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.
BUSINESS
Sony says former CEO Nobuyuki Idei has died
Nobuyuki Idei , who joined the company in 1960 and served as CEO from 1998 to 2005, passed away June 2 in Tokyo, the company said in a statement.
BUSINESS
Apple unveils biggest MacBook Air redesign in over a decade
The company showcased the updated laptop Monday at its Worldwide Developers Conference, an event that’s otherwise focused on software updates for the iPhone and other devices.
BUSINESS
Singapore wants more people living inside its business districts
The city-state will continue to build so-called polycenters, or local business districts, in addition to the main central area, so more workers can stay closer to home, the Urban Redevelopment Authority said in a release of its long-term plan on Monday.
BUSINESS
Chips, shipping, fertilizer hint inflation may have peaked
A bellwether semiconductor price -- a barometer of costs of finished electronics products as diverse as laptops, dishwashers, LED bulbs, and medical devices delivered worldwide -- is now half its July 2018 peak and down 14% from the middle of last year.
BUSINESS
RBI’s rate hike is just a matter of how much: decision guide
The six-member Monetary Policy Committee will probably raise the benchmark interest rate by 40 basis points to 4.8% on Wednesday, according to the median in a Bloomberg survey of 37 economists.
BUSINESS
Property tycoons lose $65 billion after China curbs excesses
A Bloomberg Intelligence gauge of Chinese property stocks sank on Monday to a five-year low versus the Hang Seng China Enterprises Index.
BUSINESS
India in talks to increase Russian oil imports from Rosneft
State processors are collectively working on finalising and securing new six-month supply contracts for Russian crude to India, people with knowledge of the companies’ procurement plans told Bloomberg.
BUSINESS
Elliott seeks $456 million from LME over Nickel chaos
The suit was filed by two Elliott vehicles against the LME and its clearing house in the English High Court on June 1, according to a statement issued by Hong Kong Exchanges & Clearing Ltd., the parent company of the defendants.
BUSINESS
Accused of stealing chip tech in US, now thriving in China
But four lines tucked halfway into an otherwise upbeat, 281-page annual report from February hinted at a potentially incendiary problem. ASML accused a Beijing-based firm, regarded by Chinese officials as one of the country’s most promising tech ventures, of potentially stealing its trade secrets.
BUSINESS
US mulls lifting some China tariffs to fight inflation
"We are looking at it. In fact, the president has asked us on his team to analyze that. And so we are in the process of doing that for him and he will have to make that decision," Raimondo told CNN in an interview on Sunday when asked about whether the Biden administration was weighing lifting tariffs on China to ease inflation.
BUSINESS
Activist investor Carl Icahn drops proxy fight over Kroger's pig policy
"I congratulate the McDonald's team on their victory in this proxy engagement and, after much contemplation, given the company's financial position, I believe the same outcome will result at Kroger," Icahn said in a letter he plans to send to the shareholders of both companies that was viewed by the Journal.
BUSINESS
Lifting tariffs on goods may make sense, US commerce chief says
“Steel and aluminum -- we’ve decided to keep some of those tariffs because we need to protect American workers and we need to protect our steel industry; it’s a matter of national security,” Gina Raimondo said in an interview Sunday on CNN’s “State of the Union.”
BUSINESS
Terra investors in India lost big. Now they face the taxman
Because the country’s tax system is punitive to crypto investing, TerraUSD and Luna token holders who got the new coin -- known as Luna 2.0 -- in a so-called airdrop face a double whammy.
BUSINESS
US recession is avoidable if Fed can ‘thread the needle’
While the danger of a downturn has risen as growth has slowed, most economists argue a contraction is unlikely in the immediate future, given the continued strength of the jobs market and the more than $2 trillion in excess cash on household balance sheets.
