BUSINESS
‘Broker Butcher’ set to become China’s top securities regulator
Wu, now the vice mayor of Shanghai, is poised to replace Yi Huiman as chairman of the China Securities Regulatory Commission, a person familiar with the move said, asking not to be identified discussing private information. Yi, in charge of the CSRC since 2019, will oversee the banking and insurance sector.
BUSINESS
China poised to appoint new chiefs at banking, market regulators
Yi Huiman, the current chairman at the China Securities Regulatory Commission, is likely to be appointed to the same post at the China Banking and Insurance Regulatory Commission, putting him in the middle of a fraught balancing act to revive Asia’s largest economy while containing growing strains in the $60 trillion financial industry.
WORLD
Lufthansa cancels 1,200 flights due to airport strike action
Lufthansa will cull the flights due to a one-day walkout from the ground crew at its two biggest airports
BUSINESS
Byju’s in funding talks with TPG, sovereign funds as debt weighs
Negotiations are ongoing and it’s unclear if the prospective investors will go ahead with a deal, the people said, who asked not to be identified as the information is private.
BUSINESS
Adani Power is said to scrap $850 million coal plant purchase
The Adani Group company and DB Power Ltd. mutually agreed not to proceed with the transaction after a long-stop date expired on Wednesday, said the people, who asked not to be identified as the information is private. DB Power operates a 1.2 gigawatt coal power project in the Indian state of Chhattisgarh.
BUSINESS
Vodafone is exploring options for $14 billion African unit
The London-listed firm is working with advisers to study ways to extract more value from its 65 percent holding in Vodacom Group, sources told Bloomberg
BUSINESS
Airbus sees higher deliveries, cautions on production for A320
For 2023, the planemaker plans to hand over 720 aircraft, in line with its original 2022 projection, which ended up coming in short, at 661 planes.
BUSINESS
Domestic makers rattled over plan to ease solar import curbs
Officials are considering a relaxation of rules for the next two years that restrict imports from China and other foreign producers, because local plants can’t keep up with rising demand.
BUSINESS
Air India’s deal with Airbus, Boeing may swell to 840 jets
In addition to the record order for 470 planes from Airbus SE and Boeing Co. announced Tuesday, the carrier has options to buy another 370 jets, Chief Commercial and Transformation Officer Nipun Aggarwal wrote in a LinkedIn post late Wednesday. That number hadn’t been disclosed before.
BUSINESS
Gautam Adani considering privately placed bond offerings?
If it moved ahead with any offering and was able to secure investors, it could be the first debt issuance for Adani since shortseller Hindenburg Research alleged fraud and stock manipulation last month, claims that the group has vigorously disputed.
BUSINESS
HDFC prices its biggest ever rupee bond issue
India’s largest mortgage lender will raise 250 billion rupees ($3 billion) selling notes due in a decade at a coupon of 7.97% on Friday, according to people familiar with the matter.
BUSINESS
Tech CEO salary cuts aren’t always the sacrifice they seem
Corporations are increasingly keen to show investors they’re heeding calls for steep cost-cuts to help margins — including chopping CEO salaries — following a year when the tech-heavy Nasdaq 100 Index plunged 33%.
BUSINESS
Joe Biden offers rare praise for Elon Musk as Tesla opens charger network
In building our EV charging network, we have to ensure that as many chargers work for as many drivers as possible.
BUSINESS
Growing India clout prompts US, Europe to ignore PM Modi crackdown
The juxtaposition, intentional or not, marked a vivid demonstration of Modi’s success at leveraging India’s geopolitical position and economic promise to maintain good relations with the US and its allies even as his government becomes bolder in cracking down on dissent at home.
BUSINESS
Adani credit flashes warnings after group gorged on cheap debt
The conglomerate, with businesses stretching from ports to renewable energy, tapped international bond buyers for more than $8 billion in recent years, while also turning to global banks for at least as much in foreign-currency loans, data compiled by Bloomberg show.
BUSINESS
Poor, busy millennials are doing the midlife crisis differently
The Emerging Millennial Wealth Gap, a 2019 report from the nonpartisan think tank New America, shows that those born from 1981 to 1996 earn 20% less than baby boomers did at their age.
BUSINESS
Visiting Amsterdam now finds a city at a crossroads: Travel guide
During the pandemic, Amsterdam was able to see what the city looked like without tourists of this ilk, and it doesn’t want to go back. Some city officials have proposed a “discouragement” ad campaign for international visitors with plans to “go wild” in the city.
BUSINESS
PM Modi likely to retain wheat export curbs as elections loom
State reserves of wheat used to supply the food program for the poor have shrunk to the smallest for this time of year since 2017, which shows the premier has good reason to take no chances on the restrictions.
BUSINESS
Reddit sued by founder of meme stock driver WallStreetBets
Jaime Rogozinski claims that after he applied for a trademark for WALLSTREETBETS in March 2020, he was banned from moderating the forum he created in 2012.
BUSINESS
ASML Data Theft: Ex-employee stole info from repository for chip machines
The breach occurred in a repository that includes details of the lithography systems critical to producing some of the world’s most advanced chips, said people with knowledge of the situation.
BUSINESS
Goldman growth fund boosts bets on India as China interest cools
The New York-based bank is targeting to invest a quarter of its newly-raised $5.2 billion growth fund in the region, people familiar with the matter said, who asked not to be named discussing internal information.
BUSINESS
Mark Zuckerberg spends more on security despite ‘year of efficiency’
Meta, the parent company of Facebook and Instagram, is increasing its pretax spending on Zuckerberg’s personal security to $14 million in 2023, up from $10 million the last few years, according to a regulatory filing released Wednesday.
BUSINESS
Elon Musk nears world’s richest title again
The disclosure comes as Musk, 51, has narrowed the gap to Arnault to less than $1 billion amid signs of growing demand for Tesla’s electric vehicles.
BUSINESS
IEA boosts global oil demand forecast as China’s economy reopens
The agency raised global demand estimates by a hefty 500,000 barrels a day for the first quarter, and by just under half as much for the year as a whole. As a result, world consumption will climb by 2 million barrels a day this year to average 101.9 million a day, it said in a monthly report.
