BUSINESS
Cooking oil chaos exacerbates a looming world hunger crisis
Russia’s invasion of Ukraine has thrown the trade of sunflower oil into chaos and is squeezing already tight supplies of other vegetable oils used in food, biofuels and personal care products.
BUSINESS
EU to pursue trade deal with India to reduce its ties to Russia
The EU is India’s third-largest trading partner and accounts for 62.8 billion euros ($67.8 billion) worth of trade in goods.
BUSINESS
Elon Musk swayed Wall Street by pitching his vision for Twitter
Musk’s plan for loading Twitter with more debt without tipping its credit rating into the deepest levels of junk was a crucial factor in getting the banks to bet on his bid, according to people familiar with the matter.
BUSINESS
Economy 'sound', quickening inflation will be controlled: FM Sitharaman
In a separate interview, Sitharaman cited the 7.2 percent projected by the Reserve Bank of India for the fiscal year that began April 1 as her “bottom line” and said that eight percent growth “seems absolutely possible.”
BUSINESS
Serum stops making COVID-19 vaccines with 200 million doses spare
“We have got 200 million doses of stock. We had to shut down production in December,” Serum’s chief executive officer Adar Poonawalla said at the India Economic Conclave organized by Times Network on Friday, saying he was worried about wastage if the shots expired. “I have even offered to give free donations to whoever wanted to take it.”
BUSINESS
China’s plunging markets trigger capital flight, state support
The Hang Seng China Enterprises Index of big mainland companies listed in Hong Kong is among the worst-performing stock benchmarks globally this week. The yuan is on course for its steepest five-day decline in almost three years. High-yield dollar bonds are headed for the longest stretch of weekly losses since March.
BUSINESS
India to finalize Pawan Hans sale on Saturday, JSW among bidders
A group of officials headed by Cabinet Secretary Rajiv Gauba is meeting on Saturday to pick the winning bid, the people said, asking not to be identified as the matter is private. A final announcement will be made after the approval by a ministerial panel which is largely procedural, they said.
BUSINESS
Mega India insurer looks to slash IPO size as war in Ukraine hurts valuation
Officials want to complete the listing -- which will still be India’s biggest -- in the next two weeks, the people said, asking not to be identified as the deliberations aren’t public. LIC will probably be valued at some 6 trillion rupees, the people said.
BUSINESS
Didi’s fate in limbo as officials object to proposed penalty
Didi has been in talks with the Cyberspace Administration of China about a fine and other penalties after proceeding with a U.S. initial public offering last June over the regulator’s objections, the people said.
BUSINESS
Global bond rout extends as three half-point Fed hikes priced in
The policy-sensitive two-year yield climbed as much as six basis points on Friday to 2.74%, the highest since late 2018, after Fed Chair Jerome Powell said “it is appropriate in my view to be moving a little more quickly.” That shrank the premium 10-year notes offer over two-year securities, sending the yield gap below 20 basis points.
BUSINESS
Norway’s wealth fund lost $74 billion in first quarter
It shed 5.2% on stocks, where it has the bulk of its investments, and 4.8% on fixed income.
BUSINESS
Chip-starved firms are scavenging silicon from washing machines
ASML Holding NV Chief Executive Officer Peter Wennink remarked on the situation, without naming the conglomerate, during his company’s earnings call Wednesday.
BUSINESS
India wants trade pact with UK by October, easier worker visas
The British prime minister’s trip comes just weeks after Foreign Secretary Liz Truss visited New Delhi in a bid to convince the Modi government to condemn Russia’s invasion of Ukraine and join efforts to economically isolate Moscow.
BUSINESS
Just Eat keen to put Grubhub on sale as $7.3 billion bet goes sour
The Amsterdam-based company said in a statement it’s exploring strategic actions for the U.S. division, which it bought for $7.3 billion last year. Just Eat’s shares have plunged as investors lost faith in its plans to involve the division in industry consolidation, as it has yet to announce any tieups with the unit.
BUSINESS
Vladimir Putin calls time on foreign listings in fresh hit to tycoons
Vladimir Putin signed off on legal amendments on April 16 that require Russian companies to delist their overseas shares, winding up a process that has gathered pace with the annexation of Crimea in 2014.
BUSINESS
Netflix tumbles as 200,000 users exit for first drop in decade
The streaming leader will introduce a cheaper, advertising-supported option for subscribers in the next couple years, and will start to crack down on people sharing their passwords even before that. Netflix also will curb its spending on films and TV shows in response to the customer losses.
BUSINESS
Blackstone, Vista, Brookfield rule out financing Elon Musk’s Twitter bid
Brookfield Asset Management has also opted against backstopping Musk’s unsolicited, $43 billion offer, said the people, who asked to not be identified because the matter isn’t public. Vista and Blackstone aren’t interested in participating in any potential bid for Twitter from Musk or any other party at the moment, the people added.
BUSINESS
Reliance, Amazon, Sony vying broadcast rights for IPL: Report
Securing rights to the world’s third-largest sporting event by number of viewers -- IPL is considered the Super Bowl of cricket -- means access to hundreds of millions of eyeballs.
BUSINESS
Zilingo board is said to discuss replacing CEO after suspension
Directors have been talking regularly in recent days to consider the future of Bose and Zilingo itself, said the people, asking not to be identified because the discussions are private.
BUSINESS
Global investors flee China fearing that risks eclipse rewards
The central question is what could happen in a country willing to go to great lengths to achieve its leader’s goals.
BUSINESS
Amazon to undergo racial audit, led by Former AG Lynch
The audit -- an analysis of companies to see whether their businesses cause and perpetuate discrimination -- will be led by former U.S. Attorney General Loretta Lynch, now a partner at law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP, Amazon said in a proxy statement filed Thursday.
BUSINESS
Twitter gains as board plots defense strategy against Elon Musk
A securities filing on Monday confirmed the defense strategy Twitter outlined last week, which would allow the company to issue new stock that all shareholders except Musk could buy at a discounted price.
BUSINESS
Sri Lanka credit rating cut by Moody’s as looming default to bring losses
The island nation was cut to Ca from Caa2 by Moody’s on Monday, following similar downgrades by S&P Global Ratings and Fitch Ratings. An interest payment due Monday is the first since Sri Lanka’s government announced last week it would halt foreign debt service to preserve cash for food and fuel imports.
BUSINESS
Larsen weighs merging Mindtree, L&T Infotech into $22 billion firm: Report
The boards of Mindtree Ltd. and Larsen & Toubro Infotech Ltd., two software units controlled by the Mumbai-based engineering firm, could consider share swap ratios for the merger as early as next week, one of the people said, asking not to be identified as the information is not public.
