BUSINESS
Tech giants accuse India’s enforcement agency of ignorance in Xiaomi spat
India’s anti-money-laundering agency is accusing Xiaomi of moving money out of the country by falsely claiming it was for patent-fee payments.
BUSINESS
These Investors Say Nasdaq’s Bear Market Has Legs
Last week’s swift rebound isn’t convincing the skeptics. The Nasdaq 100 Index gained 7.2%, snapping seven weeks of losses. Still, the tech-heavy benchmark is on pace to close in the red this month.
BUSINESS
Morgan Stanley says US stock rally has limited upside
US stocks have had a volatile month amid fears that the economy might enter a recession as the Federal Reserve tightens its policy to tame soaring prices.
BUSINESS
Sri Lanka inflation jumps close to 40% as shortages persist
Consumer prices in the capital Colombo rose 39.1 percent from a year ago, the Department of Census and Statistics said in a statement Tuesday. That’s faster than the median 35 percent climb forecast by economists in a Bloomberg survey and is the highest level on record.
BUSINESS
Indian e-waste startup Attero to spend $1 billion on battery recycling plants
“There’s a tremendous amount of lithium-ion battery waste available for us to recycle,” Attero Chief Executive Officer and Co-Founder Nitin Gupta said in an interview.
BUSINESS
Fund managers commit $16 trillion to meeting net-zero target
The move, which includes Allianz Global Investors, BlackRock Inc. and Royal London Asset Management, represents $16 trillion in funds under management, and marks the latest commitment by the Net Zero Asset Managers initiative, according to a statement on Tuesday.
BUSINESS
Vladimir Putin needs help from China and India on oil Europe doesn’t want
EU leaders agreed to pursue a partial embargo on Russian crude oil shipped on sea, potentially costing Putin up to $10 billion a year in lost export revenue.
BUSINESS
Treasuries slide as inflation fears eat away at May rally
US sovereign yields climbed across the curve as oil rose to a two-month high and European inflation data for May exceeded economists’ forecasts. Hawkish comments from Federal Reserve Governor Christopher Waller added to the bond selloff.
BUSINESS
Joe Biden says he’s limited on guns after emotional trip to Uvalde, Texas
“I can’t dictate this stuff,” Biden told reporters on Monday. “I can do the things I’ve done and any executive action I can take, I’ll continue to take. But I can’t outlaw a weapon. I can’t change a background check. I can’t do that.”
INDIA
Inflation fight, monsoon may take pressure off RBI: Former Deputy Governor R Gandhi
Interest rate increases by the RBI “should be very moderate” after an expected 50 basis point rise at its next meeting in June, Rama Subramaniam Gandhi, who was a deputy governor from 2014 to 2017, said in a Bloomberg Television interview on Monday.
BUSINESS
India probes ZTE, Vivo as more China firms under scrutiny
The Ministry of Corporate Affairs will scrutinize auditor reports and has received information from unnamed sources that indicates potential violation including fraud, according to the documents.
BUSINESS
Rishi Sunak’s billionaire wife Akshata Murty builds ties to world’s super-rich
Murty, 42, who was born in India and is still an Indian citizen, has a net worth of about $1.3 billion thanks to her stake in Infosys, the software giant founded by her father, according to the Bloomberg Billionaires Index.
MARKETS
Oil powers to sixth monthly gain as EU set to curb Russian flows
Global benchmark Brent topped $122 a barrel, hitting a two-month high. The latest round of EU sanctions would forbid buying oil from Russia delivered by sea but includes a temporary exemption for pipelines, European Council President Charles Michel said.
BUSINESS
India’s GDP likely lost speed on covid curbs before war
Data due today is likely to show gross domestic product in the year to March 2022 grew 8.7% from a year ago, according to the median estimate in a Bloomberg survey. That’s slower than the 8.9% expansion projected by the Statistics Ministry three months ago.
BUSINESS
Pay debt or feed people is hungry nations’ impossible choice
For a swath of the markets he’s tracking, global food shortages are presenting governments with a stark choice -- pay their debts or feed their people.
POLITICS
Modi Government’s popularity at highest since start of pandemic
Modi’s government has met or exceed expectations in the second term, according to 67% of 64,000 people polled by LocalCircles. That’s a jump from 51% last year when a brutal second wave of Covid-19 infections overwhelmed hospitals and crematoriums and 62% in 2020 when the pandemic started.
BUSINESS
Majority of Indian airline passengers unhappy at lousy service
Some 79% of the 15,000 airline passengers surveyed by LocalCircles said they believe carriers in India are compromising on passenger comfort and cutting corners as a result of the pandemic, souring the reopening of what was prior to Covid the world’s fastest-growing aviation market.
BUSINESS
Tech-heavy stock markets see $63 billion of outflows in Asia
Overseas funds have sold about a net $63 billion worth of shares in Taiwan, South Korea and India so far this year, according to the latest available data compiled by Bloomberg. The tech sector’s weighting in the Taiex, Kospi and Sensex gauges is higher than that in the broader MSCI Asia Pacific Index.
BUSINESS
Shanghai unveils economic support measures as lockdowns ease
The financial hub will accelerate approvals for property projects and supply new residential developments, according to a plan issued by the Shanghai municipal government.
BUSINESS
Brent crude nears $120 as Shanghai eases curbs, EU leaders meet
Global benchmark Brent rose toward $120 a barrel after jumping more than 6% last week to post the highest close in two months. The commercial hub of Shanghai allowed all manufacturers to resume operations from June, while officials said Beijing’s coronavirus outbreak is under control.
BUSINESS
Goldman says Bull Market in battery metals is finished for now
“Investors are fully aware that battery metals will play a crucial role in the 21st century global economy,” Goldman analysts including Nicholas Snowdon and Aditi Rai said in a note on Sunday. “Yet despite this exponential demand profile, we see the battery metals bull market as over for now.”
BUSINESS
Wild five months leaves Wall Street split on when selloff ends
The selloff interrupted a two-year bull run in stocks that began in the depths of the Covid-19 pandemic.
BUSINESS
SoftBank executive Masayoshi Son pay slashed after historic vision fund loss
The company’s founder and Chief Executive Officer Masayoshi Son kept his pay unchanged at 100 million yen (roughly $785,000), however four of the top six executives whose salary was made public through a company filing on Monday saw their compensation drop following a record $20.5 billion loss.
BUSINESS
Carlyle seeks $8.5 billion for its biggest Asian buyout fund
Carlyle Group Inc. is seeking to raise $8.5 billion for its biggest-ever Asian buyout fund, people familiar with the matter said.
