INDIA
India set to see biggest jump in coal-fired power in a decade
The world’s most populous nation expects to add 15.4 gigawatts in the year through March 2025, the most in nine years, said people familiar with the matter, asking not to be named as the information isn’t yet public.
BUSINESS
Flows to Indian bonds back to $10 billion before index inclusion
Net flows have climbed to $10 billion since September when JPMorgan Chase & Co. announced the inclusion starting June 28.
WORLD
Ozempic Frenzy lures rich Indians to brave the gray market
Breathless media coverage has helped create a frenzy over the treatments. Such is the interest that the anti-obesity medication market could reach $100 billion by 2030, Goldman Sachs Research said. Indians, meanwhile, have simply been watching this from the sidelines.
WORLD
Nvidia’s 591,078% rally to most valuable stock came in waves
On Tuesday, that run culminated in Nvidia unseating Microsoft Corp. as the world’s most valuable company with a market capitalization of $3.34 trillion. More than $2 trillion of that value has been added this year.
WORLD
Boeing lost track of up to 400 bad 737 parts, says whistleblower
The claims were detailed in a June 11 complaint by Boeing inspector Sam Mohawk with the Occupational Safety and Health Administration and were made public by a US Senate subcommittee on Tuesday in a memo to members.
BUSINESS
HSBC sees $250 million of India swap deals before JPM inclusion
The British bank, via its unit in the International Financial Services Centres Authority, carried out the so-called total return swap deals worth more than $250 million with foreign investors who want onshore bond exposure, its head of India markets said. That compares with a total volume of about $510 million.
WORLD
Dollar tests 2024 high as Europe turmoil sparks flight to haven
The Bloomberg Dollar Spot Index is a whisker away from levels last seen in November as technical indicators reveal the greenback’s strength has room to run.
WORLD
Foxconn billionaire’s eight-year stock target finally comes true
Shares of the group’s flagship Hon Hai Precision Industry Co. closed Monday at NT$200 ($6.18), a level Gou had pledged to achieve in 2016.
WORLD
Bloomberg French poll of polls: Le Pen’s far right is in front
The party was on 32.7% in Bloomberg’s composite as of Monday. A leftist alliance, called the New Popular Front, is second on 26.3%. The coalition, which brings together Socialists, Communists, Greens and the far-left France Unbowed, agreed on Friday to work together.
WORLD
Big reshuffle of $71 billion ETF looms as Nvidia surpasses Apple
Barring an 11th-hour deviation from the methodology set out by index provider S&P Dow Jones Indices, State Street Global Advisors is on track to revamp the composition of its $71 billion Technology Select Sector SPDR Fund (ticker XLK) after Nvidia’s market value closed above Apple on Friday.
WORLD
Apple shutting down pay later, its affirm rival, after one year
The company said Monday that it’s no longer offering loans for Apple Pay Later, which allowed users to pay off purchases of as much as $1,000 over four installments.
WORLD
French markets stabilise as traders digest Le Pen assurances
While that largely reflected a change in the underlying benchmark bond and not a fresh bout of selling, strategists warned against chasing the move
WORLD
Paris loses crown as Europe’s biggest stock market to London
President Emmanuel Macron’s shock announcement of a snap election sparked a rout that wiped off about $258 billion from the market capitalization of French firms last week.
AUTOMOBILE
Hyundai Motor, suppliers shares rise in Seoul as India unit files for IPO
The Korean automaker is selling a 17.5% stake in Hyundai Motor India Ltd., according to a draft red herring prospectus filed on Friday.
WORLD
These are the world’s most expensive cities for expats in 2024
High rental costs saw the rival cities beat Zurich, Geneva, Basel and Bern to the top of the table, according to Mercer’s 2024 Cost of Living report.
BUSINESS
Danone bets aging populace will drive medical nutrition demand
The medical nutrition unit will be a big part of the next stage of Danone’s recovery effort, after Chief Executive Officer Antoine de Saint-Affrique began to revive growth in sales volumes of products like Volvic bottled water and Activia yogurt.
BUSINESS
China factory output cools, retail spending beats forecasts
The spending numbers offer some encouragement, after years in which Chinese households have been reluctant to shell out despite government efforts to boost consumption.
WORLD
How the US mopped up a third of global capital flows since Covid
For all the angst over the dollar’s dominance, a run-up in US interest rates to the highest levels in decades proved a major draw for overseas investors.
INDIA
India in talks with Norway’s Equinor for oil reserves: Report
The LNG deal with Equinor will help India to fortify future gas imports. IOL had inked a long-term LNG contract with France’s Total Energies to supply 1 million metric tonnes per annum for about 10 years
WORLD
PM Narendra Modi seizes centre stage at G7 to ambush Joe Biden, Justin Trudeau
Italian PM Giorgia Meloni gave Modi prominent placement at G7 events and the Indian leader took full advantage, striding over for encounters with two leaders whose governments have accused his own of murder plots.
BUSINESS
Hinduja family staff settle civil lawsuit over domestic workers’ exploitation allegations
A deal to end the civil suit was reached this week, Olivier Peter, a lawyer for one of the three claimants said, without confirming the details of the accord.
WORLD
Apple tops Microsoft in value after best 3-day run since 2020
The milestone followed a blistering rally, including Apple’s biggest three-day advance since August 2020. It closed with a market capitalization of $3.285 trillion, compared with Microsoft at $3.282 trillion.
WORLD
‘Roaring Kitty’ appears to have exited GameStop call options
A screenshot on Gill’s Reddit account on Thursday showed his portfolio no longer included the 120,000 GameStop call options that were set to expire next week and had a strike price of $20.
WORLD
Microsoft pulls back wide release of criticized windows AI tool
Microsoft planned to release Recall broadly on June 18, but said it will now be available in the coming weeks only in the Windows Insider Program.
