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South Korean Stocks Tumble as AI Rally Falters
South Korea's benchmark KOSPI index plunged over 7% on Tuesday, erasing recent gains driven by AI optimism. Investors rushed to lock in profits after Samsung Electronics announced strong quarterly earnings, triggering a broad sell-off in tech stocks. The market experienced trading suspensions and significant drops in major companies like Samsung Electronics and SK Hynix.
HSBC Reportedly Scaling Back Risky Private Credit Deals
HSBC is reportedly reducing its involvement in riskier private credit deals, according to the Financial Times. This move follows high-profile bankruptcies that have raised concerns about underwriting standards in the sector.
Cultfit Files for IPO Worth Rs 3,500-4,000 Crore
Fitness platform Cultfit has filed its draft red herring prospectus with India's SEBI for an IPO expected to raise Rs 3,500-4,000 crore. The offering includes a fresh issue of Rs 950 crore and an offer for sale by existing investors.
Reliance Industries Extends Coal Bed Methane Contract with South West Pinnacle Exploration
Reliance Industries Limited has extended its Coal Bed Methane production contract with South West Pinnacle Exploration (SWPE) for Rs 166.82 crore in Madhya Pradesh. SWPE also secured a separate Rs 5.89 crore exploration contract from CMPDI for Jharkhand, strengthening its order book.
India's EPF Modernizes with Employees' Provident Funds Scheme, 2026
India's EPF Scheme, 2026 modernizes social security with continuity for existing members and a clearer framework for new ones. Key changes include increased flexibility for voluntary contributions and a longer waiting period for premature withdrawals.
Alternative Fuel Vehicles Hit 40% Market Share in India for First Time
For the first time, alternative fuel vehicles (CNG, hybrid, electric) accounted for over 40% of passenger vehicle retail sales in India in June. This shift signals a strong consumer preference for fuel efficiency and lower running costs, with CNG leading the segment.
