BUSINESS
EU to discuss gas-price caps, derivatives halt amid crisis
Gas prices surged more than 30% Monday after Russia’s decision late Friday by Gazprom PJSC to keep the crucial Nord Stream pipeline shut. The energy crisis is also under intense pressure, dropping below 99 US cents to its weakest level since 2002.
BUSINESS
Euro slides to lowest in two decades as Russia shuts off gas
European nations led by Germany announced measures over the weekend to tackle a cost-of-living crisis and spiraling energy prices after Russian state gas producer Gazprom PJSC Friday said it would indefinitely halt supplies through the Nord Stream pipeline.
BUSINESS
World’s first Covid vaccine you inhale is approved in China
China’s National Medical Products Administration approved CanSino’s Ad5-nCoV for emergency use as a booster vaccine, the company said in a statement to the Hong Kong Stock Exchange on Sunday.
BUSINESS
China’s BYD jumps to no. 2 in global electric-car battery market
The Chinese car and battery maker supplied 6.4 gigawatt-hours of batteries in July, behind only giant Contemporary Amperex Technology Co. with 13.3 GWh.
BUSINESS
Markets scream warning over new UK PM’s mammoth task
The pound, already down nearly 15% this year versus the dollar, just posted its worst monthly performance since the 2016 Brexit vote.
BUSINESS
Revving exports to US keeps India in race to be next China
Sea-borne shipments of festival goods and accessories to America touched $20 million last month, almost triple the value from the year-ago period, according to US customs data.
BUSINESS
Oil rallies as all eyes turn to key OPEC+ meeting
West Texas Intermediate advanced above $88 a barrel after sinking by almost 7% last week on concerns that slowing global growth and anti-virus lockdowns in China would hurt demand.
ECONOMY
Revving exports to US keep India in race to be the next China
Sea-borne shipments of festival goods and accessories to America touched $20 million last month, almost triple the value from the year-ago period, and in the process, India gained a clear lead over the Philippines as buyers diversify supply sources in the face of rising labour costs and disruptions from China’s strict Covid-zero policy
TECHNOLOGY
The race to make oxygen on the surface of Mars has begun
There’s much to consider, not least the near total lack of oxygen on the Red Planet, essential not just to sustain human life, but also to make a return trip to Earth possible.
COMPANIES-2
Starbucks new CEO faces immediate challenge of placating workers
WORLD
S&P 500 down for 3rd week as Fed hike fears fester
Its hands tied when it comes to unwinding supply snarls and tight labor markets, Jerome Powell’s central bank has made an unusually explicit target of asset prices, with one Fed bank president, Neel Kashkari, going as far as saying he was happy to see shares tank after Powell’s hawkish turn in Jackson Hole, Wyoming.
TECHNOLOGY
Self-Driving tech company floats possible sale to Apple or Microsoft
Chris Urmson, who co-founded Aurora after running Google’s self-driving car project, also outlined cost cuts and floated measures including taking the company private, spinning off or selling assets and pursuing a small capital raise in a memo labeled “board discussion pre-read” and dated Aug. 3.
WORLD
Serena Williams forever changed how brands see female athletes
Williams lost to Australia’s Ajla Tomljanovic in three sets at Arthur Ashe Stadium in New York on Friday, a day after she and her sister Venus exited the doubles competition after a first-round loss.
BUSINESS
India pips UK to become fifth largest economy
The calculation is based in US dollars, and India extended its lead in the first quarter, according to GDP figures from the International Monetary Fund.
BUSINESS
SoftBank plans Vision Fund staff cuts of at least 20%
The Tokyo-based company will slash a minimum of 100 positions and may announce the job cuts as early as this month, said the people, asking not to be named as the information is not public.
BUSINESS
Adani Transmission dwarfs market giants in value with shares surging 125%
Shares of the power utility climbed almost 125 percent this year, boosting its market capitalisation to Rs 4.4 trillion on Friday, surpassing LIC and ITC
BUSINESS
Global bonds tumble into their first bear market in a generation
The Bloomberg Global Aggregate Total Return Index of government and investment-grade corporate bonds has fallen more than 20% below its 2021 peak, the biggest drawdown since its 1990 inception.
BUSINESS
Inflation, war stoking civil unrest across globe, says research
Of 198 countries tracked in the Civil Unrest Index, 101 showed mounting risk in the third quarter of 2022, according to research collected by intelligence firm Verisk Maplecroft. That’s the biggest increase since the ranking was developed in 2016, it showed.
BUSINESS
Germany fears another cut in Russia gas this winter
Germany is becoming increasingly pessimistic about the role of Russia’s Gazprom PJSC in supplying the vital fuel during the coldest months.
BUSINESS
BofA sees cracks finally forming in traders’ S&P 500 bearishness
Bank of America Corp.’s so-called sell-side indicator ticked higher in August for the first time since October 2021. The gauge assesses Wall Street sentiment toward American equities on a monthly basis, based on asset-allocation recommendations provided to the bank and Bloomberg.
BUSINESS
Starbucks taps Reckitt's Laxman Narasimhan as CEO while Howard Schultz lingers
Laxman Narasimhan, , 55, will join the coffee giant Oct. 1 while longtime leader Schultz, 69, stays at the helm.
WORLD
Russia mulls big purchases of ‘friendly’ FX to stem ruble’s rise
Russia is considering a plan to buy as much as $70 billion in yuan and other “friendly” currencies this year to slow the ruble’s surge, before shifting to a longer-term strategy of selling its holdings of the Chinese currency to fund investment.
INDIA
India's jobless rate rises to one-year high in August: CMIE
The jobless rate increased to 8.28% last month, data from the Centre for Monitoring Indian Economy Pvt. showed Thursday.
BUSINESS
Chinese stock’s 13,000% surge creates another US IPO mystery
Addentax Group Corp. soared as much as 13,031% on Wednesday in its debut session, triggering more than 20 volatility halts. Its market capitalization has ballooned to $20 billion, making it bigger than about a third of S&P 500 Index members.
