BUSINESS
Adani Enterprises’ debut retail bond sale sees strong demand
The issuance by billionaire Gautam Adani’s group received subscriptions worth nearly 7.2 billion rupees, compared to a plan to raise 8 billion rupees, according to lead manager Nuvama Wealth Management’s website.
BUSINESS
Luxury slump leads some Swiss watchmakers to seek government aid
Girard-Perregaux and Ulysse Nardin have become the first brands to confirm they’re using a state program to retain jobs and avoid permanent cuts.
BUSINESS
Luxury developer Rustomjee plans data centers to ride the AI boom
India’s data center capacity has nearly doubled since 2019, drawing interest from a wide range of investors, according to a report from Avendus Capital. Mumbai alone is expected to add 40% in new capacity in the next five years.
BUSINESS
Japanese stocks tumble on tech selloff, US recession worries
Japanese stocks suffered their steepest decline since the onset of a bear market a month ago, driven by a dismal US manufacturing report and a global tech selloff. The Nikkei 225 fell 4.2%, with chipmakers like Disco Corp. leading losses after Nvidia Corp.'s subpoena news dampened sentiment.
BUSINESS
Nvidia’s Jensen Huang loses $10 bn in his biggest wealth wipeout
Huang’s net worth slumped about $10 billion to $94.9 billion on Tuesday, the biggest single-day dollar drop for him since the Bloomberg Billionaires Index began tracking his wealth in 2016.
BUSINESS
Asia tracks worst US selloff since August crash
Asian stocks slumped following Wall Street's worst day since August 5, led by a 3% drop in Japan’s Nikkei 225. Weak US manufacturing data, plunging oil prices, and Nvidia’s record 9.5% loss fueled concerns over global economic health.
BUSINESS
SEBI plans to ease registration for foreigners buying govt debt
The move comes as foreigners continue to add money into index-eligible bonds with August seeing net inflows of $2.8 billion, the most since JPMorgan said it would include Indian bonds to its flagship emerging market gauge
BUSINESS
Hacker behind $234-million WazirX crypto theft starts washing funds
The perpetrator on September 2 moved 2,500 Ether tokens worth about $6.3 million to Tornado Cash — a sanctioned service that blurs the origin of cryptoassets.
INDIA
World’s no. 1 air-conditioner maker to expand capacity in India
The Japanese company has signed a memorandum of understanding to acquire an additional 33 acres (13.4 hectares) to build a new plant near its current factory in southern India, chief executive officer of Daikin’s India operations Kanwal Jeet Jawa said.
WORLD
HP to pursue $4 billion damages after Mike Lynch yacht death
In total, HPE was seeking $4 billion from Lynch and his finance chief, but the judge had cautioned that it was likely to get substantially less than that.
BUSINESS
ICICI Prudential AMC sells India sovereign bonds to buy credit
The country’s sovereign debt is among the best performing in Asia this year so far.
BUSINESS
Mastercard wants to get rid of card numbers for online shopping
It’s the latest step that the financial industry is taking to combat the rising issue of online payment fraud, which is expected to exceed $91 billion by 2028.
INDIA
Ukraine floats India Summit to push plan to end Russia’s war
Zelenskiy raised the issue during Modi’s visit, seeking India’s signature, the president’s spokesman, Nykyforov, said, adding that the host of a second summit must have signed the text.
BUSINESS
BPCL seeks Rs 32,000 crore for refinery in largest Rupee loan of 2024
The proposed deal would help BPCL expand at a time when India is boosting its petrochemical capacity to keep pace with growing plastics consumption.
BUSINESS
HDFC Bank plans to sell $1.2 billion of loans via rare debt tool
HDFC Bank sold a Rs 5000 crore loan portfolio to an undisclosed buyer in June. The bank had last done such a transaction more than a decade ago, Chief Financial Officer Srinivasan Vaidyanathan said last month.
BUSINESS
Decks cleared for Air India-Vistara merger, Centre clears $276 million investment by Singapore Airlines
India has given the green light to a $276 million investment by Singapore Airlines Ltd. into the newly merged Air India and Vistara, clearing the final hurdle for the deal.
BUSINESS
Nvidia’s earnings will test the S&P 500’s $4 trillion recovery
Analysts expect Nvidia’s quarterly revenue to be around $29 billion, more than double what it reported a year ago. And they anticipate another boost in guidance for future sales.
INDIA
Chinese hackers breach US, India internet companies: Report
Volt Typhoon has breached four US firms, including internet service providers, and another in India through a vulnerability in a Versa Networks server product, according to Lumen Technologies Inc.’s unit Black Lotus Labs
BUSINESS
Asian stocks cautious as market traders await Nvidia earnings
With the AI giant set to report earnings after Wednesday’s session, weak sentiment toward the tech sector, triggered by disappointing results earlier this week from Chinese e-commerce firm PDD, may linger
WORLD
Massive fires to hurt sugar output in top exporter Brazil, may impact global supply, prices
The impact could last through the coming year, as the fires have affected cane that was sprouting. In such cases, the heat severely damages the roots of the plant, meaning producers will likely have to replant or face a smaller harvest in the upcoming season
BUSINESS
Is China's consumption story fading? E-comm firm's $55-bn stock crash sends warning on economy
China’s less affluent consumers outside of glitzy mega cities drove much of e-commerce firm Temu-owner PDD Holdings Inc's success. They’re now a big source of uncertainty
BUSINESS
US private equity group TCG seeks pact with oil PSUs for a $10 billion project
TCG is in talks with ONGC and its unit HPCL for the planned project estimated at more than $10 billion in Cuddalore, Tamil Nadu, the people said, asking not to be identified as the discussions are private.
BUSINESS
Rothschild to boost equity capital markets, debt businesses in India as deals heat up
The expansion plans at Rothschild follow a surge of initial public offerings in the Indian stock market, partly driven by some multinational companies seeking to unlock value from their local operations, according to Aalok Shah, a managing director and co-head of Rothschild India
BUSINESS
What's it like working at Nvidia? You may get rich, but work remains stressful
The work hours are grueling, current and former employees said, leaving little time for the jet-setting, homebuying and leisure many can now afford. A culture problem is brewing, employees said
