BUSINESS
Succession, spinoffs in focus in billionaire Mukesh Ambani’s big speech
This year, investors in the Indian billionaire’s Reliance Industries Ltd. will be looking for insight around the conglomerate’s 5G rollout, how Ambani plans to unlock the value of his telecommunications and retail units through separate listings, and when and how his children will take over the reins.
ECONOMY
Top central bankers deliver a hawkish message at Jackson Hole
Policy makers in Europe and the US, battling the hottest inflation in decades, are resolutely raising rates and pushed back against suggestions they will waver if their economies falter while price pressures remain too high
BUSINESS
Mukesh Ambani is mystery buyer of Dubai’s costliest home ever
The beach-side mansion sits in the northern part of the palm-shaped artificial archipelago and has 10 bedrooms, a private spa, and indoor and outdoor pools, local media reported without saying who the buyer is.
COMPANIES
Meta's Facebook agrees to settle Cambridge Analytica suit
Facebook users sued the company in 2018 after it was revealed that Cambridge Analytica gained access to the data of as many as 87 million of the social media network’s subscribers
BUSINESS
China's bad debt funds are no white knights in property crisis
The troubles at China’s four largest managers of soured loans have worsened as the real estate crisis deepened this year, meaning they are unlikely to rescue the sector until they get their own finances in order
POWER
Global energy crisis spurs revival of nuclear power in Asia
Governments in Japan and South Korea are removing anti-nuclear policies, while China and India are looking to build more reactors to avoid future supply shortages and curb emissions
WORLD
Powell says history warns against ‘prematurely loosening’ Fed policy
He said restoring inflation to the 2% target is the central bank’s “overarching focus right now” even though consumers and businesses will feel economic pain.
CORONAVIRUS
Moderna says it’s suing Pfizer, BioNTech over covid shots
Moderna Inc. said it’s suing Pfizer Inc. and BioNTech SE, claiming the technology in the partners’ Covid-19 shot infringes on its patents, a move that sets the stage for a massive legal clash between the three vaccine titans.
BUSINESS
Blackstone eyes IPO filing for $2.5 billion India mall portfolio
The US-based private equity major is said to seek $2.5 billion value for India Mall assets
TRENDS
Nestle launches vegan KitKats but they’re going to cost more
Vegans with a hankering for chocolate-covered wafers can at last get their hands on a KitKat.
TRADE-2
India set to curb some rice exports in risk to global supply
The government is discussing curbs on broken rice exports, which account for almost 20% of India’s shipments abroad, as local prices have soared
BUSINESS
US-China talks on delistings advance with Hong Kong inspections
The conversations, which remain ongoing, could result in a significant advance in a years-long standoff over the inspections, which are required for all firms that trade in the US.
BUSINESS
Xiaomi in talks with Beijing Automotive to produce electric vehicles
The two giants are exploring different options including Xiaomi buying a stake in Beijing Hyundai No. 2 plant, which is fully licensed to make cars in China
BUSINESS
Panasonic in talks for extra $4-billion battery plant in US: WSJ
The Japanese manufacturer is seeking to ramp up production capacity to meet growing demand from Tesla and other electric vehicle makers as consumers start to embrace cleaner cars
BUSINESS
Debt ratio at billionaire Adani’s green firm needs ‘watching’
The Gautam Adani owned company’s debt-to-capital ratio has soared to 95.3%, a level that is on the “higher side” for a private company, according to Sharon Chen, an analyst at Bloomberg Intelligence. The company’s capital expenditure plans and its funding are other factors that need a close watch, Chen added.
BUSINESS
Diageo Pauses Some Whiskey Sales in India to Push Price Hikes
United Spirits Ltd has paused whiskey sales in a number of states yet to budge on price caps despite rising inflation.
INDIA
Govt seeks Byju's reply on delayed filing of audited accounts
Earlier this month, the nation’s Ministry of Corporate Affairs sent a letter to Byju’s parent company asking them to explain the seventeen-month delay in filing audited accounts
BUSINESS
Indian Oil Corp to spend $25 bn to achieve carbon neutrality by 2046
The company will target Scope 1 and 2 emissions under its net zero aim, Shrikant Madhav Vaidya, chairman of the state-owned refiner-cum-fuel retailer, said.
BUSINESS
The whole world could do with an early iPhone
Apple is planning to announce the iPhone 14 on Sept. 7, the earliest launch in six years. There’s little evidence to suggest that timing has any influence on total sales of a given iPhone model, but the release date has a direct impact on the financial period during which revenue is recorded.
BUSINESS
Joseph Stiglitz says rate hikes that are too steep may worsen inflation
As activity restarts following pandemic lockdowns and countries like China struggle to restore normality, the global economy is enduring something “we’ve never done before,” the Columbia University professor said in an interview in Lindau, Germany.
BUSINESS
SoftBank’s latest unicorn is a food trading platform
DS Asset Management was the sole investor in the Seoul-based company’s Series D financing, joining earlier backers including SoftBank Ventures and Forest Partners and taking Tridge’s cumulative funding to 150 billion won.
BUSINESS
India’s economic indicators give mixed signals on recovery in July
Demand for Indian goods and services softened, a cross-section of high-frequency indicators compiled by Bloomberg News showed. The needle on a dial measuring so-called animal spirits, however, remained steady at 5 last month as the gauge uses a three-month weighted average to smooth out volatility in the single month readings.
BUSINESS
Lockstep markets primed for all-or-nothing Jerome Powell sweepstake
Stocks, bonds, commodities -- everything is moving in lockstep, their unified swings turning almost exclusively on views as to whether the central bank will cause a recession.
BUSINESS
India said to weigh selling at least 51% of $5 billion IDBI Bank
India’s government is considering selling at least 51% of state-backed IDBI Bank Ltd., according to people with knowledge of the matter.
