BUSINESS
OpenAI is nabbing Microsoft customers, fueling partners’ rivalry
The behind-the-scenes dogfight is complicating an already fraught relationship between Microsoft and OpenAI
BUSINESS
Pressure to seal Trump trade deals ramps up with two weeks to go
As of July 9, exporting nations without a bilateral accord in place will face Trump’s so-called 'Liberation Day' tariffs that are much higher than the current baseline 10% level applied to most countries.
WORLD
NATO cash bonanza risks becoming Europe’s lost chance for growth
As this week’s NATO summit brings that wave of money one step closer to reality, the prospect that so much taxpayer cash could just leak out of the region’s economy without meaningfully helping expansion is casting a shadow over politicians’ ambitions to shore up creaking defenses against Russia
BUSINESS
Pressure to seal Trump trade deals ramps up with two weeks to go
Only the UK has secured something on paper, though that pact kept the 10% so-called reciprocal rate in place and left unresolved one of Britain’s pain points — 25% steel duties
BUSINESS
Oil falls over 5%, global stocks rise on Israel-Iran truce
Brent crude slid as much as 5.6% to drop below the level of June 12, the day before Israel started attacking Iran’s nuclear sites.
WORLD
Trump thanks Iran after attack choreographed to de-escalate
BUSINESS
Oil drops, stocks gain on Trump’s ceasefire talk
The Middle East accounts for about a third of global crude production and there haven’t yet been any signs of disruption to physical oil flows, including for cargoes going through the Strait of Hormuz.
BUSINESS
Warburg Pincus said to be in talks to sell stake in SBI General Insurance
Premji Invest and New York-based Warburg Pincus agreed to buy 16.01% and 9.99% of SBI General Insurance, respectively, in 2019 from Insurance Australia Group Ltd. in a transaction that was completed in 2020.
WORLD
Oman plans income tax on top earners in a first for Gulf states
Oman has been enacting fiscal reforms as part of its economic diversification to reduce its reliance on the oil, an objective it shares with other Gulf countries
BUSINESS
Air India crash risks fueling up to 30% jump in insurance premiums
In the wake of a crash in South Korea last year that left all but two of the 181 passengers dead, premium increases were in the range of 15% to 18%, according to a UK-based reinsurer
BUSINESS
Walmart’s PhonePe is said to seek $1.5 billion for India IPO: Report
The deal would value the fintech company at about $15 billion, and PhonePe is planning to submit a draft red herring prospectus for the listing by as early as August, says report
BUSINESS
Rupee’s fall near key level to test RBI’s tolerance for swings
The Reserve Bank of India is likely to intervene if the rupee weakens further toward 87 per dollar, according to Australia & New Zealand Banking Group Ltd. and MUFG Bank Ltd. The Indian unit is the worst hit Asian currency this quarter, weighed by surging oil prices.
BUSINESS
Gold edges higher in Asia after US joins Israeli attacks on Iran
The precious metal climbed as much as 0.8%, before paring most of that gain, after the US struck Iran’s three main nuclear sites.
BUSINESS
Oil surges, US futures drop after strikes on Iran
Equity indexes in Japan and Australia fell less than 1% while Treasuries were little changed.
BUSINESS
US strikes on Iran come at fragile moment for the global economy
The World Bank, the Organization for Economic Cooperation and Development and the International Monetary Fund have all downgraded their global growth forecasts in recent months.
BUSINESS
Israel, Saudi stocks rise as traders react to US attacks on Iran
The Boursa Kuwait Premier Market Index traded 0.7% higher as of 10:39 a.m. Dubai time, while the MSX30 Index in Muscat slipped 0.6%. Qatar’s benchmark was 0.7% higher.
BUSINESS
Tesla to roll out Robotaxis in overdue step toward Musk dream
BUSINESS
Fred Smith, who transformed parcel delivery by founding FedEx, dies at 80
WORLD
Trump’s airstrikes on Iran leave oil market poised for surge
From frenzied options markets, to soaring freight and diesel pricing, to a radical redrawing of crude’s pivotal forward curve, all of that volatility is expected to intensify in the week ahead
WORLD
Israel-Iran war in second week as Donald Trump sends mixed signals
Donald Trump repeated his stated belief that Iran was a matter of weeks from getting a nuclear bomb when Israel attacked, and again dismissed US intelligence findings
WORLD
Harvard nears ‘mindbogglingly’ historic US deal, Trump says
“They have acted extremely appropriately during these negotiations, and appear to be committed to doing what is right,” Trump said.
BUSINESS
Hedge funds rush into oil long bets as Mideast conflict grows
Oil futures spiked as much as 13% on June 13 as Iran and Israel escalated a conflict that has loomed over global oil markets for 20 months, but had yet to reduce output.
MARKETS
US stocks extend losing run as geopolitics dampens investor mood
The tech-heavy Nasdaq 100 Index finished Friday’s session down 0.4% in New York after gaining as much as 0.8% earlier in the day. Meanwhile, the S&P 500 Index closed 0.2% lower.
BUSINESS
US dollar is hanging on to its haven role by a thread, survey shows
A little more than half of 251 respondents think the US currency will regain its status as a safe asset as Iran and Israel continue to carry out attacks on each other.
