BUSINESS
Bank of America’s top India trader says swap market too hawkish
The Reserve Bank of India is likely to cut the key policy rate by 100 basis points in the next two years, while interest rate swaps are not pricing in any cuts at all during the period, Vikas Jain, head of India fixed income, currencies and commodities trading, said in an interview.
BUSINESS
Global funds sell Unilever India stock as sales growth falters
Foreign funds reduced their ownership of India’s largest staples company to 12.7% at the end of March, down from as high as 14.5% in June last year, according to data compiled by Bloomberg.
BUSINESS
AI search startup Perplexity valued at $1 billion in funding round
The 55-person startup remains far smaller and less capitalized than ChatGPT-maker OpenAI, not to mention Google. But the investor and user interest in Perplexity highlights the enthusiasm for a new crop of generative AI products to rethink basic internet services like search
BUSINESS
Apple named a top 2024 pick at BofA ahead of key earnings
Morgan Stanley trimmed its price target on the stock to $210 from $220 on Monday, expecting Apple to give a disappointing forecast when it reports
BUSINESS
Sebi queries global funds on Adani stocks manipulation
The Adani Group’s stocks have been on a rollercoaster ride in the past few years
WORLD
Danish heirs to sell $72 million rare coin collection after 100 years
At least one grandchild reportedly tried and failed to break Bruun’s will, which specified that his 20,000-piece coin collection should remain intact and stored away, then be sold at auction after a century elapsed.
WORLD
Ray Dalio’s famous trade is sputtering and investors are bailing
Investors including public pensions in New Mexico, Oregon and Ohio have yanked out cash, slashing the size of the funds by an estimated $70 billion from their peak three years ago.
BUSINESS
Japan’s MUFG mulls sweeter HDB Financial offer, seeks say in strategy
HDFC, India’s biggest lender, owns a 95% stake in HDBF and has been seeking ways to sell part of it, including a possible initial public offering
BUSINESS
Arcelormittal Nippon Steel India in talks for $1 billion loan
At least three lenders including State Bank of India, ICICI Bank Ltd. and Axis Bank Ltd. would be participating in the syndicated deal, with proceeds to be used for capital expenditure, said the people who asked not to be identified for discussing private information.
WORLD
Heavy rains, flooding shut Mauritius financial markets, offices
There would be no trading and settlement for the day, according to the Stock Exchange of Mauritius.
WORLD
China is front and center of gold’s record-breaking rally
Worsening geopolitical tensions, including war in the Middle East and Ukraine, and the prospect of lower US interest rates all burnish gold’s billing as an investment.
WORLD
Elon Musk’s Robotaxi dreams plunge Tesla into chaos
A visit with India’s Prime Minister Narendra Modi for an anticipated investment announcement was called off at the last minute.
BUSINESS
Tesla spends weekend cutting prices of cars and FSD software
In the US, the cheapest version of the Model Y is now $42,990, returning the sport utility vehicle’s starting price to the lowest it’s been.
WORLD
Philippines wants US, Japan to take over rail deal eyed by China
The Philippines said it hopes to generate around $100 billion in investments in the next five to 10 years following the Washington summit.
BUSINESS
Tata in talks to buy Pegatron’s iPhone operations as soon as May
After the deal, Pegatron is anticipated to assist Tata with manufacturing expertise, as per unnamed sources
BUSINESS
Schneider says it’s in deal talks With US’s Bentley Systems
Bentley Systems, with a market value of about $17 billion, rose as much as 4.3% in US premarket trading. Schneider Electric fell as much as 4.2% in Paris trading.
BUSINESS
ESG poster child Unilever waters down green pledges
US investors, which represent almost half of Unilever’s ownership, have cooled on ESG
WORLD
Saudi Arabia needs oil price near $100, IMF says
Riyadh will require an average oil price of $96.20 a barrel to balance its budget, assuming it holds crude output steady near 9.3 million barrels a day this year, the Washington-based Fund said in its regional economic outlook on Thursday.
BUSINESS
OpenAI makes first India hire in bid to shape regulation early
The Microsoft Corp. backed-company recruited Pragya Misra to lead public policy affairs and partnerships in India, people familiar with the matter said, asking not to be named as the appointment isn’t yet public. Misra, 39, previously worked at Truecaller AB and Meta Platforms Inc. and is set to start at OpenAI toward the end of the month.
WORLD
Armani 'doesn’t rule out' merger or IPO in succession plan
After fighting for years to keep Giorgio Armani SpA independent amid the mergers and acquisitions that reshaped the luxury sector, the billionaire design virtuoso now says he won’t rule out his firm someday combining with a bigger rival or listing on an exchange.
WORLD
Netflix adds 9.33 million customers, says gains will slow
The company added 9.33 million customers in the first quarter of 2024, according to a statement Thursday, nearly doubling the 4.84 million average of analysts’ estimates.
BUSINESS
These emerging markets have healthy buffers against US dollar shock
More than a dozen emerging-market currencies have tumbled versus the greenback this month, as the Federal Reserve looks poised to keep interest rates higher for longer.
BUSINESS
JPMorgan says buy the dip if India poll volatility hits stocks
Prime Minister Narendra Modi-led Bharatiya Janata Party is widely expected to win a third term, which will help his administration continue its focus on modernizing infrastructure and boost manufacturing
BUSINESS
AI computing is on pace to consume more energy than India, Arm says
By 2030, the world’s data centers are on course to use more electricity than India, the world’s most populous country, Haas said. Finding ways to head off that projected tripling of energy use is paramount if artificial intelligence is going to achieve its promise, he said.
