WORLD
Pakistan imposed a milk tax, now the dairy staple costs more in Karachi than Paris
Pakistan raised taxes by 40%, the highest on record, in last week’s budget aimed at meeting conditions set by the International Monetary Fund for a new bailout
BUSINESS
India’s hopes for Tesla investment cool as Elon Musk ceases contact
Elon Musk in April scrapped a planned visit to India that would have included a meeting with Prime Minister Narendra Modi, citing pressing issues at the company
MARKETS
Do markets perform better under Labour? not quite: Merryn Somerset Webb
This week should see Labour winning power with a pretty hefty majority. The consensus has been that this is not an election anyone would particularly want to win, but as the dust of the election clears, the new government should see that they have been dealt a perfectly reasonable hand.
BUSINESS
UBS loses another senior India banker with strategy yet unclear
Aditya Goenka, a Mumbai-based managing director in structured lending, is leaving to join HSBC Holdings Plc in its commercial banking business, the people said, asking not to be named as the information is private.
WORLD
Foxconn to invest $551 million in two projects in north Vietnam
The company has been granted a license for a $264 million project in Song Khoai Amata Industrial Park to produce smart entertainment products, with designed capacity of about 4.2 million units per year, according to a posting on the provincial government’s website.
WORLD
Joe Biden struggles to contain mounting pressure to drop out of race
The White House and Biden’s campaign quickly denied the Times report suggesting the president had vocalized to a supporter that he could ill-afford another misstep that would irrevocably damage his campaign. Biden himself insisted to campaign staff he intended to remain in the race.
BUSINESS
PM Modi’s budget to send India’s soaring stocks higher, survey says
The upcoming government budget will likely boost consumer spending and infrastructure building, which bode well for businesses, strategists and investors surveyed by Bloomberg said.
BUSINESS
Jeff Bezos to sell $5 billion of Amazon as shares hit record high
Bezos sold shares worth about $8.5 billion over nine trading days in February — the first time he disposed of company stock since 2021.
BUSINESS
JPMorgan’s Kolanovic to exit amid string of poor stock calls
Kolanovic, who has been at JPMorgan for 19 years, is “exploring other opportunities,” the memo stated
WORLD
UK Election 2024: Hour-by-hour guide to how the results come in
Pollsters say the question is less about a Labour win than the scale of it. Starmer’s party has led the Conservatives by more than 20 points through the 6-week election campaign, according to Bloomberg’s poll of polls
BUSINESS
MUFG’s talks for minority stake in HDB Financial said to be stalling
HDFC could consider an initial public offering of the consumer lending unit as an alternative, one of the people said
BUSINESS
Bain’s India lender plans to double portfolio ahead of listing
Tyger Capital Pvt Ltd., acquired by Bain Capital from the Adani Group, aims to expand its loan portfolio twofold as it prepares for a listing on India’s stock exchanges in the upcoming fiscal year.
BUSINESS
India’s long bonds have become a crowded trade, Edelweiss warns
Traders have fueled expectations of policy rate cuts and increased foreign fund purchases, creating a crowded trade scenario.
TECHNOLOGY
Google’s emissions shot up 48% over five years due to AI
Google’s emissions rose by nearly half over five years, reaching 14.3 million metric tons in 2023, driven by AI integration and higher data center energy use. This complicates its 2030 carbon elimination goal.
WORLD
Apple poised to get OpenAI board observer role as part of AI pact
Apple Inc. is set to secure an observer role on OpenAI’s board in a significant partnership expansion. Phil Schiller, Apple’s App Store head and former marketing chief, will assume the role, according to sources.
BUSINESS
Novo, Lilly fall after Biden calls for cheaper obesity drugs
Novo Nordisk A/S and Eli Lilly & Co. saw their shares drop after President Joe Biden called for price reductions on their weight-loss and diabetes drugs, criticizing what he called "unconscionably high prices."
WORLD
China is building and testing lethal attack drones for Russia
Chinese and Russian companies are developing a drone akin to Iran’s Shahed, raising concerns over increased support for Russia despite warnings from Western powers.
BUSINESS
HSBC curbs hiring, reins in banker travel in cost-cutting push
HSBC’s belt-tightening is the latest sign that lenders are starting to prepare for central banks around the world to begin to cut interest rates in the coming months.
INDIA
Wizz Air expects response to India entry plans in six months
Budapest-based Wizz is in the process of negotiations with Indian authorities to be granted so-called designation which would throw the door open to the start of services to India, Chief Executive Officer Jozsef Varadi said.
WORLD
Tesla beats estimates with less-drastic drop in EV sales
While sales were down 4.8% from a year ago, Tesla improved on a sequential basis from the 386,810 vehicles delivered in the first three months of the year.
BUSINESS
CFA level II pass rate spikes to 59%, the highest since 1998
The latest results were well above the 10-year average of 45% and the lows from 2021, when pandemic-spurred test-taking disruptions hurt success rates. It’s the highest pass rate since 1998, when it hit 62%.
BUSINESS
JPMorgan’s Kelly says only a bear-market ‘shock’ can upend tech
The firm’s chief global market strategist is among Wall Street pros who expect earnings growth in the S&P 500 Index will broaden beyond the tech behemoths by year-end
BUSINESS
BlackRock unveils climate policies for $150 billion in funds
The world’s largest money manager will look at corporate plans to see how well they align with the goal of limiting global warming to 1.5C, Joud Abdel Majeid, head of investment stewardship at BlackRock, said in a message to clients
BUSINESS
Hindenburg attacks India regulator, reveals small Adani profit
Sebi, “seems more interested in pursuing those who expose such practices” while its investigation into billionaire Gautam Adani’s empire has hit a wall, the US short-seller said in a statement on its website Monday.
