BUSINESS
Chinese banks are inflating their loan numbers as demand sinks
With borrowers reluctant to take on debt as economic growth slows, some state-owned banks are extending loans to companies and then allowing them to deposit funds at the same interest rate, according to executives at six banks who spoke to Bloomberg News on condition of anonymity.
BUSINESS
Singapore wants to make its airport pandemic proof
The move comes as the city-state works to cement its place as Asia’s primary aviation hub, with rival Hong Kong still imposing Covid quarantines and other border restrictions.
BUSINESS
Facebook co-founder’s firm to back Indian sexual health startup
Existing investors including Sequoia India, Chiratae Ventures and Better Capital are considering participating in the round, which could be announced as soon as Tuesday, the people said.
COMMODITIES
Volatility from disconnect in futures, fundamentals may push OPEC+ to cut output
Benchmark crude oil futures have fallen more than 20% since early June on concern about the outlook for the global economy and the possibility of more Iranian oil coming onto the market.
BUSINESS
China’s hyped decoupling from EMs may prove a blip
Chinese equities are seen making up lost ground as the extreme pessimism toward its economy recedes and authorities take further steps to revive stuttering growth.
BUSINESS
Jerome Powell has chance to reset market expectations at Jackson Hole
Jerpme Powell speaks on the economic outlook at 10 a.m. Washington time Friday and is expected to re-state the Fed’s resolve to keep raising interest rates to get inflation under control, though he’ll probably stop short of signaling how big officials will go when they meet next month.
INDIA
India may import wheat in blow to PM Modi’s vision of feeding world
A record-breaking heat wave that started in March threatened Indian wheat output. That cut production and pushed up local prices, making everyday life more expensive for hundreds of millions of Indians that use the grain to make staple foods like naan and chappatis
WORLD
China's hyped decoupling from emerging markets may prove a blip
The divergence between China and other emerging markets will also start to close as the slowdown in the world’s second-biggest economy spreads out to its closest trading partners, such as Korea and Malaysia
ECONOMY
US economy flashes signals of hope and concern in mixed data
Consumers continue to spend and applications for unemployment benefits remain historically low. The housing market is deteriorating fast, while the manufacturing sector is losing momentum, but not as quickly as feared
BUSINESS
World’s cotton supply keeps shrinking, hit by drought, heat
In India, the top-producing country, heavy rains and pests have cut into cotton crops so much that the nation is importing supplies.
COMMODITIES
Gold heads for weekly drop as Fed officials reiterate rate hikes
Policy makers offered divergent views on the size of the next interest-rate increase, but they agreed on the need to keep raising interest rates
WORLD
US President Joe Biden should pardon Donald Trump on one condition
Pardoning Donald Trump would be the best way to ensure he never runs for office again
BUSINESS
Jerome Powell will face a tough audience in Jackson Hole
In his 2021 address, Powell got it wrong in several important ways. He asserted that a nascent surge in inflation was “likely to prove temporary,” that the low unemployment rate “understates the amount of labor market slack,” and that “we see little evidence of wage increases that might threaten excessive inflation.”
BUSINESS
House of the Dragon Review: Game of Thrones prequel breathes fire on HBO
All the blood, sex, violence, plotting, and dragons that made its predecessor such a pop culture phenomenon are back. Bloomberg Pursuits got an early preview of the first six episodes, which made it clear that fans won’t be disappointed.
BUSINESS
Paytm CEO Vijay Shekhar Sharma faces biggest test since IPO
Vijay Shekhar Sharma’s role as the chief executive officer is among the items to be voted on at the company’s annual general meeting held virtually this afternoon.
BUSINESS
Elon Musk’s license to print money off lithium didn’t last long
Elon Musk last month described lithium refining as the hard part in the complex process of getting raw materials out of the ground and into Tesla Inc.’s cars. For those who can crack it, it’s a “license to print money,” he said.
BUSINESS
Japan’s bid to get young to drink more meets online backlash
The National Tax Agency’s “Sake Viva!” idea competition, which is seeking business plans from young people or groups to help “revitalize” the nation’s liquor industry, was launched in July and gained traction on Twitter this week after local and overseas media outlets reported the move.
BUSINESS
PetroChina likely considering spinoff of energy marketing business
China National Petroleum Corp., the state-owned parent of PetroChina, has asked external consultants to provide proposals on the feasibility of such a plan, said the people who asked not to be identified as the information is confidential.
BUSINESS
China’s now testing live fish in its bid to stop COVID spreading
Authorities in the coastal city of Xiamen, in southeastern Fujian province, are testing not only fishers for the virus on a daily basis but also their catch.
BUSINESS
Five vital commodity industries are buckling under energy crisis
Energy-intensive sectors such as steel, fertilizers and aluminum -- the most widely used base metal -- are being forced to close factories or pass on soaring costs. Materials crucial for electric-car batteries and generating solar power are feeling the pinch, too.
BUSINESS
Goldman cuts China GDP forecast on weak data and energy issues
The investment bank lowered its projection for gross domestic product growth from 3.3% seen earlier, as it cut the third- and fourth-quarter estimates.
BUSINESS
Indian coal plant closures may be delayed amid energy shortage
Officials are considering a proposal to shutter less than 5 gigawatts of existing capacity by the end of the decade as the nation grapples with surging electricity demand and a global energy shortage, according to people familiar with the matter.
BUSINESS
RK Damani’s DMart eyes fivefold growth in heated market
Avenue Supermarts Ltd., which currently runs the fourth-largest number of convenience stores in India, could scale up the chain known for its knockdown prices on everything from lentils to laundry powder to 1,500 supermarkets from 284, Chief Executive Officer Neville Noronha said in an interview. He declined to give a timeline or estimate the investment needed.
TECHNOLOGY
Apple targets September 7 for iPhone 14 launch in flurry of devices
The new iPhones will kick off a busy fall product season, which will also include multiple new Macs, low-end and high-end iPads, and three Apple Watch models.
