BUSINESS
Startup Stability AI CEO Emad Mostaque steps down
In a post on X, Mostaque wrote that he made the decision to resign, and that he would focus on solving the problem of the concentration of power in AI
BUSINESS
Coal, the dirtiest fossil fuel, is preparing for a long goodbye
India is the one country where the IEA forecasts coal output to grow this year, with production set to top 1 billion tons for the first time. Prime Minister Narendra Modi needs to meet growing energy demand while reducing reliance on expensive imports.
WORLD
Putin rejected terror alert from US before deadliest attack in decades rocked Moscow
The US Embassy in Moscow had issued a public warning on March 7 that “extremists have imminent plans to target large gatherings in Moscow, to include concerts”
BUSINESS
Apple scraps in-house effort to make watch displays, cuts jobs
The move to shutter the project came around the same time as the company’s decision to cancel work on a self-driving car. In both cases, Apple is giving at least some affected employees the opportunity to find other roles within the company
BUSINESS
Aston Martin hires Bentley boss to take over as CEO
Hallmark will replace 77-year-old Amedeo Felisa no later than October 1, Aston Martin said on March 22. He’ll be the fourth CEO to lead the company since billionaire Lawrence Stroll became executive chairman in 2020
BUSINESS
India’s equity volumes shrink by almost half amid small-cap rout
The daily cash trading volume has shrunk to $10 billion from a record $19 billion in early February, with recent sessions account for the bulk of the decline, data compiled by Bloomberg show.
SPORTS
IPL's return to kickstart two-month spending boom
The eight-week long Indian Premier League begins March 22 for its 17th season. Since its inception, the fast-paced cricket tournament has become a corporate juggernaut to rival the National Football League in the US and the English Premier League in value.
WORLD
UBS to shut thousands of smaller Credit Suisse accounts in Asia
The lender is reviewing the accounts with a balance of around $2 million or less, said the people, who asked not to be identified discussing private information. Many of the accounts are in the Asian business hubs of Singapore and Hong Kong, the people said.
BUSINESS
Share block in India raise $7.1 billion as Tata, BAT cash in
Shareholders have raised $7.1 billion selling their holdings in India so far this year, with the quarter on track to have raised the most from block trades since the January to March period in 2010, data compiled by Bloomberg show.
WORLD
Japan Airlines to buy 42 new planes from Airbus and Boeing
The announcement will help Japanese Prime Minister Fumio Kishida, who is set to pay an official visit to the US next month, where he will be anxious to underscore the merits of bilateral business ties in talks with President Joe Biden.
BUSINESS
Shapoorji Pallonji Group seeks to raise up to Rs 20,000 cr from lenders: Report
The group has reached out to Power Finance for up to Rs 15,000 crore, the largest chunk in the planned fundraising, the report said
WORLD
Young Chinese ease their angst over economy by playing lottery
“We should still have dreams, who knows one day they may come true?” reads one sign at one lottery store in Chongqing, in southwestern China. With sleek outside seating styled like a trendy cafe, its tagline is “more than just a lottery shop.”
WORLD
Elon Musk’s Neuralink shows first patient playing chess with mind
Neuralink is a brain technology startup founded by Musk. Its implant allows a patient to use their thoughts to control a computer. Musk has said that the company will start by working with patients who have severe physical limitations like cervical spinal cord impairment or quadriplegia.
WORLD
US Fed leaves key lending rate unchanged, officials still see three rate cuts this year
Officials decided unanimously to leave the benchmark federal funds rate in a range of 5.25% to 5.5%, the highest since 2001, for a fifth straight meeting.
TRENDS
India’s probe finds rogue officials involved in US murder plot
US prosecutors in November accused an Indian government official of directing a plot to kill Gurpatwant Singh Pannun, a Sikh separatist and an US citizen, in New York in June
BUSINESS
Michael Dell unloads $465 million of shares after record high
Dell’s chief executive officer has been selling on a near daily basis since March 6 and has now disposed of more than 4 million shares worth about $465 million, according to Bloomberg calculations.x
BUSINESS
India’s aviation boom could support more hubs: Air India CEO Campbell Wilson
Air India last year signed one of the largest-ever jet purchases in aviation history, ordering 470 aircraft from Airbus SE and Boeing Co. The world’s most-populous nation is characterized by a booming consumer class and economic growth that could transform it into one of the world’s largest travel markets.
BUSINESS
JPMorgan sees foreign investors flocking to Indian stocks after elections
“Foreign investors who didn’t increase relative positioning in India over last 2-2.5 years waiting for this clearing event, will start focusing back on growth-driven policies or reforms,” Batra, an Asia strategist at JPMorgan, wrote in an email interview.
BUSINESS
India prepares to start new LNG import terminal as demand rises
The facility in Gujarat state is being developed by Hindustan Petroleum Corp., and will have the capacity to import 5 million tons per year of LNG.
WORLD
Nvidia expects to win outsized chunk of data center spending
The executive said that $250 billion will be spent on data center gear annually and his company is positioned to take a bigger share than other chipmakers.
WORLD
Indian infra lender considers bond sale to raise up to $4.8 billion
NaBFID, as the institution is called, is likely to sell bonds with tenors spanning from 10 to 20 years in the financial year starting April 1, the people said, asking not be identified because the details are private.
WORLD
Microsoft hires DeepMind co-founder Mustafa Suleyman to run consumer AI
Mustafa Suleyman, who co-founded Google’s DeepMind, will report to Chief Executive Officer Satya Nadella and oversee a range of projects, such as integrating an AI Copilot into Windows and adding conversational elements to the Bing search engine.
WORLD
Fed to give fresh clues on path of interest-rate cuts
The Federal Open Market Committee is poised to keep rates in a range of 5.25% to 5.5% at its two-day policy meeting, a two-decade high first reached in July.
WORLD
Sam Bankman-Fried says 50-year sentence only suitable for a ‘super villain’
Prosecutors have argued that a sentence ranging from 40 to 50 years is necessary for the FTX co-founder’s “historic” crime involving more than 1 million victims and losses of more than $10 billion in the collapse of his crypto empire.
