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.
BUSINESS
RBI policymakers divided over rate-growth debate
Jayanth Rama Varma and Ashima Goyal voted at the June meeting for a rate cut, arguing that too restrictive policy will hurt growth, recent minutes showed.
WORLD
North Korea sends more trash balloons over border as south warns of parasites
About 100 balloons mainly fell in northern Gyeonggi province, which circles Seoul, and in the capital region, the JCS said Tuesday in a message sent to reporters.
BUSINESS
Bobby Jain raises $5.3 billion in biggest hedge fund debut since 2018
Bobby Jain launched his own shop after leaving Millennium, where he shared the CIO title with founder Izzy Englander
WORLD
Bitcoin extends drop after one of crypto’s worst weeks of 2024
A gauge of the largest 100 digital assets fell about 5% in the seven days through Sunday, the steepest such slide since April, data compiled by Bloomberg show.
WORLD
Apple adds Alibaba, JD to list of vision pro apps for China
Alibaba Group Holding Ltd.’s Taobao will offer virtual test drives of Xiaomi cars and simulate various makeup looks as part of its native app for the nascent headset.
BUSINESS
Vedanta mulls first dollar bond sale of $500 million
Vedanta Ltd. is discussing the plan with lenders and seeking legal opinions about the potential sale, according to the people, who asked not to be identified discussing non-public issues.
BUSINESS
Bond bulls lift India bets pre-index entry, Morgan Stanley says
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.
WORLD
Gunmen kill police officers and a priest in Russia’s Dagestan
In the ancient city of Derbent, perpetrators set a synagogue on fire and attacked a Russian Orthodox church, while a traffic police post and another church and synagogue were targeted in the regional capital of Makhachkala.
BUSINESS
Switch to India’s longer-dated bonds extends as index date nears
Global funds increased the proportion of notes due in 10 years or more to the highest in nine months, according to calculations by Bloomberg. The share held in short-dated securities has fallen steadily in that time frame.
BUSINESS
OpenAI buys enterprise startup to help customers sift through data
The ChatGPT maker said Friday that it plans to integrate Rockset’s technology to help business customers and developers make better use of their data on OpenAI’s platform. Some members of Rockset’s team will also be joining OpenAI. Terms of the deal were not disclosed.
BUSINESS
Ola Electric is said to face investor pushback on IPO valuation
The company’s founder has been aiming for a potential valuation of as much as $7 billion in a Mumbai listing, the people said, asking not to be identified as the information isn’t public. That would compare with a valuation of about $5 billion based on initial feedback from investors, the people said.
BUSINESS
Fintech firm Pine Labs weighs $1-bn IPO, may seek $6-bn valuation: Report
Pine Labs may issue both new and secondary shares, they said. It could also opt to do a pre-IPO fundraising round ahead of any listing, two of the people said.
WORLD
Canada prepares potential tariffs on Chinese EVs after US and EU moves
The government still has to make final decisions on how to proceed, but it’s likely to announce soon the start of public consultations on tariffs that would hit Chinese exports of EVs into Canada, according to officials who spoke on condition they not be identified.
WORLD
Saudi Arabia dethrones China as top emerging-market borrower
Data for new-bond sales by both governments and corporates this year reveal the kingdom is borrowing at a record pace as global debt investors begin to back Crown Prince’s Mohammed bin Salman’s Vision 2030 plan.
WORLD
Nasdaq boosts scrutiny of investors in IPOs from China, HK
Several Hong Kong- and China-based IPO applicants have faced a series of questions from Nasdaq, the people said, asking not to be identified discussing private information. Questions centered on the identity and independence of the firms’ pre-IPO investors selling shares in the listings, the people said.
WORLD
Hyundai’s IPO is poised to boost Indian automakers’ valuations
The listing may value the South Korean carmaker’s Indian unit at $25 billion, Bloomberg News reported previously. That would make it the nation’s fourth biggest automaker by market value, a milestone analysts say bodes well for the nation’s auto sector.
WORLD
UK inflation hits 2% goal for first time in almost three years
The Consumer Prices Index rose 2% from a year ago in May, down from 2.3% the month before, the Office for National Statistics said Wednesday. It was in line with economist expectations for a reading of 2%.
INDIA
India set to see biggest jump in coal-fired power in a decade
The world’s most populous nation expects to add 15.4 gigawatts in the year through March 2025, the most in nine years, said people familiar with the matter, asking not to be named as the information isn’t yet public.
BUSINESS
Flows to Indian bonds back to $10 billion before index inclusion
Net flows have climbed to $10 billion since September when JPMorgan Chase & Co. announced the inclusion starting June 28.
WORLD
Ozempic Frenzy lures rich Indians to brave the gray market
Breathless media coverage has helped create a frenzy over the treatments. Such is the interest that the anti-obesity medication market could reach $100 billion by 2030, Goldman Sachs Research said. Indians, meanwhile, have simply been watching this from the sidelines.
WORLD
Nvidia’s 591,078% rally to most valuable stock came in waves
On Tuesday, that run culminated in Nvidia unseating Microsoft Corp. as the world’s most valuable company with a market capitalization of $3.34 trillion. More than $2 trillion of that value has been added this year.
WORLD
Boeing lost track of up to 400 bad 737 parts, says whistleblower
The claims were detailed in a June 11 complaint by Boeing inspector Sam Mohawk with the Occupational Safety and Health Administration and were made public by a US Senate subcommittee on Tuesday in a memo to members.
