WORLD
China lures billionaires into race to catch US in AI
Billionaire entrepreneurs, mid-level engineers and veterans of foreign firms alike now harbor a remarkably consistent ambition: to outdo China's geopolitical rival in a technology that may determine the global power stakes.
WORLD
UBS preparing to cut over half of Credit Suisse workforce
Bankers, traders and support staff in Credit Suisse’s investment bank in London, New York, and in some parts of Asia are expected to bear the brunt of the cuts, with almost all activities at risk, people familiar with the matter said.
BUSINESS
Byju’s seeks to raise $1 billion to sidestep shareholder revolt
The Indian firm is offering sweeteners, including preferential treatment in the case of liquidation, to win over new backers, people familiar with the matter said, asking not to be named as the information isn’t public.
WORLD
Gucci owner acquires creed to expand in luxury fragrances
Kering’s beauty unit is buying 100% of Creed from funds controlled by BlackRock Inc. and current Chairman Javier Ferran, the Paris-based group said in a statement Monday. Further terms weren’t disclosed. Kering shares rose 1.5% in early trading in Paris on Tuesday.
WORLD
Britcoin may not actually be on Blockchain, BoE executive says
All options are on the table as the UK plugs ahead with research to figure out if a digital pound — which has been dubbed “Britcoin” — is worth building, according to Tom Mutton, who heads the Bank of England’s central bank digital currency (CBDC) project.
WORLD
Lufthansa enters crunch week of talks with pilot union
Negotiating teams at Lufthansa and the VC pilots union meet on Tuesday, Wednesday and Friday with the aim at ending a dispute over pay and working conditions. If a deal can’t be reached by Friday, the union will be free to ballot members on strike action.
WORLD
Big tech companies want AI regulation - but on their own terms
The remark prompted Internal Market Commissioner Thierry Breton to accuse Altman of “attempting blackmail.” Altman clarified his comments the next day, and when the CEO and commissioner met in person last week, they agreed that they were aligned on regulation.
WORLD
China bans ‘negative’ finance writers as stock market sinks
Wu Xiaobo and two other writers who weren’t fully named “attacked and undermined” Chinese policy and spread “negative and harmful information,” according to a statement by Sina Corp.’s Weibo on Monday.
BUSINESS
ASK plans to raise up to $122 million for private credit
Private credit - where investors like pension funds lend directly to companies — is one of hottest asset classes globally, with the global stock of loans growing rapidly to $1.5 trillion, according to financial data provider Preqin Ltd. The loans typically feature floating interest rates, which means investors get paid more when rates rise.
INDIA
Surging Indian internet stocks trounce China peers
An equal-weighted custom index of India’s five flagship Internet stocks including Paytm parent One 97 Communications Ltd. and Zomato Ltd. has risen more than 20% in 2023, bolstered by the firms’ focus on profitability and a buzzing economy.
WORLD
Vladimir Putin blasts Wagner ‘traitors’ after Prigozhin denies coup plot
“The organizers of the rebellion betrayed their country and their people, and betrayed those who were dragged into the crime, lied to them, pushed them to death under fire,” Putin said, without mentioning anyone by name.
WORLD
Stability AI head of research resigns from startup
David Ha, head of research for the London-based startup, resigned this month. Chief Operating Officer Ren Ito also left in June. Ha declined to comment. Ito didn’t immediately respond to requests for comment.
WORLD
Ford to cut hundreds of US salaried workers to lower costs
The automaker is cutting engineers in all three areas of its business, EVs, traditional internal combustion-engine models and commercial vehicles, said T.R. Reid, a company spokesman. The workers will be informed Tuesday and Wednesday.
BUSINESS
Byju’s under lens as MCA gathers details after auditor quits
The Ministry of Corporate Affairs has sought more information about the embattled startup and a final decision about whether to open a formal probe is expected soon, the people said.
WORLD
Janet Yellen plans July China trip while US prepares investment curbs
In addition, a Biden administration executive order that would regulate and potentially cut off certain US investments in China is nearing completion and officials are aiming to have it ready as soon as late July, people familiar with the internal deliberations said.
WORLD
Chip startup rides AI frenzy to become top-gaining topix stock
Socionext Inc. has jumped more than 245% this year, with its market value touching a high of around ¥957 billion ($6.7 billion), making it the best-performing stock on the Topix index.
WORLD
Russia crisis forces rethink of oil market’s balance of risks
“The higher risk of lower supply at some point may put some upward pressure on prices,” analysts including Daan Struyven and Callum Bruce said in a June 25 note. Still, the initial impact should be limited, they added.
BUSINESS
In high-yield battle, India may beat Indonesia as top Asia trade
The Indian currency offers higher compensation for risk than the rupiah, with a carry-to-risk ratio of 2.8 compared with just 0.5 for Indonesia, according to data compiled by Bloomberg.
WORLD
What is Russia’s Wagner Group and why is it accused of mutiny?
The internal conflict is the biggest test of President Vladimir Putin’s authority since he sent troops into Ukraine 16 months ago. In a short televised address to the nation on Saturday, Putin denounced the rebellion by Wagner forces and its leader as “treason” and promised harsh punishment.
INDIA
India, UK regulators close to resolving clearing house impasse
The move now paves the way for British banks like Barclays Plc and Standard Chartered Plc, with a significant presence in India, to continue trading in the South Asian nation using the Clearing Corp. of India platform.
WORLD
MSCI retains South Korea as emerging market after annual review
South Korea will stay in the 24-member MSCI Emerging Markets Index, the firm said in its annual market classification announcement Thursday. The decision was widely expected after MSCI earlier this month said South Korea still faced nine market accessibility issues, flagging concerns similar to 2022’s review.
WORLD
Janet Yellen sees lower US recession risk, says consumer slowdown needed
On the chance of a recession, Yellen said “my odds of it, if anything, have gone down — because look at the resilience of the labor market, and inflation is coming down.” She spoke in an interview with Bloomberg News Thursday.
BUSINESS
Coal power capacity may rise as demand surges
The nation, one of the world’s top carbon emitters, has about 27 gigawatts of coal-based power plants under construction and another 24 gigawatts capacity is in pre-construction stages, according to Power Minister Raj Kumar Singh.
INDIA
Apple, Google, Microsoft CEOs attend PM Modi dinner at White House
At the White House, corporate executives attending the event included Apple Inc. Chief Executive Officer Tim Cook, Alphabet Inc. CEO Sundar Pichai and Microsoft Corp. chief Satya Nadella. They were joined by celebrities including Billie Jean King and Ralph Lauren at the third state dinner of Biden’s presidency.
