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.
BUSINESS
What Are gallium and germanium? Niche metals hit by China curbs
Excluding China, other countries with gallium production capacity include Russia and Ukraine, where the metal has been produced as a byproduct of alumina, as well as South Korea and Japan — as a byproduct of zinc.
WORLD
What are Gallium and Germanium? Niche metals hit by China curbs
But what exactly are gallium and germanium and how important are they? Here’s a quick recap.
BUSINESS
OMCs consider paying in Yuan for Russian crude
Most payments are currently made in dirhams and dollars, and the risk that the use of these currencies for trade with Russia will be stopped is making the refiners look for alternatives, officials from the two companies said, asking not to be identified due to the sensitivity of the matter.
BUSINESS
Tata Group hints at UK battery plant plans as it posts job ads
The job advertisements, posted on LinkedIn, are for Tata’s battery-cell operation Agratas, which is building two factories — one in India and one in Europe.
BUSINESS
Instagram launch of Twitter rival ‘Threads’ expected on Thursday
Meta has a long history of borrowing ideas from competitors — and it hasn’t always worked out. But when the company’s copycat products succeed, they can catch on quickly.
WORLD
Russia pledges to reduce oil exports in August by 5 lakh bpd after Saudi Arabia extends voluntary cut
The statement came shortly after Saudi Arabia, a key ally of Russia in the OPEC+ group, said it will extend its voluntary production cut of 1 million barrels a day through August.
WORLD
IBM throws weight behind Japan chip startup it sees as vital
Rapidus, a venture backed by some of Japan’s biggest electronics firms, is turning IBM’s 2-nanometer chip design into production-ready silicon and aims to fabricate such chips at scale in the latter half of this decade. The most advanced semiconductors today are built at the larger 3nm node.
WORLD
World’s appetite for solar panels is squeezing silver supply
Silver, in paste form, provides a conductive layer on the front and the back of silicon solar cells. But the industry is now beginning to make more efficient versions of cells that use a lot more of the metal, which is set to boost already-increasing consumption.
BUSINESS
India’s latest inflation threat is rising bean and pea rates
India is witnessing a shortage of legumes after production of some varieties fell last year following unseasonable showers that damaged crops. This year, a late start to the monsoon will potentially hurt planting — further supporting prices for some varieties.
WORLD
Singapore’s star banker creates a succession dilemma for DBS
In his time as chief executive officer at DBS Group Holdings Ltd., Gupta has built the lender into Singapore’s largest listed company, moved early into wealth management and other key business areas and delivered equity returns that outstrip global peers.
BUSINESS
HDFC-HDFC Bank merger to give rise to a banking giant bigger than Morgan Stanley
The tieup of HDFC Bank Ltd. and Housing Development Finance Corp. creates a lender that ranks fourth in equity market capitalization, behind JPMorgan Chase & Co., Industrial and Commercial Bank of China Ltd. and Bank of America Corp., according to data compiled by Bloomberg. It’s valued at about $172 billion.
BUSINESS
US FDA finds multiple faults at India’s second-biggest drugmaker
Sampling tools weren’t cleaned and maintained to prevent contamination at the plant, which produces certain active pharmaceutical ingredients — the raw materials core to making drugs.
BUSINESS
GQG group said to invest $1 billion in Adani flagship, green arm
The investors bought shares in billionaire Gautam Adani’s flagship company and its green arm Adani Green Energy Ltd., said the people, who asked not to be named as they’re not authorized to speak on the matter. Large block trades were seen in both companies in early Mumbai trading on Wednesday.
BUSINESS
Turmoil at Byju’s highlights hurdles for India startup scene
Already stuck in a 15-month funding slump, India’s young companies are in danger of becoming collateral damage to the country’s highest-profile startup crisis in years.
WORLD
AI frenzy draws hordes to private markets in industry gold rush
AI and machine learning have remained the most in-demand sectors every month this year, accounting for 25% to 30% of investor interest, according to EquityZen Securities Inc., a marketplace for privately held shares.
WORLD
Joe Biden says he thinks US economy will avoid potential recession
Economists have been saying a recession is coming next month, Biden said Tuesday night during a fundraiser in the Maryland suburbs outside Washington.
WORLD
China shifts approach toward de-risking with appeals to CEOs
Chinese Premier Li Qiang last week acknowledged the legitimacy of de-risking while speaking to CEOs on a trip to Germany, but said it should be decided by business leaders instead of governments.
BUSINESS
Vedanta deepens tech push with $4 billion India display factory
YJ Chen, who previously worked at Chinese display maker HKC Corp., said the display venture will soon begin recruiting from South Korea, Taiwan, Japan and other regions to set up a liquid crystal display panel fabrication unit in India. The factory will create as many as 3,500 direct jobs, he said.
WORLD
China lures billionaires into race to catch US in AI
Billionaire entrepreneurs, mid-level engineers and veterans of foreign firms alike now harbor a remarkably consistent ambition: to outdo China's geopolitical rival in a technology that may determine the global power stakes.
WORLD
UBS preparing to cut over half of Credit Suisse workforce
Bankers, traders and support staff in Credit Suisse’s investment bank in London, New York, and in some parts of Asia are expected to bear the brunt of the cuts, with almost all activities at risk, people familiar with the matter said.
BUSINESS
Byju’s seeks to raise $1 billion to sidestep shareholder revolt
The Indian firm is offering sweeteners, including preferential treatment in the case of liquidation, to win over new backers, people familiar with the matter said, asking not to be named as the information isn’t public.
WORLD
Gucci owner acquires creed to expand in luxury fragrances
Kering’s beauty unit is buying 100% of Creed from funds controlled by BlackRock Inc. and current Chairman Javier Ferran, the Paris-based group said in a statement Monday. Further terms weren’t disclosed. Kering shares rose 1.5% in early trading in Paris on Tuesday.
