BUSINESS
Fortnite Publisher debuts mobile storefront after years in court
Chief Executive Officer Tim Sweeney expects Epic Games’ mobile versions of the popular titles Fortnite, Rocket League and Fall Guys to draw in gamers on Android devices worldwide and iOS products in the European Union.
BUSINESS
SoftBank is picking stock winners in India’s red-hot IPO market
The Indian IPOs are a positive sign after the Vision Fund segment fell to a loss of ¥204.3 billion ($1.4 billion) in the June quarter, weighed down by writedowns on a portfolio of young, loss-making technology companies.
BUSINESS
Foreigners turn short Indian shares for first time in two months
BUSINESS
Asian equities rally as US recession fears fade, set for best week in over a year
Almost all major stock benchmarks gained in Asia, with a regional gauge on track for its best weekly performance in more than a year.
BUSINESS
China’s economy fails to pick up after worst stretch in five quarters
Industrial output rose 5.1% from a year ago, the National Bureau of Statistics said Thursday, down from June’s increase of 5.3%. The median forecast of economists surveyed by Bloomberg was 5.2%. The urban jobless rate grew for the first time since February to reach 5.2%.
WORLD
Ukraine reports largest surrender by Russian troops of the war
Russian officials have already contacted Ukraine about a possible prisoner exchange, Dmytro Lubinets, the parliamentary human rights commissioner in Kyiv, said in televised comments
BUSINESS
Govt changes power export rules in potential gain for Adani
Plants selling their entire power to neighboring countries may be allowed a domestic grid connection in case of a consistent drop in offtake or payment defaults, according to the new rules published on the power ministry’s website
BUSINESS
Hindalco may resume work on Novelis share sale next year
The plan to raise as much as $945 million by floating Novelis, the world’s largest aluminum recycler, was postponed in June.
BUSINESS
India’s Swan Energy to sell LNG terminal to Botas for $399 million
The deal, which is likely to be completed in six months, is subject to the approval of shareholders and regulators, the Mumbai-based company said in a stock exchange filing.
BUSINESS
India’s short-term borrowing costs dip to lowest since 2022
The yield on the 364-day treasury bill dipped to 6.7240% in an auction on Wednesday, the least since September 2022. The yield on other very short-dated papers also dipped.
BUSINESS
World’s top steel producer warns of ‘severe’ industry crisis
The crisis will likely be longer and “more difficult to endure than we expected,” Hu Wangming, chairman of China Baowu Steel Group Corp., told the company’s half-year meeting, according to a statement
WORLD
US considers a rare antitrust move: Breaking up Google
The move would be Washington’s first push to dismantle a company for illegal monopolization since unsuccessful efforts to break up Microsoft Corp. two decades ago.
WORLD
Top contenders for Japan leadership after Kishida announces exit
The president of the LDP is virtually assured of becoming prime minister because of the party’s dominance in parliament. Here’s a look at some of the potential contenders to replace Kishida.
BUSINESS
Starbucks’ new CEO has to contend with crisis and Howard Schultz
Schultz not only has posted multiple critical missives on LinkedIn, but often emails the entire executive team with leadership or business advice, according to a person familiar with the situation.
BUSINESS
New Starbucks ‘dream’ CEO swings $27 billion in market value
Niccol is being hailed as the top public restaurant CEO in the U.S. by several analysts, including Bloomberg Intelligence’s Michael Halen, who said the hire is a “no brainer.”
BUSINESS
Citigroup’s global head of markets digital assets Maini leaves
Maini spent more than 14 years at Citigroup, according to a profile on Linkedin, and most recently led the digital assets team under the markets division.
BUSINESS
China goes to new extremes in crackdown on bond-market frenzy
The saga underscores the dilemma Beijing is in: while it has to support the sluggish economy by keeping borrowing costs low, it’s trying to make sure money isn’t so cheap that a bond bubble is formed jeopardising financial stability.
WORLD
Nikkei 225 recovers to levels seen before 12% rout on August 5
The Nikkei 225 advanced 2.7% to 35,961.95 as of 10:00 a.m. in Tokyo, rising after a long weekend as a weaker yen provided support for exporters such as automakers and tech firms.
BUSINESS
OPEC trims oil demand forecast ahead of decision on supply boost
Based on OPEC’s data, the coalition could comfortably start restoring oil supplies from October without destabilizing the market
BUSINESS
Foreign investors pull record amount of money from China
Should the decline continue for the rest of the year, it would be the first annual net outflow since at least 1990, when comparable data begins.
BUSINESS
India set to close In on China as emerging-market stock anchor
Meanwhile, Taiwan is competing fiercely with India in the race to replace China’s top spot in emerging market equity portfolios. As of the end of July, Taiwan accounted for 18.39% of MSCI’s EM index.
BUSINESS
Wise eyes more of India’s $32 billion in overseas remittances
The London-based fintech firm stopped accepting new clients in recent months in order to revamp its infrastructure after getting a license from the Reserve Bank of India that permits the app’s customers to send more money overseas.
BUSINESS
India set to close in on China as emerging-market stock anchor
Analysts from firms including Smartkarma and IIFL Securities Ltd. expect India’s weight in the MSCI Emerging Markets Index to rise by at least one percentage point following the index provider’s review this week.
BUSINESS
Ex-Twitter chairman sues Elon Musk’s X for $20 million in shares
Lawyers for the former chairman claim that X Corp., as Musk renamed the company, is seeking to “reap the benefits of Mr. Kordestani’s seven years of service to Twitter without paying him for it.”
