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.
INDIA
China and India Funnel $24 Billion to Putin in Energy Spree
In just three months after its invasion of Ukraine, Russia has made $24 billion from selling energy to China and India, demonstrating how higher global prices are thwarting efforts by the US and Europe to penalise President Vladimir Putin.
BUSINESS
Amazon will take stake in Grubhub, offer prime users membership
The membership agreement will renew every year unless Amazon or Grubhub terminates it, Amsterdam-based Just Eat said in a statement on Wednesday. Amazon will also receive the equivalent of a 2% stake in Grubhub’s common equity with options to increase the holding to 15%.
BUSINESS
Food inflation fears abate as cooking oils and grains plummet
Palm oil, the world’s most consumed edible oil, has plunged more than 45% from its record close in April to the weakest level in a year, while wheat has slumped over 35% from an all-time high in March, and corn has dropped about 30% from its peak for the year.
COMMODITIES
Oil steadies near $100 after plunging on recession concerns
With central banks including the Federal Reserve jacking up interest rates to tame inflation, investors have been pricing in the consequences of a slowdown even as physical crude markets continue to show signs of vigor and the war in Ukraine drags on
BUSINESS
Natural gas soars 700%, becoming driving force in the new cold war
It sounds like a story for the local press, at most — except that more than three weeks later, financial and political shockwaves are still reverberating across Europe, Asia and beyond.
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.
