INDIA
Delhi looks to its lakes to secure drinking water
The restoration is one of the first of hundreds that Delhi plans to secure its water supply and become less reliant on neighboring states.
WORLD
BofA’s warning of a ‘5% world’ sinks in with yields pushing higher
The surprisingly resilient US economy, ballooning debt and deficits, and escalating concerns that the Federal Reserve will hold interest rates high are driving yields on the longest-dated Treasuries back to the highest levels in over a decade.
INDIA
Govt seeks to carve out $12 billion to cool inflation, may lower taxes on fuel sales
Prime Minister Narendra Modi will take a decision in the coming weeks, which could include lowering taxes on local petrol sales and easing import tariffs on cooking oil and wheat, according to sources.
BUSINESS
JSW Steel weighs majority stake in Teck Resources’ coal unit, rivalling Glencore's bid
Mumbai-based JSW is seeking partners for an offer to acquire a 75% interest in the asset, known as Elk Valley Resources Ltd, sources told Bloomberg.
BUSINESS
Govt likely to slash duty on UK cars, whisky under trade pact
While New Delhi has agreed to slash tariffs on British cars and scotch whisky, the UK is willing to relax some visa rules for Indian professionals, officials told Bloomberg.
WORLD
China’s troubled $137 billion shadow bank plans debt restructuring, taps KPMG
The Beijing-based company plans to restructure debt and sell assets after the review in order to repay investors, the people said. The company manages more than 1 trillion yuan ($137 billion) of assets.
BUSINESS
JPMorgan Index may include India bonds in 2024, Pictet says
India has in recent years come close to opening its $1 trillion government debt market to more global funds before pulling back from meeting the requirements for index inclusions.
WORLD
When Fed cuts rates, it may still be tightening via QT program
“A number of participants noted that balance-sheet runoff need not end when the committee eventually begins to reduce the target range for the federal funds rate,” according to minutes of the US central bank’s July 25-26 policy meeting published Wednesday in Washington.
WORLD
Argentina’s Javier Milei vows to pay country’s debt while shuttering the central bank
Javier Milei, a radical libertarian whose surprise win in Sunday’s primary vote roiled markets, told Bloomberg News his bold fiscal adjustment will boost Argentina’s reputation and credit profile, making a default unnecessary.
BUSINESS
Quantum computing is years away, this startup says its software can get there faster
A British startup spun out from University College London and the University of Bristol raised £13 million ($16.5 million) to develop algorithms designed for quantum machinery, such as those being developed by Alphabet Inc.’s Google and International Business Machines Corp.
WORLD
Fed minutes set to show only a minority saw end of tightening
At the same time, a majority “likely maintained cautious optimism” that the US economy is in for a soft landing, Bloomberg economists Anna Wong and Stuart Paul wrote Tuesday in a preview of minutes of the Federal Open Market Committee’s July 25-26 meeting.
BUSINESS
Apple supplier Foxconn begins iPhone 15 production in India
A Foxconn Technology Group plant in Sriperumbudur is preparing to deliver the newest devices only weeks after they start shipping from factories in China, as the company seeks to swiftly increase the volume of new iPhones coming from India, people familiar with the matter said.
INDIA
Germany, Spain in contest for $4.8 billion Indian Submarine Deal
Indian officials are currently evaluating competing bids to build six of the vessels in the country, senior Indian officials aware of the developments said, asking not to be named because discussions are private.
WORLD
Intel to call off $5.4 billion tower deal without Chinese approval
The deadline for the transaction, announced in early 2022, is midnight California time on Aug. 15 and the companies don’t anticipate getting approval from China by that time, said the people, who asked not to be identified because the details are private.
WORLD
MSCI China index set to erase gains seen since politburo meet
The MSCI China Index dropped as much as 0.9% early Wednesday amid mounting concerns over China’s economic growth. The Hang Seng Index slid more than 1%, inching closer to a technical bear market.
WORLD
Mastercard to buy stake in MTN’s $5.2 billion fintech unit
“Signing of the definitive investment agreements is expected to occur in the very near term,” MTN Chief Executive Officer Ralph Mupita said in a statement on Monday.
BUSINESS
iPhone maker Hon Hai cuts outlook as demand weakens
The Taiwanese company said it now sees its sales falling in the current quarter as well as for the year overall, with most of its main business segments in contraction.
WORLD
Goldman pencils in first Fed rate cut for second quarter of 2024
“The cuts in our forecast are driven by this desire to normalize the funds rate from a restrictive level once inflation is closer to target,” Goldman economists including Jan Hatzius and David Mericle wrote in a note dated Sunday.
WORLD
Yen slides to weakest since November on wide Japan-US yield gap
The currency depreciated past 145.07 and towards a zone that last year saw Japanese authorities intervene in the market. It was at 145.18 at 9:35 a.m. Tokyo time on Monday, the weakest since November.
WORLD
The Fed is playing a waiting game to try to avoid a recession
Fed Chair Jerome Powell says he expects the central bank to navigate a path where the US economy expands with inflation rates falling back to the 2% target, though the task will be challenging.
BUSINESS
Adani probe wraps up as India tightens disclosure for big firms
The panel accused Sebi of having diluted rules that would have helped break through so-called opaque structures and the regulator’s job is made harder by India’s overlapping web of corporate laws that offer loopholes large businesses often exploit.
WORLD
Mark Zuckerberg says ‘time to move on’ from Elon Musk cage fight challenge
“If Elon ever gets serious about a real date and official event, he knows how to reach me. Otherwise, time to move on,” Zuckerberg posted Sunday on Meta’s Threads. “I’m going to focus on competing with people who take the sport seriously.”
BUSINESS
Bond market sees no end to tumult as Fed casts a hawkish shadow
Across Wall Street, there’s growing relief that the Federal Reserve — at long last — may be done raising interest rates. But that doesn’t mean turbulence in the bond market will soon become a thing of the past.
WORLD
Jeff Bezos buys $68 million home on Florida’s exclusive island
The Amazon.com Inc. founder, and the world’s third-richest person, agreed to pay $68 million for an estate in Indian Creek, a man-made barrier island in the larger Miami area.
