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.”
WORLD
Sunita Williams rescue: If Boeing fails, Nasa has a backup plan involving Elon Musk's SpaceX
NASA said astronauts Barry “Butch” Wilmore and Sunita “Suni” Williams could come back to Earth around February 2025 with a two-person crew on SpaceX’s Crew-9 mission.
BUSINESS
From Airbnb to Visa, Olympic sponsors say Paris delivering brand visibility that Tokyo failed to provide
Some 11.3 million people will have visited the French capital by Sunday night’s closing ceremony, including 1.5 million from overseas, according to projections from the city’s tourism board.
WORLD
Temu’s billionaire founder becomes China’s richest person
The former Google engineer eventually started Pinduoduo, an e-commerce platform known for selling dirt-cheap products with massive promotions, in 2015.
BUSINESS
TSMC sales grow 45% in july on strong AI chip demand
TSMC’s July revenue surged 45%, boosting growth expectations and signaling strong AI chip demand, surpassing previous forecasts.
BUSINESS
Mention of heatwaves at all-time high in India’s earnings calls
India's scorching summer has emerged as a new challenge for companies already grappling with slowing earnings growth and supply chain disruptions. The heatwave was mentioned 80 times in Nifty 500 companies' earnings calls for the June quarter, a sharp rise from just seven mentions a year ago, according to Bloomberg data.
BUSINESS
A new red line for rupee is forming as pressure mounts
India’s central bank appears to have drawn a new line at the 84-per-dollar level for the rupee, with analysts noting likely interventions by the Reserve Bank of India (RBI) to prevent further depreciation. Despite global market pressures, the rupee has remained one of the least volatile emerging-market currencies this year, thanks to the RBI’s consistent actions. The Indian currency recently hit a record low of 83.9875 per dollar, with the central bank expected to intensify its efforts if the rupee nears the 84 level.
BUSINESS
Nvidia value takes $900 bn hit even as AI spending ramps up
Microsoft Corp., Amazon.com Inc., Alphabet Inc. and Meta Platforms Inc. — together accounting for more than 40% of Nvidia’s revenue — have all said they will keep investing billions into AI infrastructure
BUSINESS
Vedanta is said to put $2.5 billion steel business sale on hold
Vedanta only mandated advisers for the possible sale of the steel business, the people said. The company has previously said it would prioritize areas such electronics and semiconductors
