BUSINESS
iPhone maker Foxconn plans $700 million plant in Bengaluru
The Taiwanese company, also known for its flagship unit Hon Hai Precision Industry Co., plans to build the plant to make iPhone parts on a 300-acre site close to the airport in Bengaluru, the capital of the southern Indian state of Karnataka, according to the people, who asked not to be named as the information is not public.
BUSINESS
GQG Partners: How Rajiv Jain built a $92 billion stock empire
This formula has proven spectacularly successful. In less than seven years, Jain, the former chief investment officer at Vontobel Asset Management, has built GQG into a $92 billion powerhouse. Few, if any, startup funds in recent memory have raised so much money in so little time, according to Morningstar Direct.
WORLD
World Bank nominee Ajay Banga is a ‘big believer’ in climate science
“There’s enough scientific evidence that I’m a big believer in,” Ajay Banga said in a group interview Thursday at the US Treasury Department, adding that poverty alleviation and environmental issues are “intertwined.”
BUSINESS
Adani bonds still shaken even as $153 billion stock rout eases
The stock-market abyss that the ports-to-power conglomerate remains in and uncertainties over credit ratings continue to fan worries about its access to funds following a short seller attack.
WORLD
Two of the world’s top restaurants lose Michelin stars
Celebrity chef Guy Savoy’s eponymous restaurant in Paris suffered the ratings hit, the Michelin Guide confirmed in a statement Monday. That came after earlier reports that the latest edition of the guide for France, due to be published next week, will reveal the move.
WORLD
Singapore hikes permanent residence threshold for Ultra-Rich
Applicants will need at least S$10 million ($7.4 million) in a business or S$25 million in an approved fund, the Singapore Economic Development Board said in a statement Thursday.
WORLD
Salesforce CEO Marc Benioff praises activist investors after earnings-fueled rally
Speaking on Bloomberg Television after the stock jumped 16% in late trading, Benioff described the shareholders as “great new investors” with useful feedback. “I enjoy listening to them and getting their ideas.”
WORLD
China’s top tech banker detained by antigraft agency, WSJ says
The star banker’s detention by China’s Central Commission for Discipline Inspection is related to an earlier investigation into Cong Lin, China Renaissance’s former president, according to the report.
WORLD
South Korea’s chip inventory climbs at fastest pace in 27 years
Chip stockpiles jumped 28% from a month earlier, the biggest increase since February 1996, Korea’s statistics office said Thursday in a statement. From a year earlier, stockpiles advanced 39.5%.
BUSINESS
Super rich of Indian origin are top clients at new Singapore wealth firm
The firm was founded in October by former Bank of Singapore market head for Global South Asia and the Middle East Hemant Tucker, Maitri Asset Management’s ex-Chief Executive Officer Manish Tibrewal and three others.
BUSINESS
India’s Russian oil buy below western price cap: US Officials
India’s purchases of Russian oil are a constant topic of discussion between the US and India as Washington seeks to deny Russia the revenue it needs to fund its invasion of Ukraine, the officials said. They briefed reporters on condition of anonymity.
BUSINESS
Mukesh Ambani to foray into genome testing with Rs 12,000 kit
The genome test, which is about 86% cheaper than other offerings available locally, can reveal a person’s predisposition to cancers, cardiac and neuro-degenerative ailments as well as identify inherited genetic disorders, he said.
WORLD
Tesla taking page from mobile plans with home charging for $30
While Tesla isn’t alone in contemplating such a plan, the automaker’s announcement Wednesday during its investor day underscores a pivot in home charging.
WORLD
Elon Musk sets path to renewable future, is mum on new-car debuts
The automaker’s Master Plan 3 three-hour presentation Wednesday disappointed some investors who were expecting new-product information, including details of the future Gen 3 platform. Tesla shares fell as much as 6.8% to $189 in extended trading.
WORLD
UK vegetable growers demand government action to stem shortage
The National Farmers Union on Wednesday warned empty shelves will become more common without urgent government action.
BUSINESS
De Havilland Sseks to dominate Indian demand for small planes
The company is expecting India to have as many as 120 small aircraft that seat less than 20 passengers in the next 10 years, Yogesh Garg, the manufacturer’s Asia Pacific sales director, said in an interview in New Delhi on Tuesday on the sidelines of the Airline Economics Growth Frontiers India conference.
BUSINESS
Singapore fund seeks $125 million for stoves in India, Kenya
The Improved Cook Stoves Carbon Fund will be managed by Singapore’s Impact Capital Asset Management, which has partnered with EKI Energy Services Ltd.
WORLD
Asia’s factories gather some speed on China reopening boost
The latest round of factory data adds to uncertainty as the global economy braces for a downturn, amid persistent inflation and high borrowing costs sapping already-fragile demand.
BUSINESS
Tata Group’s talks over $1 billion Bisleri stake stall
The Indian conglomerate had been in advanced discussions to take control of Bisleri and the parties were working on finalizing the structure of a transaction, the people said.
WORLD
UK’s soaring mortgage costs mean it’s cheaper to rent a home
The consultant found that the average mortgage repayment has now topped £1,000 ($1,200) a month for the first time ever after interest costs on the loans doubled in the last two years. That trend may persist until next year.
WORLD
These billionaire owners of luxury hotels plan to start cruise ship operators
The push by Marriott International Inc., the world’s biggest hotel group and Ritz-Carlton owner, into luxury cruising is part of a new wave of high-end operators targeting the wealthy.
WORLD
There was nowhere to hide in February's market reversal
From stocks to fixed income and commodities, just about everything fell in a reversal of January’s spirited rally. Shelter was hard to come by: the least-bad return among major US assets was a decline of 1.4% through Monday from high-yield bonds.
WORLD
Twitter to scale back NYC office space as Elon Musk cuts costs
Twitter recently listed nearly 200,000 square feet (19,000 square meters) of space for sublease at 245 and 249 W. 17th St. in Manhattan, according to data from real estate brokerage Savills.
BUSINESS
Trafigura trader who led deals with alleged fraudster to leave
Trafigura trader Harshdeep Bhatia was the “main trader” working on the company’s dealings with Prateek Gupta, who Trafigura has accused of selling it nickel cargoes that didn’t contain any nickel, according to court filings.
