WORLD
Anglo rejects BHP takeover bid as significantly undervalued
Under the proposed all-share deal, Anglo would first spin off controlling stakes in South African platinum and iron ore companies to its shareholders before being acquired by BHP. The total per-share value of the non-binding proposal was about £25.08, BHP said Thursday.
WORLD
Bank of Japan stands pat on rates and bond buying, hitting yen
The BOJ Friday kept the range for its benchmark rate between 0% and 0.1% at the conclusion of its meeting, according to a statement, as widely expected by economists.
BUSINESS
Asia's richest banker Uday Kotak loses $1.3 billion after RBI's curbs
Kotak Mahindra bank said in response that it has taken measures for 'adoption of new technologies to strengthen its IT systems and will continue to work with RBI to swiftly resolve balance issues at the earliest'
BUSINESS
Pernod CEO sees sales growth outside struggling US and China
The French spirits maker, whose brands include Absolut Vodka and Martell Cognac, said sales were flat in its most recent quarter at €2.3 billion ($2.5 billion) as US retailers destocked and Chinese drinkers remained cautious
AUTOMOBILE
VinFast founder commits $1 bn as EV maker bleeds cash
The move marks his strongest backing yet for the Vingroup JSC unit touted as a possible challenger to Tesla Inc
BUSINESS
India stands out for cheap bonds as JPMorgan index date nears
The benchmark 10-year note offers a premium of almost 270 basis points over the earnings yield for the MSCI India share index, making the country’s debt more attractive to investors just months before its inclusion in JPMorgan Chase & Co’s indexes from June
BUSINESS
Battery recycling shatters the myth of electric-vehicle waste
Traditional methods of ripping materials out of the ground and refining them for battery packs requires enormous amounts of energy. As a result, the initial carbon footprint of an EV is higher than a comparable internal combustion engine vehicle.
BUSINESS
Mamaearth parent bets on made-for-India goods in world’s fastest growing beauty market
The strategy of adapting products to local tastes worked in next-door China — at least initially.
WORLD
Kering shares drop after Gucci slump prompts profit warning
The stock slid as much as 8.9% in early Paris trading to the lowest since 2018. Kering’s 20% share slump this year contrasts with gains by French rivals LVMH and Hermes International.
WORLD
Iron ore rises to seven-week high on fortescue view, China hopes
Futures in Singapore rose almost 5% before paring gains. The company said exports were down 6% in its third quarter from a year earlier, due to an ore car derailment and weather woes.
WORLD
Ex-Jane Street trader pillories claims he stole trade secrets
In a signed statement, Schadewald denied using Jane Street’s strategies or any of its confidential intellectual property and said his name was being smeared “to try to prevent me from doing honest work for a competitor.”
WORLD
New York must fight to compete with cities worldwide: Jamie Dimon
JPMorgan has been building a new headquarters at 270 Park Ave., which Dimon has said will be the “best building in the United States and in fact probably the world.”
BUSINESS
KKR bets on domestic consumption, private credit in India push
The investment firm remains bullish on India’s domestic consumption story despite elevated valuations, according to Gaurav Trehan, head of Asia Private Equity and the chief executive officer of the India business.
BUSINESS
Bank of America’s top India trader says swap market too hawkish
The Reserve Bank of India is likely to cut the key policy rate by 100 basis points in the next two years, while interest rate swaps are not pricing in any cuts at all during the period, Vikas Jain, head of India fixed income, currencies and commodities trading, said in an interview.
BUSINESS
Global funds sell Unilever India stock as sales growth falters
Foreign funds reduced their ownership of India’s largest staples company to 12.7% at the end of March, down from as high as 14.5% in June last year, according to data compiled by Bloomberg.
BUSINESS
AI search startup Perplexity valued at $1 billion in funding round
The 55-person startup remains far smaller and less capitalized than ChatGPT-maker OpenAI, not to mention Google. But the investor and user interest in Perplexity highlights the enthusiasm for a new crop of generative AI products to rethink basic internet services like search
BUSINESS
Apple named a top 2024 pick at BofA ahead of key earnings
Morgan Stanley trimmed its price target on the stock to $210 from $220 on Monday, expecting Apple to give a disappointing forecast when it reports
BUSINESS
Sebi queries global funds on Adani stocks manipulation
The Adani Group’s stocks have been on a rollercoaster ride in the past few years
WORLD
Danish heirs to sell $72 million rare coin collection after 100 years
At least one grandchild reportedly tried and failed to break Bruun’s will, which specified that his 20,000-piece coin collection should remain intact and stored away, then be sold at auction after a century elapsed.
WORLD
Ray Dalio’s famous trade is sputtering and investors are bailing
Investors including public pensions in New Mexico, Oregon and Ohio have yanked out cash, slashing the size of the funds by an estimated $70 billion from their peak three years ago.
BUSINESS
Japan’s MUFG mulls sweeter HDB Financial offer, seeks say in strategy
HDFC, India’s biggest lender, owns a 95% stake in HDBF and has been seeking ways to sell part of it, including a possible initial public offering
BUSINESS
Arcelormittal Nippon Steel India in talks for $1 billion loan
At least three lenders including State Bank of India, ICICI Bank Ltd. and Axis Bank Ltd. would be participating in the syndicated deal, with proceeds to be used for capital expenditure, said the people who asked not to be identified for discussing private information.
WORLD
Heavy rains, flooding shut Mauritius financial markets, offices
There would be no trading and settlement for the day, according to the Stock Exchange of Mauritius.
WORLD
China is front and center of gold’s record-breaking rally
Worsening geopolitical tensions, including war in the Middle East and Ukraine, and the prospect of lower US interest rates all burnish gold’s billing as an investment.
