Surprise shake-up: Alibaba names billionaire Joseph Tsai as the new chairman and Eddie Wu as the next CEO in a surprise succession plan. https://tinyurl.com/k43s9439

Job cuts: Singapore's Grab is preparing its biggest round of layoffs since the pandemic, as it pushes to break even despite stiffening competition in ride-hailing and meal delivery. https://tinyurl.com/4xnw9k39

Betting big: Indian low-cost airline Indigo placed a record-breaking order with Airbus for 500 narrowbody aircraft in a bold bet on a travel boom in the world's most populous nation. https://tinyurl.com/589tvnb3

Tech ambitions: India's Narendra Modi is looking to become an indispensable partner for American tech ambitions as he arrives in the US on his first official state visit. https://tinyurl.com/5dc632jb

India investment: Tesla is likely to make a significant investment in India, Elon Musk says, after meeting with Modi. https://tinyurl.com/523sr7jm

Playing offensive: Softbank's Masayoshi Son declared he will get off the sidelines and go back on the offensive in tech investing soon, as he seeks to establish his credentials in AI. https://tinyurl.com/mry3bwf4

Shein's re-entry: Fast-fashion giant Shein won approvals to re-enter India only after agreeing to a stringent licensing deal with Mukesh Ambani’s Reliance Industries, sources say. https://tinyurl.com/4aj4tnme

Mass deaths: Gambia is tightening medicine importation rules to prevent substandard Indian products from entering its market. https://tinyurl.com/4nnry5et

Goldilocks phase: Stocks in India have lured almost $10 billion in net foreign inflows since March, as the allure of steady economic growth and political stability keeps investors enthused. https://tinyurl.com/2c772e4x

Another blow: Deloitte quits as auditor for Indian tech firm Byju's, the latest setback for the once high-flying startup. https://tinyurl.com/2bb54ysu

Democracy backsliding: In a rare instance where he took questions from reporters, Prime Minister Modi defended Indian democracy when pressed on religious intolerance and freedom of speech. https://tinyurl.com/3jnk9rkf

More scrutiny: US authorities are looking into what representations Adani Group made to its American investors following a scathing short seller’s report that accused the conglomerate of using offshore companies to manipulate its share prices. https://tinyurl.com/8pzep2pb

President Vladimir Putin said Russia was facing "treachery" as he accused Wagner militia group leader Yevgeny Prigozhin of starting an "attempt at an armed mutiny."

In a sudden and dramatic escalation of the long-running feud between the mercenary leader and Russia’s defense establishment, Prigozhin’s group allegedly took over military offices in the Russian city of Rostov-on-Don, where the defense ministry’s southern military district headquarters are located.

The unfolding events are the biggest sign of revolt against Putin since he started a war against Ukraine in February of last year, and arguably the biggest challenge to his decades-long leadership. Follow live updates: https://tinyurl.com/p53xydbr

Vladimir Putin managed to avert an attack on Moscow with an eleventh-hour deal with his mutinous mercenary commander. But the uprising has pierced his aura of total political control over Russia unlike any other event in his nearly quarter century in power.

US and European officials privately described the 24-hour uprising — advance indications of which their intelligence also picked up — as an unprecedented challenge to the 70-year-old president’s control. Read The Big Take: https://bloom.bg/3qRu7Qf

Outperforming: India’s consumer technology stocks are on a tear this year, handsomely beating their larger rivals in China and widening the divergence between two of the world’s largest equity markets. https://tinyurl.com/2f7vky5h

Global fragmentation: China’s Premier Li Qiang warned governments against politicizing their economies saying it would only fragment the world, in a keynote speech to global business leaders. https://tinyurl.com/ye2am3h3

Wider adoption: Mizuho Financial Group is giving all its Japan bank employees access to Microsoft's Azure OpenAI service this week, making it one of the country’s first financial firms to adopt the potentially transformative generative AI technology. https://tinyurl.com/2p93sz8m

Deepening tech push: The newly appointed chief of Vedanta Resources is seeking to hire global talent to build and run a $4 billion display factory in western India. https://tinyurl.com/jxdeernc

Discounted splurge: Russian oil accounted for nearly half of India's oil imports last month, compared to less than 2% before the invasion of Ukraine. The question today is whether the purchases can keep going as discounts narrow. https://tinyurl.com/4e9k477m

Protecting investors: China's Xi Jinping pledged that his nation would do right by foreign investors, underscoring his government’s attempts to assuage worries about the economy and unpredictable policymaking. https://tinyurl.com/bdhv994n

