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
BUSINESS
HDFC taps retail bankers as wealth managers amid talent crunch
The bank has been expanding its wealth team by 10% to 20% annually for the past few years.
BUSINESS
Radical changes to India inflation regime are risky, study shows
The paper by think-tank National Council of Applied Economic Research addresses the ongoing debate among policymakers over whether food prices should be stripped from inflation targeting.
BUSINESS
Walmart is seeking up to $3.74 billion in sale of China's JD.com stake
The US retailer is offering 144.5 million shares in a $24.85 to $25.85 price range, the people said, asking not to be identified because the information is private. Morgan Stanley is the broker-dealer of the offering, they added
BUSINESS
RBI Governor Das says inflation must slow to 4% for a rate cut
The inflation rate in July eased below the RBI’s target for the first time since 2019, but the central bank expects it to climb back again from September.
WORLD
Asian stocks decline as Wall Street rally takes a breather
Shares fell in Japan, Australia and South Korea, after the US benchmark edged lower to end an eight-day winning streak. Chinese shares may decline after the Nasdaq Golden Dragon China Index fell 4.1% on Tuesday
WORLD
NATO allies stumble on air-defense commitments to Ukraine, raise concerns
NATO allies are falling short on delivering promised air defense systems and military equipment to Ukraine, despite urgent needs and commitments made at the Washington summit, sources say.
BUSINESS
Rupee misses out on Asia currency rally on RBI’s watch
The currency has edged lower against the dollar, while the Indonesian rupiah and Malaysian ringgit have soared more than 4% in August. That’s a turnaround for the rupee, which was the region’s best performer in the first half of 2024 after the Hong Kong dollar
BUSINESS
Rich Indians’ plan to invest abroad via GIFT city hits roadblock
The regulator for Gujarat International Finance Tec-City is halting approvals for family investment funds after feedback from the central bank, the people said, declining to be identified discussing private matters
WORLD
Central bankers diverge on rates path ahead of Jackson Hole
Today, with inflation having come down but remaining above 2% targets, there’s more distance among the group as officials weigh the risk of price pressures remaining too high against the danger of tipping their economies into a downturn. For investors, it makes for a more volatile backdrop
WORLD
China makes $31-bn nuclear push with record approvals
China’s cabinet approved the new reactors in sites spread across Jiangsu, Shandong, Guangdong, Zhejiang and Guangxi, state-run China Energy News reported
WORLD
Asian stocks climb after buoyant Wall Street session
Shares advanced in Japan, South Korea and Australia. The MSCI Asia-Pacific index headed for a third day of gains while Hong Kong futures also pointed to a rise.
BUSINESS
Adani Group touts cash pile to ease Hindenburg-fueled concerns
Gautam Adani’s group said its cash balance accounted for 24.8% of gross debt as of the end of the first quarter of the fiscal year that began in April, up from 17.7% a year earlier, according to its earnings release
WORLD
How the world sleepwalked into the global mpox emergency
The absence of shots and challenges in understanding the spread of the disease in the central African country underscore how hold-ups on the ground, a lack of international coordination and funding problems have hampered a swift response.
BUSINESS
7-Eleven owner Seven & I's stock surges as Couche-Tard submits record buyout offer
Seven & i’s statement came shortly after the Nikkei newspaper reported the buyout offer, which it said would have to be at least ¥5 trillion ($34.3 billion) or more, given the company’s market capitalization
MARKETS
Asia shares edge higher ahead of Jackson Hole meet, key central bank decisions
A gauge for the region’s stocks edged higher, extending Friday’s gains. Equity markets in Japan fluctuated, while those in Australia edged lower.
WORLD
Harris to Spend $370 Million on Digital and TV in Push to Nov. 5
Largely funded by Las Vegas Sands Corp. majority shareholder Miriam Adelson, the super-PAC expects to spend more than the $100 million it spent in 2020, the person said. It has focused most of its advertising on the border crisis.
