BUSINESS
Government seeks to shrink fiscal deficit by at least 50 bps
Finance Minister Nirmala Sitharaman will seek to shrink the shortfall to less than 6% of gross domestic product in the year starting April 1, the people said, asking not to be identified as the deliberations are private.
WORLD
Global oil market flashes warnings as demand concerns spike
The premium of Oman futures over Dubai swaps fell below $1 a barrel on the Dubai Mercantile Exchange on Thursday. It’s plunged about 80% this month.
BUSINESS
Lithium’s 1,200% frenzy tempered by blip in China’s EV market
The battery material’s price is set for a second weekly decline in China, while shares in lithium suppliers are falling.
BUSINESS
Adani Enterprises to raise up to Rs 20,000 crore from fresh share sale
The breakneck expansion by the ports-to-power conglomerate has added both financial complexity and leverage to the business.
BUSINESS
Funds may put $25 billion a year in India infrastructure, says Ambit
Funds appreciate the better regulatory framework, growth in India and commitment to the climate change requirement for the net-zero carbon policy, Rahul Mody, managing director and co-head of investment banking at Ambit, said in a Bloomberg Television interview on Friday.
BUSINESS
RBI’s MPC panel blames global factors in inflation letter
The war in Ukraine and resultant spurts in energy and food costs, and supply disruptions caused by the pandemic are among main reasons cited, the people said, asking to stay unidentified as the correspondence is private.
BUSINESS
Crypto lender seeks $1.5 billion funding value despite FTX chaos
The Singapore outfit has commitments from lead investors for $50 million at a valuation of $1.5 billion in the round, up from $1 billion a year earlier, according to people familiar with the matter.
BUSINESS
Asia’s richest man makes a $5 billion bet to silence debt-obsessed critics
An equity injection of this size is expected to help the conglomerate deleverage and Bloomberg Intelligence sees a successful equity raise across the group supporting the companies’ dollar bonds.
BUSINESS
Amazon faces black Friday protests, strikes in 40 countries
Employees in the US, UK, India, Japan, Australia, South Africa and across Europe are demanding better wages and working conditions as the cost-of-living crisis deepens, in a campaign dubbed “Make Amazon Pay.”
BUSINESS
Paytm’s 75% slump is world’s worst for large IPOs in a decade
The company, whose founder compared its challenges to those faced by Tesla Inc. shortly after the listing, has seen its stock erase 75% of its market value one year after its $2.4 billion offering, the largest on record at the time in India.
BUSINESS
First accounting firm with HQ in metaverse is sued over FTX meltdown
Prager Metis CPAs LLC, an auditor for FTX, was sued by an investor who claims to have lost almost $20,000. Stephen Pierce also sued Armanino LLP, an auditor for FTX US, FTX’s co-founder Sam Bankman-Fried and others -- accusing all of them of a racketeering conspiracy.
BUSINESS
Fed staff warn chance of recession in next year is now near 50%
The forecast, as detailed Wednesday in minutes of the Nov. 1-2 Federal Open Market Committee meeting, was the first such warning since the central bank began raising rates in March.
BUSINESS
Foxconn offers staff $1,400 to leave after iPhone city violence
Apple Inc.’s main global production partner said in an online notice the sum, to be paid out in two installments, will help smooth the journey home for employees.
BUSINESS
Amazon plans to invest $1 billion a year in movies for theaters
The world’s largest online retailer aims to make between 12 and 15 movies annually that will get a theatrical release, said the people, who asked not to be identified because the company is still sorting through its strategy.
BUSINESS
Gambling’s global coming out party in Qatar
And, for a gambling industry trying to capitalize on the potential $160-billion-plus tentpole football event, the own goal of a share-price slump at sports-bet firm DraftKings Inc. after customers reported their accounts were compromised and cash withdrawn.
BUSINESS
Disney’s CEO boomerang reveals Iger’s biggest failing
Iger was transformative at Disney, buying assets such as Pixar, Marvel, Lucasfilm and 21st Century Fox — moves that sent the stock soaring almost 500% during his 15-year tenure.
BUSINESS
Alexa, will you ever make money?
When it comes to scale and popularity, the speaker’s digital assistant Alexa has been a tremendous success. But the snark at the start of Alexa’s life was partly right. Financially it’s been a flop.
BUSINESS
Adani weighs $5 billion fundraise as banks urge deleveraging
The network of companies owned by Asia’s richest person has reached out to top officials at firms including Mubadala Investment Co. and Abu Dhabi Investment Authority about investments.
WORLD
EU considers imposing price cap of $65-$70 on Russian oil
EU ambassadors are meeting on Wednesday with the aim of approving the cap mechanism and a proposed price level.
BUSINESS
Bitcoin’s Crystal Ball has a $5,000-to-$1 million range post-FTX
Over the past few days, long-term targets for the world’s largest token by market value have ranged from $5,000 at strategists BCA Research Inc. to $1 million by 2030 for Ark Investment Management’s Cathie Wood.
BUSINESS
Adani group’s cash generation ability underappreciated, M&G says
“The businesses Adani is incubating and operating in -- ports, airports, rail, logistics -- they are real businesses that generate cash,” Vikas Pershad, a Singapore-based fund manager at M&G, said in an interview.
BUSINESS
Gautam Adani’s flagship firm weighs FPO to raise as much as $2.4 billion
Billionaire Gautam Adani’s conglomerate is working with advisers on the follow-on issue and could sell the shares as soon as next year, the people said, asking not to be identified as the information is private. The sale could even raise as much as $2.4 billion, one of the people said.
BUSINESS
Goldman sees 10-year treasury yield of 4% or more through 2024
Ten-year Treasury yields -- which are currently around 3.75% -- has traded at 4% or higher for 23 days so far in 2022--- all occurring since late September. Before that brief stint -- which came as traders ramped up Fed hike wagers -- the yield hadn’t touched that level since early 2010.
BUSINESS
Tragedy-hit Mistry family has $29 billion fortune locked in a bitter feud
Through five generations and 157 years, the Mistrys have grown an empire responsible for building palaces, factories and stadiums across Asia.
