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.
WORLD
Canada moves to shrink low-wage foreign worker program after explosive growth
Employment Minister Randy Boissonnault met with business groups on Tuesday and pledged stricter oversight, especially in “high-risk” sectors — and said he’s mulling banning some industries altogether from using the scheme to hire foreign workers for low-wage jobs.
BUSINESS
Asian stocks resume drop in rollercoaster trade
Equity benchmarks dropped in Japan and Australia, while futures pointed to modest gains in Hong Kong. The S&P 500 and Nasdaq 100 rose on Tuesday — following a Japan-led rebound in Asia — with both climbing 1% after a global meltdown. Wall Street’s “fear gauge” — the VIX — saw its biggest plunge since 2010.
BUSINESS
Morgan Stanley to allow advisers to offer Bitcoin ETFs to wealthy clients
The company in a memo told its 15,000-strong adviser base they can offer some clients to buy either BlackRock Inc.’s iShares Bitcoin Trust (ticker IBIT) or the Fidelity Wise Origin Bitcoin Fund (FBTC), the person said.
BUSINESS
What bankers say you should (and shouldn’t) do when markets crash
In recent days, financial markets have shifted from confident to fearful as grim milestones piled up
BUSINESS
Crisis in Bangladesh boosts shares of Indian textile makers
Bangladesh’s textile exporters face the risk of losing business amid political instability that saw violent protests forcing Prime Minister Sheikh Hasina to flee the country on Monday
BUSINESS
Asian stocks rebound from worst rout since 2008, led by Japan
The MSCI Asia Pacific Index jumped as much as 3.9%, heading for its best day since November 2022, following a rout of more than 6% on Monday.
