BUSINESS
Global bond rout extends as three half-point Fed hikes priced in
The policy-sensitive two-year yield climbed as much as six basis points on Friday to 2.74%, the highest since late 2018, after Fed Chair Jerome Powell said “it is appropriate in my view to be moving a little more quickly.” That shrank the premium 10-year notes offer over two-year securities, sending the yield gap below 20 basis points.
BUSINESS
Norway’s wealth fund lost $74 billion in first quarter
It shed 5.2% on stocks, where it has the bulk of its investments, and 4.8% on fixed income.
BUSINESS
Chip-starved firms are scavenging silicon from washing machines
ASML Holding NV Chief Executive Officer Peter Wennink remarked on the situation, without naming the conglomerate, during his company’s earnings call Wednesday.
BUSINESS
India wants trade pact with UK by October, easier worker visas
The British prime minister’s trip comes just weeks after Foreign Secretary Liz Truss visited New Delhi in a bid to convince the Modi government to condemn Russia’s invasion of Ukraine and join efforts to economically isolate Moscow.
BUSINESS
Just Eat keen to put Grubhub on sale as $7.3 billion bet goes sour
The Amsterdam-based company said in a statement it’s exploring strategic actions for the U.S. division, which it bought for $7.3 billion last year. Just Eat’s shares have plunged as investors lost faith in its plans to involve the division in industry consolidation, as it has yet to announce any tieups with the unit.
BUSINESS
Vladimir Putin calls time on foreign listings in fresh hit to tycoons
Vladimir Putin signed off on legal amendments on April 16 that require Russian companies to delist their overseas shares, winding up a process that has gathered pace with the annexation of Crimea in 2014.
BUSINESS
Netflix tumbles as 200,000 users exit for first drop in decade
The streaming leader will introduce a cheaper, advertising-supported option for subscribers in the next couple years, and will start to crack down on people sharing their passwords even before that. Netflix also will curb its spending on films and TV shows in response to the customer losses.
BUSINESS
Blackstone, Vista, Brookfield rule out financing Elon Musk’s Twitter bid
Brookfield Asset Management has also opted against backstopping Musk’s unsolicited, $43 billion offer, said the people, who asked to not be identified because the matter isn’t public. Vista and Blackstone aren’t interested in participating in any potential bid for Twitter from Musk or any other party at the moment, the people added.
BUSINESS
Reliance, Amazon, Sony vying broadcast rights for IPL: Report
Securing rights to the world’s third-largest sporting event by number of viewers -- IPL is considered the Super Bowl of cricket -- means access to hundreds of millions of eyeballs.
BUSINESS
Zilingo board is said to discuss replacing CEO after suspension
Directors have been talking regularly in recent days to consider the future of Bose and Zilingo itself, said the people, asking not to be identified because the discussions are private.
BUSINESS
Global investors flee China fearing that risks eclipse rewards
The central question is what could happen in a country willing to go to great lengths to achieve its leader’s goals.
BUSINESS
Amazon to undergo racial audit, led by Former AG Lynch
The audit -- an analysis of companies to see whether their businesses cause and perpetuate discrimination -- will be led by former U.S. Attorney General Loretta Lynch, now a partner at law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP, Amazon said in a proxy statement filed Thursday.
BUSINESS
Twitter gains as board plots defense strategy against Elon Musk
A securities filing on Monday confirmed the defense strategy Twitter outlined last week, which would allow the company to issue new stock that all shareholders except Musk could buy at a discounted price.
BUSINESS
Sri Lanka credit rating cut by Moody’s as looming default to bring losses
The island nation was cut to Ca from Caa2 by Moody’s on Monday, following similar downgrades by S&P Global Ratings and Fitch Ratings. An interest payment due Monday is the first since Sri Lanka’s government announced last week it would halt foreign debt service to preserve cash for food and fuel imports.
BUSINESS
Larsen weighs merging Mindtree, L&T Infotech into $22 billion firm: Report
The boards of Mindtree Ltd. and Larsen & Toubro Infotech Ltd., two software units controlled by the Mumbai-based engineering firm, could consider share swap ratios for the merger as early as next week, one of the people said, asking not to be identified as the information is not public.
BUSINESS
Goldman Sachs sees US recession odds at 35% in next two years
The Fed’s main challenge is to reduce the gap between jobs and workers, and to slow wage growth to a pace consistent with its 2% inflation goal by tightening financial conditions enough to reduce job openings without sharply raising unemployment, Chief Economist Jan Hatzius wrote in a research report on Sunday.
WORLD
Ukraine update: Evacuations paused; EU allocates additional aid
Billionaire Roman Abramovich is attempting to restart talks between Ukraine and Russia, which both sides say are stuck.
BUSINESS
Twitter Board’s interest not aligned with shareholders, says Elon Musk
The Tesla co-founder on Thursday tweeted that the board risks liability if it acted against shareholders. He has also thanked followers who voted in online polls supporting his bid.
BUSINESS
Sri Lanka stock exchange to halt trading for 5 days starting from April 18
The board of directors of the stock exchange, along with other stakeholders, had sought a temporary closure of the market, the Securities and Exchange Commission of Sri Lanka said in a statement on Saturday.
BUSINESS
Crypto payments frozen across India, take a toll on trading
Hours after Chatterjee’s announcement, the central bank-backed entity that runs the system — called United Payments Interface — said it was “not aware” of any crypto exchange using the network.
BUSINESS
Twitter brings on JPMorgan as adviser alongside Goldman
The largest U.S. bank started work recently to assist Twitter in talks with potential buyers, the people said, asking not to be identified because the matter is private.
BUSINESS
Twitter pops a ‘poison pill’ to thwart Elon Musk onslaught
The board set up a shareholder rights plan, exercisable if a party acquires 15% of the stock without prior approval, lasting for one year only.
BUSINESS
US factory output rises more than forecast in broad advance
Total industrial production, which also includes mining and utility output, rose 0.9% during the month and the gain in February was revised up.
BUSINESS
Locked-down Shanghai residents barter for what money can’t buy
The availability of many goods in Shanghai has been strained by clogged logistics into the city and the lack of couriers to deliver supplies to locals barred from leaving their homes.
