WORLD
Xi Jinping & Co pledge fiscal spending and rate cuts to force China's economic turnaround
Officials said the government needs to ensure necessary fiscal spending and stabilize the real estate market, including strictly limiting the supply of new commercial housing construction
MARKETS
BSE said to push for tighter scrutiny of SME listings: Report
Sundararaman Ramamurthy, BSE’s chief executive, told bankers on Tuesday to ensure IPO hopefuls aren’t inflating their numbers
BUSINESS
India's gold imports more than triple in August after duty cut ahead of wedding season
The positive trend is likely to continue as a bountiful monsoon this year has brightened crop prospects, potentially boosting disposable incomes of farmers — a major consuming group.
BUSINESS
Tata Motors-owned JLR to spend $669 million in retooling UK plant for electric SUVs
Carmakers across Europe have tapped the brakes on their EV plans amid waning consumer demand and as countries including Germany and Sweden have slashed subsidies.
INDIA
Why a prolonged strike in a Seattle factory can put three Indian carriers on a turbulent path?
With Boeing at loggerheads with the International Association of Machinists and Aerospace Workers, concerns are escalating about the reliability of the plane pipeline
TECHNOLOGY
OpenAI discusses giving CEO Altman 7% stake in for-profit shift
The company is considering becoming a public benefit corporation, tasked with turning a profit and also helping society, said the people, who asked not to be identified because the information is private
MARKETS
Tech stocks lift Asian equities to two-year high
US equity futures edged higher in early Asian trading after the S&P 500 fell slightly and the Nasdaq 100 rose. Shares in Micron Technology Inc soared more than 10% in post-market trading Wednesday on a strong revenue forecast delivered after markets closed.
BUSINESS
National Stock Exchange said to have doubled In value amid IPO hopes
Unlisted shares in the world’s largest derivative exchange by contracts are in high demand with wealth managers whose rich clients want to own a piece of the company, said the people, asking not to be identified citing private information.
BUSINESS
OpenAI pitched White House on unprecedented data center buildout
OpenAI said investing in these facilities would result in tens of thousands of new jobs, boost the gross domestic product and ensure the US can maintain its lead in AI development, according to the document, which was viewed by Bloomberg News.
ECONOMY
Economists advise Centre to improve inflation data
More than 50 economists met with key government officials in Mumbai this week, and suggested that frequent household consumption surveys should be conducted for more up-to-date revisions of the consumer price index, the statistics ministry said in a statement Wednesday
COMPANIES
Nomura, Mizuho leading bidders for KKR-backed Avendus Capital
The two Japanese firms have made the highest preliminary bids for KKR’s 63% stake in Avendus Capital Pvt., said the people, who asked not to be identified as the discussions are private
BUSINESS
Carlyle says strong demand from Indian savers to fan IPO frenzy
Carlyle's Amit Jain stated that Indian savers' steady investments are driving high liquidity in the country's IPO market, with Hexaware Technologies among upcoming listings.
BUSINESS
Buffett whittles Bank of America stake to 10.5% with $863 million disposal
Berkshire now owns 10.5% of the second-largest US bank after the latest disposals on the three trading days through Tuesday, according to a regulatory filing. As long as it remains above the threshold, the company must disclose trades within a few days
WORLD
Hong Kong plans to cut tax on liquor in bid to revive nightlife
The reduction is expected to be one highlight of Hong Kong Chief Executive John Lee’s policy address in mid-October, the people said, asking not to be identified because the deliberations are private
WORLD
China cuts one-year rate, withdraws cash from banking system
The People’s Bank of China cut the rate of the medium-term lending facility to 2% from 2.3%, according to a statement on Wednesday. It also withdrew a net 291 billion yuan ($41.4 billion) via the MLF, the biggest drainage since December 2021
MARKETS
Asian stocks edge higher for 5th day as China stimulus-led rally continues
The moves follow the best day since 2020 for a gauge of mainland equities after China unveiled a sweeping stimulus package to support the economy and financial markets
BUSINESS
HSBC considers appointing Pam Kaur as first female CFO in bank’s history
Chief Risk and Compliance Officer Kaur, 60, is said to be a favourite for the chief financial officer role that became vacant after Georges Elhedery replaced Noel Quinn on Sept. 2 as chief executive officer of Europe’s largest lender, according to people with knowledge of the matter.
BUSINESS
Buy calls are slowly vanishing from India’s booming stock market
A dimmer outlook for corporate earnings in one of the world’s most expensive stock markets is making analysts skeptical of further gains in some of the shares that drove a years-long rally in Indian equities, now in its ninth year.
BUSINESS
TikTok to shut down its music streaming business in November
TikTok Music will go offline on Nov. 28 and customer data will be deleted, the music division said in a post on its website. Users were told to transfer playlists to other services no later than Oct. 28.
BUSINESS
Snap integrates Google’s generative AI model into chatbot
Snap has been investing in new AI features as it competes with larger peers, such as Meta Platforms Inc., which also has its own AI chatbot
BUSINESS
Deutsche Bank said to hire Moelis’ Mazumder for India dealmaking
India has turned into a hotspot for dealmaking activity as around $9 billion has been raised via IPOs this year, according to data compiled by Bloomberg. The volume of deals involving Indian companies has climbed 28% to almost $78 billion, the data show.
BUSINESS
India’s first AI unicorn Fractal said to weigh $500 million IPO
Fractal, known as India’s first AI unicorn, may seek a valuation of at least $3.5 billion in the share sale, the people said, asking not to be identified because the deliberations are private
BUSINESS
JPMorgan eyes more growth in India amid flurry of activity
There is a substantial opportunity for India from the shift in supply chains from China, though the transition will take years as firms navigate the complexities of relocating operations, JPMorgan’s Chief Executive Officer Jamie Dimon said in a separate interview with CNBC-TV18
BUSINESS
Top takeaways as China unveils stimulus to boost economy
Stocks in Hong Kong and China rose on the announcements, while the 10-year yield on Chinese bonds fell to 2% for the first time on record. The offshore yuan was little changed.
