WORLD
Shanghai’s locked-down elite are joining hunt for groceries
Shanghai is the epicenter of China’s worst outbreak since the early days of the pandemic in Wuhan and authorities have doubled down on their Covid Zero pillars of mass testing and lockdowns to try and stamp out infections.
BUSINESS
India optimistic on US defense talks despite Russia strain
Recent public statements from Washington warning India about consequences for purchases of weapons and discounted oil from Russia are contrary to private discussions between the two sides, the people said, asking for anonymity because of the sensitive nature of the talks.
BUSINESS
Elon Musk is diversifying world’s biggest fortune with Twitter stake
Elon Musk’s holding in his favored social-media platform is worth $3.67 billion. He’s already up more than $1.2 billion on the position based on Twitter’s closing share price on March 14, the date of the event that triggered the disclosure, and its closing level on Monday, when the stock surged 27% in the biggest rally since the company’s 2013 trading debut.
BUSINESS
MacKenzie Scott is expanding her $12.4 billion giving spree globally
MacKenzie Scott’s latest giving spree — $3.9 billion — included about 60 nonprofits based outside the U.S., out of a total 465 that received grants since last June, according to data compiled by Bloomberg.
BUSINESS
Surge in car-crash deaths could be magnified by new breed of EVs
The occupants of heavy vehicles tend to fare better in an accident, explained Michael Anderson, the University of California professor who co-wrote the study “Pounds That Kill: The External Costs of Vehicle Weight.”
BUSINESS
Tata packs power brands in mega app to rival Amazon, Ambani
Mumbai-based Tata Digital Pvt.’s digital services platform, Tata Neu, which went live to consumers on Thursday, will have in-house brands including Croma, Westside, AirAsia India, the Taj chain of luxury hotels and BigBasket, according to the group’s website.
BUSINESS
Robinhood rolls out Cryptocurrency wallet to 2 million users
Chief Product Officer Aparna Chennapragada made the announcement as part of the Bitcoin 2022 conference in Miami and said in an interview at the event that the product shows the company’s commitment to the crypto space.
BUSINESS
Peter Thiel blasts Jamie Dimon, Warren Buffett and Larry Fink as ‘Finance Gerontocracy’ at Bitcoin 2022
In his keynote speech at the Bitcoin 2022 conference in Miami Thursday, Thiel blamed the finance titans for the digital currency’s failure to reach $100,000, a benchmark popular among the asset’s die-hard supporters.
BUSINESS
Oil sheds most invasion-driven gains on stock release, China virus, Fed rates
West Texas Intermediate traded below $97 a barrel, with prices almost 3% lower this week. The recent drop means the U.S. benchmark has now lost the bulk of the gains seen since Russia’s invasion of Ukraine began in late February.
BUSINESS
Shell to write down as much as $5 billion on Russia withdrawal
The statement from the London-based giant shows that, despite a surge in oil and gas prices, Russia’s invasion of Ukraine has upended the supermajors’ plans and left them scrambling to adapt to historic shifts in energy markets.
BUSINESS
Nancy Pelosi to visit Taiwan in first such trip for 25 years, FNN Says
Nancy Pelosi will arrive in Taipei on Sunday following a visit to Japan, according to reports in both Taiwanese and Japanese media Thursday. It will be the first visit by a serving U.S. house speaker since Newt Gingrich traveled to Taiwan in 1997.
BUSINESS
JD’s Billionaire founder Richard Liu steps down as CEO of $92 billion empire
Xu Lei, who was recently promoted to president after more than a decade at the company, takes the helm of the e-commerce titan effective immediately. Liu’s lieutenant joins JD’s six-member board while Liu remains chairman, the company said in a filing Thursday. Its shares slid as much as 2.9% in early Hong Kong trading.
BUSINESS
Deutsche Bank predicts US recession in ‘23 as Fed boosts rates
They see the Fed raising rates by 50 basis points at each of its next three meetings on its way to a peak above 3.5% by the middle of next year. The Fed’s current target for the federal funds rate is 0.25% to 0.5%, after it lifted off levels near zero last month.
BUSINESS
Mocked as ‘Rubble’ by Joe Biden, Russia’s Ruble comes roaring back
International sanctions on Vladimir Putin’s regime sank it to a record low of 121.5 rubles per dollar, triggering memories of the battering it took during the 1998 Russian financial crisis.
BUSINESS
Canada to ban foreigners from buying homes as prices soar
The measures will be contained in Finance Minister Chrystia Freeland’s budget on Thursday, according to a person familiar with the matter, asking not to be named because the matter is private.
BUSINESS
Hypersonic-Missile delay puts US further behind Russia and China
The goal to declare an “early operational capability” for the Lockheed Martin Corp. missile by Sept. 30 has been moved back to sometime in the next fiscal year, according to an Air Force statement. The Pentagon has said the Air-Launched Rapid Response Weapon, or ARRW, is expected to be the “nation’s first operational hypsersonic weapon.”
BUSINESS
Suspected Chinese hackers collect intelligence from India’s grid
The hackers focused on at least seven “load dispatch” centers in northern India that are responsible for carrying out real-time operations for grid control and electricity dispersal in the areas they are located, near the disputed India-China border in Ladakh, the report said.
WORLD
India will have to face significant cost if aligned with Russia, US says
While the U.S., Europe, Australia and Japan have piled economic sanctions onto Russia in response to its war against Ukraine, India has declined and instead has sought to continue imports of Russian oil.
BUSINESS
Koo tests giving users power to self-verify to get one up on rival Twitter
A verified profile on social media such as Twitter and Instagram -- typically marked by a badge or tick next to the profile name -- gives the user credibility because it means the service has confirmed the authenticity of the person.
BUSINESS
Valor, Brevan Howard back Lightning Labs to ‘Bitcoinize the Dollar’
The protocol -- called Taro -- aims to enable high-volume transfers instantly for fiat currencies and other assets, Lightning Labs said in a statement
BUSINESS
US, UK and Australia plan to develop hypersonic weapons
Their plan is to “accelerate development of advanced hypersonic and counter-hypersonic capabilities,” according to a joint statement
BUSINESS
Elon Musk refiles Twitter disclosure to show he’s an active investor
Musk, a billionaire who is chief executive officer of Tesla Inc., filed a form 13D with the U.S. Securities and Exchange Commission on Tuesday, disclosing a stake of 9.1%. The new filing indicates that Musk plans to take an active role in shaping Twitter’s agenda. The form he used on Monday, a 13G, is reserved for investors who plan to be passive.
BUSINESS
Venture Capital Giant Sequoia Capital Names New Leader- Roelof Botha
Roelof Botha, 48, will become the senior steward of the firm. Botha’s “keen instinct for innovation has made its mark on our partnership and on our industry,” Sequoia’s current chief Doug Leone wrote in a Twitter message
BUSINESS
Fresh coal crisis looms as Coal India adds new curbs
Coal India Ltd. is restricting deliveries to industrial consumers to prioritize power plants, with fuel stockpiles already below target levels and the country heading into a traditional summer demand peak.
