INDIA
IOCL, BPCL, HPCL plan to order 10 India-made tankers for domestic use
The joint proposal could be valued at as much as $600 million, and will require delivery to start by 2028
WORLD
US treasury secretary Scott Bessent emerging as contender to succeed Fed’s Powell
President Donald Trump said Friday he would name a successor “very soon” to replace Jerome Powell, whose term as Fed chair ends in May 2026
BUSINESS
Trump tariffs can remain in effect, US appeals court says
The Trump administration asked the appeals court to step in after the US Court of International Trade last month ruled that Trump had misused an emergency law to implement the tariffs.
BUSINESS
US, China officials agree on plan to reduce trade tensions
While full details of the pact weren’t immediately available, US negotiators said they “absolutely expect” that issues around shipments of rare earth minerals and magnets would be resolved.
BUSINESS
Asian stocks stay lukewarm after US, China trade talks
Despite the modest moves Wednesday, global stocks are still at a record high, having recovered from their April lows as President Donald Trump suspended his tariffs until July 9.
BUSINESS
Paramount Global to cut 3.5% of US workforce due to decline of cable-TV industry
The move will affect about 3.5% of the media company’s US workforce, according to an internal memo sent to staff reviewed by Bloomberg.
BUSINESS
McDonald’s shares slump as GLP-1 risks spur rare sell rating
Shares of McDonald’s fell as much as 1.6% in premarket trading on the downgrade, a two-notch cut from Redburn’s previous buy rating.
BUSINESS
Accenture trains 500,000 staffers for boom in AI consulting work
Sales from generative AI have increased to $2.6 billion in the last six months, Chief Executive Officer Julie Sweet said in an interview with Bloomberg Television.
BUSINESS
Fitch warns of rising mortgage-bond risk due to extreme weather
The physical fallout of climate change has implications for corners of fixed-income markets traditionally viewed as among the safest in the world.
WORLD
Chinese firm halts production of controversial Alzheimer’s drug
The drug’s license has expired and its renewal is now in the final stages of a regulatory review, during which it must stop commercial production and sales, Green Valley Pharmaceutical Co. said in an emailed statement to Bloomberg News on Tuesday.
BUSINESS
China taps $1.5 trillion fund to boost home market support
The housing provident fund, a government savings program used to help people buy homes, has become an increasingly important means to obtain financing, as banks turn more cautious with profit challenges.
BUSINESS
Going long on short bonds gets boost in India from RBI cash move
RBI's unexpected move to release Rs 2.5 trillion starting September may prompt lenders to favor shorter-tenor securities over longer-dated ones
BUSINESS
Top India dealmakers earn 37% more than Singapore peers
India is seeing a boost from a rebound in investments even as global trade uncertainties weigh on the country’s broader outlook
SPORTS
Diageo weighs options for stake in Royal Challengers Bengaluru
The British distiller has been holding discussions with potential advisers as it weighs possibilities including a sale of part or all of the club
BUSINESS
Asian stocks rise on US-China talks, yen declines
Shares in Hong Kong and China traded within a tight range, while US equity-index futures advanced.
BUSINESS
Ken Moelis plans to step down as CEO of his investment bank
Moelis set up his firm with Mahmoodzadegan and Raich in 2007, after quitting as the top Americas dealmaker at UBS Group AG and just before the subprime-mortgage meltdown plunged the global financial system into crisis.
BUSINESS
Bank of America taps JPMorgan banker to helm India equity markets business
Satish Arcot, a two-decade financial services veteran, will join the bank toward the end of the year as a Mumbai-based managing director,
BUSINESS
Veteran Kotak fund manager Lakshmi Iyer set to join Bajaj Finserv
Bajaj Finserv, controlled by Sanjiv Bajaj, is a financial conglomerate primarily involved in retail credit such as consumer loans.
BANKING
HSBC, JPMorgan struggle with desk shortages for London offices
Spain’s Banco Bilbao Vizcaya Argentaria SA is running short of office space in the UK for its growing corporate and investment banking teams.
BUSINESS
Julius Baer sees consumption revival in India taking stocks to record high
The gauge is 4.6% away from its peak set in September and the central bank’s jumbo rate cut Friday is further raising expectations of a record-breaking surge.
BUSINESS
US, China to resume trade talks today with focus on rare earth exports
US-China trade tensions escalated this year as a series of duty hikes on each other’s goods sent tariffs well above 100% before hitting a pause.
BUSINESS
Asian stocks advance on trade talks, US jobs data
Equities in Japan and and South Korea opened higher while contracts for the S&P 500 index were flat after the gauge closed at its highest since February.
INDIA
US trade team extends India stay as talks progress ahead of July deadline
The team, which was initially scheduled to hold talks with Indian officials on June 5-6, will now be staying till Tuesday to continue discussions
BUSINESS
Meta in talks for Scale AI investment that could top $10 billion
The terms of the deal are not finalized and could still change, according to the people, who asked not to be identified discussing private information.
