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The Economist cover story about Narendra Modi, India's PM, argues he's "a nationalist firebrand" who "is more energetic than his predecessor... but he has not come up with many big new ideas of his own...":

"His reputation as a friend to business rests on his vigorous efforts to help firms out of fixes — finding land for a particular factory, say, or expediting the construction of a power station. But he is not so good at working systematically to sort out the underlying problems holding the economy back."

Why it matters: "Political conditions are about as propitious for reform as they are ever likely to be. ... Modi's admirers paint him as the man who at last unleashed India's potential. In fact, he may go down in history for fluffing India's best shot at rapid, sustained development."

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Mergers and acquisitions make a comeback

Illustration: Sarah Grillo/Axios

A slew of high-profile headlines led by Microsoft's expected acquisition of social media video app TikTok helped bring the Nasdaq to another record high on Monday.

Why it matters: The mergers-and-acquisitions market looks like it's bouncing back, joining the revived credit and equity markets as well as the market for new public companies through IPOs and special purpose acquisition companies (SPACs).

U.S. Chamber of Commerce warns of racial inequality for small businesses

Illustration: Aïda Amer/Axios

Attitudes and beliefs about racial inequality are changing quickly as protests and media attention have helped highlight the gaps in opportunity between white- and minority-owned businesses in the United States.

Driving the news: A new survey from the U.S. Chamber of Commerce and MetLife provided early to Axios shows a 17-point increase in the number of small business owners who say minority-owned small businesses face more challenges than non-minority-owned ones.

BP's in the red, slashing its dividend and vowing a greener future

Photo: Ben Stansall/AFP via Getty Images

BP posted a $6.7 billion second-quarter loss and cut its dividend in half Tuesday while unveiling accelerated steps to transition its portfolio toward low-carbon sources.

Why it matters: The announcement adds new targets and details to its February vow to become a "net-zero" emissions company by mid-century.