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.
BUSINESS
A peep into Pakistan when inflation crimps life and livelihood
For months, the world’s fifth most populous country has edged closer to a debt default, echoing the cautionary tales of other developing economies, including Sri Lanka and Venezuela. Inflation is at a 48-year high
WORLD
Lawrence Summers sees turbulence ahead with market complacent about inflation
Former United States Treasury Secretary Lawrence Summers cautioned that a number of factors that had been helping pull inflation down may reverse.
BUSINESS
Air India takes off to biggest deal in commercial aviation history with Airbus & Boeing
Airbus stands to win about 250 orders and commitments in total, comprising 210 of the A320 single-aisle family models and 40 A350s wide-bodies
BUSINESS
Brent oil spikes past $86 as Russia plans output cut in March
Oil prices jumped on the news, with Brent crude erasing earlier losses to rise as much as 1.8% to $85.99 a barrel as of 8:36 a.m. in London.
BUSINESS
Microsoft cuts jobs in HoloLens, Surface, Xbox as layoffs continue
Xbox Chief Phil Spencer emailed employees Thursday to let them know about the cuts without detailing what parts of his business were impacted.
BUSINESS
Malaysia posts highest growth in decades as global outlook dims
Gross domestic product rose 8.7% last year, the highest level since 2000, data from Bank Negara Malaysia and the Department of Statistics showed. That compares with the median estimate of 8.6% year-on-year growth in a Bloomberg survey, and aligns with official expectations.
BUSINESS
IMF says Pakistan bailout talks to continue to finalize pact
The IMF outlined priorities including strengthening Pakistan’s fiscal position with permanent revenue measures, reducing untargeted subsidies while scaling up social protection, allowing the exchange rate to be market-determined to gradually eliminate the foreign exchange shortage.
BUSINESS
HSBC is betting big on India's $400 billion pile of wealth
Those expansion plans are vital to shore up growth at Europe’s largest lender, which is grappling with a downturn in profits from the Greater China region.
BUSINESS
Olaplex customers claim hair loss, scalp injuries in lawsuit
In a statement, Olaplex rejected the allegations in the lawsuit and defended the “safety and efficacy of our products, which are thoroughly tested in house and by independent third-party laboratories,” adding it’s prepared to vigorously defend against the claims.
BUSINESS
Adani stocks remain in MSCI indexes after quarterly review
Billionaire Gautam Adani’s companies have suffered a stock meltdown that at one point erased $117 billion in market value after Hindenburg accused the company of accounting fraud and market manipulation
BUSINESS
Trafigura faces $577 million loss after uncovering nickel fraud
The missing nickel is a blow for the company that has grown rapidly in the past decade to become one of the world’s largest trading houses.
BUSINESS
Adani Group offers coal cargoes at discount in push for quick sales: Report
Adani has coal mines with more than 50 million tons of capacity across Indonesia, Australia and India, producing fuel both for sale in global markets and to be used in Adani’s own power stations.
BUSINESS
Unilever sees consumer backlash worsening on inflation
Unilever will keep raising its pricing as it has only passed off three-quarters of its higher costs onto consumers, Chief Executive Officer Alan Jope said in a Bloomberg TV interview.
BUSINESS
Big short in stocks is almost over after $300 billion unwind
The shift in positioning has taken a broad array of investors from underweight to holding equities closer to the average of the past decade.
BUSINESS
Market mania for everything AI faces China, Google reality check
A Chinese newspaper warned investors not to blindly join the speculation about stocks that could benefit from rolling out such AI capabilities, saying that it will take time for such concepts to prove their value.
BUSINESS
Julius Baer says aggressively ramping up India wealth business
The nation’s $600 billion wealth industry is growing at 12% annually, and only a quarter of that wealth is currently managed professionally, Umang Papneja, managing director and chief executive of the Swiss wealth manager’s Indian unit, said in a Bloomberg TV interview on Thursday.
BUSINESS
Traders bet RBI may be done with hikes despite hawkish tone
The yield on 10-year bonds rose only three basis points on Wednesday after the Reserve Bank of India kept the door open for further policy tightening, reflecting the market’s outlook on rates.
BUSINESS
ArcelorMittal sees global steel demand rising as cycle turns
Apparent consumption of steel — a key barometer of the world economy — is projected to increase 2% to 3% in 2023, after contracting in key regions last year, the company said Thursday in a statement.
BUSINESS
Fed officials keep up hawkish calls for further rate increases
Four policymakers speaking at separate events Wednesday delivered a similar message — welcoming a recent moderation in inflation while cautioning that the fight was not yet won.
BUSINESS
Microsoft rejoins Apple in $2 trillion club as rally accelerates
Microsoft rose as much as 3.4% to $276.76 early Wednesday, joining Apple Inc. as the only stocks with market capitalizations above $2 trillion.
BUSINESS
India’s new infrastructure lender plans debut $610 million bond
The institution wants to test the market in terms of pricing with the small issuance, Rajkiran Rai, managing director at the National Bank for Financing Infrastructure and Development, India’s new development finance institution, said in an interview.
BUSINESS
Apple hires its first people officer in executive reshuffle
The company is naming Carol Surface to the new role, Chief Executive Officer Tim Cook said in a memo to employees.
