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.
BUSINESS
Contamination report sparks Shanghai rush for bottled water
Shanghai took emergency measures to secure its water supply because contamination from the sea forced authorities to cut delivery from two key reservoirs temporarily, the Beijing-based Caixin Global reported Tuesday night, citing city officials.
WORLD
Hong Kong eyes property tax cut, visa moves to reverse covid brain drain
Chief Executive John Lee could include the measures in his maiden policy address later this month, according to people familiar with the matter, who asked not to be identified because the deliberations are private.
BUSINESS
Car-sharing platform Zoomcar to go public via SPAC deal
Zoomcar operates a marketplace for private vehicles, with owners making their cars available on the platform and users able to rent them by the hour, day, week or month. The company, whose headquarters are in Bangalore, operates in more than 50 cities in India, Indonesia, Vietnam and Egypt.
BUSINESS
Crypto hackers set for record year after looting over $3 billion
At least $718 million has been stolen so far in October alone, taking the gross tally for the year past $3 billion and putting 2022 on course to be a record for the total value hacked, according to blockchain specialist Chainalysis Inc.
BUSINESS
Joe Biden’s ‘slight’ recession would mean economic pain for millions
Economic contractions -- even modest ones -- traditionally lead to markedly higher unemployment as companies slash their payrolls by millions of workers in response to lower demand. That would undercut Biden, who has touted job growth to argue the economy is on strong footing despite decades-high inflation.
BUSINESS
Aluminum, producer stocks surge as US weighs Russia ban
Metal products from Russia have so far been shielded from sanctions due to their importance in everything from automobiles and skyscrapers to iPhones.
BUSINESS
Jefferies’s southeast Asia, India dealmaker Probir Rao to leave, sources say
Probir Rao will depart from the US investment bank next week, one of the people said, asking not to be identified as the information isn’t public. The Singapore-based managing director has been with Jefferies for more than 13 years, according to his LinkedIn profile.
BUSINESS
Elon Musk launches new ‘Burnt Hair’ perfume with fragrance of ‘repugnant desire’
Elon Musk announced the scent — called “Burnt Hair” and described as “the essence of repugnant desire” — in a tweet Tuesday, before changing his Twitter biography to “Perfume Salesman.”
BUSINESS
Deutsche Bank taps Credit Suisse rxecutive as Asia wealth head
Yee Young, the number two wealth executive for Credit Suisse in the region, will start at Deutsche Bank next year and continue to be based in Singapore, according to people familiar with the matter.
COMMODITIES
Oil skids for third day as recession concerns rattle global markets
Crude hit the lowest level since January last month, only to rebound after the Organization of Petroleum Exporting Countries and its allies agreed to cut oil supply
BUSINESS
Survival tips for tech startups as funding dries up
Venture capitalists and technology chieftains converged in Singapore in recent weeks to hobnob over a number of high-profile annual conferences, marking the city-state’s grand coming-out-of-Covid party.
POLICY
Biden vows to punish Saudis over oil output cut but struggles to calibrate response
The president added that he believes it’s time for the US to rethink its relationship with Saudi Arabia. But he and senior administration officials also conceded that a legislative plan to retaliate was unlikely to materialize until after November’s midterm elections
BUSINESS
Joe Biden says ‘very slight’ recession possible, but downplays risk
“I don’t think there will be a recession. If it is, it’ll be a very slight recession. That is, we’ll move down slightly,” Biden said in an interview Tuesday with CNN.
BUSINESS
Personal computer sales suffer worst decline as China chip curbs loom
Worldwide shipments of desktop and laptop computers fell by 19.5 percent in the third quarter of 2022 compared with the year-ago period, according to research firm Gartner
BUSINESS
Chipmaker rout engulfs TSMC, Samsung with $240 billion wiped out
Taiwan Semiconductor Manufacturing Co, the world’s largest contract chipmaker, plunged more than 8 percent on Tuesday. Samsung Electronics and Tokyo Electron also tumbled on concern US efforts to ensure international cooperation will crimp their ability to export to China
BUSINESS
Cathie Wood warns Fed of policy error as rate hikes hit ARK ETFs
In the latest market commentary from her firm ARK Investment Management, Wood pens an open letter to the Fed expressing concern that the central bank is making a policy error with its rapid rate hikes.
BUSINESS
The new rich are fueling brand expansion of Titan
“There is a lot of latent demand for luxury from India and high net-worth individuals are going to explode,” Ajoy Chawla, the chief executive officer of Titan Co., India’s biggest jeweler, said in an interview. “This is just the beginning for luxury.”
BUSINESS
Ben Bernanke urges attention to crisis risks amid war, dollar surge
While the US financial system is in better shape than it was ahead of the global crisis in the late 2000s, he discussed concerns elsewhere.
BUSINESS
Elon Musk claims Twitter ordered whistle-blower to destroy evidence
Peiter Zatko, Twitter’s ex-head of security, said he burned 10 handwritten notebooks and deleted 100 computer files at the behest of company managers as part of severance agreement, according to unsealed court filings.
