BUSINESS
Tycoon's wild $3 billion gamble on ‘China's LVMH’ crashes
Based in the hometown of Confucius, Chairman Qiu Yafu spent more than $3 billion snapping up assets from the boulevards of Paris to the heart of London tailoring on Savile Row.
BUSINESS
Vessel shortage makes soaring shipping costs a new energy threat
Ships are carrying liquefied natural gas, diesel and crude to Europe from further away than usual to replace Russian energy supplies, as the conflict in Ukraine shows no sign of ending.
BUSINESS
Coinbase hikes some crypto trading fees in boon to biggest clients
Starting Tuesday, some Coinbase customers with $15 million to $250 million in monthly volume may end up paying fees that are as much as 2 basis points higher than under the current schedule, according to the new fee structure, which is based on trailing 30-day activity.
WORLD
After Russian flows dry up, India pays up to double price for gas
GAIL India Ltd. bought several LNG cargoes for delivery between October and November at more than double the price it paid around this time last year.
BUSINESS
Adani’s ascent boosts India’s clout in emerging-market equities
Eight firms controlled by Adani’s ports-to-power conglomerate, including recent cement acquisitions, have contributed more than a fifth of the 109-member MSCI India Index’s surge since end-June, data compiled by Bloomberg show.
BUSINESS
Baring passes on $6 billion in deals amid bet on valuation fall
“There’s no shortage of investment opportunities, the issue is really about finding the right price level that we’re comfortable with,” Chief Executive Officer Jean Eric Salata, who oversees $22 billion of client assets, said in an interview.
BUSINESS
SoftBank-backed Oyo seeks to resurrect IPO after growth resumes
The hotel-booking company filed fresh financial documents on Monday and is now targeting an initial public offering in early 2023 provided that India’s stock market continues to hold up and economic conditions improve, according to people familiar with the matter.
BUSINESS
Dubai’s future is in the hands of two very different princes
A few meters behind him, blending into the crowd at an event in the Dubai Expo earlier this year, stood another man who may be less conspicuous in the city’s social scene yet whose impact is winning praise from foreign investors while keeping executives at government-run companies on their toes.
BUSINESS
Grand theft Auto VI leak is a shock to video game studio rockstar
The footage provides an early and unpolished view of plans for Grand Theft Auto VI, though the final version will look much more refined, said the people, who asked not to be identified because the details are private.
CRYPTOCURRENCY
Bitcoin, Ether extend crypto selloff as big Fed rate hike looms
Ether fell as much as 5.6 percent to a two-month low and was trading around $1,302 as of 10:35 am in Singapore, while Bitcoin shed about 5 percent to recede below $19,000
BUSINESS
Volkswagen seeks to raise $9.4 billion in Porsche IPO
The German carmaker said late Sunday it is seeking a valuation of 70 billion to 75 billion euros for the listing, below an earlier top-end goal of as much as 85 billion euros, with the deal going ahead at a time of deep market upheaval.
BUSINESS
Stagflation-free Asian Markets are leaving taper tantrums behind
While no market has come through 2022 unscathed, countries from Indonesia to South Korea and the Philippines are reaping the rewards of a quarter-century preparing for a repeat of the turmoil that set off the Asian financial crisis in the late 1990s.
WORLD
Fed leads 500-basis point global assault on inflation: Eco Week
Three days of central-bank decisions are expected to deliver interest-rate hikes adding up to more than 500 basis points combined, with the potential for a bigger tally if officials opt for more aggression.
BUSINESS
How good is the Apple Watch Ultra? Lifestyle features up close
They’re expensive, yes, but many will feel the new offerings make them worth the money.
INDIA
RBI sees India’s current-account deficit staying within 3% of GDP
RBI Governor Shaktikanta Das has assured the markets several times that the current account gap will be sustainable and the central bank can finance it comfortably.
MARKETS
Four charts show rebound in Indian stocks may run out of steam
The rapid ascent has made some investors uncomfortable, and a number of indicators are flashing warning signs.
BUSINESS
Gautam Adani’s son to oversee newly acquired cement companies
Karan Adani, 35, is currently the chief executive officer of Adani Ports and Special Economic Zone Ltd.
MARKETS
Dollar is only place to hide this year as risk assets crumble
The Bloomberg Dollar Spot Index, which tracks the US currency against 10 global peers, has surged more than 11% this year, set for a record annual performance in data compiled by Bloomberg starting in 2004
BUSINESS
Adobe’s Figma deal takes share price to lowest since April 2020
Turns out the price is still high even for some one-time Adobe bulls, while news it’s about shell out $20 billion to buy software company Figma Inc. is not helping either, with analysts opining that the deal seems “extremely expensive.”
BUSINESS
KKR, GIP pursue stake in Vodafone’s $13 billion towers arm
Swedish investment firm EQT AB has also been exploring a potential investment in Frankfurt-listed Vantage Towers AG, the people said, asking not to be identified discussing confidential information. Vodafone has invited suitors to participate in an auction process, according to the people.
BUSINESS
Germany working on historic takeover of three gas companies
State ownership of Uniper, VNG AG and Securing Energy for Europe GmbH, formerly Gazprom Germania GmbH, is the main solution under discussion, the people said.
BUSINESS
Figma’s record-breaking sale to Adobe delivers billions to top VCs
On Thursday, Adobe Inc. said it will buy Figma in a deal valued at about $20 billion — the largest exit of a VC-backed company in at least 20 years, according to PitchBook data. Field, 30, is now of legal drinking age in the US, and both he and Rimer stand to make a lot of money from the sale.
BUSINESS
Argentina to hike interest rates to 75% as inflation nears 100%
The central bank boosted its benchmark Leliq rate by 5.5 percentage points to 75%, according to an emailed statement. The move comes a day after data showed consumer prices jumped nearly 79% a year in August, the fastest pace in 30 years. It was the bank’s ninth rate hike this year.
BUSINESS
Adobe agrees to buy Figma in $20 billion software deal
Figma, which allows customers to collaborate on software as they build it, saw demand jump during the pandemic while more people worked remotely.
