Oaktree Capital Management is looking to raise more than $18 billion in what would be the largest-ever private credit fund, according to people with knowledge of the matter.
BUSINESS
Alphabet’s $118 billion cash pile poses a new problem
Alphabet Inc. is facing a new and, by most accounts, welcome problem — how to spend its rapidly expanding pile of cash.
BUSINESS
India’s Russian oil buying spree continues even as prices climb
India’s consumption of Russian crude has soared since last year, with the country becoming a leading supplier, ousting Saudi Arabia and Iraq from the top spots.
WORLD
Fed seen pausing after tame CPI data, but mission not over
A report Thursday showed the core consumer price index, which excludes often-volatile food and energy costs, rose 0.2% for a second month. That marked the smallest back-to-back gains in more than two years, adding to a steady wave of disinflation in recent months.
WORLD
Citigroup names Gunjan Kalra head of Asia commercial bank in Singapore
Gunjan Kalra will assume the role from Sept. 1, according to a statement from the New York-based lender. Kalra, who was most recently head of corporate sales and solutions in Asia, takes over from Rajat Madhok, who was named global head of Citi commercial bank credit risk earlier this year.
WORLD
Investors Brace for Fallout From Ecuador Candidate’s Killing
The assassination of a leading presidential candidate in Ecuador less than two weeks before the vote adds pressure to a country already wracked by political and drug violence.
BUSINESS
Osaka Gas, Sumitomo near deal for India’s think gas stake
The consortium of Japanese firms may reach an agreement with Think Gas’s backer I Squared Capital as soon as September, said the people, who asked not to be identified as the information is confidential.
WORLD
Joe Biden narrows China investment order as US seeks better ties
The order, announced Wednesday, would regulate US investments in some Chinese semiconductor, quantum computing and artificial intelligence firms.
WORLD
Virgin Galactic is set to fly first private tourists to space
Virgin Galactic is competing against Jeff Bezos’ Blue Origin to sell trips to thrill-seekers looking to shed Earth’s gravity for a few minutes, the driving reason the company was first created.
BUSINESS
Larsen & Toubro plans $12 billion expansion led by Green Energy
The company intends to build 2-3 million tonnes of green hydrogen and ammonia capacity with an investment of close to $4 billion.
BUSINESS
Rice soars to highest since 2008 on rising threats to supply
Rice is vital to the diets of billions of people in Asia and Africa, and the surge in prices could add to inflationary pressures and boost import bills for buyers.
BUSINESS
India’s grain stockpiles are key to PM Modi’s pre-election strategy
With the vote less than a year away, Modi’s government is going all out to build up its food stockpiles. Officials say inventories are adequate and have sought to discourage hoarding, but India has still banned rice exports and is preparing to import wheat, despite being the world’s second-largest producer.
WORLD
Alibaba, Tencent’s $66 billion party starts to fade
For the first time since 2021, China’s technology leaders head into an earnings season with what appears to be the wind at their backs. They’re set to report their strongest growth rates in over a year.
