1 / 13US markets began the new trading week on a mixed note even as the Dow Jones made a new high but pulled back from those levels. The Dow Jones made a new high of 41,420 before slipping from those levels. Yet, the index managed to close above the flat line. However, the S&P 500 fell 20 points short of a record high and ended 0.3% lower, while the tech-heavy Nasdaq shed 0.8% as investors chose to book some profits after a one-way move post the August 5 sell-off.
2 / 13Uber Technologies Inc. was hit by a record €290 million ($324 million) fine by the Dutch privacy watchdog for failing to abide by European protection standards when it shipped swathes of sensitive data about its drivers to the US. The Dutch Data Protection Authority said Uber was collecting information of drivers from Europe, such as taxi licenses, location data, and in some cases criminal and medical data, and retaining them on servers in the US. The fine is the highest penalty ever issued by the Dutch watchdog against any company, a spokesperson said by email. It’s also the biggest fine Uber received globally.
3 / 13Canada will impose new tariffs on Chinese-made electric vehicles, aluminum and steel, lining up behind western allies and taking steps to protect domestic manufacturers, Bloomberg reported. The government announced a 100% levy on electric cars and 25% on steel and aluminum, confirming an earlier report from Bloomberg News. Prime Minister Justin Trudeau unveiled the policy Monday in Halifax, Nova Scotia, where he’s gathered with the rest of his cabinet for a series of meetings about the economy and foreign relations.
4 / 13Apple has confirmed the date of its much-anticipated September event when it is expected to launch its latest iPhone lineup — September 9. Popular YouTuber Marques Brownlee, who goes by MKBHD, confirmed this in a post on X, showing off the invitation of the iPhone-maker. Previous reports and rumours have suggested that Apple could launch the iPhone 16 series along with the new Apple Watch models and AirPods. More from Vijay Anand here.
5 / 13Longtime Apple Inc Chief Financial Officer Luca Maestri will step down from the job at the end of the year, handing the role to top deputy Kevan Parekh after more than a decade. Parekh, 52, will become CFO on Jan. 1 in what Apple described as a “planned succession.” Maestri, who has been CFO since 2014, will remain at Apple in a reduced position, continuing to oversee information technology and real estate functions, the company said Monday.
6 / 13International Business Machines Corp. is shutting down a hardware research team in China in part due to geopolitical tensions between the world’s two largest economies, Bloomberg reported. The China-based team was focused on research and development of hardware such as servers and storage and its closing will affect less than 1,000 employees, according to a person familiar with the decision. The job functions will be relocated to other countries, particularly India, the person said.
7 / 13The market needed a dose of Vitamin-P at the start of the expiry week and so it did get one. Jerome Powell’s speech triggered a strong rally on Wall Street and that rubbed off on Dalal Street to a certain extent as well. The Nifty was back above the mark of 25,000, a level last seen at the start of this month. It turned out to be a day when the benchmark indices outperformed the broader markets. The GIFT Nifty is indicating a slightly subdued start for our own markets with a negative bias.
8 / 13Bajaj Auto, the leader in the CNG three-wheeler segment with an 80% market share, is now targeting a similar dominance in the electric three-wheeler market. The company currently holds a 36% share in the electric three-wheeler segment but has set its sights on capturing 80% of the market. Rajiv Bajaj, Managing Director of Bajaj Auto, speaking exclusively to CNBC-TV18, highlighted the company’s success in the electric auto-rickshaw and electric cargo vehicle sectors, where it has already emerged as a market leader. Bajaj Auto, with years of experience in manufacturing and exporting CNG three-wheelers, ventured into the electric three-wheeler market in May last year. More on this exclusive conversation here.
9 / 13Reserve Bank of India governor Shaktikanta Das on Monday (August 26) announced the introduction of the Unified Lending Interface (ULI). This is a step towards revolutionising India’s credit system. The ULI aims to streamline and accelerate the credit appraisal process, especially for small borrowers. More here by Anshul.
10 / 13Aditya Birla Group flagship company UltraTech Cement Ltd on Monday (August 26) said it has successfully raised $500 million through a sustainability-linked loan with participation from six banks. The transaction marks the second sustainability-linked financing by UltraTech, after its inaugural sustainability-linked bond issuance in 2021, UltraTech Cement said in a regulatory filing.
11 / 13Medi Assist Healthcare Services Ltd on Monday (August 26) said its wholly-owned subsidiary Medi Assist Insurance TPA Private Ltd will acquire a 100% equity stake in Paramount Health Services & Insurance TPA Private Ltd (Paramount TPA) for ₹311.8 crore. Paramount Health Services & Insurance TPA is owned by Fairfax Asia and Dr Nayan Shah and his family. The acquisition represents one of the largest TPA deals in India and equity value is expected to exceed ₹400 crore.
12 / 13The Food Safety and Standards Authority of India (FSSAI) has issued a clarification on the sales and marketing of milk and other products such as ghee in the name of ‘A1’ and ‘A2’ under its License Number or the registration certificate number. After examining the matter, FSSAI opined that the ‘A1’ and ‘A2’ differentiation of milk is essentially linked to the difference in the structure of the protein (beta-casein).
13 / 13The National Conference (NC) and the Congress have agreed to contest 51 and 32 seats, respectively, in the upcoming Jammu and Kashmir assembly elections. This announcement was made during a joint press conference held at NC president Farooq Abdullah’s residence after a day of negotiations.
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
