BUSINESS
Demand for AI bots drives hiring push at Happiest Minds
Happiest Minds is also in partnership talks with OpenAI backer Microsoft Corp. for better access to ChatGPT, Anantharaju said, as it seeks an edge over rivals in India’s massive IT industry.
BUSINESS
Adani in talks for first major debt refinancing after Hindenburg
The ports-to-power conglomerate owned by Indian tycoon Gautam Adani is mulling whether to convert the original loan into debt with a longer maturity period and has started talking to banks individually about that plan.
BUSINESS
HDFC merger nears record date, creating world’s 5th most valuable bank
Announcement of the so called ‘record date’ — or the cut-off day set for investors — for the swapping of shares of Housing Development Finance Corp. for HDFC Bank Ltd. is expected within three weeks. The merged entity is likely to trade under the HDFC Bank ticker before July 20, bringing an end to the process that began in April 2022.
BUSINESS
Gold jewellery recycling seen matching record this year
A cut in purchases by the world’s second-biggest gold importer could put some downward pressure on international prices, currently near $1,960 an ounce.
WORLD
Intel is in talks to be an anchor investor in chip designer arm’s IPO
Arm has held talks with other companies about participating in the IPO, the people said, asking not to be identified because the matter is private. The talks are early and could still fall apart ahead of the listing, the people added. It’s also unclear how much would be invested in Arm or what the structure would be.
WORLD
Toyota to make solid-state batteries soon in EV push
Consumers making the transition to fully electric cars from hybrids are giving the world’s largest automaker a good indication of where the market will be in three years, Chief Technology Officer Hiroki Nakajima said during a day-long set of technology briefings last week at Toyota’s research facility near Mount Fuji.
WORLD
Sizzling rally in realty stocks seen extending on rates
The NSE Nifty Realty Index has gained 36% since a March-low as cooling inflation allowed the Reserve Bank of India to keep rates on hold. In comparison, a global gauge of real estate stocks rose only 3.6% in the same period.
WORLD
Apple shares at record show big tech’s dominance
Shares rose 1.6% to end the session at $183.79. This is Apple’s first closing high since January 2022, though it hit an intraday record after it unveiled its Vision Pro mixed-reality headset last week.
BUSINESS
UBS picks Credit Suisse’s Mihir Doshi to head Combined India Business
Mihir Doshi, managing director and country chief executive of Credit Suisse since 2006, will take over as the head of the combined business from July 1, a spokesperson for the lender said on Monday.
BUSINESS
EVs are offering foreign automakers a second chance in India
High taxes, price-conscious consumers and tricky logistical issues have made it tough for many foreign carmakers to thrive in one of Asia’s biggest economies.
MARKETS
In Pics: Five Key Charts to Watch in Global Commodity Markets This Week
Biodiesel fans will be keenly awaiting an announcement this week by the US Environmental Protection Agency on how much of the renewable product must be blended into the nation’s fuel supply. Meanwhile, European natural gas traders will be watching to see if the biggest weekly surge since August can be sustained. Here are five charts to consider in global commodity markets.
TECHNOLOGY
Reddit Blackout Begins as Forums Protest Charges for Developers
The protest is expected to last at least 48 hours, although some groups have signaled they will stay dark for longer
WORLD
Silvio Berlusconi, Italian Leader Mired in Scandal, Dies at 86
Berlusconi was hospitalized in Milan on Friday just three weeks after being released from a previous treatment.
BUSINESS
UBS completes Credit Suisse takeover to create Swiss Bank Titan
The Swiss bank announced the closing of the deal in an open letter in local and international newspapers on Monday. The takeover of Credit Suisse ends the lender’s 167-year independent existence.
BUSINESS
Bank of Korea warns of financial risk as real estate loans fail
“In the mid- to long-term, it is necessary to find a way to smoothly deleverage household debt in cooperation with relevant institutions so that financial imbalances don’t accumulate again,” Rhee said in the text of a speech he gave Monday to mark the central bank’s 73rd anniversary.
BUSINESS
AI stocks supercharge a tech bull market—and maybe a bubble
A serious rally has—somehow—erupted in US technology stocks thanks almost solely to investor ardor for artificial intelligence. More than $4 trillion has been added to the value of companies in the Nasdaq-100 Index since the start of the year—a particularly fast conjuring of wealth, even by the standards of the pandemic-era frenzy.
BUSINESS
Cost of your caffeine and sugar fix to stay high on El Niño
Think coffee, chocolates and your favorite snacks. Prices of soft commodities have soared this year because of supply constraints. The return of El Niño and prospects of hotter, drier weather in producing countries is now threatening to exacerbate tight supply.
BUSINESS
‘Decade of emerging markets’ may be about to regain traction
A revival may still make this the decade of emerging markets that Morgan Stanley Investment Management flagged earlier this year.
BUSINESS
Citi to cut 50 London investment and corporate banking jobs
The cuts are necessary for the bank to reduce its cost base because of adverse market conditions, according to a person within the bank, who isn’t authorized to speak publicly. Financial News reported the layoffs earlier.
INDIA
Govt plans fewer GDP estimates to avoid confusing markets
The move comes after numerous controversies over India’s data with market watchers often describing the numbers as inadequate or even confusing due to sharp and unexpected revisions.
WORLD
TikTok-owner tests ChatGPT-style bot after joining China AI race
TikTok’s owner has code-named the project “Grace,” a ByteDance spokesperson said without revealing more details.
WORLD
Binance.US set to be cut off from banking system after SEC suit
In a tweet of an email to customers, the platform said its payment and banking partners have signaled an intent to pause US dollar fiat channels as early as June 13.
BUSINESS
Unilever India CEO Sanjiv Mehta says successor faces rush to tap giant market
Sanjiv Mehta hands over the reins to fellow Unilever veteran Rohit Jawa later this month, at a time of intense investment interest in India.
BUSINESS
Byju’s plans lender call for loan amendment proposal
The company scheduled a call for lenders on Monday to discuss an amendment proposal, the people said, who asked not to be identified because the matter is private. Details of the proposal will be shared ahead of the call, they added.
