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.
BUSINESS
HSBC sees $250 million of India swap deals before JPM inclusion
The British bank, via its unit in the International Financial Services Centres Authority, carried out the so-called total return swap deals worth more than $250 million with foreign investors who want onshore bond exposure, its head of India markets said. That compares with a total volume of about $510 million.
WORLD
Dollar tests 2024 high as Europe turmoil sparks flight to haven
The Bloomberg Dollar Spot Index is a whisker away from levels last seen in November as technical indicators reveal the greenback’s strength has room to run.
WORLD
Foxconn billionaire’s eight-year stock target finally comes true
Shares of the group’s flagship Hon Hai Precision Industry Co. closed Monday at NT$200 ($6.18), a level Gou had pledged to achieve in 2016.
WORLD
Bloomberg French poll of polls: Le Pen’s far right is in front
The party was on 32.7% in Bloomberg’s composite as of Monday. A leftist alliance, called the New Popular Front, is second on 26.3%. The coalition, which brings together Socialists, Communists, Greens and the far-left France Unbowed, agreed on Friday to work together.
WORLD
Big reshuffle of $71 billion ETF looms as Nvidia surpasses Apple
Barring an 11th-hour deviation from the methodology set out by index provider S&P Dow Jones Indices, State Street Global Advisors is on track to revamp the composition of its $71 billion Technology Select Sector SPDR Fund (ticker XLK) after Nvidia’s market value closed above Apple on Friday.
