Funds

• Tata Steel UK CEO Narendran announced that the company expects to secure electricity access for its Electric Arc Furnace (EAF) project by 2029. • This transition to EAF technology is a critical step in reducing the company's carbon footprint and shifting away from traditional blast furnaces. • Separately, Goa is experiencing a shift in tourism patterns, with traditional hotel and flight data failing to capture the full scale of visitors.

• Amazon received approximately $600 million in tariff refunds for Q2 2026 following a February Supreme Court ruling against IEEPA tariffs. • The company plans to automatically refund eligible customers and utilize any remaining funds to lower product prices. • Other major retailers are seeing similar impacts, with Apple reporting a 5% (11 cents) boost to earnings per share and Costco pledging to return a portion of its rebates to consumers.

Robert Assaf separately tells anti-corruption inquiry money funnelled through lobbying firm to create ‘maximum benefit from a tax perspective’Follow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastA group of young conservative Liberal power brokers accused of soliciting illegal donations used some of the funds to pay for a bucks night, one of its members has told a corruption inquiry.The Independent Commission Against Corruption (Icac) on Friday heard again from Robert Assaf, who this week was the first witness from the conservative right Liberal factional group the Reformers to give evidence. Continue reading...

• Asia-focused equity hedge funds are facing their largest monthly drawdown on record, according to a report from Goldman Sachs released on July 30. • The losses are primarily driven by a broad rout in AI-related stocks, which erased significant gains previously made from crowded bets in the sector. • This downturn highlights the volatility and risk associated with concentrated positions in high-growth technology and AI themes across Asian markets.

New Victorian premier also considering ‘sensible changes’ to laws that would enshrine right to work from home two days a weekFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastVictoria’s new premier has not ruled out redirecting billions of dollars earmarked for the controversial Suburban Rail Loop to other projects, saying he’s seeking to pursue the “greatest value for Victorians”.Ben Carroll also used his second day in the top job to flag “sensible changes” to nation-leading laws that would enshrine the right to work from home two days a week, as he tries to distance himself from predecessors Jacinta Allan and Daniel Andrews. Continue reading...

• Major defense firms like Lockheed Martin and BAE Systems have invested $4.1 billion in military tech startups this year. • This investment is a response to the need to adapt to modern warfare, indicating a shift in strategic focus. • The move follows the collapse of a $114 billion joint fighter jet program between Germany and France, which is prompting a re-evaluation of large-scale joint hardware development.

• Public media stations nationwide are undergoing a period of reinvention and anxiety one year after President Trump signed a law ending six decades of federal funding. • To adapt to the loss of government money and shifting consumption habits, stations like KCRW have implemented staff cuts of 10%. • KCRW is pivoting its strategy to remain a "trusted cultural guide" by expanding into podcasts, newsletters, and live events focused on Los Angeles culture.

• Approximately 85% of S&P 500 companies have beaten profit estimates during the current US earnings season, marking the highest beat rate in five years. • Despite these strong corporate results, investment funds have seen outflows for the second consecutive week as investors flee the market. • Market instability is being driven by escalating geopolitical tensions between the US and Iran, which have pushed international oil prices higher.

• SBI Funds Management is partnering with venture capital firm 3one4 Capital to launch a $200 million technology-focused alternative investment fund (AIF). • This initiative marks SBI Funds Management's official entry into India's rapidly growing AIF market to target private technology investments. • The move reflects a broader trend of increasing institutional interest in alternative assets as they gain popularity among high-net-worth investors.

• Chinese AI lab Moonshot AI plans to begin discussions in August for a final round of pre-IPO fundraising, targeting a valuation of up to US$50 billion. • The company is currently finalizing a separate financing round that began in summer 2024, which values the firm at approximately US$31.5 billion. • This capital injection is intended to leverage excitement surrounding Moonshot's latest AI model to strengthen its financial position before going public.

• The European Commission has withdrawn a €2 million grant previously earmarked for the La Biennale di Venezia Foundation. • This financial cut follows tensions between Brussels and the institution, specifically regarding the presence of Russia at the Venice Biennale. • The decision has sparked criticism from the Italian government and represents a significant loss of funding for one of Italy's premier cultural organizations.

• Pete Hegseth informed the Senate that the conflict with Iran has cost the United States $37.5 billion to date, while requesting additional funding. • President Trump stated that while Iran is "desperately" seeking a meeting, the U.S. will not engage until Tehran is prepared for "meaningful" talks. • Israel expressed caution regarding re-entering the fight against Iran to avoid being ordered to stop mid-conflict.

• Oliver Light, a member of the RE:UK Sustainability Committee, is urging real estate investors to prioritize and embrace the energy transition. • Current data indicates that four-fifths of European assets under management (AUM) remain tied up in active funds. • This push for sustainability highlights the critical need for the industry to shift capital toward greener infrastructure to meet climate goals.

Supplier to 2.4m customers says it doesn’t have enough money to last beyond July 2027 South East Water has warned that there is “material uncertainty” over its survival, after a disastrous year in which the lossmaking company paid millions of pounds in fines and its chief executive was forced out.The water supplier to 2.4 million customers said it had sufficient funds to make it through to July 2027. However, “shortly after” it will need “new loan facilities in order to continue as a going concern,” the company said in its annual report published on Friday. Continue reading...

