BUSINESS
Apple unveils upgraded iPads and lower-cost set-top TV box
The latest iPad Pro now sports the same M2 chip used in recent Mac computers, while the entry-level iPad is getting a fresh design and new charging port, the company said Tuesday in a series of online announcements.
BUSINESS
Renault, Nissan near landmark deal to reshape alliance
The pact would allow the French carmaker to proceed with a planned carve-out of its electric-vehicle business. Both sides are set to sign a non-binding agreement after details were largely finalized late last week, said the person, who asked not to be identified because the plans aren’t public.
BUSINESS
Air India plans to triple its fleet of 113 jets in five years
“The airline is in discussions with aircraft and engine manufacturers on procuring new aircraft,” Air India Chief Executive Campbell Wilson said in New Delhi Tuesday.
BUSINESS
Uday Kotak weighs $1 billion real estate fund
Abu Dhabi Investment Authority could chip about $500 million into the property fund, while Allianz SE could invest about $220 million
ECONOMY-ECONOMY
India policy hawk sees end of aggressive hikes amid growth fears
India, like others that joined the tightening trend relatively early, must balance the need to tame above-target inflation while supporting the economy in the face of a global recession risk and a Federal Reserve that remains aggressive
BUSINESS
Boeing offers 737 Max jets to Air India amid US-China trade tensions
The Indian carrier, which is overhauling its fleet under new owner Tata Group, is one of a number of potential customers for Boeing, which is in talks with lessors and other airlines, according to people familiar with the matter.
BUSINESS
Smartphone maker Lava eyes India venture with Chinese partner
The venture would aim to win contracts from the US and Chinese customers for research and development, design, and manufacturing of electronics products, according to a letter from Lava to India’s technology ministry seen by Bloomberg News.
BUSINESS
China’s economy needs to double in size to meet Xi Jinping’s ambitious plans
Xi said in his report to the Communist Party congress on Sunday that per-capita gross domestic product will take a “new, giant leap” to reach the level of a medium-developed country by 2035.
BUSINESS
Lachlan Murdoch would consolidate power in News Corp. deal
So far none of the Murdoch clan, which includes Rupert’s six children, have spoken publicly about the deal, which the companies acknowledged was in the works on Friday.
BUSINESS
Ola’s Bhavish Aggarwal doubles down on EVs to undercut Elon Musk
In his twenties, the founder of India’s largest ride-sharing company held off deep-pocketed rival Uber to remain the country’s top brand. Now, Aggarwal wants his Ola Electric Mobility Pvt Ltd to displace Elon Musk’s Tesla Inc and China’s BYD Co. as the industry leader for electric vehicles by carving out a niche in lower cost designs.
BUSINESS
Emerging markets hurt less as dollar’s wrath sinks rich nations
Whichever way one describes it, the relative resilience building up in emerging-market currencies over their advanced-nation peers has money managers sitting up and taking notice.
MARKETS
Asian stocks drop, dollar slips amid wary trading
Stocks dropped in Japan, Australia and South Korea while futures for Hong Kong fell. Contracts for the S&P 500 and Nasdaq 100 rose after tumbling Friday, when Treasury yields climbed as year-ahead inflation expectations increased. US Yields fell slightly at the open in Asia
WORLD
Xi says China’s power has increased, warns of ‘dangerous storms’
The Chinese leader’s speech kicking off the congress is one of the party’s most important political declarations. It ran for almost two hours, considerably shorter than the last one in 2017, which lasted for more than three hours
POLICY
China’s Xi defends Covid Zero, Hong Kong policies at Congress
The Chinese leader spoke without a mask at a distance from the more than 2,340 delegates, including provincial leaders, top military figures, farmers and minority representatives, who wore facial coverings, aside from a handful top leaders
WORLD
Inside the bicycle’s conquest of Amsterdam
Dutch cycling is very social: Communication with fellow travelers, via eye contract and gestures and speech, is what allows riders to negotiate often-packed paths without incident. There’s no barking “on your left!” when passing; riders just flow silently past
ECONOMY
Biden brushes off risks of strong dollar on global economy
But with the Fed on track to continue lifting borrowing costs through the end of the year, Biden sought to deflect blame for the slowing global economy. On Saturday, he criticized UK Prime Minister Liz Truss’s tax-cutting plans for causing turmoil in markets, calling it a “mistake”
ECONOMY-ECONOMY
Soaring dollar leaves food piled up in ports as world hunger grows
Around the world, countries that rely on food imports are grappling with a destructive combination of high interest rates, a soaring dollar and elevated commodity prices, eroding their power to pay for goods that are typically priced in the greenback
BUSINESS
Rupert Murdoch wants to put his media empire back together again
Both Fox Corp and News Corp have set up special committees of independent directors to study a potential deal and evaluate possible terms
INDIA
India sells sugar in ‘golden opportunity’ on tight global market
Mills in the South Asian country, which vies with Brazil as the world’s top sugar producer, have so far contracted to export about 1.2 million tons and aim to ship as much as 8 million tons in the 2022-23 year, according to Rahil Shaikh, managing director of trading company Meir Commodities India Pvt.
BUSINESS
BofA strategists see more pain in store before stocks reach low
Thursday’s rally in US stocks after a hot inflation print resembled a “bear hug” amid oversold conditions, high cash levels and the lack of a credit event, strategists led by Michael Harnett wrote in a note.
BUSINESS
UAE royal’s firm plans to invest $10 billion in US, Europe
The group, chaired by United Arab Emirates National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan, sees this as an opportunity to offload some of its existing equity holdings, reduce its exposure to riskier assets and broaden its global portfolio, according to people familiar with the matter.
BUSINESS
Reliance said to be sole bidder for metro’s India business
Charoen Pokphand Group Co. is no longer actively in talks with Metro, leaving only Ambani’s Reliance to pursue the so-called cash-and-carry business, the people said, asking not to be identified as the information is private. A final decision could emerge as early as next month, one of the people said.
BUSINESS
Private bets shield world’s largest investors from market mayhem
The big question now looming over giants from China’s $1.2 trillion sovereign wealth fund to California’s public pension, the largest in the US, is how long those private bets will remain insulated as the economic outlook darkens.
BUSINESS
Russia sanctions spur buying frenzy for ice-breaking tankers
Some ice-class Aframax vessels have recently been sold at between $31 million and $34 million, double the price compared with a year earlier, said shipbrokers. The bids for tankers have been aggressive and most buyers are preferring to keep their identities secret, they added.
