BUSINESS
Vodafone, Three UK merger set to be £14 billion test for watchdogs
The two mobile operators confirmed they’re in talks about a potential deal on Monday giving Vodafone 51% and CK Hutchison 49% of a combined business
WORLD
Elon Musk sets off uproar in Ukraine by tweeting his ‘peace’ plan
Elon Musk also launched a Twitter poll asking citizens of occupied areas of eastern Ukraine recently annexed by the Kremlin -- plus Crimea, which Moscow took in 2014 -- to decide if they want to live in Russia or Ukraine.
BUSINESS
Apple iPhone exports from India doubling in boon to PM Modi’s plan
At the current rate, outbound shipments of India-made iPhones, mainly to Europe and the Middle East, are set to reach $2.5 billion in the 12 months through March 2023, the people said. That’s almost double the $1.3 billion worth of iPhones India exported in the year through March 2022, the people said, asking not to be named as the data isn’t public.
BUSINESS
Meta is closing one New York office with cutbacks looming
The company is exercising its option to terminate its lease at 225 Park Ave. South in Manhattan, said the people, who asked not to be identified because the information was private.
BUSINESS
Emerging stocks have never spent so many days since a cycle high
It has been 594 days since the MSCI Emerging Markets Index closed at its peak in February 2021, according to Bloomberg-compiled data. The previous record was 589 days that ended in September 2001, according to an analysis by Morgan Stanley on peak-to-trough spans.
BUSINESS
Fed should end tightening after one more rate hike, Ed Yardeni says
The stress in financial markets from big rate increases, a surging dollar and quantitative tightening through the Fed’s reducing its bond holdings has reached the point that policy makers should make financial stability the top priority, says the president of Yardeni Research.
BUSINESS
Adani stock surge at risk of reversal, technical indicator shows
TD Sequential suggests that last week’s near 6 percent slump in the shares of the company may extend, with the stock continuing to pare its more than 100 percent gains for the year
BUSINESS
Pakistan faces years of fuel shortages after gas tender flop
Not one supplier responded to Pakistan LNG Ltd.’s tender to buy the power-plant fuel for between four to six years starting January, said traders with knowledge of the matter. The tender, which closed Monday, was seeking to procure one cargo of LNG each month.
BUSINESS
US to announce new limits on chip technology exports to China
The Commerce Department will roll out a package of rules this week to govern which semiconductor technologies can be exported to China, including codifying earlier guidance given to specific companies, said the people, who asked not to be identified as the information isn’t public.
BUSINESS
Warren Buffett’s successor is building an $68 million Berkshire holding
Abel acquired about $68 million of stock late last month, according to filings Monday. The Class A shares closed at $413,300 Monday in New York.
BUSINESS
Kim Kardashian to pay $1.3 million to SEC over crypto touting
The SEC said Kardashian was paid $250,000 to post on her Instagram account about EMAX tokens, a crypto asset offered by EthereumMax. Khardashian didn’t admit or deny the regulator’s allegations in settling the case.
TECHNOLOGY
Swiss dropout worth $14 billion moves startup away from porn
Guillaume Pousaz is the founder and chief executive officer of Checkout.com, which this year raised funding at a valuation of $40 billion, making it worth more than British telecoms giant Vodafone Group Plc.
BUSINESS
Credit Suisse shares hit record low as CEO fails to calm markets
The cost of insuring the firm’s bonds against default climbed about 15% last week to levels not seen since 2009 as the shares touched a new record low.
BUSINESS
Liz Truss drops tax cut for top UK earners to fend off rebellion
Chancellor of the Exchequer Kwasi Kwarteng announced the decision in a tweet early Monday, saying “we get it, and we have listened.” In a statement posted with his tweet, he said the decision to scrap the 45% rate of income tax had become a “distraction.”
BUSINESS
Sony betting big on next VR headset with increased production plan
Mass production of the virtual reality goggles began in September and hasn’t yet faced supply chain constraints, said the people, who asked not to be identified discussing private information.
ECONOMY-ECONOMY
A $1 trillion burden looms for world borrowers refinancing debt
While most governments and companies are still able to stomach the higher financing bills, credit markets are starting to buckle as fund outflows and volatility soar
BUSINESS
Oil jumps as OPEC+ mulls biggest production cut since pandemic
A reduction of that magnitude would be the biggest since the pandemic, although OPEC+ delegates said a final decision on the size of the cuts won’t be made until ministers gather in Vienna on Wednesday. West Texas Intermediate futures jumped around 3%, on track for the first gain in three sessions.
BUSINESS
Credit Suisse CEO Ulrich Koerner seeks to calm markets as default swaps climb
The cost of insuring the firm’s bonds against default climbed about 15% last week to levels not seen since 2009 as the shares touched a new record low.
BUSINESS
Dubai sets new record with sale of Palm Jumeirah Mansion for $82 million
The villa, called Casa Del Sole, fetched 302.5 million dirhams ($82.4 million) when it was sold in July, according to its developer Alpago Properties.
BUSINESS
Factories making towels and bedsheets are shutting in Pakistan
As many as 100 smaller mills have suspended operations due to a shortage of good quality cotton, high fuel costs, and poor recovery of payments from buyers in flood-hit areas, said Khurram Mukhtar, patron-in-chief of the Pakistan Textile Exporters Association.
BUSINESS
India has a $1.2 trillion plan to snatch factories from China
Under a 100-trillion-rupee ($1.2 trillion) mega project called PM Gati Shakti -- Hindi for strength of speed -- Modi’s administration is creating a digital platform that combines 16 ministries.
BUSINESS
China’s $5-trillion rout creates a historic gap with Indian stocks
India -- long dubbed the “next China” -- has become an attractive alternative with economic growth that’s forecast to be the fastest in Asia
ECONOMY-ECONOMY
Truss sticks to guns as polls show growing voter discontent
The UK needs to change and she’s determined to follow through with her plans for massive tax cuts because she believes they will make the country more successful
BANKS
Credit Suisse is at ‘critical moment’ as bank prepares for latest overhaul, CEO says
Credit Suisse is in the throes of what is expected to be a major restructuring of the investment bank as Koerner seeks to return the lender to profitability and put an end to a string of scandals
