WORLD
Shanghai new Covid cases kept to quarantine areas for second day
Beijing, which recently detected infections that were spread in the community, found 59 new cases on Saturday, up from 54 the previous day, according to city authorities
BUSINESS
Oil rides longest monthly winning streak since early 2018
Crude is rallying with demand concerns perceived to be short-term while supply concerns are persistent, said Rebecca Babin, senior energy trader at CIBC Private Wealth Management
BUSINESS
Jeff Bezos loses $13 billion in hours as Amazon shares slump on poor quarterly show
Shares of the e-commerce company were down 14 percent on Friday after it reported a quarterly loss and the slowest sales growth since 2001
ECONOMY
Oil rides longest monthly winning streak since early 2018
With the war entering a third month, Germany has signaled that it wouldn’t oppose a European Union embargo on Russian oil, but expressed skepticism that it’s the most effective means of damaging President Vladimir Putin
WORLD
Alarmed by Russia’s Invasion, Europe Rethinks Its China Ties
In the EU, the sense of dismay at China is arguably most acute among countries in central and eastern Europe that have the most hawkish views on Russia. Paradoxically, they are also among the EU nations with which China had the best relations via its 16+1 forum that allowed smaller states an audience with Beijing’s leadership.
BUSINESS
Shell agrees to buy India’s Sprng Energy for $1.55 billion
The deal will triple Shell’s operational renewables capacity and help it achieve net-zero carbon emissions by 2050
WORLD
Turkish President Erdogan plans meeting with Saudi crown prince to revive ties
Turkey's President Recep Tayyip Erdogan will meet Saudi Crown Prince Mohammed bin Salman in Saudi Arabia on Thursday, according to senior Turkish officials with direct knowledge of the Turkish president’s programme.
BUSINESS
Next EV hurdle: Lithium bid up 140% after Elon Musk's 'Insane Levels' call
Pilbara Minerals Ltd.’s auction of spodumene concentrate -- a partly-processed form of lithium -- attracted a top bid of $5,650 a ton on Wednesday for a cargo of 5,000 tons. That compares with $2,350 at the previous sale in late October on the Australian miner’s Battery Metal Exchange.
BUSINESS
A powerful dynasty bankrupted Sri Lanka in just 30 months
The finance minister at the time, Mangala Samaraweera, called a briefing to assail the “dangerous” pledge to reduce the value-added tax to 8% from 15% and scrap other levies.
BUSINESS
How Nandan Nilekani is helping build an e-commerce platform to counter Amazon, Walmart-owned Flipkart
Now 66, Nandan Nilekani has one more ambitious goal. The high-profile mogul is helping Prime Minister Narendra Modi build an open technology network that seeks to level the playing field for small merchants in the country’s fragmented but fast-growing $1 trillion retail market.
BUSINESS
Twitter legal executive hit with online abuse following Elon Musk tweet
Musk, who has 86.4 million followers on Twitter and has clinched a deal to buy the company for $44 billion, often uses the site as a way to criticize Twitter’s decisions, particularly when they involve banning accounts from people who violate the platform’s rules, some of whom Musk sees as being unfairly sidelined.
BUSINESS
Indonesia adds to global food shock with widened Palm export ban
The ban will be expanded to crude palm oil, RBD palm oil and used cooking oil, Coordinating Minister for Economic Affairs Airlangga Hartarto said at a briefing Wednesday.
BUSINESS
LIC IPO: India’s biggest listing attracts Norway’s wealth fund and GIC among others
Abu Dhabi Investment Authority is also among those in discussions to participate in Life Insurance Corporation of India’s first-time share sale
BUSINESS
Archegos founder Bill Hwang hit with criminal charges
Hwang and Halligan were charged with racketeering conspiracy, securities fraud, and wire fraud offenses.
BUSINESS
Elon Musk’s pursuit of Twitter accentuates Tesla’s key-man risk
Tesla’s stock plunged 12% on Tuesday, seemingly due to lingering concern that Musk will have to sell a substantial portion of the 172.6 million shares he owns to cover almost half of the financing for Twitter.
BUSINESS
India woos Intel and TSMC to set up local semiconductor plants
Prime Minister Narendra Modi’s government late last year unveiled a $10 billion incentives plan, offering to cover as much as half of a project’s cost, to lure display and semiconductor fabricators to set up base in India.
BUSINESS
Anger erupts at Xi Jinping’s ‘Big White’ army of lockdown enforcers
The 33-year-old business director at a fund, who relocated to Shanghai recently from Hong Kong, hoped that signing up would allow him to get more transparent information on the Covid cases in his complex.
BUSINESS
Tesla stock drop wipes out $126 billion in one day
The electric-vehicle maker’s market capitalization is now down more than $275 billion since April 4, when Musk disclosed that he increased his Twitter stake. That’s a drop of roughly 23%.
BUSINESS
Russia to cut gas to Poland and Bulgaria, making energy a weapon
Moscow is making good on a threat to halt gas flows to countries that refuse President Vladimir Putin’s new demand to pay for the fuel in rubles.
BUSINESS
Reckitt kicks off $10 billion infant nutrition business sale
The London-listed company, which sells brands including Enfamil formula, sent out marketing materials to potential buyers this month.
BUSINESS
RBI rate-setter signals June hike possible after prepping market
The Reserve Bank of India earlier this month said it would begin focusing on withdrawing accommodation while still holding rates steady at a record low 4%.
BUSINESS
Adani Group in advanced talks to cement Ambuja takeover deal with Holcim
Ambuja shares climbed about 26 percent in April, giving it a market value of about $10 billion. Holcim, which controls 63.1 percent of the company, has been considering the sale of its stake
BUSINESS
Credit Suisse poised to name Edwin Low as Asia CEO in overhaul
A final sign-off on the succession plan is still pending, according to the people, who asked not to be named as the information is confidential. Low has been co-head of investment banking and capital markets since 2015 and is also CEO of southeast Asia.
BUSINESS
China Central Bank seeks to calm markets with support pledge
The People’s Bank of China “will step up the prudent monetary policy’s support to the real economy, especially for industries and small businesses hit hard by the pandemic,” it said in a statement on Tuesday.
