BUSINESS
Apple’s India map provider doubles as it rivals Google’s product
Shares of MapmyIndia, formally known as CE Info Systems Ltd., have risen about 104% from the end of March, adding around $675 million in market value on demand for its consumer-facing app Mappls.
AUTOMOBILE
VinFast to expand into Southeast Asia, raise more capital
The company expects to meet its target this year of selling 45,000 to 50,000 vehicles, she said in an interview with Bloomberg TV’s Rishaad Salamat and Yvonne Man.
BUSINESS
Geopolitical risks cast a pall over Indian and other Asian economies
Asian bonds have become less attractive for investors. The premiums a borrower pays to own Indian or Indonesian bonds against US debt, hitting the lowest level since the global financial crisis (GFC) in 2008.
WORLD
Asia central banks get creative on currencies to defend reserves
Asian currencies are especially exposed to outflows as benchmark rates in the region are generally lower than their emerging peers, resulting in a wider differential with the US.
WORLD
Flying to Singapore? These executive tips make it a better trip
How do I make the long flights to or from New York or London bearable? Read here
BUSINESS
World’s higher-for-longer rate era stokes worry
Multiple attendees at the International Monetary Fund’s meetings this week cautioned that the wholesale tightening now risks inflicting a shock to a world economy already on edge as war rages in the Middle East.
WORLD
Hamas' secret tunnel network complicates Israel’s Gaza offensive
Though Hamas is no match for the technological sophistication of the Israeli army, the militant group has one very unusual asset: a vast network of secret subterranean tunnels.
BUSINESS
Israeli billionaire quits Harvard board after school’s response to Hamas attacks
Amid criticism of Harvard University's response to Hamas attacks on Israel, Israeli businessman Idan Ofer and his wife have resigned from their board positions at the university.
BUSINESS
Microsoft completes $69 billion Activision purchase; biggest-ever deal in gaming industry
The acquisition is a stunning turnaround after Microsoft executives underestimated the magnitude and longevity of antitrust objections, forcing the software giant to seek a three-month extension of the deal’s expiration period from Activision.
WORLD
BlackRock Clients Pull $13 Billion From Long-Term Funds
The redemptions are a sign that investors have preferred to keep cash on hand in money-market funds or in certain bond strategies while interest rates remain elevated.
INDIA
Top Indian Solar Manufacturer Seeks Protection From Imports
The temporary relaxation of a safeguard mechanism stating a list of approved solar makers in March has ushered in a flood of cheap imports, forcing local manufacturers to idle some capacity, Waaree Energies Ltd. Chairman Hitesh Doshi, said in an interview.
BUSINESS
Verizon Turns to Inside Fixer to End Downward Spiral
Today, a series of strategic errors have left Verizon in a precarious position. The costly purchases of AOL and Yahoo!, which were an attempt to grow in digital media, didn’t pan out. And a turn toward an alternative radio wave technology proved to be an unnecessary detour in the race to 5G, allowing T-Mobile USA Inc. to amass a two-year advantage.
ECONOMY-2
UBS Warns Unsecured Loans May Soon Face Risk of Defaults
The brokerage sees credit costs for Indian lenders climb toward “historical averages” as more unsecured retail loans turn sour, with state-run banks more vulnerable to this trend, compared to their private sector counterparts.
WORLD
Beijing Hints At More Fiscal Stimulus After Weak Economic Data
The Standing Committee of the National People’s Congress — the Communist Party-controlled parliament that oversees government borrowing — will meet later this month to review a bill assigning additional local government debt quotas in advance, the state-run Xinhua News Agency reported Friday.
CRICKET
Cricket Fans from Delhi to Melbourne Gear Up for India-Pakistan Clash
The two teams will meet in front of a crowd of 130,000 at the Narendra Modi Stadium in Ahmedabad, the world’s largest cricket ground.
BUSINESS
Wars, trade bans and climate change turn food into politics
Starting with New Zealand and Poland this weekend, at least a quarter of the global population will head to the polls over the next eight months or so.
BUSINESS
Rice market braces for more stress as El Nino starts to bite
The market has already been upended by export restrictions from top shipper India and drier weather from the event threatens to cause more chaos.
BUSINESS
Traders puzzled why RBI spends billions fighting stronger Dollar
Volatility in the rupee is hovering near the lowest in almost two decades and the currency has managed to avoid breaching a record low even as rising US rates wreaked havoc in emerging markets.
BUSINESS
Jeff Bezos buys his Florida neighbour’s mansion for $79 million
Bezos bought the neighboring home in June for $68 million. With the latest purchase, he’ll gain a roughly 1.8-acre (0.7-hectare) property that was built in 2000.
BUSINESS
US consumer prices rise at brisk pace for second straight month
The so-called core consumer price index, which excludes food and energy costs, increased 0.3% last month, Bureau of Labor Statistics data showed Thursday.
MARKETS
Stock Buying by Domestic Funds in 2023 Exceeds Foreign Inflow
Powered by continued inflows from retail investors, equity purchases by local institutions — including mutual funds and insurers — have climbed to $16.5 billion for the year thus far.
BUSINESS
AirAsia operator seeks $200 million from private credit for loan
The loan will be in the form of a revenue bond, with investors to be paid out of ticket sales from ten AirAsia flight routes, the people said, declining to be identified because the matter is private. A representative of the company declined to comment.
WORLD
US dollar heads for longest losing streak since 2020
The Bloomberg Dollar Spot Index fell for a seventh day after a recent chorus of commentary from Federal Reserve officials including Governor Christopher Waller suggested they may refrain from tightening further.
WORLD
Dubai’s record rental surge is slowly starting to moderate
While rents continue to increase at eye-popping levels, the rate of the surge is finally moderating in some of the city’s most popular neighborhoods, according to CBRE Group Inc. Rents had climbed to record rates following an influx of newcomers to the Middle Eastern financial and business hub.