NEW: The Qatari group led by Sheikh Jassim is increasingly confident it's won the bidding war for Manchester United, thwarting a rival offer from British billionaire Jim Ratcliffe https://trib.al/N1Dn7JL

The war has cut Moscow adrift from Europe, its biggest gas export market. So what has Russia — which has the largest reserves in the world — done with all that spare gas? https://tinyurl.com/3pu5tjwh

Should you bet on Bitcoin, AI stocks or bonds? Here's where to invest $1 million right now, according to five experts https://tinyurl.com/nt9k3mn8

Crypto's most powerful woman isn’t known to many, but Yi He was instrumental to Binance's rise. Now as the firm comes under threat, she's speaking out. https://tinyurl.com/3k5cb32s

BREAKING: The US Supreme Court sharply limited the use of race as a factor in university admissions, marking the start of a new era in higher education and rolling back decades of precedents that had allowed affirmative action programs. https://trib.al/6hAe19K

JUST IN: Pakistan clinches an initial approval from the International Monetary Fund for a $3 billion loan program, lowering the risk of a sovereign default https://trib.al/aMpEFf0

Multiple lapses: US Food and Drug Administration officials found multiple faults at a plant run by one of India’s biggest drugmakers as the watchdog continues to unearth wide-ranging lapses across the country’s factories. https://tinyurl.com/mun6std4

New banking giant: A homegrown Indian company will for the first time rank among the world’s most valuable banks after completing a merger, marking a new challenger to the largest American and Chinese lenders occupying the coveted top spots. https://tinyurl.com/h8aw6tfz

Hidden reserve: China is sitting on a $6 trillion pile of money, half of which is “hidden,” and that presents a new kind of risk to the global economy, according to American economist Brad Setser. https://tinyurl.com/yr3ejm42

The US Supreme Court tossed out President Joe Biden’s plan to slash the student debt of more than 40 million people, rejecting one of his signature initiatives as exceeding his power. https://trib.al/lrche6u

Apple made Wall Street history as the first company with a market value over $3 trillion, the latest sign of big tech’s seemingly unstoppable dominance in equity markets. https://trib.al/24JJlKK

India-Singapore trading: Derivative contracts with a notional value of about $7.5 billion traded in Singapore will shift to India as a cross-border trading link between the two Asian countries’ top bourses gets fully operational on Monday. https://shorturl.at/dmqxN

Pakistan caught in deadly climate cycle: Severe flooding in Pakistan last year killed over 1,700, displaced 8 million and cost the economy more than $30 billion. As new rains threaten the same areas hit by last year’s floods, Pakistan finds itself at the mercy of a pernicious pattern: Climate change is driving more intense rainfall, which drives more intense flooding, which stymies recovery from past floods. https://shorturl.at/lnuzJ

Modi's nationalist India: As India increasingly asserts itself as a global power, Prime Minister Narendra Modi has urged the citizenry to shed a “mentality of slavery.” His plans include a controversial $2 billion project to modernize the capital and soften the influence of foreign aesthetics. https://shorturl.at/gstXY

The world’s 500 richest people added $852 billion to their fortunes in the first half of 2023.

Each member of the Bloomberg Billionaires Index made an average of $14 million per day over the past six months, according to data compiled by Bloomberg. https://trib.al/WgN4buX

Instagram’s highly anticipated Twitter rival is expected to launch Thursday, according to a listing on Apple’s App Store.

The app, called Threads, will function similarly to Twitter, with text-based posts that can be liked, commented on and shared, according to examples of screenshots on the App Store listing. People will be able to follow the accounts they follow on Instagram and keep their same user name. https://trib.al/LUYdnY9

Raw deal: A $64 billion merger of two big Indian lenders is yielding almost no fees to financial advisers, highlighting investment bankers’ struggle for profits in the country. https://shorturl.at/ku138

Ripple effect: The stellar performance of Mankind Pharma since its listing in Mumbai in May could trigger more consumer-related initial public offerings in India in the second half, according to bankers. https://shorturl.at/mEG05

Fliers bear the brunt: Airline passengers in the world’s fastest-growing aviation market are experiencing frequent flight delays during the summer rush as plane and staff shortages hit carriers. https://shorturl.at/chY09

Global temperatures hit a record on Monday, underscoring the dangers of ever-increasing carbon emissions generated from burning fossil fuels.

The average worldwide temperature was 17C (63F), just above the previous record of 16.9C reached in August 2016, according to data from the National Centers for Environmental Prediction. The new high underscores the extremity of 2023’s summer in the northern hemisphere. https://trib.al/KWyfGuU