WORLD
Elon Musk to host AI-focused Twitter event with US house lawmakers
California Democrat Ro Khanna said he and Wisconsin Republican Mike Gallagher will speak with the Twitter owner for about 45 minutes at 7pm New York time.
WORLD
What's behind Nasdaq 100's first-ever ‘special rebalance’?
The special rebalance, the first ever of its kind, is intended to prevent fund managers linked or benchmarked to the index from violating a Securities and Exchange Commission diversification rule.
WORLD
Jack Ma’s wealth drops $4.1 billion as Ant’s valuation slashed
The 58-year-old tycoon has a 9.9% stake that’s now estimated to be worth $4.1 billion less than almost a year ago, based on the share buyback, average analyst estimates and Fidelity Investments’ valuation, according to the Bloomberg Billionaires Index.
BUSINESS
Gautam Adani weighs bid for Anil Ambani’s cash-strapped power plants
Ambani’s Reliance Power Ltd. is also considering making an offer for the asset in an attempt to win back control of the firm, one of the people said.
BUSINESS
Government orders inspection of Byju’s account books
The ministry has sought a report in six weeks, the report said, citing people familiar with the matter.
WORLD
Temasek posts worst performance in seven years as markets slump
The firm with S$382 billion ($284 billion) in assets posted a total shareholder return of -5.07% for the year ended March 31, the poorest annual performance since 2016. It also suffered a rare net loss.
BUSINESS
HDFC merger set to lower costs for Rupee debt borrowers
The consolidation will create a more than $170 billion financial services behemoth, and the mortgage business will be able to tap the bank’s deposits to grow rather than pile on more debt. Other top-rated borrowers will have access to a larger pool of credit following the exit of HDFC from the market.
BUSINESS
Bain, Carlyle study bids for Adani’s shadow bank
The Adani Group will decide whether to completely exit or keep a minority stake after the bids are in, the people said.
BUSINESS
Tata Group closes in on deal to become first Indian iPhone maker
The facility employs more than 10,000 workers, who assemble the latest iPhone 14 model.
WORLD
Move over Dubai. This tiny Emirate wants to be the next haven for billionaires
Ras Al Khaimah is a northern territory of the United Arab Emirates about 45 minutes from Dubai’s international airport.
INDIA
Peak power demand in India hits record in June on extreme heat
Power requirement reached 223.3 gigawatts on June 9, a rise of 3.4% from the highest level in 2022, according to data from the power ministry.
WORLD
AI tool shows promise for treating brain cancer, study finds
While glioma varies in severity, an aggressive form called glioblastoma can lead to death in less than six months if untreated. Only 17% of people with glioblastoma survive their second year after being diagnosed, according to the American Association of Neurological Surgeons.
BUSINESS
Banks to brighten India company earnings amid IT uncertainties
India’s banks have largely remained insulated from a global crisis in the industry with their heavy reliance on local markets.
WORLD
Sovereign investors embrace bonds and gold, Invesco survey shows
The survey covering 85 sovereign wealth funds and 57 central banks collectively managing about $21 trillion in assets showed that while inflation remains the most significant risk, many now intend to increase bond allocations, especially emerging-market and high-yield.
WORLD
Lawrence Summers warns on inflation complacency, sees more bond declines
“Nobody ever thought we were an underlying 8% inflation country,” Summers said on Bloomberg Television’s “Wall Street Week” with David Westin. “So the fact that the rate has come down shouldn’t be confused with saying that ‘we can be confident that we’re on a path of this all being OK.’”
WORLD
Ant to buy back shares at 70% lower valuation than at IPO
Each investor would be allowed to sell up to 7.6% of their equity rather than cashing out completely, according to a person familiar with the matter, asking not be identified discussing private details of the arrangement.
WORLD
Yellen’s China trip offers economic guardrails in tense rivalry
US Treasury Secretary Janet Yellen struck a positive but pragmatic tone during a press conference capping a four-day visit to Beijing.
TECHNOLOGY
Apple plans a slow, appointment-only rollout of its $3,500 Vision Pro
Apple will also sell the Vision Pro through its US web store in early 2024 before expanding online elsewhere. An Apple spokeswoman declined to comment on the rollout.
BUSINESS
Bangladeshi banks plan India Rupee transactions as reserves fall
Eastern Bank, which opened rupee accounts with the State Bank of India and ICICI Bank, will announce the plan for rupee trade on July 11. The other Bangladeshi lender offering the same service is the state-run Sonali Bank.
BUSINESS
Byju’s crisis prompts top India venture firm to shift strategy
Perceived corporate governance lapses are sending shockwaves through the South Asian nation’s fledgling startup economy. Byju’s, once India’s most valuable upstart, is in turmoil after missing a deadline on financial statements, skipping payments on a $1.2 billion loan and losing its auditor and some of its board members.
WORLD
Meta’s Threads app draws millions seeking a Twitter alternative
On Threads, people can post text and links and reply to or repost messages from others. The app will let users port over their existing follower lists and account names from Instagram, Meta’s photo and video-sharing app that counts major brands, celebrities and creators among its more than 2 billion users.
BUSINESS
India-dominated clearing union moves toward Rupee settlement
All the members of the Asian Clearing Union, which includes all South Asian countries as well as Iran and Myanmar are on board with the plan, said Khaing Shwe War, director general at the Central Bank of Myanmar.
BUSINESS
BofA stocks indicator sees S&P 500 surging 16% in next 12 months
BofA’s Sell Side Indicator, which tracks sentiment toward US equities on a monthly basis based on asset-allocation recommendations provided to the bank and Bloomberg, rose 0.33 percentage point to nearly 53% in June.
WORLD
How Threads features differ from Instagram and Twitter
On Threads, pre-existing Instagram users can access a “text-based conversation app.” It resembles Twitter in its format, dynamics and even name, — “threads” on Twitter are a series of connected tweets from one account. Not surprisingly, Meta has been open about challenging Musk’s most recent acquisition, with Zuckerberg claiming that “hasn’t nailed it.”
