BUSINESS
Kotak plans to hire 400 engineers to ramp up tech transition
The lender, backed by Indian billionaire Uday Kotak, has already brought on board more than 500 engineers from scratch over the last two years, according to Milind Nagnur, the bank’s chief technology officer
BUSINESS
Kumar Mangalam Birla’s Hindalco said to mull seeking $1.2 billion in Novelis IPO
Hindalco may target a valuation of about $18 billion for Atlanta-based Novelis, the people said, asking not to be identified because the matter is private
BUSINESS
Morgan Stanley sees momentum behind China stocks fading
Analysts at Morgan Stanley recommended pursuing single-stock and thematic opportunities given improved investor sentiment.
BUSINESS
Fitch sees Indian rupee rebounding to 82 per dollar on bond inflows
The rupee is expected to appreciate to 82 per dollar by the year-end, from about 83.50 currently, Jeremy Zook, a director at Fitch in Hong Kong, said in an interview last week.
BUSINESS
Siemens Energy to cut jobs, output in tough wind unit turnaround
The cuts target the onshore business, where Gamesa’s struggles have been most severe and compounded by high costs pushing the industry into the red.
BUSINESS
OpenAI is readying a search product to rival Google, Perplexity
The feature would allow users to ask ChatGPT a question and receive answers that use details from the web with citations to sources
WORLD
Thailand extends visa waiver plan for Indian, Taiwanese tourists
Tourists from India and Taiwan will be able to enter Thailand without a visa until November 11 after an existing waiver ends on Friday
WORLD
Copper breaches $10,000 again as Goldman sees ‘stockout’ risk
Metals joined a wider rally in risk assets after soft US jobs data triggered renewed speculation that the Fed will move to lower rates this year. Copper rose as much as 2.1%, returning to five digits again after a brief period in late April.
WORLD
Aramco to pay $31 billion dividend as Saudi posts budget deficit
The world’s biggest crude oil exporter announced the total payout, including a special component, for the first quarter.
WORLD
Shenzhen eases home buying to revive sales in China tech hub
The southern city bordering Hong Kong loosened personal income tax and social-insurance payment requirements for buyers in some districts, Xinhua Finance reported, citing a government statement. It will also allow local families with two or more children to purchase another home in some non-core districts.
WORLD
Xi Jinping urges Emmanuel Macron to help China to avoid a ‘new cold war’
Xi is in Paris on a state visit before heading to Serbia and Hungary in his first trip to the bloc in five years. He is hoping to convince Europeans that Beijing offers an economic opportunity despite warnings from officials in Washington about the risks.
BUSINESS
Amazon commits $9 billion to double Singapore cloud investment
The outlay, to be done over the next four years, doubles Amazon Web Services’ investment in Singapore and helps it meet growing customer demand for cloud services and accelerate the adoption of artificial intelligence, the company said Tuesday.
WORLD
Everything Apple plans to show at May 7 ‘let loose’ iPad event
That’s the day Chief Executive Officer Tim Cook is poised to introduce major upgrades to the iPad Pro and iPad Air, as well as new versions of the tablet’s accessories. The company is delivering the news through an online event dubbed “Let Loose” that’s expected to last a little more than half an hour.
WORLD
Apple is working on its own AI chip for data centers
The effort would build on Apple’s previous efforts to make in-house chips, which run in its iPhones, Macs and other devices, according to the Journal, which cited unidentified people familiar with the matter. The server project is code-named ACDC within the company, the newspaper said.
BUSINESS
At $2 million per minute, US Treasuries mint cash like never before
Last year, investors pocketed nearly $900 billion in annual interest from US government debt, double the average over the previous decade.
WORLD
Jack Dorsey leaves Bluesky board, calls X ‘freedom technology’
The Twitter co-founder took to the Musk-owned platform, now rebranded X, to tout his new philanthropic grants to open internet protocols, which he described as “freedom technology.”
BUSINESS
India bond buyback signals RBI’s cash easing stance, Citi says
The Reserve Bank of India on Friday said it would buy back 400 billion rupees ($4.8 billion) of bonds — all maturing in the current fiscal year ending March — on May 9.
BUSINESS
Adani in talks with banks to borrow $600 million for gas unit
The loan will be raised by Dhamra LNG Terminal Pvt., a unit of Adani Total Pvt., the people said, asking not be named because the details are private. The debt’s tenor could range from three to five years, with the pricing likely linked to the Secured Overnight Financing Rate, they said.
INDIA
Warren Buffett says India holds ‘unexplored’ opportunities for future Berkshire leaders
At Berkshire Hathaway Inc.’s annual meeting, the legendary chairman noted that his firm could find “unexplored or unattended” areas to invest in the country, which has one of the fastest growing economies in the world.
WORLD
Warren Buffett praises Apple after trimming it, drops Paramount stake
Berkshire reported a $135.4 billion holding in the iPhone maker at the end of the first quarter, down from $174.3 billion at the year end. The move quickly became one of the biggest topics as the meeting unfolded, even though Berkshire had sold some shares in Apple during the quarter before.
WORLD
Saudi Arabia hikes oil selling prices for all grades to Asia
State-owned Saudi Aramco raised the June official selling price of Arab Light crude for customers in Asia by 90 cents to $2.90 a barrel above the regional Oman-Dubai benchmark, according to a price list seen by Bloomberg.
WORLD
A post-Buffett Berkshire is Omaha focus after Munger’s passing
Buffett and Munger transformed Berkshire from a failing textile mill into a behemoth spanning industries including insurance, energy and railroads churning out billions in earnings.
WORLD
Buffett says US corporate taxes likely to rise to tame deficit
“With present fiscal policies, I think that something has to give,” Buffett said.
WORLD
Biden allies want Warren Buffett’s support — and Omaha’s one electoral vote
Back in 2016, the Berkshire Hathaway Inc. chairman wrote checks for Democrat Hillary Clinton’s White House bid, appearing onstage with her at a rally and scoffing at her rival, Donald Trump.
