WORLD
Unilever shares rise on volume growth, higher profitability
The Anglo-Dutch consumer group’s underlying operating margin was almost 20% in the first half, compared with around 18% expected by analysts. Volume growth also ramped up as some shoppers started buying more branded goods again as inflationary pressures eased.
WORLD
Nestle cuts full year sales guidance as price rises ease off
Nestle now expects sales to grow at least 3%, lower than the roughly 4% it had previously targeted.
BUSINESS
Nikkei heads for correction on faltering AI bets, BOJ concerns
The Nikkei declined as much as 3.1% on Thursday, taking its drop to at least 10% from an all-time peak hit just two weeks ago. Renesas Electronics Corp. led the drop following disappointing earnings. The broader Topix slipped as much as 2.8%, with exporters including Hitachi Ltd. retreating.
WORLD
China unexpectedly cuts one-year policy rate by most since 2020
The central bank lowered the rate of medium-term lending facility by 20 basis points to 2.3%, according to a statement Thursday.
BUSINESS
India says it plans to simplify GST rate regime in coming months
“Too many rates in goods and services tax are leading to classification disputes and that needs to be resolved,” Sanjay Agarwal, chairman of the Central Board of Indirect Taxes and Customs said in an interview Wednesday.
BUSINESS
India may tweak rules to check hot flows on bond index entry
The government has an option to tweak the fully accessible route for securities that will be issued in the future, the person said, asking not to be identified as the discussions are private. It may impose a limit on foreign inflows in the so-called FAR bonds if there’s an excessive surge in flows, the official said.
BUSINESS
Stocks in Asia slip, tracking US tech-led declines
Stocks in Japan and South Korea both fell over 2%, with chipmaker SK Hynix Inc. tumbling even with solid earnings.
WORLD
Elon Musk’s poll shows most want Tesla to invest $5 billion in xAI
The Tesla chief executive officer posed the question Tuesday, shortly after the carmaker reported a fourth straight quarter of disappointing profit.
BUSINESS
S&P 500 snaps longest streak without a 2% decline since 2007
The US equities benchmark slid 2.3% on Wednesday, ending 356 sessions through Tuesday without a drop of at least 2% — its longest streak in 17 years, according to data compiled by Bloomberg.
WORLD
US yield curve steepens as bond traders see Fed cuts looming
Yields on policy-sensitive two-year Treasuries slid three basis points on Wednesday, while those on 10-year bonds were up by about the same amount. That pushed the differential between those yields to about 14 basis points, the smallest margin since October 2023.
BUSINESS
Tech star arrested in Korea after $10 billion fall from grace
The Kakao Corp. founder was arrested just after 1 a.m. Tuesday for an alleged price-rigging scheme during a high-profile takeover battle for K-pop agency SM Entertainment Co.
WORLD
CrowdStrike blames defect in content update for Epic IT crash
The US company is trying to piece together the series of events that led to one of the most spectacular rolling IT failures the world has ever seen.
BUSINESS
India needs to sell assets to support spending, JPMorgan says
Prime Minister Narendra Modi, who returned to power last month with a weaker mandate, is under pressure to spend more to shore up voter support and meet the demands of his coalition partners.
WORLD
Singapore has world’s most powerful passport after unseating Europeans
Having a Singapore passport means getting visa-free entry to a record 195 global destinations, putting the city state at the top on the Henley Passport Index. The four European countries, which held the No. 1 spot earlier in the year, are now in second place along with Japan.
INDIA
What is the deadly Nipah virus and why is it flaring up again
The brain-damaging virus, which can spread from bats and pigs to humans, has surfaced in Kerala several times in recent years. In a 2018 outbreak, 21 people died before it was contained. The virus has previously been detected in countries including Singapore and Malaysia. Here’s what you need to know about it:
BUSINESS
Reliance gets US approval to resume crude imports from Venezuela
India’s largest privately owned refiner plans to start purchasing Venezuelan crude soon, said the people, who asked not to be named as the information is not public.
BUSINESS
India’s video market is set to expand to $13 billion by 2028
The world’s most populous country is the fastest-growing among major global video markets, according to research by Media Partners Asia. The video entertainment economy is expected to post 8% annual growth through 2028, fueled by premium on-demand streaming, it said.
WORLD
Toyota said to plan strategic share buybacks from MUFG, SMFG
Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. will start divesting their stakes in Toyota, said the people, who asked not to be identified because the information isn’t public.
WORLD
Julius Baer picks Goldman Sachs veteran Stefan Bollinger as new CEO
Bollinger will join from Goldman Sachs Group Inc, where he is currently co-head of private wealth management for Europe, the Middle East and Africa, Julius Baer said in a statement on Tuesday. He will start the role “no later than” February 1, 2025, the bank said.
BUSINESS
Budget Guide 2024: Modi 3.0 seen curbing fiscal deficit, cutting taxes
Modi’s government is expected to reduce its deficit target slightly from the 5.1% of gross domestic product projected before the elections, according to economists in a Bloomberg survey.
BUSINESS
PhonePe, Google Pay cede online payment share to new entrants
PhonePe’s share in total UPI transactions dropped to 48.37% from 48.67% in May. Google Pay’s portion shrunk to 36.76% from 37.18% in the previous month, according to data released by the National Payments Corporation of India.
BUSINESS
Byju’s lawyers blame client in bid to quit US bankruptcy case
In an unusual move, two law firms representing Riju Ravindran, brother of Byju’s founder, filed papers Friday in federal court in Wilmington, Delaware, claiming their clients have failed to cooperate in their own defense.
BUSINESS
India to ease borrowing, investment rules for state firms
Prime Minister Narendra Modi wants to make it easier for these firms to diversify into new markets and boost manufacturing, thereby helping him create jobs and lower imports, the people said, asking not to be identified before a formal announcement
BUSINESS
Biggest India fund sees budget arming central bank with liquidity tool
MSS bonds are issued by the government outside the normal borrowing program to enable the Reserve Bank of India soak up liquidity. The proceeds are kept in a separate fund and not used for government spending.
