WORLD
Nvidia’s stock surge pushes CEO’s fortune as high as $46 billion
The shares surged as much as 10% in aftermarket trading, boosting Huang’s total fortune to $46.1 billion, according to the Bloomberg Billionaires Index. If that gain can be sustained, Huang is poised to end up among the world’s 25 wealthiest individuals, the index shows.
BUSINESS
Powell Is Using Jackson Hole as Final Push in Inflation Fight
Powell will likely use his platform this week to outline how the Fed will assess whether rates should go higher and determine when it’s time to start cutting them.
BUSINESS
BRICS Needs China to Expand Use of Local Currencies: Anil Agarwal
“There’s very strong talk” of finding ways to reduce dependence on dollars at the summit, Anil Agarwal said.
BUSINESS
Jefferies is hiring 10 investment bankers for India expansion
The New York-based firm is looking to add bankers in ranks ranging from associate to managing director, expanding its team in India to about 25 people, the people said.
WORLD
The science behind Japan's plan to empty nuclear wastewater into Pacific: In Pics
Huge cranes are stationed across the site of Tokyo Electric Power Co.’s wrecked facility, while some areas have been covered with giant dome-like structures as work continues to manage the removal of dangerous fuel debris
BUSINESS
Rice supply faces new threat as India mulls more restrictions
The government is considering imposing a tax on shipments of parboiled rice, according to people familiar with matter. No decision has been made yet and there’s no certainty deliberations will lead to the implementation of duties, said the people, asking not to be identified as the information is confidential.
WORLD
BRICS summit of emerging economies to begin in South Africa
The so-called BRICS nations -- Brazil, Russia, India, China and South Africa -- represent a quarter of the global economy, and interest in joining the club has surged ahead of its three-day summit in Johannesburg.
BUSINESS
India’s biggest fund manager turns to cash on bets RBI will hike
SBI Funds Management Pvt. has been trimming the duration of its portfolio since May and wants to keep the cash handy for better investment opportunities as a sudden spike in inflation sparks debate on odds of more rate hikes.
BUSINESS
Soaring onion prices may hurt PM Modi more than tomatoes
India has imposed a 40% export tax on onions and plans to sell them locally at subsidized rates.
WORLD
SoftBank’s arm files for IPO that is set to be 2023’s biggest
In a long-awaited regulatory filing Monday, Arm said the offering is being led by Barclays Plc, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Mizuho Financial Group Inc. The document listed 24 other underwriters below that top tier — with Morgan Stanley notably absent.
BUSINESS
Goldman Sachs Plans to Undo Another Solomon Deal Chasing Mass Market
The bank is looking to sell the personal financial management business, which oversees about $29 billion in assets and grew out of United Capital, a California-based registered investment adviser Goldman purchased for $750 million in 2019.
WORLD
BRICS Expansion Gets Interesting If Saudis Join, Jim O’Neill Says
“I think them joining — which I imagine if anybody is joining it will include them — is a pretty big deal,” he said in an interview on Bloomberg Television Monday
BUSINESS
Travel Will Represent a $15.5 Trillion Economy by 2033
By 2033, travel is set to become a $15.5 trillion industry—accounting for more than 11.6% of the global economy. This represents a 50% increase over its $10 trillion value in 2019, when travel represented 10.4% of the world’s gross domestic product.
BUSINESS
From Aircons to Cars and TVs, India’s HDFC Bank Wants to Give Loans For Everything
The Mumbai-based bank is converting about 530 offices that previously specialized in mortgages into ones with fully-fledged banking services in the coming months, said Kaizad Bharucha. The HDFC Bank deputy managing director said his firm can now offer home loans at more than three times the locations following its merger with HDFC Ltd. and that’s just the start.
WORLD
Fed can’t celebrate yet as investors expect rates, inflation to remain elevated
That doesn’t mean anyone at Jackson Hole, where Federal Reserve chief Jerome Powell and his peers meet this week, is likely to declare mission accomplished.
BUSINESS
Rupee outperforms EM Asia peers even as it approaches record low
A reserves stockpile of $600 billion, more than $16 billion worth of foreign inflows for stocks this year and economic growth forecast at 6.5% are among the reasons behind the optimism for Neuberger Berman Singapore and Columbia Threadneedle Investments.
BUSINESS
Tata seeks partnerships for UK battery plant to supply Jaguar Land Rover eVs
The collaborations for the battery plant, capable of supplying cells for at least 500,000 vehicles a year, could range from a joint venture and sharing of knowledge to experimentation and licensing agreements, Balaji said.
BUSINESS
Rolls-Royce debuts Droptail Roadster, priced at over $30 million
Rolls-Royce Motor Cars Ltd. has unveiled the latest of its exclusive coachbuilt series, the Rolls-Royce Droptail.
BUSINESS
Bond investors brace for supply freight train before fed confab
The highest long-term Treasury yields in years are headed for a major hearing next week as investors place their bids for two risky auctions — right before the Federal Reserve’s potentially game-changing annual gathering at Jackson Hole.
BUSINESS
Top US firms from Apple to Intel decry India PC import curbs
In a letter to US officials this week, eight American trade groups comprising the biggest players in technology and manufacturing asked the Department of Commerce, US Trade Representative and government more broadly to urge India to reconsider the policy.
BUSINESS
Indian solar firm Jakson Group plans $3 billion move into power generation
The firm is counting on India’s ambitious plan to install 500 gigawatts of clean energy capacity by 2030.
BUSINESS
Startups are vying to fix one of fashion’s fossil-fueled secrets
DyeCoo is one of several startups exploring new ways to dye textiles.
BUSINESS
Global stock managers on guard as China pain set to spread
The mounting worries have sent equity benchmarks in Hong Kong and China to their lowest levels since November, with the Hang Seng Index entering a bear market on Friday.
BUSINESS
US ETF Market Ushers In Active Investing in India, Brazil Stocks
Global X launches funds focused on popular emerging markets BTG Pactual among top Brazil bets, SBI Life favored in India
