WORLD
Tesla investors back Elon Musk’s $56 billion pay deal, Texas move
The electric-car maker announced the results at its annual meeting Thursday in Austin without disclosing the breakdown of votes. Musk had foreshadowed the outcome the night before in a post on X, saying both resolutions were “passing by wide margins.”
WORLD
Asian consumer demand for gold seen staying strong this year
Attendees at a precious metals conference in Singapore this week were enthusiastic about bullion’s prospects, seeing demand across the region staying strong. That’s even after a record-setting rally that’s spurred a 16% jump since mid-February, taking prices to above $2,300 an ounce.
WORLD
Donald Trump tells CEOs he would cut corporate tax rate to 20%
The current corporate tax rate is 21%, but even a small reduction represents a tax cut worth billions of dollars each year for profitable US companies. Trump called the 20% figure a nice, round figure, according to two sources briefed on his comments.
BUSINESS
Chinese, Indian stocks favored by abrdn on policy boost hopes
Should “high frequency data points continue to surprise on the upside, and at the same time we’ve seen policies being pushed through, that’s sufficient to drive a re-rating in the equities market in China,” said David Zhou, investment director of multi-asset and investment.
BUSINESS
UBS fund manager likes China junk debt but is skeptical on India
The head of fixed income for emerging markets is breaking with the likes of Goldman Sachs Group Inc. and is steering clear of investor favorite Indian government debt, while embracing volatile Chinese high-yield bonds, which have suffered from a prolonged property crisis.
WORLD
Apple to ‘pay’ OpenAI for chatGPT through distribution, not cash
Left unanswered on Monday: which company is paying the other as part of a tight collaboration that has potentially lasting monetary benefits for both.
WORLD
OpenAI doubles annualized revenue to $3.4 billion
In an all-hands meeting Wednesday, Altman said the vast majority of that revenue — about $3.2 billion — comes from OpenAI’s products and services, according to the person, who spoke on condition of anonymity to discuss internal communications.
BUSINESS
Citi sees India allure enticing global bond funds to stay
India’s debt yields are higher than China’s or the US, and its economy is the fastest-growing among the Group of 20.
BUSINESS
India will need to build 100 million homes this decade amid rising household incomes
Narendra Modi, who was sworn in as India’s prime minister for a third straight term on Sunday, has vowed to continue pushing growth especially in the housing and infrastructure sectors.
BUSINESS
Haldiram's explores IPO as stake sale plans stall: Report
The Agarwal family is considering a listing as bids in the region of $8 billion to $8.5 billion didn’t meet its valuation expectations of about $12 billion, according to the people, who asked not to be identified discussing private information.
WORLD
EV slowdown steers the world further off course from net zero
In its annual Electric Vehicle Outlook, BNEF reduced its battery-electric sales projections by 6.7 million vehicles through 2026.
BUSINESS
India’s stock rebound from election upset is fastest in a decade
The benchmark NSE Nifty 50 Index sank almost 6% on June 4 after Prime Minister Narendra Modi’s alliance won a surprisingly slim majority, only to recoup the loss in the next three sessions. That’s the fastest recovery from a drop of more than 5% in the last decade.
INDIA
Insurance helped 46,000 Indian women avoid deadly work during heat waves
For 40-year-old Lataben Arvindbhai Makwana, it was too unbearable to run her sewing machine inside her tin-roofed house, which has little ventilation and only a small ceiling fan. As a daily wage laborer, that meant she was not earning the money she needed to feed her kids and buy blood pressure medication for herself.
BUSINESS
Byju’s hedge fund ally can avoid arrest if he answers questions
US Bankruptcy Judge John Dorsey, during a court hearing Tuesday in Wilmington, Delaware, agreed to drop an arrest order for William C. Morton, the founder of Camshaft Fund. Byju’s invested $533 million of loan proceeds with the fund last year, according to court records.
BUSINESS
Hinduja scion in Swiss human-trafficking trial says Nanny was like a ‘Second Mum’ to family
Ajay Hinduja was testifying on the first day of the Geneva trial of a branch of one of India’s most prominent families, which stands accused of human trafficking and overworking household staff.
WORLD
Fed faces dot-plot cliffhanger as May inflation report looms
Disappointing inflation data since the projections were last updated in March are almost certain to prompt a downgrade to the number of rate cuts envisioned for this year.
BUSINESS
British PC maker Raspberry Pi soars in London trading debut
The stock gained as much as 40% from the pricing of its £166 million ($211 million) IPO, before paring gains.
BUSINESS
Pimco warns of more US Regional Bank failures on property pain
Contrary to some market expectations, larger banks have been disposing of some of their higher quality assets first to avoid deeper losses, according to Murray
BUSINESS
Cube Highways to raise up to Rs 2,000 crore for toll roads
The company is working with advisers and may raise the capital via private placement in the next two months, the people said
BUSINESS
Bond traders will follow new Fed dots all the way into 2025
Treasuries inched higher on Tuesday as investors look to parse policymakers’ latest quarterly economic and interest rate projections — known as the dot plot — on Wednesday.
TECHNOLOGY
Tesla’s investor vote on Elon Musk’s pay package won’t get him his money
The carmaker is banking on the Delaware Supreme Court, which will hear any appeal of McCormick’s ruling, taking a favorable view of investors re-ratifying the deal.
BUSINESS
Singapore ramps up scrutiny of family offices, hedge funds
Family offices that have been granted tax exemptions were given new forms asking for greater detail in May and told to submit the information by the end of June.
BUSINESS
Canadian investor inspired by Warren Buffett sinks after founder sells
The company lost about C$80 million in market capitalization by the end of trading in Toronto on Monday, with trading volumes more than five times the three-month average.
BUSINESS
Top vaccine maker Serum Institute sees demand doubling in five years
The world’s largest vaccine maker currently has the capacity to produce 3 billion doses of all types of vaccines each year, but only sells about 1.5 billion doses annually. The Pune-based firm is forecasting that will change.
