WORLD
Stagflation is the risk that eludes investors mispricing markets
A mix of slowing economic growth combined with persistent inflation has the potential to dash hopes for a reversal in the Fed’s aggressive campaign to tame inflation with higher interest rates.
WORLD
Meta Platforms raises $8.5 billion in second-ever bond sale
The social-media behemoth, which reported earnings last week, raised $8.5 billion in a five-part deal, according to a person familiar with the matter. The longest portion of the offering, a 40-year security, yields 192 basis points over Treasuries, less than initial discussions for about 215 basis points.
WORLD
Vice is said to be headed for bankruptcy
The filing could come in the coming weeks, according to three people familiar with the matter who weren’t authorized to discuss the potential bankruptcy on the record.
WORLD
The inside story of Warren Buffett’s big Japan bet, over glasses of Coke at four seasons
The legendary investor was on a trip to the Japanese capital last month, and the titans of the country’s giant energy and raw-materials conglomerates were there to make their pitches.
WORLD
IBM to pause hiring for jobs that AI could do
Hiring in back-office functions — such as human resources — will be suspended or slowed, Krishna said in an interview. These non-customer-facing roles amount to roughly 26,000 workers, Krishna said.
WORLD
Morgan Stanley plans 3,000 more job cuts as dealmaking slumps
Senior managers are discussing plans to eliminate about 3,000 jobs from the global workforce by the end of this quarter, according to people with knowledge of the matter.
BANKS
First Republic Bank seized by regulators, to be sold to JPMorgan
The transaction makes JPMorgan, the nation’s largest bank, even more massive — an outcome government officials have taken pains to avoid in the past
BUSINESS
Chinese home appliance maker Midea Group sees Electrolux as a potential buyout target
Midea made a preliminary approach in recent weeks to the white-goods manufacturer about a possible transaction
BUSINESS
Jaiprakash Associates defaults on $508 mn loan repayment due on March 31
The flagship company of the infrastructure-focused Jaypee Group has borrowings of 293.96 billion rupees, which are due for repayment by 2037, it said.
WORLD
Macron Readies Modi’s Bastille Day Visit in Nod to Global South
The invitation reflects booming business and military bilateral ties as well as India’s strategic importance as the world’s most populated country and the current leader of the Group of 20 nations, according to the officials who are not authorized to discuss the matter publicly.
BUSINESS
Reliance targeting Jio Financial listing as soon as October
Reliance is holding a meeting of shareholders and creditors on May 2 to vote on the plan to spin off and list the unit, according to an exchange filing in March.
TRENDS
Here’s How You Should Be Doing Afternoon Tea, Top Chef Says
The shelves are stocked with the kind of treats that make you feel like you’ve walked into a fairy tale, with whimsical biscuit-filled tins in all shapes and sizes, bottles of Champagne, chocolates galore, as well as honey from bees at Queen Camilla’s garden in Wiltshire.
AUTOMOBILE
Mercedes Says China Buyers Sticking With Combustion Models as EVs Take Off
After decades at the top in the world’s biggest car market, Mercedes and German peers BMW AG and Volkswagen AG are falling behind local competitors as EV demand surges.
INDIA
India puts country on alert for scorching heat waves in May
Temperatures will be above-normal in some northeastern, southern and eastern regions, according to the India Meteorological Department.
BUSINESS
High-End Airline Starlux’s Inaugural Taipei-LA Flight Piloted by Chairman
The Taipei-based company, one of a handful of airlines to launch during Covid, celebrated its first intercontinental flight, from Taiwan to Los Angeles, on Wednesday.
TECHNOLOGY
Celebs, Politicians Join Twitter Rival Bluesky: Here’s How You Can Too
Many are looking no further than Bluesky, which has its own origins in Twitter and, to all intents and purposes, acts in a very similar fashion. Its latest devotees include US Representative Alexandria Ocasio-Cortez, writer-comedian Dril and model Chrissy Teigen
WORLD
Russian oil is still powering Europe’s cars with help of India
“Russian oil is finding its way back into Europe despite all the sanctioning and India ramping up fuel exports to the west is a good example of it,” said Viktor Katona, lead crude analyst at the firm.
BUSINESS
Adani Cement pays back $200 million Holcim debt
The pre-payment will help billionaire Gautam Adani’s firm seek an extension of the debt taken to fund the acquisition by three years, said one of the people, who declined to be identified as the matter is private.
BUSINESS
Wizz Air says long-range Airbus jets will put India within reach
“There’s great potential in India, as the country has seen an immense development,” Wizz Chief Executive Officer Jozsef Varadi said in an interview in Budapest today.
WORLD
One-day VIX shows market’s receding fear of inflation data, Fed decisions
Namely, diminishing anxiety over macroeconomic events such as inflation data and Federal Open Market Committee’s policy meetings, which previously had been big instigators of turbulence.
WORLD
Mark Zuckerberg’s fortune jumps $10 billion on Meta sales rebound
Meta shares rose 14% after the earnings report, lifting Zuckerberg’s fortune to $87.3 billion and boosting him up a notch on the Bloomberg Billionaires Index to 12th place. It’s the highest the Meta chief executive officer’s wealth has been in more than a year.
WORLD
London rents top £2,500 for first time as supply of homes drops
Online property site Rightmove said asking rents in the capital rose 0.9% to a fresh record in the first quarter of 2023 compared to the previous three months. That marked a sharp slowdown from quarterly growth of 5.8% at the end of 2022. Asking rents were up 14% year-on-year and are rising faster in outer London.
WORLD
Chinese EV giant BYD’s profit surges over 400% in Q1
Net income in the three months through March surged 411% from a year earlier to 4.13 billion yuan ($597 million), the Shenzhen-based automaker said in a statement Thursday. Operating revenue rose 80% to 120.2 billion yuan, while its gross margin was 17.9%, up about 5.5 percentage points.
WORLD
Amazon jolts investors with talk of cloud growth slowdown
Amazon Web Services revenue rose 16% to $21.4 billion in the first quarter as Amazon reported stronger-than-expected profit and sales in the period.
