BUSINESS
India cuts back cheap gas for cars even as bad air chokes Delhi
Supply constraints have left retailers like Indraprastha Gas Ltd. and Mahanagar Gas Ltd. increasingly reliant on more expensive imports — or costly production from new Indian fields, which have proven more technically challenging.
BUSINESS
Global funds find bright spots in India despite equity outflows
Industrials, health-care and telecommunication stocks have drawn net inflows of about $3 billion each this year through Nov. 15, according to data from the NSDL.
BUSINESS
Japanese banks sticking with Adani as Jefferies, Barclays review ties
The Japanese support underscores the divide among finance firms over Adani after he and others were charged with plotting a $250 million scheme to bribe India government officials to win solar energy contracts.
BUSINESS
Aster DM is said to near deal with Blackstone-backed Quality Care
Shareholders of Aster are poised to own around 57% of the combined entity, while investors in Hyderabad-based Quality Care would hold the remaining 43%.
WORLD
France’s richest man Bernard Arnault denies knowing about blackmail plot against him at ex-top spy’s trial
France’s richest man appeared in a Paris court as a witness and said he found out about the extortion attempt 'years later in the press'
INDIA
Japan's Mizuho weighs new push to target private equity boom in India
Japan’s third-largest bank has held internal discussions on targeting this segment and is drawing up the potential talent pool that could lead this initiative
BUSINESS
Bitcoin gets boost as crypto supporters vie to head US regulators
The digital asset rose the most in more than two weeks on Wednesday to hit $97,361, before easing to $95,500 as of 5:45 a.m. Thursday in London. Crypto supporters emerged as leading candidates to run the Securities and Exchange Commission and the Commodity Futures Trading Commission, aiding sentiment
BUSINESS
The world’s biggest buyers of gold are now among East European Central Banks
For eastern Europe’s leaders, gold is viewed as a safe harbor — and a political selling point — as they maintain often complex balancing acts between the West, Russia and China. The Hungarian central bank has boosted its gold stash by more than a 10th to 110 tons this year.
BUSINESS
US GDP grows at solid 2.8% pace, helped by consumer spending
The GDP report showed the Fed’s preferred metric — the personal consumption expenditures price index — rose at an unrevised 1.5% annualized rate in the third quarter
BUSINESS
Apple misses out on big 2024 smartphone market rebound, IDC says
The latest study highlights the uneven recovery of the smartphone market, which slumped in the post-Covid era. Much of the 2024 growth came from pent-up demand and regions with lower smartphone penetration, IDC said.
BUSINESS
Goldman sees ‘significant’ hit to US from Trump’s Canada tariffs
The 25% levy on all products from Canada proposed by Trump would likely raise the price of fuels in the US, Daan Struyven, the head of commodities research for Goldman, said during a roundtable interview.
BUSINESS
Bhutan studying green financing for $23 billion hydropower plan
The country, which has mostly met its financing needs through a combination of concessional loans and grants from long-time allies such as India, recently saw a flurry of investment interest from entities including the Adani Group,
BUSINESS
Japan’s top chip distributor Macnica eyes acquisitions in China, India
Scale is becoming important even for distributors, according to Macnica President Kazumasa Hara. China, Southeast Asia, India and South Korea are all areas of interest, he said.
WORLD
Mexico hints at retaliation to Trump’s tariff threats
Sheinbaum’s calls for collaboration instead of hostility reflect the delicate balance she has sought to maintain since Trump’s victory put her nation on the front line of a potential US trade war with China.
BUSINESS
Trump team prepares to announce Greer as US trade representative
Greer’s selection highlights the central role tariffs will play in Trump’s economic agenda with the incoming president vowing to use trade policy to raise revenue for the federal government and to pressure companies to reshore manufacturing jobs to the US.
MARKETS
Millennium backs two hedge fund teams with about $1.8 billion
New York-based Scopia Capital Management is getting about $1 billion to manage externally for Millennium, people with knowledge of the matter said.
BUSINESS
Vedanta plans to invest $2 billion in Saudi copper projects
Vedanta also plans to set up a facility to produce as much as 300,000 tons per year of copper rods, a key raw material for electric cables.
TECHNOLOGY
Huawei plans to drop Android entirely in gadgets from 2025
The company’s new flagship phone, the Mate 70, will debut HarmonyOS Next, the iteration of its operating system that does away with remnants of Android in favor of entirely indigenous tech
BUSINESS
Adani Wilmar said to defer stake sale amid US bribery charges: Report
The majority owners of Adani Wilmar currently own a combined 86.8% in Adani Wilmar, far above the maximum permissible 75%.
BUSINESS
Byju’s faces new probe over financial, accounting practices
Registrar of Companies in Hyderabad has been asked to investigate Byju’s books to ascertain if the company misreported financial statements and whether funds were siphoned off, people said, asking not to be identified.
BUSINESS
StanChart front-runner to become the Dollar settlement bank in GIFT City
The move is likely to speed up transactions at a time when foreigners are showing greater interest in India and its sovereign bonds are added to global indexes, including those of JPMorgan Chase & Co.
BUSINESS
TPG said to be in advanced talks to buy Siemens Gamesa India assets
TPG has emerged as the likeliest buyer after outbidding rivals including industry players and private equity firms, the people said, asking not to be identified because the matter is private.
BUSINESS
Japan’s SBI follows Nomura in disclosing Adani Funds exposure: Report
SBI’s asset management arm published the weightings of Adani-related stocks held by four of its publicly offered investment trusts in a statement dated Monday.
BUSINESS
Vedanta sells dollar bonds after a brief pause due to market volatility
A unit of Vedanta, a London-based mining company with most of its operations in India, sold $800 million of callable notes in 3.5- and 7-year tranches.
