MARKETS
World-beating Indian energy stocks rally has fuel for more gains
The sector, dominated by India’s state-owned companies, has been an investor darling due to the country’s rapidly growing energy consumption, with the South Asian nation projected to be the leading driver of global demand through 2030.
WORLD
Gone in 18 days: Temu owner’s founder loses spot as China’s richest person
A slump Monday in shares of PDD Holdings Inc., the parent company of e-commerce giant Temu, sent Huang’s fortune tumbling by $14.1 billion, his biggest one-day loss ever
WORLD
Asian stocks fluctuate as investors await Nvidia earnings
A gauge of the “Magnificent Seven” megacaps slid 1.2% on Monday. While more than half of the shares in the S&P 500 gained, the US equity benchmark edged lower — a consequence of weakness in the tech giants that dominate it
BUSINESS
LG Electronics weighs India IPO to help chase $75-billion goal
Any IPO would coincide with a boom in India’s capital markets. Some 189 companies aim to sell shares to raise $5.6 billion this year, making it one of the busiest markets in this space
WORLD
After Sheikh Hasina's exit, Bangladesh directs attention to a pressing issue
The country’s interim government has asked Debapriya Bhattacharya, an economist and public policy analyst, to produce a “white paper” documenting mismanagement under Hasina’s rule.
BUSINESS
Millennium shuts two trading pods in Asia, managers to leave
Millennium Management has shut down two index-rebalancing pods in Asia this month, according to Bloomberg, The Hong Kong-based portfolio managers for both the pods are leaving the firm, it said, citing sources.
BUSINESS
Value-for-money fashion spurs retail stock Trent's 129% surge
Trent’s sales surged 56% in the latest quarter, surpassing rivals such as Avenue Supermarts and Aditya Birla Fashion & Retail, even as extreme heatwaves and recent national elections suppressed consumption in India.
TECHNOLOGY
Cheap voice bots rapidly rise as tech startups eye billion Indians join global AI frenzy
India has tried to keep pace with the global artificial intelligence frenzy in the nearly two years since ChatGPT launched, but chatbots have often been limited by a lack of data on many of the country’s languages.
WORLD
Asian stocks rise as investors count down to interest rate cuts
The prospect of the US finally easing borrowing costs is shaping trading across financial markets. The yield on 10-year US Treasuries declined two basis points to 3.79% during Asian trading
WORLD
S&P 500 up 1% as ‘Powell pivot’ sinks bond yields: Markets wrap
The S&P 500 rose about 1 percent. Treasury 10-year yields declined five basis points to 3.81 percent. The dollar fell 0.8 percent
INDIA
Goldman Sachs cuts India’s 2024 and 2025 GDP growth forecasts
The bank now expects the nation’s economy to expand at 6.7% in calendar 2024, and 6.4% in 2025.
BUSINESS
Adani Power has $800 million in unpaid dues from Bangladesh
Besides Adani Power, a handful of other India state-owned firms, including NTPC Ltd. and PTC India Ltd., also supply electricity to Bangladesh
BUSINESS
Fed’s Jackson Hole conference is underway: Here’s what to expect
With the Fed on the cusp of lowering borrowing costs from a more than two-decade high, Powell’s comments will be closely parsed for any kind of signal about the timing, size and pace of interest-rate cuts.
BUSINESS
India’s ‘sweet spot’ lures bond funds amid global market turmoil
With the prospect of interest rate cuts on the horizon and the rupee treading water near historic lows, offshore investors have bought roughly $7 billion net of the South Asian country’s bonds since May.
WORLD
Jonathan Bloomer, Morgan Stanley International chair, dies in Italy's luxury yacht tragedy
Bloomer's wife, Judy, was also among those killed. They had been guests on the superyacht Bayesian to mark the acquittal of British tech tycoon Mike Lynch at a trial in which Bloomer had been a defense witness.
WORLD
Harris’ vibes-heavy, policy-lite campaign leaves businesses guessing
Cautiously curious business executives, who were unenthused by Biden and are uncertain about a potential Trump 2.0 presidency, are trying to tease out if Harris, aside from the standard political rhetoric, is a candidate more willing to pitch the party back toward the center
WORLD
Asian stocks, bonds face pressure ahead of Powell's Jackson Hole speech
Equities in Australia and South Korea fell alongside Hong Kong share futures, echoing Thursday’s selloff in US stocks where both the S&P 500 and tech-heavy Nasdaq 100 indexes retreated.
BUSINESS
India's PB Fintech tops global fintech index after doubling in 2024
The shares have risen about 110% in 2024, the most among companies with a minimum $1 billion market value in the 52-member Solactive FinTech Index.
BUSINESS
Gautam Adani to revamp Family Offices, hire auditors and CEO to boost oversight
Hiring is underway for a team of about five people, led by a CEO and a chief investment officer, that will initially report to the Group Chief Financial Officer, Jugeshinder Singh, and eventually to the billionaire-founder, the people said.
BUSINESS
Rupee’s record lows mask currency’s trade-weighted overvaluation
Rupee has underperformed Asian peers this month amid a yen trade unwinding and outflows from stocks. The central bank’s strategy to allow a weaker rupee may be aimed at correcting some REER overvaluation to boost India's trade competitiveness.
COMPANIES
DMI Finance to raise funds from MUFG at $3 billion valuation
MUFG is set to buy around $330 million of stock in the company, DMI Finance co-founder Shivashish Chatterjee said in an interview Wednesday
BUSINESS
Temasek mulling exit from Schneider Electric India venture
The Singapore state investment company has been discussing options including a sale of its minority stake in the joint venture to Schneider or another party
WORLD
Asian equities climb ahead of key US Fed, Bank of Japan events
Minutes from the latest Fed policy meeting showed several officials acknowledged a plausible case for cutting rates, before the central bank voted to keep them steady.
BUSINESS
World’s top gambling stock spurred by Philippine online frenzy. Check what's behind 151% surge
Shares of DigiPlus Interactive Corp. are up 151% so far this year, more than any other casino stock with a market value of over $1 billion
