BUSINESS
Rice crop in India suffers setback as patchy rains reduce plantings
Total rice acreage in the South Asian nation, the world’s second-biggest grower, has fallen 12% so far this season, according to the farm ministry.
WORLD
Spaghetti sauce is under threat as water crisis slams tomatoes
The water woes have led to crop shifting as growers try to gauge what commodity will bring the biggest returns. Bruce Rominger, a fifth-generation farmer, slashed rice sowing by 90% to make room for tomatoes.
BUSINESS
World’s oldest glass maker Mazimilian Riedel braces for shutdowns as gas crisis deepens
He’s worried that Europe’s gas standoff with Russia might break that legacy.
SPORTS-TRENDS
A Chance to See Serena Williams in the US Open Could Cost $12,000
On StubHub, a ticket to the September 10 final costs as much as $12,728, while seats are going for $5,682 on Gametime and $5,600 on Ticketmaster. In some cases, resellers are asking for astronomical sums for early rounds, too.
BUSINESS
Bata says kids returning to schools aided growth after firm reports highest quarterly sales
Bata India on Thursday reported its Q1 earnings with the revenue from operations seeing an over three-fold jump to Rs 943.01 crore from Rs 267 crore in the pandemic-hit Q1 FY22.
BUSINESS
China crypto mogul seeks to sell Huobi stake at $3 billion value
The Chinese crypto-mogul has held discussions with a raft of financiers, seeking to sell a roughly 60% slice of the company he founded almost a decade ago, according to people familiar with the matter.
BUSINESS
GSK’s got heartburn that £50 billion could probably fix
Haleon, which is behind brands like Sensodyne toothpaste and Panadol painkillers, was a joint venture between GSK, the majority owner, and Pfizer Inc. until it gained independence through the July separation.
BUSINESS
Masayoshi Son is now down $4 billion on his SoftBank side deals
The Japanese billionaire took the unusual step of establishing personal stakes in a series of SoftBank ventures in recent years, a mixing of company and executive interests that drew the ire of investors.
BUSINESS
China’s third-biggest IPO of the year doubles in trading debut
The stock soared as much as 105% to 73.80 yuan. Hygon’s offering raised 10.8 billion yuan ($1.6 billion) following the sale of 300 million shares at 36 yuan each. It’s the largest debut for the Nasdaq-like Star Board in 2022.
BUSINESS
Crypto is failing where digital yuan may succeed
In terms of technology, it shows that even the most decentralized service can’t avoid law enforcement.
BUSINESS
Why British conservatives went cold on Rishi Sunak
Polls now put Truss miles ahead. And while the voting by Conservative Party members, less than 1% of the British electorate, doesn’t end until early September, some nine in 10 say they have already made up their minds. What happened?
BUSINESS
The future of travel Is less exotic
That simple observation — and my travels over the past year to Denmark, Switzerland, Ireland, Portugal, Mexico, England, Argentina and Colombia — have led me to a theory about the future of travel: The world is entering a new era in which exotic journeys are for more of a travel elite than a moneyed elite.
BUSINESS
Apple expects to sustain iPhone sales in 2022 as market slows
The tech giant is telling its assemblers to make 90 million of its newest devices, on par with last year, despite deteriorating projections for the smartphone market, according to people with knowledge of the matter.
BUSINESS
Joe Biden ties to BlackRock deepen with latest treasury hire
Eric Van Nostrand, a BlackRock managing director who was head of research for sustainable investments and multi-asset strategies, is exiting to join the Treasury Department.
BUSINESS
Fed’s Mary Daly sees half-point September hike; no inflation victory
The July figures are “significant in that they are saying that we’re seeing some improvement but they’re not victory,” Daly said Thursday in an interview with Kathleen Hays on Bloomberg Television. “It really behooves us to stay data dependent and not call it.”
WORLD
OPEC sees global oil market tipping into surplus this quarter
The Organization of Petroleum Exporting Countries cut forecasts for the amount of crude it will need to pump in the third quarter by 1.24 million barrels a day to 28.27 million a day, according to its latest monthly report.
BUSINESS
Amazon joins deal revival spurred by lower valuation
Just 10 days into August, about $13.4 billion of tech-related mergers and acquisitions have been unveiled in North America
BUSINESS
Apple inches closer to erasing 2022 losses as inflation cools
Apple, which has a market value of about $2.7 trillion, surpassed oil giant Saudi Aramco again in July to become the world’s largest company.
BUSINESS
HDFC executes rare trade to hedge rate risk
The swap agreement makes the liability and borrowing variable for HDFC, thereby protecting its lending margins.
BUSINESS
Coinbase under SEC scrutiny over its crypto-staking programs
Staking services are offered by many crypto exchanges as a key way to diversify revenue from trading, which tends to drop during market downturns.
BUSINESS
Cisco hit by cyberattack from hacker linked to Lapsus$ group
Cisco said it became aware of a potential compromise on May 24, and disclosed it on Wednesday after the hacker leaked a list of the files it had stolen on the dark web.
BUSINESS
Morgan Stanley Bets on EM Debt as JPM Warns Rally Unsustainable
A lower-than-expected US inflation reading released Wednesday should support developing-nation bonds, Morgan Stanley strategists led by Simon Waever wrote in a note
WORLD
Joe Biden sees signs inflation moderating after promising July data
“We’re seeing a stronger labor market where jobs are booming and Americans are working and we’re seeing some signs that inflation may be beginning to moderate,” Biden said Wednesday before signing a veterans health-care bill, calling the numbers evidence his “economic plan is working.”
BUSINESS
Treasury yield curve inversion has scope to deepen, BofA says
“The extent of inversion will depend on the terminal rate, which will likely be a function of inflation,” Meghan Swiber, director of US rates strategy at BofA, said in a report.
