BUSINESS
Japan picks ‘Asian NATO’ backer Shigeru Ishiba as new PM, intensifying tensions with China
Ishiba beat Sanae Takaichi in a run-off for the leadership of the Liberal Democratic Party, helped by strong support among rank-and-file members.
BUSINESS
Arm rebuffed by Intel after inquiring about buying product unit
As part of its turnaround efforts, Intel is separating the chip product division from its manufacturing operations. The move is aimed at attracting outside customers and investors.
INDIA
India keeps markets guessing over RBI's monetary policy committee positions
The contracts of three external members of the Reserve Bank of India’s monetary policy committee will expire on October 4, just days before the MPC is expected to meet and make its rate decision on October
WORLD
Tokyo Electron prepares India expansion as PM Modi lures chipmakers
India is amping up efforts to attract international electronics companies and chipmakers to set up facilities within its borders, under a plan by the Narendra Modi administration to close the tech gap with advanced economies
WORLD
China cuts key rate, frees up cash for banks to spur growth
The People’s Bank of China’s 0.5 percentage point reduction to the reserve requirement ratio was announced earlier this week by central bank chief Pan Gongsheng, who didn’t provide a timeframe
MARKETS
Asian stocks extend rally on china, US sentiment
Equities in Australia advanced, while Japan’s Nikkei index was poised to erase all losses since the Bank of Japan’s July 31 interest rate hike
BUSINESS
HDFC Bank sells $717 million of home loans to reduce credit book
The buyers who subscribed to the pass-through certificates, backed by HDFC’s car loans, included ICICI Prudential AMC, Nippon Life India Asset Management Ltd
BUSINESS
Shapoor Pallonji Mistry taps Deutsche Bank to service India’s biggest junk bond
The debt-repayment struggle by the firm, which is part of conglomerate The Shapoorji Pallonji Group, underscores broader risks faced by global private credit investors flocking to emerging markets.
WORLD
Japan, South Korea eye anti-dumping action on China steel goods
The actions come as concerns grow in a number of countries over the impact of cheap goods flowing from the world’s biggest manufacturing nation
BUSINESS
Gautam Adani’s billion dollar copper play slows amid mining shortfall
Adani Enterprises Ltd. is likely to start processing the first copper concentrates or ore at its plant in the western Indian state of Gujarat in November and will build up slowly from there, according to people familiar with the matter.
BUSINESS
Jerome Powell emerges stronger after leading US Fed to big rate cut
“The chair always has enormous power,” said Mark Spindel, founder of Potomac River Capital and co-author of a book on the Fed and Congress. “There is a clear success story in Powell’s ability to get all but Bowman on board, and he is a more powerful chairman now.”
WORLD
China’s silence on US TikTok ban speaks volumes
Washington seems more likely than ever to block the popular app. Beijing’s reserve exposes America’s weaknesses
WORLD
Palm oil, world’s most popular vegetable oil, is no longer the cheapest
The tropical oil, which traded at a discount of $782 a ton to soyoil as recently as November 2022, is currently commanding a rare premium
WORLD
Xi Jinping & Co pledge fiscal spending and rate cuts to force China's economic turnaround
Officials said the government needs to ensure necessary fiscal spending and stabilize the real estate market, including strictly limiting the supply of new commercial housing construction
MARKETS
BSE said to push for tighter scrutiny of SME listings: Report
Sundararaman Ramamurthy, BSE’s chief executive, told bankers on Tuesday to ensure IPO hopefuls aren’t inflating their numbers
BUSINESS
India's gold imports more than triple in August after duty cut ahead of wedding season
The positive trend is likely to continue as a bountiful monsoon this year has brightened crop prospects, potentially boosting disposable incomes of farmers — a major consuming group.
BUSINESS
Tata Motors-owned JLR to spend $669 million in retooling UK plant for electric SUVs
Carmakers across Europe have tapped the brakes on their EV plans amid waning consumer demand and as countries including Germany and Sweden have slashed subsidies.
INDIA
Why a prolonged strike in a Seattle factory can put three Indian carriers on a turbulent path?
With Boeing at loggerheads with the International Association of Machinists and Aerospace Workers, concerns are escalating about the reliability of the plane pipeline
TECHNOLOGY
OpenAI discusses giving CEO Altman 7% stake in for-profit shift
The company is considering becoming a public benefit corporation, tasked with turning a profit and also helping society, said the people, who asked not to be identified because the information is private
MARKETS
Tech stocks lift Asian equities to two-year high
US equity futures edged higher in early Asian trading after the S&P 500 fell slightly and the Nasdaq 100 rose. Shares in Micron Technology Inc soared more than 10% in post-market trading Wednesday on a strong revenue forecast delivered after markets closed.
BUSINESS
National Stock Exchange said to have doubled In value amid IPO hopes
Unlisted shares in the world’s largest derivative exchange by contracts are in high demand with wealth managers whose rich clients want to own a piece of the company, said the people, asking not to be identified citing private information.
BUSINESS
OpenAI pitched White House on unprecedented data center buildout
OpenAI said investing in these facilities would result in tens of thousands of new jobs, boost the gross domestic product and ensure the US can maintain its lead in AI development, according to the document, which was viewed by Bloomberg News.
ECONOMY
Economists advise Centre to improve inflation data
More than 50 economists met with key government officials in Mumbai this week, and suggested that frequent household consumption surveys should be conducted for more up-to-date revisions of the consumer price index, the statistics ministry said in a statement Wednesday
COMPANIES
Nomura, Mizuho leading bidders for KKR-backed Avendus Capital
The two Japanese firms have made the highest preliminary bids for KKR’s 63% stake in Avendus Capital Pvt., said the people, who asked not to be identified as the discussions are private
