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.
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.
