CRYPTOCURRENCY
Bitcoin, Ether extend crypto selloff as big Fed rate hike looms
Ether fell as much as 5.6 percent to a two-month low and was trading around $1,302 as of 10:35 am in Singapore, while Bitcoin shed about 5 percent to recede below $19,000
BUSINESS
Volkswagen seeks to raise $9.4 billion in Porsche IPO
The German carmaker said late Sunday it is seeking a valuation of 70 billion to 75 billion euros for the listing, below an earlier top-end goal of as much as 85 billion euros, with the deal going ahead at a time of deep market upheaval.
BUSINESS
Stagflation-free Asian Markets are leaving taper tantrums behind
While no market has come through 2022 unscathed, countries from Indonesia to South Korea and the Philippines are reaping the rewards of a quarter-century preparing for a repeat of the turmoil that set off the Asian financial crisis in the late 1990s.
WORLD
Fed leads 500-basis point global assault on inflation: Eco Week
Three days of central-bank decisions are expected to deliver interest-rate hikes adding up to more than 500 basis points combined, with the potential for a bigger tally if officials opt for more aggression.
BUSINESS
How good is the Apple Watch Ultra? Lifestyle features up close
They’re expensive, yes, but many will feel the new offerings make them worth the money.
INDIA
RBI sees India’s current-account deficit staying within 3% of GDP
RBI Governor Shaktikanta Das has assured the markets several times that the current account gap will be sustainable and the central bank can finance it comfortably.
MARKETS
Four charts show rebound in Indian stocks may run out of steam
The rapid ascent has made some investors uncomfortable, and a number of indicators are flashing warning signs.
BUSINESS
Gautam Adani’s son to oversee newly acquired cement companies
Karan Adani, 35, is currently the chief executive officer of Adani Ports and Special Economic Zone Ltd.
MARKETS
Dollar is only place to hide this year as risk assets crumble
The Bloomberg Dollar Spot Index, which tracks the US currency against 10 global peers, has surged more than 11% this year, set for a record annual performance in data compiled by Bloomberg starting in 2004
BUSINESS
Adobe’s Figma deal takes share price to lowest since April 2020
Turns out the price is still high even for some one-time Adobe bulls, while news it’s about shell out $20 billion to buy software company Figma Inc. is not helping either, with analysts opining that the deal seems “extremely expensive.”
BUSINESS
KKR, GIP pursue stake in Vodafone’s $13 billion towers arm
Swedish investment firm EQT AB has also been exploring a potential investment in Frankfurt-listed Vantage Towers AG, the people said, asking not to be identified discussing confidential information. Vodafone has invited suitors to participate in an auction process, according to the people.
BUSINESS
Germany working on historic takeover of three gas companies
State ownership of Uniper, VNG AG and Securing Energy for Europe GmbH, formerly Gazprom Germania GmbH, is the main solution under discussion, the people said.
BUSINESS
Figma’s record-breaking sale to Adobe delivers billions to top VCs
On Thursday, Adobe Inc. said it will buy Figma in a deal valued at about $20 billion — the largest exit of a VC-backed company in at least 20 years, according to PitchBook data. Field, 30, is now of legal drinking age in the US, and both he and Rimer stand to make a lot of money from the sale.
BUSINESS
Argentina to hike interest rates to 75% as inflation nears 100%
The central bank boosted its benchmark Leliq rate by 5.5 percentage points to 75%, according to an emailed statement. The move comes a day after data showed consumer prices jumped nearly 79% a year in August, the fastest pace in 30 years. It was the bank’s ninth rate hike this year.
BUSINESS
Adobe agrees to buy Figma in $20 billion software deal
Figma, which allows customers to collaborate on software as they build it, saw demand jump during the pandemic while more people worked remotely.
BUSINESS
How Japan won its ‘traffic war’
Fewer than 3,000 people died in Japanese crashes in 2021, compared to almost 43,000 in the United States. On a per capita basis, Japan had just 2.24 deaths per 100,000 residents, less than a fifth the US rate of 12.7 per 100,000.
BUSINESS
US 2- to 30-year curve reaches most inverted level this century
The two-year yield was as much as 35 basis points above the 30-year rate on Thursday, sending the inversion of the yield curve past the depths plumbed in August to levels last seen in 2000.
BUSINESS
Billionaire Adani’s unit eyes acquisitions to push food business
“We are looking at acquiring brands in staple foods and distribution companies to boost our consumer goods offering and reach,” Angshu Mallick, chief executive officer and managing director at Adani Wilmar, said in an interview Wednesday. “We are expecting to conclude a couple of acquisitions by March.”
INDIA
Surge in services demand helps steady India’s economy in August
The indicators showed sentiment in the services sector -- which accounts for over 50% of the $3.2 trillion economy -- was upbeat, tax revenue were robust and demand for loans high. A rising jobless rate was the main drag during the month.
BUSINESS
Crypto traders flee Indian exchanges to Binance to escape tax
Downloads of Binance’s app in India jumped to 429,000 in August, the highest this year and almost triple that of runner-up CoinDCX, data from market intelligence firm Sensor Tower show. Only Binance among the top exchanges achieved higher downloads in India compared with July.
BUSINESS
‘They should do 100’: Wall Street debates the Fed’s next rate move
The odds for a 100 basis point rate hike jumped more than 20% after the consumer price index showed an increase from July. With hopes of a “Fed pivot” firmly dashed, the S&P 500 Index tumbled as much as 3.2%.
BUSINESS
Inflation surprise puts onus on Fed to hit brakes even harder
What started as a pandemic-driven supply shock has morphed into widespread inflation rooted just as much in resilient demand, underscored by unexpectedly high numbers that dashed hopes price gains were ebbing.
BUSINESS
Soft landing for India means fast, if not fastest, growth
Economists see Reserve Bank of India Governor Shaktikanta Das and his monetary policy panel colleagues to begin dialing down the pace of interest-rate hikes this month after data showed a weaker-than-expected recovery last quarter.
BUSINESS
European gas slumps as bloc prepares details for intervention
Benchmark gas futures declined as much as 9.3% to the lowest in a month. Still, prices remain almost eight times higher than normal for the time of year. Goldman Sachs Group Inc. expects they will halve from current levels sometime in the first quarter of 2023.
