BUSINESS
Stability AI’s lead threatened by departures, concerns over CEO Emad Mostaque
Interviews with nearly two dozen current and former employees, investors, vendors and contractors describe a disorganized company helmed by an inexperienced CEO with a history of outlandish claims and lofty promises that don’t always come to fruition.
BUSINESS
Family office to tech billionaires dials back what it says on ethics
The SEC in December 2021 warned investment advisers, including private fund managers, not to use marketing-type language when preparing a newly required “relationship summary” intended to help retail investors better understand their services and fees.
BUSINESS
Market regulator SEBI mulls new transparency norms for conglomerates
SEBI expressed its concerns about market risks stemming from a conglomerate with a complex set of listed and unlisted associates and said that its plans to enhance group-level reporting of transactions.
BUSINESS
UBS names heads from Credit Suisse for Asia global banking team
Kuan-Ern Tan, former co-head of investment banking for Asia-Pacific at Credit Suisse, has been named co-head of Asia coverage with John Lee, the existing head of Greater China.
BUSINESS
Short seller Hindenburg nabs tiny gains off $173 billion carnage
Hindenburg’s report accused Gautam Adani of “pulling the largest con in corporate history,” claiming his conglomerate engaged in accounting fraud and stock manipulation.
WORLD
The Global South breaks away from the US-led world order
Developing nations are demanding control of their resources, reordering a relationship from colonial times, in part by insisting on factories in their own countries. Joining Namibia and Zimbabwe, Ghana is preparing to ban exports of lithium - essential for electric vehicles.
BUSINESS
PayPal rolls out stablecoin in latest Crypto payments push
There’s roughly $126 billion worth of stablecoins in circulation, according to CoinGecko, the biggest by far being Tether Holdings Ltd.’s USDT.
BUSINESS
QIA Unit buys $474 million stake in Adani’s green arm
Infinite Trade and Investment Ltd., a founder group company of Adani Green, sold 44.9 million shares Monday, BSE data showed.
BUSINESS
UBS to cut two-thirds of Credit Suisse Asia investment bankers
The Zurich-based bank may announce global leadership changes internally on August 7, without details on the cuts, one of the people said.
WORLD
Morgan Stanley says fiscal tightening a risk for stocks
The strategist — one of the most bearish voices on Wall Street — said that Fitch Ratings’ downgrade of US government debt last week and the ensuing selloff in the bond market suggests that “investors should be ready for potential disappointment” on economic and earnings growth.
BUSINESS
Russian crude exports to India in June the cheapest since war in Ukraine
The price for each barrel, including freight costs was $68.17, down from $70.17 in May and $100.48 a year earlier, according to the latest figures from the Ministry of Commerce and Industry
BUSINESS
India’s rice export ban sparks concern that sugar may be next
This may limit the country’s ability to export. The government has already restricted overseas sale of wheat and some rice varieties to protect domestic supplies and cool prices, adding to stresses on global food markets that have already been roiled by bad weather and the worsening conflict in Ukraine.
WORLD
SoftBank, tech firm earnings to test staying power of AI-Fueled frenzy
SoftBank Group Corp. founder Masayoshi Son has said the firm is positioned to win the race to master AI, thanks to its billions of dollars in tech investment.
WORLD
SoftBank may turn profit after $48 billion in Vision Fund losses
The Japanese conglomerate is fighting to regain its footing after losing ¥6.9 trillion ($48 billion) at the Vision Fund investment unit in the last two fiscal years.
WORLD
Elon Musk says he may need surgery, will get MRI on back and neck
The world’s richest person said he will know this week whether surgery will be required, ahead of his proposed cage fight with Meta Platforms Inc. co-founder Mark Zuckerberg. He didn’t disclose any other details.
BUSINESS
Investors see another year of high rates on price shock
Overnight-indexed swaps show that India’s borrowing costs are likely to decline only in the second half of 2024, a shift from earlier when they were pricing in two reductions after the June meeting, according to Australia & New Zealand Banking Group Ltd.
BUSINESS
Wheat rises after Ukraine attacks threaten Black Sea exports
Top wheat shipper Russia moves most of its grain through the waterway and is in the midst of a second bumper harvest, making this a crucial time for getting crops to world markets.
BUSINESS
China or India? How to invest in the coming Asia boom
India has friendlier relations with the West and a young workforce. Its economy is expected to grow 6% to 7% a year, outpacing China’s. Its budding middle class will be spending well beyond essentials.
BUSINESS
Emerging-market stocks are having a moment as growth bets return
Investors in emerging markets are shifting to stocks from bonds as they prepare for the world after monetary tightening.
BUSINESS
Berkshire Hathaway posts record operating profit, $35.9 billion of net income
Profit from insurance underwriting increased by 74% to $1.25 billion, helping Berkshire post operating profit that surpassed its $9.28 billion haul from the same period last year.
BUSINESS
Byju’s lenders accused of using bogus loan-default claims
Lenders to one of India’s hottest tech startups, Byju’s, created bogus default claims tied to a $1.2 billion loan as part of a scheme to gain control of the education-technology provider, the firm’s lawyer told a judge.
BUSINESS
Apple faces longest sales drop in decades as iPhone slumps
A further revenue drop extends two-decade decline streak, surprising for the world's most valuable company.
WORLD
Qualcomm, NXP and others team up to develop arm-rival chip tech
Qualcomm Inc. and NXP Semiconductors NV are among a group of chip design firms joining up to form a new company to hasten the development of RISC-V, a rival technology to that of Arm Ltd.
BUSINESS
Apple, Samsung halt India laptop imports after sudden curbs
Regulators on Thursday surprised the world’s biggest PC makers when they made licenses mandatory for import of electronics from small tablets to all-in-one PCs without a license.
