BUSINESS
Citigroup sees India luring $100 billion in foreign investment
Companies working to help India meet its net-zero goals will be among the beneficiaries of the foreign capital flows, according to K Balasubramanian, head of corporate banking for Southeast Asia and the Indian subcontinent.
BUSINESS
Google set to lead $250 million round by mobile startup Glance
Glance InMobi Pte. is set to raise as much as $250 million as soon as within a few weeks, people familiar with the matter said, asking not to be named as the talks are private. The fundraise isn’t yet finalized and discussions may still break down.
POLITICS
US: Robert Menendez conviction is a rare win against public corruption
The Supreme Court has spent years chipping away at the laws that hold public officials in check
BUSINESS
India targets $110 billion FDI a year to help boost economy
India’s annual average FDI in the seven years through March 2023 amounted to $71 billion, according to figures from the investment agency, which is a joint venture between the Ministry of Commerce and private business chambers.
WORLD
Joe Biden says in TV interview Kamala Harris could lead if health declines
“Only if I was told that there was some medical condition that I had, and that’s not the case,” Biden said when asked in a BET interview broadcast Wednesday if he would consider being a transitional figure, then turn over the presidency to Harris within two years.
BUSINESS
Asian stocks decline as chip selloff gains steam
Shares in Japan and South Korea dropped, with the Topix falling as much as 1.5%, weighed down by a stronger yen and further fallout from heavy selling in chipmakers around the world. Tokyo Electron Ltd. faced the brunt of selling for a second day, dropping almost 11%.
WORLD
Global shipping-market strain revives fear of inflation comeback
Within weeks, spot container rates surged the most since 2022 and customers were demanding lighting products sooner than ever before the peak sales season in the fourth quarter.
WORLD
Morgan Stanley promotes miles to global M&A head in unit revamp
The overhaul is intended to foster stronger integration between the capital markets and investment banking team. The promotions didn’t include any senior women at the US advisory giant, whose top ranks remain dominated by men.
WORLD
Xi jinping to map out vision for China’s economy as key meeting wraps up
The ruling Communist Party is set to publish a document on Thursday — typically written in cryptic and sweeping language — offering the first glimpse of what some 400 officials discussed behind closed doors during the four-day meeting in Beijing. Normally, that communique is fleshed out days later by a more detailed report.
WORLD
Block deals led by global firms reach record $15 billion
About $15 billion has been raised in secondary sales or block trades in India this year, a more than 150% surge from the same period in 2023, data compiled by Bloomberg show. That’s already higher than any previous annual tally. And over $5 billion has been raised in initial public offerings, double a year earlier.
WORLD
Top takeaways from Businessweek’s Donald Trump interview
Trump was clear about his intentions if returned to power in the interview, conducted just weeks before he was set to formally receive the Republican Party’s nomination for president
WORLD
‘I don’t like China:’ What JD Vance has said about Beijing
Vance has suggested the US military should drop everything and focus on Beijing, called for broad tariffs on Chinese imports and introduced legislation that would restrict the Asian nation’s access to the American financial system.
WORLD
Trumponomics 2.0 will awaken bond vigilantes: Jonathan Levin
After a weekend assassination attempt that has galvanized support for the former president, yields on longer-term Treasury securities rose a bit more than shorter-term ones on Monday, a subtle sign that the Trump inflation threat is on the market’s radar.
WORLD
Nomura reshuffles Asia investment bank team, cuts jobs in slump
Patrick Kwan, head of investment banking for Asia excluding Japan, is leaving the firm after more than two years in the role, according to an internal memo confirmed by a company spokesperson.
BUSINESS
Indian bonds in demand as global stock investors seek collateral
This development is appealing to overseas investors, as they can now earn interest on their bond holdings, unlike with traditional cash or cash-equivalent margin postings
BUSINESS
Traders add to bets on three Fed rate cuts in 2024
Fed Chair Jerome Powell in a public appearance Monday reiterated that recent data have given the central bank confidence that inflation is on a path back toward its 2% goal, possibly paving the way for rate cuts, but that he wouldn’t send signals on any particular meeting.
WORLD
Ivory Coast deploys malaria shot developed by Serum Institute and Oxford University
The vaccine was recommended in 2023 by the World Health Organization for use in Africa for children under five years old, the age group there that bears the brunt of a disease that kills more than 600,000 people per year.
WORLD
Trump taps Vance as running mate, picking populist protege
Vance is 39, nearly four decades younger than Trump, 78, marking a potential generational shift for the party and offering a fresh voice to Republican efforts to bolster their appeal to the White working-class voters .
WORLD
Trump’s Vance pick widens rift with GOP’s foreign policy old guard
It’s far too early to know how much Trump would listen to Vance’s counsel if they win in November. But if he does, the US will take an even more skeptical view toward Ukraine than Trump has expressed so far.
INDIA
'China ready but I want India to do it': Bangladesh PM Sheikh Hasina on key $1 billion river project
China and India both want to execute the Teesta River Comprehensive Management and Restoration — a Dhaka-led initiative to better manage the river’s waters — as the two nation vie for influence in neighboring Bangladesh.
MARKETS
Foreign banks are snapping up short-term Indian bonds, Bank of America says
Foreign banks bought nearly 600 billion rupees ($7.2 billion) in all maturities since the start of June even as state-run banks and mutual funds sold, according to Clearing Corp. of India data. CCIL doesn’t break down the data by maturity.
BUSINESS
Bain Capital-backed 360 ONE plans a bet on EM-focused fund by Ruchir Sharma
Bain Capital-backed 360 ONE WAM Ltd. will raise cash from domestic clients for a feeder fund for the emerging markets-focused EM Revival Master Fund managed by Sharma’s Breakout Capital, according to the firm’s co-founder Karan Bhagat.
BUSINESS
Airbus expects China, India to drive jet sales in next decades
The company anticipates the world will have 48,230 aircraft in 2043, compared with 24,240 planes at the start of this year, according to Airbus’s annual Global Market Forecast.
WORLD
'Donald Trump wins big’ meme stock surges in China
Shares of a Chinese company whose local-language name sounds like Trump Wins Big soared Monday.Wisesoft Co., a software maker whose Chinese name Chuan Da Zhi Sheng implies victory for Donald Trump in Mandarin, rose by the maximum 10% daily limit in Shenzhen.
