ECONOMY
Inflation in UK shops rises to highest level on record
Consumers are trying various methods to save money on their weekly shop, visiting rival retailers and choosing own-label brands as well as buying more wonky vegetables, frozen food and canned goods
BUSINESS
Tata Group to add up to 45,000 workers at iPhone parts plant: report
The plant in the industrial town of Hosur, in Tamil Nadu state, will hire as many as 45,000 women workers within 18 to 24 months as it sets up new production lines, people familiar with the matter said. The factory, which produces iPhone housings or the cases which hold the device together, currently employs about 10,000 workers, most of them women.
BUSINESS
ICICI Pru Life is buying more long-dated government debt
In anticipating yields are close to their peak, Arun Srinivasan of ICICI Pru LIfe is betting the RBI could possibly revive its Operation Twist program of 2019, when it sold shorter-dated debt while buying longer maturities to flatten the curve.
BUSINESS
Government plans to cut sugar export quota by almost 20% this year
The world’s second-biggest producer may permit sugar mills to ship 9 million tons, lower than the 11.2 million quota for 2021-22, said the people who asked not to be named as they’re not authorized to speak publicly.
BUSINESS
China’s property crash sends billionaire founders heading to exits
The nation’s worsening credit crisis has led to defaults, failure to deliver homes on time and an unrelenting market selloff.
WORLD
Sunak, Hunt say ‘Inevitable’ all Britons will pay more tax
Sunak met with Chancellor of the Exchequer Jeremy Hunt on Monday to discuss tax and spending plans ahead of an economic statement planned for November 17.
BUSINESS
Musk’s twitter investors include Saudi Prince, Dorsey and Qatar
The Bloomberg Billionaires Index estimates the value of the stakes rolled over from Twitter stock declined by about 40% since Musk made his offer in April, based on a drop in an index of social-media company shares.
BUSINESS
Joe Biden warns oil firms he’ll seek tax on ‘windfall’ profits
“The oil industry has not met its commitment to invest in America and support the American people,” Biden said Monday. He called the industry’s profits “a windfall of war.”
COMMODITIES
Oil holds losses as economic slowdown concerns hang over market
A strong US dollar has added to bearish headwinds, making commodities priced in the currency less attractive to investors
BUSINESS
China’s iPhone sales drop may mean bigger problems for Apple
The Cupertino, California-based company’s sales of iPhones in China slumped by 27% in the week of Oct. 24, a third successive week of increasingly steep drops.
BUSINESS
Jittery stock traders eye four days that will sow market’s fate
In the span of just seven trading sessions, there will be four major events that could shape the market’s outlook for the rest of the year -- and potentially prompt a rapid about-face by confounding expectations.
BUSINESS
Fed and BOE prepare 75 basis-point salvos on inflation
The transatlantic double act illustrates the trade-off confronting central banks as evidence of an impending global economic contraction becomes harder to ignore, even as inflation lingers.
BUSINESS
Emerging stocks are flashing a 2008 financial crisis signal
The price-earnings ratio of the benchmark MSCI Emerging Markets Index, based on trailing 12-month profits, has fallen below its price-earnings ratio based on estimated earnings for the next 12 months, showing that analysts expect earnings to fall faster in the future than currently.
COMMODITIES
Oil set for monthly gain before OPEC+ begins cutting output
Crude has shed a quarter of its value since June as concerns of a global slowdown and tight monetary policy threatened to curtail demand
ECONOMY
Sunak faces dose of reality as economic and political woes mount
The new premier’s economic policy is set to face scrutiny as the Bank of England delivers what could be its biggest interest-rate hike in more than 30 years, and the government looks to fill the multi-billion hole in the nation’s finances
ECONOMY
Global food security on the edge as Russia exits grain deal
How much of a price jump is harder to predict since the safe-passage deal was already set to expire in mid-November if no agreement is reached to extend it
MARKETS
Tech’s Terrible Week, in 10 Charts
Most of the biggest tech names managed to regain some ground Friday, propelled by Apple’s comparatively healthy performance. But the overall mood remained glum.
BUSINESS
Musk’s role as 'chief twit' knocks $10 billion from fortune
Six months after Elon Musk announced he would buy the company, his offer looks very expensive. Shares of social media companies have crashed as economic uncertainty and interest rate increases curb market speculation and advertiser spending.
WORLD
Fed seen aggressively hiking to 5%, triggering global recession
The Federal Open Market Committee will raise rates by 75 basis points for a fourth consecutive meeting when policymakers announce their decision at 2 p.m. in Washington on Wednesday
BUSINESS
Appliance maker Electrolux to cut up to 8% of 50,000 staff
The job cuts of 3,500 to 4,000 employees form part of a cost reduction problem that was announced alongside Electrolux’s third-quarter earnings.
BUSINESS
Modi plan to unlock gold gets new focus with trade gap near record
Prime Minister Narendra Modi and his government have been trying to convince gold-obsessed citizens — who collectively own the biggest private holding of bullion in the world — to deposit their treasures with banks and earn interest.
BUSINESS
'Fantastic' Earnings could give Indian Banking Stocks a Boost
Banks and shadow lenders have a more than one-third weight in the broader S&P BSE Sensex, which is up more than 2.5% so far in 2022, beating benchmarks in all markets with a total value of at least $1 trillion, except Saudi Arabia.
BUSINESS
Amazon shares plunge on forecast for sluggish holiday sales
The Seattle-based company, which reaped record profits during the pandemic, said sales during the current period will rise just 2% to 8% as shoppers reduce their spending in the face of economic uncertainty.
BUSINESS
Apple dodges tech rout, even while warning of holiday slowdown
The company said that growth wouldn’t be as strong during the current period, but investors found enough optimism to send the stock higher in late trading Thursday.
