BUSINESS
Hindustan Zinc eyes jump in output under chair Agarwal Hebbar
The producer of zinc, used to galvanize steel to prevent rusting, said last week that it wants to grow its annual mined metal output to 1.5 million tons, from around 1 million tons now.
BUSINESS
India’s tight grip on rice exports puts wheat and sugar in focus
The curbs on rice now cover all varieties that the South Asian nation ships to overseas markets, further tightening global supply.
WORLD
World’s best large IPO of 2023 Is Indonesia miner with 150% gain
Shares of PT Amman Mineral Internasional, which owns the second-largest gold and copper mine in the Southeast Asian country, are up 153% since their debut on July 7. That’s the biggest gain among 32 IPOs that raised at least $500 million so far globally in 2023, according to data compiled by Bloomberg.
BUSINESS
FirstCry founder probed for alleged $50 million India tax evasion
The department, which India’s Ministry of Finance runs, has sent notices to founder Supam Maheshwari asking why he didn’t pay more than $50 million in taxes on equity transactions conducted in privately-held FirstCry, the people said, asking not to be named as the information is not public.
BUSINESS
Sugar heads toward two-month high on concern over Indian exports
India has ramped up restrictions on rice exports over the past few days as the nation tackles rising food costs before an election next year, prompting speculation about which commodity might be next.
AUTOMOBILE
Why the EV Industry is Talking About ‘Black Mass’
But “black mass” is just a very literal description of the intermediate product from recycling either spent electric-vehicle batteries or scrap from battery plants.
POLITICS
Modi weighs continuing free grains program into polls
Indian officials are proposing to extend a free grains program well into next year’s national election season, according to people familiar with the matter, a move likely to support Prime Minister Narendra Modi’s reelection bid for a third term.
BUSINESS
In Pics | China’s worsening economic slowdown is rippling across the globe
Global investors have already pulled more than $10 billion from China’s stock markets, with most of the selling in blue chips. Goldman Sachs Group Inc. and Morgan Stanley have cut their targets for Chinese equities, with the former also warning of spillover risks to the rest of the region.
BUSINESS
Stake sale, IPO plans in focus for Mukesh Ambani’s annual speech
This year, investors are keen to find out more about the newly listed Jio Financial Services Ltd., as well as Reliance’s fresh investments into renewable energy and the rollout of its 5G network.
BUSINESS
China cuts tax on stock trading to boost market confidence
The reduction has the potential to trigger a knee-jerk rally in China’s $9.6 trillion equity market, which is highly sensitive to policy shifts that impact market liquidity.
BUSINESS
Quants fail to replicate their US and China success in India
Quantitative strategists are supposed to be good at figuring out winning formulas. But one puzzle they haven’t solved is how to succeed in India, one of the world’s top-performing major markets of the pandemic era.
INDIA
Rupee faces risk of ‘speculative attacks’ on RBI Grip, ANZ says
RBI has absorbed most of about $19 billion of inflows into local stocks and bonds this year, helping it beef up foreign exchange reserves and prevent appreciation in the rupee.
WORLD
Digital nomads are traveling by day and working by night
Remote workers and so-called digital nomads have logged odd hours from hotspots like Bali and Goa long before Covid-19.
WORLD
Jerome Powell signals Fed will raise rates if needed, keep them high
The economy grew at a 2.4% annualized pace in the second quarter, a surprisingly robust reading that prompted many economists to boost forecasts for the third quarter and reconsider odds of a recession
INDIA
Sugar in India’s key growing areas under threat from poor rain
Sugar crops in some of India’s major growing regions are in desperate need of rain as drier conditions threaten the production outlook, which may place more pressure on containing rising food costs.
BUSINESS
Nvidia market reaction shows US rally is over, says Morgan Stanley’s Wilson
The drop in US stocks on Thursday despite a bumper report from Nvidia Corp. shows the rally this year is “exhausted” and portends more declines to come, according to Morgan Stanley’s Michael Wilson.
WORLD
China eases home purchase rules in new push to boost economy
City governments can have leeway on whether to adopt the policy, according to the notice.
WORLD
Deutsche Bank seeks to boost Asia financing unit with new roles
Deutsche Bank is also working with a search firm to hire more people for financing roles in the region, according to people familiar with the matter, asking not to be identified as the information is not public.
WORLD
Fed’s Jackson Hole conference is underway: Here’s what to expect
Federal Reserve Chair Jerome Powell leads the speaker line-up with a keynote speech on Friday at 10:05 a.m. New York time.
WORLD
China urges banks to boost stock investments to support market
The China Securities Regulatory Commission held a seminar on Thursday with executives of the financial institutions, who vowed to help stabilize the stock market and boost economic development, according to a CSRC statement. The banks and insurers that attended weren’t named.
WORLD
Crypto exchange BitOasis raises funds from investors including India’s CoinDCX
Terms of the deal and valuation weren’t disclosed. Existing investors Wamda Capital and Jump Capital also participated in the round, the company said.
WORLD
Japan is next country to shoot for the moon after Russia and India missions
The Japan Aerospace Exploration Agency’s (JAXA) H2-A rocket is scheduled to take off on Sunday morning from Tanegashima Space Center in southern Japan, carrying an advanced imaging satellite and a lightweight lander expected to touch down on the moon in January or February.
BUSINESS
Top distressed funds mull buying State Bank of India’s bad loans
The country’s top state lender earlier this month identified a list of 331 non-performing assets with a combined outstanding value of 960 billion rupees ($11.6 billion), according to a note SBI sent to potential investors and seen by Bloomberg News.
WORLD
BRICS set to invite Saudi membership in bid for greater clout
Leaders from Brazil, Russia, India, China and South Africa agreed to expand their BRICS group at a summit being held this week in Johannesburg. It will be the first expansion since 2010.
