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.
WORLD
Splitting up an empire: Here are Alibaba’s six main businesses
Alibaba Group Holding Ltd. is splitting its $220 billion empire into six business units as part of a massive restructuring that will free up its various divisions to operate with far greater autonomy.
WORLD
Alibaba’s $32 billion day signals breakups for China tech
China’s online commerce leader surprised markets by announcing Tuesday plans to split its $220 billion empire into six units that will individually raise funds and explore initial public offerings.
WORLD
Alibaba shares soar after historic overhaul heralds IPO wave
The move frees up the Chinese company’s main divisions from e-commerce and media to the cloud to operate with far more autonomy, laying the foundation for future spinoffs and market debuts.
BUSINESS
Adani refutes reports on debt repayment concerns as shares slide
Adani units slumped Tuesday after India’s Economic Times said the group is seeking to renegotiate the terms of $4 billion worth of loans, citing people it didn’t identify.
BUSINESS
Ajay Piramal, TPG weighing exit from Shriram General
Piramal and TPG are jointly working with an adviser on divesting a combined 30% stake in the holding company of Shriram General Insurance Ltd., said the people, who asked not to be identified as the information is private. Shriram General Insurance Holdings could be valued at more than $2 billion in a transaction, the people said.
WORLD
Markets are wrong on US rate-cut bets, BlackRock says
The world’s biggest money manager favors inflation-linked bonds — securities that offer protection from rising prices — on the view markets are wrong in expecting imminent US rate cuts as the economy lurches toward a recession.
WORLD
The snack bag of the future won’t be made from plastic
Cuétara’s family business is Switzerland-based snack company Cuétara Foods, which makes 25 brands of cookies, biscuits and crackers sold all over the world. For Florencio, who was CEO for the Americas at the time, that moment was a turning point.
ECONOMY
India’s $1-trillion bond market sees growing share of retirement savings
India is one of the fastest-growing insurance markets in the world and forecast to be the sixth biggest by 2032. Total insurance premiums will grow on average by 14 percent annually in nominal local-currency terms over the next decade
WORLD
Binance CEO Changpeng Zhao posts blog on CFTC charges, denies manipulation
The outcome may help shape the future of the crypto industry as its major players grapple with the pressing dilemma of the day: whether to resist increasingly aggressive efforts by the US government to bring the industry into compliance with financial laws, or cooperate in an attempt to salvage operations in the world’s largest economy.
BUSINESS
Binance sued by US watchdog for alleged lapses in following derivatives rule
Since at least 2021, the CFTC has been probing Binance over whether it failed to keep US residents from buying and selling crypto derivatives. CFTC rules generally require platforms to register with the agency if they let Americans trade those products.
TRENDS
Record heat waves push India closer to limit of human survival
The national weather office has forecast rising temperatures in the coming weeks after India experienced its hottest February since 1901.
INDIA
Banks to mop up $36 billion in deposits as debt funds come under tax net
The nation scrapping tax incentives for some debt mutual funds has paved the way for banks to garner as much as $36 billion in deposits from the asset managers, according to Sunil Mehta, chief executive officer of Indian Banks’ Association, a lenders’ lobbying body.
BUSINESS
SoftBank-backed Oyo to reduce planned IPO amid tech headwinds
The once-high-flying company is preparing to file a fresh initial public offering document as soon as this week, two people familiar with the matter told Bloomberg.
WORLD
Nomura cautions on Credit Suisse hiring as rivals grab talent
Any additions will be on a case-by-case basis and Nomura has no intention to buy any of Credit Suisse’s assets, according to Christopher Willcox, head of Nomura’s wholesale business.
BUSINESS
Gold’s record run is keeping buyers away
Gold futures in the second-biggest consumer jumped to a record 60,455 rupees ($734) per 10 grams last week.
BUSINESS
Shrinking current account gap provides a reprieve for rupee
Citigroup Inc. slashed its forecast even further to 1.4% of GDP from 2.2% previously, reflecting a steady drop in goods imports and strength in services exports.
WORLD
Hedge funds seen targeting Deutsche Bank in ‘irrational’ slide
The German bank’s shares fell as much as 15% before paring losses to end the day down 8.5% in Frankfurt.
WORLD
Investors brace for another week of volatility as mad March ends
The Japanese yen and Swiss franc edged higher against the dollar as the trading week got underway in early Sydney. Traders focused on haven assets after Russian President Vladimir Putin’s comments on Saturday about stationing tactical nuclear weapons in Belarus.
BUSINESS
Anil Agarwal fights to clear Vedanta’s debt
The mining tycoon’s Vedanta Resources has close to $2 billion of bonds to settle in 2024 — half of which is due in January.
BUSINESS
The Real-Life Consequences of Silicon Valley’s AI Obsession
Sam Bankman-Fried made effective altruism a punchline, but the do-gooding philosophy is part of a powerful tech subculture full of opportunism, money, messiah complexes—and alleged abuse.
BUSINESS
Government hasn’t intervened in Adani crisis, says Sanjeev Sanyal
The “government has not intervened anywhere,” Sanyal, a member of prime minister’s economic advisory council, said in an interview in New York. “Nobody’s having to rescue anyone in our system.”
WORLD
CPPIB is said to explore buying out ReNew energy shareholders
The asset manager is in talks with advisers to weigh a tender offer, according to the people, who asked not to be identified discussing confidential information. CPPIB is the controlling shareholder in ReNew, the people said, adding that talks are ongoing and no final decision has been reached.
INDIA
India set to surpass China in need for oil as growth paths diverge
India’s transition from traditional gasoline and diesel-fueled transport is expected to lag other regions, whereas China’s adoption of electric vehicles is skyrocketing.
