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Asia-Pacific markets opened higher on Monday after a roller-coaster week that saw steep sell-offs followed by a sharp recovery, especially in Japan stocks. Futures for benchmark U.S. indexes were lower as investors awaited key inflation data due later this week. Major Wall Street averages rose Friday, with the indexes making a sharp recovery from last week's volatile market rout. In Asia, traders on Monday will assess inflation and industrial output data from India. Meanwhile, India's industrial output for June is expected to come in at 5.5%, slightly down from 5.9% in May.
Persons: Dow Organizations: Nasdaq, Reuters Locations: Ahmedabad, India, Asia, Pacific, Japan
India's Bharti to buy Drahi's stake in BT, worth $4 billion
  + stars: | 2024-08-12 | by ( ) www.cnbc.com   time to read: +2 min
India's Bharti Enterprises said it would acquire a 24.5% stake in BT , worth about 3.2 billion pounds ($4 billion), buying out the British company's top investor, telecoms tycoon Patrick Drahi, as his Altice group struggles with high debts. The Indian company said it would buy an initial 9.99% stake before seeking to add the remaining 14.51% following regulatory approvals. Bharti said it supported BT's executive team and strategy as the group pushed forward with an "ambitious" transformation programme to deliver long-term sustainable growth. BT's shares have risen by 24% in the last six months as the fruits of its long-term investment plan to build the country's fibre network start to materialise. "This scale of investment from Bharti Global is a great vote of confidence in the future of BT Group and our strategy," Kirkby said in a statement following the investment.
Persons: India's, Patrick Drahi, Bharti, Drahi, Carlos Slim, Allison Kirkby, Kirkby Organizations: India's Bharti Enterprises, BT, UK National Security and Investment, Bharti Global, BT Group Locations: Abu Dhabi
In May, six Adani Group companies disclosed they had received notices from SEBI alleging violation of Indian stock market rules. Alongside the inquiry into the Adani group, SEBI sent a "show cause" notice to Hindenburg Research alleging that the short-seller violated the country's rules by setting up a short-bet using non-public information. Hindenburg Research said these allegations were "nonsense" in a note published on its website in July, which also made public the regulator's notice. In its latest report, Hindenburg attempts to draw a link between offshore funds that traded in Adani Group shares and personal investments of Buch and her husband. It says that Bermuda-based Global Opportunities Fund, which according to a Financial Times investigation was used by entities connected to the Adani group to trade in share of group companies, had sub-funds.
Persons: Puri, Hindenburg, Buch, Vinod Adani, Gautam Adani, SEBI Organizations: Hindenburg Research, Hindenburg, SEBI, Sunday, Securities and Exchange Board of India, Adani, Adani Group, Fund, Financial Times, Buch, Securities, Exchange Board of India Locations: Krakow, Poland, Puri Buch, Buch, Bermuda
Bhavish Aggarwal, Chief Executive Officer (CEO) of Ola Cabs and founder of Ola Electric speaks during a press conference ahead of the Initial Public Offer (IPO). Shares of Ola Electric surged 20% in their market debut Friday, valuing the Indian electric vehicle startup at around $4.8 billion. Ola Electric makes electric scooters and only shipped its first product 2½ years ago. This is the trend Ola Electric is trying to tap into as it prepares to deliver its first electric motorbike product in the second half of 2025. Ola Electric has some high-profile investors including SoftBank and Singapore's investment fund Temasek.
Persons: Bhavish Aggarwal, Ola, Ola Electric Organizations: Ola, Reuters, McKinsey & Co, Temasek Locations: Mumbai, India
On Thursday, investors in Asia will assess trade data from Japan and interest rate decision from the Reserve Bank of India. Global equities and currencies plunged earlier this week after the Bank of Japan hiked interest rates to their highest levels since 2008, and the U.S. released weaker-than-expected employment numbers. Asia-Pacific markets were mostly down in choppy trading on Thursday after U.S. stock benchmarks fell overnight, while investors assessed trade data from Japan and awaited India's rate decision. "Assuming that the price stability target will be achieved in the second half of fiscal 2025, the Bank should raise the policy interest rate to the level of the neutral interest rate toward that time," the summary read. Japanese technology investor SoftBank Group said in a statement on Wednesday that it would buy back up to 500 billion yen ($3.4 billion) of its shares as part of its efforts to boost shareholder returns.
