BUSINESS
Gap CEO Sonia Syngal fired after failing to rescue struggling retailer
Chairman Bob Martin is taking over immediately as CEO on an interim basis, according to a statement.
BUSINESS
Byju’s struggles to close $800 million funding as investors balk
Investors including Sumeru Ventures and little-known firm Oxshott haven’t transferred about $250 million of the targeted amount because of “macroeconomic reasons,” a Byju’s spokeswoman said Monday without elaborating.
WORLD
The Fuel Thefts of Mexico Are Getting Worse Again
Four months into his presidency, Andrés Manuel López Obrador walked up to a podium at Mexico’s national palace and declared victory against the hordes of thieves that had been siphoning millions of gallons of gasoline a day from government-run pipelines for years.
WORLD
Shooting of Shinzo Abe Shocks Japan Where Guns Are Rare
The blast that felled former leader Shinzo Abe on Friday -- with a homemade shotgun, according to reports -- happened while he was campaigning on behalf of the ruling Liberal Democratic Party in Nara, a city east of Osaka.
TECHNOLOGY
TikTok Co-Founder Quits ByteDance After Edtech Experiment Flop
One of TikTok’s original creators has left its Chinese parent company ByteDance Ltd. after Beijing’s year-long regulatory crackdown scuppered an expansion into gaming and education.
BUSINESS
Musk backs out of $44 billion Twitter deal over bot accounts
The pullout marks a dramatic turn in a half-year saga that began with Musk building up an equity stake, lining up an elaborate financing plan and then striking a deal in April
BUSINESS
Shooting of Japan’s Ex-Leader shocks nation where guns are rare
The blast that felled former leader Shinzo Abe on Friday -- with a homemade shotgun, according to reports -- happened while he was campaigning on behalf of the ruling Liberal Democratic Party in Nara, a city east of Osaka.
BUSINESS
Shinzo Abe shooting raises policy doubts from analysts as Yen gains
The yen gained with Treasuries, with the currency rising as much as 0.5% as details filtered through about the shocking attack at a political event in the western city of Nara. Abe is seen by many as a key supporter of BOJ Governor Haruhiko Kuroda’s policy, which has weighed on the yen all year.
BUSINESS
Rupee’s slide pits RBI against market full of bears
The currency has already dropped more than 6% this year, putting it on the threshold of 80 per dollar for the first time, as fears of a global recession and spiraling oil prices fuel outflows and deficits.
BUSINESS
Fed hawks back 75 basis-point July hike, still see soft landing
Governor Christopher Waller and James Bullard, president of the St. Louis Fed, both stressed the need to get policy into restrictive territory to confront the hottest price pressures in 40 years, even if this meant slowing growth. Both are voting members of the Federal Open Market Committee this year.
ECONOMY
Rupee’s slide pits central bank against a market full of bears
The currency has dropped more than 6 percent this year, putting it on the threshold of 80 per dollar for the first time, as fears of a global recession and spiraling oil prices fuel outflows and deficits
BUSINESS
Elon Musk’s $44 billion Twitter deal in ‘serious jeopardy’
Twitter has repeatedly said that spam bots represent less than 5% of its total user base. Musk, meanwhile, has complained that the number is much higher, and has threatened to walk away from his agreement to buy the company for $44 billion until he gets confirmation about Twitter’s bot percentage.
WORLD
SoftBank’s Rajeev Misra to Step Back to Launch New Fund
Misra will keep role with first $100 billion Vision Fund. Decision to step back completes hollowing out of senior ranks
WORLD
Boris Johnson Odds: Who Are the Front-Runners to Replace UK PM?
British newspaper front pages on Wednesday described Johnson’s reign as “on the brink” and “hanging by a thread.” Online betting markets suggest the prime minister will be replaced in 2022, with Paddy Power Plc only paying out £1 ($1.20) for every £10 placed on Johnson’s departure before the end of the year.
BUSINESS
Here are Asia’s biggest IPOs to watch for the second half
Share sales globally plummeted some 70% from a year ago in the first half, to levels not seen in almost two decades, as investors and issuers shied away from volatile markets.
BUSINESS
Samsung’s 21% sales jump banishes worst fears of inflation hit
The marginal beat offset weaker-than-expected operating profit, reflecting margin pressures from rising inflation.
BUSINESS
Apple plans extreme sports watch with larger screen, metal case
The rugged version of the Apple Watch will get a screen that measures almost 2 inches diagonally, while a new, standard Apple Watch Series 8 will keep the 1.9-inch diagonal screen size of the current Apple Watch Series 7. A planned update to the low-end Apple Watch SE also will retain the current screen size.
BUSINESS
Tianqi lithium raises $1.7 billion in year’s biggest Hong Kong listing
The Shenzhen-listed supplier of the key material used in batteries sold 164.1 million shares at HK$82 apiece, the people said, asking not to be identified as the information is private. The company had marketed the shares at HK$69 to HK$82 each.
BUSINESS
Iran slashes cost of its oil to compete with Russia in China
China has become an important destination for Russian oil as Moscow seeks to maintain flows following the fallout from its invasion of Ukraine. That’s led to increased competition with Iran in one of the few remaining markets for its crude shipments, which have been significantly curtailed by US sanctions.
BUSINESS
Oil’s latest slump: Goodbye inflation trade, hello recession
Brent futures plunged by more than $10 a barrel, succumbing to the third-largest daily retreat on record. West Texas Intermediate fell below $100 for the first time since May 11. Prices slumped again on Wednesday.
MARKETS
Treasury yields surge as Fed minutes underscore inflation fight
The benchmark 10-year rate climbed more than 12 basis points to 2.93 percent, rebounding from a session low of 2.74 percent
BUSINESS
Brent crude falls below $100 for first time since late April
West Texas Intermediate fell as much as 4.4% with Brent dropping below $100 a barrel.
INDIA
Climate Change in India Could Mean Faster Rate Hikes, HSBC Says
“Although inflation in India has always been susceptible to supply shocks, climate change-induced surprises are making it more volatile and harder to forecast,” HSBC economists, led by Pranjul Bhandari, wrote in a report Wednesday. “This, then, raises the challenge for the central bank.”
WORLD
Billionaire’s Jeweler Pays $7.5 Million Crypto Ransom to Hackers
Graff, that counts Middle East royalty among its client base, sued its insurer for losses over the extortion saying that the payment should be covered under their policy. The Travelers Companies Inc. is refusing to pay the jeweler caused by the Bitcoin ransom, Graff alleges.
