BUSINESS
Apple’s Tim Cook takes rare CEO pay cut after pushback
As part of the changes, the percentage of stock units awarded to Cook and tied to Apple’s performance will increase to 75% in 2023 from 50%, as well as in future years, the company said in a regulatory filing Thursday.
ECONOMY
US inflation cools again, giving Fed room to downshift on rates
The overall CPI fell 0.1% from the prior month, with cheaper energy costs fueling the first decline in 2 1/2 years.
AUTOMOBILE
Auto Expo 2023: Tata Group to make electric vehicle battery cells in Europe, says CFO
Tata is finalizing plans and will announce details soon, CFO P.B. Balaji said, declining to disclose the location of the facility and a time frame. There will be a “lot of investments,” he said, without elaborating.
BUSINESS
India set to test green bond market with debut $2 billion sale
Green bond sales dropped for the first time in a decade last year, as monetary policy tightening hit issuance, and as asset managers came under fire for alleged greenwashing.
BUSINESS
World’s richest man Bernard Arnault taps daughter to run Dior
The appointment comes a month after Antoine Arnault, the eldest son, was given a wider role in the business, replacing Sidney Toledano as chief executive officer and vice chairman of Christian Dior SE, the holding company through which the family controls LVMH Moet Hennessy Louis Vuitton SE.
BUSINESS
KKR invests $1.15 billion in Aircraft leasing as travel rebounds
The bet on air travel, made through KKR’s credit and infrastructure funds, adds to the roughly $8.3 billion that the alternative-asset manager has put into the aviation sector since 2015. KKR owns about 50% of Altavair.
BUSINESS
JPMorgan says it was defrauded in $175 million purchase of college site
The bank “paid $175 million for what it believed was a business deeply engaged with the college-aged market segment with 4.265 million customers,” JPMorgan said in a Dec. 22 lawsuit filed in Delaware federal court. “Instead, it received a business with fewer than 300,000 customers.”
BUSINESS
T-Mobile considers buying Ryan Reynolds’s Mint Mobile
The second-largest US mobile service provider has been in talks with Mint Mobile, said the people, who asked to not be identified because the matter isn’t public.
BUSINESS
Apple is working on adding touch screens to Macs in major turnabout
Apple engineers are actively engaged in the project, indicating that the company is seriously considering producing touch-screen Macs for the first time, according to people familiar with the efforts. Still, a launch hasn’t been finalized and the plans could change.
BONDS
Pimco says ‘bonds are back’ with recession likely this year
Pimco says that while a recession could further challenge riskier assets like stocks, “we continue to see a strong case for investing in bonds, after yields reset higher in 2022 and with an economic downturn looking likely in 2023.”
BUSINESS
Rupee’s trendline breach opens up a path for further gains
The dollar-rupee closed below an uptrend in place since the beginning of 2022 on Tuesday, a bearish technical signal for chart watchers.
BUSINESS
Kumar Mangalam Birla’s Hindalco to sell first bond in a decade
Hindalco Industries Ltd. is looking to sell a bond for as much as 7 billion rupees ($86 million), according to an exchange filing on Wednesday. If the transaction goes ahead, it would the firm’s first bond sale since 2012, Bloomberg-compiled data show.
BUSINESS
Risks rise on D-Street as investors turn wary before Budget
After beating most Asian and emerging market peers last year, India’s $3.4 trillion stock market is already overshadowed in 2023 as China’s reopening attracts global funds to the North Asian market after a record selloff.
BUSINESS
India’s foray into the EV battery lacks key ingredients
The government has unveiled incentives of at least $3.4 billion to expedite its lagging adoption of EVs as Prime Minister Narendra Modi vows to reach net zero by 2070.
BUSINESS
Foreign cars muscle in on India’s EV market at Auto Expo 2023
The prominence of foreign carmakers at India’s biggest auto show underscores the nation’s slow take up of electric vehicles.
BUSINESS
World’s biggest ship skips India in blow to its trade goals
India’s biggest state-run container handling facility, Jawaharlal Nehru Port Trust, lacks the 17-meter draft needed for such vessels to navigate. One facility that has said it can handle the behemoth — Mundra Port, operated by billionaire Gautam Adani’s conglomerate — has so far been skipped.
BUSINESS
Apple to drift away from Samsung, start making screens in-house next year
The changes are part of a sweeping effort to replace Apple supplies with homegrown parts, an undertaking that will give the company more control over the design and capabilities of its products
BUSINESS
World Bank cuts 2023 forecasts and warns of global recession
Global gross domestic product will probably increase 1.7% this year, about half the pace forecast in June, the Washington-based lender said Tuesday. That would be the third-worst performance in the last three decades or so, after the contractions of 2009 and 2020.
WORLD
Jerome Powell vows to limit Fed’s climate role to protect independence
The Fed chair is three weeks away from the next meeting of the Federal Open Market Committee, which last year raised its benchmark lending rate from near zero to a range of 4.25% to 4.5% to battle high inflation.
BUSINESS
JP Morgan CEO Jamie Dimon says Fed's rate hikes might go beyond 5%
The CEO of the biggest US bank made his comments ahead of US inflation data due Thursday and fourth-quarter results from top banks beginning Friday.
BUSINESS
China hits back at South Korea, Japan in first Covid retaliation
Chinese consulates in South Korea will stop issuing short-term visas for visits, business, tourism, medical care, transit and personal matters from Tuesday, the Chinese Embassy in Seoul said in a statement.
BUSINESS
Byju’s seeks more time from lenders to recast $1.2 billion debt
The creditors have until Tuesday to sign a forbearance agreement, which will give the company time till Feb. 10 to negotiate broader terms on the term loan, the people said, asking not to be identified as the information isn’t public.
BUSINESS
China eyes cornering another green energy market: Hydrogen
As the world sprints to decarbonize, the next round of competition revolves around a device called an electrolyzer.
BUSINESS
Noma, one of the world’s best restaurants, is closing its doors
The Copenhagen restaurant, one of the world’s most famous and a top destination for food tourism, has given notice that it will permanently close its doors to regular service.
