BUSINESS
Stocks in Asia slip, tracking US tech-led declines
Stocks in Japan and South Korea both fell over 2%, with chipmaker SK Hynix Inc. tumbling even with solid earnings.
WORLD
Elon Musk’s poll shows most want Tesla to invest $5 billion in xAI
The Tesla chief executive officer posed the question Tuesday, shortly after the carmaker reported a fourth straight quarter of disappointing profit.
BUSINESS
S&P 500 snaps longest streak without a 2% decline since 2007
The US equities benchmark slid 2.3% on Wednesday, ending 356 sessions through Tuesday without a drop of at least 2% — its longest streak in 17 years, according to data compiled by Bloomberg.
WORLD
US yield curve steepens as bond traders see Fed cuts looming
Yields on policy-sensitive two-year Treasuries slid three basis points on Wednesday, while those on 10-year bonds were up by about the same amount. That pushed the differential between those yields to about 14 basis points, the smallest margin since October 2023.
BUSINESS
Tech star arrested in Korea after $10 billion fall from grace
The Kakao Corp. founder was arrested just after 1 a.m. Tuesday for an alleged price-rigging scheme during a high-profile takeover battle for K-pop agency SM Entertainment Co.
WORLD
CrowdStrike blames defect in content update for Epic IT crash
The US company is trying to piece together the series of events that led to one of the most spectacular rolling IT failures the world has ever seen.
BUSINESS
India needs to sell assets to support spending, JPMorgan says
Prime Minister Narendra Modi, who returned to power last month with a weaker mandate, is under pressure to spend more to shore up voter support and meet the demands of his coalition partners.
WORLD
Singapore has world’s most powerful passport after unseating Europeans
Having a Singapore passport means getting visa-free entry to a record 195 global destinations, putting the city state at the top on the Henley Passport Index. The four European countries, which held the No. 1 spot earlier in the year, are now in second place along with Japan.
INDIA
What is the deadly Nipah virus and why is it flaring up again
The brain-damaging virus, which can spread from bats and pigs to humans, has surfaced in Kerala several times in recent years. In a 2018 outbreak, 21 people died before it was contained. The virus has previously been detected in countries including Singapore and Malaysia. Here’s what you need to know about it:
BUSINESS
Reliance gets US approval to resume crude imports from Venezuela
India’s largest privately owned refiner plans to start purchasing Venezuelan crude soon, said the people, who asked not to be named as the information is not public.
BUSINESS
India’s video market is set to expand to $13 billion by 2028
The world’s most populous country is the fastest-growing among major global video markets, according to research by Media Partners Asia. The video entertainment economy is expected to post 8% annual growth through 2028, fueled by premium on-demand streaming, it said.
WORLD
Toyota said to plan strategic share buybacks from MUFG, SMFG
Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. will start divesting their stakes in Toyota, said the people, who asked not to be identified because the information isn’t public.
WORLD
Julius Baer picks Goldman Sachs veteran Stefan Bollinger as new CEO
Bollinger will join from Goldman Sachs Group Inc, where he is currently co-head of private wealth management for Europe, the Middle East and Africa, Julius Baer said in a statement on Tuesday. He will start the role “no later than” February 1, 2025, the bank said.
BUSINESS
Budget Guide 2024: Modi 3.0 seen curbing fiscal deficit, cutting taxes
Modi’s government is expected to reduce its deficit target slightly from the 5.1% of gross domestic product projected before the elections, according to economists in a Bloomberg survey.
BUSINESS
PhonePe, Google Pay cede online payment share to new entrants
PhonePe’s share in total UPI transactions dropped to 48.37% from 48.67% in May. Google Pay’s portion shrunk to 36.76% from 37.18% in the previous month, according to data released by the National Payments Corporation of India.
BUSINESS
Byju’s lawyers blame client in bid to quit US bankruptcy case
In an unusual move, two law firms representing Riju Ravindran, brother of Byju’s founder, filed papers Friday in federal court in Wilmington, Delaware, claiming their clients have failed to cooperate in their own defense.
BUSINESS
India to ease borrowing, investment rules for state firms
Prime Minister Narendra Modi wants to make it easier for these firms to diversify into new markets and boost manufacturing, thereby helping him create jobs and lower imports, the people said, asking not to be identified before a formal announcement
BUSINESS
Biggest India fund sees budget arming central bank with liquidity tool
MSS bonds are issued by the government outside the normal borrowing program to enable the Reserve Bank of India soak up liquidity. The proceeds are kept in a separate fund and not used for government spending.
BUSINESS
HDFC Bank’s unit seeks up to $300 million in offshore loan
HDB Financial Services Ltd. is in talks with a group of global and local banks to finalize the terms, said the people, who asked not to be identified because the discussions are private.
BUSINESS
Sovereign wealth funds are turning bullish on emerging markets, Invesco survey shows
Two thirds of the respondents expect emerging-market returns to match or beat those from developed markets over the next three years, with non-western SWFs more keen on the relative outperformance of developing assets, according to the survey conducted among 83 sovereign wealth funds and 57 central banks during the first quarter of 2024.
BUSINESS
Suzuki sees India’s automobile market growing fivefold by 2047
First, the goal is for Maruti Suzuki India Ltd., the Japanese carmaker’s subsidiary, to grab 50% market share by 2030, from around 40% for the fiscal year through March. “We’re confident that the Indian market will expand in the mid to long term,” Ayukawa said in an interview.
WORLD
Crypto traders bullish as Joe Biden bows out of US presidential race
The largest digital asset recovered from earlier losses to hover around $68,300 as of 8:42 a.m. in Singapore on Monday as markets reacted to the possibility of a match-up between pro-crypto Donald Trump and Kamala Harris.
WORLD
Jane Street gets millennium trade secrets countersuit tossed
The judge on Thursday said the unfair competition counterclaim failed because Jane Street wasn’t trying to improperly benefit from any labor or investment by Millennium.
WORLD
Copper set for worst week since 2022 as China plenum disappoints
Futures for the red metal have fallen by almost 5% in London this week amid a broad retreat that’s also battered aluminum, tin and nickel.
