BUSINESS
India’s record gold import said to be due to calculation error
The double counting may have gone unnoticed earlier, but became apparent only in November because domestic prices went into a discount of at least 10% from international prices, triggering increased purchases that disproportionately pushed up import figures
BUSINESS
Merck in pact for Chinese obesity drug in nearly $2 billion deal
Under the terms of the deal, Hansoh Pharma would also receive royalties on sales, and may co-promote or solely commercialize the drug in China subject to certain conditions, the companies said in the statement.
BUSINESS
Yotta Data Services seeks $500 million private credit to invest in data centres
Yotta’s fund-raising plan underscores the growing need for capital in the world’s fastest-growing major economy that has made infrastructure building a key priority.
BUSINESS
Reserve Bank dials down use of NDFs to fight dollar
The Reserve Bank of India has recently let some short dollar positions in the overseas market expire without rolling into new contracts
BUSINESS
Foxconn said to have approached Nissan to take controlling stake
Honda is considering several options that may also involve a capital tie-up or the establishment of a holding company, Executive Vice President Shinji Aoyama said on Wednesday.
WORLD
Asian stocks edge higher with focus on US Fed meeting
A gauge of regional stocks rose 0.3%, led by gains in Hong Kong, mainland China and South Korea. Japanese equities fluctuated
MARKETS
Dow Industrials is mired in longest slide since 1978
The Dow Jones Industrial Average ended the day 0.6% lower for its ninth straight decline
BUSINESS
Nissan and Honda consider merger to take on Toyota
A deal would effectively consolidate the Japanese auto industry into two main camps: One controlled by Honda, Nissan and Mitsubishi and another consisting of Toyota group companies
BUSINESS
Shriram Finance seeks record $1.25 billion offshore loan split across currencies
The loan adds to this year’s rush of offshore debt sales by Indian shadow lenders after the nation’s central bank tightened rules in November 2023 that made it increasingly difficult for the sector to obtain local currency bank loans.
WORLD
China capital exodus reaches record speed on tariff threat
The rising tide of outflows signals souring sentiment toward the Asian nation as US President-elect Donald Trump’s vow to impose 60% tariffs on Chinese goods threatens to decimate trade between the two nations.
WORLD
Canada’s dollar slumps to Covid-era low as Trudeau government slips into crisis
The currency has fallen more than 7% against the US dollar this year so far, on path to have the worst year since 2018.
BUSINESS
India Inc raises $16 billion from large buyers via share placements in 2024
India has also emerged as one of the busiest venues globally for first-time share sales this year. Over 300 companies have done IPOs that raised almost $18 billion so far in 2024, thanks to robust demand from retail investors and global funds.
BUSINESS
China may keep trying to spur consumption without big stimulus
Senior officials last week endorsed their strongest pro-growth stance in a decade, indicating bigger government spending and more interest rate cuts
BUSINESS
Trump picks former investment banker George Glass as Japan ambassador
Glass, who has also worked in real estate, was US ambassador to Portugal during Trump’s first term as president.
BUSINESS
Blackstone said to emerge as lead bidder for Haldiram stake
Talks are advanced and the parties are looking to reach an agreement as soon as the coming weeks, the people said, adding that other bidders remain interested in potentially buying a stake.
BUSINESS
LG Electronics said to eye up to $15 billion valuation for India IPO
The South Korean company is planning to start a formal roadshow for LG Electronics India IPO in the next two months and is targetting a listing in the first half of 2025, the report said.
WORLD
China’s unexpected retail slowdown shows urgency to boost demand
Retail sales rose 3% from a year ago, the slowest pace in three months and undershooting even the most bearish of forecasts.
CRYPTOCURRENCY
Bitcoin rises to record after longest weekly winning run since 2021
The largest token rose more than 3% at one point on Monday in Asia to an unprecedented $106,493, exceeding its previous peak from December 5
MARKETS
Asia stocks in tight range with eyes on China data
MSCI’s Asian benchmark was little changed as shares crept higher in Japan and Taiwan and were little changed in China
BUSINESS
UK-India business boosted by prospect of trade deal, HSBC says
While a deal is still far from nailed on, Prime Minister Keir Starmer — who ousted Rishi Sunak’s Conservatives in July — will welcome the rise in Indian interest in the UK indicated by HSBC’s figures.
BUSINESS
UBS’ Bhanu Baweja views China as underrated risk for India's stock rally
Investors are overlooking the danger of disinflationary winds from China, if the country’s exports are hit by President-elect Donald Trump’s trade policies, Baweja said in an interview.
BUSINESS
Carlyle Group said to mull $1 billion India IPO for Quest Global
The US investment firm has held early talks with advisers about a possible share sale in Mumbai that may take place as soon as next year, the people said, asking not to be identified because the information isn’t public.
BUSINESS
China vows bigger fiscal spending to boost consumption next year
Top officials led by President Xi Jinping vowed to raise the fiscal deficit target next year in an announcement made following a two-day huddle of the Central Economic Work Conference in Beijing.
BUSINESS
Xiaomi’s 103% rally puts EV dark horse on the brink of new record high
Investors are hoping to see a similar trajectory to when Xiaomi launched its first smartphone in 2011 and grew within a few years to rival Apple Inc. and Samsung Electronics Co., making its founder Lei Jun a billionaire in the process.
