BUSINESS
Canada to ban foreigners from buying homes as prices soar
The measures will be contained in Finance Minister Chrystia Freeland’s budget on Thursday, according to a person familiar with the matter, asking not to be named because the matter is private.
BUSINESS
Hypersonic-Missile delay puts US further behind Russia and China
The goal to declare an “early operational capability” for the Lockheed Martin Corp. missile by Sept. 30 has been moved back to sometime in the next fiscal year, according to an Air Force statement. The Pentagon has said the Air-Launched Rapid Response Weapon, or ARRW, is expected to be the “nation’s first operational hypsersonic weapon.”
BUSINESS
Suspected Chinese hackers collect intelligence from India’s grid
The hackers focused on at least seven “load dispatch” centers in northern India that are responsible for carrying out real-time operations for grid control and electricity dispersal in the areas they are located, near the disputed India-China border in Ladakh, the report said.
WORLD
India will have to face significant cost if aligned with Russia, US says
While the U.S., Europe, Australia and Japan have piled economic sanctions onto Russia in response to its war against Ukraine, India has declined and instead has sought to continue imports of Russian oil.
BUSINESS
Koo tests giving users power to self-verify to get one up on rival Twitter
A verified profile on social media such as Twitter and Instagram -- typically marked by a badge or tick next to the profile name -- gives the user credibility because it means the service has confirmed the authenticity of the person.
BUSINESS
Valor, Brevan Howard back Lightning Labs to ‘Bitcoinize the Dollar’
The protocol -- called Taro -- aims to enable high-volume transfers instantly for fiat currencies and other assets, Lightning Labs said in a statement
BUSINESS
US, UK and Australia plan to develop hypersonic weapons
Their plan is to “accelerate development of advanced hypersonic and counter-hypersonic capabilities,” according to a joint statement
BUSINESS
Elon Musk refiles Twitter disclosure to show he’s an active investor
Musk, a billionaire who is chief executive officer of Tesla Inc., filed a form 13D with the U.S. Securities and Exchange Commission on Tuesday, disclosing a stake of 9.1%. The new filing indicates that Musk plans to take an active role in shaping Twitter’s agenda. The form he used on Monday, a 13G, is reserved for investors who plan to be passive.
BUSINESS
Venture Capital Giant Sequoia Capital Names New Leader- Roelof Botha
Roelof Botha, 48, will become the senior steward of the firm. Botha’s “keen instinct for innovation has made its mark on our partnership and on our industry,” Sequoia’s current chief Doug Leone wrote in a Twitter message
BUSINESS
Fresh coal crisis looms as Coal India adds new curbs
Coal India Ltd. is restricting deliveries to industrial consumers to prioritize power plants, with fuel stockpiles already below target levels and the country heading into a traditional summer demand peak.
BUSINESS
Sri Lanka default seen ‘inevitable’ as bond losses deepen
The nation’s $1 billion bond due in July was quoted at 59 cents on the dollar on Monday, down 7 cents and indicated at its lowest price since May 2020.
BUSINESS
Elon Musk brings money, and some Oomph, to US stock markets
By disclosing that he bought a chunk of Twitter Inc., Elon Musk triggered the biggest rally in the social media platform’s shares since its debut in 2013, with nearly every other growth stock tailing on those gains-- and to boot, the Nasdaq 100 and the S&P 500 and even the Russell 2000 too.
BUSINESS
Cathie Wood sees potential for Twitter shakeup after Elon Musk takes stake
Elon Musk is sending a “strong signal” to Twitter chief executive officer Parag Agrawal, Wood, the founder and chief executive officer of Ark Investment Management LLC, said in an interview on Bloomberg Radio.
BUSINESS
Russian superyachts worth over $2 billion are detained in Europe
From Hamburg in northern Germany to Majorca off the coast of Spain, at least 13 of the so-called floating palaces are now stuck at anchor, with just skeleton crews to keep them seaworthy.
BUSINESS
Morgan Stanley says ‘Bear Market Rally’ is now over
“The bear market rally is over,” Morgan Stanley Chief U.S. Equity Strategist Michael Wilson wrote in a note to clients. “That leaves us more constructive on bonds than stocks over the near term as growth concerns take center stage – hence our doubling down on a defensive bias.”
BUSINESS
Elon Musk is diversifying world’s biggest fortune with Twitter stake
Even though Musk is now Twitter’s biggest shareholder, his holding still represents just a fraction of his overall wealth.
WORLD
A 30-year-old crypto billionaire wants to give his fortune away
The Economic Club of New York has hosted kings, prime ministers, and presidents, as well as Amazon.com Inc.’s Jeff Bezos and JPMorgan Chase & Co.’s Jamie Dimon. Central bankers’ comments at the 115-year-old organization have moved markets. Sam Bankman-Fried, a 30-year-old cryptocurrency billionaire, is probably the first person to play a computer game while giving a talk.
AUTOMOBILE
The battery metal really worrying China is Lithium, not Nickel
Lithium carbonate in China jumped about 472% from a low last June to a record high on March 15, according to pricing provider Asian Metal Inc. An index of global lithium prices compiled by Benchmark Mineral Intelligence has surged almost 490% in the past year.
BUSINESS
UK to review the LME operations after turmoil in Nickel market
The LME suspended nickel trading on March 8 after prices spiked by 250% in little more than 24 hours. Most controversially, it then canceled billions of dollars of trades that had occurred, arguing that not to do so would have led to multiple defaults.
BUSINESS
Google found to unfairly block rival payments on India store
The Competition Commission of India found Google discriminated against developers in its Play store billing policy, according to documents seen by Bloomberg News.
BUSINESS
Used car prices plunge in sign of Hong Kong expat exodus
Even as second-hand vehicle prices break records in the U.S. and other countries, people in Hong Kong are struggling to offload their cars as a surge of residents move out of the city after two years of punishing Covid restrictions.
BUSINESS
Cheap tickets to stay as India’s airlines squabble on fare hikes
Sunil Bhaskaran, the chief executive officer of AirAsia India, was upfront. Indian aviation is suffering from “irresponsible competition” that’s kept fares low despite high taxes and fuel prices, he said. Bhaskaran didn’t single out who he was referring to. But the one carrier capable of making the entire market dance to its tune is IndiGo, India’s largest airline.
WORLD
Europe warns Russia faces new sanctions for ‘war crimes'
The European Commission was already honing measures that would mostly focus on closing loopholes, strengthening existing actions and expanding the list of sanctioned individuals.
WORLD
Pakistan seeks to expand U.S. relations, army chief says
The army chief’s comments are seen as significant because the military has ruled Pakistan for about half of the nation’s existence, and enjoys an outsized role in its foreign and security policies.
