INDIA
India to triple renewables auctions as 2030 green target looms
A new federal government timeline outlines plans to strike agreements on installations of a total of 50 gigawatts of solar and wind projects during the year through March 2024. That compares with an average of 15 gigawatts auctioned annually in the last five fiscal years, according to BloombergNEF.
MARKETS
Heat waves, cyclones impacting stock markets across Asia
India’s hottest February in more than a century, following a spike in cattle deaths caused by a viral skin disease, fuelled a rare drop in dairy production in the world’s largest milk-producing nation
WORLD
OpenAI offers new privacy options for ChatGPT
The startup said Tuesday that ChatGPT users can now turn off their chat histories by clicking a toggle switch in their account settings.
WORLD
Microsoft sees AI shaking up search while Google calms investors
In their respective earnings calls on Tuesday, the tech giants, which are becoming rivals in the competition for the future of search, offered up starkly different assessments of just how much disruption is in store for the market.
WORLD
US-listed China stocks see $100 billion wipeout in jittery month
American depositary receipts of internet giants from Alibaba Group Holding Ltd. to JD.com Inc. slid Tuesday and sent the Nasdaq Golden Dragon China Index lower for a sixth straight session, notching the benchmark’s longest streak of losses in more than a year.
WORLD
‘Fear Gauge’ owner eyes more short-term tools after one-day VIX
On Monday, Cboe Global Markets Inc., the firm behind the Cboe Volatility Index (ticker VIX), known as Wall Street’s “fear gauge,” started the VIX1D Index, which measures volatility over a single day. This followed the exchange’s expansion of “zero-day-to-expiry” options, or 0DTE, in 2022.
WORLD
Apple plans AI-powered health coaching service, mood tracker and iPad health app
The new coaching service — codenamed Quartz — is designed to keep users motivated to exercise, improve eating habits and help them sleep better, according to people with knowledge of the project.
BUSINESS
3M to cut 6,000 jobs in CEO’s latest move to blunt sliding sales
While 3M Chief Executive Officer Mike Roman said in a statement that these actions would further simplify operations and improve profitability, investors mostly shrugged.
WORLD
You’re Doing Points and Miles All Wrong, Says Barbara Corcoran
Undeterred, she borrowed $1,000 and started a minuscule NYC real estate company, the Corcoran Group, which she eventually sold in 2001 for $66 million. “All my best successes come on the heels of failure,” she says.
WORLD
China’s Deepening Selloff Shows Investors Are Losing Confidence
The MSCI China Index lost as much as 2.6% Tuesday, set for a sixth day of declines in its longest-losing run since October.
WORLD
India Renews Push for Easier Visa Norms for Its Companies in UK
This is in addition to New Delhi’s longstanding pitch for more visas for Indian workers, two people said.
BUSINESS
Nestle Sales Growth Accelerates, Helped by Price Hikes
Sales rose 9.3% on an organic basis in the first quarter, 2 percentage points faster than analysts’ estimates, making this one of Nestle’s biggest beats in years. The stock rose as much as 1.8% in Zurich.
WORLD
Italy Stands Out to Moody’s as Only Country Risking Junk
In a report surveying how nations have dealt with downgrades to junk over the past three decades, the euro zone’s third-biggest economy was highlighted as a prominent candidate for such a status adjustment.
ENVIRONMENT
Inventor of Blue Jeans Channels a New Water-Saving Idea
Levi Strauss & Co. has been forced to address water scarcity more aggressively than most, thanks to the great thirst of the jeans-making process.
WORLD
Tucker Carlson: The biggest allegations from recent lawsuits
The litigation had resulted in the disclosure of many of Carlson’s messages, some of which were critical of Fox management.
WORLD
Rolex Daytona prices outperform after brand debuts new model
Prices for the most recent Daytona model have gained 4% since March 27, when Rolex discontinued it and unveiled a new version of the timepiece made famous by actor and racing car enthusiast Paul Newman.
WORLD
Bitcoin ‘halving’ due in 2024 spurs predictions of $50,000 level
The largest digital asset has climbed 67% since Dec. 31 in a partial revival from an epic rout in 2022. While the token at the moment is struggling in the vicinity of $30,000, halving holds the potential to trigger an advance of at least 81%, according to Bloomberg Intelligence and Matrixport.
BUSINESS
Citi India plans to launch sustainability-linked deposits soon
Money raised from these deposits will be invested by Citi to help multinational customers meet their environmental, social and governance obligations in India, the people said.
WORLD
BRICS draws membership requests from 19 nations before summit
The emerging-markets bloc of Brazil, Russia, India, China and South Africa will meet in Cape Town on June 2-3 to discuss its enlargement, Anil Sooklal, South Africa’s ambassador to the group, said in an interview in the city on Monday.
WORLD
Low-Cost airline Kingpin Tony Fernandes prepares for life after AirAsia
Tony Fernandes, the larger-than-life character credited with revolutionizing budget air travel in Asia, plans to focus more on areas such as health, education and private equity.
WORLD
BlackRock says emerging markets have an edge over rest of world
The world’s biggest money manager favors stocks and bonds from the developing world over those from mature economies in the short term, touting China’s economic reopening and the end of the emerging-market rate hike cycle.
INDIA
India and China need to prepare for ageing populations, UN says
A United Nations report released Monday estimates that between 2023 and 2050 the number of people aged 65 or over is expected to nearly double in China and to more than double in India. That poses “significant challenges to the capacity of healthcare and social insurance systems.”
WORLD
Tech surge sends valuations to extremes, but traders don’t care
Optimism that the Federal Reserve will pivot from its most aggressive interest-rate hiking cycle in four decades – a major headwind for the industry last year – has pushed the S&P 500 Information Technology Index up 19% in 2023 compared with a 7.7% gain for the S&P 500 Index.
BUSINESS
Evercore may end decade-old tie-up with Uday Kotak’s investment banking unit: Report
The US company is weighing opening its own office in the country in order to free itself from the restrictions of its deal with Kotak Mahindra Capital Co, according to the report,
