BUSINESS
Airbnb to shut China business, focus on outbound Asia travel
The San Francisco-based company will stop offering rental homes and experiences in the country this summer, according to a person familiar with the matter.
WORLD
US unveils 13-nation economic pact to assert Asia leadership
Altogether the nations involved in the Indo-Pacific Economic Framework, or IPEF, constitute roughly 40% of global gross domestic product, according to the White House, which has touted its launch as a marquee accomplishment of President Joe Biden’s first trip to Asia.
BUSINESS
Dennis Gartman advises selling rallies in this year’s ‘Bear Market’
“The bear market started January 5,” the chairman of the University of Akron Endowment told Bloomberg Radio on Monday, referring to a day after the S&P 500 hit an intraday record.
BUSINESS
Joe Stiglitz says Fed rate hikes killing economy won’t fix inflation
The remarks will be followed within days by the Fed’s release of minutes of its latest monetary policy deliberations, potentially shedding more light on increasingly aggressive tightening that included a half-point rate increase earlier this month. Stiglitz offered an alternative approach.
BUSINESS
IMF’s Kristalina Georgieva urges against abandoning all crypto after Terra’s crash
TerraUSD, or UST, imploded earlier this month, setting off a chain reaction that saw the overall value of the cryptocurrency market slashed by hundreds of billions of dollars.
BUSINESS
Snap CEO Evan Spiegel’s memo to staff warns of hiring slowdown
Snap CEO Evan Spiegel sent staff an internal memo warning of a hiring slowdown in response to a “challenging macroeconomic environment.”
BUSINESS
After $5 trillion rout, Emerging Markets seek turnaround signal
The pain points are all too obvious: Stocks have fallen below their average valuations of the past 17 years. Local-currency bond yields have soared through a range that’s held since the 2008 crisis. Spreads on dollar bonds are close to thresholds seen only during times of distress.
BUSINESS
After meltdown, tech-bottom signals have yet to scream ‘buy now’
Tech stocks have been hammered this year as rising interest rates, slowing economic growth and soaring inflation form a perfect storm of negative catalysts.
BUSINESS
Stock selloff to intensify as fresh 10% plunge looms, survey finds
With the S&P 500 flirting with a bear market last week and notching more than $1 trillion in losses, participants in the latest MLIV Pulse survey reckon there’s more pain to come.
BUSINESS
India plans to borrow $13 billion extra to offset fuel-tax cut
The loss to the exchequer due to the recent excise duty cuts will therefore have to be borne through additional market borrowings.
WORLD
Australia's Labor Party takes power as Scott Morrison concedes defeat
“In this country, at a time like this, when we look around the world, and particularly when we see those in the Ukraine fighting for their very freedom and liberty, I think on a night like tonight we can reflect on the greatness of our democracy,” Morrison said in conceding the election.
BUSINESS
Ethereum co-founder Vitalik Buterin says he’s no longer a billionaire
Buterin created Ethereum in 2014 and is the owner of a digital wallet that as recently as November contained holdings worth about $1.5 billion.
BUSINESS
Three mid-flight engine shutdowns spark regulatory probe
The so-called commanded in-flight shutdowns -- when pilots intentionally turn off one of the two engines after encountering problems -- may have stemmed from different issues
BUSINESS
Lagarde says crypto is ‘worth nothing’ and should be regulated
Lagarde's comments come amid choppy times for crypto markets, with digital currencies Bitcoin and Ether down 50% from last year’s peak
BUSINESS
UK flying taxi startup mulls ship-to-shore delivery in Singapore
Skyports, which operates infrastructure for flying taxis and other urban air mobility devices, signed an initial agreement with Singapore’s state-backed operator Jurong Port Pte on Friday to study the feasibility of the service.
BUSINESS
Rivals Holcim, Heidelberg Cement compete for Sika’s US unit
Turkish conglomerate Haci Omer Sabanci Holding AS is also interested in the asset, which could be valued at about $800 million to $1 billion.
BUSINESS
Amazon, Walmart's Flipkart in talks to buy stake in Metropolis Healthcare
The company is in early discussions with several global strategic investors and other potential purchasers of the shares
WORLD
Thailand begins to reopen bars, nightclubs to woo back tourists
Pubs and bars in provinces classified as green and blue zones will be allowed to serve patrons until midnight, Deputy Health Minister Satit Pitutecha told reporters in Bangkok on Friday after a meeting of the nation’s virus task force chaired by Prime Minister Prayuth Chan-Ocha.
BUSINESS
Fed to plow ahead on half-point hikes, undeterred by stock slump
The Fed raised interest rates by 50 basis points earlier this month and Powell indicated it was on track to make similar-sized moves at its meetings in June and July, as well as start reducing the central bank’s bloated balance sheet. But in the months ahead, signs of a slowing economy and reduced price pressures would set the stage for a debate at the Federal Open Market Committee’s September 20-21 meeting on easing back to quarter-point hikes.
BUSINESS
Palm Oil’s slump set to deepen after Indonesia lifts export ban
Indonesia’s ban, which was imposed since April 28, was one of the biggest acts of crop protectionism since Russia’s invasion of Ukraine, which stymied exports of sunflower oil and worsened a global shortage.
BUSINESS
Elon Musk’s Twitter deal proceeding, not 'on hold', Executives tell staff
Vijaya Gadde, Twitter’s top lawyer and head of policy, also told workers at an all-hands meeting that there is “no such thing as a deal being on hold,” according to people who attended the meeting. She was pushing back on claims from Elon Musk over the past week that he is pausing the deal while he learns more about the number of bots and spam accounts on the social-media service.
WORLD
China in talks with Russia to buy oil for strategic reserves
Refiners in China have been quietly buying Russian crude since the invasion, even as a Covid-19 resurgence dents consumption in the world’s biggest crude importer.
BUSINESS
Age of scarcity begins with $1.6 trillion hit to world economy
Russia’s invasion of Ukraine and China’s Covid Zero lockdowns are disrupting supply chains, hammering growth and pushing inflation to forty-year highs. They’re the chief reasons why Bloomberg Economics has lopped $1.6 trillion off its forecast for global GDP in 2022.
BUSINESS
Stocks rout deepens as economy concerns pile up
Bets that robust earnings can help investors weather this year’s turbulence were thrown in doubt after US consumer titans signaled growing impact of high inflation on margins and consumer spending. Meanwhile, Federal Reserve officials reaffirmed that tighter monetary policy lies ahead, and investors fretted over stagflation risks.
