BUSINESS
Paytm CEO Vijay Shekhar Sharma seeks to reset fintech pioneer after IPO fiasco
The digital-payments provider is set to become India’s first internet company to hit $1 billion in annual revenue by the end of this fiscal year in March, said Vijay Shekhar Sharma, 44.
BUSINESS
Russia’s Ukraine war turns fuel tankers into hot property
Trade curbs on Moscow have upended fuel flows, locking up more ships on long-haul routes, while others handle Russian shipments.
BUSINESS
India wants to open up for Lithium mining in batteries quest
Prime Minister Narendra Modi’s government wants lawmakers’ approval for amendments to existing policies in the current session of parliament, according to people familiar with the plans. Eight minerals, including lithium, beryllium and zirconium will be removed from a restricted list that currently prohibits production by private companies.
BUSINESS
AirAsia, Skyports consider Malaysian airports for flying taxis
Capital A Bhd.’s budget carrier signed an agreement with Skyports to study ground infrastructure and scout potential sites for vertical take-off and landing stations, known as vertiports.
BUSINESS
Spectre of next-day losses haunts stock bulls’ post-Fed rally
In May and June, big gains were followed by even bigger selloffs as investors parsed Chair Jerome Powell’s remarks and recalibrated expectations for the likely path of policy moves
BUSINESS
Morgan Stanley’s Ridham Desai: Retail ‘dramatically’ underweight on stocks
Despite a record rise in trading by retail investors over the past eight years, Indian households remain “dramatically” underweight in the asset class, with stocks comprising only 5%-6% share of their wealth, said Ridham Desai, managing director at Morgan Stanley India Company Pvt. Ltd.
BUSINESS
Gold jewelry demand may drop through 2022: World Gold Council
A combination of China’s strict Covid Zero policy and struggling real-estate sector likely will cause a slow recovery in demand there, the WGC wrote in its quarterly report. India, another top consumer, also may see lower buying due to the falling rupee and a higher import duty.
BUSINESS
Jerome Powell signals more Fed hikes coming, leaves out details this time
“While another unusually large increase could be appropriate at our next meeting, that is a decision that will depend on the data,” Powell said. “The labor market is extremely tight, and inflation is much too high.”
BUSINESS
The strong dollar is wreaking havoc globally- and it’s just getting started
The euro had just crashed through parity against the dollar, a level once almost unthinkable, and everyone — clients, fund managers, traders — wanted to know what Boubouras, the head of research at K2 Asset Management, recommend they do. His response was simple: “Don’t fight the dollar right now.”
BUSINESS
Social Media scam artists prey on India’s amateur investors
Recourse for investments gone awry is limited: In India, fines for everything from insider trading to wire fraud are a fraction of those imposed in some western nations.
BUSINESS
Fed raises rates by 75 basis points to double down on inflation
The Federal Open Market Committee “is strongly committed to returning inflation to its 2% objective,” it said in a statement released in Washington, repeating previous language that it’s “highly attentive to inflation risks.”
WORLD
Rishi Sunak u-turn on tax suggests UK leadership campaign in trouble
He went as far as to suggest that his rival Liz Truss’s plan for a raft of immediate tax cuts was “immoral,” piling debt onto future generations.
TRENDS
After cannabis, Thailand takes steps to allow casinos to operate
The proposal comes as Thailand seeks to revive its all-important tourism industry, a key to rebooting the country’s economy.
WORLD
Xi says China faces more complicated challenges, Xinhua reports
China is entering a new phase that offers strategic opportunities, though increasingly complicated problems must also be addressed, Xi Jinping said in a speech to local government leaders
BUSINESS
Mercedes sees demand for its cars continuing to outrun supply
The automaker pointed to “solid” orders and “healthy and high-quality” demand for vehicles like the flagship electric EQS in reporting better-than-expected second-quarter earnings Wednesday. A new SUV version of the model will join the lineup later this year and help bring in more buyers.
BUSINESS
Rishi Sunak vows to cut VAT on energy to revive UK Tory leadership bid
Announcing a “winter plan” to address inflation and the cost of living, Sunak’s campaign said he would introduce a “targeted, temporary and timely tax cut” by removing VAT on domestic energy bills if the energy price cap rises above 3,000 pounds ($3,610) as expected later this year.
BUSINESS
Credit Suisse plans to announce exit of CEO Thomas Gottstein, WSJ says
While the timing of Gottstein’s departure couldn’t be determined, an announcement may come as soon as Wednesday, when the Swiss bank is scheduled to release its quarterly financial results, the Journal said, citing people familiar with the bank.
BUSINESS
Alphabet, Microsoft spur hope big tech can handle slow economy
Shares of all three companies rallied in late trading, spurring S&P 500 futures and giving a boost to tech peers. The earnings reports from the trio of industry giants set the tone for a week that will include results from heavy hitters like Meta Platforms Inc., Qualcomm Inc., Apple Inc., Amazon.com Inc. and Intel Corp.
BUSINESS
Fed hike will intensify market risks for Asia’s central banks
An analysis of policy rates in Asia Pacific versus their five-year averages shows a high degree of vulnerability across the region, as does an examination of interest rates adjusted for inflation, and yield spreads versus US Treasuries.
AUTOMOBILE
Getting around after the pandemic will be a shared exercise
Mobility services including car, bike and scooter sharing, vehicle subscriptions and ride-hailing could grow 10% a year for the rest of the decade, compared with 5% for the broader transport sector, the study found.
MARKETS
India M&A volume to rise amid IPO market slowdown, JPMorgan says
India saw about $82 billion pending and completed M&A deals in the second quarter, the busiest ever, according to data compiled by Bloomberg.
WORLD
Liz Truss fends off Rishi Sunak attacks to hold her lead in UK race
Rishi Sunak didn’t move the needle in Tory leadership debate in the campaign that will determine the next Prime Minister
BUSINESS
Eutelsat, OneWeb agree $3.4 billion deal to create SpaceX rival
OneWeb shareholders will hold 50% of Eutelsat, which will continue to be listed in Paris and will ask to be listed on the London Stock Exchange, the companies announced in a statement Tuesday. The announcement confirms talks made official on Monday and first reported by Bloomberg last week.
BUSINESS
Record temperatures, wildfires wreak havoc on Europe’s winemakers
All over Europe, temperatures in wine regions have been sweltering at new highs, and heat waves are moving north into such normally cool countries as Germany.
