BUSINESS
ADP, GMR Airports Infrastructure to merge joint venture With GMR
ADP and GMR Airports Infrastructure own 49% and 51%, respectively, of the unlisted GMR Airports Ltd., according to a statement Sunday from the French company, which operates Paris’s Charles de Gaulle and Orly.
WORLD
The one big winner and many losers of UBS’s Credit Suisse rescue
After a weekend of frantic talks to forge a solution before markets opened in Asia, the firm struck a deal to buy its smaller rival for about $3.3 billion in an share deal that includes extensive guarantees and liquidity provisions. Here are some of the big winners and losers to emerge from the deal.
BANKS
First Citizens weighing takeover of Silicon Valley Bank
The Federal Deposit Insurance Corp will decide on Sunday whether to pursue a full sale or breakup, depending if any bids come in
BANKS
Warren Buffett in contact with Biden team on banking crisis
The calls have centred around Buffett possibly investing in the US regional banking sector in some way, but the billionaire has also given advice and guidance more broadly about the current turmoil
BUSINESS
UBS Seeks Swiss Backstop in Any Credit Suisse Deal
UBS is discussing scenarios in which the government would take on certain legal costs or other specific losses in any deal, said the people, asking not to be identified describing private discussions.
BUSINESS
BlackRock not working on rival bid for Credit Suisse
“BlackRock is not participating in any plans to acquire all or any part of Credit Suisse, and has no interest in doing so,” according to a spokesman for the U.S. investment giant.
BUSINESS
Tanker giants sprout from nowhere to keep Russian oil moving
Almost 1,200 miles away in Dubai, a small office in a run down industrial estate, offers no clues that it, too, is a small cog in Russia’s vast new petroleum supply chain.
ECONOMY
China central bank warns SVB collapse shows hazard of rapid rate hikes
The abrupt collapse of SVB this month roiled global financial markets and put authorities around the world on alert for signs of contagion
BUSINESS
CFA revised exam cuts study time, stresses practical skills
Starting in 2024, Level I candidates can pick between Python, a programming language, or financial modeling. Level II will offer advanced Python or analyst skills
POLITICS
International Criminal Court issues arrest warrant for Putin for war crimes
The Kremlin dismissed the ICC move. Russia “doesn’t recognize this court’s jurisdiction and any decisions of such kind are void from the point of view of international law,” Putin’s spokesman, Dmitry Peskov, said
ECONOMY
China cuts reserve requirement ratio to boost economy
Economists said the cut was aimed at ensuring liquidity in the banking system to sustain the rapid pace of lending seen in January and February
MARKETS
Recession, yes. But markets cling to hope crisis will be avoided
Across markets, the most convincing sign of a recession is the plunge in Treasury yields. Sinking further Friday, the downturn was led by shorter-dated bonds, which took the entire yield curve below 4 percent as banking turmoil led traders to price in more Federal Reserve rate hikes
BUSINESS
Silicon Valley Bank parent files for bankruptcy protection
SVB Securities and SVB Capital's funds and general partner entities are not included in the Chapter 11 filing, the collapsed lender added.
WORLD
China cuts reserve requirement ratio to boost economy
The 0.25 percentage point cut will apply to almost all banks and take effect from March 27, the People’s Bank of China said.
WORLD
Tiger Global slashed value of venture fund by a third last year
Around $9 billion of the markdown came in the second half of the year, said the person, who asked not to be identified because the information is private. A representative for the New York-based firm declined to comment.
BUSINESS
Oil set for worst week this year, eye on OPEC+ move
West Texas Intermediate futures edged toward $69 a barrel on Friday, but are still down about 10% for the week. OPEC+ chiefs from Saudi Arabia and Russia met in Riyadh on Thursday, and discussed efforts by the group to “promote market balance and stability.”
BUSINESS
Boeing and Airbus intensify search for skilled talent in India
Airbus plans to hire 1,000 people in India this year out of 13,000 globally. Boeing and its suppliers, which already employ about 18,000 workers in the nation, have been growing by some 1,500 staff every year, the US jet manufacturer’s India head Salil Gupte told Bloomberg News in an interview.
TRENDS
India’s romance with extravagant, expensive pre-wedding shoots
It wasn’t an act. The video, shot ahead of the couple’s wedding and meant to evoke their romance, was an epic fail — at least at first. Then the clip turned into an Instagram sensation, amassing 13 million views.
WORLD
Big ECB hike called into doubt by Credit Suisse
The crisis at Credit Suisse Group AG that followed the collapse of Silicon Valley Bank has left analysts less certain that the intended hike will in fact materialize. Investors are pricing 40 basis points, while Bloomberg Economics and Deutsche Bank predict just 25.
BUSINESS
Industries stocking up on coal before the summer crunch
Although supplies to non-power industries have improved in recent months, companies remain wary of shipments thinning out when demand from power stations soars during the hot season starting in April.
BUSINESS
Nifty bounces back from the verge of correction
The benchmark NSE Nifty 50 Index extended its losses from an all-time high on Dec. 1 to 10%.
BUSINESS
Cyril Shroff sees more fees, deals after foreign law firms’ entry
Reversing a decades-long stance, the Bar Council of India this week permitted firms from certain countries to register in India, open offices and advise local clients on international law in non-litigious matters.
WORLD
Singapore snatches back ‘Best Airport’ crown from Qatar
The Asian hub edged Doha’s Hamad International Airport into second place, with Tokyo’s Haneda Airport bagging third, in the Skytrax World Airport Awards 2023. The US was conspicuous by its absence in the top 10.
WORLD
IPhone maker Hon Hai expects flat 2023 as it builds EV push
The Taiwanese Apple Inc. assembler offered a forecast of slumping consumer electronics demand this year offset by an uptick in sales of cloud and networking products, PCs and especially EV hardware, which it sees growing by as much as fivefold this year.
