BUSINESS
Tesla delays Robotaxi rollout in blow to Elon Musk’s autonomy drive
WORLD
‘Weaponization’ of reserves among top concerns for central banks
The so-called “weaponization” of FX reserves was listed as a top risk by a third of the participants, double last year’s amount. The biggest concern for 87% of 40 central banks surveyed by UBS was a further escalation in the tensions between Russia and Ukraine, China and the US, as well as the situation in the Middle East.
WORLD
Tycoon Mike Jatania-backed consortium nears deal for body shop
Aurea Holding, an investment firm that Jatania runs with former UBS Group AG banker Paul Raphael, is in exclusive talks to acquire The Body Shop after beating rival bidders in an auction process, according to the people.
INDIA
Indian research company falsified data on Generic Viagra: USFDA
The US Food and Drug Administration alerted brand-name and generic companies June 18 about a research company in India that had falsified the data used in key studies to gain approval of their medications.
BUSINESS
Yes Bank’s $5 billion stake said to attract lenders from the Middle East, Japan
The stake sale has also drawn preliminary interest from Japan, including Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc.
TECHNOLOGY
Microsoft, Apple drop OpenAI board plans as scrutiny grows
Apple was due to take up a similar role, but an OpenAI spokesperson said the startup will have no board observers after Microsoft’s departure
BUSINESS
Two key factors will impact the luxury housing market: Report
“We really wanted to take a temperature check on what potential the US election might have on the market,” says Chief Marketing Officer Bradley Nelson, who spearheaded the report
BUSINESS
India IPO frenzy draws retail investors with quick 57% gains
Shares that began trading in India this year have delivered an average gain of about 57% since their debut, according to data compiled by Bloomberg. That compares with 32% for Asia Pacific and is more than double the global average, the data show.
WORLD
Barclays plans hiring spree in India, Singapore to grow wealth management teams
Barclays joins other firms building out wealth management teams in the region, including UBS Group AG and Julius Baer Group Ltd. The London-based bank, which has been serving India’s rich since 2008, is leaning into that segment as wealth booms in the world’s most-populous country.
BUSINESS
How stocks became the game that record numbers of Americans are playing
A wave of technological advancements has coincided with new apps and platforms to create a thriving ecosystem where everyday people can trade stocks with the ease of swiping for dates on Tinder
BUSINESS
Bobby Jain’s complex hedge fund debut spawns fans and doubters
His vision — laid out in the hotel’s seafood restaurant — was ambitious, even unprecedented. He would hatch a giant, fully formed hedge fund that would trade a half-dozen strategies and employ hundreds of people globally from day one
BUSINESS
Citi says it’s time to book profits in high-flying AI equities
Sentiment toward AI-exposed equities is the strongest since 2019 and free cash flow at the bulk of those firms is forecast to outstrip analyst expectations, according to the Citi team led by Drew Pettit
BUDGET
JD(U) seeking Rs 30,000 crore in Budget to help fund projects
The Bihar government, which is led by Janata Dal (United)’s Nitish Kumar, made the request during a pre-budget meeting with Finance Minister Nirmala Sitharaman last month, the people said, asking not to be identified because the discussions are private.
BUSINESS
Hyundai under pressure from Tata, Mahindra as $3.5 billion India IPO looms
While Hyundai has long wrestled with Tata Motors for the second spot, Mahindra — famed for its big, brash sport utility vehicles — has been steadily climbing up the charts as Indian consumers embrace ever larger passenger vehicles.
MARKETS
Global banks are the biggest bulls in India’s bond market
They’ve bought more than 500 billion rupees ($6 billion) of debt since June 1, according to data from the Clearing Corp. of India.
WORLD
Aramco seeks at least $3 billion from first bond sale in three years
The world’s biggest oil exporter is offering debt with 10-, 30- and 40-year maturities, according to a person with knowledge of the matter. Meetings with fixed income investors are expected to start Tuesday, the person said.
INDIA
India mulls easing rice export limits, aiding world buyers
The government is considering allowing white rice shipments with a fixed duty, said the people, who asked not to be identified as the talks are confidential.
BUSINESS
Judge who voided Elon Musk’s pay package faces tough call on $7 billion legal fee
A 29-million share payout for the plaintiffs’ lawyers would “be 17 times larger than any award in Delaware history and exceed by more than three-fold the University of Delaware’s endowment” of $1.78 billion, Tesla argued in a court filing,
BUSINESS
Southwest Air names aviation industry veteran Rakesh Gangwal to board
Rakesh Gangwal, 70, and his family once controlled almost 37% of the Indian airline group. His decision to team up with Rahul Bhatia to create IndiGo in 2005 led to the rise of Asia’s largest budget carrier
WORLD
Kamala Harris is Democrats’ future whether nominee or VP
It’s time the party do what the Biden administration should have done from the beginning and showcase the vice president’s value
WORLD
China’s Central Bank to add temporary repos depending on market conditions
The People’s Bank of China said it will conduct such operations “depending on the market situation” between 4 p.m. and 4:20 p.m. each working day, according to a statement on Monday.
WORLD
Who is Jean-Luc Melenchon? far-left leader defiant after French victory
Before other leaders of that alliance — which includes his own far-left France Unbowed, the Socialists and the Greens — could get a word in, Melenchon took center stage at a gathering of followers, demanding that it should be called on to govern the country.
WORLD
France set for political gridlock after left-wing vote win
The New Popular Front — which includes the Socialists and far-left France Unbowed — won 178 seats in the National Assembly, according to data compiled by the Interior Ministry. Marine Le Pen’s National Rally, which pollsters last week had seen winning the election, came third with 143, while President Emmanuel Macron’s centrist alliance notched up 156.
WORLD
Emmanuel Macron the gambler wins chance to play kingmaker: Lionel Laurent
Exit polls for the final round of France’s snap parliamentary election suggest voters have delivered an emphatic “non” to Marine Le Pen’s far-right National Rally, but only a hesitant “maybe” to her rivals on the left and in the center.
