BUSINESS
Sri Lanka default seen ‘inevitable’ as bond losses deepen
The nation’s $1 billion bond due in July was quoted at 59 cents on the dollar on Monday, down 7 cents and indicated at its lowest price since May 2020.
BUSINESS
Elon Musk brings money, and some Oomph, to US stock markets
By disclosing that he bought a chunk of Twitter Inc., Elon Musk triggered the biggest rally in the social media platform’s shares since its debut in 2013, with nearly every other growth stock tailing on those gains-- and to boot, the Nasdaq 100 and the S&P 500 and even the Russell 2000 too.
BUSINESS
Cathie Wood sees potential for Twitter shakeup after Elon Musk takes stake
Elon Musk is sending a “strong signal” to Twitter chief executive officer Parag Agrawal, Wood, the founder and chief executive officer of Ark Investment Management LLC, said in an interview on Bloomberg Radio.
BUSINESS
Russian superyachts worth over $2 billion are detained in Europe
From Hamburg in northern Germany to Majorca off the coast of Spain, at least 13 of the so-called floating palaces are now stuck at anchor, with just skeleton crews to keep them seaworthy.
BUSINESS
Morgan Stanley says ‘Bear Market Rally’ is now over
“The bear market rally is over,” Morgan Stanley Chief U.S. Equity Strategist Michael Wilson wrote in a note to clients. “That leaves us more constructive on bonds than stocks over the near term as growth concerns take center stage – hence our doubling down on a defensive bias.”
BUSINESS
Elon Musk is diversifying world’s biggest fortune with Twitter stake
Even though Musk is now Twitter’s biggest shareholder, his holding still represents just a fraction of his overall wealth.
WORLD
A 30-year-old crypto billionaire wants to give his fortune away
The Economic Club of New York has hosted kings, prime ministers, and presidents, as well as Amazon.com Inc.’s Jeff Bezos and JPMorgan Chase & Co.’s Jamie Dimon. Central bankers’ comments at the 115-year-old organization have moved markets. Sam Bankman-Fried, a 30-year-old cryptocurrency billionaire, is probably the first person to play a computer game while giving a talk.
AUTOMOBILE
The battery metal really worrying China is Lithium, not Nickel
Lithium carbonate in China jumped about 472% from a low last June to a record high on March 15, according to pricing provider Asian Metal Inc. An index of global lithium prices compiled by Benchmark Mineral Intelligence has surged almost 490% in the past year.
BUSINESS
UK to review the LME operations after turmoil in Nickel market
The LME suspended nickel trading on March 8 after prices spiked by 250% in little more than 24 hours. Most controversially, it then canceled billions of dollars of trades that had occurred, arguing that not to do so would have led to multiple defaults.
BUSINESS
Google found to unfairly block rival payments on India store
The Competition Commission of India found Google discriminated against developers in its Play store billing policy, according to documents seen by Bloomberg News.
BUSINESS
Used car prices plunge in sign of Hong Kong expat exodus
Even as second-hand vehicle prices break records in the U.S. and other countries, people in Hong Kong are struggling to offload their cars as a surge of residents move out of the city after two years of punishing Covid restrictions.
BUSINESS
Cheap tickets to stay as India’s airlines squabble on fare hikes
Sunil Bhaskaran, the chief executive officer of AirAsia India, was upfront. Indian aviation is suffering from “irresponsible competition” that’s kept fares low despite high taxes and fuel prices, he said. Bhaskaran didn’t single out who he was referring to. But the one carrier capable of making the entire market dance to its tune is IndiGo, India’s largest airline.
WORLD
Europe warns Russia faces new sanctions for ‘war crimes'
The European Commission was already honing measures that would mostly focus on closing loopholes, strengthening existing actions and expanding the list of sanctioned individuals.
WORLD
Pakistan seeks to expand U.S. relations, army chief says
The army chief’s comments are seen as significant because the military has ruled Pakistan for about half of the nation’s existence, and enjoys an outsized role in its foreign and security policies.
BUSINESS
China weighs giving US full access to audits of most firms
If the plan proceeds, it would mark an unusual reversal by Beijing, potentially ending a decades-long dispute that escalated when the U.S. mandated a 2024 deadline for kicking non-compliant businesses off the New York Stock Exchange and Nasdaq
WORLD
Tiger Global’s hedge fund sinks 34% this year as key stocks fall
All six of Tiger Global’s biggest stock holdings at year-end, including JD.com Inc. and Microsoft Corp., have declined this year and most fell by double digits.
BUSINESS
Adani Joins Musk, Bezos in Exclusive $100 Billion Club
Gautam Adani, whose empire includes ports, mines and green energy, is the latest whose fortune reached the $100 billion mark.
BUSINESS
IEA Nations Agree to Join Biden’s Massive Oil-Stock Release
Members of the International Energy Agency agreed on Friday to make another round of releases from their emergency fuel reserves.
BUSINESS
China censors Shanghai protest videos as lockdown anger grows
Tech giant Tencent Holdings Ltd. took down two videos earlier this week of a rare protest at a Shanghai housing compound after they started trending on the company’s WeChat microblogging and video publishing platforms, according to a person familiar with the matter. The videos had been posted by users to their WeChat timelines, the person said.
BUSINESS
Jewellers to spend more as buyers flock back to stores in India
The demand recovery has fueled gains in India’s biggest gold retailer by market value, Titan Co., which has rallied nearly 63% in the past year.
WORLD
Russia-Ukraine War | All eyes on India as it weathers this diplomatic storm
Russia’s Foreign Minister Sergei Lavrov is set to arrive on March 31, and his presence brings with it an awkward dilemma. Already accused of being on the wrong side of history on Ukraine, many will question whether New Delhi should be rolling out the welcome mat for Lavrov while the conflict, which has seen the Ukrainian city of Mariupol levelled and thousands of civilian deaths and injuries, grinds toward its sixth week.
BUSINESS
Fintech’s everywhere in India. Banks need a counterattack
Visit a mid-sized store in an Indian city, and you’d wonder if it exists to make any money. It might just as well be there to process transactions for half-a-dozen payment apps: PhonePe, Paytm, Google Pay, BharatPe, Amazon Pay, and MobiKwik.
BUSINESS
Billionaire Kumar Mangalam Birla to spend $7.2 billion on Aluminum demand bet
The company owned by billionaire Kumar Mangalam Birla will invest the amount mainly across its businesses in India and North America.
BUSINESS
Apple weighs more memory chip suppliers, including China
While Samsung and SK Hynix Inc. -- the world’s largest makers of flash memory -- are likely to pick up the slack, Apple remains keen to diversify its network and offset the risk of further disruption from the pandemic and shipping snarls, they said.
