WORLD
Investors are happy to pay premium for tech, but not for AI
Meanwhile, less than 10% see a bubble in the sector bursting anytime soon. That bullishness has pushed the Nasdaq 100 to its best first half in history, ramping up market valuations and blindsiding pros on the Street.
WORLD
Astra strikes $1 billion gene therapy deal with Pfizer
The agreement with Pfizer is worth up to $1 billion plus tiered royalties on sales after that, the company said Friday. The transaction is due to complete in the third quarter.
BUSINESS
Surging prices may keep RBI on extended pause, IMA says
“The broadening food inflation is a concern,” Kishore said in an interview with Bloomberg Television’s Haslinda Amin and Rishaad Salamat. “The Reserve Bank of India will stay on a hawkish pause when it meets next.”
WORLD
Unilever names Ian Meakins as next chairman following CEO change
Meakins is currently chairman of Compass Group PLC and Rexel SA, and he formerly served as chief executive officer of Wolseley Plc, now known as Ferguson Plc.
BUSINESS
Omega, Cartier models gain as Rolex keeps falling
The Bloomberg Subdial Watch Index fell 1.4% in a month and is now down 16% over the past year.
WORLD
BOJ loosens grip on long-term yields in Kazuo Ueda’s first surprise
The BOJ kept the target for 10-year government bond yields at around 0% but said its 0.5% ceiling on yield movements was a reference point not a rigid limit. The bank left its short-term negative interest rate unchanged at -0.1%.
WORLD
GIC cuts key quant unit in ‘tough’ overhaul of investment teams
The Systematic Investment Group, which had about 30 staff earlier this year, is being reorganized with some team members reassigned to different units while others are leaving to join external quant firms, according to people familiar with the matter.
WORLD
China’s push to expand BRICS membership falters
The countries have raised objections in preparatory talks for a summit in Johannesburg next month where Brazil, Russia, India, China and South Africa will discuss potentially expanding the group to include Indonesia and Saudi Arabia.
WORLD
China asks tech giants to showcase investments in sign of easing
Companies including Tencent Holdings Ltd. and Meituan received the requests from China’s Ministry of Commerce and the National Development and Reform Commission, people familiar with the matter said, asking not to be identified discussing private information.
BUSINESS
Adani returns to loan market as investor confidence improves
Separately, unit Adani New Industries Ltd. has raised $394 million via a loan from Barclays and Deutsche Bank for a solar module project.
WORLD
Japan yield breaks BOJ ceiling as policy speculation mounts
The 10-year yield climbed to 0.505% on Friday, beyond the Bank of Japan’s cap of 0.5%, as pressure builds on the BOJ to adjust policy. While a majority of economists had projected the central bank would stand pat this week, the Nikkei reported that officials would discuss letting yields rise above its current limit by a “certain degree.”
BUSINESS
Emirates steel is said to walk away from Thyssenkrupp steel deal
The state-backed Abu Dhabi company has stopped actively pursuing a deal due to concerns over pension liabilities and other complexities of the business, the people said. Emirates Steel was considered the most serious contender to buy a stake in the Thyssenkrupp unit.
BUSINESS
Adani lenders weigh up to $750 million loan for Ambuja debt
The loan would be syndicated, said the people, who asked not be named as the matter is private.
BUSINESS
Apollo, Cerberus pile in as private debt assets double in India
Apollo Global Management, Cerberus Capital Management LP and Varde Partners are stepping up their operations in the world’s most populous nation, funding billionaires and mid-sized businesses for needs as diverse as acquisitions, bridge financing for initial public offerings, and share buy backs.
WORLD
Abrdn appoints new CFO, closes former flagship fund
Abrdn Plc appointed Aviva Plc veteran Jason Windsor as its new chief financial officer following the departure of Stephanie Bruce earlier this year.
WORLD
Zara billionaire founder’s real estate fortune hits $20 billion
Fashion billionaire Amancio Ortega’s real estate investments recorded a 19% increase in value in 2022, as it expanded into logistics and added luxury apartment buildings.
WORLD
Zara billionaire founder’s real rstate Fortune hits $20 billion
The property portfolio owned by the Inditex SA founder was valued at €18.1 billion ($20.1 billion) in 2022, up from €15.3 billion in 2021, according to a statement Thursday from Pontegadea, the firm that manages Ortega’s fortune. Ortega’s real estate portfolio is the largest among Europe’s “super-wealthy” individuals.
WORLD
China tech stocks on brink of bull market on stimulus hopes
The Hang Seng Tech Index climbed as much as 3.3% on Thursday, led by a more than 30% surge in XPeng Inc. after Volkswagen AG said it plans to invest in the Chinese electric vehicle maker. Peers including Nio Inc. and Li Auto Inc. also advanced.
WORLD
Nestle CEO sees full-year revenue growth at high end of forecast
First-half revenue gained more than analysts expected as Nestle pushed prices of Purina pet food and KitKat chocolate bars higher.
WORLD
Severe dry spell spurs Indonesian rice farmers to switch to corn
Farmers in Subang, West Java, one of the nation’s top rice-producing regions, have shifted from planting the grain to growing things like cabbage, chili and watermelon instead, in anticipation of drought, said Yadi Sofyan Noor, chairman of Andalan Fishermen and Farmers Community.
WORLD
Private funding in Asia may hit 10-year low, Preqin says
Funds raised in the region in the first half of 2023 accounted for 22% of last year’s total, Preqin analysts wrote in a quarterly report. Aggregate capital targeted by China-focused funds fell to $115.9 billion at the end of the second quarter, from $141.9 billion in the previous three months.
BUSINESS
ASK plans to raise up to $122 million for private debt
India has also experienced a pickup in private credit activity. Restrictions on bank lending — such as to fund mergers and acquisitions — make it an attractive proposition.
WORLD
Elon Musk the banker wants to take on Jamie Dimon where Google failed
Facebook spent years investing in a project called Libra that was supposed to revolutionize cross-border payments, but regulatory scrutiny forced it to abandon the push.
WORLD
Ouster of Xi Jinping’s handpicked foreign minister halts rising career
The former Chinese ambassador to the US became his nation’s shortest-ever serving foreign minister on Tuesday, after China’s top legislative body stripped him from the role and reinstated his predecessor Wang Yi.
