BUSINESS
Steve Ballmer is richer than Gates, a first for Microsoft billionaires
The move came as Microsoft shares rose to a fresh record, bringing their total gain this year to 21%.
BUSINESS
BlackRock enters booming market for stock ETFs with a 100% hedge
While defensive-minded investors can get elevated risk-free payouts on Treasury bills, Aguirre said that these products would comfortably exceed those kind of returns in the event equities stage a fresh leg up
BUSINESS
Robinhood acquires AI-driven investment-advice platform Pluto
Robinhood has expanded in recent years into services including cryptocurrency, retirement products and credit cards.
SCIENCE
AI-enhanced garbage bins aim to solve food service’s waste problem
Leanpath’s waste-tracking technology is used in over 4,000 kitchens, including Google offices, Marriott hotels and university dining halls.
ICC-MENS-T20-WORLD-CUP
India’s T20 cricket world cup victory likely to boost ad revenue
Disney Star, this season’s official media rights holder of the shortened, fast-paced form of cricket, was expecting to rake in as much as 180 billion rupees ($2.2 billion) in advertising from the sport, according to the Mint newspaper.
BUSINESS
Buffett gifts to Gates Foundation to end when he dies, WSJ says
“The Gates Foundation has no money coming after my death,” the 93-year-old chairman and chief executive officer of Berkshire Hathaway Inc. told the newspaper in an interview.
BUSINESS
Saudi Aramco awards $25 billion in contracts for gas expansion
Gas from the project will be used in the first instance to supply the country’s domestic industries, with any excess capacity potentially used to make blue hydrogen or exported as LNG, Aramco has said.
SPORTS
India’s T20 cricket World Cup victory likely to boost ad revenue
The victory was bitter sweet for millions of Indian fans. Two of the game’s legends, India skipper Rohit Sharma and master batter Virat Kohli, announced their retirement from the shortened form of the game
WORLD
Court approves billionaire Anil Agarwal’s plan to reclaim Zambia mine
A court in Zambia’s capital, Lusaka, on Friday approved a scheme of arrangement that was supported by Konkola Copper Mines Plc’s creditors, the southern African country’s mines minister, Paul Kabuswe, said on Facebook.
WORLD
People’s Bank of China vows to satisfy people’s housing needs as downturn drags on
The central bank called for “fully recognizing the latest changes in the property market’s supply and demand relationship” in a statement Friday, after a quarterly meeting of its monetary policy committee. The readout didn’t elaborate on specific measures.
WORLD
UK economy grew faster than expected as consumers spent more
Gross domestic product expanded 0.7% in the first quarter, the Office for National Statistics said Friday, upgrading its previous estimate for growth of 0.6%. None of the economists surveyed by Bloomberg expected a stronger performance.
BUSINESS
India set for greater global attention as bond inclusion begins
Global funds have already poured close to $11 billion into index-eligible bonds since JPMorgan’s announcement in September. The US bank expects $20 billion to $25 billion to come in over the next 10 months, raising foreign ownership to 4.4% from 2.5% currently.
WORLD
US recurring jobless claims rise to highest since end of 2021
Weekly claims data tend to be volatile, even more so around holidays and school breaks. The four-week moving average, which smooths short-term fluctuations, increased to 236,000, the highest since September
ECONOMY
India credit seen benefiting from index-related bond flows
With an estimated $3 billion of inflows a month into government bonds alone, the accession has the potential also to lower the cost of capital for companies
WORLD
SoftBank to back AI startup Perplexity at $3 billion valuation
SoftBank will invest between $10 million and $20 million in the firm, which aims to use AI to compete with Alphabet Inc.’s Google search, according to people familiar with the matter.
MARKETS
Funds circling India debt risk being tripped up by red tape
Foreigners are eagerly buying bonds before they’re added to JPMorgan Chase & Co.’s main emerging market debt index from Friday.
WORLD
Qatar Airways in talks to acquire 20% stake in Virgin Australia
Negotiations between Qatar Airways and Virgin Australia’s owner, Bain Capital, may still take some time to finalize or could break down, said one of the people, who asked not to be identified discussing private matters. An investment by Qatar Airways would require Australian government approval.
MARKETS
Indian financiers’ debt lures buyers on widest spread since 2020
Asset managers such as ICICI Prudential Life Insurance Co., Edelweiss Asset Management Ltd. and Star Health and Allied Insurance Co. are among those betting on rupee bonds of non-bank finance companies as the spreads become attractive.
BUSINESS
China’s AI strength suggests US curbs could backfire
Washington shouldn’t discount how imposing scarcity all too often breeds innovation
WORLD
AI chip startup Etched raises $120 million to expand supply
The round was led by Primary Venture Partners and Positive Sum Ventures, with participation from prominent angel investors, including Peter Thiel, Github Chief Executive Officer Thomas Dohmke and Balaji Srinivasan, former chief technology officer at Coinbase Inc., the company said Tuesday.
BUSINESS
Demand for long-dated India bonds to rise, says ICICI Prudential Life
The addition of India to JPMorgan Chase & Co.’s emerging markets bond index will provide a further fillip to the notes as 40% of the selected bonds have maturities of 15 years and above, Vidya Iyer, senior fund manager at ICICI Prudential Life Insurance Co, said in an interview on Bloomberg TV.
BUSINESS
India probe finds Byju’s didn’t commit fraud but had compliance lapses
The yearlong probe by the Ministry of Corporate Affairs found no evidence of wrongdoing such as siphoning of funds or manipulation of financial accounts, people familiar with the matter said.
BUSINESS
Foreigners on longest buying streak of Indian stocks in a year
They bought $3.4 billion worth of shares in the period through June 21, data compiled by Bloomberg show. That helped pare this year’s outflows that had reached $4.8 billion two days after the June 4 election result showed the ruling party losing its majority in parliament.
BUSINESS
Bond bulls lift India bets ahead of index inclusion
Most of the investors are active fund managers who don’t need to add exposure as India is added to the gauge on Friday, Min Dai, head of Asia macro strategy, wrote in a note. More than half of them have already increased their India exposure, he said.
