BUSINESS
Payment giant has SWIFT alternative for 32 million Indian expats
Indians overseas remitted $87 billion last year, the biggest inflow for any country tracked by the World Bank. The remittances market, where it costs $13 on average to send $200 across borders, is ripe for disruption, according to Ritesh Shukla, chief executive officer of NPCI International Payments Ltd.
COMMODITIES
Oil rebounds above $100 after plunging on recession concerns
Overall consumption of gasoline and diesel last month was at almost 90percent of June 2019 levels, according to people with knowledge of the energy industry
BUSINESS
Singapore’s tiny second airport eyes future as a flying taxi hub
Singapore has already signed two agreements with advanced air mobility startups Skyports Ltd. and Volocopter GmbH that may convert the aging aerodrome into a vertiport, or an airport where the aerial devices take off and land vertically, Jetsons-style.
BUSINESS
Bitcoin hints at a bottom, but it may be different this time
For Bitcoin, there’s plenty of action happening right now, with technical signals that in the past have suggested just such a formation.
BUSINESS
Vital TSMC supplier warns of chip material price hikes into 2023
Tokyo-based Showa Denko, which supplies essential chip fabrication materials to the likes of Taiwan Semiconductor Manufacturing Co. and Infineon Technologies AG, has been forced to drastically increase the cost it passes on to customers
BUSINESS
Oxford University takes aim at future pandemic threats
Oxford’s Pandemic Sciences Institute, launched Tuesday, aims to reduce the risks posed by infectious diseases by improving data collection, strengthening surveillance and helping to create vaccines and other countermeasures.
BUSINESS
Germany’s Uniper in Bailout Talks to Plug $9.4 Billion Hole
Its shares sank 28% on Monday, taking the company’s market value to 4.14 billion euros.
BUSINESS
China’s Liu discusses tariffs with Yellen as US looks to ease
Expectations on the Biden administration to ease some of the taxes to help lower the costs of everyday merchandise have increased as inflation in US soared this year.
BUSINESS
Trading dries up on India crypto exchanges as new tax kicks in
The government introduced a tax regime for digital assets in February, consisting of the TDS and a flat 30 per cent tax on income from crypto investments
BUSINESS
Global funds offload $40 billion from emerging Asia last quarter, and it could get worse
Global funds offloaded a net $40 billion of equities across seven regional markets last quarter, exceeding any three-month period characterized by systemic stresses since 2007.
BUSINESS
The worst stock selloff in half a century might not be done yet
Coming off the worst first-half since 1970, US equities now face a triple whammy of sticky inflation, recession risks and the threat to corporate profits from sinking consumer confidence.
BUSINESS
Hackers claim theft of police info in China’s largest data leak
The person or group claiming the attack has offered to sell more than 23 terabytes of stolen data from the database, including names, addresses, birthplaces, national IDs, phone numbers and criminal case information, according to an anonymous post on an online cybercrime forum last week.
BUSINESS
Argentina taps leftist as economy minister as crisis worsens
Alberto Fernandez spokeswoman Gabriela Cerruti confirmed the decision to Bloomberg News. Batakis, a low-profile policy maker and surprise choice, didn’t respond to a request for comment from Bloomberg News late Sunday night.
BUSINESS
Hong Kong's dry spell for IPOs set to end with big China deals
In the first half, Hong Kong saw only one IPO that was larger than $500 million
BUSINESS
American Airlines says trips restored after technical glitch
A “technical glitch” in AA’s pilot scheduling system led to more than 37,000 of flying hours in July to be dropped into open time
ECONOMY
US jobs report shows resilient labour demand, policymakers brainstorm in Asia, Europe
The European Central Bank will release minutes of its June deliberations, Brazil’s double-digit inflation may have ticked up again, and Canada also publishes jobs data. Monetary officials in Australia, Israel, Peru and Poland are among those forecast to keep raising rates
BUSINESS
Commodities hit July storm with Putin and Powell stirring fear
Energy crises and central bank moves to crush inflation present powerful headwinds across markets, underscored by copper’s collapse Friday below $8,000 a tonne
ECONOMY
JPMorgan cuts US economic growth forecasts ‘perilously close’ to recession
The Wall Street bank reduced its estimate for annualized gross domestic product growth to 1 percent for the second quarter, down from 2.5 percent previously
BUSINESS
India close to finalizing nationwide battery-swap details
Key to the program, first mooted in the federal budget in February, is the government’s desire to standardize the size of batteries to make them compatible with all vehicles using swap stations, the 40-page document shows.
BUSINESS
Bollywood is threatened by the other movie-making powerhouse
A new genre of films from southern India — epic, big-budget, over-the-top action flicks, some of them served with a dollop of toxic masculinity and gory violence — are increasingly dominating the country’s $24 billion media and entertainment market, and in some cases, making their mark beyond India.
BUSINESS
Pain for rupee likely due to trade deficit, capital outflows
“India’s external balances are deteriorating,” economists at Goldman Sachs Group Inc. wrote in a note Thursday, citing the terms-of-trade shock from higher commodities prices and weakening global growth.
BUSINESS
Oil heads for worst losing streak of 2022 on recession fears
West Texas Intermediate traded below $106 a barrel after tumbling on Thursday as commodities were pummeled. The US benchmark has shed more than 1% this week despite signs that the physical crude market remains tight.
BUSINESS
Metals cap worst quarter since 2008
The London Metal Exchange Index tumbled 25% since the end of March, although the decline has been magnified due to prices spiking that month following Russia’s invasion of Ukraine.
BUSINESS
Blackstone Weighs US Listing of $2 Billion Tech Firm IBS
The company is working with Goldman Sachs Group Inc. and JPMorgan Chase & Co. for the planned first-time share sale, the people said. IBS Software has filed confidentially for the US IPO, which could happen as soon as this year, they added.
