BUSINESS
Brent oil tumbles below $70 as oversupply fears deepen rout
Downbeat economic data from China and the US has stirred fears about oil demand in the top two consumers, adding to concerns that a surplus will emerge next year
BUSINESS
Apple, Google lose multibillion dollar court fights with EU
The EU’s Court of Justice in Luxembourg backed a landmark 2016 decision that Ireland broke state-aid law by giving Apple an unfair advantage
BUSINESS
Coal India to spend Rs 67,000 crore on coal-fired plants near mines
The state-owned miner has already won approval for 4.7 gigawatts of generation to be built over the next six to seven years, with most of the facilities to be in the state of Odisha on India’s east coast, Business Development Director Debasish Nanda said in an interview
BUSINESS
Allianz to sell stake in Indian road operator Interise to Canada’s Omers
Formerly known as IndInfravit Trust, Interise is one of the largest investment trusts in India’s road sector, holding a portfolio of 17 concessions across eight states, 14 of which are toll roads.
BUSINESS
UBS weighs wealth tie-up to compete in cutthroat Indian market
The Swiss bank has held early-stage internal discussions about possibilities including buying a stake in a local firm to form a joint venture, the people said, asking not to be named discussing private information
BUSINESS
Kenyan Court grounds Adani proposal to invest in biggest airport
The High Court issued the order prohibiting any person from implementing or acting on the privately initiated proposal by Adani until the matter is determined, according to Faith Odhiambo, president of the Law Society of Kenya, an applicant in the case.
WORLD
Asian shares fluctuate as investors shrug off Wall Street rebound ahead of US inflation data
The S&P 500 rose 1.2% after its worst start to the month on record, according to Bespoke Investment Group data going back to 1953. Nvidia Corp. and Tesla Inc. led gains in megacaps. Apple Inc. introduced the iPhone 16, with Chief Executive Officer Tim Cook saying it was built for artificial intelligence “from the ground up.” The shares closed little changed after an almost 2% slump
INDIA
India plans to push LNG for trucking in bid to curb emissions, reports Bloomberg
The Oil Ministry plans to encourage the conversion of a third of existing long-haul trucks to the super-chilled gas from diesel, according to a draft policy. It also plans to mandate that a third of new trucks run on LNG
WORLD
Planning to visit Greece soon? These new taxes on tourists could spoil your holiday mood
Greece received a record 36.1 million visitors in 2023, while arrivals rose 16% to 11.6 million in the first half of 2024, according to the latest data from the Bank of Greece. The tourism sector contributes about 20% to the economy, making it vital to the health of the nation
WORLD
Fed must decide if quarter-point cut will be enough for US economy, jobs
The monthly jobs report Friday showed the pace of hiring in the US moderated over the last three months to the slowest since the onset of the pandemic in 2020. Even so, the numbers left investors skeptical as to whether Fed officials would opt for an outsize rate cut at their September 17-18 meeting
WORLD
Trump pledges ‘100% tariff’ for nations that shun dollar amid India's global rupee push
The statement follows months of discussions between Trump and his economic advisers on ways to penalize allies or adversaries who seek active ways to engage in bilateral trade in currencies other than the dollar
WORLD
Musk dares the world to take on X as he scoffs at Brazil’s ban
Exercising that authority comes with its own peril — especially the danger that a total ban of the platform formerly known as Twitter will fuel accusations of censorship and further fracture the global internet
BUSINESS
Nvidia’s $406 billion drop this week makes Bitcoin look calm
The world’s largest artificial-intelligence chipmaker shed a fifth of its value over the past two weeks. The declines also showcase a more pressing issue for investors in the $2.5 trillion giant: Its volatility now dwarfs its Magnificent Seven peers and makes Bitcoin look like a port of calm
BUSINESS
Bonds rally as Waller’s remarks fuel Fed-cut bets: Markets Wrap
Waller said it’s important for the US central bank to begin cutting interest rates this month amid rising risks of further weakening in the labor market.
BUSINESS
Sanlam eyes India wealth management foray with Shriram Capital Group
The International Monetary Fund expects India’s $3.9 trillion economy to expand 6.8% this year. That compares with a forecast for 0.9% growth for South Africa, Sanlam’s home market.
WORLD
US job growth comes up short in possible warning sign for Fed
A Fed survey of regional businesses published Wednesday indicated employers have become more selective in hiring in recent weeks, with some cutting hours and leaving open positions unfilled.
WORLD
Selena Gomez is a billionaire after rare beauty success
Selena Gomez used her own influence to create social media buzz for the products. In the early months following Rare’slaunch, she recorded hours of herself doing her makeup for one of her TV shows, the Max cooking series Selena + Chef
BUSINESS
US targets China with new quantum, chip-related export curbs
Washington has been cracking down for years on China and other adversaries’ ability to access cutting-edge technologies needed for artificial intelligence, over fears that advanced chips and components could lend Beijing a military edge.
BUSINESS
China creates its largest brokerage to take on Wall Street
The deal comes a year after President Xi Jinping urged regulators at a finance conference to cultivate a few top-ranked investment banks to compete with Wall Street firms expanding in China.
WORLD
Asian stocks, bonds struggle for momentum ahead of US Jobs data
Shares in Japan fluctuated, as the yen stabilized after a rally this week, while those in Australia were little changed. Futures for US equities slipped after the S&P 500 ended Thursday lower. Pre-opening trading of Hong Kong securities was shut Friday due to Super Typhoon Yagi
BUSINESS
OPEC+ clinches deal to pause planned oil hike after price rout
While global crude markets are currently tight amid summer driving demand, they’re set to ease significantly once the seasonal peak in consumption passes
BUSINESS
Adani Group said to plan to sell $1.5 billion of dollar bonds
Bonds would be issued under Adani Green and Adani Energy units and through SPV, Bloomberg said. Moneycontrol had reported in February that the group has planned roadshows to bolster investor confidence ahead of the bond issue.
BUSINESS
ADIA-backed India fund to seek $4 billion for infrastructure
The new fund would be much larger than the predecessor Master Fund that closed in December 2020 with $2.34 billion, and would mark a restart of activities under a new chief executive officer.
WORLD
Asian stock selloff takes breather as traders await US jobs data
The MSCI Asia Pacific Index rose 0.5% after falling more than 2% on Wednesday, its biggest drop since the August 5 rout. South Korea’s Kospi jumped more than 1%, led by a rebound in the shares of chipmakers. Japan’s benchmarks fluctuated following the yen’s strength.
