INDIA
Govt seeks wider authority over global M&A with antitrust law
The government is also seeking to reduce the time limit for approval of mergers to 150 days from the existing 210 days to expedite the approval process, according to the draft bill.
BUSINESS
Alibaba sales better than feared in defiance of economic turmoil
China’s e-commerce leader reported revenue of 205.6 billion yuan ($30.4 billion) in the June quarter, enough to beat projections for 204 billion yuan. Net income fell 50% to 22.7 billion yuan. Its shares rose more than 3% in pre-market trading in New York.
BUSINESS
Copper Worth Nearly Half a Billion Dollars Goes Missing in China
A group of Chinese companies are investigating why a commodities storage site in northern China is holding only one third of the copper concentrate they were financing, according to people familiar with the situation.
BUSINESS
Tiger Global’s July gain leaves fund down 49.8% this year
July’s return follows a 3.4% rise in June that preceded five months of losses when Chase Coleman’s firm was beset by a sharp decline in some of its biggest equity bets and the markdown of some venture-capital investments.
BUSINESS
DBS denies interest in IDBI Bank while staying bullish on India
Chief Executive Officer Piyush Gupta said the lender isn’t looking at a deal for the bank. His comments come after Indian media reported that DBS was considering purchasing a stake and held discussions with finance ministry officials in New Delhi.
BUSINESS
Tesla’s stock-split proposal tops a packed annual meeting agenda
Elon Musk is of course famously not one for formality, so there’s bound to be more than the perfunctory discussion of management and shareholder measures and sharing of vote results.
BUSINESS
Airbnb CEO Brian Chesky isn’t worried about a sluggish economy hurting travel
“We’re not too concerned right now about the macro environment,” Chesky said in a Wednesday interview with Bloomberg Television. “Whatever happens to the economy, people I think are still going to want to live on Airbnb and still want to travel.”
BUSINESS
Infineon, AMD stock prices show diverging fortunes in chip industry
Chip companies that cater to automakers, data centers and industrial firms are still trying to keep up with demand, while those exposed to consumer electronics are stuck with inventory as sales slow.
BUSINESS
Treasury curve inversion deepens as yields jump and then plunge
The gap between 2-year and 10-year Treasury yields shifted to a fresh extreme, with the longer rate dropping to be as much as 38 basis below the longer benchmark. That level on the widely watched yield curve metric, seen by many as a potential harbinger of recession, hasn’t been seen since 2000.
BUSINESS
Million-dollar ferraris, lambos to defy bear market at pebble beach
A 1955 Ferrari 410 is expected to sell for as much as $30 million; a 1973 Porsche Carrera RS is valued at up to $2.25 million. Pre-war hulks the sizes of current-day luxury SUVs are listed at seven- and eight-figure pricing estimates.
BUSINESS
How a celebrity CEO’s rule of fear helped bring down hot startup Zilingo
The Zilingo meltdown has rattled the tech industry in Southeast Asia and beyond. Its CEO Ankiti Bose found herself fired, though she denies any wrongdoing. The company’s survival is now in question.
BUSINESS
India’s policy rates set to return to pre-pandemic levels
Thirteen of 27 economists surveyed by Bloomberg as of Wednesday see the Reserve Bank of India’s six-member monetary policy committee increasing the repurchase rate by 50 basis points to 5.40%, a level last seen in August 2019.
BUSINESS
China’s covid zero could last for years because it works for Xi Jinping
Residents must get PCR tested every few days at one of the booths on nearly every street corner. A personalized health code app determines who can move around the capital, and where.
BUSINESS
Alibaba and Tencent face end of an era as sales start to shrink
The milestones are a reminder for investors that, after a government crackdown that wiped more than $1 trillion off their combined market value in 2021, Alibaba and its longtime arch-rival are shadows of their former selves.
BUSINESS
Ripples from Nancy Pelosi trip may take time to impact global markets
The yen saw an abrupt turnaround, sinking more than 1% after its strongest four-day run since 2020 and benchmark US yields jumped 18 basis points. Stocks remained under pressure.
BUSINESS
China unleashes economic curbs on Taiwan with sand, fruit bans
The sand export announcement, made in a statement by China’s Ministry of Commerce, said the move was based on provisions of related law but gave no further details.
BUSINESS
India planning carbon credit market for energy, steel and cement
The platform is likely to be announced by Prime Minister Narendra Modi at Independence Day celebrations on August 15, according to people with the knowledge of the plan.
BUSINESS
Uber’s CEO Dara Khosrowshahi says company is focused on profitability this year
“The business is really hitting on all cylinders,” Khosrowshahi said in an interview to Bloomberg Television after the company reported results that beat analysts’ estimates.
BUSINESS
World’s food supply faces new threat from lack of rain in India
The threat to India’s rice production comes at a time when countries are grappling with soaring food costs and rampant inflation. Total rice planted area has declined 13% so far this season due to a lack of rainfall in some areas, including West Bengal and Uttar Pradesh, which account for a quarter of India’s output.
WORLD
Taiwan tensions raise risks in one of the busiest shipping lanes
The Taiwan Strait is the primary route for ships passing from China, Japan, South Korea and Taiwan to points west, carrying goods from Asian factory hubs to markets in Europe, the US and all points in between.
BUSINESS
Liz Truss plans ‘war’ on UK civil service ‘waste’ to save billions
The foreign secretary, the front-runner in the race with Rishi Sunak to succeed Boris Johnson, said late Monday that she’ll align the pay of public sector workers to living costs in the regions where they live.
BUSINESS
World’s no. 2 clothes exporter faces order drop as power falters
Plummy Fashions Ltd., a supplier to PVH Corp., the parent company of fashion brand Tommy Hilfiger, and Inditex SA’s Zara, saw new orders in July drop 20% from a year earlier, its Managing Director Fazlul Hoque said.
BUSINESS
Chinese leaders say GDP goal is guidance, not a hard target
Leaders held meetings with ministerial and provincial-level officials last week, during which they were told the target won’t be used to evaluate their performance and there won’t be penalties for failing to achieve it, according to the people, who asked not to be identified because they were not authorized to discuss the matter publicly.
BUSINESS
The best and worst airlines for flight cancellations
Zeroing in on a group of 19 airlines around the world -- the same one Qantas Airways Ltd. uses to assess its performance against peers -- Virgin Australia canceled the biggest proportion of flights in the three months through July 26, according to data from analytics company Cirium.
