BUSINESS
Trump expected to choose Marco Rubio as next Secretary of State
Rubio has taken an aggressive stance on China’s emergence as an economic power and has supported Israel’s war in Gaza and its attacks on Hezbollah in Lebanon, while also being a strong supporter of NATO.
BUSINESS
China plans to slash homebuying taxes in fiscal stimulus push
Regulators are working on a proposal that would allow mega cities including Shanghai and Beijing to cut the deed tax for buyers to as low as 1% from a current level of as much as 3%, the people said, requesting not to be identified because the matter is private.
BUSINESS
Bitcoin nears $90,000 as crypto market exceeds pandemic-era peak
Bitcoin has more than doubled so far in 2024, helped by robust demand for dedicated US ETFs and interest-rate cuts by the Federal Reserve.
WORLD
China nears record $1 trillion trade surplus as Donald Trump returns
Imbalances are also growing with many other nations. China now exports more goods to almost 170 countries and economies than it buys from them, the most since 2021
INDIA
Borrowings may rise in next fiscal year, says govt official
Sales in the fiscal year starting April 1, 2025, are likely to be higher on redemption of debt issued during the Covid years
IPO
Zetwerk is said to consider raising $1 billion in IPO
The Bangalore-based firm has held talks with investment banks to help prepare for a potential IPO in Mumbai next year
COMPANIES
MUFG is bullish on India and seeking M&A deals to drive growth
The goal for Japan’s largest lender is to push up its buyouts and investment in India, and increase annual returns from them to 20% in 10 years, Yasushi Itagaki, head of MUFG’s global commercial banking business, said in an interview
BUSINESS
Citadel Securities India full-year profit jumps as market booms
Citadel Securities India Markets Pvt. reported total revenue of Rs 2,900 crore ($344 million) for the 12-month period ended March, according to a filing last month with the ministry of corporate affairs. Net income stood at Rs 1468 crore.
BUSINESS
Hedge funds shorting Tesla just lost more than $5 billion
Hedge funds that had short positions against Tesla between election day and Friday’s close took an on-paper hit of at least $5.2 billion, according to Bloomberg calculations based on data compiled by S3 Partners.
BUSINESS
LG Electronics said to add Axis Capital to arrange $1.5 billion Mumbai listing
The South Korean company has selected the Indian bank as it moves forward with a share sale in Mumbai, the people said, asking not to be identified because the matter is private.
BUSINESS
Iron ore drops toward $100 as China’s latest fix disappoints
Futures declined as much as 2% in Singapore after slumping on Friday, when the Chinese government unveiled a debt-swap plan but stopped short of measures to directly boost domestic demand.
BUSINESS
India ready to weaken Rupee in line with Yuan after Trump win
BUSINESS
Shakeup of Indian airlines boosts competition, business seats
Vistara operates its final flight on Monday before its planned merger with Air India, and on Thursday, IndiGo debuts its business-class cabins on select routes for the first time.
BUSINESS
Bitcoin reaches $80,000 for first time on optimism over Donald Trump
The cryptocurrency climbed as much as 4.7% to an unprecedented $80,092 on Sunday.
WORLD
Trudeau warns US tariffs on Canada would 'hurt American workers'
President-elect Trump said he'll impose a minimum 10% tariff on everything the US imports, and has not promised exemptions for Canada.
BUSINESS
Booming offshore Rupee bond market set for record year of supply
Investors have this year bought more than Rs 42,000 crore of offshore rupee bonds, which are rupee denominated but settled in dollars. That is almost double last year’s tally and has already beaten the full-year record set in 2017.
BUSINESS
India moves $1.2 billion of green debt to index-tracking menu
Environmentally friendly notes with a 10-year maturity to be issued in the second half of the 2024-2025 fiscal year will be included in the index-eligible fully accessible route category, the central bank said in a statement late on Thursday.
MARKETS
Asian shares pare gains as focus switches to China
Australian and Japanese shares advanced along with Hong Kong futures, while the Golden Dragon index of US-listed Chinese companies jumped 3.5%.
BUSINESS
Millennium in early talks to sell an equity stake to BlackRock
Millennium, one of the world’s largest hedge funds, has never sold a portion of its business to a third party. The firm has backed smaller hedge funds.
BUSINESS
Here’s who Trump may tap to drive his economic agenda
Trump’s transition work was formally launched in August, with Howard Lutnick, CEO of Cantor Fitzgerald LP, and Linda McMahon, co-founder of World Wrestling Entertainment, serving as co-chairs.
BUSINESS
Powell signals readiness to defy Trump in defense of Fed
Jerome Powell strictly avoided speculating on what policies might emerge from the incoming administration. But he readily weighed in when the matter involved protecting the institution he’s served since 2012.
BUSINESS
Fed cuts rates for second-straight meeting to support economy
Officials voted unanimously to lower the federal funds rate to a range of 4.5% to 4.75%
WORLD
EV growth expectations for Trump years are already being slashed
Donald Trump will face difficulties rolling back President Joe Biden’s Inflation Reduction Act legislation that spurred a building boom of EV and battery factories, many in Republican-leaning states
BUSINESS
Trump’s China threat has investors favouring India, Japan stocks
Market watchers see the possibility of funds flowing into India and Japan while investors assess Trump’s anti-China stance, with the president-elect earlier having threatened to put tariffs of as much as 60% on Chinese goods.
