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.
BUSINESS
Qatar said to prepare imminent bid for Manchester United FC
The Qatari consortium is preparing to submit an initial bid for the English Premier League football club by the end of the week, the people said.
BUSINESS
IMF to meet with China, India, Paris Club on debt relief on February 17
Borrowing nations participating will include Ghana, Ethiopia and Zambia, according to people familiar with the plans for the so-called sovereign debt roundtable, who asked not to be identified discussing private talks.
BUSINESS
Ferrari CEO Benedetto Vigna moves fast like Elon Musk while forging own path on EVs
Speaking at Ferrari’s Maranello headquarters, Vigna, 53, credited Tesla with accelerating change within an industry steeped in engine cylinders.
BUSINESS
How Citigroup helped lift the lid on Trafigura’s Nickel nightmare
Until late October, the US bank had been helping to finance Trafigura’s nickel trades with companies linked to Indian businessman Prateek Gupta — deals which Trafigura now says were part of a “systematic fraud” against it that could cost more than half a billion dollars.
BUSINESS
Dabur weighs acquisitions to expand across India, Southeast Asia
On the back of its $71 million purchase of spice producer Badshah Masala Pvt Ltd. in October, the 139-year-old firm, which sells traditional Ayurvedic medicine and herbal products including toothpaste and shampoo, is evaluating other targets in health, food and personal care in those markets, Chief Executive Officer Mohit Malhotra said.
COMPANIES-2
Kotak Mahindra Bank weighs insurance unit stake sale: Report
The lender is working with an adviser on the potential sale of a stake in Kotak General Insurance which could raise as much as a few hundred million dollars, the people said.
BUSINESS
Morgan Stanley strategists say stocks ignore Fed, earnings reality
Wilson — the top-ranked strategist in last year’s Institutional Investor survey — expects deteriorating fundamentals, along with Fed hikes that are coming at the same time as an earnings recession, to drive equities to an ultimate low this spring.
BUSINESS
China says US balloons trespassed over 10 times since early 2022
Chinese foreign ministry spokesperson Wang Wenbin, responding to a question at a regular media briefing in Beijing, did not provide further details.
BUSINESS
Adani Electricity Mumbai makes dollar bond interest payment
Adani Electricity Mumbai has made the coupon payment of $19.7 million as per schedule, the spokesperson said when asked about the status.
BUSINESS
The middle east never joined this emerging-market stocks rally
Gulf stocks diverged when their emerging-market peers began to take off in November, with the MSCI Emerging-Market Index rising 20% as of Monday. The MSCI GCC Countries Combined Index lost 10% over the same period.
BUSINESS
Fourth US shootdown in eight days makes world wonder what’s next
In reality, the answer is probably more mundane. Officials said they had started watching the skies more closely in the days since the alleged Chinese spy balloon traversed US territory, provoking both a national uproar and a new round of tensions with China.
BUSINESS
Single-letter license plate sells for $3.2 million in Hong Kong
Sunday’s bid was for a license plate with the letter “R” and came at a Lunar New Year auction organized by the Hong Kong Transport Department.
BUSINESS
DBS reveals $976 million Adani exposure, assured by cashflows
Singapore’s biggest lender has no exposure to Adani’s share issues, Gupta said. He added the company has solid cashflows, and he isn’t concerned about the lender’s exposure to the Adani Group as long as these cashflows are ringfenced.
BUSINESS
It’s too soon for stock investors to call victory on inflation
Tuesday’s consumer price index report is forecast to show a deceleration in annual price growth to 6.2% in January.
BUSINESS
Goldman chief David Solomon says bank’s job cuts should have been earlier
In a private meeting in Miami with about 400 of the bank’s partners, Solomon said he was too slow in reducing the bank’s workforce even as signs of headwinds began to emerge in the second quarter of last year, people familiar with the comments told the newspaper.
BUSINESS
Disney streaming tech chief Jeremy Doig leaves ahead of larger staff cuts
Jeremy Doig joined Disney last March after a long run at Google and was in charge of technology for Disney+, Hulu and ESPN+.
ECONOMY
Rising policy rates to upset PM Modi’s Budget math on small savings
Depositors are now more likely to park their monies in attractive bank fixed deposits, instead of government-backed savings schemes, where rate adjustments tend to happen with a lag
COMPANIES
America’s post-pandemic corporate profit boom really is over
Meta Platforms Inc., Apple, Amazon.com Inc., Microsoft Corp, and Alphabet missed consensus earnings estimates by 8 percent
BUSINESS
Trafigura's nickel nemesis was already notorious in metal circles
One of the world’s biggest commodity traders faces more than half a billion dollars in losses from what it described as a ‘systematic fraud’ involving missing nickel.
