BUSINESS
Adani returns to loan market as investor confidence improves
Separately, unit Adani New Industries Ltd. has raised $394 million via a loan from Barclays and Deutsche Bank for a solar module project.
WORLD
Japan yield breaks BOJ ceiling as policy speculation mounts
The 10-year yield climbed to 0.505% on Friday, beyond the Bank of Japan’s cap of 0.5%, as pressure builds on the BOJ to adjust policy. While a majority of economists had projected the central bank would stand pat this week, the Nikkei reported that officials would discuss letting yields rise above its current limit by a “certain degree.”
BUSINESS
Emirates steel is said to walk away from Thyssenkrupp steel deal
The state-backed Abu Dhabi company has stopped actively pursuing a deal due to concerns over pension liabilities and other complexities of the business, the people said. Emirates Steel was considered the most serious contender to buy a stake in the Thyssenkrupp unit.
BUSINESS
Adani lenders weigh up to $750 million loan for Ambuja debt
The loan would be syndicated, said the people, who asked not be named as the matter is private.
BUSINESS
Apollo, Cerberus pile in as private debt assets double in India
Apollo Global Management, Cerberus Capital Management LP and Varde Partners are stepping up their operations in the world’s most populous nation, funding billionaires and mid-sized businesses for needs as diverse as acquisitions, bridge financing for initial public offerings, and share buy backs.
WORLD
Abrdn appoints new CFO, closes former flagship fund
Abrdn Plc appointed Aviva Plc veteran Jason Windsor as its new chief financial officer following the departure of Stephanie Bruce earlier this year.
WORLD
Zara billionaire founder’s real estate fortune hits $20 billion
Fashion billionaire Amancio Ortega’s real estate investments recorded a 19% increase in value in 2022, as it expanded into logistics and added luxury apartment buildings.
WORLD
Zara billionaire founder’s real rstate Fortune hits $20 billion
The property portfolio owned by the Inditex SA founder was valued at €18.1 billion ($20.1 billion) in 2022, up from €15.3 billion in 2021, according to a statement Thursday from Pontegadea, the firm that manages Ortega’s fortune. Ortega’s real estate portfolio is the largest among Europe’s “super-wealthy” individuals.
WORLD
China tech stocks on brink of bull market on stimulus hopes
The Hang Seng Tech Index climbed as much as 3.3% on Thursday, led by a more than 30% surge in XPeng Inc. after Volkswagen AG said it plans to invest in the Chinese electric vehicle maker. Peers including Nio Inc. and Li Auto Inc. also advanced.
WORLD
Nestle CEO sees full-year revenue growth at high end of forecast
First-half revenue gained more than analysts expected as Nestle pushed prices of Purina pet food and KitKat chocolate bars higher.
WORLD
Severe dry spell spurs Indonesian rice farmers to switch to corn
Farmers in Subang, West Java, one of the nation’s top rice-producing regions, have shifted from planting the grain to growing things like cabbage, chili and watermelon instead, in anticipation of drought, said Yadi Sofyan Noor, chairman of Andalan Fishermen and Farmers Community.
WORLD
Private funding in Asia may hit 10-year low, Preqin says
Funds raised in the region in the first half of 2023 accounted for 22% of last year’s total, Preqin analysts wrote in a quarterly report. Aggregate capital targeted by China-focused funds fell to $115.9 billion at the end of the second quarter, from $141.9 billion in the previous three months.
BUSINESS
ASK plans to raise up to $122 million for private debt
India has also experienced a pickup in private credit activity. Restrictions on bank lending — such as to fund mergers and acquisitions — make it an attractive proposition.
WORLD
Elon Musk the banker wants to take on Jamie Dimon where Google failed
Facebook spent years investing in a project called Libra that was supposed to revolutionize cross-border payments, but regulatory scrutiny forced it to abandon the push.
WORLD
Ouster of Xi Jinping’s handpicked foreign minister halts rising career
The former Chinese ambassador to the US became his nation’s shortest-ever serving foreign minister on Tuesday, after China’s top legislative body stripped him from the role and reinstated his predecessor Wang Yi.
WORLD
Samsung aims to slash cost of foldables in fight with iPhone
The world’s largest smartphone maker is in talks with supply partners to drive down the cost of manufacturing foldables without compromising key specs.
WORLD
Meta to charge cloud providers for AI tech that it said was free
Instead, Meta said the making the technology available for free and opening its source code would result in improvements from a wider community of developers.
BUSINESS
QIA considering $1 billion stake in Mukesh Ambani’s Reliance Retail
The Qatar Investment Authority wants to increase its bets in India and is among parties that are in talks to buy into Reliance Retail Ventures Ltd., said the people, who asked not to be identified as the discussions are private.
WORLD
Microsoft’s Azure slowdown overshadows optimism about AI growth
The world’s largest software maker projected that Azure gains would slow further in the current quarter, and said it would boost spending to expand data centers for new cloud services — while expecting only a gradual increase in AI revenue.
BUSINESS
Star founder broke down in tears as crises engulfed Byju’s
With a planned $1 billion equity fundraise from Middle Eastern investors still in limbo, Raveendran broke down in tears defending his company, according to people who attended the calls.
WORLD
IMF lifts world growth outlook on US stability, but risks linger
Global gross domestic product will expand 3% in 2023, the IMF said
INDIA
Cereal shortages may further fuel India’s inflation, HSBC says
The widespread cereal shortages in India could drive inflation higher in Asia’s third largest economy, even as the vegetable price shock is set to ease in the coming months, according to HSBC Holdings Plc.
WORLD
HSBC pledges to return to private banking in India
On a rainy July evening in Mumbai’s central business district, HSBC Holdings Plc announced to about 100 wealthy Indians it is returning to private banking in India, where it exited about eight years ago.
WORLD
Panic buyers load up on rice supplies as India bans exports
India’s move to ban certain rice exports has sparked some panic buying in various countries, with videos on social media showing bags of the staple food flying off the shelves and long lines outside grocery stores.
