BUSINESS
Sequoia-funded Zilingo, founded by Ankiti Bose, to liquidate after crisis
The liquidation process spells an end to a startup whose implosion and months-long battle for survival sent shock waves through Southeast Asia and India’s tech industries.
BUSINESS
What to watch for after India’s population overtakes China
India, with its predominantly young population, is on course to being the fastest-growing major economy in the coming years, while an aging China is expected to see slower growth after years of rapid expansion.
BUSINESS
Jamie Dimon says remote work ‘doesn’t work’ for younger staff, management
Dimon’s comments come amid an industrywide slowdown in finance and increasing signs of a recession, which has pushed big banks to slash bonuses, cut jobs and pause hiring.
BUSINESS
Air India’s mega deal with Airbus, Boeing held up over engine cost
Air India has spent months negotiating an order of about 400 narrowbody and 100 widebody jets that would allow the country’s flag carrier to upgrade service and reliability.
BUSINESS
Buzzing economic activity belies fears of a slowdown
Consumer spending boosted tax collection and manufacturers signaled optimism about the future, while services sector saw expansion of new businesses.
BUSINESS
Apple to expand smart-home lineup, taking on Amazon and Google
The push into smart displays will start with a tablet product — essentially a low-end iPad — that can control things like thermostats and lights, show video and handle FaceTime chats, people with knowledge of the plans said.
BUSINESS
Crypto firm Genesis is preparing to file for bankruptcy
The cryptocurrency lending unit of Digital Currency Group has been in confidential negotiations with various creditor groups amid a liquidity crunch. It has warned that it may need to file for bankruptcy if it fails to raise cash, Bloomberg previously reported.
BUSINESS
UBS Dubai taps Credit Suisse bankers to target wealthy Indians
Sanjay Advani and members of his team that serve non-resident Indians are set to join UBS in the coming months, people familiar with the matter said, asking not to be named because the information is private.
BUSINESS
Samsung spars with India over $110 million production incentives
The incentives are a key component in Prime Minister Narendra Modi’s drive to make India an electronics manufacturing hub.
BUSINESS
EY is said to allege Sequoia-backed GoMechanic inflated revenue
EY’s research alleged that about 60 of the more than 1,000 GoMechanic service centers may have violated accounting norms to overstate revenue and divert funds, the people said, asking not to be identified discussing sensitive information.
BUSINESS
India’s population has already overtaken China’s, analysts estimate
The South Asian nation’s population stood at 1.417 billion as of end 2022, according to estimates from the World Population Review, an independent organization focused on census and demographics.
BUSINESS
BOJ holds policy as it pushes back against market speculation
The central bank kept its main policy settings unchanged, leaving its negative interest rate at -0.1% and 10-year bond yields around 0%, according to its latest policy statement Wednesday.
BUSINESS
Diamond traders hit by Rupee risks amid Russia supply woes
Supplies from Russia to India have fallen 40% since April, leading to a knock-on slump in exports from the Asian nation.
BUSINESS
Budget 2023: Capex spend likely to slow on lower tax haul
Budget 2023: When Finance Minister Nirmala Sitharaman presents this year’s budget on February 1, she faces the daunting task of balancing a commitment to narrowing the fiscal deficit with keeping the engines of growth well-oiled.
INDIA
Indians view US as biggest threat after China, survey shows
Some 43% of the 1,000 respondents perceived China as the greatest threat, according to the survey by Morning Consult, a US-based global business intelligence company.
BUSINESS
Top talent at Indian firms may see their pay rise 30% this year
On average, pay in the South Asian nation will increase by 9.8% in 2023 after a 9.4% bump last year, the consulting firm said in a report.
TECHNOLOGY
Apple launches new Macbooks, Mac mini in rare January event
The new 14-inch and 16-inch MacBook Pros look the same as the prior models — which launched at the end of 2021 — but add more powerful M2 Pro and M2 Max chips to replace the M1 Pro and M1 Max processors
BUSINESS
Meme stock billionaire’s Alibaba wager risks clash with Beijing
The billionaire entrepreneur, an idol of the meme-stock crowd who muscled his way onto the GameStop board, has taken a stake in Alibaba worth hundreds of millions of dollars.
BUSINESS
RBI may pause on rates next month: DSP Investment Managers
With India’s headline inflation for the October-December period falling below the RBI’s estimate, the central bank could reevaluate its strategy amid an ongoing global growth slowdown, Pathak said in a Tuesday interview with Bloomberg Television.
BUSINESS
Davos 2023: Qatar’s wealth fund eyes soccer, tech in revamp
The World Economic Forum returns to the resort during the winter for the first time in three years this week.
BUSINESS
China’s GDP likely hit by lockdowns, Covid zero exit
A surge in infections in December took a toll on the economy, with official data Tuesday likely to show a slump in activity to levels comparable to when Shanghai was locked down in the spring last year.
BUSINESS
Tech’s slump masks rally sweeping across S&P 500
While the benchmark is down 17% from its record high set on Jan. 3, 2022, about three-quarters of the stocks in the index are up 20% or more from their 52-week lows, according to data compiled by Bloomberg.
BUSINESS
Energy, Chips, Taiwan: Flashpoints for 2023 in a fractured world
With a hot war raging in Europe and a cold one escalating between the US and China, the rest of the world is under pressure to pick sides.
BUSINESS
$250 million India tech fund on agenda of ex-KKR, BII managers
The new venture capital fund, Fractal Growth Partners, was co-founded by Ajay Candade, who until recently led KKR’s growth tech business in India, and Nikhil Balaraman, who was previously head of South Asia tech investment at BII.
