WORLD
Singapore’s property tax won’t be hurting these foreign buyers
Nationals from the US, Iceland and Norway, among others, are accorded the same stamp duty treatment as Singapore citizens, based on respective free trade agreements about a decade ago.
WORLD
Apple executive in charge of TV+ and sports businesses to depart
The executive, Pete Distad, plans to leave Apple this month, said the people, who asked not to be identified because the move hasn’t been announced. He was hired in 2013 from the Hulu streaming service, now part of Walt Disney Co., where he ran marketing and distribution.
WORLD
Google to revamp search with generative AI tools, but gradually
At its annual developer conference, Google unveiled a version of its search engine that uses large language models, AI tools that are trained on enormous volumes of text to answer users’ queries conversationally.
WORLD
Apple is now the only major phone brand without a foldable model
With Alphabet Inc.’s Google launching the Pixel Fold at an event Wednesday, every major brand running the Android operating system has now adopted the form factor. And though Apple began early work on a foldable iPhone years ago, it’s shown little interest in racing a product to market.
WORLD
Global Finance chiefs to plot escape routes for world economy
In the US, President Joe Biden and congressional Republicans are locked in a staredown over raising the $31.4 trillion borrowing limit. Meantime, the deepest US banking stress since the 2008 financial crisis is starting to squeeze lending.
BUSINESS
Volkswagen executives face cake attack, shouting activists in Berlin
Around a dozen German climate activists staged a protest that blocked traffic, arguing the carmaker was “making climate-damaging decisions".
BUSINESS
At Google I/O, expect an AI-powered search overhaul
Google is asserting its dominance in the market following moves by companies including Microsoft Corp., which is now using technology from the startup OpenAI in its own search product, Bing.
WORLD
China names Li Yunze top financial regulator in surprise move
Li Yunze, a former banker, was named party secretary of the newly formed national financial supervision and management bureau that regulates thousands of banks, insurers and trust firms, according to an announcement Wednesday.
BUSINESS
ARC body calls for rule change to boost market
The proposed changes would increase the types of entities who trade instruments called Security Receipts, which are backed by non-performing loans. Currently, the business is confined to banks and non-financial companies.
WORLD
Wall Street leaders warn of ‘unthinkable’ fallout if US defaults
In a letter to Treasury Secretary Janet Yellen, current and former leaders of the Treasury Borrowing Advisory Committee said the costs of the current standoff extend beyond markets to the time that financial firms are having to spend preparing for a possible default.
BUSINESS
Tata and IndiGo prepare to swoop on Go Air’s aviation assets
Tata Group and IndiGo are holding separate negotiations with Go Air’s lessors, as well as discussing landing and parking slots with airport operators, including in New Delhi and Mumbai, according to people familiar with the matter.
BUSINESS
Emerging market investors ditch China stocks to pile into TSMC, Reliance
The iShares MSCI Emerging Markets ex China ETF, which invests in stocks across the developing world, but not those in the world’s second-biggest economy, received inflows of $148 million last week.
BUSINESS
Centre renews call for chipmakers as billionaire’s effort drags
New Delhi plans to reopen the application process for $10 billion in incentives and assistance intended to encourage local chipmaking, people familiar with the matter said.
WORLD
Stan Druckenmiller says US on brink of a recession, sees hard landing
The downturn will occur at some point during the current quarter — even earlier than he previously expected, the billionaire founder of Duquesne Family Office said Tuesday during the 2023 Sohn Investment Conference.
WORLD
Police raid consulting firm as China starts anti-spy campaign
On orders from China’s central government, authorities carried out synchronized operations in cities including the financial powerhouses of Beijing, Shanghai, Shenzhen and Suzhou, a provincial TV channel in Jiangsu province reported Monday night. The state broadcaster didn’t say where it got the information or provide a timeframe for the raids.
ECONOMY
China's slacking imports, slowing exports peril global economic recovery
The recovery so far has mainly been driven by consumer spending, rather than infrastructure and property investment and that has reduced demand for commodities such as crude oil, iron ore and copper
BUSINESS
Three Adani firms lose endorsement of UN-backed climate group
Adani Green, Adani Transmission Ltd. and Adani Ports & Special Economic Zone Ltd. were removed in late April from the list of “companies taking action” published by the Science Based Targets initiative. The UN-backed group helps companies establish concrete plans to reduce emissions consistent with the Paris Agreement’s target on limiting global warming.
WORLD
Pakistan could default without IMF bailout loans, Moody’s warns
“We consider that Pakistan will meet its external payments for the remainder of this fiscal year ending in June,” said Grace Lim, a sovereign analyst with the ratings company in Singapore. “However, Pakistan’s financing options beyond June are highly uncertain. Without an IMF program, Pakistan could default given its very weak reserves.”
WORLD
Singapore Wealth Fund sees more growth in fintech after downturn
Chris Emanuel, head of GIC Pte’s technology investment group, said the fund is excited about innovation in financial product distribution that brings opportunities to scale across the world. It also sees opportunities in enterprise software as digital transformation efforts “increase across sectors in both momentum and urgency,” he said.
WORLD
Europe's Gas outlook looks much rosier this year due to winter luck
Mild temperatures, which significantly curbed consumption, and China’s zero-Covid policy, helped Europe stock up on LNG last year. There's enough time to replenish gas storage and avert a crisis in the coming winter but no room for complacency
WORLD
Trudeau minister sees progress on early-stage India trade deal
Indian Commerce and Industry Minister Piyush Goyal is in Ottawa on Monday for ministerial talks and the two countries are making steady progress toward a deal, Canadian Trade Minister Mary Ng said in an interview with Bloomberg News.
WORLD
Japan’s secret to $230 winter mangoes: A farmer tricks the fruit
Nakagawa has been growing mangoes in the snowy Tokachi region of Japan’s northernmost island since 2011. He sells them for as much as $230 each. He never thought an experiment in sustainable farming would one day yield the world’s most expensive mangoes.
WORLD
Goldman shells out $215 million to end case on underpaying women
The New York-based bank struck the deal with lawyers representing about 2,800 women, who claimed the firm discriminated against them in pay and promotions, a person with knowledge of the accord said, asking not to be named discussing the confidential talks. About a third of the settlement is expected to be set aside for attorney fees.
WORLD
Bill Gross advises buying T-Bills to bet debt-ceiling issues will be resolved
Rates on short-dated bills have soared ahead of the so-called ‘X-date’ early next month, after Treasury Secretary Janet Yellen warned last week that the government could run out of cash as soon as June 1.