Persons: Shinichi Uchida, Lasertec, Korea's Kospi Organizations: Reuters, The Reserve Bank of, Reserve Bank of India, Global, Bank of Japan, Dow Jones, Nasdaq, Nvidia, Nikkei, Bank, SoftBank, Semiconductor, Isuzu Motors, China's CSI, Cathay, Hong Kong's, Airbus Locations: The Reserve Bank of India, Asia, Japan, U.S, Pacific, Hong, Cathay Pacific
Despite being disqualified from the gold medal match just hours after she made Olympic history, Vinesh Phogat is still being hailed by many online for her bravery and resilience. The wrestler from Team India, who on Tuesday became the first woman from her country to make the Olympic finals, will not be participating in the women’s wrestling 50kg gold-medal match due to being "a few grams" over the weight class, according to the Indian Olympic Association. The Indian Olympic Association didn’t elaborate on the matter and requested privacy for Phogat. In a January 2023 letter, the group accused Singh of sexual harassment against several young female wrestlers. Indian wrestler Vinesh Phogat is detained by the police while attempting to march to India's new parliament in New Delhi on May 28, 2023.
Persons: Phogat, USA’s Sarah Hildebrandt, Yui Susaki, Ukraine’s Oksana Livach, Cuba’s Yusneylis Guzman Lopez, Brij Bhushan Sharan Singh, Singh, Singh “, , Vinesh Phogat, Arun Thakur, ” Phogat, Brij Bhushan, India’s, Narendra Modi, Modi hasn’t Organizations: Team India, Indian Olympic Association, Wrestling Federation of India, Tokyo, Getty, , , Indian Express Locations: Wednesday’s, Japan, New Delhi, AFP, Phogat,
India's biggest budget airline IndiGo has been trialing a booking feature that will allow women to avoid booking a seat next to men on flights. The feature, the first of its kind for an airline, works by showing female travelers a pink seat at the seat selection page if it will be occupied by a female passenger, a company representative told CNBC Travel. Travelers on IndiGo must identify their genders when they purchase tickets, which allows the airline to control access to these details, according to Indigo. However, IndiGo's website and mobile app did not show the feature when CNBC did a check. The new feature has received "positive individual reactions" on social media, IndiGo's CEO told CNBC's "Street Signs Asia" last week.
Persons: CNBC's, Pieter Elbers Organizations: IndiGo, CNBC Travel, CNBC
High-end real estateAbout 30% of India's UHNWI investments go into luxury real estate, including overseas projects, said Alok Saigal, president of wealth management firm Nuvama Private. People have moved away from investing in land as it is less liquid, and more wealth has been allocated to residential real estate since the pandemic, he added. Around 20% of Dubai's offshore real estate pie is owned by Indian investors. Startups' lureInvesting in startups is becoming increasingly popular, especially with the younger generation of rich Indians, wealth managers told CNBC. Bloomberg | Bloomberg | Getty ImagesAbout 17% of India's UHNWIs' wealth goes into luxury goods, with jewelry, art and watches as top preferences, findings from Knight Frank revealed.
Persons: Knight Frank, Alok Saigal, Alok, Chethan Shenoy, Anand, Saigal, Nitin Chengappa, India's, Chengappa, Anand Rathi Wealth's, LVMH Moet Hennessy Louis Organizations: Getty, India, Nuvama Private, Offshore, Nuvama, CNBC, Standard Chartered Bank, Shoppers, DLF, BMI, Bloomberg, Fitch Solutions, LVMH Moet Hennessy Louis Vuitton SA Locations: Mumbai, Beijing, New York, London, UHNWIs, Dubai, Delhi, New Delhi, India
Read previewGlobal markets are off to a terrible start to the week. Stock markets are crashing across Asia after Japan's interest-rate hike last week contributed to a selloff that got worse and worse. AdvertisementInvestors are also on edge before the US markets open later in the global day. Global carry trade unwindingThe Bank of Japan raised its interest rate from between 0% and 0.1% to 0.25% on Wednesday — the highest level in 15 years. Japan kept interest rates ultra-low for decades following the implosion of an asset bubble in the 1990s that contributed to persistent deflation.
Persons: , Kospi, India's Sensex, Tony Sycamore, Sycamore, Vishnu Varathan, Mizuho Bank's Organizations: Service, Stock, Business, IG Australia, Bloomberg, CSI, Dow Jones Industrial, Nasdaq, Federal Reserve, Bank of Japan, ING Locations: Asia, Japan
Read previewJapan's main stock market index suffered its biggest fall since 1987, closing 12.4% lower on Monday, while markets in Asia and Europe also fell sharply. US stock markets sunk at the end of last week as investors digested a streak of negative economic data and disappointing earnings from Big Tech companies. The Chinese stock markets were already under pressure this year due to the country's economic troubles. Japan kept interest rates ultra-low for decades following the implosion of an asset bubble in the 1990s that contributed to persistent deflation. AdvertisementThe BoJ's rate hike has also fanned further risk-off sentiment in global stock markets.
