BUSINESS
Apple plans extreme sports watch with larger screen, metal case
The rugged version of the Apple Watch will get a screen that measures almost 2 inches diagonally, while a new, standard Apple Watch Series 8 will keep the 1.9-inch diagonal screen size of the current Apple Watch Series 7. A planned update to the low-end Apple Watch SE also will retain the current screen size.
BUSINESS
Tianqi lithium raises $1.7 billion in year’s biggest Hong Kong listing
The Shenzhen-listed supplier of the key material used in batteries sold 164.1 million shares at HK$82 apiece, the people said, asking not to be identified as the information is private. The company had marketed the shares at HK$69 to HK$82 each.
BUSINESS
Iran slashes cost of its oil to compete with Russia in China
China has become an important destination for Russian oil as Moscow seeks to maintain flows following the fallout from its invasion of Ukraine. That’s led to increased competition with Iran in one of the few remaining markets for its crude shipments, which have been significantly curtailed by US sanctions.
BUSINESS
Oil’s latest slump: Goodbye inflation trade, hello recession
Brent futures plunged by more than $10 a barrel, succumbing to the third-largest daily retreat on record. West Texas Intermediate fell below $100 for the first time since May 11. Prices slumped again on Wednesday.
MARKETS
Treasury yields surge as Fed minutes underscore inflation fight
The benchmark 10-year rate climbed more than 12 basis points to 2.93 percent, rebounding from a session low of 2.74 percent
BUSINESS
Brent crude falls below $100 for first time since late April
West Texas Intermediate fell as much as 4.4% with Brent dropping below $100 a barrel.
INDIA
Climate Change in India Could Mean Faster Rate Hikes, HSBC Says
“Although inflation in India has always been susceptible to supply shocks, climate change-induced surprises are making it more volatile and harder to forecast,” HSBC economists, led by Pranjul Bhandari, wrote in a report Wednesday. “This, then, raises the challenge for the central bank.”
WORLD
Billionaire’s Jeweler Pays $7.5 Million Crypto Ransom to Hackers
Graff, that counts Middle East royalty among its client base, sued its insurer for losses over the extortion saying that the payment should be covered under their policy. The Travelers Companies Inc. is refusing to pay the jeweler caused by the Bitcoin ransom, Graff alleges.
INDIA
China and India Funnel $24 Billion to Putin in Energy Spree
In just three months after its invasion of Ukraine, Russia has made $24 billion from selling energy to China and India, demonstrating how higher global prices are thwarting efforts by the US and Europe to penalise President Vladimir Putin.
BUSINESS
Amazon will take stake in Grubhub, offer prime users membership
The membership agreement will renew every year unless Amazon or Grubhub terminates it, Amsterdam-based Just Eat said in a statement on Wednesday. Amazon will also receive the equivalent of a 2% stake in Grubhub’s common equity with options to increase the holding to 15%.
BUSINESS
Food inflation fears abate as cooking oils and grains plummet
Palm oil, the world’s most consumed edible oil, has plunged more than 45% from its record close in April to the weakest level in a year, while wheat has slumped over 35% from an all-time high in March, and corn has dropped about 30% from its peak for the year.
COMMODITIES
Oil steadies near $100 after plunging on recession concerns
With central banks including the Federal Reserve jacking up interest rates to tame inflation, investors have been pricing in the consequences of a slowdown even as physical crude markets continue to show signs of vigor and the war in Ukraine drags on
BUSINESS
Natural gas soars 700%, becoming driving force in the new cold war
It sounds like a story for the local press, at most — except that more than three weeks later, financial and political shockwaves are still reverberating across Europe, Asia and beyond.
BUSINESS
Payment giant has SWIFT alternative for 32 million Indian expats
Indians overseas remitted $87 billion last year, the biggest inflow for any country tracked by the World Bank. The remittances market, where it costs $13 on average to send $200 across borders, is ripe for disruption, according to Ritesh Shukla, chief executive officer of NPCI International Payments Ltd.
COMMODITIES
Oil rebounds above $100 after plunging on recession concerns
Overall consumption of gasoline and diesel last month was at almost 90percent of June 2019 levels, according to people with knowledge of the energy industry
BUSINESS
Singapore’s tiny second airport eyes future as a flying taxi hub
Singapore has already signed two agreements with advanced air mobility startups Skyports Ltd. and Volocopter GmbH that may convert the aging aerodrome into a vertiport, or an airport where the aerial devices take off and land vertically, Jetsons-style.
BUSINESS
Bitcoin hints at a bottom, but it may be different this time
For Bitcoin, there’s plenty of action happening right now, with technical signals that in the past have suggested just such a formation.
BUSINESS
Vital TSMC supplier warns of chip material price hikes into 2023
Tokyo-based Showa Denko, which supplies essential chip fabrication materials to the likes of Taiwan Semiconductor Manufacturing Co. and Infineon Technologies AG, has been forced to drastically increase the cost it passes on to customers
BUSINESS
Oxford University takes aim at future pandemic threats
Oxford’s Pandemic Sciences Institute, launched Tuesday, aims to reduce the risks posed by infectious diseases by improving data collection, strengthening surveillance and helping to create vaccines and other countermeasures.
BUSINESS
Germany’s Uniper in Bailout Talks to Plug $9.4 Billion Hole
Its shares sank 28% on Monday, taking the company’s market value to 4.14 billion euros.
BUSINESS
China’s Liu discusses tariffs with Yellen as US looks to ease
Expectations on the Biden administration to ease some of the taxes to help lower the costs of everyday merchandise have increased as inflation in US soared this year.
BUSINESS
Trading dries up on India crypto exchanges as new tax kicks in
The government introduced a tax regime for digital assets in February, consisting of the TDS and a flat 30 per cent tax on income from crypto investments
BUSINESS
Global funds offload $40 billion from emerging Asia last quarter, and it could get worse
Global funds offloaded a net $40 billion of equities across seven regional markets last quarter, exceeding any three-month period characterized by systemic stresses since 2007.
BUSINESS
The worst stock selloff in half a century might not be done yet
Coming off the worst first-half since 1970, US equities now face a triple whammy of sticky inflation, recession risks and the threat to corporate profits from sinking consumer confidence.
