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.
BUSINESS
Adani nears purchase of bankrupt Mumbai builder at 98% discount
Adani offered to pay 319.7 million rupees ($4 million) to financial creditors, compared with their ask for 16.58 billion rupees and 15.2 million rupees to employees, the person said, asking not to be identified as the details are private.
BUSINESS
Tatas a step closer to giving India its first homegrown iPhone maker
The conglomerate has been in talks with Taiwan' Wistron for months for buying out its 2.2 million square-foot factory just over 50 kilometers east of Bangalore
BUSINESS
Rolls-Royce says super rich keep on buying luxury cars
“We haven’t seen any downturn in order intake here over the last months,” Rolls-Royce Motor Cars Ltd. Chief Executive Officer Torsten Müller-Ötvös told Bloomberg Television. “I’m cautiously optimistic about this year.”
BUSINESS
Crypto startup funding falls to lowest level in almost two years
Overall, VC firms invested $2.3 billion in crypto startups during the quarter, a 75% drop from the same period the previous year, according to PitchBook.
BUSINESS
Third Sam Bankman-Fried associate Nishad Singh met with prosecutors
Nishad Singh, who has not been accused of wrongdoing, attended a so-called proffer session last week at the Southern District of New York US Attorney’s Office, according to people familiar with the matter.
BUSINESS
Morgan Stanley’s Jon Pruzan, onetime CEO candidate, exits firm
Pruzan, who’s leaving at the end of the month, departs after a 28-year run that included a six-year stint as chief financial officer — the public face of the firm to investors and analysts.
BUSINESS
Earnings key risk for tech stocks after worst year since 2008
While price-earnings multiples have come down from their peaks during the pandemic, many of the market’s biggest names continue to look expensive
BUSINESS
Govt considers lifting rice export curbs as supply improves
India accounts for about 40% of global rice trade.
BUSINESS
iPhone exports double to surpass $2.5 billion this fiscal
India is emerging as Apple Inc.’s next manufacturing hub as assembly partners seek to add resilience to a supply chain heavily centered on China and shaken by its geopolitical and health challenges.
BUSINESS
Paytm founder Vijay Shekhar Sharma may not be eligible for stock options: Proxy firm
While Sharma isn’t classified as a promoter — Indian parlance for controlling shareholder — he has rights akin to one, including a potential permanent seat on the board, IiAS said in a note Friday.
BUSINESS
Apple begins hiring retail store employees in India: Report
The company’s careers page lists several different opportunities for workers in India, including business expert, “genius,” operations expert and technical specialist.
BUSINESS
Rishi Sunak heads for crunch talks with unions as strikes hobble UK
The nation will get a mild respite from rail strikes this week after a series of stoppages all but brought the sector to a standstill in the first few days of 2023. Employees on the Elizabeth Line, as well as ambulance workers, still have walkouts scheduled.
BUSINESS
Goldman Sachs to cut about 3,200 jobs this week after cost review
The firm is expected to start the process mid-week and the total number of people affected will not exceed 3,200, according to a person with knowledge of the matter. More than a third of those will likely be from within its core trading and banking units, indicating the broad nature of the cuts.
BUSINESS
Europe inflation barb gives New Year bond fizz a bitter taste
Traders are grasping for hints inflation may be easing off after spiraling price growth last year drove government bonds to their biggest annual loss on record.
BUSINESS
Twitter cuts more staff overseeing global content moderation
At least a dozen more cuts on Friday night affected workers in the company’s Dublin and Singapore offices, according to the people, who asked not to be identified discussing non-public changes.
BUSINESS
Adani among potential suitors eyeing stake in India-backed power trader
Adani is among possible bidders reviewing preliminary information on the business, the people said, asking not to be identified as the information is private. Other Indian conglomerates are also evaluating whether to bid, one of the people said.
COMPANIES
Billionaire Jack Ma gives up control of Ant Group
The change of control could mean that Ant will have to wait longer for a much anticipated resumption of its initial public offering
ECONOMY-2
India set to lose fastest-growing major economy title
Gross domestic product will grow 7% in the fiscal year ending March, according to the first official estimate released by the Statistics Ministry on Friday.
WORLD
Maldives pops with yachts, led by India steel magnate’s Alaiya
The 111-meter Alaiya, reportedly owned by Indian steel magnate Lakshmi Mittal
BUSINESS
Sony and Honda unveil Afeela EV in latest challenge to Tesla
Cars bearing the new marque will capitalize on the expertise of Sony Group Corp. and Honda Motor Co., Sony Honda Mobility Chief Executive Officer Yasuhide Mizuno said, unveiling the venture’s first prototype during Sony’s CES press conference in Las Vegas on Wednesday.
BUSINESS
Rupee, worst emerging Asia currency of 2022, may fall further
“A substantially wider current account deficit” in the next fiscal year will keep the rupee under pressure, Neeraj Gambhir, group executive for treasury, markets and wholesale banking at Axis Bank, said in a Bloomberg TV interview.
BUSINESS
Cerberus drops pursuit of Apollo’s unit in India
The US firm’s Indian arm decided not to proceed with the deal in October after agreeing to acquire Arcion Revitalization Pvt. for about 2 billion rupees ($24 million), said the people, who asked not to be identified as the information is private.
BUSINESS
Fallen tech darlings are value buys for Franklin Templeton
Initial public offerings of Indian internet firms boomed in 2021 thanks to pandemic-triggered easy-money policy and government efforts to foster startups.
