WORLD
OPEC sees global oil market tipping into surplus this quarter
The Organization of Petroleum Exporting Countries cut forecasts for the amount of crude it will need to pump in the third quarter by 1.24 million barrels a day to 28.27 million a day, according to its latest monthly report.
BUSINESS
Amazon joins deal revival spurred by lower valuation
Just 10 days into August, about $13.4 billion of tech-related mergers and acquisitions have been unveiled in North America
BUSINESS
Apple inches closer to erasing 2022 losses as inflation cools
Apple, which has a market value of about $2.7 trillion, surpassed oil giant Saudi Aramco again in July to become the world’s largest company.
BUSINESS
HDFC executes rare trade to hedge rate risk
The swap agreement makes the liability and borrowing variable for HDFC, thereby protecting its lending margins.
BUSINESS
Coinbase under SEC scrutiny over its crypto-staking programs
Staking services are offered by many crypto exchanges as a key way to diversify revenue from trading, which tends to drop during market downturns.
BUSINESS
Cisco hit by cyberattack from hacker linked to Lapsus$ group
Cisco said it became aware of a potential compromise on May 24, and disclosed it on Wednesday after the hacker leaked a list of the files it had stolen on the dark web.
BUSINESS
Morgan Stanley Bets on EM Debt as JPM Warns Rally Unsustainable
A lower-than-expected US inflation reading released Wednesday should support developing-nation bonds, Morgan Stanley strategists led by Simon Waever wrote in a note
WORLD
Joe Biden sees signs inflation moderating after promising July data
“We’re seeing a stronger labor market where jobs are booming and Americans are working and we’re seeing some signs that inflation may be beginning to moderate,” Biden said Wednesday before signing a veterans health-care bill, calling the numbers evidence his “economic plan is working.”
BUSINESS
Treasury yield curve inversion has scope to deepen, BofA says
“The extent of inversion will depend on the terminal rate, which will likely be a function of inflation,” Meghan Swiber, director of US rates strategy at BofA, said in a report.
BUSINESS
Bankers turned billionaires for an instant, then came 89% crash
Magic Empire Global Ltd., which provides underwriting and advisory services and has helped just one company go public in two years, soared as much as 6,149% since debuting in the US on Friday, giving it a market value of $5 billion at one point.
BUSINESS
Chipmakers warn of worst downturn in a decade
In the US, the Philadelphia semiconductor index sank 4.6% on Tuesday with all 30 members in the red, its biggest fall in about two months.
BUSINESS
UK plans for blackouts in January in emergency energy plan
Under the government’s latest “reasonable worst-case scenario,” Britain could face an electricity capacity shortfall totaling about a sixth of peak demand, even after emergency coal plants have been fired up, according to people familiar with the government’s planning.
BUSINESS
Billionaire Sam Zell-backed SPAC to return cash to investors
Equity Distribution Acquisition Corp., which is chaired by Zell, plans to stop trading at the close on Sept. 16, two years after it went public. The SPAC will redeem all outstanding Class A shares on Sept. 19, and “shall cease all operations except for those required to wind up the company’s business,” it said.
BUSINESS
World’s top coffee crop shrinks in a market thirsty for supply
Luis Fernando Ferreira da Silva, a grower in Brazil’s top producing Minas Gerais state, expected this season’s crop to be cut by more than half after drought and frost hit his farm last year. He initially expected to reap 8,000 60-kilogram bags, but later slashed his estimate to 3,500 bags. Things ended up even worse.
BUSINESS
SoftBank buyout talk resurfaces after record loss piques market
SoftBank has evolved rapidly over the last ten years from a telecom company and strategic investor to the world’s biggest pool of tech capital. It’ll look even more like a pure investment house as it continues to buy back its own stock and sell or pare assets, including its stake in Alibaba Group Holding Ltd.
BUSINESS
Crypto hit by new security woes in incident at DeFi protocol
Viewed as one of the most important projects in decentralized finance, Curve tweeted that an “issue has been found and reverted” after earlier warning against using its curve.fi website.
BUSINESS
Domino’s Pizza Quits Italy After Locals Shun American Pies
Domino’s Pizza Inc.’s footprint in the home of Pizza proved to be short lived with Italians favoring local restaurants over the American version.
BUSINESS
SoftBank pledges sweeping cost cuts after $23.4 billion loss
The Tokyo-based company lost the vast majority of that money -- $17.3 billion -- in the Vision Fund, as it marked down the value of holdings such as Coupang Inc., SenseTime Group Ltd. and DoorDash Inc. SoftBank also reported a $6.1 billion foreign exchange loss because of the weaker yen.
BUSINESS
Meme-stock frenzy returns, baffling Wall Street’s ‘smart guys’
The home-good retailer nearly tripled at one point during its nine-day winning streak while the movie-theater firm capped a 65% rally of its own as speculative pockets of the stock market surge.
BUSINESS
Why India produces twice as many women airline pilots as the US
Three decades after Bhasin’s career began, female pilots are no longer a rarity in India, making the country a success story when it comes to diversity in the airline industry.
BUSINESS
Whole Foods co-founder John Mackey, 68, is starting a chain of cafes, wellness centers
Corporate records list Mackey, 68, as a partner in Healthy America LLC, a startup that raised about $31 million from investors earlier this year and aims to launch a “national network” of medical wellness centers and vegetarian restaurants.
BUSINESS
UK auto-capital Mayor wants India to rev up motorcycle industry
Street, the former head of retailer John Lewis Plc, is targeting Mahindra as part of a bid to lure automakers with incentives while promoting the expertise of a wider Midlands region that’s still home to more than 400 specialist firms including Aston Martin Lagonda and India-owned Jaguar Land Rover.
BUSINESS
India seeks to oust China firms from under Rs 12,000 phone market
The move is aimed at pushing Chinese giants out of the lower segment of the world’s second-biggest mobile market, according to people familiar with the matter. It coincides with mounting concern about high-volume brands like Realme and Transsion undercutting local manufacturers, they said, asking not to be identified discussing a sensitive matter.
BUSINESS
Carlyle CEO Kewsong Lee steps down in sudden reversal of generational shift
Co-Founder Bill Conway, current non-executive co-chairman, will immediately serve as interim CEO during the search for a permanent replacement, the company said in a statement late Sunday.
