BUSINESS
Adani drops off list of world’s top 10 richest people
The Indian tycoon has fallen from fourth place to 11th on the Bloomberg Billionaires Index, with a personal wealth wipeout of $34 billion in just three trading days.
BUSINESS
Vedanta is said to scrap plans to sell mega Indian copper smelter
After scrapping the seven-month-old process to offload the 400,000 tons-a-year Sterlite Copper plant, the company will now work with the local population to restart the factory that was shut on environmental concerns, the people said, asking not to be named as the information is not public.
BUSINESS
Samsung to maintain capex after plunging profits in chips
South Korea’s largest company has been struggling with a historic slump in the price of memory, as consumers cut back on purchases of gadgets amid soaring interest rates and inflation. Inventory has piled up, forcing double-digit price slides that are deepening losses.
BUSINESS
Adani dollar bonds rally from record lows after UAE royal boost
A note from one of the group’s key units, Adani Ports & Special Economic Zone Ltd., rose 3.4 cents on the dollar to 68.8 cents as of 9:47 a.m. in Hong Kong. That pares its drop since US-based short seller Hindenburg Research last week alleged “accounting fraud” at Adani group to about 10 cents.
BUSINESS
Union Budget 2023: Tax cuts, factory incentives: What to watch for in India Budget
Budget 2023: FM may tweak income-tax slabs to provide relief to middle class and increase spend on the poor through rural jobs, while ramping up financial incentives for local manufacturing.
BUSINESS
HSBC expects Budget 2023 to choose macro stability over growth
High inflation and widening trade deficit that posed macroeconomic stability challenges last year will lessen in severity, but growth will taper off too, Bhandari said in an interview Monday with Bloomberg Television’s Rishaad Salamat. “It’s hard for the two to co-exist.”
BUSINESS
India’s Budget to test PM Modi’s fiscal resolve ahead of 2024 vote
Shrinking the deficit which hit a record 9.2% of gross domestic product during the first year of the pandemic is necessary for Asia’s third-largest economy to improve its credit rating currently at the lowest investment grade.
BUSINESS
ChatGPT ‘arms race’ adds US$4.6 billion to Nvidia founder’s fortune
Jensen Huang has seen his fortune climb by 33 per cent this year to US$18.4 billion, a larger percentage gain than any other US billionaire, according to the Bloomberg billionaires Index.
BUSINESS
Chinese search giant Baidu to launch ChatGPT-style bot
China’s largest search engine company plans to debut a ChatGPT-style application in March, initially embedding it into its main search services, said the person, asking to remain unidentified discussing private information.
BUSINESS
Stocks are poised to hit new lows this year, survey of investors shows
Driving home the shifting landscape, almost half of participants say the key for stocks this week will be quarterly results from Apple Inc., Meta Platforms Inc. and Exxon Mobil Corp., rather than the Federal Reserve decision or anything Chair Jerome Powell says Wednesday.
BUSINESS
Rupee left behind in EM rally as RBI rebuilds foreign reserves
The currency has lagged peers from the Thai baht to the Indonesian rupiah this month, gaining only 1.4% even amid sustained dollar weakness.
BUSINESS
Tesla's new no. 2 won Elon Musk over by working around the clock
Tom Zhu, who spearheaded the US carmaker’s Asia Pacific operations and oversaw Tesla’s factory in Shanghai become its most productive in the world, was brought over to Austin late last year to help run the company’s newest plant.
BUSINESS
Adani risk casts doubt on Wall Street’s star emerging-market bet
It’s a shock that forces Wall Street to reexamine its confidence in India’s expansion and its pro-business government, which helped the benchmark Sensex index trade last quarter at the highest in a decade versus the S&P 500.
BUSINESS
Fed set to shrink rate hikes again as inflation slows
Policy makers are poised to raise their benchmark federal funds rate by a quarter percentage point on Wednesday, to a range of 4.5% to 4.75%, dialing back the size of the increase for a second-straight meeting.
BUSINESS
The Bond-Market comeback of 2023 is heading to first big test
Treasuries rallied this month on widespread anticipation that the Federal Reserve is nearing the end of its interest-rate hikes as inflation comes down and tighter financial conditions cool the economy.
BUSINESS
Bull market beckons China stocks as consumption revs up after lifting of Covid curbs
The CSI 300 Index may extend its 19 percent rise from an October low when traders return after a week-long Lunar New Year break, with travel and box office data signaling that consumer spending is on the mend
BUSINESS
Adani Group to release detailed reply on Hindenburg report after follow-on issue
Hindenburg alleged that its two-year investigation found the Adani Group “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades”.
BUSINESS
Zimbabwe plans a new city for the rich
A brochure depicts pristine walkways, towering high rises and shining malls — all to be shared by a multiracial coterie of well-heeled residents.
BUSINESS
BuzzFeed shares surge 120% on plans to embrace OpenAI
The stock rose by 120% Thursday, bringing BuzzFeed’s market value to nearly $300 million, in its biggest gain since going public via a blank-check merger in December 2021.
BUSINESS
China celebrated Lunar New Year like Covid no longer exists
The sudden dismantling of China’s Covid restrictions in December allowed everyone to travel and freely mingle for the country’s most important festival for the first time since 2019.
WORLD
Londoners settle their housing deals on WhatsApp as private sales market booms
Almost a third of homes sold for £1 million or more were traded off-market in the final three months of last year, the highest quarterly share since 2017.
BUSINESS
Goldman Sachs lowers CEO David Solomon’s pay 30% to $25 million
The package includes a $2 million base salary and $23 million in variable compensation, with $16.1 million of that in the form of restricted stock units.
BUSINESS
Adani report fallout: Banking, LIC shares crack
The NSE Bank Nifty Index extended declines of the previous session, underperforming broader stock benchmarks. Bank of Baroda and State Bank of India were among the biggest decliners.
BUSINESS
Hyundai unveils $8.5 billion spending plan amid EV push
The money will be spent primarily on research and development and on building a new plant in Georgia, the Seoul-based automaker said.
