BUSINESS
Apple faces worst iPhone slump since Covid as China rivals rise
The 9.6% year-on-year drop is the steepest for Apple since Covid lockdowns snarled supply chains in 2022, the researchers said.
WORLD
Arming Ukraine turns Soviet tank refitter into a billionaire
Excalibur Army takes rusting Soviet-era tanks — often with mud and grass on them — and refits them for action. Since Russia invaded Ukraine in February 2022, the business run by Michal Strnad has benefited from the biggest demand for weapons since the end of the Cold War.
BUSINESS
Vedanta Group Asks JPMorgan to Arrange $300 Million India Bond
JPMorgan’s financing-solutions department in India, headed by Nitin Rungta, is reaching out to potential investors on behalf of the metals and mining company, according to people who asked not to be identified as the information is private.
BUSINESS
Tesla to cut over 10% of its global workforce: Report
Elon Musk cited 'duplication of roles and job functions in certain areas' as the reason for the cuts, said a report, citing an email the chief executive officer sent to staff
BUSINESS
Vedanta group asks JPMorgan to arrange $300 million India bond
The tenor of the proposed bonds is expected to be in the range of three to five years, the people said. Proceeds would be used to support the company’s business activities, they said.
BUSINESS
What’s next for oil? analysts weigh in after Iran’s attack
As Israel weighs its response to the assault, here’s what market watchers are saying about the outlook.
BUSINESS
Carlyle picks JPMorgan and Kotak to help arrange Hexaware IPO
The US investment firm plans to hold the IPO as early as in the fourth quarter of this year, the people said, asking not to be identified as the deliberations are private.
BUSINESS
Nepalese billionaire who made his fortune making instant noodles aims to list India unit by 2026
The listing plans for the firm, which has a 28% share in the local instant noodles market and an annual revenue of 8 billion rupees ($96.2 million), are still in the early stages of discussion, he added. It aims to grow its revenue by 15% this year.
WORLD
Apollo’s Asia expansion has lured in $35 billion from region
Under head of Asia-Pacific Matthew Michelini — the person chief executive officer Marc Rowan picked to reshape Apollo’s presence in the region — the company has been tapping into clients’ demand for more reliable yields from private markets investments including credit and hybrid financing.
BUSINESS
Analysts racing to catch up with world’s top delivery stock Zomato
Price target upgrades for Zomato in the past 12 months exceed those for all other stocks in a Bloomberg Intelligence gauge of global ride sharing and delivery peers.
BUSINESS
‘Expensive’ India lures investors avoiding China risks
The powerful rallies in Indian and Japanese equities as China’s market has slumped have reset Asia’s financial-market landscape, providing global investors with three competing poles for regional allocations.
WORLD
Apple’s iPhone shipments plunge 10% as android rivals rise
The global mobile market rose to 289.4 million handsets shipped, marking a 7.8% rise from a year ago. Samsung Electronics Co. regained the top spot. Budget-focused brand Transsion jumped 85% in shipments, while Xiaomi Corp. bounced back to close the gap on second-place Apple.
BUSINESS
Bitcoin slump on Iran attack flashes warning for global markets
Iran launched attack drones and missiles against Israel in apparent retaliation for a strike in Syria that killed top Iranian military officers, taking the conflict in the region into a perilous new phase.
WORLD
Israelis go about their business as they await Iranian missiles
A similar issue existed 50 years ago, when Israel was certain that Egypt and Syria wouldn’t dare attack after their terrible loss in the 1967 war
COMPANIES-2
Macquarie, Canada Pension are among bidders on India road assets
NIIF is India’s first major attempt to develop a capital-raising structure on home soil, to tackle a shortfall in infrastructure spending
WORLD
Israel bracing for potential direct attack from Iran in days
A Iranian missile and drone barrage would represent a retaliation for a deadly attack on its diplomatic compound in Syria last week, which the Islamic Republic blames on Israel
BUSINESS
Tamil Nadu looks to pull out all stops to attract Tesla CEO Elon Musk
India also cut the import duty on EVs last month and said to get tax concessions, foreign companies will have to invest at least ($500 million) and start producing EVs from a local plant within three years
BUSINESS
Picky consumers jilting big brands are Unilever India’s new risk
The Indian unit of Unilever Plc is battling a slowing rate of growth in revenue and profits while its share price is lagging.
TECHNOLOGY
Elon Musk’s xAI seeks up to $4 billion to compete with OpenAI
The deal, circulated among investors, highlights Musk's track record at Tesla and SpaceX, with access to data from his social network X as a selling point.
BUSINESS
Apple plans to overhaul entire Mac line with AI-focused M4 chips
Mac sales fell by 27% in the last fiscal, after peaking in 2022. Despite Apple's efforts to boost sales with M3 chips, there were no significant performance improvements over the M2 chips from the previous year.
TECHNOLOGY
Big Tech’s ‘Interconnected Web’ of AI investments concerns UK’s CMA
The Competition and Markets Authority said Thursday it’s uncovered an “interconnected web” of partnerships and investments within AI involving a handful of the same tech firms, that may allow them “to shape these markets in their own interests.” Meta Platforms Inc., Amazon.com Inc. and Nvidia Corp. were also named.
TECHNOLOGY
Apple plans to overhaul entire Mac Line with AI-focused M4 Chips
The new chip will come in at least three main varieties, and Apple is looking to update every Mac model with it, said the people, who asked not to be identified because the plans haven’t been announced.
BUSINESS
McKinsey starts hundreds of job cuts as client demand slows
The reductions are global and will affect employees across a variety of divisions including design, data engineering, cloud and software, according to people familiar with the matter
BUSINESS
Fed favours reducing monthly asset runoff pace by roughly half
The record of the March 19-20 FOMC meeting also showed “almost all” officials judged it would be appropriate to begin lowering borrowing costs “at some point” this year. However, inflation data since then has upended expectations for three interest-rate cuts this year.
