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.
BUSINESS
Asian unicorns are trading 40% cheaper in private markets
The affected billion-dollar companies range from financial technology and e-commerce to mobility and consumer, according to AJ Patel, a senior member of the venture capital secondaries team of the Toronto-based advisory firm Setter Capital.
BUSINESS
US in recession? Eight offbeat indicators to watch
Technically, the call is made by a panel of experts looking at monthly indicators of employment, consumer spending, personal income and manufacturing, among others. But with inflation at a four-decade high, many Americans already feel like the country is in a recession.
BUSINESS
Joe Biden team tries to blunt China rage as Nancy Pelosi heads for Taiwan
The landmark visit would make her the highest-ranking US official to set foot on the island in 25 years. China regards Taiwan as part of its territory and has promised “grave consequences” for Pelosi’s visit.
BUSINESS
Canada’s $421 billion state pension turns attention to stocks in hunt for value
With rates rising instead of falling and China’s economy maturing, the “great beta trade” of the past two decades won’t work as well, said CEO John Graham. “We believe it’s going to be an investors’ market going forward," Graham added.
BUSINESS
PepsiCo to pay $550 million for 8.5% stake in fitness-drink maker Celsius
The soft drink giant will become the preferred distribution partner globally for Celsius and will also nominate a director to serve on its board.
BUSINESS
Elon Musk sued by Twitter investor over busted $44 billion deal
In addition to Musk, it names as defendants two “corporate acquisition entities” related to the deal.
BUSINESS
World factory outlook darkens with weakening from Europe to Asia
Purchasing managers’ indexes for the euro area’s four largest members all indicated contraction, with shrinking confirmed for the region as a whole after an initial estimate on July 22. In Asia, it was China, South Korea and Taiwan that took the biggest hit.
BUSINESS
Bank of England set for biggest interest rate rise in 27 years
The measures would accelerate a historic tightening of monetary policy to choke off the worst bout of inflation in 40 years. Governor Andrew Bailey and his colleagues have warned that prices may leap 11% this year, well above the 2% target.
