BUSINESS
Meta halts development of Apple watch rival with two cameras
The device, which has been in development for at least two years, was designed to include several features common in other smartwatches, including activity tracking, music playback and messaging.
BUSINESS
Expedia CEO Peter Kern doesn’t see high prices stopping summer travel
“Are there going to be places where things start to reach their peak or come off their peak, sure,” Kern said of travel demand Wednesday at the Bloomberg Technology Summit in San Francisco. “Broadly, we’re not seeing any discernible moment or time line where it’s all going to fall off.”
BUSINESS
Tesla’s share of EV sales hits 3-year low on Shanghai lockdown
The Model 3 maker registered 39,650 vehicles in April, down 78% from the month of March, according to a report Dan Levy, Credit Suisse’s US auto analyst, published Wednesday.
BUSINESS
Mobikwik seeks to raise $100 million after deferring planned IPO
The Gurugram-based fintech firm, which turned profitable for the first time in the quarter ending Dec. 31, will use the funds for marketing, to hire people and make acquisitions, co-founder Upasana Taku said in an interview in Mumbai.
BUSINESS
Rare show of unity in Congress’s big tech crackdown
“For too long, big tech companies have said ‘just trust us’ while putting profits ahead of their users,” Klobuchar said. “We’re coming together to say the era of ‘just trust us’ has ended.”
BUSINESS
Apple will handle lending itself with new pay later service
A wholly owned subsidiary will oversee credit checks and make decisions on loans for the service, which is called Apple Pay Later. The business -- Apple Financing LLC -- has necessary state lending licenses to offer the feature, though it operates separately from the main Apple corporation, the company said in response to Bloomberg questions.
BUSINESS
Elon Musk’s Twitter bid leans on financier linked to Russian tycoon
High on that list is a Dubai-based investment firm whose assets have surged to more than $5 billion under its secretive founder Alexander Tamas, according to regulatory filings and people familiar with the matter.
BUSINESS
Chances of a US recession sometime over the next couple of years “much higher than normal” : Robert Shiller
Nobel Laureate economist Robert Shiller and author of the 2019 book “Narrative Economics: How Stories Go Viral and Drive Major Economic Events.” apprehends a "good possibility" of a US recession, which he believes would be fueled in part by a "self-fulfilling prophecy" as investors, businesses, and consumers become increasingly concerned about a downturn.
BUSINESS
Credit Suisse weighs new round of job cuts after loss warning
The Swiss bank is considering headcount reductions across divisions including investment banking and wealth management in different regions, said the people, who asked not to be identified as the matter is private.
BUSINESS
Ray Dalio says central banks to cut rates in 2024
“We believe that we are in a tightening mode that can cause corrections or downward moves to many financial assets,” Dalio, the founder of Bridgewater Associates LP, said in an interview with the newspaper.
BUSINESS
China approves more games in a step toward normalization
Shares of Tencent and Netease rose more than 3% on Wednesday, amid a broader surge in Chinese tech stocks. Live-streaming platform Kuaishou Technology jumped 5.8%.
BUSINESS
Angela Merkel warns of isolating Russia after Vladimir Putin’s ‘big mistake’
“There’s no excuse for this brutal aggression,” the 67-year-old said on Tuesday in an on-stage interview at a theater in central Berlin. While she has remained active behind the scenes, it was her first public appearance in front of a larger audience since leaving office in December.
BUSINESS
Elon Musk’s Twitter deal draws investor suit over spam account claims
John Solak, who owns five Twitter shares, sued the company in Delaware Chancery Court Tuesday for records related to discussions between its directors and executives about problems with so-called bot accounts.
BUSINESS
Plane crash mysteries spur renewed calls for cockpit cameras
The Boeing Co. 737 co-pilot’s frenzied warnings on Sept. 28, 2018 came too late. Within seconds, the Air Niugini Ltd. passenger flight slammed into the waters of the western Pacific, half a kilometer short of the runway at Chuuk in the Federated States of Micronesia.
BUSINESS
Airtel Africa, Others Receive Notice to Pay About $180 Million to Congo
According to persons familiar with the situation, the Democratic Republic of Congo has ordered mobile phone firms operating in the African country to pay a charge of almost $180 million every year.
BUSINESS
Gold’s haven appeal burnished by drumbeat of growth warnings
Gold may be heading for another rally, with warnings over a global economic slowdown paving the way for a fresh push toward $2,000 an ounce.
BUSINESS
'Stagflation' risk: World Bank dims outlook for global economy amid Russia war
The Washington-based lender reduced its estimate for global growth this year to 2.9% from a January prediction of 4.1%
BUSINESS
Goldman says Oil needs to rally further to solve market deficit
Brent crude will need to average $135 a barrel in the 12 months from July, up $10 from the bank’s previous forecast, for global inventories to normalize by late 2023, analysts including Damien Courvalin and Jeffrey Currie said in a note dated June 6. The global benchmark was trading at about $120 on Tuesday, and has risen more than 50% this year.
BUSINESS
Poor network, low speed plagues 92% of India mobile phone users
About 48% of 8,210 consumers surveyed by LocalCircles mentioned frequent disruptions to their mobile services due to poor network availability and 44% were disgruntled with low data speeds.
BUSINESS
Bain-backed $44 billion wealth manager is bullish on India REITs
IIFL Wealth Management Ltd. is recommending its clients allocate as much as 10% to the hybrid investments, co-founder and joint Chief Executive Officer Yatin Shah said in an interview.
BUSINESS
China shifting focus to Southeast Asia, Sri Lanka President Gotabaya Rajapaksa says
In an interview on Monday, Rajapaksa said that Sri Lanka couldn’t tap a $1.5 billion credit line from Beijing and has yet to hear back on his request to President Xi Jinping for a $1 billion loan to buy essential goods.
BUSINESS
Few market signs show a recession expected, Deutsche Bank says
Strategists Parag Thatte and Binky Chadha looked at a number of indicators including short interest, call volumes, sentiment and fund flows, among others, and found that many suggest investors are broadly expecting the Fed to manage its goal -- a so-called soft landing that doesn’t destroy growth.
BUSINESS
Commodities gauge soars to fresh record amid supply crunch
The Bloomberg Commodity Spot Index, which tracks prices for 23 raw materials, rose 1.9% Monday to its highest-ever level.
BUSINESS
Bain raises $2 billion in biggest Asia special situation pool
The second pool of cash is double the size of its first fund and the amount raised exceeded the $1.5 billion target, the Boston-based asset manager said.
