WORLD
Hyundai breaks ground on plant to build 200,000 EVs a year
The carmaker held a groundbreaking ceremony Monday in Ulsan, where the company built its first auto plant in 1968.
BUSINESS
Goldman downgrades Hong Kong-traded China stocks, raises India
The Wall Street bank has downgraded its views on China equities several times this year amid pessimism in the country’s stock market.
WORLD
Morgan Stanley sees bullish opportunities for US assets in 2024
Morgan Stanley recommends a “barbell of defensive growth and late-cycle cyclicals” and sees the S&P 500 Index at 4,500 at the end of next year.
BUSINESS
Adani plots expansion of overseas port empire after US funding
The announcement marked a welcome reprieve for India’s Adani Group following a damaging short-seller attack and a number of corporate fraud allegations leveled against it this year.
WORLD
Nike hires Amazon Fashion executive Muge Erdirik Dogan as new tech chief
Muge Erdirik Dogan spent 16 years at Amazon, during which she held roles in various consumer categories and delivery operations before she became president of Amazon Fashion in 2021.
WORLD
Boeing closes in on major deal with Emirates for 777X jets
Already the biggest buyer of the 777X, Emirates is poised to order a high double-digit number of the widebody, said the people, asking not to be identified discussing private negotiations.
WORLD
Goldman Sachs, Morgan Stanley diverge on Fed rate-cut forecasts
Goldman Sachs, meanwhile, sees the first 25-basis-point reduction in the fourth quarter of 2024, followed by one cut per quarter through mid-2026 — a total of 175 basis points, with rates settling at a 3.5%-3.75% target range. That’s according to a 2024 outlook from economist David Mericle, also published Sunday.
BUSINESS
Apple’s top iPhone supplier goes to outer space with new satellites
The satellites, co-developed with Taiwan’s National Central University, are the size of a backpack, weigh about 9 kilograms each and carry cameras, communication devices and other equipment. They are designed to orbit Earth every 96 minutes at an altitude of 520 kilometers.
INDIA
What is a smog tower and do they work? How India is fighting air pollution
The tower, equipped with thousands of filters and can be as high as twenty meters (66 feet), is designed to capture pollution particles and improve air quality in densely populated areas.
BUSINESS
India needs 8-8.5% growth to create enough jobs: Former RBI Guv Raghuram Rajan
HSBC estimates the nation will need to create 70 million new jobs over the next 10 years, and with growth of 7.5 percent, only two-thirds of the jobs problem will be solved. High joblessness is also a concern for Prime Minister Narendra Modi as he seeks a third term in office in elections next year.
BUSINESS
Mark Mobius plans to step back from Mobius Capital Partners
Mobius Investment Trust will continue to be managed by Mobius Capital Partners, which is led by Founding Partner Carlos Hardenberg, according to a statement from the trust.
BUSINESS
Derivatives boom helps BSE stock trounce global peers
The rally was partly driven by BSE relaunching derivative contracts on the benchmark Sensex and the banking sector gauge in May this year, attracting investors with reduced lot sizes and a new expiry cycle.
BUSINESS
India needs 8%-8.5% growth to create enough jobs: Former RBI Governor Raghuram Rajan
While India’s expansion has outpaced that of other major economies, the country isn’t creating enough jobs for the millions of people joining the workforce every year.
INDIA
US to press India on countering China more in Asian waterways
The US wants India to share some of its burden in the Indo-Pacific by increasing its diplomatic and military presence in the region, Indian officials aware of the details said, asking not to be named since discussions are private.
BUSINESS
Rupee green bond sale in India to test demand amid higher rates
The Reserve Bank of India will auction 50 billion rupees ($600 million) of five-year notes Friday. The debut sale in January raised 80 billion rupees, garnering a so-called greenium — higher valuation because of its environmentally beneficial characteristics — of six basis points over the benchmark yield.
WORLD
Behind ICBC hack is a gang for hire that holds systems hostage
The breach disclosed Thursday by the largest global lender by total assets blocked some Treasury market trades from clearing, forcing brokers and traders to reroute transactions.
WORLD
JPMorgan is discussing its generative AI projects with regulators
The release of ChatGPT a year ago prompted banks to hire for AI-related positions and begin testing uses for generative AI, which can summarize documents, write emails and churn out clever responses to users.
BUSINESS
Byju’s lenders win fight over loan default, control of unit
The lenders – which include Redwood Investments LLC and Silver Point Capital LP – were within their contractual rights to replace a relative of company founder Byju Raveendran on the board of Byju’s Alpha, a special-purpose company formed for financing purposes, with their nominee, Delaware Chancery Court Judge Morgan Zurn ruled.
BUSINESS
Here are analysts’ top stock picks this festive season
Property developers as well as leading producers of cement, cables, and chemicals are among the picks this season.
BUSINESS
Adani flagship aims big on data centers with $1.5 billion capex planned
The company is planning to build nine data centers and targeting a total capacity of 1 gigawatt by 2030.
BUSINESS
Bitcoin rallies past Terra crash level in win for bruised bulls
The cryptocurrency rose as much as 3.9% to $36,990 on Thursday.
BUSINESS
Apple suffers setback in EU clash over $14 billion tax bill
Advocate General Giovanni Pitruzzella of the EU Court of Justice in an advisory opinion on Thursday said Apple’s win in a lower EU court should be re-examined. The top EU tribunal is set to issue its binding ruling in the coming months.
WORLD
US population will start shrinking by 2100, says Census Bureau
By 2100, the US will have a population of around 366 million people, unless immigration continues to climb each year, in which case the population could reach as high as 435 million, the bureau forecast.
WORLD
ArcelorMittal profit drops as steel market demand weakens
The world’s top steelmaker outside of China reported a 28% decline in earnings from the previous quarter, better than analysts expected. Margins and sales were squeezed as the manufacturing and construction sectors languished.
