WORLD
Trump allies open new front against Powell over building rehab
The heightened pressure coincides with relentless calls from Trump for the Fed to lower interest rates – which Powell and fellow policymakers have defied so far this year
MARKETS
Worst spate of US downgrades since 2021 signals pain
In the second quarter, around $94 billion of high-grade US debt was downgraded, compared with just $78 billion of upgrades
WORLD
Trump patience on tariffs runs thin as nations jostle for deals
Trump continued to send letters unilaterally setting rates — while still allowing for a little wiggle room.
WORLD
Iran says it’s considering US offer to restart nuclear talks
Araghchi served as lead negotiator in Oman-mediated talks with the US, which collapsed after Israel launched a surprise attack on Iran’s nuclear sites on June 13.
WORLD
JPMorgan CEO Jamie Dimon blasts ‘idiots’ in Democratic Party focused on ideology
Dimon also said that former President Joe Biden “didn’t have one business person” advising him and that he was “speechless about the lack of knowledge” in the administration.
BUSINESS
Tesla likely to begin first deliveries in India from August
Deliveries are expected to start from late August, a separate person familiar with the development said. Customers will be able to configure and order their Tesla EVs from next week, the person added.
WORLD
Rubio says Xi-Trump summit likely after meeting China envoy
Rubio said he had a “very constructive and positive” sit-down with Chinese Foreign Minister Wang Yi on Friday, building on momentum in bilateral ties after Trump earlier this week described their recent relations as “really good.”
BUSINESS
SBI plans $2.9 billion share sale as early as next week
If the qualified institutional placement is fully subscribed, it would mark the biggest QIP ever in India, surpassing Coal India Ltd.’s 225.6 billion rupee sale in 2015.
BUSINESS
Ferrero nears $3 billion deal for WK Kellogg
A takeover would combine the maker of chocolate nut spread Nutella with the company behind Froot Loops and Frosted Flakes cereals and further cement Ferrero’s moves to carve out an empire of comfort foods and expand its presence in North America
BUSINESS
Amazon starts 10-minute delivery in Delhi in quick-commerce push
Amazon’s rivals now ship everything from groceries to gadgets in minutes, while the US company typically manages deliveries in a day or two
BUSINESS
Vedanta base metals CEO Chris Griffith quits amid debt, short-seller woes
Aside from being in charge of some of Vedanta’s key assets like zinc mines in South Africa and neighboring Namibia, Griffith was also the President of the firm’s international business
BUSINESS
Copper traders rush metal to Hawaii to capture mega tariff trade
Copper inventories in the US are likely to hit 500,000 tons in the coming weeks, roughly half of which is in the key US storage hub of New Orleans, according to estimates from participants active in the market
BUSINESS
Chinese tycoons are turning Indonesia into an aluminum giant
The question metals traders are now asking is whether Chinese capital can continue to pour investments into the country without ultimately tarnishing the outlook for the energy-intensive metal required for everything from soda cans to robotics and electric vehicles
BUSINESS
Indian IPOs set to raise up to $18 billion in second-half surge
Among the most anticipated listings is Tata Capital Ltd., which is gearing up for a $2 billion IPO.
BUSINESS
JM sees Indian IPOs adding $3 trillion market value over decade
IPOs have raised more than $6 billion this year, according to data compiled by Bloomberg
WORLD
Asia shares flat as dollar, stock futures dip on Trump’s copper tariff
Contracts for the S&P 500 index edged down 0.2% and a gauge of the dollar dipped by 0.1% Thursday
BUSINESS
AI push: Facebook parent Meta invests $3.5 billion in maker of Ray-Ban glasses
Facebook parent Meta acquired just under 3% of the Ray-Ban maker, a stake worth around €3 billion ($3.5 billion) at market prices, said the people, who asked not to be identified because deliberations are private.
BUSINESS
Indian Oil and Adani Gas JV plans $161 million convertible bond sale
The city gas distribution firm’s deal could be the biggest such hybrid instrument in the country since another Adani company ATL HVDC’s Rs 900 crore offering in March this year.
BUSINESS
AI startup Mistral in talks with MGX, others to raise up to $1 billion
Such a deal would deepen ties between France and the UAE in a field increasingly dominated by the US and China. Mistral is Europe’s biggest AI startup and reached a valuation of Euro 5.8 billion last year.
BUSINESS
Bernstein sees India earnings upgrades driving stocks momentum
Bernstein recommends increasing exposure to the technology sector, noting that earnings downgrades there are at “record low levels” and likely bottoming out.
BUSINESS
European Union to protect Airbus in US trade deal as Ferrari to lose out
Which sectors are spared — spirits are also expected to receive a reprieve — speaks to the political leverage of key member states, which industries the EU views as critical, as well as areas where the US has a vested interest to protect its own manufacturers
BUSINESS
India gets serious about stone-tainted coal in its supply chain
Coal is typically sampled from railway coaches at the loading sites, and suppliers such as Coal India Ltd. bill the customers based on its quality
BUSINESS
Pakistan's best-funded startup nears profit after fintech deal
Backed by Tiger Global Management, Bazaar is a poster-child for a nascent Pakistani tech industry that’s attracted big-name investors despite economic turbulence.
BUSINESS
Vietnam girds for 20% Trump tariff as investors back deal
Vietnam, an export powerhouse that last year had the world’s third-biggest trade surplus with the US, is trying to navigate Washington’s demands while keeping good relations with Beijing, its biggest trading partner.
