WORLD
AI seen fueling Microsoft to $3 trillion value: Morgan Stanley
The analysts, led by Keith Weiss, named Microsoft their top pick among large cap software companies, and said that it is the best placed in the sector to benefit from the growth of AI.
BUSINESS
India's largest lender SBI rejigs senior leadership to boost dominance: Report
Government-run State Bank of India is fortifying its dominance at a time when a merger between HDFC Bank Ltd.
BUSINESS
Tata weighs buying Temasek’s stake in Pay TV Platform, sources say
Tata Group is contemplating whether to delay the planned Tata Play listing because of market conditions, the people said.
BUSINESS
Adani Green weighs raising $1.5 billion in funding
Billionaire Gautam Adani's renewable energy unit's board is set to discuss plans to raise funds from institutional investors on Thursday, the firm said earlier this week in a stock exchange filing.
BUSINESS
BlackRock wants to make it cheaper to trade Bitcoin, Larry Fink says
Bitcoin rose more than 12% in June alone and is up more than 80% year-to-date.
BUSINESS
Fed minutes reveal divisions over decision to pause in June
The minutes also showed that a large majority of policymakers — “almost all” — agreed that more tightening will likely be needed this year
BUSINESS
Instagram unveils Threads app, a threat to Musk’s Twitter
As of the Wednesday launch of Threads, Twitter is still limiting how many tweets per day users can view — a measure Musk called “temporary” in order to fend off data scrapers and bots.
INDIA
India increases Africa lending in the race to counter China
Forty-two African nations received about $32 billion or 38% of all credit extended by India in the last decade — just a few percentage points below its neighbors, Harsha Bangari, the managing director of India’s Export Import Bank said in an interview.
WORLD
Xi Jinping urges open supply chains after curbing exports of key metals
The world’s No. 2 economy wants to work with nations to “reject the moves of setting up barriers, decoupling and severing supply chains,” Xi said in a virtual speech to Shanghai Cooperation Organization leaders.
WORLD
Half of fake watches are Rolex Replicas, Watchfinder CEO says
As many as 10% of the watches received from sellers last year were determined to be fakes during an authentication process, according to Watchfinder Chief Executive Officer, Arjen van de Vall.
TRENDS
Monday was the hottest day ever as global temperatures rise
The average worldwide temperature was 17C (63F), just above the previous record of 16.9C reached in August 2016, according to data from the National Centers for Environmental Prediction. The new high underscores the extremity of 2023’s summer in the northern hemisphere.
WORLD
US to curb China access to Cloud Services like Amazon, WSJ says
Washington is considering requiring cloud providers to seek government permission before serving Chinese firms that employ such platforms to train AI models, the Journal reported.
BUSINESS
Markets roar approval for embattled South Asian economies
Optimism about a turnaround in crisis-ridden Sri Lanka and Pakistan saw stock gauges in both countries test their best intraday gains in more than a decade.
BUSINESS
Google set to hire former Apple executive as India policy head
Sreenivasa Reddy, currently a senior engineering executive at Microsoft Corp., is likely to join Google toward the end of this year, people familiar with the matter said, asking not to be identified as the matter is private.
WORLD
Xi Jinping’s metal curbs risk backfiring as G-7 seeks China alternative
The new export licensing system unveiled late Monday highlighted China’s dominant position in global production of gallium and germanium, which are used to make chips, electric cars and telecommunications equipment.
BUSINESS
HSBC returns to private banking in India to tap growing wealth
The business is aimed at professionals, entrepreneurs and their families with investable assets of more than $2 million, the London-based bank said in a statement Tuesday.
WORLD
UK’s Liz Truss pocketed £80,000 for 4-hour Taiwan engagement
The UK’s shortest-serving prime minister received the payment from Taiwanese think tank, the Prospect Foundation, according to the UK parliamentary register of members’ financial interests.
WORLD
Alibaba said to weigh options for video platforms Youku, Tudou
The company is conducting a strategic review of video streaming platforms Youku and Tudou, said the people, who asked not to be identified as the information is private.
BUSINESS
SpiceJet is India’s most delayed Airline amid summer rush
SpiceJet, which is operating about 250 flights a day, isn’t alone. Air India Ltd., the nation’s second-largest carrier, slid to fifth from second in the punctuality ranks, with almost twice as many flight delays in May as a month earlier.
BUSINESS
Mankind’s success boosts hopes of more consumer IPOs
The company, which raised 43.3 billion rupee ($528 million) in India’s second-largest new share sale this year, has seen its shares jump 57% in almost two months, drawing a rush of buy calls from analysts.
WORLD
GIC-backed $2 billion Fintech Nium targets US IPO in two years
Nium, valued at about $2 billion, is preparing to go public in the US by the second quarter of 2025, co-founder and Chief Executive Officer Prajit Nanu said in an interview in Singapore.
BUSINESS
For advising on a $64 billion India bank deal, bankers get a 0.0002% fee
Morgan Stanley and Bank of America Corp. will take the bulk of that pool while the rest will be paid just a token amount, they said, asking not to be identified as the information is not public.
WORLD
Saudis and Russia extend oil supply cuts to prop up market
The kingdom will maintain the 1 million barrel-a-day reduction — launched this month on top of existing curbs agreed with OPEC+ — into August and could extend it further, according to a statement published by state-run Saudi Press Agency.
WORLD
Crypto’s dream of an embrace by China gets a reality check
Industry executives including Circle Internet Financial Ltd. Chief Executive Jeremy Allaire have seized on Beijing’s quiet backing of Hong Kong’s push to become a crypto hub to argue that the mainland may reverse its policy.
