BUSINESS
Top fund manager makes contrarian bets on short-term bonds
ICICI Prudential Asset Management Co. Ltd., with 2 trillion rupees ($24 billion) of debt under management as of February, is counting on the Reserve Bank of India to remain on an extended pause after it wraps up its hiking cycle soon. RBI has raised its benchmark rate by 250 basis points to 6.5% since May 2022.
WORLD
SpaceX has another challenger with South Korean rocket ambitions
The company is part of Hanwha Group, a 71-year-old conglomerate that started as an explosives maker, branched into weapons sales and is now shifting into green energy, defense and aerospace. Cash from arms sales to Ukraine’s neighbors is helping to fund Hanwha’s efforts to expand its two-year-old space business.
WORLD
Dubai’s latest boom is pricing out the expats it once coveted
The couple were asked to leave their home after being told the owner wanted to move in with his family. He then advertised it for $6,000 a month. She’s now suing him for breaking rental rules.
BUSINESS
Saudi Arabia leads OPEC+ cartel, lowers crude oil output by 500,000 barrels a day
Fellow members including Kuwait, the United Arabia Emirates and Algeria followed suit, while Russia said the production cut it was implementing from March to June would continue until the end of the 2023.
BUSINESS
World’s richest man reaches out to India's luxury market with landmark Dior Show
Dior, the second-biggest brand of billionaire Bernard Arnault’s French luxury behemoth LVMH, and the decision to add India to its seasonal schedule shows a rising interest to tap the nation’s rising wealth.
BUSINESS
Adani Ports completes acquisition of Karaikkal Port for Rs 1,485 crore
The National Company Law Tribunal approved the plan for the Adani Group subsidiary to pay 14.85 billion rupees ($181 million) to financial creditors, the company said in a statement.
ECONOMY
Pakistan inflation scales to record 35.37% as IMF reforms spur gains
The central bank last month delivered a blowout 300-basis-point increase to 20 percent to rein in skyrocketing prices that were stoked by a weaker currency
COMMODITIES
Global food supply risks escalate as key traders leave Russia
The exit of Cargill Inc and Viterra means Russia, the world’s largest wheat exporter, will have more control over its food shipments and reap more of the revenues
WORLD
Europe wants to make it easier to wind down medium-sized banks
The option would be limited to banks that will leave the market, the people added.
BUSINESS
RBI may keep rates higher for a while, says Shubhada Rao
The Reserve Bank of India, like most emerging market central banks, will closely follow what its American counterpart has been doing, but “need not follow every step of what Fed does,” said Rao in an interview with Bloomberg.
WORLD
Guptas wanted in South Africa submit bids for asylum
The brothers sent applications to the authorities in Cameroon and the Central African Republic, the Paris-based newsletter said. The governments of both countries are considering the requests, it said.
BUSINESS
Worst streak in 22 years seen ushering in Indian stock rebound
The NSE Nifty 50 Index is on track for its fourth-straight monthly decline, its worst losing streak since 2001. The gauge is down nearly 9% in that span compared with a gain of about 3% in the MSCI Asia Pacific Index.
BUSINESS
Rolex finally joins luxury watch herd peddling titanium timepieces
This year Watches and Wonders in Geneva, Switzerland, a bit of lighter fare was on the menu. Titanium sports watches appeared among the offerings at haute horology’s most important trade show of the year, from Rolex, Oris, Grand Seiko, Chopard, Ulysse Nardin, Hublot, Zenith and other brands.
WORLD
What is an indictment? Everything you need to know
While Trump will be fingerprinted and have his mug-shot taken, he probably won’t be paraded before cameras in handcuffs or placed in a holding cell, people familiar with the matter told Bloomberg earlier this month. He’ll likely remain in the custody of the Secret Service agents assigned to his protection detail.
BUSINESS
FTSE holds off adding India, South Korea to key bond indices
The index provider will seek evidence from market participants on the efficacy of the enhancements and whether they’re operating as intended prior to any reclassification decision, the firm said.
BUSINESS
Nestle eyes $1 billion deal for ‘Ching’s Secret’ owner Capital Foods in India
The Swiss company has been discussing terms of a potential deal for Mumbai-based Capital Foods, the people said, asking not to be identified because the information is private.
WORLD
OpenAI targeted in FTC complaint urging halt of GPT rollouts
The complaint from the Center for Artificial Intelligence and Digital Policy, which is led by longtime privacy advocate Marc Rotenberg, centers on GPT-4, the latest language model behind the research group OpenAI’s ChatGPT
BUSINESS
Over 30,000 funds to get their ESG ratings downgraded at MSCI
The new methodology, which takes effect at the end of next month, comes as ESG score providers continue to draw criticism for using inconsistent approaches that have yet to be properly regulated.
WORLD
Ivy League prices are pushing $90,000 a year
US college costs just keep climbing. And the increase is pushing the annual price for the upcoming academic year at Ivy League schools toward yet another hold-on-to-your-mortarboard mark: $90,000.
WORLD
Red Bull family’s $8 billion wealth boom tops all Asia dynasties
Red Bull GmbH posted record revenue last year, selling more than 11 billion cans and giving it the biggest market for the category.
WORLD
Champagne is outperforming gold and the S&P 500. Here’s what to buy
Here are the kinds of numbers that stirred them up: From January to September 2022, a case of all-Chardonnay 2012 Salon Le Mesnil soared 232%, from £3,800 to £12,600 ($4,670 to $15,485), according to Liv-Ex, the London International Vintners Exchange.
BUSINESS
Adani pulls back on grand ambitions after Hindenburg bombshell
Hindenburg’s allegations of extensive, years-long corporate fraud at the Adani Group have wiped out about $125 billion in market value since January, spurring the tycoon to rein in plans to expand into new sectors, according to people familiar with the company’s inner workings.
BUSINESS
Adani met Pimco, BlackRock for potential private bond placement
The conglomerate led by billionaire Gautam Adani is aiming to raise up to $1 billion in two tranches this year via such a route, said the people, who declined to be named as they were not authorized to speak about it.
BUSINESS
$335,000 pay for ‘AI Whisperer’ jobs appears in red-hot market
The fast-growing apps have created a seller’s market for anyone — even liberal arts grads — capable of manipulating its output.
