BUSINESS
Global bonds tumble into their first bear market in a generation
The Bloomberg Global Aggregate Total Return Index of government and investment-grade corporate bonds has fallen more than 20% below its 2021 peak, the biggest drawdown since its 1990 inception.
BUSINESS
Inflation, war stoking civil unrest across globe, says research
Of 198 countries tracked in the Civil Unrest Index, 101 showed mounting risk in the third quarter of 2022, according to research collected by intelligence firm Verisk Maplecroft. That’s the biggest increase since the ranking was developed in 2016, it showed.
BUSINESS
Germany fears another cut in Russia gas this winter
Germany is becoming increasingly pessimistic about the role of Russia’s Gazprom PJSC in supplying the vital fuel during the coldest months.
BUSINESS
BofA sees cracks finally forming in traders’ S&P 500 bearishness
Bank of America Corp.’s so-called sell-side indicator ticked higher in August for the first time since October 2021. The gauge assesses Wall Street sentiment toward American equities on a monthly basis, based on asset-allocation recommendations provided to the bank and Bloomberg.
BUSINESS
Starbucks taps Reckitt's Laxman Narasimhan as CEO while Howard Schultz lingers
Laxman Narasimhan, , 55, will join the coffee giant Oct. 1 while longtime leader Schultz, 69, stays at the helm.
WORLD
Russia mulls big purchases of ‘friendly’ FX to stem ruble’s rise
Russia is considering a plan to buy as much as $70 billion in yuan and other “friendly” currencies this year to slow the ruble’s surge, before shifting to a longer-term strategy of selling its holdings of the Chinese currency to fund investment.
INDIA
India's jobless rate rises to one-year high in August: CMIE
The jobless rate increased to 8.28% last month, data from the Centre for Monitoring Indian Economy Pvt. showed Thursday.
BUSINESS
Chinese stock’s 13,000% surge creates another US IPO mystery
Addentax Group Corp. soared as much as 13,031% on Wednesday in its debut session, triggering more than 20 volatility halts. Its market capitalization has ballooned to $20 billion, making it bigger than about a third of S&P 500 Index members.
BUSINESS
Factory slowdown in Europe, Asia sounds warning for global trade
The purchasing managers index for the 19-nation euro zone slipped to 49.6 in August from 49.8 in July, according to S&P Global -- a reflection of dwindling demand as consumers face surging costs for energy and a broadening range of goods and services.
BUSINESS
G-7 to discuss cap on price of Russian oil in bid to ease prices
Treasury Secretary Janet Yellen and her counterparts will discuss the measure further in a session on Friday, US officials said. The plan would allow purchasers of Russian oil under a capped price to continue getting crucial services -- like financing and insurance for tankers.
BUSINESS
US stocks risk fresh lows this year, warns top Morgan Stanley Strategist
“The index usually is the last thing to fall,” Wilson, who’s predicted this year’s equity selloff, told “Bloomberg Markets” Wednesday, referring to the S&P 500. “June probably was the low for the average stock, but the index, we think, still has to take out of those June lows.”
BUSINESS
Tencent targets about $14.5 billion in divestments
Food-delivery service Meituan is among the assets that are in the pipeline for divestment, the paper reported. A reduction in the stake could ease pressure from anti-monopoly regulators. An email to a Tencent spokesperson in the US wasn’t immediately returned.
BUSINESS
Yen falls to fresh 24-year low as US-Japan policy gap weighs
The yen fell 0.4% to 139.59 per dollar in Thursday trading in Tokyo -- a fresh 24-year low. Next up for FX watchers is the key psychological level of 140, which some analysts have said may potentially trigger intervention from officials.
BUSINESS
Chipmaking’s next big thing guzzles as much power as entire countries
To create the specialized light, EUVs vaporize molten tin with lasers, then use mirrors to focus the radiance into thinner wavelengths.
BUSINESS
How do you build a digital city?
Fast-forward more than 30 years from that initial launch, and today’s technologists are pitching a vision in which players don’t just control Sims-like characters — they become them.
BUSINESS
State of the economy: Q1 GDP hints at resilience amid rising rates
Gross domestic product is estimated to rise 15.4% in the three months to June from a year ago, according to a Bloomberg survey of economists.
BUSINESS
Mikhail Gorbachev years – Era of the Soviet leader who ended cold war
The Interfax and state-run Tass news services cited the Moscow hospital where Gorbachev died. The Central Clinical Hospital said his death followed “a severe and prolonged illness,” according to Tass.
BUSINESS
Oil heads for worst losing run since 2020 on slowdown concerns
West Texas Intermediate, which traded above $92 a barrel after tumbling on Tuesday, has shed more than 6% in August, hitting the lowest since January mid-month.
BUSINESS
Coal crunch hastens Indian metal makers’ switch to green energy
GIC Pte.-backed Greenko, one of India’s largest renewable energy companies, signed an agreement earlier this month with Hindalco Industries Ltd. to provide carbon-free electricity to the aluminum producer’s Odisha smelter for 25 years, following a similar deal with ArcelorMittal Nippon Steel India Ltd.
BUSINESS
Goldman says buy commodities, ‘worry about recession later’
“Our economists view the risk of a recession outside Europe in the next 12 months as relatively low,” analysts including Sabine Schels, Jeffrey Currie and Damien Courvalin wrote in a note.
BUSINESS
Succession, spinoffs in focus in billionaire Mukesh Ambani’s big speech
This year, investors in the Indian billionaire’s Reliance Industries Ltd. will be looking for insight around the conglomerate’s 5G rollout, how Ambani plans to unlock the value of his telecommunications and retail units through separate listings, and when and how his children will take over the reins.
ECONOMY
Top central bankers deliver a hawkish message at Jackson Hole
Policy makers in Europe and the US, battling the hottest inflation in decades, are resolutely raising rates and pushed back against suggestions they will waver if their economies falter while price pressures remain too high
BUSINESS
Mukesh Ambani is mystery buyer of Dubai’s costliest home ever
The beach-side mansion sits in the northern part of the palm-shaped artificial archipelago and has 10 bedrooms, a private spa, and indoor and outdoor pools, local media reported without saying who the buyer is.
COMPANIES
Meta's Facebook agrees to settle Cambridge Analytica suit
Facebook users sued the company in 2018 after it was revealed that Cambridge Analytica gained access to the data of as many as 87 million of the social media network’s subscribers
