WORLD
AI boom fuels 487% stock surge for South Korean family
The company’s recent boom has also helped boost the value of stakes held by Chairman Kim Sang-Beom and his family to more than $800 million as of August 3.
WORLD
Korea Superconductor experts seek to test breakthrough claims
The Korean Society of Superconductivity and Cryogenics asked the Quantum Energy Research Centre to submit samples that are required in the verification process of room-temperature superconductors, the institution said in a statement on Wednesday.
WORLD
Airbnb slides as bookings slow amid higher average prices
People booked 115.1 million nights and experiences on the home-rental platform in the second quarter, up 11% from a year earlier but the slowest pace of growth since the pandemic shutdowns.
WORLD
Booking revenue beats estimates, sees record summer travel
The online travel company said revenue increased 27% to $5.46 billion, surpassing analysts’ average prediction of $5.17 billion.
WORLD
Apple faces longest sales slowdown in decades as iPhone slumps
An additional drop would mark the longest streak of declines in two decades — a startling slowdown for the world’s most valuable company.
WORLD
Amazon’s Jassy spurs sales, profit while cutting spending growth
Under his direction, Amazon fired 27,000 people and pledged to keep headcount flat for the foreseeable future, whacked dozens of projects hatched during Jeff Bezos’s tenure and put multiple businesses under review.
BUSINESS
Apple surprises in China, sets India record despite sales slump
Those twin milestones stood out after Apple posted its third straight quarter of declining sales and predicted a similar performance in the current period, hurt by an industry-wide slump that has sapped demand for phones, computers and tablets.
WORLD
Saudi Arabia extends 1 million-barrel oil cut till Sept, says it can be deepened
The kingdom’s hawkish approach has drawn criticism from major importing nations, which fear that rising fuel costs may inflict another inflationary spike on consumers
WORLD
Bill Ackman says he’s short 30-year treasuries as supply ramps up
Bill Ackman also sees the short as a “high probability” standalone play, the Pershing Square Capital Management founder said in a post on X, the platform formerly known as Twitter.
WORLD
China rally is just an opportunity to sell for many global funds
The FTSE China A50 Index is the only one of 10 major global equity benchmarks tracked by Citigroup Inc. on which investors had a short position as of end-July.
WORLD
Morgan Stanley says take profits on China, downgrades shares
Chinese assets have gotten a boost in recent days amid a slew of promises from Beijing to spur growth and revitalize the nation’s flagging private sector.
INDIA
Iraqi Government recalls tainted Cold medicine made in India
It’s the fifth time in a year that testing has found an Indian exporter’s drugs to contain excessive levels of ethylene glycol.
INDIA
India considers allowing private firms to develop nuclear plants
The country is reviewing its six-decade-old atomic energy law to allow more involvement from non-state companies, federal atomic energy minister Jitendra Singh said Wednesday in a written reply to questions in parliament.
WORLD
Here are the 78 charges Donald Trump now faces, and all the prison time
There’s almost no chance of that though, as judges rarely impose maximum sentences and frequently allow defendants to serve sentences for multiple counts concurrently.
WORLD
Dollar’s drop on Fitch downgrade unlikely to persist: Analysts
Fitch cut the US one level from AAA to AA+, echoing a move made more than a decade ago by S&P Global Ratings.
BUSINESS
Battery firm plans $1 billion Lithium-Ion plant in India
The privately owned company, which is making some initial batches of its prismatic or rectangular cells in South Korea, will acquire 100 acres of land close to the technology hub of Bangalore to build its plant.
WORLD
US credit rating downgraded from AAA by Fitch
The credit grader cut the US one level from AAA to AA+, echoing a move made more than a decade ago by S&P Global Ratings.
BUSINESS
Uber swings to surprise profit as ridership reaches new record
Uber Technologies Inc. reported better-than-expected net income, boosted by record ridership volumes, offering evidence the ride-hailing giant is officially moving beyond its cash-burning startup past and making progress on its profitability goals.
INDIA
Standard Chartered’s Manish Jain set to join Yes Bank
In June, Ankur Khurana took over as Standard Chartered’s head of corporate, commercial and institutional banking head after Ashish Vijayakar left the firm after 24 years, Bloomberg News reported.
TECHNOLOGY
Investor doubles down on Indian drone startups after IdeaForge bet soars
The largest single investor in IdeaForge Technology Ltd. is doubling down on India’s drone-making sector after an early bet on the Mumbai-listed company generated a return of almost 600%.
BUSINESS
Franklin Templeton plans foray into private credit in India
The firm hired Rahul Goswami from ICICI Prudential Asset Management Co. to replace Kamath as CIO and lead its fixed income business, the people said.
BUSINESS
World’s biggest market for sub-$100 million IPOs booms in India
From finance startup Paytm to the nation’s largest insurer, investors have lost money from those IPOs in the past two years. They’ve turned to companies offering up to just $100 million in stock sales, as India hosted 92 such listings this year, the most in the world, according to data compiled by Bloomberg.
BUSINESS
Hedge Funds ‘throwing in towel’ on stocks as rally forces unwind
The rush to tweak positions was frantic enough to push total client stock flows to the highest level since the retail-fomented short squeeze in 2021.
BUSINESS
Oil steadies after biggest monthly advance since early 2022
West Texas Intermediate was little changed below $82 a barrel after surging 16% in July.
