Finance

Original title: Goldman-Backed Boyd Weighs Sale of Thermal Business Boyd Corp. is exploring a sale of its thermal management solutions business, people familiar with the matter said, amid rising demand for air-cooling systems for data centers. The US-based engineering company, which is backed by Goldman Sachs Group Inc., is working with advisers as it seeks to gauge buyer interest in the asset, according to the people. The TMS business could be worth $5 billion or more and is likely to appeal to industrial peers, they said. ...

Original title: India’s First-Quarter Current Account Gap Narrows on Services India’s current account gap narrowed in the fiscal first quarter, helped by an increase in service sector exports and larger than anticipated remittances. The deficit was at $2.4 billion Bloomberg Terminal in the April to June quarter as against $8.6 billion in the year ago period, the Reserve Bank of India said in a statement. The current account had a surplus of $13.5 billion in the previous quarter. ...

Original title: Australia Raises Wheat Forecast to Fourth Largest After Rains Australia is expecting its fourth-largest wheat harvest on record, with crop forecasts dramatically upgraded following heavier-than-expected rainfall across major grain belts during winter. The nation’s total 2025 grains harvest is expected to be around 62 million tons, a 12% jump from the previous report in June, according to the Department of Agriculture’s quarterly crop report, released Tuesday. Overall, the latest crop estimates are about 26% above the 10-year average. ...

Original title: Stocks Hold Steady as Testing Month Gets Underway: Markets Wrap A selloff in technology stocks came to a halt on Monday, setting a steadier tone at the start of a month that could bring plenty of tests to markets trading near record highs. Europe’s Stoxx 600 rose 0.2%. BAE Systems Plc and Rheinmetall AG led advances in defense shares after the Financial Times reported Bloomberg Terminal that Europe is working on detailed plans for potential post-conflict deployments in Ukraine. A regional gauge for tech stocks eked out a small gain. ...

Original title: Reform Takes Aim at Fund Managers in UK Pension Efficiency Drive Reform UK has vowed to change the way public sector pensions are invested as it attempts to cut waste in local councils, saying “mismanagement” of funds is costing as much as £10 billion ($13.5 billion) a year in missed earnings and excess fees. The right-wing party on Monday held a press conference in which deputy leader Richard Tice accused local pension fund trustees of “incompetence at best, gross negligence at worst,” as he announced the conclusion of Reform’s review into the savings pots. He said funds were overpaying on fees to managers who were under-delivering, leaving taxpayers on the hook for any shortfall. ...

Original title: Monte Paschi to Discuss Raising $18 Billion Mediobanca Bid Banca Monte dei Paschi di Siena SpA called a board meeting on Monday to decide whether to raise its $18 billion bid for rival Mediobanca SpA, according to people familiar with the matter who asked not to be identified discussing private information. The bank may choose to add a cash component to the offer, Italian newspaper La Repubblica reported earlier, without saying how it obtained the information. Such a move would be aimed at ensuring that the firm obtains more than 50% of Mediobanca’s shares through its bid, according to the report. ...

Original title: China-Led Bloc Agrees to Set Up Development Bank in Win for Xi Chinese President Xi Jinping secured an agreement from partner countries to set up a new development bank, realizing a longtime ambition in a display of Beijing’s growing influence. Members of the Shanghai Cooperation Organization agreed to establish the institution, Chinese Foreign Minister Wang Yi said Monday at the end of the two-day SCO summit that gathered Xi’s closest international allies in the Chinese port city of Tianjin. ...

Original title: US Stock Futures Steady as Investors Weigh Tariff Court Verdict US index futures were little changed on Monday as investors weighed the impact of federal appeals court ruling that deemed most of President Donald Trump’s global tariffs as illegal. The New York Stock Exchange and the Nasdaq were closed for Labor Day. Contracts for S&P 500 and Nasdaq 100 were little changed as of 9:31 a.m. in New York. ...

Original title: Paschi Board Said to Meet to Discuss Raising Mediobanca Bid Banca Monte dei Paschi di Siena SpA called a board meeting on Monday to decide whether to raise its bid for rival Mediobanca SpA, according to people familiar with the matter who asked not to be identified discussing private information. The bank may choose to add a cash component to the offer, Italian newspaper La Repubblica reported earlier, without saying how it obtained the information. Such a move would be aimed at ensuring that the firm obtains more than 50% of Mediobanca’s shares through its bid, according to the report. ...

Original title: Kenya Plans to Auction 10 Oil Blocks in September Under New Law Kenya plans to offer 10 oil exploration blocks in the first licensing round since it adopted new legislation six years ago to govern the petroleum sector. “We have 50 blocks in four sedimentary basins, of which 10 are ready for marketing,” Mohamed Liban, principal secretary for petroleum, said in a phone interview on Monday. The blocks on offer this month are in the Anza and Lamu basins, according to Commissioner for Petroleum Joseph Otieno. ...