BUSINESS
Economists see India’s first rate cut in 2024 for durable growth
The benchmark repo rate is currently at 6.5% and the estimate for a quarter-point cut in January-March 2024 compares with a previous projection of a 50 basis point reduction. The rates could be lowered again in the following quarter, bringing the levels to 6%.
WORLD
Cathie Wood says software stocks are next AI bet after Nvidia
“We are looking to the software providers who are actually right now where Nvidia was when we first bought it,” Wood, CEO and founder of Ark Investment Management LLC, told Bloomberg TV on Wednesday. While Nvidia is expected to do well over time, Ark is “onto the next thing,” she added.
BUSINESS
Anil Agarwal's chip dreams stymied as India set to deny funding
The government is likely to tell the venture between Agarwal’s Vedanta Resources Ltd. and Taiwan’s Hon Hai Precision Industry Co. it won’t get incentives to make 28-nanometer chips, people familiar with the matter said.
WORLD
William J. O’Neil, Investor’s Business Daily founder, dies at 90
William J. O’Neil was an innovator in compiling, analyzing and publishing data on stock movements. He concluded that hot stocks of the past shared seven characteristics that, when correctly applied today, could identify the biggest winners of tomorrow.
WORLD
Unilever and Nestle to appoint new finance chiefs as industry battles inflation
Nestle said Anna Manz, the finance boss of the London Stock Exchange Group, will take over from Francois-Xavier Roger when she is released from her current role.
BUSINESS
Cash-hungry Adani utility shows funding urgency to power India
Few parts of Adani’s empire underscore the urgency of that funding for the billionaire — and also for the government of Indian Prime Minister Narendra Modi — better than Adani Transmission Ltd.
BUSINESS
Xiaomi sources more production in India amid regulatory scrutiny
Xiaomi led India’s smartphone market for years, but allegations of money laundering and increased state scrutiny contributed to a decline of more than 20% in its shipments in the country last year.
BUSINESS
Smartwatch maker in talks to raise funds to expand India push
Nexxbase Marketing Pvt, which sells smartwatches and earphones under its Noise brand, seeks funds to add products and gain market share in its home base of India, where 100 million wearable devices were sold last year, people familiar with the matter said.
BUSINESS
Citigroup says rupee is set to rebound from near record low
The currency may rebound to as strong as 80 per dollar as easing crude prices and rising services exports also help narrow the nation’s current-account deficit, said Aditya Bagree, head of markets for India and South Asia at the bank in Mumbai.
WORLD
UBS analysts see fake AI content feeding market disruptions
In an ESG investing op-ed published Friday, UBS analysts Annabel Willder, Victoria Kalb and Julie Hudson listed all the ways in which the increasing adoption of generative AI might results in a number of ethical issues.
WORLD
China Jet to rival Airbus, Boeing makes first commercial flight
Flight MU9191 took off from Shanghai at 10:32 a.m. local time, China Eastern said on its Weibo account. The plane carried 128 passengers and landed safely at Beijing, People’s Daily said in a tweet.
WORLD
Nvidia CEO Jensen Huang says those without AI expertise will be left behind
Huang, whose chip design company reached an all-time high Friday fueled by huge demand from AI service providers, gave a commencement address on Saturday saying the new technology will transform the corporate landscape and change every single job.
WORLD
Debt deal adds brake on US economy already at risk of recession
The tentative deal crafted by President Joe Biden and House Speaker Kevin McCarthy over the weekend — assuming it’s passed by Congress in coming days — avoids the worst-case scenario of a payments default triggering financial collapse.
BUSINESS
Frenetic rush to resolve sovereign debt crises keeps Wall Street jittery
In New York, a cohort of debt-relief activists and US state politicians are pushing for a more-permanent solution: a law that would overhaul the process of restructuring sovereign debt.
ECONOMY
Biden, McCarthy forge debt-limit deal in a bid to avert US default
Economists have said even a short default could see dramatic market declines and the loss of hundreds of thousands of jobs
BUSINESS
Jazz struggles on streaming, but Vinyl sales give the genre hope
In between songs, Joy says she’s still getting used to it. “People come up to me in the street,” she says, laughing in disbelief. “And I’m not even dressed!”
WORLD
Britain loses its luster for job seekers from Poland to Portugal
For the UK, that means that arrivals from the EU of just over 150,000 last year were about half the level seen in 2019, according to figures released Thursday by the Office for National Statistics. That’s despite a record 606,000 for net migration into the UK in 2022.
WORLD
AI-focused ETF assets could triple to $35 billion by 2030
The number of these types of ETFs may also amount to more than 150 globally from the current count of 56, BI’s Rebecca Sin and Breanne Dougherty said.
WORLD
Expect more Twitter spaces for politics after Ron DeSantis campaign
Sacks, a general partner at venture capital firm Craft Ventures, acknowledged that the conversation got off to a rocky start, but said it went well after they switched from Musk’s account to his own.
WORLD
OpenAI raises $175 million for startup investment fund
OpenAI has been investing in startups working in artificial intelligence for a while. The company launched the OpenAI Startup Fund and said it would seek to back companies “pushing the boundaries of how powerful AI can positively impact the world and profoundly change people’s lives.”
BUSINESS
Joe Biden administration decides to play long game by inviting PM Modi for state visit: Expert
Prime Minister Modi will embark on his first state visit to the US at the invitation of President Joe Biden and First Lady Jill Biden in June. The US president and the First Lady will also host Modi at a state dinner on June 22.
BUSINESS
RBI may need to buy $18 billion of bonds to add cash, says ICICI Bank
The Reserve Bank of India may cut the cash reserve ratio by half a point in the fiscal second half and start buying bonds in the December quarter to keep banking liquidity at current levels, B. Prasanna, group head for global markets sales, trading and research at ICICI Bank Ltd, the nation’s second-largest private lender by market value, said in an interview Monday.
WORLD
US AAA credit rating may be cut by Fitch on debt-limit impasse
“The Rating Watch Negative reflects increased political partisanship that is hindering reaching a resolution to raise or suspend the debt limit despite the fast-approaching X date,” the ratings company said in a statement, referring to the point at which the government runs out of cash.
WORLD
Fed officials lean toward pause in June, but not ready to stop
Several Fed officials in recent weeks have suggested that while there may be a case pausing rate hikes in June, it would likely only be temporary.
