CURRENCY
A $73 billion short book is putting pressure on rupee
The Reserve Bank of India had dollar repayments of near record high of $84.3 billion as of March as indicated by its net short forwards position
WORLD
China accuses US of violating trade truce, vows firm response
Beijing accused the US of unilaterally introducing new discriminatory restrictions, including new guidelines on AI chip export controls
BUSINESS
Asia stocks drop, gold rises as trade frictions ramp up
A gauge of Asian stocks fell 0.7% while S&P 500 futures slipped 0.3% after President Donald Trump said he would double tariffs on steel and aluminum imports
BUSINESS
Builder.ai faked business with Indian firm VerSe to inflate sales, sources say
Umang Bedi, a VerSe co-founder, said it was “absolutely baseless and false” that his company would have recorded expenses or billed services that it didn’t receive or provide.
WORLD
Hamas submits truce response with conditions; US envoy calls it 'totally unacceptable'
Hamas submitted a conditional response to the U.S. Gaza truce proposal, which envoy Steve Witkoff rejected as "totally unacceptable."
WORLD
Hamas submits response to US proposal for Gaza ceasefire
As part of the agreement, Hamas would release 10 living Israeli prisoners and return 18 bodies
WORLD
Trump’s promises of easy wins meet reality during a rocky week
Russian President Vladimir Putin has ignored his calls for a ceasefire with Ukraine
WORLD
Trump’s appetite for punishing Putin is about to get a key test
Trump has so far sought to use the congressional sanctions bill to encourage Putin to come to the negotiating table
INDIA
Adani Group outlines transport network in rebuild of Mumbai slum
BUSINESS
OPEC+ agrees on third oil supply surge to deepen price slump
The hike follows equally sized increases scheduled for May and June, marking a clear break with years of efforts by the group to support global oil prices.
BUSINESS
Jamie Dimon says crack in the bond market is ‘going to happen’
The longtime boss of the biggest US bank echoed comments he made last month, when he said he expects a “kerfuffle” in the Treasury market that prompts a Fed intervention.
BUSINESS
Baba Ramdev's Patanjali faces scrutiny over financial deals
The corporate affairs ministry sent a notice to the company after the economic intelligence wing found transactions it labeled as abnormal and dubious
BUSINESS
China magnet curbs threaten India auto output, Bajaj warns
India is heavily reliant on imports from China, the world’s dominant supplier, but the Chinese introduced tighter controls on exports of those critical components in April.
BUSINESS
Stocks drop on tariff whiplash, futures decline
A regional stock gauge dipped 0.4%, led by shares in Japan. Equity-index futures for the US and Europe retreated as the Wall Street Journal reported that the Trump administration is considering a stopgap effort to impose tariffs on swaths of the global economy.
WORLD
Tariff case: Trump administration to seek US Supreme Court intervention on Friday
The administration’s Thursday filing highlights the same arguments that the Trump administration has pressed throughout the case
WORLD
Stock futures jump, Dollar gains on tariff ruling
Asian shares rose and contracts for the S&P 500 and Nasdaq 100 gained 1.6% and 2%. Equities in Japan and South Korea also advanced at the open.
BUSINESS
FX hedging cost drop sparks debate on Asian bond protection bets
Three-month forward implied yields for dollar-won have fallen to around 1.7% this week, the lowest level in more than two years, signaling plummeting hedging costs for South Korean bonds.
WORLD
Israel acknowledges use of laser weapons to intercept drones
The systems were described as a less powerful 'prototype' of the 100-kilowatt Iron Beam laser interceptor that will be operational in Israel by the end of the year
BUSINESS
Nvidia to have final say on strong earnings season for Big Tech
Nvidia, the world’s most valuable chipmaker reports Wednesday after market close - the last of the Big Tech cohort to do so. Results from Microsoft, Meta Platforms and others showed that outlooks remain mostly intact despite uncertainty over Trump’s tariffs.
WORLD
Russia’s fuel exports hit 3-month high on diesel, fuel oil boost
Seaborne shipments of petroleum products totaled 2.23 million barrels a day through May 24
BUSINESS
Raghuram Rajan warns US risks future by curbing foreign students
At the heart of Rajan’s concerns is the ongoing battle between the White House and universities — one that initially centered on elite schools such as Harvard University and Columbia University over antisemitism — but that’s morphed into a larger attack over the role of US higher education.
WORLD
SpaceX Starship rocket explodes in third straight setback
The stakes for Tuesday’s flight were particularly high after flights in January and March were cut short just minutes after takeoff when the spacecraft exploded over the Gulf of Mexico, sending streams of debris raining down from the sky and disrupting air travel.
BUSINESS
Asian shares track Wall Street gains, bonds steady
A regional stock gauge rose 0.4% led by shares in Japan, which jumped more than 1%.
WORLD
US orders halt in student-visa interviews before new vetting
The directive, laid out in a cable sent to diplomats worldwide on Tuesday, marks the latest effort by the administration to restrict foreign students’ entry to American schools
