WORLD
World’s rice glut will be put to the test with El Niño’s return
The weather pattern usually brings hotter and drier conditions to Asia, which produces and consumes 90% of the global rice supply. Thailand, the world’s second-biggest exporter, has already asked farmers to reduce their harvest because of lower rainfall.
INDIA
A chatbot that won't take bribes for giving advice is a hit in India
In the crowded neighborhoods of Bangalore, ragpickers, cooks and cleaners are taking part in an AI trial aimed at helping some of the nation’s poorest people access money from government anti-poverty programs without getting snarled in red tape and corruption.
BUSINESS
India, US near agreement to build fighter jet engines
The deal is close to the finish line, according to people with knowledge of the matter, who asked not to be identified as the details are confidential.
WORLD
In 5 charts: How China’s sputtering recovery is hurting crude prices
As China switches to stimulus mode to revive growth, here’s a rundown in five charts of the challenges to consumption it faces as the first half of the year draws to a close
WORLD
AI hype starting to ‘smell like dot-ocm era’ to ESG veteran
According to James Penny, the chief investment officer of TAM Asset Management and a veteran investor who correctly predicted the headwinds facing ESG last year, the current mood is reminiscent of the early days of the tech bubble that burst in 2000 and wiped more than 70% off the Nasdaq.
WORLD
A $204 million mansion is Dubai’s most expensive house for sale
The home in the desirable Emirates Hills neighborhood has 60,000 square feet of indoor space though only five bedrooms: At 4,000 square feet, the primary bedroom is bigger than most homes.
WORLD
Here’s what to expect from the Fed’s interest rate decision
The rate decision and committee forecasts will be released at 2 p.m. in Washington. Chair Jerome Powell will hold a press conference 30 minutes later.
BUSINESS
Disinflation to be ‘slow and protracted’, says RBI Governor Shaktikanta Das
“The cumulative impact of our monetary policy actions over the last one year is still unfolding and yet to materialize fully,” Governor Das said at an event by Central Banking magazine in London, adding that RBI’s price-gains forecast of 5.1% for the current financial year is well above its aim.
WORLD
Goldman’s biggest office beyond New York attests to India’s rise
These are the offices of Goldman Sachs Group Inc., home to about 8,000 workers, the bank’s largest venue outside New York.
BUSINESS
Demand for AI bots drives hiring push at Happiest Minds
Happiest Minds is also in partnership talks with OpenAI backer Microsoft Corp. for better access to ChatGPT, Anantharaju said, as it seeks an edge over rivals in India’s massive IT industry.
BUSINESS
Adani in talks for first major debt refinancing after Hindenburg
The ports-to-power conglomerate owned by Indian tycoon Gautam Adani is mulling whether to convert the original loan into debt with a longer maturity period and has started talking to banks individually about that plan.
BUSINESS
HDFC merger nears record date, creating world’s 5th most valuable bank
Announcement of the so called ‘record date’ — or the cut-off day set for investors — for the swapping of shares of Housing Development Finance Corp. for HDFC Bank Ltd. is expected within three weeks. The merged entity is likely to trade under the HDFC Bank ticker before July 20, bringing an end to the process that began in April 2022.
BUSINESS
Gold jewellery recycling seen matching record this year
A cut in purchases by the world’s second-biggest gold importer could put some downward pressure on international prices, currently near $1,960 an ounce.
WORLD
Intel is in talks to be an anchor investor in chip designer arm’s IPO
Arm has held talks with other companies about participating in the IPO, the people said, asking not to be identified because the matter is private. The talks are early and could still fall apart ahead of the listing, the people added. It’s also unclear how much would be invested in Arm or what the structure would be.
WORLD
Toyota to make solid-state batteries soon in EV push
Consumers making the transition to fully electric cars from hybrids are giving the world’s largest automaker a good indication of where the market will be in three years, Chief Technology Officer Hiroki Nakajima said during a day-long set of technology briefings last week at Toyota’s research facility near Mount Fuji.
WORLD
Sizzling rally in realty stocks seen extending on rates
The NSE Nifty Realty Index has gained 36% since a March-low as cooling inflation allowed the Reserve Bank of India to keep rates on hold. In comparison, a global gauge of real estate stocks rose only 3.6% in the same period.
WORLD
Apple shares at record show big tech’s dominance
Shares rose 1.6% to end the session at $183.79. This is Apple’s first closing high since January 2022, though it hit an intraday record after it unveiled its Vision Pro mixed-reality headset last week.
BUSINESS
UBS picks Credit Suisse’s Mihir Doshi to head Combined India Business
Mihir Doshi, managing director and country chief executive of Credit Suisse since 2006, will take over as the head of the combined business from July 1, a spokesperson for the lender said on Monday.
BUSINESS
EVs are offering foreign automakers a second chance in India
High taxes, price-conscious consumers and tricky logistical issues have made it tough for many foreign carmakers to thrive in one of Asia’s biggest economies.
MARKETS
In Pics: Five Key Charts to Watch in Global Commodity Markets This Week
Biodiesel fans will be keenly awaiting an announcement this week by the US Environmental Protection Agency on how much of the renewable product must be blended into the nation’s fuel supply. Meanwhile, European natural gas traders will be watching to see if the biggest weekly surge since August can be sustained. Here are five charts to consider in global commodity markets.
TECHNOLOGY
Reddit Blackout Begins as Forums Protest Charges for Developers
The protest is expected to last at least 48 hours, although some groups have signaled they will stay dark for longer
WORLD
Silvio Berlusconi, Italian Leader Mired in Scandal, Dies at 86
Berlusconi was hospitalized in Milan on Friday just three weeks after being released from a previous treatment.
BUSINESS
UBS completes Credit Suisse takeover to create Swiss Bank Titan
The Swiss bank announced the closing of the deal in an open letter in local and international newspapers on Monday. The takeover of Credit Suisse ends the lender’s 167-year independent existence.
BUSINESS
Bank of Korea warns of financial risk as real estate loans fail
“In the mid- to long-term, it is necessary to find a way to smoothly deleverage household debt in cooperation with relevant institutions so that financial imbalances don’t accumulate again,” Rhee said in the text of a speech he gave Monday to mark the central bank’s 73rd anniversary.
