MARKETS
Citi trader made error behind flash crash in Europe stocks
A trader at the US firm made a mistake “inputting a transaction,” Citigroup said late last night, after a knee-jerk selloff in Swedish stocks in five minutes wreaked havoc in bourses from Paris to Warsaw
BUSINESS
Heat to scorch India’s wheat supplies, adding food-shortage worries to world
The food and commerce minister predicted that India will export as much as 15 million tons of wheat this fiscal year, a record high and double what it shipped last year. The scorching heat has thrown that into doubt.
BUSINESS
Germany to woo India with G-7 invite in bid to isolate Putin
Germany, which currently holds the rotating G-7 presidency, will also welcome the leaders of Indonesia, South Africa and Senegal to the gathering in the Bavarian Alps June 26 to June 28, said people with knowledge of the matter
COMMODITIES
Soaring pump prices weigh on growth in India retail fuel sales
A jump in prices has seen growth stall in India’s sales of gasoline and diesel
BUSINESS
Deutsche Bank AGM shouldn’t absolve leaders, advisor says
Proxy adviser Glass Lewis listed probes against Deutsche Bank’s asset manager DWS Group and an unidentified management board member in connection with a tax evasion scheme known as Cum-Ex, according to a report published on Sunday
BUSINESS
China contagion threatens to derail the world’s emerging markets
China’s slowdown will compound the challenging outlook for emerging economies facing soaring energy prices and tighter monetary policy from the major central banks, said an economist.
BUSINESS
Green fix to replace Russian gas is stymied by Europe’s red tape
Russia’s biggest buyer of gas is Germany, where the government vowed to accelerate green-energy development through measures such as increasing the areas available for solar parks, expanding electric grids and adding wind farms at sea
ECONOMY
Singapore says world could face recession in next two years
Singapore’s central bank said last week it expects global growth to moderate to 3.9 percent in 2022 from 5.4 percent last year as inflation reaches its fastest in 14 years
BUSINESS
Buffett is back with one of his biggest buying sprees in years
The conglomerate made roughly $41 billion of net purchases in the first quarter, including a boost to its Chevron Corp stake that vaulted the investment into Berkshire’s top four common stock holdings
ECONOMY
Powell takes lead in round of rate hikes around the world: Eco Week
In a week that’s likely to be marked by a global round of rate hikes, Fed officials are expected to raise their benchmark on Wednesday, and may also announce they’ll start letting the central bank’s bloated balance sheet start to shrink
WORLD
Shanghai new Covid cases kept to quarantine areas for second day
Beijing, which recently detected infections that were spread in the community, found 59 new cases on Saturday, up from 54 the previous day, according to city authorities
BUSINESS
Oil rides longest monthly winning streak since early 2018
Crude is rallying with demand concerns perceived to be short-term while supply concerns are persistent, said Rebecca Babin, senior energy trader at CIBC Private Wealth Management
BUSINESS
Jeff Bezos loses $13 billion in hours as Amazon shares slump on poor quarterly show
Shares of the e-commerce company were down 14 percent on Friday after it reported a quarterly loss and the slowest sales growth since 2001
ECONOMY
Oil rides longest monthly winning streak since early 2018
With the war entering a third month, Germany has signaled that it wouldn’t oppose a European Union embargo on Russian oil, but expressed skepticism that it’s the most effective means of damaging President Vladimir Putin
WORLD
Alarmed by Russia’s Invasion, Europe Rethinks Its China Ties
In the EU, the sense of dismay at China is arguably most acute among countries in central and eastern Europe that have the most hawkish views on Russia. Paradoxically, they are also among the EU nations with which China had the best relations via its 16+1 forum that allowed smaller states an audience with Beijing’s leadership.
BUSINESS
Shell agrees to buy India’s Sprng Energy for $1.55 billion
The deal will triple Shell’s operational renewables capacity and help it achieve net-zero carbon emissions by 2050
WORLD
Turkish President Erdogan plans meeting with Saudi crown prince to revive ties
Turkey's President Recep Tayyip Erdogan will meet Saudi Crown Prince Mohammed bin Salman in Saudi Arabia on Thursday, according to senior Turkish officials with direct knowledge of the Turkish president’s programme.
BUSINESS
Next EV hurdle: Lithium bid up 140% after Elon Musk's 'Insane Levels' call
Pilbara Minerals Ltd.’s auction of spodumene concentrate -- a partly-processed form of lithium -- attracted a top bid of $5,650 a ton on Wednesday for a cargo of 5,000 tons. That compares with $2,350 at the previous sale in late October on the Australian miner’s Battery Metal Exchange.
BUSINESS
A powerful dynasty bankrupted Sri Lanka in just 30 months
The finance minister at the time, Mangala Samaraweera, called a briefing to assail the “dangerous” pledge to reduce the value-added tax to 8% from 15% and scrap other levies.
BUSINESS
How Nandan Nilekani is helping build an e-commerce platform to counter Amazon, Walmart-owned Flipkart
Now 66, Nandan Nilekani has one more ambitious goal. The high-profile mogul is helping Prime Minister Narendra Modi build an open technology network that seeks to level the playing field for small merchants in the country’s fragmented but fast-growing $1 trillion retail market.
BUSINESS
Twitter legal executive hit with online abuse following Elon Musk tweet
Musk, who has 86.4 million followers on Twitter and has clinched a deal to buy the company for $44 billion, often uses the site as a way to criticize Twitter’s decisions, particularly when they involve banning accounts from people who violate the platform’s rules, some of whom Musk sees as being unfairly sidelined.
BUSINESS
Indonesia adds to global food shock with widened Palm export ban
The ban will be expanded to crude palm oil, RBD palm oil and used cooking oil, Coordinating Minister for Economic Affairs Airlangga Hartarto said at a briefing Wednesday.
BUSINESS
LIC IPO: India’s biggest listing attracts Norway’s wealth fund and GIC among others
Abu Dhabi Investment Authority is also among those in discussions to participate in Life Insurance Corporation of India’s first-time share sale
BUSINESS
Archegos founder Bill Hwang hit with criminal charges
Hwang and Halligan were charged with racketeering conspiracy, securities fraud, and wire fraud offenses.
