WORLD
China’s PLA warns cadres about socializing with ‘wrong people’
Chinese military cadres should “purify their social circle,” a commentary published by the state-run PLA Daily said on Friday, without elaborating on the leaders who were removed from their posts.
BUSINESS
Hollywood studios, writers near deal but AI issue lingers
The studios have agreed to staff a certain number of writers on their TV shows, a figure that will increase with the number of episodes in a season.
INDIA
India rice export ban is fueling risk of social unrest, UN says
The export ban is bringing back memories of 2008, when a global rice crisis put 100 million people at risk, many in sub-Saharan Africa. Back then, both Vietnam and India restricted exports.
BUSINESS
Goldman sees India bond inclusion spurring $40 billion inflows
India’s addition to the index is a keenly awaited event, pointing to the growing appeal of the country to foreign investors looking to diversify their portfolios.
BUSINESS
Petronas nears $1.6 billion deal for India’s AM Green unit stake: Sources
Petronas is in advanced talks to buy about a 25% stake in the unit, which may be valued at around $6 billion in a deal, the people said
SCIENCE
Largest Asteroid Sample Ever Collected Is Coming Down to Earth on Sunday
It’s a moment more than a decade in the making for a NASA mission called OSIRIS-REx. Its goal was to scoop up a large sample of rocks and dust from a near-Earth asteroid named Bennu and bring it to our planet to study.
WORLD
Lachlan Murdoch inherits media empire and daunting task as Rupert retires
Murdoch’s media empire, which he built over seven decades, has long been seen as a giant, with enormous influence over news, entertainment and politics.
WORLD
Bill Ackman sees long-term rates rising further, remains short bonds
“The long-term inflation rate plus the real rate of interest plus term premium suggests that 5.5% is an appropriate yield for 30-year Treasurys,” Ackman, the billionaire founder of Pershing Square Capital Management, posted on X, the social platform formerly known as Twitter.
BUSINESS
Thirty buyers snapped up 8,000 South Korea homes in five years
The 30 buyers spent a total of nearly 1.2 trillion won ($900 million) for purchases between 2018 and June 2023, according to Min Hong-chul, a lawmaker of the main opposition Democratic Party, based on data submitted from the land ministry.
WORLD
Europe’s biggest economies ended Q3 in contraction
While the downturn eased in Germany, it deepened in France, according to business surveys released by S&P Global on Friday. Economists had expected momentum in both countries to remain broadly stable.
WORLD
Alibaba’s Cainiao plans to raise at least $1 billion in Hong Kong IPO soon
The company is targeting to raise at least $1 billion in the share sale though it’s still early to decide on the valuation, said the people, who asked not to be identified as the information is private. No final decision has been made and details could still change, the people said.
BUSINESS
India may keep door shut on crypto for two years, says WazirX
Indian officials last year imposed a 1% levy — known as TDS — on crypto transactions, causing trading volumes at exchanges to crash as market makers and high-frequency investors pulled back due to higher costs.
BUSINESS
JPMorgan is adding India to its emerging-markets bond index
The index provider will add the securities to the JPMorgan Government Bond Index-Emerging Markets starting June 28, 2024. The South Asian nation will have a maximum weight of 10% on the index, according to a statement Thursday.
BUSINESS
Nvidia CEO touts India as major AI market in bid to hedge China risks
As the US increasingly clamps down on exports of high-end chips to China and the world seeks an alternative electronics manufacturing base, India could shape up to be a source of AI talent, site for chip production and market for Nvidia’s products.
BUSINESS
Nomura bets on India bond-swap spread widening into index review
The investment bank has initiated a trade to receive five-year offshore swaps while shorting the 10-year government bonds, South East Asia and India rates strategist Nathan Sribalasundaram wrote in a note on Wednesday.
INDIA
India issues warning to expats in Canada after murder accusation
The advisory from India’s external affairs ministry said students in particular should “remain vigilant,” aiming its message at the huge population of young Indians attending Canada’s colleges and universities.
WORLD
Fed signals higher-for-longer rates with hikes almost finished
After a series of rapid rate hikes over the past 18 months, the Fed can now “proceed carefully,” Powell said — a sentiment he repeated at least a dozen times Wednesday during a press conference that followed the central bank’s decision to leave rates unchanged.
BUSINESS
BYD launches Dolphin hatch to crack Japan’s tricky EV market
While BYD is China’s biggest carmaker and a frontrunner in the industry’s rapid transition to EVs, it has made little headway in Japan.
BUSINESS
Goldman raises Brent oil forecast to $100 as rally builds
Goldman Sachs Group Inc. rejoined the $100-a-barrel oil club, raising its forecast for crude back to triple digits as worldwide demand hits unprecedented levels and OPEC+ supply curbs continue to tighten the market.
BUSINESS
Klaviyo IPO forges $3 billion Fortune for Harvard Physicist
The seemingly low-stakes world of text and email customer messaging will mint some big fortunes Wednesday, when marketing technology firm Klaviyo Inc. begins trading in New York.
BUSINESS
Instacart founder exits with $1.1 billion fortune after IPO
Mehta started Instacart over a decade ago, getting into famed startup accelerator Y Combinator after he had missed the application deadline by two months and delivered a partner a six pack of beer to make up for it.
WORLD
Citigroup debuts token service in latest foray into digital assets
The product — known as Citi Token Services — will transform customers’ deposits into digital tokens that can be sent instantly anywhere in the world, according to a statement Monday.
WORLD
Elon Musk assures Benjamin Netanyahu he is against antisemitism
Elon Musk has been in an escalating row with the Anti-Defamation League, a Jewish civil rights group he accuses of undermining X’s advertising revenue.
WORLD
Everything we know about China’s missing defense minister
Li’s absence comes just months after the ouster of other senior officials, including former Foreign Minister Qin Gang and generals in the command managing the country’s nuclear arsenal.
