BUSINESS
China banks may face $350 billion in losses from property crisis
A spiraling crisis of stalled projects has dented the confidence of hundreds of thousands of homebuyers, triggering a mortgage boycott across more than 90 cities and warnings of broader systemic risks. The big question now is not if, but how much it will batter the nation’s $56 trillion banking system.
BUSINESS
‘Wen Flippening?’ Crypto fans Wager on Ether surpassing Bitcoin
In crypto parlance, it’s known as the “flippening” -- and it’s still likely a ways off, if it happens. Ether’s market value of around $210 billion is less than half the size of Bitcoin’s even after Ether surged 50% over the past month.
WORLD
Monkeypox outbreak may boost the shares of these companies
Shares of vaccine producers, antiviral drug makers and protective equipment manufacturers are in demand as investors tap a strategy that delivered gains during the coronavirus pandemic.
BUSINESS
Elon Musk’s Antics Turn Owners and Would-Be Buyers Against Tesla
Dennis Levitt got his first Tesla, a blue Model S, in 2013, and loved it. “It was so much better than any car I've ever driven,” the 73-year-old self-storage company executive says.
WORLD
Chinese Space Rocket Debris Crashes Back to Earth Over Ocean
Remnants from a massive Chinese rocket booster crashed back to Earth on Saturday over the Indian Ocean, space officials from the US and China confirmed.
WORLD
Revenge of old world economy as big oil’s cash flow rivals tech
Exxon, which lost money for the first time in its history during the pandemic, now ranks as the S&P 500 Index’s third-largest generator of free cash flow, behind only Apple Inc. and Microsoft Corp, according to data compiled by Bloomberg.
INDIA
A swelling mountain of bills plagues India’s power industry
The financially squeezed distributors are often seen as the weakest link in the country’s electricity industry, causing distress that trickles through the chain, from power producers, to coal suppliers and project lenders.
WORLD
Shock July Stock Rally Was a Monster the Fed May Regret Seeing
Among the many superlatives attaching to markets in July, one that could come back to haunt the Federal Open Market Committee is Wednesday and Thursday’s, when the stocks posted their biggest post-meeting rally on record.
BUSINESS
Metaverse jobs are disappearing as hiring slows at Google, Facebook
New monthly job postings across all industries with “metaverse” in the title declined 81% between April and June
WORLD
US Quietly Tightens Grip on Exports of Chipmaking Gear to China
The US is tightening restrictions on China’s access to chipmaking gear, according to two major equipment suppliers, underscoring Washington’s accelerating efforts to curb Beijing’s economic ambitions.
COMPANIES
ONGC Videsh, Indian Oil weigh stake in $3 billion Kenya project
The potential deal signals the revival of Kenya’s aspiration to export oil on a commercial scale since Tullow discovered crude in the East African country in 2012
BUSINESS
First Global Gold Exchange in India seen burnishing hub role
The India International Bullion Exchange is expected to attract dealers, refineries and foreign banks, Chief Executive Officer Ashok Gautam said in an interview this week.
ECONOMY
Canada’s economy is losing momentum after strong start to 2022
Canada’s economic expansion showed signs of moderation in May and June, pulling back from a strong start to the year in the face of high inflation and rising interest rates.
CRYPTOCURRENCY
The crypto collapse has flooded the market with Rolex and Patek
The collapse in cryptocurrencies is easing supply of the most sought after watches on the second-hand market, depressing prices for hard-to get-Patek Philippe and Rolex models.
ECONOMY-2
Pakistan rupee posts worst month ever amid concern on IMF loan
The currency fell more than 14 percent against the dollar in July, ending Friday’s trading at 239 per greenback, the biggest monthly slide since Bloomberg started compiling data in 1989.
BUSINESS
More oil middlemen muscle in to supply India with Russian crude
State-run refiners such as Indian Oil Corp. are warming to the idea of buying from the lesser-known traders. Refinery officials said they’ve found it easier to work with them, rather than directly with Russian producers, as there’s less bureaucracy that slows negotiations with firms such as Rosneft PJSC.
BUSINESS
Zilingo COO Aadi Vaidya quits in latest blow for Singapore startup
Aadi Vaidya, who joined the company in 2015 and became the COO two years later, confirmed his resignation when contacted by Bloomberg News. Friday is his last day at the company, Vaidya said in his response.
BUSINESS
Bitcoin and Ether are on track for their best month since 2021
A US economic slowdown is leading investors to the view that the Federal Reserve will be done raising rates by year-end and pivot to cutting borrowing costs in 2023, creating a more favorable liquidity backdrop for speculative assets.
BUSINESS
Xiaomi’s $10 billion car project hits regulatory barrier
The Beijing-based company has been talking to officials at the National Development and Reform Commission about the licensing for months without success, according to people familiar with the matter.
BUSINESS
Janet Yellen says US economy is not seeing recession conditions now
The Treasury chief repeatedly stressed the positive, pointing to continued job creation, strong household finances, gains in consumer spending and growth in business.
BUSINESS
Jack Ma escapes Beijing’s crosshairs by giving up his power
In one sign of how skittish investors had been about the tycoon’s fate as recently as two months ago, Alibaba shares briefly lost $26 billion after a state media report that authorities had imposed curbs on a person surnamed Ma. Subsequent information made clear the report was referring to someone else.
BUSINESS
China’s politburo signals no big stimulus despite slowdown
The country should achieve “the best outcome” possible for economic growth this year while sticking to a strict Covid Zero policy, according to a statement after a meeting of the Politburo, which is the Communist Party’s top decision-making body.
BUSINESS
Rishi Sunak admits he’s falling behind in race to be UK PM
The former Chancellor of the Exchequer admitted his pledge not to cut personal taxes until inflation is under control was not universally popular, telling Conservative members at the first official hustings event: “Even though it hasn’t made my life easy, it is the honest thing to do.”
BUSINESS
Paytm CEO Vijay Shekhar Sharma seeks to reset fintech pioneer after IPO fiasco
The digital-payments provider is set to become India’s first internet company to hit $1 billion in annual revenue by the end of this fiscal year in March, said Vijay Shekhar Sharma, 44.
