WORLD
Elon Musk’s Robotaxi dreams plunge Tesla into chaos
A visit with India’s Prime Minister Narendra Modi for an anticipated investment announcement was called off at the last minute.
BUSINESS
Tesla spends weekend cutting prices of cars and FSD software
In the US, the cheapest version of the Model Y is now $42,990, returning the sport utility vehicle’s starting price to the lowest it’s been.
WORLD
Philippines wants US, Japan to take over rail deal eyed by China
The Philippines said it hopes to generate around $100 billion in investments in the next five to 10 years following the Washington summit.
BUSINESS
Tata in talks to buy Pegatron’s iPhone operations as soon as May
After the deal, Pegatron is anticipated to assist Tata with manufacturing expertise, as per unnamed sources
BUSINESS
Schneider says it’s in deal talks With US’s Bentley Systems
Bentley Systems, with a market value of about $17 billion, rose as much as 4.3% in US premarket trading. Schneider Electric fell as much as 4.2% in Paris trading.
BUSINESS
ESG poster child Unilever waters down green pledges
US investors, which represent almost half of Unilever’s ownership, have cooled on ESG
WORLD
Saudi Arabia needs oil price near $100, IMF says
Riyadh will require an average oil price of $96.20 a barrel to balance its budget, assuming it holds crude output steady near 9.3 million barrels a day this year, the Washington-based Fund said in its regional economic outlook on Thursday.
BUSINESS
OpenAI makes first India hire in bid to shape regulation early
The Microsoft Corp. backed-company recruited Pragya Misra to lead public policy affairs and partnerships in India, people familiar with the matter said, asking not to be named as the appointment isn’t yet public. Misra, 39, previously worked at Truecaller AB and Meta Platforms Inc. and is set to start at OpenAI toward the end of the month.
WORLD
Armani 'doesn’t rule out' merger or IPO in succession plan
After fighting for years to keep Giorgio Armani SpA independent amid the mergers and acquisitions that reshaped the luxury sector, the billionaire design virtuoso now says he won’t rule out his firm someday combining with a bigger rival or listing on an exchange.
WORLD
Netflix adds 9.33 million customers, says gains will slow
The company added 9.33 million customers in the first quarter of 2024, according to a statement Thursday, nearly doubling the 4.84 million average of analysts’ estimates.
BUSINESS
These emerging markets have healthy buffers against US dollar shock
More than a dozen emerging-market currencies have tumbled versus the greenback this month, as the Federal Reserve looks poised to keep interest rates higher for longer.
BUSINESS
JPMorgan says buy the dip if India poll volatility hits stocks
Prime Minister Narendra Modi-led Bharatiya Janata Party is widely expected to win a third term, which will help his administration continue its focus on modernizing infrastructure and boost manufacturing
BUSINESS
AI computing is on pace to consume more energy than India, Arm says
By 2030, the world’s data centers are on course to use more electricity than India, the world’s most populous country, Haas said. Finding ways to head off that projected tripling of energy use is paramount if artificial intelligence is going to achieve its promise, he said.
BUSINESS
Airbus, Rolls-Royce close to $20 billion Turkish Airlines parts deal
A deal could be announced at a ceremony in Istanbul later this month, according to Turkish officials familiar with the matter. The Turkish state is the largest shareholder in the airline.
BUSINESS
Cherry blossoms to cheap Yen spur record tourist visits to Japan
Tourist numbers from 17 markets reached a record for March, including the US, Vietnam and India
BUSINESS
Tesla asks shareholders to re-ratify Elon Musk’s $56 billion payout
In its proxy filing issued Wednesday, Tesla also said it will call a vote on moving the company’s state of incorporation to Texas, from Delaware.
BUSINESS
Ashmore counters consensus with big bet on China over India
With $6.5 billion invested in emerging equities, the fund has allocated 26% of its EM equity fund to China, while reducing India to less than half that, according to Edward Evans, a London-based EM equities portfolio manager.
WORLD
Tesla’s value dips below $500 billion in blow to stock bulls
The stock closed down 2.7% at $157.11 on Tuesday in New York, after touching a low of $153.75 at one point in the session, and has fallen 37% this year.
WORLD
Singapore orders all employers to consider workers’ flexi-time requests
Employees will also be entitled to ask for other arrangements such as flexible work locations come the end of this year.
WORLD
Dollar bulldozes its way through Asian FX with help from yuan
China’s move to weaken its daily reference rate for the yuan added to the selling pressure, with the Indonesian rupiah, Indian rupee and the South Korean won among the hardest hit.
BUSINESS
Kotak sees India index inclusion improving liquidity for banks
The anticipated entry of overseas funds into India’s $1.2 trillion government debt market presents an opportunity for lenders including Kotak to sell part of their bond investments to these new buyers, according to Joint Managing Director K.V.S Manian.
WORLD
China reports surprisingly strong growth driven by industry
Gross domestic product increased 5.3% in the January-to-March period from a year earlier, data released by the National Bureau of Statistics showed Tuesday.
WORLD
Tesla executive Drew Baglino leaves as Elon Musk loses another top deputy
The cuts could reach closer to 20% in some divisions, two people familiar with the matter say.
BUSINESS
Hermes can surpass Vuitton as luxury’s biggest brand, Citi says
The Birkin bag maker’s sales are set to hit the “symbolic” €20 billion ($21.3 billion) level by 2027 or before, Thomas Chauvet wrote in a note dated April 12 — a milestone that the Louis Vuitton fashion label reached in 2022. Hermes generated group revenue of €13.4 billion in 2023.
