BUSINESS
Top US firms from Apple to Intel decry India PC import curbs
In a letter to US officials this week, eight American trade groups comprising the biggest players in technology and manufacturing asked the Department of Commerce, US Trade Representative and government more broadly to urge India to reconsider the policy.
BUSINESS
Indian solar firm Jakson Group plans $3 billion move into power generation
The firm is counting on India’s ambitious plan to install 500 gigawatts of clean energy capacity by 2030.
BUSINESS
Startups are vying to fix one of fashion’s fossil-fueled secrets
DyeCoo is one of several startups exploring new ways to dye textiles.
BUSINESS
Global stock managers on guard as China pain set to spread
The mounting worries have sent equity benchmarks in Hong Kong and China to their lowest levels since November, with the Hang Seng Index entering a bear market on Friday.
BUSINESS
US ETF Market Ushers In Active Investing in India, Brazil Stocks
Global X launches funds focused on popular emerging markets BTG Pactual among top Brazil bets, SBI Life favored in India
BUSINESS
Barclays names new India CEO, COO in reshuffle of key market
Among Barclays’ global units, India ranked fourth by revenue last year, trailing only the UK, US and Ireland.
BUSINESS
China targets Yuan bears with most forceful fixing guidance
The People’s Bank of China set its so-called fixing at 7.2006 per dollar compared to an average estimate of 7.3047 in a Bloomberg survey with traders and analysts.
WORLD
Elon Musk arrives in Japan for first visit in nine years
The chief executive officer of Tesla Inc. and SpaceX posted on X, formerly known as Twitter, at around 8:30 p.m. Thursday local time that he had just arrived in “amazing” Japan.
BUSINESS
UBS seeks to hire several private bankers to serve India’s rich
The bank, which returned to the private wealth market with its rescue takeover of Credit Suisse two months ago, plans to add at least seven relationship managers to bring its total advisory strength in India to about 25, according to people familiar with the matter.
INDIA
Delhi looks to its lakes to secure drinking water
The restoration is one of the first of hundreds that Delhi plans to secure its water supply and become less reliant on neighboring states.
WORLD
BofA’s warning of a ‘5% world’ sinks in with yields pushing higher
The surprisingly resilient US economy, ballooning debt and deficits, and escalating concerns that the Federal Reserve will hold interest rates high are driving yields on the longest-dated Treasuries back to the highest levels in over a decade.
INDIA
Govt seeks to carve out $12 billion to cool inflation, may lower taxes on fuel sales
Prime Minister Narendra Modi will take a decision in the coming weeks, which could include lowering taxes on local petrol sales and easing import tariffs on cooking oil and wheat, according to sources.
BUSINESS
JSW Steel weighs majority stake in Teck Resources’ coal unit, rivalling Glencore's bid
Mumbai-based JSW is seeking partners for an offer to acquire a 75% interest in the asset, known as Elk Valley Resources Ltd, sources told Bloomberg.
BUSINESS
Govt likely to slash duty on UK cars, whisky under trade pact
While New Delhi has agreed to slash tariffs on British cars and scotch whisky, the UK is willing to relax some visa rules for Indian professionals, officials told Bloomberg.
WORLD
China’s troubled $137 billion shadow bank plans debt restructuring, taps KPMG
The Beijing-based company plans to restructure debt and sell assets after the review in order to repay investors, the people said. The company manages more than 1 trillion yuan ($137 billion) of assets.
BUSINESS
JPMorgan Index may include India bonds in 2024, Pictet says
India has in recent years come close to opening its $1 trillion government debt market to more global funds before pulling back from meeting the requirements for index inclusions.
WORLD
When Fed cuts rates, it may still be tightening via QT program
“A number of participants noted that balance-sheet runoff need not end when the committee eventually begins to reduce the target range for the federal funds rate,” according to minutes of the US central bank’s July 25-26 policy meeting published Wednesday in Washington.
WORLD
Argentina’s Javier Milei vows to pay country’s debt while shuttering the central bank
Javier Milei, a radical libertarian whose surprise win in Sunday’s primary vote roiled markets, told Bloomberg News his bold fiscal adjustment will boost Argentina’s reputation and credit profile, making a default unnecessary.
BUSINESS
Quantum computing is years away, this startup says its software can get there faster
A British startup spun out from University College London and the University of Bristol raised £13 million ($16.5 million) to develop algorithms designed for quantum machinery, such as those being developed by Alphabet Inc.’s Google and International Business Machines Corp.
WORLD
Fed minutes set to show only a minority saw end of tightening
At the same time, a majority “likely maintained cautious optimism” that the US economy is in for a soft landing, Bloomberg economists Anna Wong and Stuart Paul wrote Tuesday in a preview of minutes of the Federal Open Market Committee’s July 25-26 meeting.
BUSINESS
Apple supplier Foxconn begins iPhone 15 production in India
A Foxconn Technology Group plant in Sriperumbudur is preparing to deliver the newest devices only weeks after they start shipping from factories in China, as the company seeks to swiftly increase the volume of new iPhones coming from India, people familiar with the matter said.
INDIA
Germany, Spain in contest for $4.8 billion Indian Submarine Deal
Indian officials are currently evaluating competing bids to build six of the vessels in the country, senior Indian officials aware of the developments said, asking not to be named because discussions are private.
WORLD
Intel to call off $5.4 billion tower deal without Chinese approval
The deadline for the transaction, announced in early 2022, is midnight California time on Aug. 15 and the companies don’t anticipate getting approval from China by that time, said the people, who asked not to be identified because the details are private.
WORLD
MSCI China index set to erase gains seen since politburo meet
The MSCI China Index dropped as much as 0.9% early Wednesday amid mounting concerns over China’s economic growth. The Hang Seng Index slid more than 1%, inching closer to a technical bear market.
