BUSINESS
Indian renewable energy firm plans maiden dollar bond sale
The company, which develops sustainable energy projects such as solar plant constructions, aims to launch the debut offering by end of June, with proceeds to be used for business expansion and debt refinancing, the people familiar said.
WORLD
Euro-zone economy seen picking up pace as Germany heals
Output in the 20-nation currency union will rise by 0.7% in 2024 — more than the 0.5% advance that was forecast in the last monthly survey. Gross domestic product in Germany is now seen increasing by 0.2% compared with 0.1% before.
WORLD
Vladimir Putin names economist as defense minister in surprise reshuffle
Nikolai Patrushev, an old ally of Putin who had held that post, was dismissed and is due to take another, unspecified job.
WORLD
Global chips battle intensifies with $81 billion subsidy surge
The surge has pushed the Washington-led rivalry with Beijing over cutting-edge technology to a critical turning point that will shape the future of the global economy.
WORLD
Joe Biden poised to impose tariffs on China EVs, strategic sectors
The decision is the culmination of a review of so-called Section 301 tariffs first imposed under Trump.
BUSINESS
Bullish case for Indian rupee dented by RBI’s intervention fears
MUFG Bank Ltd. predicts that the rupee will appreciate less than 2% to 82 per dollar by year-end while Australia and New Zealand Banking Group Ltd. says the currency will be little changed.
BUSINESS
China credit shrinks for first time, loan growth disappoints
Financial institutions offered 731 billion yuan of new loans in April, lower than a projected 916 billion yuan
BUSINESS
Apple nears deal with OpenAI to put ChatGPT on iPhone
Apple is also discussing with Alphabet Inc about licensing Google ’s Gemini chatbot.
WORLD
Joe Biden set to hit China EVs, strategic sectors with tariffs
The US is standing up to China’s 'unfair economic practices and industrial overcapacity,' Joe Biden said last mont
WORLD
Citi cuts China stocks on fundamentals to neutral, raises India
“China’s recent rally has occurred despite weakening fundamentals; we downgrade to neutral,” strategists including David Groman and Beata Manthey wrote in a note dated May 10. It upgraded India to overweight on strong earnings momentum and projected growth.
WORLD
SoftBank sells off vision fund assets as Masayoshi Son pivots to AI, chips
The one-time tech kingmaker is now a shadow of its former self, having laid off more than a hundred staff and slowed new investments
WORLD
Pfizer agrees to settle more than 10,000 Zantac cancer suits
The agreements cover cases in state courts across the US but don’t completely resolve the company’s exposure to Zantac claims, according to the people, who spoke on the condition of anonymity because they weren’t authorized to discuss the settlement publicly. Financial details of the accords weren’t immediately available.
WORLD
Mastercard, Citi, JPMorgan test ledger for settling bank money
The Regulated Settlement Network proof-of-concept will simulate transactions in dollars, Mastercard said in a statement Wednesday. The goal is to make transactions across borders and systems faster and easier, and to reduce the chance of error and fraud.
WORLD
Tim Cook can’t run Apple forever. Who’s next?
Tim Cook hasn’t made many changes to Apple’s executive team, which is mostly comprised of close colleagues he’s worked with since the Jobs era.
WORLD
Microsoft plans mobile-game store, vying with Apple, Google
The browser-based store will debut with Microsoft’s own games, offering discounts on in-game items associated with titles like Candy Crush Saga.
BUSINESS
JPMorgan says India index inclusion on track, most clients ready
“Based on the annual Index Governance Consultation process, market feedback so far has been largely positive, with the majority of our index clients already set up to trade in the IGB market,” managing director Gloria Kim said in an emailed reply to questions.
BUSINESS
Indian renewables may get costlier as RBI mulls changes
Lenders will be needed to set aside as much as 5% of the capital they lend to infrastructure projects under construction, a draft by the Reserve Bank of India stipulates
WORLD
Tesla ramps up job cuts in China as sales slowdown bites
Additional layoffs began earlier this week, extending cuts in mid-April that were part of the electric vehicle maker’s pledge to slash global headcount by more than 10%, said the people, who asked not to be identified as they’re not authorized to disclose the information publicly.
WORLD
China’s exports rebound in April in boost for economy
Exports increased 1.5% in dollar terms from a year earlier, reversing a drop in March, while imports climbed 8.4%, the customs administration said Thursday.
MARKETS
JPMorgan inclusion of Indian bonds to aid private credit
The inclusion constitutes a watershed moment for the country’s $1.2 trillion government debt market, with spillovers to other asset classes. Once the change takes effect on June 28, it will be easier to compare the performance of an Indian credit fund with an investment in Singapore, Korea or the U.S., said the head of BPEA Credit.
WORLD
Arm shares fall after company gives tepid annual forecast
For fiscal 2025, which ends next March, revenue will be $3.8 billion to $4.1 billion, the company said Wednesday. Profit will be $1.45 to $1.65 a share. Analysts were predicting a total of $4.01 billion — representing a gain of 26% — and a profit of $1.53 a share.
WORLD
Airbnb sees growth slowing before summer travel uptick
Revenue for the current quarter ending in June will be $2.68 billion to $2.74 billion, the company said Wednesday in a letter to shareholders.
WORLD
Riksbank kicks off easing with first rate cut since 2016
The central bank in Stockholm lowered its policy rate by a quarter point to 3.75% and said it could be reduced twice more in the second half of the year, according to a statement on Wednesday.
WORLD
US to triple chipmaking capacity by 2032, Industry Group says
Semiconductor manufacturing capacity in the country will triple by 2032, an SIA-commissioned study by the Boston Consulting Group found. That will take the US share of the industry to 14%, up from 10% currently, according to the report, which was released Wednesday.
