BUSINESS
Soaring rice price shows food inflation still stalking the world
Thai rice, a benchmark for Asia, has soared to the highest in almost two years.
BUSINESS
Budget 2023 seen pro-growth, prudent, not so populist: Survey
Budget 2023: Finance Minister Nirmala Sitharaman will likely increase expenditure by about 12.5% year-on-year to 44.40 trillion rupees ($544 billion) in the year beginning April, according to the median of estimates in a Bloomberg survey ahead of the Feb. 1 budget.
BUSINESS
Fidelity cuts Ant Group valuation by another 9% to $64 billion
Boston-based Fidelity cut its estimate for Ant by about 9% to about $63.8 billion as of the end of November from the end of May, according to Bloomberg calculations based on filings. That’s down from $235 billion just before Ant’s IPO was halted in November 2020.
BUSINESS
Intel issues one of the grimmest forecasts ever
The company predicted a surprise loss in the current period and a sales range that missed analysts’ estimates by billions of dollars. At the low end of Intel’s projections, revenue would be the smallest quarterly total since 2010.
BUSINESS
Adani lines up detailed response to ‘bogus’ short seller report
The Adani Group held the call with fixed-income investors after US short seller Hindenburg Research leveled a series of extraordinary allegations about the sprawling conglomerate.
BUSINESS
China mulls protecting solar tech dominance with export ban
China’s Ministry of Commerce and Ministry of Science and Technology are seeking public comment on adding some manufacturing methods key to producing advanced solar wafers on to its list of technologies it prohibits exporting.
BUSINESS
Short seller attack shows risks of going global for Adani empire
Sure enough, the global spotlight has arrived — but not the sort he craved.
BUSINESS
Hindenburg vs Adani: The short seller taking on the Indian businessman
Now the activist short seller behind Hindenburg Research is going after his biggest game yet — what Hindenburg is calling, with characteristic chutzpah, “The Largest Con in Corporate History.’’
BUSINESS
Russian oil exports to India may hit new highs as interest grows
India’s crude imports rose to a record last year, although increased buying of Russian barrels has crimped flows from OPEC.
BUSINESS
New Twitter whistleblower says privacy lapses continued into Musk era
As many as 4,000 company employees could access an internal function nicknamed “GodMode” that allows them to take over private accounts and tweet – or delete tweets from them, according to a whistleblower complaint filed in mid-October, two weeks before Musk took over the company. It’s not clear if the problem has been resolved since the complaint was filed.
BUSINESS
Adani Group says it's exploring legal action against Hindenburg
Bonds and shares of Adani-related entities slumped after Hindenburg, an investment research firm that specializes in short-selling, made wide-ranging allegations of purported corporate malpractice following what it said was a two-year investigation into Adani’s companies.
BUSINESS
Smartphone shipments plunge most ever as buyers spend less
Shipments declined 18.3% in the December quarter compared to a year earlier, to a little over 300 million units, Needham, Massachusetts-based IDC said Thursday. For the year, shipments fell 11.3% and marked the lowest total for a decade, the researchers said.
BUSINESS
Tech Layoff: H-1B visa holders set to find new jobs in Chicago
More than 35 firms in the Chicago region are willing to hire workers on H-1B visas, given to foreign employees in specialty occupations such as software engineering.
BUSINESS
Tech Layoff: Prosus latest to cut 30% corporate staff
The firm, one of Europe’s largest e-commerce companies by asset value, will make cuts at its corporate centers, including hubs in Hong Kong, Amsterdam and South Africa, Chief Executive Officer Bob van Dijk said in an interview Wednesday.
BUSINESS
Porsche Vision 357 concept car is has Nissan vibes
The Porsche Vision 357 takes its name as a successor to those 356 models that won Porsche notoriety. But it’s neither based on that open-top roadster nor, as you might otherwise expect, on the quintessential Porsche 911.
BUSINESS
World’s biggest luxury spenders are label-loving Koreans
It’s a scene playing out across the country, where a potent mix of status seekers, cashed up homeowners and YOLO-ing (you only live once) millennials has combined to make South Koreans the world’s biggest per-capita spenders on luxury brands.
BUSINESS
Exodus of wealthy Chinese accelerates with end of Covid zero
Since the end of Covid Zero in December, many rich Chinese have begun traveling overseas to check out real estate or firm up plans to emigrate, immigration consultants said in interviews.
BUSINESS
NYSE mayhem traced to a staffer who left a backup system running
When markets are closed, it participates in a well-worn routine, with NYSE staffers turning on and off systems to ensure everything works.
BUSINESS
IHC, ADIA among bidders for Adani’s $2.5 billion share sale
Mubadala Investment Co PJSC, BNP Paribas SA have also bid, the people said, asking not to be identified as the details aren’t public. The so-called anchor book for Adani Enterprises Ltd. was oversubscribed by 1.8-2 times, the people added.
BUSINESS
Jeremy Grantham warns of a 17% plunge in the S&P 500 this year
In fact, the 84-year-old money manager calculated that the value of the S&P 500 at the end of the year should be about 3,200, he says in a paper out Tuesday.
BUSINESS
Mukesh Ambani, other billionaires buy stake in Josh Kushner’s VC Firm Thrive
India’s Mukesh Ambani, Brazil’s Jorge Paulo Lemann and France’s Xavier Niel will join KKR & Co. co-founder Henry Kravis and Walt Disney Co. Chief Executive Officer Robert Iger in investing $175 million to purchase a 3.3% stake in Thrive.
BUSINESS
Vistara shelves plan to fly to US on 787 delivery delays
Vistara, a joint venture between the Tata Group and Singapore Air, is expecting to induct its remaining four Dreamliners by March 2024, he said. While the first of those four jets will be delivered by April, Vistara is waiting for clarity from Boeing on the exact delivery timeline, Kannan said.
BUSINESS
JPMorgan Chase India unit gets RBI approval for new bank CEO
The Wall Street firm, which traces its presence in India back to 1922, started commercial banking operations in the country about 15 years ago.
BUSINESS
How Apple’s upcoming mixed-reality headset will work
The roughly $3,000 device, due later this year under the likely name of Reality Pro, will take a novel approach to virtual meetings and immersive video, aiming to shake up a VR industry currently dominated by Meta Platforms Inc.
