BUSINESS
Elon Musk nears world’s richest title again
The disclosure comes as Musk, 51, has narrowed the gap to Arnault to less than $1 billion amid signs of growing demand for Tesla’s electric vehicles.
BUSINESS
IEA boosts global oil demand forecast as China’s economy reopens
The agency raised global demand estimates by a hefty 500,000 barrels a day for the first quarter, and by just under half as much for the year as a whole. As a result, world consumption will climb by 2 million barrels a day this year to average 101.9 million a day, it said in a monthly report.
BUSINESS
Elon Musk says he may lead Twitter for almost another year
The billionaire executive embarked on a search for a new CEO for Twitter in December, a person familiar with the search said at the time.
BUSINESS
Mom-and-Pop investors keep faith in India despite Adani rout
Hanoz Mistri is among the small investors in India who believe the carnage that has wiped off about $130 billion from the value of Adani shares won’t damp the long-term prospects for the nation’s equities.
BUSINESS
Anil Agarwal’s Vedanta cuts debt by $2 billion amid funding woes
Vedanta Resources Ltd. has achieved half of its three-year planned reduction commitment of $4 billion in the first year, the London-based company said in an exchange filing. It will continue to deleverage from net debt of $7.7 billion in the next two financial years, it said.
BUSINESS
ESG gatekeeper MSCI readies a verdict on Adani companies
MSCI Inc. will release the results of a quarterly review for its ESG and climate indexes this week, the first since a short-seller attack on the Adani Group triggered a $100 billion selloff.
BUSINESS
Apple’s ‘Buy Now, Pay Later’ to assess customer history
The Apple Pay Later service — announced last year but still in the testing phase — will evaluate borrowers based on their spending history and even which of the company’s devices they own.
BUSINESS
Airbnb clocks first profitable year on strong travel demand
The San Francisco-based home-sharing company expects sales of $1.75 billion to $1.82 billion in the three months ending in March, easily clearing analysts’ average projection of $1.68 billion.
BUSINESS
Elon Musk forced Algorithm change to help boost his tweets, platformer says
Before taking the company private in a $44 billion deal in October, the Tesla Inc. chief executive officer spoke of his desire to make it an even playing field and eliminate bias in the system.
BUSINESS
Diamond tycoon Jatin Mehta fails to halt banks’ $1 billion chase through UK courts
The UK’s high court on Tuesday rejected the Indian magnate’s request to halt legal proceedings initiated by liquidation firm Grant Thornton that’s backed by Standard Chartered Plc and its local Indian unit.
BUSINESS
Adani Group touts cash reserves in bid to calm investors
Adani Group’s gross debt stood at 2.26 trillion rupees ($27.3 billion) at the end of September, and that amount is forecast to remain steady through the end of March, according to the group’s release on Tuesday.
BUSINESS
Fed officials float even higher rates after brisk inflation data
Several officials said Tuesday that interest rates may need to move to a higher level than anticipated to ensure inflation continues to ease.
BUSINESS
Bupa’s India JV Niva Bupa weighs stake sale at $2 billion valuation
Niva Bupa Health Insurance Company Ltd., a joint venture between the UK insurer and Indian private equity fund True North, is working with an adviser on the potential stake sale, the people said. The sale could raise as much as $100 million, they said.
BUSINESS
IBM sues former top Thai executive for return of $470,000 bonus
In a lawsuit filed Monday in federal court in New York, the tech giant alleged its former Thailand general manager, Patama Chantaruck, breached her contract when she accepted a senior role with Accenture. IBM said Accenture was its largest competitor in the Asia-Pacific region in terms of consulting revenue.
BUSINESS
CPI will show whether stocks or bonds got it right
Amid the re-rating in the debt market, the S&P 500 has climbed almost 1.5% over that span.
BUSINESS
Boeing trims India forecast to 2,210 new jets over next 20 years
Single-aisle jets like the 737 Max will dominate, accounting for 1,983 — or 90% — of deliveries, with the remaining 227 set to be widebodies, Boeing said in its latest outlook on the Indian market.
BUSINESS
How much would you pay to find a partner?
Young, single, ambitious professionals working in the City of London are flooding matchmaker Siobhan Copland’s inbox with such requests.
BUSINESS
Goldman Sachs leads India fintech funding while deals dry up
TVS Capital Funds co-led the equity and debt financing, the largest-ever Series A round for an Indian insurance technology company, the startup said in a statement. Investcorp, Avataar Ventures and LeapFrog Investments participated.
BUSINESS
India's love for discounted Russian oil is beginning to hit where it hurts the most
The gap between their exports and imports is rising and that’s making the local currency payment mechanism futile, people familiar with the matter said, asking not to be identified as the discussions are private.
BUSINESS
India says China should take losses in poor-nation debt rework
About 60% of the world’s poorest nations are in or at high risk of debt distress, IMF data show.
BUSINESS
Adani crisis likely to leave India’s conglomerates unscathed
Most major companies, including Reliance Industries Ltd. and the Tata Group, scored higher than the ports-to-power conglomerate in a BE analysis of governance, liquidity and leverage conditions at India’s top 17 business houses.
BUSINESS
Here’s what to watch in January’s inflation report
The data will encompass both recently updated weightings for categories as well as methodology changes.
BUSINESS
Ford plans to build EV battery plant in Michigan with Chinese partner
The multibillion-dollar facility, to be located about 100 miles west of Detroit, is expected to create about 2,500 jobs, people familiar with the matter said, asking not to be identified because the full details aren’t yet public.
BUSINESS
Joe Biden will name Fed’s Lael Brainard as his top economic adviser
In addition, according to the people, Jared Bernstein, a member of the Council of Economic Advisers, is considered likely to be named its chair, replacing Cecilia Rouse, who is stepping down.