Persons: , Tony Sycamore, Taiwan's Taiex, Paris, it's, Sycamore, Vishnu Varathan, Mizuho Bank's Organizations: Service, Nikkei, Business, Big Tech, Nasdaq, IG Australia, Bloomberg TV, Kospi, CSI, Federal Reserve, Bloomberg, Bank of Japan, ING Locations: Asia, Europe, Frankfurt, London, Japan
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinancial services firm says it's bullish on India's IT and telecom sectorsNiket Shah of Motilal Oswal also discusses says it also likes the country's consumer discretionary sector.
Persons: it's bullish, Shah, Motilal Oswal Organizations: Financial
Supporters of Bharatiya Janata Party (BJP) hold party flags as they celebrate Narendra Modi's swearing-in ceremony on June 9, 2024. Sopa Images | Lightrocket | Getty ImagesThere is an "internal battle" happening within India's ruling Bharatiya Janata Party over inviting Chinese investments, as the country strives to become Asia's manufacturing powerhouse, Alicia Garcia-Herrero, chief Asia Pacific economist at Natixis said. This proposal was shot down by Trade Minister Piyush Goyal on Tuesday who said that there was "no rethinking at present" on allowing Chinese investments into India, Reuters reported. Experts told CNBC that Chinese investments are needed in India's solar panel and battery manufacturing sectors — two areas that a report, citing Indian government sources last week, mentioned could see easing restrictions on Chinese investments. India increased scrutiny on Chinese investments into the country, and also blocked several Chinese mobile apps including TikTok following the incident.
Persons: Narendra Modi's, Alicia Garcia, Herrero, Natixis, V Anantha, Piyush Goyal, Modi, Garcia, Rajesh Kumar Singh, Harsh, Pant, Tauseef Mustafa, Jaishankar, Punit Paranjpe Organizations: Bharatiya Janata Party, BJP, Asia, Trade, Reuters, CNBC, Department, Promotion of Industry, Internal, Bloomberg, ICT, Communication Technologies, New Delhi's Observer Research Foundation, Afp, Getty, India's Foreign, Adani Locations: Asia Pacific, China, India, Europe, loggerheads, Eastern Ladakh, Tokyo, U.S, Mundra
Customers browse the S1 Pro electric scooter of Ola Electric Mobility Pvt. SoftBank -backed Ola Electric is set to raise nearly three quarters of a billion dollars with a stock market listing. India and four European nations — Iceland, Liechtenstein, Norway and Switzerland — struck a free trade agreement (FTA) earlier this year. "Our Free Trade Agreement negotiations is the floor not the ceiling of our ambitions to unlock our shared potential and deliver growth, from Bengaluru to Birmingham," Lammy said last week before his visit. India and the U.K. also have high rankings on the World Bank's Trade Complementarity Index, which indicates whether countries are natural trade partners.
Persons: Ola, Samyukta Lakshmi, Bharat, Switzerland —, David Lammy, Lammy, Chietigj Bajpaee, Narendra Modi's, Aastha Gudwani, Murugesh Organizations: Ola Electric Mobility, Ola Experience, Ola, Bloomberg, Getty, Mankind, Vaccines, South, House, India, Indian, Bank of America's, NYSE Locations: Bengaluru, India, Iceland, Liechtenstein, Norway, Switzerland, New Delhi, Birmingham, South Asia, Bank of America's India, Singapore, Japan
Olympic and Paralympic medals are shown during the unveiling of the Paris 2024 Olympic and Paralympic Games Medals on February 1, 2024 in Paris, France. Pascal Le Segretain | Getty Images Sport | Getty ImagesThe Paris 2024 Olympics is well underway, with dozens of medals already handed out. Vivian Kong won Hong Kong's first medal at the Paris Games, topping the podium in the women's epee individual event. Vaughn Ridley | Getty Images Sport | Getty ImagesOther governments dangling six-figure cash rewards for their gold medalists include Israel, Malaysia, Kazakhstan and Indonesia. Gold medalists receive 20,000 euros ($22,000).
