BUSINESS
India’s Russian oil buying spree continues even as prices climb
India’s consumption of Russian crude has soared since last year, with the country becoming a leading supplier, ousting Saudi Arabia and Iraq from the top spots.
WORLD
Fed seen pausing after tame CPI data, but mission not over
A report Thursday showed the core consumer price index, which excludes often-volatile food and energy costs, rose 0.2% for a second month. That marked the smallest back-to-back gains in more than two years, adding to a steady wave of disinflation in recent months.
WORLD
Citigroup names Gunjan Kalra head of Asia commercial bank in Singapore
Gunjan Kalra will assume the role from Sept. 1, according to a statement from the New York-based lender. Kalra, who was most recently head of corporate sales and solutions in Asia, takes over from Rajat Madhok, who was named global head of Citi commercial bank credit risk earlier this year.
WORLD
Investors Brace for Fallout From Ecuador Candidate’s Killing
The assassination of a leading presidential candidate in Ecuador less than two weeks before the vote adds pressure to a country already wracked by political and drug violence.
BUSINESS
Osaka Gas, Sumitomo near deal for India’s think gas stake
The consortium of Japanese firms may reach an agreement with Think Gas’s backer I Squared Capital as soon as September, said the people, who asked not to be identified as the information is confidential.
WORLD
Joe Biden narrows China investment order as US seeks better ties
The order, announced Wednesday, would regulate US investments in some Chinese semiconductor, quantum computing and artificial intelligence firms.
WORLD
Virgin Galactic is set to fly first private tourists to space
Virgin Galactic is competing against Jeff Bezos’ Blue Origin to sell trips to thrill-seekers looking to shed Earth’s gravity for a few minutes, the driving reason the company was first created.
BUSINESS
Larsen & Toubro plans $12 billion expansion led by Green Energy
The company intends to build 2-3 million tonnes of green hydrogen and ammonia capacity with an investment of close to $4 billion.
BUSINESS
Rice soars to highest since 2008 on rising threats to supply
Rice is vital to the diets of billions of people in Asia and Africa, and the surge in prices could add to inflationary pressures and boost import bills for buyers.
BUSINESS
India’s grain stockpiles are key to PM Modi’s pre-election strategy
With the vote less than a year away, Modi’s government is going all out to build up its food stockpiles. Officials say inventories are adequate and have sought to discourage hoarding, but India has still banned rice exports and is preparing to import wheat, despite being the world’s second-largest producer.
WORLD
Alibaba, Tencent’s $66 billion party starts to fade
For the first time since 2021, China’s technology leaders head into an earnings season with what appears to be the wind at their backs. They’re set to report their strongest growth rates in over a year.
WORLD
WeWork’s ‘substantial doubt’ about its future marks a stunning fall
WeWork was not saved, and the co-working company now says there’s “substantial doubt” it will even be able to stay in business.
WORLD
Tesla’s new CFO now has two jobs and a lot of question marks
Tesla’s new chief financial officer, Vaibhav Taneja, already has a hefty gig serving as the company’s chief accounting officer. Tesla watchers were surprised to hear Monday that he was replacing Zach Kirkhorn, a 13-year Tesla veteran who abruptly stepped down from the CFO post.
WORLD
Tycoon who gave away $750 million sees profit in loans to poor
R Thyagarajan is arguably one of the world’s most idiosyncratic financiers — in no small part because his multibillion-dollar business, the Shriram Group, has thrived in an industry that tripped up countless others around the globe.
WORLD
US set to limit scope of China investment ban with revenue rule
The rule would allow US private equity and venture capital firms to put their money in larger Chinese conglomerates that may have artificial-intelligence divisions but get most of their revenue from other sources.
BUSINESS
Adani Enterprises weighs exiting $6 billion Wilmar venture
Gautam Adani and his family may retain a minority stake in a personal capacity following a sale, the people said.
INDIA
PM Modi may give farm handouts as food export bans hit rural India
Farm wages grew at around 5.5 percent during the October-March period, according to data from Citigroup — slower than inflation averaging 6.16 percent.
BUSINESS
India seen as bright spot as China gloom weighs on steel demand
Infrastructure-related stimulus packages in India will drive demand for the blast-furnace fuel, Coronado Global Resources Inc.’s Chief Executive Officer Douglas Thompson said on August 8.
BUSINESS
Stability AI’s lead threatened by departures, concerns over CEO Emad Mostaque
Interviews with nearly two dozen current and former employees, investors, vendors and contractors describe a disorganized company helmed by an inexperienced CEO with a history of outlandish claims and lofty promises that don’t always come to fruition.
BUSINESS
Family office to tech billionaires dials back what it says on ethics
The SEC in December 2021 warned investment advisers, including private fund managers, not to use marketing-type language when preparing a newly required “relationship summary” intended to help retail investors better understand their services and fees.
BUSINESS
Market regulator SEBI mulls new transparency norms for conglomerates
SEBI expressed its concerns about market risks stemming from a conglomerate with a complex set of listed and unlisted associates and said that its plans to enhance group-level reporting of transactions.
BUSINESS
UBS names heads from Credit Suisse for Asia global banking team
Kuan-Ern Tan, former co-head of investment banking for Asia-Pacific at Credit Suisse, has been named co-head of Asia coverage with John Lee, the existing head of Greater China.
BUSINESS
Short seller Hindenburg nabs tiny gains off $173 billion carnage
Hindenburg’s report accused Gautam Adani of “pulling the largest con in corporate history,” claiming his conglomerate engaged in accounting fraud and stock manipulation.
WORLD
The Global South breaks away from the US-led world order
Developing nations are demanding control of their resources, reordering a relationship from colonial times, in part by insisting on factories in their own countries. Joining Namibia and Zimbabwe, Ghana is preparing to ban exports of lithium - essential for electric vehicles.
