BUSINESS
Mukesh Ambani driving $75 billion green bet as scions helm other Reliance units
The 65-year-old will oversee strategy, including the building of gigafactories and blue hydrogen facilities, will assess acquisition targets, and is talking to potential investors, the people said, asking not to be named as the information isn’t public.
BUSINESS
Tencent’s return to top 10 club shows China rebound bets soaring
The Chinese tech giant’s return to the group of biggest global companies also underscores the whipping US stocks have taken over the last year, primarily due to massive monetary tightening by the Federal Reserve.
BUSINESS
Salesforce plans to cut 10% of jobs after customers pull back
The company aims for the workforce restructuring to be substantially complete by the end of fiscal 2024, it said in a regulatory filing on Wednesday.
BUSINESS
Walmart gets $1 billion Tax Bill for PhonePe shift to India
Investors including Tiger Global Management have now purchased shares of PhonePe in India at the new price, leading to tax implications of roughly 80 billion rupees for existing shareholders, one of the people said.
BUSINESS
Citi trims India's current account gap forecast to 2.9% of GDP
“Key surprise came from the phenomenal growth in services exports in April-September, which goes beyond just software services,” he wrote in a report Wednesday.
BUSINESS
Dubai’s power lunch spot shifts to a four-day workweek
LPM Restaurant & Bar, formerly known as La Petite Maison, says servers, cooks and other staff members will take on longer shifts on two days and have three days off per week at both of its branches in the United Arab Emirates.
BUSINESS
Rupee bond sales set to halt as India upgrades platform
Starting Jan. 7, the Ministry of Corporate Affairs portal will be unavailable for companies to file a so-called PAS-3 form, or “return-of-allotment” form, as the administration migrates to a new version of its e-filing platform. The service will be unavailable until Jan. 22, according to a statement on the ministry’s website.
BUSINESS
Byju’s founder raising funds to buy back as much as 15% of firm
The former teacher is seeking funding to finance the stake repurchases — which could amount to as much as 15% of the firm — by using his shares as collateral, according to the people.
BUSINESS
Battered by Covid, China pauses chip spending plan
Instead, they’re seeking alternative ways to assist homegrown chipmakers, such as lowering the cost of semiconductor materials, the people said, asking not to be identified revealing sensitive negotiations.
BUSINESS
Jack Ma’s Ant wins approval for $1.5 billion capital plan
The China Banking and Insurance Regulatory Commission division in Chongqing green-lit the company’s plan to lift its capital to 18.5 billion yuan, according to a notice on Dec. 30.
BUSINESS
BofA’s stock indicator is the closest it’s been to ‘buy’ since 2017
The bank’s so-called sell-side indicator, which aggregates Wall Street strategists’ asset allocation views, fell 33 basis points in December and is now 1.5 percentage points away from the level that’s historically tied to a good buying opportunity.
BUSINESS
Apple’s slide topples last stock in $2 trillion club
Apple fell 3.7% on Tuesday, closing at its lowest since June 2021 as concerns about iPhone supply in the important holiday quarter mount and investors lose faith in a reprieve from higher interest rates.
BUSINESS
Fed minutes may factor in higher inflation pushing up rates
At the conclusion of the Dec. 13-14 meeting of the Federal Open Market Committee, policymakers published new projections showing they expected inflation would end 2023 higher than they previously thought.
BUSINESS
Tesla tumbles most since September 2020 on delivery miss
Tesla’s double-digit decline to $110.80 as of 10:28 a.m. in New York comes on the heels of a dismal 2022 for the stock.
BUSINESS
Apple’s slide topples last stock in $2 trillion club
Apple fell as much as 3.7% on Tuesday as concerns about iPhone supply in the important holiday quarter mount and investors lose faith in a reprieve from higher interest rates.
BUSINESS
Electronics show returns to realism after self-driving bubble bursts
Car companies and startups alike will show technologies they expect will provide a return on investment in the near-term, not in some hazy tomorrow that may never come.
WORLD
Blackstone’s BREIT gets $4 billion cash infusion from University of California
UC Investments will invest the $4 billion in the Class I common shares, the largest existing share class, according to a statement on Tuesday.
BUSINESS
Rules to oversee online betting drafted for the first time
The information technology ministry has published proposed rules governing apps or websites that involve an exchange of users’ money, from online casinos and card games to fantasy sports clubs.
BUSINESS
US speeds up timeline in China firms delisting threat
Congress on Friday passed legislation to speed up the timeline for kicking companies off the New York Stock Exchange and Nasdaq if Washington regulators can’t fully review their audit work papers.
BUSINESS
China’s economy ends year in slump as Covid infections surge
Official data over the weekend showed the decline in manufacturing worsened last month, while activity in the services sector plunged the most since February 2020.
BUSINESS
Samsung veteran sounds alarm on Korea losing a global chip war
Yang, who rose from a researcher’s assistant at the storied company before heading the key memory chip development division, is the lead architect of a nationwide effort to fund and galvanize its domestic chip industry.
WORLD
IMF chief Georgieva Warns of ‘tough year’ for world economy
The IMF already warned in October that more than a third of the global economy will contract and that there is a 25% chance of global GDP growing by less than 2% in 2023, which it defines as a global recession.
BUSINESS
Xi Jinping warns of tough Covid fight, acknowledges divisions in China
In a New Year’s address on Saturday, Xi said the country is in a new phase of Covid control and has adapted after following a science-based and targeted approach. The day before, he said the nation’s strategy had been “optimized” to protect people’s lives and minimize economic costs.
BUSINESS
Hearings on Google fine and same-sex marriage reach courts
Any decisions would set the tone ahead of several politically high-stakes matters that will test perceptions of the court’s independence. Chief Justice D.Y. Chandrachud took charge in November and his two-year tenure — the longest in the job by any judge in a decade — will see India go through general elections in 2024, when Modi seeks a third term.
