BUSINESS
Crypto scammers pose as Journalists, NFT projects on Twitter
As part of the alleged scam, thieves have masqueraded as members of the Bored Ape Yacht Club, a popular collection of NFTs, as well as the Azuki collection, the MoonBirds project and the Okay Bears NFT community, which has more than 150,000 Twitter followers, Narang found.
BUSINESS
S&P 500 believers see light forming in the market
After falling 15% this year, the S&P 500 is trading around 4,000. According to analysts tracked by Bloomberg, its members will earn a combined $248 a share next year.
BUSINESS
US plans economic talks with Taiwan in latest challenge to China
The talks would focus on enhancing economic cooperation and supply-chain resiliency, falling short of a traditional free-trade agreement, according to the people.
BUSINESS
SoftBank-backed Oyo to shelve plans for IPO in 2022, sources say
The board of Oyo, formally known as Oravel Stays Ltd., talked through a change in the offering’s timing during multiple meetings last week and earlier this week after consulting with its bankers and investors.
BUSINESS
Moderna CEO Bancel says he’ll give most of his money away
Moderna Inc. Chief Executive Officer Stephane Bancel said he plans to donate the bulk of his family wealth, focusing his philanthropy on issues such as health care and ghobal food security.
TRENDS
Justin Timberlake sells the rights to his song catalog in $100 million deal
MARKETS
As hedge funds stumble, sorry is the hardest word
Stocks and crypto are crashing. Time for a mea culpa? It depends who you ask
BUSINESS
Currency slump, 132% inflation no cause for ‘panic’ in Zimbabwe
“We are instituting measures that every other country in the world is instituting,” Ncube said in an interview with Bloomberg Television’s Manus Cranny and Yousef Gamal El-Din from Davos on Thursday. “We are not in panic mode.”
BUSINESS
Andreessen Horowitz raises $4.5 billion Crypto fund, the largest of its kind
The firm is dedicating $3 billion to venture investments and $1.5 billion to seed investments.
BUSINESS
The trouble with Lithium
Demand has outstripped supply, pushing prices up almost 500% in a year and hindering the world’s most successful effort yet to halt global warming.
BUSINESS
Fed saw aggressive hikes providing flexibility later this year
While highlighting the “strong commitment and determination” of all policy makers to restore price stability, the minutes of the May 3-4 meeting, released Wednesday, showed officials attentive to financial conditions as they prepare to raise rates further.
BUSINESS
Embattled payments startup Bolt is cutting one-third of staff
In a message to staff on Wednesday, Bolt Chief Executive Officer Maju Kuruvilla wrote that the company was making cuts as part of a broader restructuring.
BUSINESS
Elon Musk’s revised Twitter bid drops margin loan, requires more cash
Elon Musk will provide an additional $6.25 billion in equity financing for the $44 billion buyout, according to a regulatory filing Wednesday. That’s enough to eliminate the margin loan of the same size, which had already been reduced earlier this month.
WORLD
Zimbabwe’s inflation is back above 100% after currency plunge
Annual inflation quickened to 131.7% from 96.4% in April, ending a 10-month period in which the rate was below 100%.
COMPANIES-2
Etihad CEO Says India Sales Higher, Optimistic on China Rebound
Etihad Airways said bookings for its India flights are edging higher as the south Asian nation loosens coronavirus curbs, adding to a surge in demand led by the Gulf carrier’s destinations in Europe and North America.
BUSINESS
Bill Ackman doubles down on call for aggressive Fed rate hikes
The series of tweets came hours after Ackman warned that investors lacked confidence the Fed will get inflation under control and called for it to act aggressively.
BUSINESS
Soros warns ‘civilization may not survive’ Putin’s war
Soros has previously used the WEF stage to unleash blistering critiques. At the last meeting, in January 2020, he suggested without evidence that Facebook Inc. might be conspiring to help re-elect Donald Trump, who lost the US presidency later that year.
BUSINESS
Social media stocks sink to erase $135 billion on Snap warning
Shares in digital ad-dependent Snap tumbled 43%, their biggest intraday decline ever to trade below its 2017 initial public offering price of $17.
BUSINESS
Singapore says GDP outlook challenged by war, COVID shocks
Supply-chain tensions have risen amid Russia’s invasion of Ukraine and COVID-related lockdowns in China, exacerbating inflation and triggering a global march toward higher interest rates
BUSINESS
Govt considers tax cut on soybean and sunflower oil to cool prices
Edible oil prices in India, which relies on imports for 60 percent of its needs, have surged this year along with international prices following Russia’s invasion of Ukraine that choked the supply of sunflower oil from the Black sea region.
BUSINESS
Govt may restrict sugar exports at 10 MT this year
The move may be announced in the coming days, Bloomberg reported citing a source. India was the world’s biggest sugar exporter after Brazil last year and counts Bangladesh, Indonesia, Malaysia, and Dubai among its top customers.
BUSINESS
Samsung to spend $360 billion on chips, biotech over five years
The conglomerate -- whose units from Samsung Electronics Co. to Samsung Biologics Co. dominate Korea’s economy -- promised in a statement to create 80,000 jobs through 2026, mostly in semiconductors and biopharmaceuticals.
BUSINESS
Airbnb to shut China business, focus on outbound Asia travel
The San Francisco-based company will stop offering rental homes and experiences in the country this summer, according to a person familiar with the matter.
WORLD
US unveils 13-nation economic pact to assert Asia leadership
Altogether the nations involved in the Indo-Pacific Economic Framework, or IPEF, constitute roughly 40% of global gross domestic product, according to the White House, which has touted its launch as a marquee accomplishment of President Joe Biden’s first trip to Asia.
