BUSINESS
Biggest forex rout since ‘97 puts Asia central banks in bind
Policy makers already grappling with the fastest inflation in decades now face stark choices: forcefully raise borrowing costs to defend currencies and risk hurting growth, spend reserves that took years to build to intervene in foreign exchange markets, or simply step away and let the market run its course.
BUSINESS
Russia muscles in on Indian oil market at expense of OPEC titans
Deprived of many of its traditional European buyers, Moscow is on course to deliver somewhere between 1 million and 1.2 million barrels a day to the world’s third-largest oil importer this month, according to tanker tracking figures compiled by Bloomberg and two oil analytics firms.
BUSINESS
Oil set for first monthly decline this year before OPEC+ meeting
West Texas Intermediate futures traded near $110 a barrel after closing almost 2% lower on Wednesday. Escalating fears over an economic slowdown as central banks aggressively raise interest rates to combat surging inflation have dented oil this month. That’s overshadowed rapidly tightening energy markets.
BUSINESS
CEO quits $68 billion firm to sit at the beach & ‘do nothing’
Formica, 51, will leave the position on Oct. 1 and will also resign as a director of the London-based company on that date, according to a statement released on June 28.
BUSINESS
Netflix’s plan to fix its subscription crisis starts in Asia
Despite plans to curb overall spending, investment in Asia will keep growing, including financing for the production of local films and series, Tony Zameczkowski, vice president of business development for Asia Pacific, said in an interview.
BUSINESS
US dollar crunch worries Indian forex traders as equity outflows grow
Some Mumbai-based banks saw a dollar crunch last week, as outflows from Indian assets add to the pressure, according to Mizuho Bank Ltd. and IFA Global. The rupee dropped to a record low against the greenback on Wednesday.
BUSINESS
India forced to ship in gasoline, diesel as shortages flare up
Gasoline imports rose to about 13,000 barrels a day in the first half of June, a seven-month high, according to Vortexa Ltd. Diesel imports, meanwhile, are set to surge to the highest since February 2020 at about 48,000 barrels a day, tenders by Indian Oil Corp. and Bharat Petroleum Corp., as well as Vortexa figures show.
BUSINESS
Mukesh Ambani’s daughter Isha set to be named chair of Retail arm
An announcement of Isha Ambani’s elevation could come as early as Wednesday, according to people with knowledge of the matter, who asked not to be identified ahead of a formal statement. She is currently director of Reliance Retail Ventures Ltd.
BUSINESS
A $2 trillion free-fall rattles crypto to the core
As Bitcoin slipped almost 70% from its record high, a panoply of altcoins also plummeted.
BUSINESS
Tesla lays off about 200 autopilot workers, most of them hourly
Surprisingly, the majority of those who were let go were hourly workers, said the people, who asked not to be identified discussing private information. As recently as last week, Chief Executive Officer Elon Musk had outlined plans to cut 10% of salaried staff but said he’d be increasing hourly jobs.
BUSINESS
Goldman Sachs expects over $1.2 billon losses from consumer unit this year
The burn rate in the second quarter is in line with those forecasts, according to the report. A spokesperson for the bank did not immediately respond to a Reuters request for comment.
BUSINESS
US IPOs can’t shake 2022 slump after thriving through pandemic
Companies have raised a combined $4.9 billion via US initial public offerings this year, less than 6% of the record sum raised in the first half of 2021, according to data compiled by Bloomberg, While 2021’s volume was an historical outlier, this year’s paltry total distantly trails the $47 billion five-year average for the period.
BUSINESS
Billionaire chief of Shapoorji Pallonji Group, Pallonji Mistry passes away at 93
A company spokesperson confirmed the death of the Indian tycoon after social media posts on the news spread.
BUSINESS
Love of big cars, chip crunch extends wait time for M&M
Outstanding customer pre-orders for the seven-seater XUV700, which the Indian automaker launched in August, are running to around 70,000, Executive Director Rajesh Jejurikar said in an interview last week. While the chip shortage has eased from a peak late last year, Mahindra is still experiencing some supply chain pain points, he said.
BUSINESS
The rags-to-riches journey of Italy’s Ray-Ban billionaire
Del Vecchio, whose father died five months before he was born, would spend the next seven years at the institution. Precocious, he was allowed to leave early — at age 14 — to start working.
BUSINESS
Sony's next tech push is helping Honda take on Tesla
As Yoshida wrapped up his 30-minute presentation, the lights on stage dimmed and a glowing grille emerged from the shadows. The CEO raised his hands as a sleek, Sony-branded car rolled onto the stage. Like mobile phones during the past decade, “the next megatrend will be mobility,” Sony’s chief declared.
BUSINESS
India defies global slump with record $82 billion deal spree
India saw $82.3 billion pending and completed M&A deals in the second quarter, the highest amount on record, according to data compiled by Bloomberg.
BUSINESS
Airbus close to winning $5.5 billion order from Jet Airways
Airbus SE has emerged as the front-runner to win an order for as many as 50 aircraft worth up to $5.5 billion from Jet Airways India Ltd., people familiar with the matter said, solidifying the European planemaker’s hold in the world’s fastest-growing aviation market.
BUSINESS
Metals haven’t crashed this hard since the great recession
It’s a dramatic reversal from the past two years, when metals surged on a wave of post-lockdown optimism, inflationary predictions and supply snarls. Now, inflation is here and supplies are still tight.
BUSINESS
India’s economy shows spark on pent-up demand after reopenings
Five of the eight high-frequency indicators compiled by Bloomberg News showed improvement, pushing the needle on a dial measuring so-called ‘Animal Spirits’ to 6, from 5, for the first time since July and the first upward move in more than a year.
BUSINESS
Maruti Suzuki bets on hybrids over EVs in clean shift
India’s largest automaker reckons that vehicles powered by hybrid technology, natural gas and biofuels present a better path toward a cleaner future than electric cars considering the nation generates about 75% of its electricity from dirty coal, Chairman R.C. Bhargava said in an interview.
BUSINESS
Hyundai quietly climbs the EV sales charts and Elon Musk notices
Earlier this year, the South Korean carmakers rolled out two new battery-powered cars — the Hyundai Ioniq 5 and its sibling, the Kia EV6 — which promptly tore up the sales charts, passing the Nissan Leaf, Chevrolet Bolt and every other electric vehicle on the market not made by Tesla.
BUSINESS
Russia defaults on foreign debt for first time since 1918
For months, the country found paths around the penalties imposed after the Kremlin’s invasion of Ukraine. But at the end of the day on Sunday, the grace period on about $100 million of snared interest payments due May 27 expired, a deadline considered an event of default if missed.
COMMODITIES
G-7 negotiators put Russia oil price cap on agenda for leaders
G-7 states are eager to find a way to limit the Kremlin’s energy revenue while mitigating the impact on their own economies from steps to quickly curb their reliance on oil and gas from Russia
