BUSINESS
Diageo Pauses Some Whiskey Sales in India to Push Price Hikes
United Spirits Ltd has paused whiskey sales in a number of states yet to budge on price caps despite rising inflation.
INDIA
Govt seeks Byju's reply on delayed filing of audited accounts
Earlier this month, the nation’s Ministry of Corporate Affairs sent a letter to Byju’s parent company asking them to explain the seventeen-month delay in filing audited accounts
BUSINESS
Indian Oil Corp to spend $25 bn to achieve carbon neutrality by 2046
The company will target Scope 1 and 2 emissions under its net zero aim, Shrikant Madhav Vaidya, chairman of the state-owned refiner-cum-fuel retailer, said.
BUSINESS
The whole world could do with an early iPhone
Apple is planning to announce the iPhone 14 on Sept. 7, the earliest launch in six years. There’s little evidence to suggest that timing has any influence on total sales of a given iPhone model, but the release date has a direct impact on the financial period during which revenue is recorded.
BUSINESS
Joseph Stiglitz says rate hikes that are too steep may worsen inflation
As activity restarts following pandemic lockdowns and countries like China struggle to restore normality, the global economy is enduring something “we’ve never done before,” the Columbia University professor said in an interview in Lindau, Germany.
BUSINESS
SoftBank’s latest unicorn is a food trading platform
DS Asset Management was the sole investor in the Seoul-based company’s Series D financing, joining earlier backers including SoftBank Ventures and Forest Partners and taking Tridge’s cumulative funding to 150 billion won.
BUSINESS
India’s economic indicators give mixed signals on recovery in July
Demand for Indian goods and services softened, a cross-section of high-frequency indicators compiled by Bloomberg News showed. The needle on a dial measuring so-called animal spirits, however, remained steady at 5 last month as the gauge uses a three-month weighted average to smooth out volatility in the single month readings.
BUSINESS
Lockstep markets primed for all-or-nothing Jerome Powell sweepstake
Stocks, bonds, commodities -- everything is moving in lockstep, their unified swings turning almost exclusively on views as to whether the central bank will cause a recession.
BUSINESS
India said to weigh selling at least 51% of $5 billion IDBI Bank
India’s government is considering selling at least 51% of state-backed IDBI Bank Ltd., according to people with knowledge of the matter.
INDIA
Modi’s nuclear power push gains traction with new plants on way
India’s largest power producer is looking to develop another massive nuclear project just weeks after announcing its entry into the sector, a sign that Prime Minister Narendra Modi’s expansion into atomic energy is gaining momentum.
INDIA
Coffee Drinkers Set for Price Pain as Vietnamese Reserves Shrink
Vietnam’s vast hoard of coffee beans is shrinking, a phenomenon that’s set to push rising global prices even higher.
BUSINESS
China reopens to Foreign students after more than two years
Foreign nationals holding a valid Chinese residence permit for study or an APEC business travel card will be allowed to enter China starting Wednesday, the nation’s US embassy said in a statement posted on WeChat late Tuesday.
BUSINESS
Business activity slumps globally, feeding recession concerns
US business activity contracted for a second-straight month in August, falling to the weakest level since May 2020, S&P Global data showed Tuesday.
BUSINESS
Julian Robertson, hedge-fund guru to ‘Tiger Cubs,’ dies at 90
He died at his home in Manhattan from cardiac complications, according to Fraser Seitel, a longtime spokesman for Robertson.
TECHNOLOGY
Elon Musk gets a potential boost with Twitter whistleblower’s claims
Peiter Zatko, Twitter’s former head of security, alerted US authorities to “egregious deficiencies” in the social media company’s defenses against hackers, according to his complaint
BUSINESS
A $3.1 billion fertilizer plant risks aboriginal rock carvings
Federal Environment Minister Tanya Plibersek said on Tuesday the Murujuga Aboriginal Corporation, representing the five traditional owners of the land in Western Australia, had agreed a number of rock carvings could be moved safely to an adjacent site.
BUSINESS
Apple set to make iPhone 14 in India
The company has been working with suppliers to ramp up manufacturing in India and shorten the lag in production of the new iPhone from the typical six to nine months for previous launches, according to people familiar with the matter.
BUSINESS
Usain Bolt files for trademarks to protect his victory pose
Usain Bolt filed an application with the US Patent and Trademark Office on August 17 for the logo in connection with products including jewelry, purses, sunglasses, shoes and sporting goods. It also includes restaurants and sports bars with services like VIP areas, catering and loyalty programs.
BUSINESS
Chinese banks are inflating their loan numbers as demand sinks
With borrowers reluctant to take on debt as economic growth slows, some state-owned banks are extending loans to companies and then allowing them to deposit funds at the same interest rate, according to executives at six banks who spoke to Bloomberg News on condition of anonymity.
BUSINESS
Singapore wants to make its airport pandemic proof
The move comes as the city-state works to cement its place as Asia’s primary aviation hub, with rival Hong Kong still imposing Covid quarantines and other border restrictions.
BUSINESS
Facebook co-founder’s firm to back Indian sexual health startup
Existing investors including Sequoia India, Chiratae Ventures and Better Capital are considering participating in the round, which could be announced as soon as Tuesday, the people said.
COMMODITIES
Volatility from disconnect in futures, fundamentals may push OPEC+ to cut output
Benchmark crude oil futures have fallen more than 20% since early June on concern about the outlook for the global economy and the possibility of more Iranian oil coming onto the market.
BUSINESS
China’s hyped decoupling from EMs may prove a blip
Chinese equities are seen making up lost ground as the extreme pessimism toward its economy recedes and authorities take further steps to revive stuttering growth.
BUSINESS
Jerome Powell has chance to reset market expectations at Jackson Hole
Jerpme Powell speaks on the economic outlook at 10 a.m. Washington time Friday and is expected to re-state the Fed’s resolve to keep raising interest rates to get inflation under control, though he’ll probably stop short of signaling how big officials will go when they meet next month.
