BUSINESS
How Pakistan’s most feared power broker controlled a violent megacity from London
The ensuing turmoil could crash Karachi’s stock market and disrupt almost every aspect of daily life. It didn’t seem to matter that the MQM was as much a street gang as a political party, widely assumed to be funding its activities, and its leaders’ lifestyles, by extorting businesses and smuggling drugs.
ECONOMY-ECONOMY
Can’t go forward, won’t go back: Truss’s government hits buffers
Less than a month in 10 Downing Street, Liz Truss and her team have already adopted an us-against-the-world mentality, after a brutal reaction to her economic plans triggered the humiliation of a central bank rescue
BUSINESS
Air India weighs raising $1 billion for expansion
Air India is working with financial advisers on the fundraising, which could be completed in the next few months, the people said, who asked not to be identified as the information is private
BUSINESS
Singapore is 17 years behind Hong Kong as wealth hubs
It’s going to take the Southeast Asian nation at least 17 years to displace its rival, according to Bloomberg Intelligence analysis.
BUSINESS
Bill Gates, Ray Dalio join forces with Temasek in philanthropic push
Founding core members include the philanthropic arms of Bill Gates and his ex-wife Melinda, Ray Dalio, Li Ka-Shing, as well as four companies of Indonesia’s Widjaja family and the Tanoto Foundation, Temasek Trust Chairman Ho Ching said Friday at the Philanthropy Asia Summit 2022 in Singapore.
BUSINESS
Oil set for first quarterly drop since 2020 as macro mood sours
West Texas Intermediate futures traded near $81 a barrel and are down 23% this quarter. Federal Reserve officials reiterated Thursday that they will keep hiking interest rates to restrain high inflation, raising concerns about demand. The dollar hit a record this month, adding to bearish headwinds.
BUSINESS
Facebook co-founder’s VC firm sees funding drought until 2024
Entrepreneurs will “have to make their capital last 18 months,” Raj Ganguly, B Capital’s co-founder and managing partner, said in an interview with Bloomberg Television’s Haslinda Amin and Shery Ahn in Singapore on Friday.
BUSINESS
South Korea slashes chip production for first time in over four years
Semiconductor production slid 1.7% in August from a year earlier, a sharp reversal from the 17.3% gain reported in July, Statistics Korea data showed Friday.
BUSINESS
Rothschild plans to hire seven bankers in India before year-end
The firm, which currently has 18 staff in the country, is looking to hire from analyst to vice president levels across sectors such as health care and technology, according to Aalok Shah, managing director for India.
BUSINESS
Global market risk is building like in August 2007, Lawrence Summers says
“We’re living through a period of elevated risk,” Summers told Bloomberg Television’s “Wall Street Week” with David Westin. “In the same way that people became anxious in August of 2007, I think this is a moment when there should be increased anxiety.”
BUSINESS
Apple’s tech supply chain shows difficulty of dumping China
The Cupertino, California-based company company already started producing some iPhone 14 models in India, in an earlier than usual move for new models. And Apple’s largest supplier, Foxconn Technology Group, recently agreed to a $300 million expansion of its production facilities in Vietnam.
BUSINESS
RBI heads for its third half-point hike as rupee slumps
The Reserve Bank of India’s six-member monetary policy committee will raise its repurchase rate by 50 basis points to 5.9%, according to 34 of 46 economists surveyed by Bloomberg as of Thursday.
BUSINESS
Spotify cut some podcast editorial employees
The news marks the second round of cuts to hit a Spotify podcast team this year. In January, it disbanded its studio, called Studio 4, which produced shows like Dissect and Chapo: Kingpin on Trial. In June, Spotify said it would slow hiring by 25% due to economic uncertainty.
BUSINESS
Apple’s ugly day wipes out $120 billion, spills over big tech
The iPhone maker dropped 4.9% after Bank of America cut its rating to neutral from buy, warning of weaker consumer demand for its popular devices. The selloff erased roughly $120 billion from Apple’s market capitalization.
BUSINESS
Meta to cut headcount for first time, slash budgets across teams
In what would be the first major budget cut since the founding of Facebook in 2004, Zuckerberg said the company will freeze hiring and restructure some teams to trim expenses and realign priorities. Meta will likely be smaller in 2023 than it was this year, he said.
BUSINESS
German inflation hits double digits for first time in over 20 years
Consumer prices jumped 10.9% from a year ago in September, topping August’s 8.8% advance, the Federal Statistics Office said.
INDIA
India needs to invest $10 billion in battery cells for EV demand
Increasing cellmaking capacity is crucial for India to meet its demand for lithium-ion batteries, which will increase from 3 gigawatt-hour currently to 20 gigawatt-hour by 2030, Arthur D. Little estimates.
WORLD
Rate hikes fueling dollar’s strength is a big problem for the Fed
From the collapse in the British pound to Japan's once-in-a-generation market intervention, alarm in South Korea about its southbound currency and the worrying swoon in the Chinese yuan, the underlying driver is an epic rally in the dollar.
WORLD
Amazon’s latest devices push it deeper into wellness, cars
The lineup unveiled at the presentation includes a bedside device called Halo Rise and an upgraded array of Echo smart speakers, as well as a new Kindle and enhanced security technology from Amazon’s Ring division.
WORLD
China to host almost a third of the world’s new coal mines
Based on data from Global Energy Monitor, China had 559 million tons of proposed new coal mines at the start of the year, accounting for 29% of the global total, according to a note from Bloomberg Intelligence.
BUSINESS
India Eyes $550 Million Incentives to Draw Apple, Tablet Makers
The federal technology ministry has floated the revamped program to electronics industry executives for consultation, including payments that could exceed a half a billion dollars per company, people familiar with the matter said.
COMPANIES-2
TotalEnergies says it could trim its stake in Adani Green
The French energy giant bought 20% of Adani Green in 2021 for $2 billion, building on a series of previous deals with Indian billionaire Gautam Adani. That stake was worth about $10 billion at the end of August, according to TotalEnergies.
BUSINESS
India’s potash demand languishes as world reels from high prices
Potash consumption will probably fall to 3 million tons in the year through March 2023 from 5 million a year earlier, according to P.S. Gahlaut, managing director of Indian Potash Ltd., the country’s top importer of the crop nutrient. Farmers have been using less of it to grow crops like rice, wheat and sugar.
BUSINESS
World’s biggest Air-Conditioner maker doubles down on India
“The market has a huge potential,” said Kanwal Jeet Jawa, chief executive officer of Daikin’s India operations. “We see India as a market, post-Covid recovery, as the best among all the other markets in the world.”