Persons: Pascal Le Segretain, Hong, Administration Chan Kwok, ki, Vivian Kong, Hong Kong's, Cheung Ka, Siobhan Bernadette Haughey, Joseph, Michael Phelps, Vaughn Ridley, Man Wai Vivian Kong Organizations: Paris, Paralympic, Getty, International Olympic, CNBC, Olympic, Hong Kong, Tokyo, Administration, HK, Paris Games, Singapore, United, Rio, Tokyo Games, Germany's Sports Aid Foundation, Indian Olympic Association, Team Hong Kong, Olympic Games, Grand Palais Locations: Paris, France, Hong Kong, Singapore, United States, Israel, Malaysia, Kazakhstan, Indonesia, Grand
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWorld Gold Council says there's been an overall increase in investment demandJuan Carlos Artigas, global head of investment research at World Gold Council, also discusses India's demand for the yellow metal.
Persons: there's, Juan Carlos Artigas Organizations: Gold Council
Air India will start flying from Delhi to New York in November. One of its brand-new Airbus A350 jets was displayed at the Farnborough Airshow. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAir India announced in July that it will fly its Airbus A350 jets to Newark and JFK Airports in just a few months. Two years ago, the government sold Air India to the Tata Group conglomerate, and former Scoot CEO Campbell Wilson was hired to lead the transformation.
Persons: , Campbell Wilson Organizations: Airbus, Farnborough, Service, Air India, JFK Airports, Indian, Air, Tata Group, Business Locations: India, Delhi, New York, Newark, Air India
Multiple landslides triggered by torrential rains in southern India have killed 49 people, and many others are feared trapped under the debris, officials said Tuesday, with rescue operations being hampered by bad weather. PM Manoj, press secretary to the Kerala chief minister, said the landslides had killed at least 49 people so far. "We are trying every way to rescue our people," state Health Minister Veena George said. Kerala is prone to heavy rains, flooding and landslides. India regularly has severe floods during the monsoon season, which runs between June and September and brings most of South Asia's annual rainfall.
Persons: Manoj, Veena George, Narendra Modi, Modi, Roxy Mathew Koll, Koll Organizations: Response Force, Vehicles, Authorities, Indian, Indian Meteorological Department, Meteorology Locations: Wayanad, India, Kerala state's Wayanad, Kerala, Ghats, Pune
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndia's defense sector valuations 'will remain elevated,' says wealth management firmFeroze Azeez, deputy CEO at Anand Rathi Wealth, says "the self-reliance story seems to be picking up."
Persons: Feroze Azeez Organizations: Anand Rathi
But although Sri Lanka is called India's teardrop, I think it's really its gem. AdvertisementIn my seven years of traveling to 60 countries — including most countries in Southeast Asia — I have rarely been anywhere as wild and diverse as Sri Lanka. There's a lot to do in Sri LankaElephants can be spotted in Sri Lanka. For history and culture buffs, Sri Lanka is also a must-visit countryGet to know the people of Sri Lanka — and their history. AdvertisementDuring my travels, I've also met some of the kindest, most hospitable people in Sri Lanka.
Persons: , hasn't, Kate McMahon, Jack Lawes, chiles, I've Organizations: Service, Business, Sri Lanka —, . Locations: Sri Lanka, India, Southeast Asia, Bali, New York, Africa, Trincomalee, there's, Jack Lawes Sri Lanka, Ceylon, Kingdom of Kandy, British, . Historic
US Secretary of State Antony Blinken (R) prepares to pose for a group photo with Australia's Foreign Minister Penny Wong (2nd R), Japan's Foreign Minister Yoko Kamikawa (2nd L) and India's Foreign Minister Subrahmanyam Jaishankar (L) at the start of their Quad Ministerial Meeting at the Iikura Guest House in Tokyo on July 29, 2024. Foreign ministers from Australia, India, Japan and the United States — a grouping known as the "Quad" — met in Tokyo on Monday for talks expected to focus on maritime security and initiatives to build up cyber defenses. The talks attended by Australia's Penny Wong, India's Subrahmanyam Jaishankar, Japan's Yoko Kamikawa and Antony Blinken from the U.S., follow security discussions between Tokyo and Washington on Sunday where the allies labelled China the "greatest strategic challenge" facing the region. We all understand we face the most confronting circumstances in our region in decades," Wong said in opening remarks at the start of the Quad talks on Monday. In her opening remarks, Kamikawa highlighted the need to build up cybersecurity capability and provide training opportunities in maritime security to protect and develop prosperity in Indo-Pacific.
