WORLD
Big tech companies want AI regulation - but on their own terms
The remark prompted Internal Market Commissioner Thierry Breton to accuse Altman of “attempting blackmail.” Altman clarified his comments the next day, and when the CEO and commissioner met in person last week, they agreed that they were aligned on regulation.
WORLD
China bans ‘negative’ finance writers as stock market sinks
Wu Xiaobo and two other writers who weren’t fully named “attacked and undermined” Chinese policy and spread “negative and harmful information,” according to a statement by Sina Corp.’s Weibo on Monday.
BUSINESS
ASK plans to raise up to $122 million for private credit
Private credit - where investors like pension funds lend directly to companies — is one of hottest asset classes globally, with the global stock of loans growing rapidly to $1.5 trillion, according to financial data provider Preqin Ltd. The loans typically feature floating interest rates, which means investors get paid more when rates rise.
INDIA
Surging Indian internet stocks trounce China peers
An equal-weighted custom index of India’s five flagship Internet stocks including Paytm parent One 97 Communications Ltd. and Zomato Ltd. has risen more than 20% in 2023, bolstered by the firms’ focus on profitability and a buzzing economy.
WORLD
Vladimir Putin blasts Wagner ‘traitors’ after Prigozhin denies coup plot
“The organizers of the rebellion betrayed their country and their people, and betrayed those who were dragged into the crime, lied to them, pushed them to death under fire,” Putin said, without mentioning anyone by name.
WORLD
Stability AI head of research resigns from startup
David Ha, head of research for the London-based startup, resigned this month. Chief Operating Officer Ren Ito also left in June. Ha declined to comment. Ito didn’t immediately respond to requests for comment.
WORLD
Ford to cut hundreds of US salaried workers to lower costs
The automaker is cutting engineers in all three areas of its business, EVs, traditional internal combustion-engine models and commercial vehicles, said T.R. Reid, a company spokesman. The workers will be informed Tuesday and Wednesday.
BUSINESS
Byju’s under lens as MCA gathers details after auditor quits
The Ministry of Corporate Affairs has sought more information about the embattled startup and a final decision about whether to open a formal probe is expected soon, the people said.
WORLD
Janet Yellen plans July China trip while US prepares investment curbs
In addition, a Biden administration executive order that would regulate and potentially cut off certain US investments in China is nearing completion and officials are aiming to have it ready as soon as late July, people familiar with the internal deliberations said.
WORLD
Chip startup rides AI frenzy to become top-gaining topix stock
Socionext Inc. has jumped more than 245% this year, with its market value touching a high of around ¥957 billion ($6.7 billion), making it the best-performing stock on the Topix index.
WORLD
Russia crisis forces rethink of oil market’s balance of risks
“The higher risk of lower supply at some point may put some upward pressure on prices,” analysts including Daan Struyven and Callum Bruce said in a June 25 note. Still, the initial impact should be limited, they added.
BUSINESS
In high-yield battle, India may beat Indonesia as top Asia trade
The Indian currency offers higher compensation for risk than the rupiah, with a carry-to-risk ratio of 2.8 compared with just 0.5 for Indonesia, according to data compiled by Bloomberg.
WORLD
What is Russia’s Wagner Group and why is it accused of mutiny?
The internal conflict is the biggest test of President Vladimir Putin’s authority since he sent troops into Ukraine 16 months ago. In a short televised address to the nation on Saturday, Putin denounced the rebellion by Wagner forces and its leader as “treason” and promised harsh punishment.
INDIA
India, UK regulators close to resolving clearing house impasse
The move now paves the way for British banks like Barclays Plc and Standard Chartered Plc, with a significant presence in India, to continue trading in the South Asian nation using the Clearing Corp. of India platform.
WORLD
MSCI retains South Korea as emerging market after annual review
South Korea will stay in the 24-member MSCI Emerging Markets Index, the firm said in its annual market classification announcement Thursday. The decision was widely expected after MSCI earlier this month said South Korea still faced nine market accessibility issues, flagging concerns similar to 2022’s review.
WORLD
Janet Yellen sees lower US recession risk, says consumer slowdown needed
On the chance of a recession, Yellen said “my odds of it, if anything, have gone down — because look at the resilience of the labor market, and inflation is coming down.” She spoke in an interview with Bloomberg News Thursday.
BUSINESS
Coal power capacity may rise as demand surges
The nation, one of the world’s top carbon emitters, has about 27 gigawatts of coal-based power plants under construction and another 24 gigawatts capacity is in pre-construction stages, according to Power Minister Raj Kumar Singh.
INDIA
Apple, Google, Microsoft CEOs attend PM Modi dinner at White House
At the White House, corporate executives attending the event included Apple Inc. Chief Executive Officer Tim Cook, Alphabet Inc. CEO Sundar Pichai and Microsoft Corp. chief Satya Nadella. They were joined by celebrities including Billie Jean King and Ralph Lauren at the third state dinner of Biden’s presidency.
WORLD
Tata Steel says it won’t reach emissions goal with current tech
India’s second-largest steel producer is seeking to trim emissions from the current 2.5 tons of carbon dioxide for every ton of the alloy produced to 1.8 tons in 2030, and achieve net zero by 2045. That’s even as it plans to double its Indian capacity to 40 million tons by the end of the decade.
BUSINESS
India plans more steel products in manufacturing incentive plan
The steel ministry is in talks with other government departments and domestic industry to include more types of the alloy in the so-called production-linked incentive program.
WORLD
An island in Finland is asking travelers to ditch their phones
Tourism officials for Ulko-Tammio, one of several islands inside Eastern Gulf of Finland National Park, say they want it to be a “phone-free island” and are urging visitors to “switch off their smart devices and to stop and genuinely enjoy the islands,” said Mats Selin, an expert with Visit Kotka-Hamina, in a release.
BUSINESS
NIIF plans to raise at least Rs 20,000 crore for infra investment trust
The vehicle would include some assets from Athaang Infrastructure, which operates toll roads, according to one of the people, who declined to be identified because the information is private.
WORLD
SoftBank’s Vsion Fund to start job cuts as soon as this week
About 13% of the Vision Fund staff will be affected, one person said. The headcount reduction will mostly occur in the US, another person said, asking not to be identified as discussions are private. The investment unit had about 349 people globally as of end-March.
INDIA
PM Modi to meet Joe Biden as global money flocks to India
Stocks in India have lured a net $8.7 billion in foreign inflows since March, set to be the most in any quarter since the end of 2020.
