BUSINESS
Hackers claim theft of police info in China’s largest data leak
The person or group claiming the attack has offered to sell more than 23 terabytes of stolen data from the database, including names, addresses, birthplaces, national IDs, phone numbers and criminal case information, according to an anonymous post on an online cybercrime forum last week.
BUSINESS
Argentina taps leftist as economy minister as crisis worsens
Alberto Fernandez spokeswoman Gabriela Cerruti confirmed the decision to Bloomberg News. Batakis, a low-profile policy maker and surprise choice, didn’t respond to a request for comment from Bloomberg News late Sunday night.
BUSINESS
Hong Kong's dry spell for IPOs set to end with big China deals
In the first half, Hong Kong saw only one IPO that was larger than $500 million
BUSINESS
American Airlines says trips restored after technical glitch
A “technical glitch” in AA’s pilot scheduling system led to more than 37,000 of flying hours in July to be dropped into open time
ECONOMY
US jobs report shows resilient labour demand, policymakers brainstorm in Asia, Europe
The European Central Bank will release minutes of its June deliberations, Brazil’s double-digit inflation may have ticked up again, and Canada also publishes jobs data. Monetary officials in Australia, Israel, Peru and Poland are among those forecast to keep raising rates
BUSINESS
Commodities hit July storm with Putin and Powell stirring fear
Energy crises and central bank moves to crush inflation present powerful headwinds across markets, underscored by copper’s collapse Friday below $8,000 a tonne
ECONOMY
JPMorgan cuts US economic growth forecasts ‘perilously close’ to recession
The Wall Street bank reduced its estimate for annualized gross domestic product growth to 1 percent for the second quarter, down from 2.5 percent previously
BUSINESS
India close to finalizing nationwide battery-swap details
Key to the program, first mooted in the federal budget in February, is the government’s desire to standardize the size of batteries to make them compatible with all vehicles using swap stations, the 40-page document shows.
BUSINESS
Bollywood is threatened by the other movie-making powerhouse
A new genre of films from southern India — epic, big-budget, over-the-top action flicks, some of them served with a dollop of toxic masculinity and gory violence — are increasingly dominating the country’s $24 billion media and entertainment market, and in some cases, making their mark beyond India.
BUSINESS
Pain for rupee likely due to trade deficit, capital outflows
“India’s external balances are deteriorating,” economists at Goldman Sachs Group Inc. wrote in a note Thursday, citing the terms-of-trade shock from higher commodities prices and weakening global growth.
BUSINESS
Oil heads for worst losing streak of 2022 on recession fears
West Texas Intermediate traded below $106 a barrel after tumbling on Thursday as commodities were pummeled. The US benchmark has shed more than 1% this week despite signs that the physical crude market remains tight.
BUSINESS
Metals cap worst quarter since 2008
The London Metal Exchange Index tumbled 25% since the end of March, although the decline has been magnified due to prices spiking that month following Russia’s invasion of Ukraine.
BUSINESS
Blackstone Weighs US Listing of $2 Billion Tech Firm IBS
The company is working with Goldman Sachs Group Inc. and JPMorgan Chase & Co. for the planned first-time share sale, the people said. IBS Software has filed confidentially for the US IPO, which could happen as soon as this year, they added.
CRYPTOCURRENCY
Bitcoin set for biggest quarterly drop in more than a decade
Bitcoin is on track for its worst quarter in more than a decade, as more hawkish central banks and a string of high-profile crypto blowups hammer sentiment.
BUSINESS
Romance scams explode, leaving broken hearts and millions lost
Digital romance scams have surged over the past two years, leading to millions of dollars in losses for people who were wooed and then duped out of money.
BUSINESS
Inside Didi’s $60 billion crash that redefined China tech
“We had a tough year,” said the reserved billionaire known as Will, who that day seemed even gloomier than normal, according to people briefed on the gathering. “But next year will be even tougher.”
BUSINESS
Biggest forex rout since ‘97 puts Asia central banks in bind
Policy makers already grappling with the fastest inflation in decades now face stark choices: forcefully raise borrowing costs to defend currencies and risk hurting growth, spend reserves that took years to build to intervene in foreign exchange markets, or simply step away and let the market run its course.
BUSINESS
Russia muscles in on Indian oil market at expense of OPEC titans
Deprived of many of its traditional European buyers, Moscow is on course to deliver somewhere between 1 million and 1.2 million barrels a day to the world’s third-largest oil importer this month, according to tanker tracking figures compiled by Bloomberg and two oil analytics firms.
BUSINESS
Oil set for first monthly decline this year before OPEC+ meeting
West Texas Intermediate futures traded near $110 a barrel after closing almost 2% lower on Wednesday. Escalating fears over an economic slowdown as central banks aggressively raise interest rates to combat surging inflation have dented oil this month. That’s overshadowed rapidly tightening energy markets.
BUSINESS
CEO quits $68 billion firm to sit at the beach & ‘do nothing’
Formica, 51, will leave the position on Oct. 1 and will also resign as a director of the London-based company on that date, according to a statement released on June 28.
BUSINESS
Netflix’s plan to fix its subscription crisis starts in Asia
Despite plans to curb overall spending, investment in Asia will keep growing, including financing for the production of local films and series, Tony Zameczkowski, vice president of business development for Asia Pacific, said in an interview.
BUSINESS
US dollar crunch worries Indian forex traders as equity outflows grow
Some Mumbai-based banks saw a dollar crunch last week, as outflows from Indian assets add to the pressure, according to Mizuho Bank Ltd. and IFA Global. The rupee dropped to a record low against the greenback on Wednesday.
BUSINESS
India forced to ship in gasoline, diesel as shortages flare up
Gasoline imports rose to about 13,000 barrels a day in the first half of June, a seven-month high, according to Vortexa Ltd. Diesel imports, meanwhile, are set to surge to the highest since February 2020 at about 48,000 barrels a day, tenders by Indian Oil Corp. and Bharat Petroleum Corp., as well as Vortexa figures show.
BUSINESS
Mukesh Ambani’s daughter Isha set to be named chair of Retail arm
An announcement of Isha Ambani’s elevation could come as early as Wednesday, according to people with knowledge of the matter, who asked not to be identified ahead of a formal statement. She is currently director of Reliance Retail Ventures Ltd.