Persons: Antony Blinken, Penny Wong, Yoko Kamikawa, Subrahmanyam Jaishankar, Australia's Penny Wong, India's Subrahmanyam, Japan's Yoko Kamikawa, Wong, Kamikawa Organizations: Australia's Foreign, Japan's, India's, United Locations: Tokyo, Australia, India, Japan, United States, U.S, Washington, China
The new Ola electric scooters displayed during its launch at the Ola headquarters in Bangalore on August 15, 2021. With e-scooter prices starting at around $900, Ola Electric has become the biggest player in a country where adoption of clean vehicles is still low, but rising rapidly. In the IPO, Ola will issue new shares to raise $657 million while existing investors offload their stake of about $77 million to IPO investors, the term sheet showed. Aggarwal and investors such as SoftBank and Matrix Partners will sell part of their stakes in the IPO. Monday's newspaper ad showed 10% of the IPO will be reserved for retail investors, with proceeds going to fund capital expenditure and research and development efforts.
Persons: Manjunath Kiran, MANJUNATH KIRAN, Ola Electric, Narendra Modi's, Tesla, Ola, Bhavish Aggarwal Organizations: Ola, Getty, Tata Motors, TVS, Hyundai, West, Temasek, Fidelity, Nomura, Norges Bank, Reuters, Financial Express, Matrix Partners Locations: Bangalore, India
He needed to practice Iyengar yoga: a style that focuses on alignment. There, he came to know the father of Mahesh Bhupathi, one of India’s most successful players and a Grand Slam doubles champion. Polamarasetty told Bopanna that his knee wasn’t his problem. The kismet of Iyengar might have saved his knees, but none of the rest — the first Grand Slam title, the being doubles world No. Bopanna’s partner, Matwe Middelkoop, wanted to play with another Dutchman to better prepare for the Olympics and Davis Cup.
Persons: Rohan Bopanna’s, He’d, Matthew Ebden, Bopanna, Sriram Balaji, Fabien Reboul, Edouard Roger, Vasselin, Elsa, Getty, ” Bopanna, Rohan Bopanna, Bill Gates, Paul Allen, didn’t, Mohan Polamarasetty, Jaya, Polamarasetty, Iyengar, Mohan, , , Bopanna’s, Clive Brunskill, Mahesh Bhupathi, Bhupathi, Boppanna, Haq Qureshi, Qureshi, Matthew Stockman, Prince Albert in, “ It’s, ” Polmarasetty, Max Purcell, Matwe Middelkoop, Ebden, Scott Davidoff, Supriya, Tridha, ” Davidoff, William West, Daniel Goldfarb, Shi Tang, Daniel Pockett Getty Organizations: All England Club, Olympics, Microsoft, University of Washington, Iyengar, Google, Jaya, Aisam, Getty, Pak Express, U.S ., Peace, Davis, Getty Images Locations: India, Coorg, Bangalore —, Bangalore, Pune, Chennai, Pakistan, South Asia, Prince Albert in Monaco, Australia, AFP
Gold firms ahead of U.S. inflation data, but set for weekly loss
  + stars: | 2024-07-26 | by ( ) www.cnbc.com   time to read: +2 min
Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Gold was on track for a weekly loss, even as prices firmed on Friday ahead of a key U.S. inflation reading that could offer more cues on when the Federal Reserve will cut interest rates. "Last week, prices scaled record highs on bets of a September U.S. rate cut. The U.S. personal consumption expenditure data for June — the Federal Reserve's favored measure of inflation — is due at 1230 GMT. Meanwhile, India's demand for gold is likely to rise while moving into the fourth quarter, which is traditionally a robust seasonal period for gold demand," ANZ's Kumari said.
Persons: Gold, Soni Kumari, Sugandha Sachdeva, ANZ's Kumari Organizations: Aurum, Federal Reserve, ANZ, SS, U.S ., Hong Kong Locations: U.S, New Delhi, China, Hong
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndia's transition toward clean energy is the 'major focus,' says JSW EnergySharad Mahendra, joint managing director and CEO at JSW Energy, discusses the hybrid solution power generator companies have in place.
Persons: Sharad Mahendra Organizations: JSW Energy
Interest in emerging markets has been growing and investors are now looking out for sectors and stocks best placed to benefit. "Emerging markets are too important to ignore," says Malcolm Dorson, a senior portfolio manager at the U.S.-headquartered Mirae Asset, which has around $600 billion in assets under management. "Emerging markets have a multi-decade story with significant opportunities. More than 4 billion people live across emerging markets, Dorson noted, adding that each country will have "significant domestic consumption stories [and] long-term opportunities." One of the simplest routes to investing in emerging markets is through exchange-traded funds.
Persons: Malcolm Dorson, Dorson, Javier, Milei Organizations: CNBC Pro, India Active, Global, India, Companies, Infosys, Reliance Industries, Tata Consultancy, U.S . Federal, Brazil Active, Brazil IMI, Argentina IMI, Fitch, IMI Locations: U.S, India, Brazil, Brazilian, FactSet, Argentina, American, Greece, Europe
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