BUSINESS
Rishi Sunak vows to cut VAT on energy to revive UK Tory leadership bid
Announcing a “winter plan” to address inflation and the cost of living, Sunak’s campaign said he would introduce a “targeted, temporary and timely tax cut” by removing VAT on domestic energy bills if the energy price cap rises above 3,000 pounds ($3,610) as expected later this year.
BUSINESS
Credit Suisse plans to announce exit of CEO Thomas Gottstein, WSJ says
While the timing of Gottstein’s departure couldn’t be determined, an announcement may come as soon as Wednesday, when the Swiss bank is scheduled to release its quarterly financial results, the Journal said, citing people familiar with the bank.
BUSINESS
Alphabet, Microsoft spur hope big tech can handle slow economy
Shares of all three companies rallied in late trading, spurring S&P 500 futures and giving a boost to tech peers. The earnings reports from the trio of industry giants set the tone for a week that will include results from heavy hitters like Meta Platforms Inc., Qualcomm Inc., Apple Inc., Amazon.com Inc. and Intel Corp.
BUSINESS
Fed hike will intensify market risks for Asia’s central banks
An analysis of policy rates in Asia Pacific versus their five-year averages shows a high degree of vulnerability across the region, as does an examination of interest rates adjusted for inflation, and yield spreads versus US Treasuries.
AUTOMOBILE
Getting around after the pandemic will be a shared exercise
Mobility services including car, bike and scooter sharing, vehicle subscriptions and ride-hailing could grow 10% a year for the rest of the decade, compared with 5% for the broader transport sector, the study found.
MARKETS
India M&A volume to rise amid IPO market slowdown, JPMorgan says
India saw about $82 billion pending and completed M&A deals in the second quarter, the busiest ever, according to data compiled by Bloomberg.
WORLD
Liz Truss fends off Rishi Sunak attacks to hold her lead in UK race
Rishi Sunak didn’t move the needle in Tory leadership debate in the campaign that will determine the next Prime Minister
BUSINESS
Eutelsat, OneWeb agree $3.4 billion deal to create SpaceX rival
OneWeb shareholders will hold 50% of Eutelsat, which will continue to be listed in Paris and will ask to be listed on the London Stock Exchange, the companies announced in a statement Tuesday. The announcement confirms talks made official on Monday and first reported by Bloomberg last week.
BUSINESS
Record temperatures, wildfires wreak havoc on Europe’s winemakers
All over Europe, temperatures in wine regions have been sweltering at new highs, and heat waves are moving north into such normally cool countries as Germany.
BUSINESS
Saudi Prince plans $80 billion investment fund for megaproject
The Neom Investment Fund could potentially expand to 400 billion riyals, the prince told reporters in Jeddah. For the first time, he also outlined details on how he plans to finance Neom -- one of the largest and most complex construction projects in the world.
BUSINESS
Meta weighs buying eye-tracking glasses startup AdHawk
AdHawk has been working with investment bank Moelis & Co. as it fields interest from Meta and other suitors, said the people, who asked not to be identified because the matter is private.
BUSINESS
Here’s what to expect in Sri Lanka with a new president in power
The veteran politician was sworn in last week after months of protests escalated, forcing former leader Gotabaya Rajapaksa to flee to Singapore and resign.
BUSINESS
Boeing’s 777 at risk of fuel-tank explosion as US urges fix
A proposed airworthiness directive from the US Federal Aviation Administration calls for operators to inspect the jets and install Teflon sleeves and cap fasteners to certain parts of the center, left and right main fuel tanks, according to the filing. The order would apply to 282 aircraft, the FAA said.
BUSINESS
China’s slowdown spills over to major economies through imports
Elevated global commodity prices meant that China’s official import growth of 1% in June from a year earlier hid a worse result for manufactured goods. Imports of hi-tech products and mechanical and electrical goods fell about 8% last month, according to recently released Chinese customs data.
BUSINESS
Tycoons line up bids for India’s $14 billion 5G airwaves auction
The airwaves sale could raise as much as 1.1 trillion rupees ($14 billion), according to a June estimate by local rating company ICRA Ltd.
BUSINESS
Joe Biden team’s take on ‘technical recession’: It’s not real
The administration’s message: what’s often called a “technical recession” isn’t necessarily a real one. At stake is winning a political-messaging battle with Republicans over how effective Biden’s policies have been in spurring a post-pandemic recovery.
BUSINESS
Shallow recession calls are ‘totally delusional,’ Nouriel Roubini warns
“There are many reasons why we are going to have a severe recession and a severe debt and financial crisis,” the chairman and chief executive officer of Roubini Macro Associates said on Bloomberg TV Monday. “The idea that this is going to be short and shallow is totally delusional.”
BUSINESS
Coinbase faces SEC probe over cryptocurrency listings
The US Securities and Exchange Commission’s scrutiny of Coinbase has increased since the platform expanded the number of tokens in which it offers trading, said two of the people, who asked not to be named because the inquiry hasn’t been disclosed publicly.
BUSINESS
Barclays to buy back up to $18 billion of wrongly sold notes
The bank said the repurchase period will start on Aug. 1 and will expire on Sept. 12, according to a statement Monday.
BUSINESS
Ex-Meta staffers raise $150 million for new crypto venture
According to a business announcement made on Monday, Aptos Labs, has raised $150 million in fresh capital.
BUSINESS
Porsche IPO, Tesla chase, software fix: What awaits VW’s new CEO
Diess’s aggressive strategies for EVs, software and new-mobility offerings set VW on a path the company’s billionaire owners praised even as they pushed him out of the CEO role.
BUSINESS
A 75-year-old Harvard Grad is propelling China's AI ambitions
One of the field’s most influential figures is Andrew Chi-Chih Yao, whose education and professional life have straddled the world’s two biggest economies.
BUSINESS
Battered Bitcoin devotees begin to contemplate a market bottom
Yet, given how intense the boom-and-bust cycles can be in the sector, many are also remaining cautious, unwilling to provide an all-clear sign given the mercurial nature of digital tokens -- even as they see signs emerging of Bitcoin having found a floor.
BUSINESS
China’s Gen Z is dejected, underemployed and slowing the economy
A perfect storm of factors has propelled unemployment among 16- to 24-year-old urbanites to a record 19.3%, more than twice the comparable rate in the US.