• The Supreme Court upheld a two-year prison sentence for Rep. Kweong Seong-dong of the People Power Party (PPP) on Thursday. • The ruling follows convictions for accepting illegal political funds sourced from the Unification Church. • As a result of the finalized prison term, Kweong has been stripped of his parliamentary seat.

• Chinese hedge funds are reducing their exposure to artificial intelligence-linked stocks after securing significant gains throughout the year. • Fund managers are signaling a shift toward caution, informing investors that they are on high alert for signs that the current AI rally has become unsustainable. • This move reflects a strategic pivot to lock in profits and mitigate risk as market volatility increases around high-growth tech sectors.

Catholic Schools NSW’s alleged donations to Liberal party show the need to ensure public money is spent for approved purposes, expert saysFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastAn education funding expert says alleged donations by Catholic Schools NSW to the Liberal party, under investigation by the state corruption watchdog, show governments need to check taxpayer funding was “being spent according to its purposes” and not funnelled into political donations.The Independent Commission Against Corruption (Icac) is investigating allegations that political donations were made by Catholic Schools NSW “in amounts that were not declared and exceeded applicable donation caps”. Continue reading...

• Supreme Court Justices Elena Kagan and Amy Coney Barrett are testifying before Congress to request millions of dollars in additional security funding. • This rare appearance marks the first time justices have testified before lawmakers since 2019, driven by a surge in security risks. • U.S. Marshals Service data reveals over 600 threats against federal judges in the 2023 fiscal year, following the overturning of Roe v. Wade.

• Morningstar has identified four Asia equity funds from Wellington Management, Allianz GI, Barings, and iShares as top picks for investors seeking AI exposure. • One highlighted strategy focuses on Korean equities, utilizing a bottom-up analysis and a "growth-at-a-reasonable-price" investment style. • Managed by Singapore-based Eunice Hong and co-manager Julie Lee, the fund aims for a 3% gross outperformance against the MSCI Korea Index.

Government had been forced to pay back duties to companies that imported goods into the US that were hit by Trump’s tariffsThe US government has already paid back tens of billions of dollars in tariffs it collected before the supreme court ruled them illegal, according to budget figures released on Monday.Tariffs – taxes on imported goods – have been a key part of president Donald Trump’s game economic plan since he took office again last year. Continue reading...

• Investors are rotating their portfolios away from a small group of AI winners in emerging markets to diversify their holdings. • Three dominant technology stocks, with a combined valuation of $4.4 trillion, currently drive a disproportionate share of market returns. • This trend highlights growing concerns over market concentration and the risk of relying on a few massive firms for overall growth.

Business secretary Peter Kyle says asset managers should feel a patriotic duty to make the UK a successBusiness live – latest updatesThe business secretary, Peter Kyle, has warned UK pension funds to “get off their high horses” and invest in Britain or be forced to do so by law.Expressing frustration at the level of investment in British companies after years of government initiatives, Kyle said the UK’s biggest asset managers “should feel a patriotic duty in making Britain a success”. Continue reading...

• New AI startups founded by former hedge fund managers are aiming to automate core investing processes, moving beyond basic administrative tasks. • While asset managers previously used AI for "unsexy" functions like legal review and regulatory compliance, they are now leveraging sophisticated LLMs and AI agents. • This shift allows firms to automate high-value human work, specifically targeting the research and analysis phases of investment strategies.

• Global equity funds have recorded their third consecutive week of inflows as investors capitalize on a recent market dip. • The surge is primarily driven by strong confidence in the AI-linked rally, with significant gains seen in European and Asian markets. • In contrast to the global trend, U.S.-based funds experienced outflows during this period.

Savings plans for children born between January 2025 and December 2028 launched as president seeks electoral boostTrump accounts, a savings vehicle named after the US president and authorized by congressional Republicans, are set to go live on Saturday, offering American parents a new way to save money for their children by investing in funds managed by major Wall Street firms.All accounts established for children born between January 2025 through December 2028 – nearly the entirety of Donald Trump’s second term – will receive $1,000 from the government. Parents, friends and employers will be able to deposit as much as $5,000 a year into the accounts. Continue reading...

• The MSCI Emerging Markets Index has become heavily over-concentrated in East Asia, effectively serving as a proxy for a single region rather than a diversified global emerging market set. • This concentration is further intensified by a growing reliance on a single sector, limiting the index's ability to represent the broader economic diversity of emerging nations. • This trend matters because investors seeking traditional emerging market exposure may face unintended regional and sectoral risks due to the index's skewed weighting.

• European justice authorities have launched a probe into France's far-right National Rally party regarding the alleged embezzlement of European Union funds. • As part of the investigation, a series of searches were conducted targeting the group, which includes former European Parliament member Jordan Bardella. • The case is significant as it scrutinizes the financial integrity of one of France's most prominent political movements and its use of EU resources.

• European venture capital fundraising in 2026 is increasingly concentrated in specialist funds targeting high-growth sectors including DeepTech, AI, DefenceTech, FinTech, quantum, BioTech, and climate. • A significant trend involves funds specifically targeting growth-stage European DeepTech companies, with a strategic focus on Series B and Series C investment rounds. • This shift highlights a move toward specialized technical expertise over generalist investing to support the scaling of complex European technologies.