BUSINESS
Crypto Bridge Nomad offers 10% bounty after $190 million hack
Anyone returning at least 90% of stolen tokens will be viewed as a so-called white-hat hacker that seeks to spotlight vulnerabilities rather than make malicious gains, according to a statement from Nomad. The remaining 10% would effectively become the reward.
BUSINESS
Insatiable Lithium demand fuels investment boom in Australia
Executives from Australia’s lithium industry were inundated by bankers and brokers at the Diggers & Dealers Mining Forum in the outback town of Kalgoorlie this week, talking up deals to secure some of the estimated $42 billion worth of investment needed for metal producers to meet their goals.
BUSINESS
SoftBank talent drain worsens, adding pressure on Masayoshi son to deliver
Two more managing partners at the company’s Vision Fund, Yanni Pipilis and Munish Varma, are leaving, Bloomberg News reported last week, bringing the number of top level departures from the world’s largest investment fund to at least 10 since March of 2020.
BUSINESS
Cooling semiconductor sales heighten fears of a global recession
Semiconductor sales rose 13.3% in June from a year earlier, down from 18% in May, data from the global peak industry body showed. The current slowdown is the longest since the US-China trade war in 2018.
BUSINESS
Crude oil heads for 10% weekly collapse as slowdown hits demand
West Texas Intermediate steadied below $89 a barrel in Asia, with the US benchmark down more than 10% this week. Official data showed US gasoline consumption has softened while crude stockpiles rose.
BUSINESS
Elon Musk says inflation is ‘past peak’ as parts costs trend down
Speaking at the electric-vehicle maker’s annual shareholder meeting, Musk said the company’s commodity and component costs are trending downward over the next six months. He also reiterated prior comments that he expects a mild recession to hit that could last 18 months.
INDIA
Govt seeks wider authority over global M&A with antitrust law
The government is also seeking to reduce the time limit for approval of mergers to 150 days from the existing 210 days to expedite the approval process, according to the draft bill.
BUSINESS
Alibaba sales better than feared in defiance of economic turmoil
China’s e-commerce leader reported revenue of 205.6 billion yuan ($30.4 billion) in the June quarter, enough to beat projections for 204 billion yuan. Net income fell 50% to 22.7 billion yuan. Its shares rose more than 3% in pre-market trading in New York.
BUSINESS
Copper Worth Nearly Half a Billion Dollars Goes Missing in China
A group of Chinese companies are investigating why a commodities storage site in northern China is holding only one third of the copper concentrate they were financing, according to people familiar with the situation.
BUSINESS
Tiger Global’s July gain leaves fund down 49.8% this year
July’s return follows a 3.4% rise in June that preceded five months of losses when Chase Coleman’s firm was beset by a sharp decline in some of its biggest equity bets and the markdown of some venture-capital investments.
BUSINESS
DBS denies interest in IDBI Bank while staying bullish on India
Chief Executive Officer Piyush Gupta said the lender isn’t looking at a deal for the bank. His comments come after Indian media reported that DBS was considering purchasing a stake and held discussions with finance ministry officials in New Delhi.
BUSINESS
Tesla’s stock-split proposal tops a packed annual meeting agenda
Elon Musk is of course famously not one for formality, so there’s bound to be more than the perfunctory discussion of management and shareholder measures and sharing of vote results.
BUSINESS
Airbnb CEO Brian Chesky isn’t worried about a sluggish economy hurting travel
“We’re not too concerned right now about the macro environment,” Chesky said in a Wednesday interview with Bloomberg Television. “Whatever happens to the economy, people I think are still going to want to live on Airbnb and still want to travel.”
BUSINESS
Infineon, AMD stock prices show diverging fortunes in chip industry
Chip companies that cater to automakers, data centers and industrial firms are still trying to keep up with demand, while those exposed to consumer electronics are stuck with inventory as sales slow.
BUSINESS
Treasury curve inversion deepens as yields jump and then plunge
The gap between 2-year and 10-year Treasury yields shifted to a fresh extreme, with the longer rate dropping to be as much as 38 basis below the longer benchmark. That level on the widely watched yield curve metric, seen by many as a potential harbinger of recession, hasn’t been seen since 2000.
BUSINESS
Million-dollar ferraris, lambos to defy bear market at pebble beach
A 1955 Ferrari 410 is expected to sell for as much as $30 million; a 1973 Porsche Carrera RS is valued at up to $2.25 million. Pre-war hulks the sizes of current-day luxury SUVs are listed at seven- and eight-figure pricing estimates.
BUSINESS
How a celebrity CEO’s rule of fear helped bring down hot startup Zilingo
The Zilingo meltdown has rattled the tech industry in Southeast Asia and beyond. Its CEO Ankiti Bose found herself fired, though she denies any wrongdoing. The company’s survival is now in question.
BUSINESS
India’s policy rates set to return to pre-pandemic levels
Thirteen of 27 economists surveyed by Bloomberg as of Wednesday see the Reserve Bank of India’s six-member monetary policy committee increasing the repurchase rate by 50 basis points to 5.40%, a level last seen in August 2019.
BUSINESS
China’s covid zero could last for years because it works for Xi Jinping
Residents must get PCR tested every few days at one of the booths on nearly every street corner. A personalized health code app determines who can move around the capital, and where.
BUSINESS
Alibaba and Tencent face end of an era as sales start to shrink
The milestones are a reminder for investors that, after a government crackdown that wiped more than $1 trillion off their combined market value in 2021, Alibaba and its longtime arch-rival are shadows of their former selves.
BUSINESS
Ripples from Nancy Pelosi trip may take time to impact global markets
The yen saw an abrupt turnaround, sinking more than 1% after its strongest four-day run since 2020 and benchmark US yields jumped 18 basis points. Stocks remained under pressure.
BUSINESS
China unleashes economic curbs on Taiwan with sand, fruit bans
The sand export announcement, made in a statement by China’s Ministry of Commerce, said the move was based on provisions of related law but gave no further details.
BUSINESS
India planning carbon credit market for energy, steel and cement
The platform is likely to be announced by Prime Minister Narendra Modi at Independence Day celebrations on August 15, according to people with the knowledge of the plan.
BUSINESS
Uber’s CEO Dara Khosrowshahi says company is focused on profitability this year
“The business is really hitting on all cylinders,” Khosrowshahi said in an interview to Bloomberg Television after the company reported results that beat analysts’ estimates.
