INDIA
Thailand mulls easing visa rules to lure Chinese, Indian tourists
Chinese — the largest group of visitors before the pandemic — face a costly and cumbersome visa-application process, which has has been a drag on the tally this year, according to the premier.
BUSINESS
Meta’s spending is now focused where investors want
The Reality Labs division in charge of realizing Zuckerberg’s metaverse vision is expected to have “meaningfully” greater losses this year than it did last year, the company has said.
BUSINESS
How a Small EV Maker Became More Valuable Than Ford and GM Combined?
On Aug. 15, unprofitable Vietnamese EV-maker VinFast, owned by the country’s richest man, made its debut on the Nasdaq Global Select Market index.
BUSINESS
China banks to cut rates on mortgages, deposits in stimulus push
The move would be the latest piecemeal step rolled out by Beijing as authorities try to spur consumer spending, drive more funds into the stock market and alleviate pressure on lenders.
BUSINESS
World’s Hottest Stock Evokes Memories of a $400 Billion Crash
VinFast’s $190 billion market capitalization is now bigger than half of the companies in the Dow Jones Industrial Average, including Goldman Sachs Group Inc. and Walt Disney Co.
BUSINESS
Vedanta seeks to identify bondholders as $2 billion debt looms
Vedanta has engaged a corporate advisory firm Morrow Sodali to identify owners of notes that mature in January 2024, August 2024 and March 2025, according to a notice sent last week to bondholders and seen by Bloomberg News, but unconfirmed by the issuer.
BUSINESS
ITC chairman hopes India food export bans are short-lived
The company, a major wheat exporter, saw its agriculture business revenue decline 25% in the April-June quarter, hit by the export bans, according to its quarterly earnings presentation.
BUSINESS
Hindustan Zinc eyes jump in output under chair Agarwal Hebbar
The producer of zinc, used to galvanize steel to prevent rusting, said last week that it wants to grow its annual mined metal output to 1.5 million tons, from around 1 million tons now.
BUSINESS
India’s tight grip on rice exports puts wheat and sugar in focus
The curbs on rice now cover all varieties that the South Asian nation ships to overseas markets, further tightening global supply.
WORLD
World’s best large IPO of 2023 Is Indonesia miner with 150% gain
Shares of PT Amman Mineral Internasional, which owns the second-largest gold and copper mine in the Southeast Asian country, are up 153% since their debut on July 7. That’s the biggest gain among 32 IPOs that raised at least $500 million so far globally in 2023, according to data compiled by Bloomberg.
BUSINESS
FirstCry founder probed for alleged $50 million India tax evasion
The department, which India’s Ministry of Finance runs, has sent notices to founder Supam Maheshwari asking why he didn’t pay more than $50 million in taxes on equity transactions conducted in privately-held FirstCry, the people said, asking not to be named as the information is not public.
BUSINESS
Sugar heads toward two-month high on concern over Indian exports
India has ramped up restrictions on rice exports over the past few days as the nation tackles rising food costs before an election next year, prompting speculation about which commodity might be next.
AUTOMOBILE
Why the EV Industry is Talking About ‘Black Mass’
But “black mass” is just a very literal description of the intermediate product from recycling either spent electric-vehicle batteries or scrap from battery plants.
POLITICS
Modi weighs continuing free grains program into polls
Indian officials are proposing to extend a free grains program well into next year’s national election season, according to people familiar with the matter, a move likely to support Prime Minister Narendra Modi’s reelection bid for a third term.
BUSINESS
In Pics | China’s worsening economic slowdown is rippling across the globe
Global investors have already pulled more than $10 billion from China’s stock markets, with most of the selling in blue chips. Goldman Sachs Group Inc. and Morgan Stanley have cut their targets for Chinese equities, with the former also warning of spillover risks to the rest of the region.
BUSINESS
Stake sale, IPO plans in focus for Mukesh Ambani’s annual speech
This year, investors are keen to find out more about the newly listed Jio Financial Services Ltd., as well as Reliance’s fresh investments into renewable energy and the rollout of its 5G network.
BUSINESS
China cuts tax on stock trading to boost market confidence
The reduction has the potential to trigger a knee-jerk rally in China’s $9.6 trillion equity market, which is highly sensitive to policy shifts that impact market liquidity.
BUSINESS
Quants fail to replicate their US and China success in India
Quantitative strategists are supposed to be good at figuring out winning formulas. But one puzzle they haven’t solved is how to succeed in India, one of the world’s top-performing major markets of the pandemic era.
INDIA
Rupee faces risk of ‘speculative attacks’ on RBI Grip, ANZ says
RBI has absorbed most of about $19 billion of inflows into local stocks and bonds this year, helping it beef up foreign exchange reserves and prevent appreciation in the rupee.
WORLD
Digital nomads are traveling by day and working by night
Remote workers and so-called digital nomads have logged odd hours from hotspots like Bali and Goa long before Covid-19.
WORLD
Jerome Powell signals Fed will raise rates if needed, keep them high
The economy grew at a 2.4% annualized pace in the second quarter, a surprisingly robust reading that prompted many economists to boost forecasts for the third quarter and reconsider odds of a recession
INDIA
Sugar in India’s key growing areas under threat from poor rain
Sugar crops in some of India’s major growing regions are in desperate need of rain as drier conditions threaten the production outlook, which may place more pressure on containing rising food costs.
BUSINESS
Nvidia market reaction shows US rally is over, says Morgan Stanley’s Wilson
The drop in US stocks on Thursday despite a bumper report from Nvidia Corp. shows the rally this year is “exhausted” and portends more declines to come, according to Morgan Stanley’s Michael Wilson.
WORLD
China eases home purchase rules in new push to boost economy
City governments can have leeway on whether to adopt the policy, according to the notice.
