BUSINESS
Asian unicorns are trading 40% cheaper in private markets
The affected billion-dollar companies range from financial technology and e-commerce to mobility and consumer, according to AJ Patel, a senior member of the venture capital secondaries team of the Toronto-based advisory firm Setter Capital.
BUSINESS
US in recession? Eight offbeat indicators to watch
Technically, the call is made by a panel of experts looking at monthly indicators of employment, consumer spending, personal income and manufacturing, among others. But with inflation at a four-decade high, many Americans already feel like the country is in a recession.
BUSINESS
Joe Biden team tries to blunt China rage as Nancy Pelosi heads for Taiwan
The landmark visit would make her the highest-ranking US official to set foot on the island in 25 years. China regards Taiwan as part of its territory and has promised “grave consequences” for Pelosi’s visit.
BUSINESS
Canada’s $421 billion state pension turns attention to stocks in hunt for value
With rates rising instead of falling and China’s economy maturing, the “great beta trade” of the past two decades won’t work as well, said CEO John Graham. “We believe it’s going to be an investors’ market going forward," Graham added.
BUSINESS
PepsiCo to pay $550 million for 8.5% stake in fitness-drink maker Celsius
The soft drink giant will become the preferred distribution partner globally for Celsius and will also nominate a director to serve on its board.
BUSINESS
Elon Musk sued by Twitter investor over busted $44 billion deal
In addition to Musk, it names as defendants two “corporate acquisition entities” related to the deal.
BUSINESS
World factory outlook darkens with weakening from Europe to Asia
Purchasing managers’ indexes for the euro area’s four largest members all indicated contraction, with shrinking confirmed for the region as a whole after an initial estimate on July 22. In Asia, it was China, South Korea and Taiwan that took the biggest hit.
BUSINESS
Bank of England set for biggest interest rate rise in 27 years
The measures would accelerate a historic tightening of monetary policy to choke off the worst bout of inflation in 40 years. Governor Andrew Bailey and his colleagues have warned that prices may leap 11% this year, well above the 2% target.
BUSINESS
China’s rebound remains fragile as factories, property slump
The official manufacturing purchasing managers index fell to 49 from 50.2 in June, the National Bureau of Statistics said Sunday, dropping below the 50-mark that indicates a contraction in activity.
BUSINESS
Tighter bank rules give Dubai’s crypto shops a new allure
Inside, staff are busy operating Coinsfera, an over-the-counter exchange that’s emerging as a favorite for Russians, Iranians and others who struggle to transfer money through banks due to Western sanctions or local restrictions, according to bankers, lawyers and crypto executives familiar with the matter.
BUSINESS
Tesla inks battery materials deals with two Chinese suppliers
Zhejiang Huayou Cobalt Co. and CNGR Advanced Material Co. signed pricing agreements with the electric-vehicle giant for supplies until the middle of this decade, according to separate stock-exchange statements from the companies.
BUSINESS
China banks may face $350 billion in losses from property crisis
A spiraling crisis of stalled projects has dented the confidence of hundreds of thousands of homebuyers, triggering a mortgage boycott across more than 90 cities and warnings of broader systemic risks. The big question now is not if, but how much it will batter the nation’s $56 trillion banking system.
BUSINESS
‘Wen Flippening?’ Crypto fans Wager on Ether surpassing Bitcoin
In crypto parlance, it’s known as the “flippening” -- and it’s still likely a ways off, if it happens. Ether’s market value of around $210 billion is less than half the size of Bitcoin’s even after Ether surged 50% over the past month.
WORLD
Monkeypox outbreak may boost the shares of these companies
Shares of vaccine producers, antiviral drug makers and protective equipment manufacturers are in demand as investors tap a strategy that delivered gains during the coronavirus pandemic.
BUSINESS
Elon Musk’s Antics Turn Owners and Would-Be Buyers Against Tesla
Dennis Levitt got his first Tesla, a blue Model S, in 2013, and loved it. “It was so much better than any car I've ever driven,” the 73-year-old self-storage company executive says.
WORLD
Chinese Space Rocket Debris Crashes Back to Earth Over Ocean
Remnants from a massive Chinese rocket booster crashed back to Earth on Saturday over the Indian Ocean, space officials from the US and China confirmed.
WORLD
Revenge of old world economy as big oil’s cash flow rivals tech
Exxon, which lost money for the first time in its history during the pandemic, now ranks as the S&P 500 Index’s third-largest generator of free cash flow, behind only Apple Inc. and Microsoft Corp, according to data compiled by Bloomberg.
INDIA
A swelling mountain of bills plagues India’s power industry
The financially squeezed distributors are often seen as the weakest link in the country’s electricity industry, causing distress that trickles through the chain, from power producers, to coal suppliers and project lenders.
WORLD
Shock July Stock Rally Was a Monster the Fed May Regret Seeing
Among the many superlatives attaching to markets in July, one that could come back to haunt the Federal Open Market Committee is Wednesday and Thursday’s, when the stocks posted their biggest post-meeting rally on record.
BUSINESS
Metaverse jobs are disappearing as hiring slows at Google, Facebook
New monthly job postings across all industries with “metaverse” in the title declined 81% between April and June
WORLD
US Quietly Tightens Grip on Exports of Chipmaking Gear to China
The US is tightening restrictions on China’s access to chipmaking gear, according to two major equipment suppliers, underscoring Washington’s accelerating efforts to curb Beijing’s economic ambitions.
COMPANIES
ONGC Videsh, Indian Oil weigh stake in $3 billion Kenya project
The potential deal signals the revival of Kenya’s aspiration to export oil on a commercial scale since Tullow discovered crude in the East African country in 2012
BUSINESS
First Global Gold Exchange in India seen burnishing hub role
The India International Bullion Exchange is expected to attract dealers, refineries and foreign banks, Chief Executive Officer Ashok Gautam said in an interview this week.
ECONOMY
Canada’s economy is losing momentum after strong start to 2022
Canada’s economic expansion showed signs of moderation in May and June, pulling back from a strong start to the year in the face of high inflation and rising interest rates.
