BUSINESS
PAG-backed Nuvama Group eyes middle east for $400 million
The Mumbai-based firm is targeting 40 billion rupees ($479 million) for its latest Nuvama Crossover IV fund and expects to raise at least $300 million from family offices and rich individuals in the Middle East, according to Anshu Kapoor, president and head of the business.
WORLD
Copper rises to 14-month high as Jerome Powell affirms Fed rate stance
Copper touched $9,380 a ton, the highest intraday level since late January 2023, following a 3% surge on Wednesday after a gauge of Chinese manufacturing came in better-than-forecast.
WORLD
Influx of asylum seekers surprises Canada and cities bear the cost
In Peel, a suburban region in greater Toronto, the shelter system is running at 300% of capacity, with asylum-seekers occupying more than 70% of the beds and many more camping on the streets, according to Patrick Brown, the mayor of Brampton, Ontario.
WORLD
Apple explores home robotics as potential ‘next big thing’ after car fizzles
Engineers at Apple have been exploring a mobile robot that can follow users around their homes, said the people, who asked not to be identified because the skunk-works project is private.
TRENDS
Spotify is changing how it charges customers, with new plans and prices
The streaming giant will increase prices by about $1 to $2 a month in five markets by the end of April, including the UK, Australia and Pakistan, according to people familiar with the matter
BUSINESS
Indian Oil Corp in talks with NPCIL for small modular reactors
As several bigger projects face delays, policymakers are promoting small-scale nuclear technology with a capacity of up to 300 megawatts, which is quicker to build and easier to adjust to the requirements of the grid.
BUSINESS
Coal miner NLC India plans $720 million sale of renewables unit
The NLC sales come as New Delhi seeks to raise 500 billion rupees via selling assets in the fiscal year that began April 1, according to the interim budget presented by Finance Minister Nirmala Sitharaman in February.
WORLD
Taiwan’s tech, building upgrades help blunt damage from quake
The quake measured 7.4 in magnitude and struck the east coast of Taiwan early Wednesday, killing at least seven people and injuring more than 800.
BUSINESS
Pimco boosts bond bets that fed will cut less than global peers
The Pimco International Bond Fund has gained 1.3% this year through April 1, beating its benchmark and most peers, data compiled by Bloomberg show.
BUSINESS
China eases car loan rules in new bid to boost consumption
The new rules follow a pledge last month from the head of the National Financial Regulatory Administration to promote consumption by making it easier to get car loans.
TRENDS
Searing heat wave boosts RBI case to wait on rate cuts
The nation’s weather office on Monday predicted hotter-than-usual temperatures across the country in the three-month period through June, with a high probability of heat wave episodes lasting as long as 10 to 20 days in certain regions.
BUSINESS
Tiger Global VC fund closes 63% below target with $2.2 billion
Last week’s final close of Private Investment Partners 16 fund marks the first time a Tiger venture pool attracted less cash than the vintage that preceded it.
BUSINESS
India’s searing heat wave boosts RBI case to wait on rate cuts
The nation’s weather office on Monday predicted hotter-than-usual temperatures across the country in the three-month period through June, with a high probability of heat wave episodes lasting as long as 10 to 20 days in certain regions.
BUSINESS
Popular FX derivatives market faces crushing blow in India
A new rule set to take effect on April 5 is expected to force out most of the market’s most active players, drying up volumes that reached $5 billion-a-day.
INDIA
India predicts searing heat in threat to lives, power supply
Heat waves are expected for 10 to 20 days in different areas during the three-month period ending June 30, against a normal of four to eight days, Mrutyunjay Mohapatra, director general of the India Meteorological Department, said at a briefing in New Delhi on Monday.
BUSINESS
Investors are unwinding the ‘buy India, sell China’ stocks trade
Lazard Asset Management, Manulife Investment Management and Candriam Belgium NV are paring exposure to India after a record-breaking rally. They’re pivoting to former favorite China, as Beijing’s support for its economy spurs a recovery in industrial profit and manufacturing.
BUSINESS
Investors favor Japan during earnings, shunning China and India
This week’s earnings highlights include South Korean giant Samsung Electronics Co., Chinese spirits maker Kweichow Moutai Co. and Yaskawa Electric Corp., the Japanese manufacturer of industrial robots.
BUSINESS
Foreigners flocking to Indian bonds make a splash across markets
Foreign investors have pumped roughly 780 billion rupees ($9.4 billion) into eligible sovereign bonds since JPMorgan Chase & Co.’s landmark announcement in September and are beginning to climb up the ownership list.
WORLD
Iron ore sinks to 10-month low on gloom over China construction
The steelmaking material fell as much as 3.9% to $96.25 a ton in early trading on the Singapore Exchange. Prices have floundered since early January as investors adjust to weaker demand prospects from the real-estate sector.
WORLD
China factory activity expands for first time in six months
The official manufacturing purchasing managers index rose to 50.8 from 49.1 in February, the National Bureau of Statistics said in a statement Sunday. That beat the median forecast of 50.1 by economists in a Bloomberg survey and was the best reading since March last year.
INDIA
India, Korea and Japan to stay busy with IPOs while China stalls
New share sales across the region fell to $11 billion between January and March, the lowest tally for a quarter since early 2019, data compiled by Bloomberg show. The amount represents a 46% drop from the same period last year.
BUSINESS
Amazon brings new titles to India amid global cutbacks
The American streaming behemoth, which has been cutting back operations globally, continues to double down in the nation with more than 1.4 billion consumers and one of the fastest-growing entertainment markets that’s also rapidly consolidating.
BUSINESS
Xiaomi’s $8 billion rally at stake as costly EV bet makes debut
With a year-long EV price war going on in China, reception for the SU7 will likely dictate Xiaomi’s stock momentum after a 22% gain since a February low.
WORLD
Joe Biden says Arab states ready to recognize Israel in future deal
The presidents, though, were interrupted at least four times by pro-Palestinian protesters, highlighting the tensions within the party over Biden’s handling of Israel’s war with Hamas and the humanitarian crisis in Gaza.
