BUSINESS
Stocks head for record high, boosted by foreign inflows
Equities rebounded from this year’s lows touched in March as global funds, disappointed by China’s uneven recovery, increased holdings of Indian stocks to capitalize on one of the fastest growth rates among major world economies.
WORLD
StanChart trimming more than 100 roles as part of cost cuts
The bank has started trimming roles in middle office functions including human resources and digital transformation in Asia in the last few weeks, according to people familiar with the matter, who asked not to be identified as the information is private.
WORLD
TikTok seeks $20 billion e-commerce business despite US setback
TikTok is betting on markets such as Indonesia, where influencers sell products from denim jeans to lipstick by showing them off in live-streamed videos.
INDIA
Thyssenkrupp bids for $5.2-billion Indian submarine contract
India is looking to order six diesel-electric submarines at an estimated cost of $5.2 billion.
BUSINESS
MRPL shelves refinery growth to focus on chemicals bet
A shifting energy landscape primarily driven by the uptake of electric vehicles has prompted MRPL to focus its efforts on increasing output of chemicals that can be used for plastics and paints, Sanjay Varma, managing director, said in an interview.
BUSINESS
Google bets on local languages to fuel Android’s growth in India
The Alphabet Inc. unit is enabling more users in India to access its services with their local language, by either writing or using their voice, Sanjay Gupta, head of Google India, said Tuesday.
BUSINESS
RBI may pause again with markets watching for shift in stance
All 40 economists in a Bloomberg survey forecast the Indian central bank will keep the repurchase rate unchanged at 6.50% on Thursday, signaling that inflation could cool further in the months ahead.
WORLD
Coinbase threatens to take SEC fight to Supreme Court if needed
“If it takes going to the Supreme Court, that’s what we’re prepared to do,” Coinbase’s top lawyer, Paul Grewal, said in an interview, adding that he believes the company will prevail. “I think that every court that looks at this issue is going to conclude the SEC has fundamentally gotten this wrong.”
BUSINESS
Coinbase sued by SEC for breaking US securities rules, shares down 15% in early trade
The regulator said in a 101-page complaint that Coinbase, the largest US crypto platform, evaded regulations by letting users trade numerous crypto tokens that were actually unregistered securities.
BUSINESS
Byju’s skips $40 million loan payment in dispute with lenders
Byju’s did not pay $40 million in interest that was due on Monday, according to people with knowledge of the matter. The company said in a statement June 6 that it has filed a complaint concerning the loan to the New York Supreme Court.
WORLD
Apple adds journaling app, standby mode to iPhone software
The company debuted the features at its Worldwide Developers Conference, an event where it’s later expected to introduce its long-awaited mixed-reality headset.
WORLD
Chinese unicorn claims breakthrough with all-weather EV battery
Greater Bay Technology says its new Phoenix cell is made with superconducting materials and contains thermal management technology that can heat the battery back from -4F to 77F in five minutes.
BUSINESS
Adani flags improving debt metrics to bolster confidence
Adani Group’s net debt to earnings before interest, tax, depreciation and amortization improved to 3.27 times at the end of March compared with 3.81 times a year ago, while cash balance rose to 403.5 billion rupees ($4.9 billion), the company said in a report on Monday.
WORLD
Apple headset looks sleek in person but battery pack stands out
Apple gave the first real-world glimpse of the long-awaited product after its unveiling at the Worldwide Developers Conference on Monday, putting the ski-goggle-like device on display at its headquarters in Cupertino, California.
WORLD
Apple debuts 15-inch MacBook Air, Mac Studio with faster chip
The larger MacBook Air, announced Monday at the company’s Worldwide Developers Conference, has a 15.3-inch screen, compared with a 13-inch display on most MacBook Air models since the product debuted in 2008.
BUSINESS
SEC sues Binance and CEO Zhao for breaking rules
In a case filed in US federal court on Monday, the US Securities and Exchange Commission alleged that the firm flouted investor protection rules by operating unregistered exchanges, misrepresenting trading controls and selling unregistered securities, among other violations.
WORLD
Richard Teng frontrunner to steer Binance should CEO Zhao quit
Binance’s payments partner in Australia had abruptly cut it off, meaning local customers couldn’t deposit Aussie dollars on the platform via bank transfer. The hit to business was immediate, with Binance halting all Aussie trading pairs about two weeks later, along with bank withdrawals of the local currency.
WORLD
$1 billion memecoins frenzy irks Bitcoin purists
A torrent of speculative coins led to a record number of transactions and an 11-fold spike in processing fees on the blockchain in May, creating a logjam and forcing the Binance exchange to temporarily halt Bitcoin withdrawals.
BUSINESS
Parag Parikh Flexi Cap trounces peers with bet against ESG
The Parag Parikh Flexi Cap Fund boosted holdings of Asia’s largest cigarette maker ITC Ltd. and the world’s top miner by production Coal India Ltd. at low valuations three years ago, when some large investors balked at them. Those bets helped the fund deliver a return of 14% so far this year, outperforming 90% of its peers.
WORLD
Here’s what Morgan Stanley to Goldman say about Saudi output cut
Here’s what leading analysts have to say about the kingdom’s move to go it alone with a 1 million barrel-a-day reduction.
BUSINESS
Top Indian startup Byju’s faces deadline for $40 million payment
The edtech firm expects to pay on Monday to meet the June 5 deadline, the people said, asking not to be named because the information isn’t public. The situation is still fluid and plans could change. Failure to pay on that date means the $1.2 billion loan will default.
BUSINESS
Rupee’s key support level in focus as RBI review approaches
The rupee is poised to test the 83-per dollar mark in the near term if the central bank remains on hold this week and changes its stance to neutral, effectively signaling an end to its hiking cycle.
WORLD
UBS moves to retain more than 100 Credit Suisse Asia dealmakers
The bank is currently in advanced discussions to keep dozens of Credit Suisse’s senior dealmakers in the region, spanning from Korea, Thailand, Vietnam to India, proposing compensation targets for a group of managing directors, the people said, asking not to be identified because the matter is private.
TRENDS
Can Workplace Ketamine Retreats Improve Vibes in the Office?
In guided sessions, midcareer professionals are using the drug to seek improved job performance and better work-life balance.
