WORLD
BRICS leaders schedule virtual meeting to discuss Trump tariffs
The BRICS summit will follow a crucial meeting between China’s President Xi Jinping and PM Modi in Tianjin over the weekend
BUSINESS
‘Easier to pump’: Trump-tied crypto token opens for trading
Early investors, who don’t include founders like Donald Trump Jr. and Eric Trump, can sell no more than 20% of their holdings as part of Monday’s launch; the rest will remain non-tradable.
WORLD
SCO members agree to set up development bank in win for Xi Jinping
Members of the Shanghai Cooperation Organization agreed to establish the institution, Chinese Foreign Minister Wang Yi said
WORLD
Renault overhauls top management with Dacia boss leaving
Renault is tapping Katrin Adt, a longtime Mercedes-Benz Group AG executive, to succeed Denis Le Vot as head of the popular Dacia brand
BUSINESS
India’s surprise GDP flattered by data calculation, say analysts
Data last week showed the economy expanded 7.8% in the April-June quarter — the most in over a year and way above the 6.7% median forecast in a Bloomberg survey of economists
INDIA
India pushes back against US moves on Russian oil imports
Russia, which previously held a negligible share of India’s oil imports, has accounted for 37% of the world’s third largest oil consumer buys this year
BUSINESS
Brazil President Lula authorises retaliation process against Trump’s tariffs
The move was reported earlier by O Estado de S. Paulo newspaper
BUSINESS
US removes China waivers for Intel, Samsung and SK Hynix
The companies have 120 days until the waiver expires, according to an announcement on the US Federal Register
BUSINESS
BYD profit jumps as aggressive overseas push bolsters sales
Net income totaled 15.5 billion yuan ($2.2 billion) in the six months ended June 30, the carmaker said in a filing on Friday. Revenue climbed 23% to 371.3 billion yuan, it said.
INDIA
China reacts to 'secret diplomacy' with India, pushes for stronger ties amid tariff turmoil
There was no “secret diplomacy” between the two countries, only “normal communication and interaction,” it said.
BUSINESS
China drought of rare earths to India in focus for Xi-Modi meet
While the overall shipments of rare earth magnets to India from China spiked in July, the people familiar said that this was due to the easing of flows of lighter grade rare earth magnets (LREs), which can be used as substitutes in small motors.
INDIA
Canada and India name new ambassadors in sign of warming ties
Foreign Affairs Minister Anita Anand announced that Christopher Cooter will become Canada’s high commissioner in New Delhi, filling a position that had been vacant since last October
BUSINESS
US economy expands at revised 3.3% rate on stronger investment
Inflation-adjusted gross domestic product, which measures the value of goods and services produced in the US, increased at a 3.3% annualized pace, the second estimate from the Bureau of Economic Analysis showed Thursday.
BUSINESS
India considers halting shadow banks from duplicating business
Any fresh RBI directive could mainly hit large gold finance companies that have their micro-finance arms disbursing loans by taking the precious metal as collateral, the people said.
COMPANIES
Nykaa eyes growth in UK and beyond to take on global giants outside India
The Mumbai-based company is launching Kay Beauty in the UK on Thursday with Ulta Beauty Inc.-owned Space NK
WORLD
Japan’s top trade negotiator cancels US trip citing administrative talks
Japan wants the US to cut its tariffs on cars and car parts to 15% from 25%, and to end the stacking of previous duties on top of 15% universal tariffs
COMPANIES
Adani Group adds women leaders by tapping founders’ inner circle
At least two women with familial ties to the billionaire founder have taken on leadership roles at Adani Group companies in recent months
BUSINESS
BofA sees Indian firms pausing expansion in uncertain climate
Firms are focusing on paying down debt, opting for refinancing rather than expanding capacity, Shankar Subramaniam, the bank’s head of India corporate banking, said in an interview.
WORLD
Nvidia forecasts decelerating growth after two-year AI boom
The outlook adds to concern that the pace of investment in AI systems is unsustainable. Difficulties in China also have clouded Nvidia’s business
BUSINESS
Behind Trump’s bid for Fed dominance lies a dangerous debt idea
Trump said Tuesday he’s ready for a legal fight over his attempt to oust Fed Governor Lisa Cook, and looking forward to having a ‘majority’ on the central bank’s board.
BUSINESS
Nvidia investors grapple with China risks ahead of earnings
The firm’s on-again, off-again sales in the word’s largest market for semiconductors have been a source of confusion for Wall Street
WORLD
Pentagon’s DOGE unit to scrutinise 400,000 contracts for cuts
The Pentagon’s published plans are a sign that DOGE is still embedded in the fabric of government operations even months after the controversial unit lost its architect and de facto leader, Elon Musk
WORLD
China’s $1 trillion stock rally spurs curbs from broker, funds
A number of domestic mutual fund houses this week imposed daily purchasing restrictions on some of the year’s best performing portfolios
WORLD
Microsoft reiterates Israel probe pledge after in-office protest
An employee group says that by selling software and AI tools to Israel’s military, the company’s Azure cloud service is profiting from the deaths of civilians
