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.
WORLD
Global markets ramp up the ‘Donald Trump trade’ after rally attack
The series of wagers — based on anticipation that the Republican’s return to the White House would usher in tax cuts, higher tariffs and looser regulations — had already been gaining ground since President Joe Biden’s poor performance in last month’s debate imperiled his re-election campaign.
BUSINESS
Adani plans to build port in Vietnam to tap trade opportunities
Adani Ports and Special Economic Zone Ltd. has secured an “in-principle approval from the Vietnamese government” for a greenfield development in Da Nang, Karan Adani, managing director of the company, said in an interview.
WORLD
Bitcoin rises as Trump shooting seen increasing re-election odds
Bitcoin rose as much as 2.1 percent to $59,849.84, before paring that advance to trade at about $59,426 as of 10:25 p.m., New York time.
WORLD
Haven rush, ‘Trump trades’ on investor minds after shooting
Assets linked to the so-called Trump trade range from the dollar to Treasuries to the shares of private prisons, credit-card companies and health insurance firms.
WORLD
Donald Trump’s bloodied, defiant image after shooting pumps up his base
Images of a defiant Trump — with his fist raised over his head and his bloody right ear, as Secret Service agents surround him and the American flag waving in the background — are blazing across social media and television.
BUSINESS
Taiwan, India threaten China’s top spot in emerging market equity portfolios
Thanks to record stock rallies, Taiwan and India now command more than 19% weightings each in the MSCI EM Index. That compares to China’s 22.8%, whose standing has steadily shrunk over the past few years, Bloomberg-compiled data show.
WORLD
China to skip quarterly GDP briefing as Xi Jinping holds party conclave
The National Bureau of Statistics will skip a briefing initially scheduled for Monday and instead reveal second quarter growth figures online at 10 a.m., it announced in a schedule uploaded to its website Friday. The organization didn’t provide a reason for the change.
WORLD
Citigroup’s new banking chief Viswas Raghavan gets $41 million in stock
Raghavan, 57, who reports directly to Chief Executive Officer Jane Fraser, got about 623,838 shares, according to a filing. Citigroup’s stock closed at $65.71 apiece on Thursday.
BUSINESS
Heat wave, elections in India create unlikely earnings winners and losers
Demand from villages and smaller towns outpaced that of cities in the April-June quarter in a sign of India’s broad-based economic growth.
WORLD
Jane street knocks out some millennium defenses in trade-secrets fight
US District Judge Paul Engelmayer on Thursday struck that “unclean hands” defense by Millennium and traders Douglas Schadewald and Daniel Spottiswood, saying they failed to adequately allege that Jane Street engaged in “unconscionable” conduct directly related to the case.
WORLD
Apple avoids EU antitrust threat with tap-and-pay probe settlement
The settlement brings to an end an investigation into the US tech giant’s closely guarded payments technology. The EU earlier warned that restricting access to the technology amounted to an abuse of its market power.
BUSINESS
Tesla delays Robotaxi rollout in blow to Elon Musk’s autonomy drive
WORLD
‘Weaponization’ of reserves among top concerns for central banks
The so-called “weaponization” of FX reserves was listed as a top risk by a third of the participants, double last year’s amount. The biggest concern for 87% of 40 central banks surveyed by UBS was a further escalation in the tensions between Russia and Ukraine, China and the US, as well as the situation in the Middle East.
WORLD
Tycoon Mike Jatania-backed consortium nears deal for body shop
Aurea Holding, an investment firm that Jatania runs with former UBS Group AG banker Paul Raphael, is in exclusive talks to acquire The Body Shop after beating rival bidders in an auction process, according to the people.
INDIA
Indian research company falsified data on Generic Viagra: USFDA
The US Food and Drug Administration alerted brand-name and generic companies June 18 about a research company in India that had falsified the data used in key studies to gain approval of their medications.
BUSINESS
Yes Bank’s $5 billion stake said to attract lenders from the Middle East, Japan
The stake sale has also drawn preliminary interest from Japan, including Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc.
TECHNOLOGY
Microsoft, Apple drop OpenAI board plans as scrutiny grows
Apple was due to take up a similar role, but an OpenAI spokesperson said the startup will have no board observers after Microsoft’s departure
BUSINESS
Two key factors will impact the luxury housing market: Report
“We really wanted to take a temperature check on what potential the US election might have on the market,” says Chief Marketing Officer Bradley Nelson, who spearheaded the report
BUSINESS
India IPO frenzy draws retail investors with quick 57% gains
Shares that began trading in India this year have delivered an average gain of about 57% since their debut, according to data compiled by Bloomberg. That compares with 32% for Asia Pacific and is more than double the global average, the data show.
WORLD
Barclays plans hiring spree in India, Singapore to grow wealth management teams
Barclays joins other firms building out wealth management teams in the region, including UBS Group AG and Julius Baer Group Ltd. The London-based bank, which has been serving India’s rich since 2008, is leaning into that segment as wealth booms in the world’s most-populous country.
BUSINESS
How stocks became the game that record numbers of Americans are playing
A wave of technological advancements has coincided with new apps and platforms to create a thriving ecosystem where everyday people can trade stocks with the ease of swiping for dates on Tinder
