WORLD
De Beers cuts diamond prices to revive sales
While those efforts helped the market to pick up a bit, it’s unclear how much appetite trade buyers currently have.
BUSINESS
Axis Bank CEO Amitabh Chaudhry says India in a better place for economic growth
The $3.4 trillion economy, Asia’s third largest, is projected to expand 7.3% in the year through March, according to government estimates, buoyed by strong consumer and government spending, and a boost in manufacturing.
BUSINESS
Hyundai to spend $845 million fixing GM’s mothballed India plant
Hyundai last year bought the General Motors factory in Talegaon, which has stood idle for years after the US company struggled to sell it off following its exit from the country.
WORLD
Hyundai offers $7,500 cash bonus for EVs to match US tax credits
The discounts apply to the Ioniq 5, Ioniq 6 and Kona Electric, and the month-long incentive will last through Jan. 31, according to the Korean automaker’s website.
WORLD
US shoots down cruise missile fired from Houthi area in Yemen
The missile was fired Sunday at about 4:45 p.m. local time at the USS Laboon and shot down in the vicinity of the coast, US Central Command said in a social media post Monday.
WORLD
Foreigners sell China stocks in 2024 as economic woes worsen
Sentiment remained downbeat as deflationary pressures persist, while policy support has been underwhelming.
WORLD
Taiwan stocks rise as election result seen to force compromise
The election results indicate that the DPP will have to work with other major parties, including the more China-friendly Kuomintang, on policy. The Taiex stock benchmark gained as much as 0.7% before paring, while the local dollar fell.
WORLD
Artificial Intelligence will affect almost 40% of jobs, IMF Kristalina Georgieva says
“In most scenarios, AI will likely worsen overall inequality, a troubling trend that policymakers must proactively address to prevent the technology from further stoking social tensions,” IMF Managing Director Kristalina Georgieva said in a blog post on the study.
WORLD
Rishi Sunak faces UK parliament over decision to strike Yemen
The strikes by US and allied forces last week have gone “some way” toward degrading the Houthis’ capabilities, Foreign Secretary David Cameron said, but that the UK is prepared to take action again if necessary.
WORLD
Panasonic to make upgraded EV battery as early as 2024
A revamped version of its 2170 cells will begin production at its manufacturing plant in Nevada sometime during 2024 or 2025, CTO Shoichiro Watanabe said in an interview.
WORLD
Bitcoin’s ETF hangover saddles the token with its worst streak in a month
The token fell as much as 1.9% before paring some of the slide to trade at $42,239 as of 9 a.m. Monday in Singapore. It has dropped for four straight days, the worst such run since mid-December.
WORLD
China’s Central Bank holds key rate steady in policy surprise
The People’s Bank of China maintained the rate on its one-year policy loans — called the medium-term lending facility — at 2.5%, contrary to widespread expectations among economists that it would make its first trim to the rate since August.
BUSINESS
Oil steady as middle east risks offset by softening fundamentals
Brent crude traded near $78 a barrel and West Texas Intermediate was close to $73 even after the US followed up the initial strikes against targets in Yemen with a fresh attack on a radar installation.
BUSINESS
Tesla gets a $94 billion reality check as EV winter sets in
The company has lost more than $94 billion in market valuation in just the first two weeks of 2024.
BUSINESS
Charting the Global Economy: Fed to lead pivot toward interest-rate cuts
Year of rate cuts anticipated, led by the Federal Reserve. Traders bet on Fed's aggressive approach as inflation control poses challenges.
TECHNOLOGY
Apple to shutter 121-person San Diego AI team in reorganization
Apple Inc. is reportedly closing down a 121-person team linked to its artificial intelligence operations in San Diego, putting many employees at risk of termination, as per sources familiar with the matter.
BUSINESS
Binance loses Indian traders to domestic rivals like WazirX
Binance's split from WazirX in 2022 seemed advantageous, but a government crackdown on offshore platforms has shifted dynamics, impacting the world's largest cryptocurrency exchange in the Indian market.
BUSINESS
Goldman sees India’s rising affluent class buy up premium goods
Goldman Sachs predicts Indian luxury goods companies to outperform broader competitors, fueled by the expected doubling of the affluent class to 100 million people in three years.
BUSINESS
BlackRock Names Cohen, Lord to Top Posts, Ramji to Step Down
BlackRock Inc. undergoes management restructuring, introducing a global product strategy group led by Stephen Cohen, focusing on ETFs and integrating active and index strategies.
BUSINESS
Narco crisis a world away drives rally in India shrimp companies
Indian shrimp stocks surge amid speculation of supply disruption in Ecuador, a top exporter facing narco gang terror threats.
WORLD
Supersonic Jet that curbs window-shattering sonic boom to debut
The X-59, to be unveiled on Friday afternoon in Palmdale, California, has been designed to fly faster than the speed of sound (about 760 mph at sea level) with much less noise.
BUSINESS
Citigroup to cut 20,000 roles in Fraser’s bid to boost returns
Fraser in September initiated the biggest restructuring of Citigroup in decades
BUSINESS
BlackRock names Cohen, Lord to top posts, Ramji to step down
BUSINESS
BlackRock buys infrastructure firm GIP for $12.5 billion in major alternatives push
BlackRock will pay $3 billion of cash and about 12 million shares, worth about $9.5 billion at Thursday’s close, and the deal is expected to close in the third quarter.
