BUSINESS
Byju’s ex-director fined $10,000 a day over missing $533 million
Riju Ravindran, brother of Byju’s founder, has been at the center of a nearly two-year-old fight over the missing cash, which lenders say should be returned to them after the company defaulted.
BUSINESS
Quant funds face profit risk as India moves to curb options boom
The securities regulator Tuesday proposed measures that could shrink liquidity in the $4 trillion futures and options market and cut into margins for market makers and traders.
WORLD
Fed on course for September rate cut as risks to job market grow
Powell said policymakers are moving closer to lowering borrowing costs from a more than two-decade high, highlighting a growing confidence at the Fed to dial back its restraints on the economy. He was careful, however, not to wed officials to a rate reduction should price data prove disappointing in the coming months.
BUSINESS
Emerging assets climb as traders expect Fed to signal rate cuts
MSCI’s index for stocks in developing nations rose the most in three weeks, partially buoyed by earnings and a rally in Chinese shares as weak data fueled hopes for stimulus. Still, the gauge is set to post its first monthly losses since January
WORLD
Ukraine gets first delivery of F-16 fighter jets after long wait
The deadline for the transfer of the US-made warplanes was the end of this month and it has been respected, according to people familiar with the matter, who spoke under condition of anonymity. The number of jets is small, they said
BUSINESS
Treasuries rally into Fed meeting with a September cut at stake
The advances sent benchmark yields tumbling on Wednesday, with two-year yields down by as much as 4 basis points to 4.32%, the lowest since February
WORLD
China factory activity shrinks for third month in setback
The official manufacturing purchasing managers’ index hit 49.4, compared with 49.5 in June, the National Bureau of Statistics said on Wednesday.
BUSINESS
Akasa Air eyes flights to Asia’s tourist hotspots
The Mumbai-based budget carrier is gearing up to start flights to Kathmandu in Nepal and Bangladesh’s capital Dhaka, Praveen Iyer, chief commercial officer at Akasa’s parent SNV Aviation Pvt, said in an interview. Other travel hotspots such as Thailand, Vietnam, Malaysia and Indonesia are also on the airline’s radar, he said.
TECHNOLOGY
Canva to buy AI startup in year’s second deal to catch Adobe
The deal, which took about a month to finalize, lets Canva integrate the smaller firm’s video and image generation models into its own products.
BUSINESS
Traders fret as 32-hour central bank spree hangs over market
Markets are split on whether the Bank of England will deliver its first rate cut since the pandemic on Thursday, lopping it from the current 5.25%
BUSINESS
Airbus slashes internal travel, events in drive to reduce costs
Airbus has initiated a savings project called Project Lead in response to persistent supply-chain constraints that are weighing on its delivery and production goals
BUSINESS
McDonald’s sales fall for first time since 2020 as traffic drops
System-wide sales, a metric that includes business at new restaurants, also took a downturn, suggesting openings aren’t offsetting weakness in existing units
WORLD
What a reelected Donald Trump could and couldn’t do to sway the Fed
Powell has repeatedly emphasized that the Fed aims to be apolitical and consider only what’s best for the economy as it sets policy.
BUSINESS
India boosts planting of oilseeds after better monsoon rains
Oilseed crops have been planted on about 17.17 million hectares (42.4 million acres), up 3.8% from a year earlier, according to a statement from the farm ministry on Friday. India is the world’s top importer of edible oils.
BUSINESS
Billionaire battle heats up as Adani challenges Birla in cement
The clash of titans is likely to intensify as the deep-pocketed tycoons seek to dominate supplies of a building material that is critical to sustaining India’s infrastructure boom.
BUSINESS
India’s big bond funds argue that long-term rates are going down
Bandhan AMC, Kotak Mahindra Asset Management Co. and DSP Investment Managers Pvt. are among those arguing that improving macros will lead to a structural slide in policy rates.
WORLD
Apple intelligence to miss initial launch of upcoming iOS 18 overhaul
The company is planning to begin rolling out Apple Intelligence to customers as part of software updates coming by October, according to people with knowledge of the matter.
WORLD
Kamala Harris focuses on three potential running mate candidates
Kamala Harris is considering a wide range of vice presidential candidates from the Democratic Party’s bench, though people familiar with the process say a short list has emerged including three elected officials with nationwide appeal: Arizona Senator Mark Kelly, Pennsylvania Governor Josh Shapiro and Minnesota Governor Tim Walz.
WORLD
Bank of America says cooling economy will crack big tech rally even more
The strategist — who is bullish on bonds for the second half of 2024 — has said signs of an economic slowdown would fuel a rotation into stocks that have lagged behind the pricey tech mega-caps this year.
BUSINESS
Adani Energy said to pick banks for $600 million share sale
Adani Energy Solutions Ltd. are working with advisers including ICICI Securities Ltd., Jefferies Financial Group Inc. and SBI Capital Markets to prepare for the so-called qualified institutional placement, or QIP, the people said. The share sale could be concluded by mid-August, Bloomberg News reported earlier this week.
WORLD
Ray-Ban maker EssilorLuxottica says Meta interested in stake
Chief Executive Officer Francesco Milleri made the comments about Meta’s interest during a call with analysts late Thursday, after weeks of speculation about the Facebook owner’s plans. A spokesperson for Meta declined to comment.
WORLD
‘Crazy’ Yen rally is at risk of shattering as soon as next week
The currency is holding onto an advance of about 5% against the dollar since just before it began surging on July 11, in a move that was amplified by suspected intervention by Japan.
BUSINESS
Bajaj Auto sees bright future in CNG motorbikes
Bajaj Freedom, a sports motorcycle with a 124 cubic capacity engine, was launched earlier this month with a starting price of 95,000 rupees ($1,135). Some 100 of the bikes have already been delivered to customers, Executive Director Rakesh Sharma said in an interview.
TECHNOLOGY
Google's DeepMind says its AI can tackle Math Olympiad problems
On Thursday, Google rolled out AlphaProof, which specializes in math reasoning, and AlphaGeometry 2, an updated version of a model focused on geometry that the company debuted earlier this year.
