BUSINESS
Population boom spurs hunt for stock market winners in India
The milestone of being the most populous nation serves as a reminder of the growth potential for India’s $3.4 trillion stock market — which recently reclaimed its spot as the world’s fifth largest — as it takes a bigger pie in global manufacturing and consumption, currently dominated by China.
BUSINESS
Canada’s snap retreat from China bank shows divided world
The controversy over the Asian Infrastructure Investment Bank began on Wednesday, when Bob Pickard — its former global head of communications — said he was quitting his job because the lender was “dominated by Communist Party members and also has one of the most toxic cultures imaginable."
BUSINESS
Billionaire Reuben brothers sue Trafigura over nickel fraud
Legal filings seen by Bloomberg News shed new light on the case that shocked the market earlier this year when Trafigura said it expected to lose nearly $600 million in what it called a “systematic fraud” perpetrated by Indian businessman Prateek Gupta.
BUSINESS
Intel, Micron spending spree shows diplomacy bearing fruit
The US is pushing to build advanced chipmaking at home and in friendly countries as growing global tensions spur concerns about the world’s reliance on Asian centres, such as Taiwan, which China claims as part of its territory.
BUSINESS
Micron nears $1 billion investment in India chip packaging plant
An announcement could be made as soon as when Prime Minister Narendra Modi visits the US next week, said the people, who asked not to be identified because the details are private.
WORLD
The AI boom has Silicon Valley on a manic quest
The gathering, dubbed a “Generative AI Meeting of the Minds,” would’ve been unthinkable during the pandemic and improbable earlier this year, when the city’s main obsessions often seemed to be car break-ins and retail store closures. The night had the feel of a religious revival.
WORLD
OpenAI’s CTO says AI will be your daily companion
Bloomberg interviewed Mira Murati, OpenAI’s chief technology officer and one of the top architects of ChatGPT.
WORLD
Mysterious 1,000% rise in ‘deep fried’ stocks baffle Indonesia
Known as “deep fried” shares among local traders, they often have concentrated ownership, low trading volume, scant analyst coverage and elevated valuations relative to peers.
WORLD
Stellantis to unveil €25,000 EV in fight for mass-market buyers
Citroen, one of the carmaker’s 14 brands alongside Jeep and Fiat, will make the e-C3 city car in Slovakia to compete with the Dacia Spring that’s made in China and Renault SA’s upcoming Renault 5 EV. The e-C3 will have a driving range of more than 300 kilometers (186 miles) on a single charge.
WORLD
Henry Kissinger sees war over Taiwan likely unless US, China back down
“On the current trajectory of relations, I think some military conflict is probable,” Kissinger said in an interview with Bloomberg News Editor-in-Chief John Micklethwait, when asked about the possibility that China would invade Taiwan. “But I also think the current trajectory of relations must be altered.”
BUSINESS
India’s biggest fund manager sees rupee ending five-year slide
The currency will probably strengthen to 80 per dollar by the end of the year, according to Namrata Mittal, chief economist at SBI Mutual Fund, its first annual appreciation since 2017.
WORLD
Workers resisting the office grind are suddenly lonely at home
While workers don’t want to give up flexibility, leaders want teams back to boost collaboration and avoid a productivity slump.
BUSINESS
Government mulls tweaks to boost $731 billion insurance sector
The country allows overseas investors to hold up to 74% stake in insurers. Global firms such as American International Group Inc. and Prudential Financial Inc already have a presence in India through their local partners.
WORLD
World’s rice glut will be put to the test with El Niño’s return
The weather pattern usually brings hotter and drier conditions to Asia, which produces and consumes 90% of the global rice supply. Thailand, the world’s second-biggest exporter, has already asked farmers to reduce their harvest because of lower rainfall.
INDIA
A chatbot that won't take bribes for giving advice is a hit in India
In the crowded neighborhoods of Bangalore, ragpickers, cooks and cleaners are taking part in an AI trial aimed at helping some of the nation’s poorest people access money from government anti-poverty programs without getting snarled in red tape and corruption.
BUSINESS
India, US near agreement to build fighter jet engines
The deal is close to the finish line, according to people with knowledge of the matter, who asked not to be identified as the details are confidential.
WORLD
AI hype starting to ‘smell like dot-ocm era’ to ESG veteran
According to James Penny, the chief investment officer of TAM Asset Management and a veteran investor who correctly predicted the headwinds facing ESG last year, the current mood is reminiscent of the early days of the tech bubble that burst in 2000 and wiped more than 70% off the Nasdaq.
WORLD
A $204 million mansion is Dubai’s most expensive house for sale
The home in the desirable Emirates Hills neighborhood has 60,000 square feet of indoor space though only five bedrooms: At 4,000 square feet, the primary bedroom is bigger than most homes.
WORLD
Here’s what to expect from the Fed’s interest rate decision
The rate decision and committee forecasts will be released at 2 p.m. in Washington. Chair Jerome Powell will hold a press conference 30 minutes later.
BUSINESS
Disinflation to be ‘slow and protracted’, says RBI Governor Shaktikanta Das
“The cumulative impact of our monetary policy actions over the last one year is still unfolding and yet to materialize fully,” Governor Das said at an event by Central Banking magazine in London, adding that RBI’s price-gains forecast of 5.1% for the current financial year is well above its aim.
WORLD
Goldman’s biggest office beyond New York attests to India’s rise
These are the offices of Goldman Sachs Group Inc., home to about 8,000 workers, the bank’s largest venue outside New York.
BUSINESS
Demand for AI bots drives hiring push at Happiest Minds
Happiest Minds is also in partnership talks with OpenAI backer Microsoft Corp. for better access to ChatGPT, Anantharaju said, as it seeks an edge over rivals in India’s massive IT industry.
BUSINESS
Adani in talks for first major debt refinancing after Hindenburg
The ports-to-power conglomerate owned by Indian tycoon Gautam Adani is mulling whether to convert the original loan into debt with a longer maturity period and has started talking to banks individually about that plan.
BUSINESS
HDFC merger nears record date, creating world’s 5th most valuable bank
Announcement of the so called ‘record date’ — or the cut-off day set for investors — for the swapping of shares of Housing Development Finance Corp. for HDFC Bank Ltd. is expected within three weeks. The merged entity is likely to trade under the HDFC Bank ticker before July 20, bringing an end to the process that began in April 2022.
