1) Ex-Lehman Trader Seeks Fix to Capitalism in Crowdfunded Airline
(Bloomberg) -- As a bond trader at Lehman Brothers Holdings Inc. and JPMorgan Chase & Co., Navdip Singh Judge worked for spreads and bonuses at temples of modern-day capitalism. Now, he says the global capitalist system is broken and he's looking to mend it. The Briton of Indian origin isn't your typical aviation entrepreneur. With business executives the world over wondering about the economic impact of Brexit, Judge aims to start a crowdfunded budget carrier by raising ...
2) Vedanta Distress Hands 42% Gain to Funds Braving Commodity Storm
(Bloomberg) -- Junk bonds in India capped their best quarter in more than four years as Vedanta Resources Plc's dollar debt rallied from distressed levels, rewarding investors who rode out a commodity slump. High-yield dollar debt from Indian firms rose 7.8 percent last quarter, the most since 2012 and beating the 4.3 percent gain in Chinese notes, Bank of America Merrill Lynch indexes show. Mining group Vedanta and JSW Steel Ltd. led the advance as the Bloomberg Commodity ...
3) India Is Cutting Oil Deals Worldwide
(Bloomberg Businessweek) -- In May, shortly before he spoke to Congress in Washington, Indian Prime Minister Narendra Modi traveled to Tehran to sign a deal with the leaders of Iran and Afghanistan to develop a port on the Gulf of Oman, with India providing $500 million in financing. "Iran has prioritized expanding relations with those states that stood by its side when it was under sanctions," Tehran-based political analyst Mostafa Khoshcheshm said on ...
4) Indian Stocks to Watch: Bharti, Reliance, South Indian Bank
(Bloomberg) -- India's SGX CNX Nifty Index futures for July delivery fall 0.3% to 8,348.00. MSCI A-P index -0.3%. Foreign investors bought net 2.95b rupees of stks on July 5, according to Central Depository Services website. Nifty little changed yday to 8,337.90. * India monsoon rain 35% above normal in 7-days ended July 6 * Bank of India (BOI): Raised 15b rupees selling 8.57% tier II bonds * Bharti Airtel (BHARTI), Idea Cellular (IDEA), Reliance ...
5) INDIA DAYBOOK: Modi in South Africa; Weekly Bond Sales, Repo
(Bloomberg) -- Today: Prime Minister Narendra Modi in South Africa; RBI to hold bond, term repo auctions; Trade Minister Nirmala Sitharaman to meet U.K.'s Business Secretary Sajid Javid. WHAT TO WATCH: * Prime Minister Modi to interact with Indian community in Johannesburg * India monsoon rain 35% above normal in 7-days ended July 6 * Total monsoon rainfall 1% above normal as of July 6: IMD * BSE sets market wide position limits for SLB in ...
6) INDIA CREDIT DAYBOOK: Weak Demand to Hamper GDP Growth: Moody's
(Bloomberg) -- India's GDP growth over next 2 years will be challenged by "lackluster global demand and high leverage in some corporate sectors," Moody's analysts including Marie Diron write in a client note. * Continued high corporate leverage, low nominal domestic growth and lack of corporate pricing power, will hold back investment activity "for at least several quarters" * NOTE: RBI sees sharp rise in bank risk on bad loans * Yield on India's 7.59% ...
7) IN FOCUS: U.S. Jobs Report, Japan Current Account; Oil Tumbles
(Bloomberg) -- What you need to know from overnight and in the Asian day ahead: * U.S. ADP payrolls rose 172k vs est. 160k, boosting hopes for non-farm report; median NFP est. edged up to 180k from 175k; see preview * ADP tends to correlate well on direction of NFP but less so on magnitude, say traders; see a chart; due at 8:30pm HKT * Market pricing for an RBNZ cut in August has tumbled since Spencer spoke yesterday, falling from 65% to 47%; note ANZ's ...
8) China's GDP Is Managed, India's Shows Incompetence: Sharma Q&A
(Bloomberg) -- The two biggest emerging markets are probably growing much slower than official data suggests, part of a trenchant downturn in growth seen around the globe, according to Ruchir Sharma, head of emerging markets equity and global macro at Morgan Stanley Investment Management. China's gross domestic product is more likely expanding 4 percent to 5 percent than the official rate of more than 6.5 percent. India's pace is probably five percent to six percent, ...
9) M&A WATCH ASIA: Coronado, Dish TV, Glencore, Tata Steel, HNA
(Bloomberg) -- What to watch for in Asian M&A today: * To subscribe to daily M&A Watch, Weekly Agendas click here. Deal News: * Coronado may bid for Anglo American coal assets: Australian * Dish TV said in talks to buy Videocon DTH, CNBC-TV18 says * Mongol Mining files winding up petition with Cayman court * Liberty House said to bid for two Tata Steel U.K. units: Reuters * Comtec Solar to buy Joy Boy for max. consideration of 130m yuan * Mongolian ...
10) Global Funds Add to Thailand, Korean Bonds; Cut Indian Debt
(Bloomberg) -- International funds were net buyers of 7b baht ($198.5m) in Thai bonds yesterday, according to Thai Bond Market Association data; net buyers of $50.9m in local equities, according to exchange data. * Global funds were net buyers of 163.4b won ($140.7m) in South Korea-listed bonds on July 6, according to Financial Supervisory Service data; net buyers of $201m in country's equities yesterday: exchange data * Foreign funds reduced holdings of ...
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