WORLD
Six presumed dead after bridge collapse, as port disruptions hit cars to coal
As much as 2.5 million tons of coal, hundreds of cars made by Ford Motor Co., and General Motors Co., and lumber and gypsum are threatened with disruption after the container ship Dali slammed into and brought down Baltimore’s Francis Scott Key Bridge in the early hours of Tuesday.
BUSINESS
Donald Trump social media firm soars ahead of post-SPAC deal debut
The deal gives the parent company of Truth Social more than $275 million of much-needed capital, and provides a windfall on paper for Trump as he faces a mounting series of legal and financial woes.
BUSINESS
Carlyle said to weigh $1 billion IPO for India IT firm Hexaware
The US investment firm is speaking with potential arrangers to help prepare for an IPO in Mumbai this year or next, the people said, asking not to be identified because the matter is private. A share sale might value Hexaware at $4 billion or more, they said.
BUSINESS
Boeing needs to act faster to find its next CEO
Boeing had been struggling with serious quality issues dating back to the two tragic crashes of the 737 Max, but the final straw came when workers failed to put the bolts on the fuselage panel of an Alaska Airlines aircraft. It can’t afford a drawn-out transition, certainly not until December. The company would benefit from a new CEO with experience turning around a troubled company
WORLD
Donald Trump’s net worth hits $6.5 billion, making him one of world’s 500 richest people
Facing a deadline to post a bond of more than $500 million in a New York fraud lawsuit, a state appeals court tossed him a lifeline, slashing the amount he’d have to post to $175 million — an amount he says he’ll cover.
WORLD
PBOC extends Yuan support as it boosts fix by most since January
The People’s Bank of China shifted its fixing by 0.1% with traders still on tenterhooks after the yuan sank to its weakest since November on Friday. The currency rose as much as 0.2% in offshore trading in response to the reference rate and traded little changed onshore.
MARKETS
Calm over polls leaves India option traders exposed to surprises
While NSE Nifty 50 Index’s monthly options expiring just after the election have risen slightly in value relative to shorter-term contracts as the world’s largest democratic exercise approaches, their premium over April is 61% smaller than it was before the May 2019 vote, data compiled by Bloomberg showed.
WORLD
Canva strikes biggest acquisition yet in chase to take on Adobe
The deal, which is a mix of cash and stock, is valued at “several hundred million pounds,” Canva co-founder and Chief Operating Officer Cliff Obrecht said in an interview with Bloomberg on Monday.
WORLD
Adam Neumann offers to buy back WeWork for more than $500 million: Report
A representative for Neumann’s real estate company, Flow, confirmed that a bid was submitted, saying it exceeded the amount reported by the Journal.
BUSINESS
Bitcoin tops $70,000 again after slumping on US ETF outflows
Bitcoin rose 7.15% to $70,900 at 2010 GMT on Monday.
TRENDS
Trump wins appeal to reduce NY fraud bond, court cuts amount by 68% to $175 mn
The billionaire real estate mogul had sought to waive the bond entirely or post a smaller one of just $100 million, claiming he’d have to sell properties at a loss to raise cash. The new bond is still higher than what Trump said he could arrange, but the former president indicated he is prepared to pay it
TRENDS
UN Security Council demands Gaza cease-fire as US abstains
The office of Israel’s Prime Minister Benjamin Netanyahu had demanded a US veto of the resolution and said it would “suspend” a visit by two of his top aides to Washington in response
BUSINESS
Boeing CEO Dave Calhoun to step down in management shakeup amid safety crisis
CEO Dave Calhoun will leave the company at the end of 2024, while Chairman Larry Kellner will not stand for re-election, Boeing said in a statement. Stan Deal, who leads Boeing’s commercial airplanes division, will also retire immediately
BUSINESS
Harassment and drugs plagued a Citigroup division for years
Over at least a decade, employees openly ogled female colleagues, rated them by their looks and bragged about their sexual conquests, according to the interviews with the workers.
BUSINESS
Startup Stability AI CEO Emad Mostaque steps down
In a post on X, Mostaque wrote that he made the decision to resign, and that he would focus on solving the problem of the concentration of power in AI
BUSINESS
Coal, the dirtiest fossil fuel, is preparing for a long goodbye
India is the one country where the IEA forecasts coal output to grow this year, with production set to top 1 billion tons for the first time. Prime Minister Narendra Modi needs to meet growing energy demand while reducing reliance on expensive imports.
WORLD
Putin rejected terror alert from US before deadliest attack in decades rocked Moscow
The US Embassy in Moscow had issued a public warning on March 7 that “extremists have imminent plans to target large gatherings in Moscow, to include concerts”
BUSINESS
Apple scraps in-house effort to make watch displays, cuts jobs
The move to shutter the project came around the same time as the company’s decision to cancel work on a self-driving car. In both cases, Apple is giving at least some affected employees the opportunity to find other roles within the company
BUSINESS
Aston Martin hires Bentley boss to take over as CEO
Hallmark will replace 77-year-old Amedeo Felisa no later than October 1, Aston Martin said on March 22. He’ll be the fourth CEO to lead the company since billionaire Lawrence Stroll became executive chairman in 2020
BUSINESS
India’s equity volumes shrink by almost half amid small-cap rout
The daily cash trading volume has shrunk to $10 billion from a record $19 billion in early February, with recent sessions account for the bulk of the decline, data compiled by Bloomberg show.
SPORTS
IPL's return to kickstart two-month spending boom
The eight-week long Indian Premier League begins March 22 for its 17th season. Since its inception, the fast-paced cricket tournament has become a corporate juggernaut to rival the National Football League in the US and the English Premier League in value.
WORLD
UBS to shut thousands of smaller Credit Suisse accounts in Asia
The lender is reviewing the accounts with a balance of around $2 million or less, said the people, who asked not to be identified discussing private information. Many of the accounts are in the Asian business hubs of Singapore and Hong Kong, the people said.
BUSINESS
Share block in India raise $7.1 billion as Tata, BAT cash in
Shareholders have raised $7.1 billion selling their holdings in India so far this year, with the quarter on track to have raised the most from block trades since the January to March period in 2010, data compiled by Bloomberg show.
WORLD
Japan Airlines to buy 42 new planes from Airbus and Boeing
The announcement will help Japanese Prime Minister Fumio Kishida, who is set to pay an official visit to the US next month, where he will be anxious to underscore the merits of bilateral business ties in talks with President Joe Biden.
