CRYPTOCURRENCY
The crypto collapse has flooded the market with Rolex and Patek
The collapse in cryptocurrencies is easing supply of the most sought after watches on the second-hand market, depressing prices for hard-to get-Patek Philippe and Rolex models.
ECONOMY-2
Pakistan rupee posts worst month ever amid concern on IMF loan
The currency fell more than 14 percent against the dollar in July, ending Friday’s trading at 239 per greenback, the biggest monthly slide since Bloomberg started compiling data in 1989.
BUSINESS
More oil middlemen muscle in to supply India with Russian crude
State-run refiners such as Indian Oil Corp. are warming to the idea of buying from the lesser-known traders. Refinery officials said they’ve found it easier to work with them, rather than directly with Russian producers, as there’s less bureaucracy that slows negotiations with firms such as Rosneft PJSC.
BUSINESS
Zilingo COO Aadi Vaidya quits in latest blow for Singapore startup
Aadi Vaidya, who joined the company in 2015 and became the COO two years later, confirmed his resignation when contacted by Bloomberg News. Friday is his last day at the company, Vaidya said in his response.
BUSINESS
Bitcoin and Ether are on track for their best month since 2021
A US economic slowdown is leading investors to the view that the Federal Reserve will be done raising rates by year-end and pivot to cutting borrowing costs in 2023, creating a more favorable liquidity backdrop for speculative assets.
BUSINESS
Xiaomi’s $10 billion car project hits regulatory barrier
The Beijing-based company has been talking to officials at the National Development and Reform Commission about the licensing for months without success, according to people familiar with the matter.
BUSINESS
Janet Yellen says US economy is not seeing recession conditions now
The Treasury chief repeatedly stressed the positive, pointing to continued job creation, strong household finances, gains in consumer spending and growth in business.
BUSINESS
Jack Ma escapes Beijing’s crosshairs by giving up his power
In one sign of how skittish investors had been about the tycoon’s fate as recently as two months ago, Alibaba shares briefly lost $26 billion after a state media report that authorities had imposed curbs on a person surnamed Ma. Subsequent information made clear the report was referring to someone else.
BUSINESS
China’s politburo signals no big stimulus despite slowdown
The country should achieve “the best outcome” possible for economic growth this year while sticking to a strict Covid Zero policy, according to a statement after a meeting of the Politburo, which is the Communist Party’s top decision-making body.
BUSINESS
Rishi Sunak admits he’s falling behind in race to be UK PM
The former Chancellor of the Exchequer admitted his pledge not to cut personal taxes until inflation is under control was not universally popular, telling Conservative members at the first official hustings event: “Even though it hasn’t made my life easy, it is the honest thing to do.”
BUSINESS
Paytm CEO Vijay Shekhar Sharma seeks to reset fintech pioneer after IPO fiasco
The digital-payments provider is set to become India’s first internet company to hit $1 billion in annual revenue by the end of this fiscal year in March, said Vijay Shekhar Sharma, 44.
BUSINESS
Russia’s Ukraine war turns fuel tankers into hot property
Trade curbs on Moscow have upended fuel flows, locking up more ships on long-haul routes, while others handle Russian shipments.
BUSINESS
India wants to open up for Lithium mining in batteries quest
Prime Minister Narendra Modi’s government wants lawmakers’ approval for amendments to existing policies in the current session of parliament, according to people familiar with the plans. Eight minerals, including lithium, beryllium and zirconium will be removed from a restricted list that currently prohibits production by private companies.
BUSINESS
AirAsia, Skyports consider Malaysian airports for flying taxis
Capital A Bhd.’s budget carrier signed an agreement with Skyports to study ground infrastructure and scout potential sites for vertical take-off and landing stations, known as vertiports.
BUSINESS
Spectre of next-day losses haunts stock bulls’ post-Fed rally
In May and June, big gains were followed by even bigger selloffs as investors parsed Chair Jerome Powell’s remarks and recalibrated expectations for the likely path of policy moves
BUSINESS
Morgan Stanley’s Ridham Desai: Retail ‘dramatically’ underweight on stocks
Despite a record rise in trading by retail investors over the past eight years, Indian households remain “dramatically” underweight in the asset class, with stocks comprising only 5%-6% share of their wealth, said Ridham Desai, managing director at Morgan Stanley India Company Pvt. Ltd.
BUSINESS
Gold jewelry demand may drop through 2022: World Gold Council
A combination of China’s strict Covid Zero policy and struggling real-estate sector likely will cause a slow recovery in demand there, the WGC wrote in its quarterly report. India, another top consumer, also may see lower buying due to the falling rupee and a higher import duty.
BUSINESS
Jerome Powell signals more Fed hikes coming, leaves out details this time
“While another unusually large increase could be appropriate at our next meeting, that is a decision that will depend on the data,” Powell said. “The labor market is extremely tight, and inflation is much too high.”
BUSINESS
The strong dollar is wreaking havoc globally- and it’s just getting started
The euro had just crashed through parity against the dollar, a level once almost unthinkable, and everyone — clients, fund managers, traders — wanted to know what Boubouras, the head of research at K2 Asset Management, recommend they do. His response was simple: “Don’t fight the dollar right now.”
BUSINESS
Social Media scam artists prey on India’s amateur investors
Recourse for investments gone awry is limited: In India, fines for everything from insider trading to wire fraud are a fraction of those imposed in some western nations.
BUSINESS
Fed raises rates by 75 basis points to double down on inflation
The Federal Open Market Committee “is strongly committed to returning inflation to its 2% objective,” it said in a statement released in Washington, repeating previous language that it’s “highly attentive to inflation risks.”
WORLD
Rishi Sunak u-turn on tax suggests UK leadership campaign in trouble
He went as far as to suggest that his rival Liz Truss’s plan for a raft of immediate tax cuts was “immoral,” piling debt onto future generations.
WORLD
Xi says China faces more complicated challenges, Xinhua reports
China is entering a new phase that offers strategic opportunities, though increasingly complicated problems must also be addressed, Xi Jinping said in a speech to local government leaders
BUSINESS
Mercedes sees demand for its cars continuing to outrun supply
The automaker pointed to “solid” orders and “healthy and high-quality” demand for vehicles like the flagship electric EQS in reporting better-than-expected second-quarter earnings Wednesday. A new SUV version of the model will join the lineup later this year and help bring in more buyers.
