BUSINESS
Govt considers banning most rice exports as local prices surge
The government is discussing a plan to ban exports of all non-Basmati rice, according to people familiar with the matter. Authorities want to avoid the risk of more inflation before elections, said the people, who asked not to be identified as the information is not public.
BUSINESS
Varun Beverages may keep rallying after almost 1,000% surge
Varun Beverages Ltd., which says it’s responsible for about 90% of PepsiCo sales in India, is set to profit from the expanded distribution of its products to remoter parts of the country, while sales should also benefit from the trend toward increasing temperatures, analysts say.
WORLD
AI Startup Anthropic releases updated ChatGPT rival, Claude 2
Anthropic said that Claude 2 is available to anyone in the US or UK online at claude.ai, and businesses can access it via an application programming interface.
WORLD
State, Commerce Departments hit by hackers tied to China
Last month, the US State Department identified anomalous activity and alerted Microsoft to the attack, according to a spokesperson.
BUSINESS
A $590-billion stock market rally faces earnings, retail selling tests
The MSCI India Index’s 12-month forward-earnings multiple has risen to near 21 times from 18.5 times just over three months ago, according to data compiled by Bloomberg. That’s above its 10-year average and more than 50% higher than the valuation for the broader Asian gauge.
WORLD
McDonald’s China owners Carlyle, Trustar plan $4 billion exit
Shareholders have agreed to the plan, and the asset managers aim to finalize an agreement with investors in the fourth quarter, they said, asking not to be identified discussing private matters.
BUSINESS
Elon Musk unveils xAI in new bid to rival startup OpenAI
Musk was involved in the creation of OpenAI, the highest-profile AI startup and developer of ChatGPT. But he has frequently and publicly criticized OpenAI since he left the board in 2018, especially after it created a for-profit arm the following year.
WORLD
US Fed set to raise rates in July despite inflation slowdown
The majority of Fed officials see interest rates moving higher this year to deal with a slower-than-expected cooling of price pressures and a persistently strong labor market.
BUSINESS
Rupee’s plunging volatility leaves investors guessing RBI moves
The rupee’s one-month implied volatility versus the dollar crashed to its lowest since 2005 in June, drawing queries from investors on roadshows of Citigroup Inc. and ICICI Securities Primary Dealership Ltd. to gauge the path ahead for the Indian currency.
WORLD
Elon Musk to host AI-focused Twitter event with US house lawmakers
California Democrat Ro Khanna said he and Wisconsin Republican Mike Gallagher will speak with the Twitter owner for about 45 minutes at 7pm New York time.
WORLD
What's behind Nasdaq 100's first-ever ‘special rebalance’?
The special rebalance, the first ever of its kind, is intended to prevent fund managers linked or benchmarked to the index from violating a Securities and Exchange Commission diversification rule.
WORLD
Jack Ma’s wealth drops $4.1 billion as Ant’s valuation slashed
The 58-year-old tycoon has a 9.9% stake that’s now estimated to be worth $4.1 billion less than almost a year ago, based on the share buyback, average analyst estimates and Fidelity Investments’ valuation, according to the Bloomberg Billionaires Index.
BUSINESS
Gautam Adani weighs bid for Anil Ambani’s cash-strapped power plants
Ambani’s Reliance Power Ltd. is also considering making an offer for the asset in an attempt to win back control of the firm, one of the people said.
BUSINESS
Government orders inspection of Byju’s account books
The ministry has sought a report in six weeks, the report said, citing people familiar with the matter.
WORLD
Temasek posts worst performance in seven years as markets slump
The firm with S$382 billion ($284 billion) in assets posted a total shareholder return of -5.07% for the year ended March 31, the poorest annual performance since 2016. It also suffered a rare net loss.
BUSINESS
HDFC merger set to lower costs for Rupee debt borrowers
The consolidation will create a more than $170 billion financial services behemoth, and the mortgage business will be able to tap the bank’s deposits to grow rather than pile on more debt. Other top-rated borrowers will have access to a larger pool of credit following the exit of HDFC from the market.
BUSINESS
Bain, Carlyle study bids for Adani’s shadow bank
The Adani Group will decide whether to completely exit or keep a minority stake after the bids are in, the people said.
BUSINESS
Tata Group closes in on deal to become first Indian iPhone maker
The facility employs more than 10,000 workers, who assemble the latest iPhone 14 model.
WORLD
Move over Dubai. This tiny Emirate wants to be the next haven for billionaires
Ras Al Khaimah is a northern territory of the United Arab Emirates about 45 minutes from Dubai’s international airport.
INDIA
Peak power demand in India hits record in June on extreme heat
Power requirement reached 223.3 gigawatts on June 9, a rise of 3.4% from the highest level in 2022, according to data from the power ministry.
WORLD
AI tool shows promise for treating brain cancer, study finds
While glioma varies in severity, an aggressive form called glioblastoma can lead to death in less than six months if untreated. Only 17% of people with glioblastoma survive their second year after being diagnosed, according to the American Association of Neurological Surgeons.
BUSINESS
Banks to brighten India company earnings amid IT uncertainties
India’s banks have largely remained insulated from a global crisis in the industry with their heavy reliance on local markets.
WORLD
Sovereign investors embrace bonds and gold, Invesco survey shows
The survey covering 85 sovereign wealth funds and 57 central banks collectively managing about $21 trillion in assets showed that while inflation remains the most significant risk, many now intend to increase bond allocations, especially emerging-market and high-yield.
WORLD
Lawrence Summers warns on inflation complacency, sees more bond declines
“Nobody ever thought we were an underlying 8% inflation country,” Summers said on Bloomberg Television’s “Wall Street Week” with David Westin. “So the fact that the rate has come down shouldn’t be confused with saying that ‘we can be confident that we’re on a path of this all being OK.’”
