Newsmakers: Modi urges to cash in on China slump, new iPhones and more

China's pain can be India's gain: Prime Minister Narendra Modi called bankers and industry leaders to his residence to brainstorm on how India can manage global economic turbulence, including opportunities for Asia's third-largest economy in China's market and growth woes. The meeting was attended by tycoons including Mukesh Ambani, Finance Minister Arun Jaitley, Reserve Bank of India Governor Raghuram Rajan, economists and state and private bank chiefs.

Diamond industry takes a hit: More than 5,000 Surat polishers have lost their jobs since June and thousands more could be left without work, as Chinese consumers pull back from luxury purchases, leaving jewellers with stocks of unsold jewellery and gems. Polishers say Chinese jewellers have defaulted on deals worth millions of dollars.

Birla buys Jatia House: Top industrialist Kumar Mangalam Birla has bought the iconic Jatia House in the plush Malabar Hill area for Rs 425 crore. The deal is considered to be highest ever as the property has been bought for personal-use, industry experts said. Jatia House has a built-up area of of about 25,000 sq ft.

7 Indians in Forbes list: Seven Indians have featured in Forbes Asia's ninth Heroes of Philanthropy list, highlighting most noteworthy contributions to philanthropy from 13 countries across Asia Pacific. Kerala-born entrepreneur Sunny Varkey, who in June pledged about half of his $2.25 billion dollar fortune to charity as part of Bill Gates and Warren Buffet-led Giving Pledge initiative, tops the list of philanthropists in the region. Infosys co-founders Senapathy Gopalakrishnan, Nandan Nilekani and S D Shibulal feature on the list. Another Infosys co-founder N R Narayana Murthy's son Rohan is on the list for donating a whopping $ 5.2 million to Harvard University Press for promoting ancient Indian literary classics. (In the pic: Infosys co-founder Nandan Nilekani)

The new iPhones: It's September and the time for Apple to introduce its new flagship smartphones to the real world. Apple is holding an event in San Francisco on Wednesday. The company is expected to continue with the two models this year as well and is looking at the past launch sequence - these could be incremental updates and might be called as the iPhone 6s and iPhone 6s Plus.