BUDGET
Budget deficit may shrink as bond index inclusion beckons
The target will be between 5.2% to 5.4% of gross domestic product for the year starting April 1, according to officials with knowledge of the matter
BUSINESS
GIFT City gives first nod to Premji’s family office to invest abroad
The approval raises hope for the nation’s wealthy as they wait for clarifications from regulators to make similar moves.
WORLD
Troubled China shadow bank Zhongzhi files for bankruptcy
Beijing’s First Intermediate People’s Court decided to accept the case, according to a statement on the court’s Wechat account Friday.
WORLD
Citi alumni plan Bitcoin securities that don’t need SEC approval
The new offering, called Bitcoin depositary receipts, will be similar to American depositary receipts that represent foreign stocks.
BUSINESS
India tech valuations put to the test as global headwinds put pressure on earnings
India’s tech sector index, which includes Infosys Ltd. and Tata Consultancy Services Ltd., rallied 12% in the three months through December, powered by a global rally in the space after a dovish pivot by the Federal Reserve.
WORLD
Bitcoin resumes ascent with ETF approval expectations recovering
The largest cryptocurrency tumbled as much as 9.2% yesterday, or the most on an intraday basis since November 2022, after Matrixport analyst Markus Thielen wrote in a note that he expects the Securities and Exchange Commission to reject all Bitcoin ETF proposals this month.
WORLD
Apple supplier TDK bets new battery will change smartphone game
The Apple Inc. supplier is the first to apply to smartphones a technological breakthrough that its rivals have been exploring mainly as a means to stretch mileage for electric vehicles, according to TDK Chief Executive Officer Noboru Saito.
WORLD
OpenAI to launch online store for custom versions of ChatGPT next week
San Francisco-based OpenAI announced at its developer conference in November that users could start building GPTs — its term for custom versions of ChatGPT — without needing to learn any coding. With this option, users can quickly create chatbots that teach math to a child or come up with colorful cocktail recipes.
WORLD
OpenAI in talks with dozens of publishers to license content
“We are in the middle of many negotiations and discussions with many publishers. They are active. They are very positive. They’re progressing well,” Tom Rubin, OpenAI’s chief of intellectual property and content, told Bloomberg News. “You’ve seen deals announced, and there will be more in the future.”
BUSINESS
Russian oil losing competitive edge in India as prices rise
Refiners in the world’s third-largest oil consumer paid an average of $85.90 a barrel for shipments from its largest supplier, up 1.8% compared with $84.46 in October.
WORLD
What’s bad for Harvard is good for America: Allison Schrager
The resignation of Claudine Gay as president has brought the university unwanted attention for lacking both academic standards and moral clarity. She made mistakes, but in many ways Harvard set her up to fail.
BUSINESS
Stars align for India bonds after first yearly gain since 2020
The benchmark 10-year sovereign yield fell 15 basis points last year, the most in three years. It’s expected to slide by more than 30 basis points by the end of 2024 from 7.22% on Thursday, according to the median estimate in a Bloomberg survey.
WORLD
Cathie Wood buys Tesla shares just as Wall Street’s view dims
Funds operated by Wood’s firm Ark Investment Management LLC have bought about 216,000 shares of the company over investments made on Dec. 20 and Jan. 3, according to Ark’s daily trading data compiled by Bloomberg. Before the current buying streak, Ark had largely sold shares in the EV maker for three straight quarters.
WORLD
Microsoft adds AI key in first change to PC keyboard in decades
The Copilot key, which will sit to the right of the space bar, is the first change to the Windows keyboard layout since Microsoft added the Windows/Start key in 1994, underscoring the company’s commitment to artificial intelligence.
WORLD
US, other countries warn Houthis against further attacks in Red Sea
Numerous container shipping lines have elected to avoid the Red Sea following a wave of attacks, instead sailing their fleets thousands of miles around Africa.
WORLD
Abu Dhabi royal sets up firm to hold $27 billion in assets
The new firm, called 2PointZero, will be transferred into Abu Dhabi’s $239 billion International Holding Co. Its holdings will include portions of Sheikh Tahnoon bin Zayed Al Nahyan’s sprawling empire, according to a statement late Tuesday.
WORLD
China, Fed and Elections: What will move Asian stocks in 2024
Whether the world’s second-biggest economy can finally recover and fix its embattled property sector is among the main questions for investors this year. Chinese stocks ended 2023 with a record third year of losses and contributed to the MSCI Asia Pacific Index trailing global equities by 11 percentage points.
WORLD
TikTok eyes $17.5 billion shopping business on Amazon’s turf
The 2024 merchandise volume goal for the US version of TikTok Shop — which melds online entertainment with impulse buying — was discussed in internal meetings in recent weeks and may still change depending on how the business goes, said the people, who asked not to be named discussing private information.
WORLD
Markets see Fed’s exit from quantitative tightening nearing
Participants remarked the Committee’s plans indicated it would slow and then stop shrinking its balance sheet when reserve balances are “somewhat above the level judged consistent with ample reserves.”
WORLD
Confidential Jeffrey Epstein documents unsealed by New York court
The first of what are expected to be hundreds of documents identifying more than 150 individuals were unsealed Wednesday following an order last month by US District Judge Loretta A. Preska.
WORLD
Coast Guard plane wasn’t cleared for runway before Tokyo crash
The readout of communications just prior to the crash was released on January 3 by Japanese officials in Tokyo. It appears to contradict the coast guard captain, who reportedly said he had “obtained permission to take off.”
BUSINESS
Petronet likely to renew Qatar LNG contract in January
Qatar is building an enormous expansion to its LNG export facility, which will start later this decade, and extending its commitment to India will help to lock in a key buyer.
BUSINESS
VinFast planning battery plant in Tamil Nadu in 2024
VinFast last year said it planned to set up an EV factory in India with an investment of $150 million to $200 million in the first phase.
BUSINESS
Citi, Jefferies sound caution on India tech rally on valuation
Brokerage firms including Citigroup Inc. and Jefferies Financial Group Inc. are now sounding caution on the sector’s outperformance, citing rich valuations and tepid growth prospects.
