Oil prices face fresh downside after Morgan Stanley cut its forecasts, citing the faster-than-expected normalisation of shipping through the Strait of Hormuz. Meanwhile, President Donald Trump’s India visit is unlikely during the midterm election period, even as India raised the invitation during G7 in France.
Also in today’s edition: A ₹268-crore block deal drags Genus Power shares, Adani Ports inks a $2.85 billion Vizhinjam pact with MSC, gold and silver extend losses, and India’s IT giants ramp up AI acquisitions.
Morgan Stanley cuts oil forecasts on faster-than-expected flows via Strait of Hormuz
Morgan Stanley has cut its forecasts for oil prices as flows via the Strait of Hormuz are returning faster than expected, while strong supply from the US and weak Chinese demand are increasing the risk of a surplus.
Genus Power shares fall 10% after ₹268 crore block deal; Sources say GIC likely seller
Shares of Genus Power and Infrastructure Ltd. fell as much as 11% on Tuesday, June 30, after a block deal took place in the stock in the pre-open block window. As many as 88 lakh shares of the company, or 2.9% of its outstanding equity changed hands in Tuesday’s block deal as per data available.
AI Watch: India’s top IT firms spend $4.5 billion buying AI
Apple has challenged the Competition Commission of India’s App Store investigation, alleging the regulator copied rivals’ claims without independent analysis ahead of a July 21 hearing. WhatsApp will introduce usernames to let users chat without sharing phone numbers. India’s top IT firms are accelerating AI-focused acquisitions, while Alphabet joined the Dow despite AI concerns.
Gold, silver decline as markets price in more US rate hikes
Gold and silver prices declined sharply in early trade on Tuesday (June 30), extending recent losses as expectations of further US interest rate hikes and a stronger dollar weighed on investor sentiment. COMEX Gold was trading at $3,981.50 per ounce, down $57.40 or 1.42%, after touching an intraday low of $3,955.40 an ounce.
Rupee slips slightly against dollar: Here’s what traders are watching
India’s rupee opened weaker on Tuesday (June 30), slipping 3 paise to 94.57 against the US dollar compared with Monday’s (June 29’s) close of 94.54/$, tracking losses in Asian peers and persistent dollar demand from importers.
US says Trump India visit not expected during midterms, hopes to make it happen ‘sooner than later’
President Donald Trump’s visit to India is not expected during the US midterm election period, but expressed hope that the trip would take place “sooner than later” after Prime Minister Narendra Modi extended an invitation, US Ambassador to India Sergio Gor said. India had raised the invitation during Modi’s meeting with Trump in France.
Adani Ports, MSC Group forge $2.85 billion deal for Vizhinjam Port expansion
Adani Ports and Special Economic Zone Ltd. (APSEZ) announced a definitive agreement with Terminal Investment Limited (TiL). TiL, the container terminal operating and investing arm of the Mediterranean Shipping Company (MSC) Group, will acquire a 49% interest in Adani Vizhinjam Port Pvt. Ltd. (AVPPL).
Warren Buffett holds back midyear Gates Foundation donation amid Epstein review: Report
For the first time in almost 20 years, Warren Buffett has decided not to make his usual midyear donation to the Gates Foundation. According to a report by The Wall Street Journal, the billionaire investor is waiting for the outcome of an external review looking into the foundation’s past links with late convicted sex offender Jeffrey Epstein before making a decision.
US House of Representatives passes youth online safety legislation
The US House of Representatives passed legislation on Monday that would require online platforms to provide some safeguards for children, setting up a potential clash with the Senate, where lawmakers support more stringent standards.
When travel spending may require manadatory ITR filing
For many Indians, summer is synonymous with international holidays, shopping trips, and family vacations abroad. But alongside passport renewals and hotel bookings, tax professionals say travellers should also pay attention to an often-missed compliance requirement, certain foreign travel expenses can make income tax return (ITR) filing compulsory, even for individuals with low or no taxable income.
Elite IB School program finds demand beyond India’s big cities
India’s smaller cities and towns are emerging as an unlikely engine of growth for schools offering the International Baccalaureate (IB), an elite education program widely viewed as a pathway to universities abroad, according to executives at the Switzerland-based organisation.