BUSINESS
FIIs shun the mega LIC IPO over market risks
With just hours to go until the end of the subscription period for the $2.7 billion initial public offering of Life Insurance Corporation of India, foreign institutional funds have put in orders for merely 8% of the shares set aside for all institutional buyers.
BUSINESS
Bitcoin flirts with lowest level since 2021 as equities swoon
The world’s largest digital token dropped as much as 2.7% on Monday and was trading at $33,741 as of 12:40 p.m. in Singapore. The second biggest, Ether, shed as much 4.6%. Most of the major virtual coins were under pressure over the weekend and the downbeat mood carried over into Monday.
BUSINESS
Oil declines as traders weigh G-7 crude ban, Saudi price cuts
West Texas Intermediate fell toward $109 a barrel after closing at a six-week high on Friday.
BUSINESS
BCCI plans women’s cricket league as IPL viewership surges
Board of Control for Cricket in India -- the sport’s governing body conducts the wildly-popular men’s edition of IPL whose broadcast rights will be fought over by media titans including The Walt Disney Co. and Amazon.com Inc. -- wants to auction broadcast rights of the women’s games and its six league teams by early next year, BCCI head Jay Shah told Bloomberg in an interview in Mumbai.
WORLD
China Premier warns of 'grave' jobs situation as lockdowns bite
Chinese Premier Li instructed all government departments and regions to prioritize measures aimed at helping businesses retain jobs and weather the current difficulties, according to a statement late Saturday
WORLD
Elon Musk’s fixer is quietly tending the world’s biggest fortune
Birchall, 47, is one of the most important people in Musk’s circle. He’s at the helm of the Tesla Inc. leader’s family office, Excession, along with his nascent foundation, and manages many of Musk’s personal endeavors
WORLD
Modi's dilemma: Keep voters happy or feed the world
Modi has sought to burnish his reputation as a dependable global leader, but he faces frustration on home soil about record-high inflation, one issue that brought down the previous government and paved the way for his ascension to power
BUSINESS
Andreessen joins Musk's Twitter bid - Meta conflict ahead?
Andreessen Horowitz will be investing $400 million in the Twitter takeover deal, thus creating a conflict for co-founder Marc Andreessen, who is also on the board of rival Meta Platforms. Twitter CEO Parag Agrawal and wife Vineeta Agarwala's relationship too may get more complicated as she is a general partner at Andreessen Horowitz.
INDIA
Govt plans to cut taxes on edible oils to cool surging prices
India, the world’s top importer of vegetable oils, is looking to cut the agriculture infrastructure and development cess on crude palm oil imports from 5%, the people said, asking not to be identified as the information is private. The new tax amount is still being deliberated, the people said.
BUSINESS
Binance backs Elon Musk bid with eye on bringing Twitter to Web3
“We’re excited to be able to help Elon realize a new vision for Twitter,” Changpeng Zhao, chief executive officer of Binance, said in a statement. “We hope to be able to play a role in bringing social media and web3 together and broadening the use and adoption of crypto and blockchain technology.”
BUSINESS
Vicious Stock reversal - Fed’s feedback problem?
Only he knows, but the question goes to the heart of a puzzle that is likely to dog markets for weeks and months to come. How does the motion of markets affect the state of financial conditions, the cross-asset measure of stress that in Powell’s words is the channel via which monetary policy “reaches the real economy?”
BUSINESS
Wall Street wipeout: Dow falls 1,000 points; Bonds, Stocks down on Fed disruption
In markets, there’s turbulence, then there’s whatever you call the last two days, when a 900-point Dow rally was followed 12 hours later by a 1,000-point decline.
BUSINESS
Elon Musk cuts his margin risk with new equity partners for Twitter
The Tesla Inc. co-founder restructured his complex bid for the social-media giant by getting $7.1 billion in equity commitments from investors. He also cut in half the size of a record margin loan arranged last month with an array of investment banks.
BUSINESS
World Hunger crisis ‘exploding’ after 25% spike before Ukraine war
The comment from the chief economist at the World Food Programme came as the Global Network Against Food Crises warned that the hunger problem is expected to “deteriorate further” this year.
BUSINESS
Oil steady before OPEC+ meet later today, EU talks of Russia ban
West Texas Intermediate traded near $108 a barrel after closing up 5.3% on Wednesday. The EU plans to ban Russian oil over the next six months and refined fuels by the end of the year, to increase pressure on Vladimir Putin over his invasion of Ukraine.
BUSINESS
Wall Street worries inflation may mean relief rally is false dawn
The Fed hiked rates by 50 basis points, the most since 2000, and flagged similar moves in coming months. Powell said 75 basis points was “not something that the committee is actively considering,” spurring a rally in stocks and bonds.
BUSINESS
Crypto exchange Binance gets French regulatory nod in European push
The regulatory nod will help boost the company’s ambitions in Europe and marks the exchange’s first major approval from a G-7 member nation.
BUSINESS
Apple hires 31-year Ford veteran Desi Ujkashevic to ramp up electric-car work
Ujkashevic had worked at Ford since 1991, most recently serving as its global director of automotive safety engineering.
BUSINESS
India plans to restrict wheat exports after record heat damages crop
The South Asian nation experienced its hottest March on record, shriveling the wheat crop that the world was relying on to alleviate a global shortage. To safeguard domestic supplies, the government is considering limiting wheat exports.
MARKETS
RBI Governor to make unscheduled statement, spurring hike talk
Governor Shaktikanta Das will address the public at 2 p.m. local time via You Tube, the central bank’s official Twitter account said
COMMODITIES
OPEC fails to increase oil output amid capacity troubles
While Iraq made a substantial boost, countries such as Libya and Nigeria saw their production fall amid operational disruptions and diminished investment, according to a Bloomberg survey
BUSINESS
China's Evergrande update: Investors readjust Junk exposure
China’s property shares rallied after government officials showed further signs of support, but analysts say the gains may not extend unless more specific steps are taken to fix the sector’s sagging fundamentals
MARKETS
US Fed traders seek an answer to the 75-basis-point question
The US central bank is expected to raise rates by 50 basis points at this meeting, something it hasn’t done since May 2000. But there might still be room for even more hawkishness, depending on how Powell navigates his upcoming press conference
BUSINESS
Morgan Stanley raided in Frankfurt in tax fraud investigation
Morgan Stanley confirmed that its premises were targeted and said the investigation relates to a “historic activity” and that the bank is “continuing to cooperate with the German authorities”
