BUSINESS
India set to close In on China as emerging-market stock anchor
Meanwhile, Taiwan is competing fiercely with India in the race to replace China’s top spot in emerging market equity portfolios. As of the end of July, Taiwan accounted for 18.39% of MSCI’s EM index.
BUSINESS
Wise eyes more of India’s $32 billion in overseas remittances
The London-based fintech firm stopped accepting new clients in recent months in order to revamp its infrastructure after getting a license from the Reserve Bank of India that permits the app’s customers to send more money overseas.
BUSINESS
India set to close in on China as emerging-market stock anchor
Analysts from firms including Smartkarma and IIFL Securities Ltd. expect India’s weight in the MSCI Emerging Markets Index to rise by at least one percentage point following the index provider’s review this week.
BUSINESS
Ex-Twitter chairman sues Elon Musk’s X for $20 million in shares
Lawyers for the former chairman claim that X Corp., as Musk renamed the company, is seeking to “reap the benefits of Mr. Kordestani’s seven years of service to Twitter without paying him for it.”
WORLD
Sunita Williams rescue: If Boeing fails, Nasa has a backup plan involving Elon Musk's SpaceX
NASA said astronauts Barry “Butch” Wilmore and Sunita “Suni” Williams could come back to Earth around February 2025 with a two-person crew on SpaceX’s Crew-9 mission.
BUSINESS
From Airbnb to Visa, Olympic sponsors say Paris delivering brand visibility that Tokyo failed to provide
Some 11.3 million people will have visited the French capital by Sunday night’s closing ceremony, including 1.5 million from overseas, according to projections from the city’s tourism board.
WORLD
Temu’s billionaire founder becomes China’s richest person
The former Google engineer eventually started Pinduoduo, an e-commerce platform known for selling dirt-cheap products with massive promotions, in 2015.
BUSINESS
TSMC sales grow 45% in july on strong AI chip demand
TSMC’s July revenue surged 45%, boosting growth expectations and signaling strong AI chip demand, surpassing previous forecasts.
BUSINESS
Mention of heatwaves at all-time high in India’s earnings calls
India's scorching summer has emerged as a new challenge for companies already grappling with slowing earnings growth and supply chain disruptions. The heatwave was mentioned 80 times in Nifty 500 companies' earnings calls for the June quarter, a sharp rise from just seven mentions a year ago, according to Bloomberg data.
BUSINESS
A new red line for rupee is forming as pressure mounts
India’s central bank appears to have drawn a new line at the 84-per-dollar level for the rupee, with analysts noting likely interventions by the Reserve Bank of India (RBI) to prevent further depreciation. Despite global market pressures, the rupee has remained one of the least volatile emerging-market currencies this year, thanks to the RBI’s consistent actions. The Indian currency recently hit a record low of 83.9875 per dollar, with the central bank expected to intensify its efforts if the rupee nears the 84 level.
BUSINESS
Nvidia value takes $900 bn hit even as AI spending ramps up
Microsoft Corp., Amazon.com Inc., Alphabet Inc. and Meta Platforms Inc. — together accounting for more than 40% of Nvidia’s revenue — have all said they will keep investing billions into AI infrastructure
BUSINESS
Vedanta is said to put $2.5 billion steel business sale on hold
Vedanta only mandated advisers for the possible sale of the steel business, the people said. The company has previously said it would prioritize areas such electronics and semiconductors
TECHNOLOGY
Byju’s US judge rejects effort to stop payment to BCCI
US Bankruptcy Judge Brendan Shannon rejected a lender request to block Riju Ravindran, brother of Byju’s founder, from paying more than $19 million to India’s governing board for cricket.
BUSINESS
BOJ didn’t see July hike as policy tightening, summary shows
Bank of Japan raised its benchmark interest rate to 0.25% on July 31 while also unveiling plans to halve the pace of its monthly bond buying by the first quarter of 2026.
BUSINESS
Billionaire Adani said to plan raising $1.2 billion for flagship
Adani Enterprises Ltd. may seek to raise funds through a so-called qualified institutional placement, or QIP, the people said, asking not to be identified because the matter is private
BUSINESS
SoftBank unveils $3.4 billion buyback after Elliott’s push
The Tokyo-based technology investor plans to buy up to 6.8% of its free-floating outstanding shares in the year to August 7, 2025, according to a release Wednesday
WORLD
BOJ sends dovish signal after rate hike sparked market meltdown
The yen weakened by more than 2% against the dollar, bond futures spiked higher and stocks rebounded immediately after his comments, which were the first public remarks by a BOJ board member since the bank raised rates on July 31.
BUSINESS
India considering major cut to food weighting in new CPI basket
The panel, under the statistics ministry, is discussing a proposal to reduce the weight of food in the consumer price basket by as much as 8 percentage points, according to the person, who asked not to be identified as the discussions are private. The food and beverage category makes up 54.2% of the current CPI basket.
BUSINESS
Goldman seeks gains in Korea and India during Asian stock slump
Hiren Dasani, co-head of emerging markets equity, said he is bullish on South Korean shares and some artificial intelligence-related stocks in the region.
MARKETS
Asian stocks rise after BOJ eases rate worries
Bank of Japan’s deputy governor said the central bank won’t raise interest rates if markets are unstable.
WORLD
Nomura’s Christopher Willcox says BOJ vindicated as carry trades have more room to unwind
“The BOJ has been completely vindicated,” Christopher Willcox, head of trading and investment banking at Japan’s largest brokerage, said in a Bloomberg Television interview on Wednesday. There are still more carry trades to be unwound, he said.
WORLD
Japan’s $1.1 trillion stock meltdown rewrote the record books
The benchmark Topix index and the Nikkei 225 Stock Average each sank 12% on Monday, their steepest declines since the Black Monday crash in 1987
WORLD
David Solomon says Fed will forgo emergency cut despite weak jobs data
Investors stepped up bets that policymakers would act before their regularly scheduled September meeting after stock markets around the world plunged and employment data on Friday showed the US economy weakening more than expected.
WORLD
Kamala Harris bypasses bigger names for Tim Walz's broad appeal
In the end, Harris bypassed the pick from a more politically valuable state — Pennsylvania’s Josh Shapiro — for Minnesota’s Tim Walz, opting for a folksy governor whose mocking of Republicans Donald Trump and JD Vance as “weird” became a rallying cry for Democrats.
