BUSINESS
Walmart’s PhonePe is said to seek $1.5 billion for India IPO: Report
The deal would value the fintech company at about $15 billion, and PhonePe is planning to submit a draft red herring prospectus for the listing by as early as August, says report
BUSINESS
Rupee’s fall near key level to test RBI’s tolerance for swings
The Reserve Bank of India is likely to intervene if the rupee weakens further toward 87 per dollar, according to Australia & New Zealand Banking Group Ltd. and MUFG Bank Ltd. The Indian unit is the worst hit Asian currency this quarter, weighed by surging oil prices.
BUSINESS
Gold edges higher in Asia after US joins Israeli attacks on Iran
The precious metal climbed as much as 0.8%, before paring most of that gain, after the US struck Iran’s three main nuclear sites.
BUSINESS
Oil surges, US futures drop after strikes on Iran
Equity indexes in Japan and Australia fell less than 1% while Treasuries were little changed.
BUSINESS
US strikes on Iran come at fragile moment for the global economy
The World Bank, the Organization for Economic Cooperation and Development and the International Monetary Fund have all downgraded their global growth forecasts in recent months.
BUSINESS
Israel, Saudi stocks rise as traders react to US attacks on Iran
The Boursa Kuwait Premier Market Index traded 0.7% higher as of 10:39 a.m. Dubai time, while the MSX30 Index in Muscat slipped 0.6%. Qatar’s benchmark was 0.7% higher.
BUSINESS
Tesla to roll out Robotaxis in overdue step toward Musk dream
BUSINESS
Fred Smith, who transformed parcel delivery by founding FedEx, dies at 80
WORLD
Trump’s airstrikes on Iran leave oil market poised for surge
From frenzied options markets, to soaring freight and diesel pricing, to a radical redrawing of crude’s pivotal forward curve, all of that volatility is expected to intensify in the week ahead
WORLD
Israel-Iran war in second week as Donald Trump sends mixed signals
Donald Trump repeated his stated belief that Iran was a matter of weeks from getting a nuclear bomb when Israel attacked, and again dismissed US intelligence findings
WORLD
Harvard nears ‘mindbogglingly’ historic US deal, Trump says
“They have acted extremely appropriately during these negotiations, and appear to be committed to doing what is right,” Trump said.
BUSINESS
Hedge funds rush into oil long bets as Mideast conflict grows
Oil futures spiked as much as 13% on June 13 as Iran and Israel escalated a conflict that has loomed over global oil markets for 20 months, but had yet to reduce output.
MARKETS
US stocks extend losing run as geopolitics dampens investor mood
The tech-heavy Nasdaq 100 Index finished Friday’s session down 0.4% in New York after gaining as much as 0.8% earlier in the day. Meanwhile, the S&P 500 Index closed 0.2% lower.
BUSINESS
US dollar is hanging on to its haven role by a thread, survey shows
A little more than half of 251 respondents think the US currency will regain its status as a safe asset as Iran and Israel continue to carry out attacks on each other.
BUSINESS
Federal Reserve Governor Christopher Waller says US Central Bank could cut interest rates as soon as July
Waller’s comments follow the decision by Fed policymakers on Wednesday to keep interest rates on hold
BUSINESS
Musk’s xAI sweetens debt offering as investors face deadline
Some investors expected the company would need to raise yields on the debt to close the deal.
BUSINESS
Tesla set to open India showrooms in July with made-in-China EVs
Tesla is set to open its first showroom in Mumbai as early as mid July, which will be followed by one in New Delhi
WORLD
Israel resumes gas supplies to Egypt following six-day halt
Israel shut down two of its three gas fields on June 13 as a precautionary measure as the country exchanged missile fire with Iran
WORLD
US futures pare losses as Trump weighs Iran role
Contracts for the S&P 500 were down around 0.3% from Wednesday’s close in early Asia hours, compared with a 0.9% drop on Thursday when US markets were closed for the Juneteenth holiday.
INDIA
India may cut oil product exports if Strait of Hormuz is blocked
Iran has previously threatened to close the strait in times of conflict, though there’s no sign of that happening so far.
BUSINESS
India rupee at three-month low as oil spikes on mideast conflict
India relies heavily on overseas crude purchases to meet its energy needs, and rising oil prices pose risks to both the country’s fiscal position and inflation outlook.
INDIA
How an unpredictable summer has ignited concerns for India's consumer firms
A cooler-than-usual summer this year — followed by the earliest onset of rain since 2009 — has hurt companies selling everything from talcum powder to air conditioners
BUSINESS
Blackstone’s ASK plans to hire 70 wealth bankers in India
The rise of wealthy Indians across the country has sparked the creation of many new firms competing to manage their money
IPO
LG Electronics said to consider resuming IPO of Indian unit
The company is planning to refile its preliminary prospectus with updated financial results after the summer, with the IPO potentially taking place as early as the fourth quarter
