BUSINESS
India hopes ‘Pharma City’ will break China’s grip on industry
This empty site of the Hyderabad Pharma City, marked out by scuffed sign posts and a rubble-strewn access road is expected to attract about $8.4 billion and employ 560,000 people in hundreds of sprawling plants.
BUSINESS
Amazon kicks off a jumbo 7-part bond sale including 40-year debt
The online retail giant issued senior unsecured bonds in seven parts. The longest portion of the offering, a 40-year security, yields 1.3 percentage points over Treasuries after initial talks of around 1.55 percentage points, according to a person with knowledge of the matter, who asked not to be identified as the details are private.
BUSINESS
Glencore regains IPO price after 11 years on commodity rally
Markets from metals to oil and gas have been upended by the war in Ukraine as big corporates withdraw from Russia, lenders pull back from financing deals and the threat of new sanctions deters buyers. The Bloomberg Commodity Spot Index has surged 26% this year.
BUSINESS
Next big bet in emerging markets hangs on when rate cycles peak
Brazil signaled a hike slated for May will likely be its last after boosting rates almost 10 percentage points in just 13 months, and central banks in Chile and Colombia raised borrowing costs last month by less than economists forecast.
BUSINESS
How India’s much-hyped global bond index inclusion unraveled
The timeline seemed so final that Citigroup Inc. advised its clients to buy Indian debt in anticipation that key tax exemptions would be announced to facilitate the change. Policy makers and analysts predicted inclusion as early as April 1, the start of the new financial year.
BUSINESS
Bitcoin drops below key technical mark as rate concerns mount
The largest cryptocurrency fell as low as $41,918 on Monday morning in Asia, retreating for the seventh day in the past eight. Since peaking at just above $48,000 in late March, Bitcoin -- and other tokens -- have been dragged lower by concerns about tighter monetary policy.
BUSINESS
Elon Musk’s idea for a Twitter homeless shelter wins Jeff Bezos support
The new Twitter board member on Saturday posted a poll on the idea, saying that “no one shows up anyway” -- an apparent reference to the company’s policy to allow employees the option of working remotely -- adding “I’m serious about this one.”
WORLD
Le Pen risk keeps markets on watch for French election results
The election Sunday is expected to push Macron and Le Pen through to a second round on April 24, where each would look to build a broader coalition of voters in a one-on-one standoff.
WORLD
Macron stalls, Le Pen gets tailwind as France goes to polls
An early belief the vote would be a repeat of 2017, when Macron faced Le Pen and easily won, was overturned by the candidacy of far-right media pundit Eric Zemmour in November and the conservative Republicains party’s first ever female presidential contender, Valerie Pecresse, in December, both of whom initially shot up in polls.
WORLD
Russia’s first default in a century looks all but inevitable now
A freeze on the central bank’s foreign reserves unplugged Russia from the global financial system, making it the world’s most-sanctioned nation in a matter of days.
BUSINESS
Schultz’s early moves at Starbucks suggest deeper changes coming
He’s already frozen stock repurchases that were part of a $20 billion package, saying the money would be better spent on employees and cafe improvements.
BUSINESS
Tesla May Start Mining Lithium as Musk Cites Battery Metal Cost
Lithium is a key component in electric vehicle batteries and so automakers are racing to secure supplies.
BUSINESS
Elon Musk Promises to Bring Even More Drama to Twitter Board
The story of Twitter’s leadership up until this point is an eventful one.
WORLD
Myanmar Central Bank Deputy Governor shot by unidentified gunmen
The attack Thursday came days after the Central Bank tightened rules to reduce the use of U.S. dollars, ordering local holders of foreign currencies to exchange them for kyat within one working day of receiving them.
WORLD
Shanghai’s locked-down elite are joining hunt for groceries
Shanghai is the epicenter of China’s worst outbreak since the early days of the pandemic in Wuhan and authorities have doubled down on their Covid Zero pillars of mass testing and lockdowns to try and stamp out infections.
BUSINESS
India optimistic on US defense talks despite Russia strain
Recent public statements from Washington warning India about consequences for purchases of weapons and discounted oil from Russia are contrary to private discussions between the two sides, the people said, asking for anonymity because of the sensitive nature of the talks.
BUSINESS
Elon Musk is diversifying world’s biggest fortune with Twitter stake
Elon Musk’s holding in his favored social-media platform is worth $3.67 billion. He’s already up more than $1.2 billion on the position based on Twitter’s closing share price on March 14, the date of the event that triggered the disclosure, and its closing level on Monday, when the stock surged 27% in the biggest rally since the company’s 2013 trading debut.
BUSINESS
MacKenzie Scott is expanding her $12.4 billion giving spree globally
MacKenzie Scott’s latest giving spree — $3.9 billion — included about 60 nonprofits based outside the U.S., out of a total 465 that received grants since last June, according to data compiled by Bloomberg.
BUSINESS
Surge in car-crash deaths could be magnified by new breed of EVs
The occupants of heavy vehicles tend to fare better in an accident, explained Michael Anderson, the University of California professor who co-wrote the study “Pounds That Kill: The External Costs of Vehicle Weight.”
BUSINESS
Tata packs power brands in mega app to rival Amazon, Ambani
Mumbai-based Tata Digital Pvt.’s digital services platform, Tata Neu, which went live to consumers on Thursday, will have in-house brands including Croma, Westside, AirAsia India, the Taj chain of luxury hotels and BigBasket, according to the group’s website.
BUSINESS
Robinhood rolls out Cryptocurrency wallet to 2 million users
Chief Product Officer Aparna Chennapragada made the announcement as part of the Bitcoin 2022 conference in Miami and said in an interview at the event that the product shows the company’s commitment to the crypto space.
BUSINESS
Peter Thiel blasts Jamie Dimon, Warren Buffett and Larry Fink as ‘Finance Gerontocracy’ at Bitcoin 2022
In his keynote speech at the Bitcoin 2022 conference in Miami Thursday, Thiel blamed the finance titans for the digital currency’s failure to reach $100,000, a benchmark popular among the asset’s die-hard supporters.
BUSINESS
Oil sheds most invasion-driven gains on stock release, China virus, Fed rates
West Texas Intermediate traded below $97 a barrel, with prices almost 3% lower this week. The recent drop means the U.S. benchmark has now lost the bulk of the gains seen since Russia’s invasion of Ukraine began in late February.
BUSINESS
Shell to write down as much as $5 billion on Russia withdrawal
The statement from the London-based giant shows that, despite a surge in oil and gas prices, Russia’s invasion of Ukraine has upended the supermajors’ plans and left them scrambling to adapt to historic shifts in energy markets.
