WORLD
IMF lifts world growth outlook on US stability, but risks linger
Global gross domestic product will expand 3% in 2023, the IMF said
INDIA
Cereal shortages may further fuel India’s inflation, HSBC says
The widespread cereal shortages in India could drive inflation higher in Asia’s third largest economy, even as the vegetable price shock is set to ease in the coming months, according to HSBC Holdings Plc.
WORLD
HSBC pledges to return to private banking in India
On a rainy July evening in Mumbai’s central business district, HSBC Holdings Plc announced to about 100 wealthy Indians it is returning to private banking in India, where it exited about eight years ago.
WORLD
Panic buyers load up on rice supplies as India bans exports
India’s move to ban certain rice exports has sparked some panic buying in various countries, with videos on social media showing bags of the staple food flying off the shelves and long lines outside grocery stores.
WORLD
China names Pan Gongsheng as new Central Bank Governor to revive economy
China named Pan Gongsheng as governor of the central bank, strengthening his position as head of the institution tasked with boosting the world’s second-largest economy.
BUSINESS
Rice may hit decade-high as India’s curbs rock world market
Rice prices are set to surge after top exporter India banned a large chunk of shipments, adding to stresses on global food markets that have already been roiled by bad weather and the worsening conflict in Ukraine.
WORLD
India’s energy transition to top $200 Billion a year, says REC
New policies to classify green investments would help spur an energy transition in India that’s likely to need spending of $200 billion a year, according to REC Ltd., a key lender to the nation’s power sector.
ECONOMY-2
Foreign inflows may continue driving India’s rally: HSBC
Foreigner investors may continue pouring money into Indian stocks, driving benchmarks to new highs in an extended bull market, according to HSBC Holdings PLC.
BUSINESS
Xiaomi to slash smartphone line after conceding India missteps
China’s Xiaomi held the smartphone lead in India for years before regulatory headaches and a too vast product portfolio — which by its own admission confused customers — led to its decline.
WORLD
Saudi oil revenue drops to lowest since 2021 as prices falter
The kingdom’s oil exports dropped to just over $19 billion during May, according to data from the General Authority for Statistics that includes both crude and refined products. The share of oil sales in total exports fell to 74% from nearly 81% a year ago.
WORLD
A pivotal earnings week looms for high-flying stock markets
Coming into the season, investors were focused on bets that central banks would stop raising interest rates soon, and the US economy could avoid a contraction.
WORLD
Jamaican rum is the new liquor of choice for high-end collectors
To be clear, it’s not the liquor itself that has changed in any meaningful way. On the contrary: a devotion to traditional production technique is what makes Jamaican rum appealing to today’s connoisseurs.
WORLD
The little known metals giant that rules a global market
Spin forward a few years, and the influence of a company some people in the industry have still barely heard of is a timely illustration of the scale of the challenge to loosen China’s grip on what have become key raw materials.
WORLD
Unilever shares gain as cooldown in inflation buoys sales
The British company reported a 7.9% rise in underlying second-quarter sales, beating analysts' average forecast of 6.4%, a company-provided consensus showed.
WORLD
Global space spending projected to grow 41% over five years
The sector is expected to show resiliency in the coming years, despite uncertainty about the global economy and a recent slowdown in space investment.
WORLD
China holds off on major stimulus as it signals property easing
The ruling Communist Party’s 24-member Politburo — its top decision-making body led by President Xi Jinping — promised “counter-cyclical” policy, according to a readout published Monday by the official Xinhua News Agency.
WORLD
Brazil is pushing the US out of world’s biggest soybean market
Chinese buyers are snapping up Brazilian soybeans for delivery in October, a time of year when US exports are typically at their peak, according to people familiar with the trades.
WORLD
Apple aims to keep iPhone shipments steady despite 2023 turmoil
The company is aiming to hold shipments steady despite tumult in the global economy and a projected decline in the overall smartphone market.
WORLD
Top EM fund beating 96% of peers is betting on AI theme
Northcape Capital Global Emerging Markets Fund has loaded up on shares of telecommunications and IT servicing firms which are seen as prime beneficiaries of the global shift to AI technology.
WORLD
Twitter turning into X is set to kill billions in brand value
On Sunday, in the middle of a quiet summer weekend, Elon Musk decreed that Twitter’s product name would be changed to “X,” and that he is getting rid of the bird logo and all the associated words, including “tweet.”
WORLD
Italian Prime Minister Giorgia Meloni may signal plan to exit China pact during US visit
Meloni is set to discuss the issue when she meets US President Joe Biden at the White House later this week, the people said, cautioning that a final decision has not been taken yet.
BUSINESS
ITC dethrones India Unilever unit to become No. 1 consumer stock
The cigarette maker has rallied more than 70% in the last 12 months to outperform all other Nifty 50 stocks.
BUSINESS
India blocks $1 billion bid by China’s BYD to set up EV factory
The Indian government dismissed the plan from BYD and Hyderabad-based Megha Engineering and Infrastructures Ltd. on national security concerns, the people said, asking not to be identified as the decision is not yet public. The use of Chinese homegrown technology is a concern, one of the people said.
BUSINESS
Billionaire GA Reddy courts world’s rich on contrarian office bet
The Reddy family’s GAR Corp. is looking to raise as much as $200 million from family offices and sovereign wealth funds by selling a minority stake in one of Hyderabad’s biggest commercial developments, according to people with knowledge of the matter.
