WORLD
China unveils sweeping measures to rescue property market
The People’s Bank of China effectively scrapped the nationwide minimum mortgage interest rate, while cutting the minimum down-payment ratio for first time buyers to 15% and 25% for second homes, according to a statement on Friday. The previous ratios stood at 20% and 30% respectively.
BUSINESS
China cuts mortgage rates and down payments to bolster slumping property market
The People’s Bank of China lowered minimum down-payment ratio for first time buyers to 15% and cut it to 25% for second homes, according to a statement on Friday.
BUSINESS
GM, LG agree on $150 million relief fund for Chevy Bolt EV owners over faulty batteries
GM launched the Chevrolet Bolt EV in 2015, using batteries made by LG as part of a strategic partnership between the two companies.
BUSINESS
Top climate investor in India seeks to raise a $1 billion fund
“Water, food, agri-value chain and recycling will be the key themes the new fund will invest in,” Dhanpal Jhaveri, Eversource’s CEO said in an interview at his Mumbai office, without sharing a time line for the latest round of fund raising.
WORLD
Chinese EV giants hammered by Joe Biden tariff are welcome in Brazil
BYD Co. and Great Wall Motor Co. already dominate EV sales in the world’s sixth-largest auto market. Now the two Chinese giants are debuilding factories there too — which will help them sell cars free of tariffs across Latin America, just as President Joe Biden pledges 100% charges in the US.
MARKETS
Hot commodity silver sets pace as demand and deficit drive rally
Silver has soared by almost a quarter in 2024, outpacing gold and making it one of the year’s best-performing major commodities.
WORLD
China's housing crash could set back millions of promising careers
Fresh out of school after studying chemistry, she joined one of China’s biggest property companies in 2016, as the country’s real estate market was taking off. She worked until 11 p.m. every day and was transferred to a bigger city after being designated a “sales champion.”
INDIA
Lack of AI is reducing India software stocks’ heft as tech bets
Unlike counterparts in the developed world and China, Indian software makers including leader Tata Consultancy Services Ltd. have yet to make significant advances in generative AI.
WORLD
Jamie Dimon sees ‘lot of inflationary forces in front of us’
Jamie Dimon has been warning for months that inflation could be stickier than many investors are predicting, and wrote in his annual letter to shareholders
BUSINESS
DLF readies to enter luxury housing markets of Mumbai, Goa
DLF is best known for developing Gurgaon, roughly 30 kilometers (20 miles) southwest of New Delhi
BUSINESS
With a BlackRock CEO, $9 trillion Vanguard braces for turbulence
BUSINESS
RBI plans to manage bond index inflows using forex reserves
The Reserve Bank of India plans to absorb the inflows and match the outflows using its near-record high $642 billion reserves, the people said, asking not to be identified as the discussions are private.
BUSINESS
Norway wealth fund blacklists Adani Ports citing ties to war
Norges Bank Investment Management, which manages the fund, announced the decision in a statement late on Wednesday.
WORLD
Honda to invest $65 billion in electrification: CEO Toshihiro Mibe
Honda also aims to reduce EV manufacturing costs by over 30% and plans to bring down battery procurement costs by 20% in North America, Mibe told reporters as part of the company’s update on its business plans.
WORLD
US warns Israel of Gaza power vacuum and wants post-war plan
Part of the problem is that Israel lacks the manpower to hold and administer large parts of Gaza.
WORLD
Nio is launching a more affordable brand in direct challenge to Tesla
The brand, dubbed Onvo, will target family users with its first model, which competes directly with Tesla’s Model Y and Toyota Corp.’s RAV4 sport utility vehicles, Nio Chief Executive Officer William Li said at an event in Shanghai Wednesday.
WORLD
More companies are selling shares to help cut debt
With borrowing costs now much higher after the end of the easy money era, management decided this year that an equity raise was a palatable option to cut leverage.
WORLD
Michael Burry boosts bets on China big tech as stocks rebound
JD.com was Scion Asset Management’s top holding after the firm boosted its stake in the e-commerce operator by 80% during the period, according to the most recent 13F filing. Alibaba was its second-biggest position with total value at around $9 million, after the firm added a further 50,000 shares.
WORLD
US inflation data was accidentally released 30 minutes early
“In advance of today’s CPI and Real Earnings releases, BLS inadvertently loaded a subset of files to the website approximately 30 minutes prior to the release,” BLS said in a statement posted on its website Wednesday evening.
MARKETS
Asian stocks rally, US dollar weakens after US CPI
Shares in Australia, Japan and South Korea climbed. Futures contracts for the S&P 500 and Nasdaq 100 also rose early Thursday after the two benchmarks gained more than 1% to touch fresh highs on Wednesday. Hong Kong shares will resume trading on Thursday after a holiday.
BUSINESS
Bridgewater sees 40% of bets go awry as geopolitics impact markets
Bridgewater has 400 staffers focused on mapping out how certain events will impact markets and the firm still gets 40% of its calls wrong, Bar Dea said at the Qatar Economic Forum
BUSINESS
Humanity Protocol becomes crypto’s new digital identity unicorn
The startup is building a blockchain-based identity system that recognizes individuals by using scans of people’s palms. It plans to announce Wednesday that it raised $30 million at a $1 billion valuation
BUSINESS
Global funds are making a bet on India’s longer-maturity bonds
The proportion of foreign money allocated to local bonds due in 10 years or more climbed to 17% last week, up from just 11% in September, while that in debt maturing in five years of less slipped 10 percentage points to 44% over the same period, according to calculations by Bloomberg.
WORLD
China mulls government purchases of unsold homes to ease glut
The State Council is seeking feedback from several provinces and government entities on the preliminary plan, said the people, asking not to be identified discussing a private matter.
