BUSINESS
Elon Musk and Twitter: What we know, what we don’t about $44 billion deal
The announcement Monday confirmed many of the details that had already been reported -- or tweeted -- about the transaction. It also left many unanswered questions. Here’s what we know so far, what still needs to be clarified, and what might happen next.
BUSINESS
CVC, KKR mulling Toshiba buyout bids as PE firms circle
A buyout of Toshiba, which has a market capitalization of almost $18 billion, would possibly be private equity’s biggest ever deal in the country.
BUSINESS
India’s Sprng Energy nearing $1.8 billion sale to Shell
Shell was among the bidders for Sprng, along with Adani Group and renewable energy firm Greenko, Bloomberg News reported in March.
BUSINESS
Nomura expects Indian IPO market to pick up in second half
“The capital markets on the secondary side which is on the block and QIPs have started to pick up,” Amit Thawani, head of India coverage investment banking at Nomura, said in an interview with Bloomberg Television on Tuesday. “We expect a constructive environment especially in the second half of the year for IPOs.”
BUSINESS
Waning demand for LIC IPO highlights fiscal challenges for Modi
Anchor investors had been reluctant to commit as the war eroded demand for equities, according to people with knowledge of the matter, with foreign funds withdrawing more than $16 billion from Indian stocks this year.
BUSINESS
Majority of India’s 900 million workforce stop looking for jobs
Frustrated at not being able to find the right kind of job, millions of Indians, particularly women, are exiting the labor force entirely, according to new data from the Centre for Monitoring Indian Economy Pvt, a private research firm in Mumbai.
BUSINESS
Cooking-oil chaos exacerbates a looming world hunger crisis
Two months after Russia’s invasion of Ukraine upended global agricultural trade, Indonesia is set to ban exports of cooking oil in the wake of a local shortage and soaring prices, adding to a raft of crop protectionism around the world.
BUSINESS
Oil sinks below $100 as China’s lockdowns imperil demand outlook
West Texas Intermediate futures dropped more than 2% to trade below $100 a barrel after capping a weekly decline. Shanghai reported record daily deaths over the weekend, while authorities in Beijing warned the virus was silently spreading.
BUSINESS
‘Mr. Lithium’ warns there’s not enough battery metal to go around
While there’s been a lot of attention on nickel, especially after Russia’s invasion of Ukraine, another key metal — lithium — is a source of concern for manufacturers dealing with all manner of supply chain challenges.
BUSINESS
New texts shed light on Elon Musk’s 2018 spat with Saudi fund
Now, a series of text messages that Musk exchanged with Silicon Valley friends, investors, and the managing director of Saudi Arabia’s Public Investment Fund during that saga have come to light as part of an ongoing shareholder lawsuit.
WORLD
Ukraine’s farmers fight on the front line of global food crisis
As Ukrainians resist Russian President Vladimir Putin’s military machine, the 36-year-old is another example of the resilience shown by so many of his compatriots in protecting their nation’s statehood.
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.
