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.
BUSINESS
HDFC Bank’s unit seeks up to $300 million in offshore loan
HDB Financial Services Ltd. is in talks with a group of global and local banks to finalize the terms, said the people, who asked not to be identified because the discussions are private.
BUSINESS
Sovereign wealth funds are turning bullish on emerging markets, Invesco survey shows
Two thirds of the respondents expect emerging-market returns to match or beat those from developed markets over the next three years, with non-western SWFs more keen on the relative outperformance of developing assets, according to the survey conducted among 83 sovereign wealth funds and 57 central banks during the first quarter of 2024.
BUSINESS
Suzuki sees India’s automobile market growing fivefold by 2047
First, the goal is for Maruti Suzuki India Ltd., the Japanese carmaker’s subsidiary, to grab 50% market share by 2030, from around 40% for the fiscal year through March. “We’re confident that the Indian market will expand in the mid to long term,” Ayukawa said in an interview.
WORLD
Crypto traders bullish as Joe Biden bows out of US presidential race
The largest digital asset recovered from earlier losses to hover around $68,300 as of 8:42 a.m. in Singapore on Monday as markets reacted to the possibility of a match-up between pro-crypto Donald Trump and Kamala Harris.
WORLD
Jane Street gets millennium trade secrets countersuit tossed
The judge on Thursday said the unfair competition counterclaim failed because Jane Street wasn’t trying to improperly benefit from any labor or investment by Millennium.
WORLD
Copper set for worst week since 2022 as China plenum disappoints
Futures for the red metal have fallen by almost 5% in London this week amid a broad retreat that’s also battered aluminum, tin and nickel.
BUSINESS
Citigroup sees India luring $100 billion in foreign investment
Companies working to help India meet its net-zero goals will be among the beneficiaries of the foreign capital flows, according to K Balasubramanian, head of corporate banking for Southeast Asia and the Indian subcontinent.
BUSINESS
Google set to lead $250 million round by mobile startup Glance
Glance InMobi Pte. is set to raise as much as $250 million as soon as within a few weeks, people familiar with the matter said, asking not to be named as the talks are private. The fundraise isn’t yet finalized and discussions may still break down.
POLITICS
US: Robert Menendez conviction is a rare win against public corruption
The Supreme Court has spent years chipping away at the laws that hold public officials in check
BUSINESS
India targets $110 billion FDI a year to help boost economy
India’s annual average FDI in the seven years through March 2023 amounted to $71 billion, according to figures from the investment agency, which is a joint venture between the Ministry of Commerce and private business chambers.
WORLD
Joe Biden says in TV interview Kamala Harris could lead if health declines
“Only if I was told that there was some medical condition that I had, and that’s not the case,” Biden said when asked in a BET interview broadcast Wednesday if he would consider being a transitional figure, then turn over the presidency to Harris within two years.
BUSINESS
Asian stocks decline as chip selloff gains steam
Shares in Japan and South Korea dropped, with the Topix falling as much as 1.5%, weighed down by a stronger yen and further fallout from heavy selling in chipmakers around the world. Tokyo Electron Ltd. faced the brunt of selling for a second day, dropping almost 11%.
WORLD
Global shipping-market strain revives fear of inflation comeback
Within weeks, spot container rates surged the most since 2022 and customers were demanding lighting products sooner than ever before the peak sales season in the fourth quarter.
WORLD
Morgan Stanley promotes miles to global M&A head in unit revamp
The overhaul is intended to foster stronger integration between the capital markets and investment banking team. The promotions didn’t include any senior women at the US advisory giant, whose top ranks remain dominated by men.
WORLD
Xi jinping to map out vision for China’s economy as key meeting wraps up
The ruling Communist Party is set to publish a document on Thursday — typically written in cryptic and sweeping language — offering the first glimpse of what some 400 officials discussed behind closed doors during the four-day meeting in Beijing. Normally, that communique is fleshed out days later by a more detailed report.
WORLD
Block deals led by global firms reach record $15 billion
About $15 billion has been raised in secondary sales or block trades in India this year, a more than 150% surge from the same period in 2023, data compiled by Bloomberg show. That’s already higher than any previous annual tally. And over $5 billion has been raised in initial public offerings, double a year earlier.
WORLD
Top takeaways from Businessweek’s Donald Trump interview
Trump was clear about his intentions if returned to power in the interview, conducted just weeks before he was set to formally receive the Republican Party’s nomination for president
