COMPANIES
Carlyle nears advanced talks on €1.5 billion Thyssen unit
Thyssenkrupp’s Marine Systems business makes submarines, surface vessels and naval electronics.
COMPANIES
Alibaba puts new leader in charge of Freshippo with IPO in limbo
The decision, first reported by the Late Post, is the latest in a series of changes at Alibaba after missteps and regulatory scrutiny eroded its position against rivals like PDD Holdings Inc. and ByteDance Ltd.
BUSINESS
India can’t match China’s past 8-10% growth, Morgan Stanley says
India’s economy will likely grow steadily at 6.5%-7% over the long term, Chetan Ahya said in interview Monday with Bloomberg Television’s Haslinda Amin. The South Asian nation is also far from replacing its bigger rival as a global manufacturing hub, he added.
BUSINESS
ANZ CEO looks for India, China growth as focus shifts
Most of the Australian bank’s business across Asia Pacific is through its institutional bank, and the international return-on-equity has grown to mid-teens, up from around 3% when Elliott became CEO more than eight years ago, he said. In mainland China, where ANZ has about 300 people, he expects the business to keep growing.
WORLD
World’s top solar firm Longi plans thousands of job cuts on glut
Longi plans to trim as much as 30% of its staff that last year totaled about 80,000 people at its peak, several people familiar with the situation, including some briefed by senior management, told Bloomberg. The people asked not to be identified because the plans aren’t public.
BUSINESS
BAT starts $2 billion buyback following its ITC stake sale
The maker of Lucky Strike cigarettes, Vuse vapes and Velo nicotine pouches said Monday that net proceeds of the ITC stake sale totaled £1.57 billion and that it will buy back as much as £1.6 billion of its own shares this year and next.
WORLD
Two airplanes lugging cargo together is Texas startup’s big bet
On an abandoned Air Force field near Lubbock peppered with prairie-dog holes, the startup Aerolane is testing a business plan to pull cargo gliders with small freighter planes.
WORLD
Antony Blinken warns of false info ‘flood’ as elections loom worldwide
“Nearly half the people of the world are going to be going to the polls this year – this is an extraordinary election year in country after country,” Blinken told a session at the Summit for Democracy conference in Seoul on Monday.
WORLD
Vladimir Putin vows Russia cannot be held back in victory speech
All of the 71-year-old's major opponents are dead, in prison or exiled, and he has overseen an unrelenting crackdown on anybody who publicly opposes his rule or his military offensive in Ukraine.
WORLD
Saudi wealth fund said in talks to acquire national airline
The Public Investment Fund is considering a deal that would see it add the 80-year old Saudia to its growing portfolio of aviation assets as soon as next year, according to people familiar with the matter, who asked not to be identified as the information is private.
BUSINESS
Adani bonds, shares decline as US expands probe into the group
A note from unit Adani Ports & Special Economic Zone Ltd. due in 2041 slid 2.4 cents, the most since August, to 79.1 cents. Another bond from subsidiary Adani Renewable Energy RJ Ltd. due 2039 fell 2.3 cents to 83 cents, the worst drop since February 2023.
WORLD
Fed, BoJ to lead a week of rate decisions for half the world
The coming week features the world’s biggest agglomeration of decisions for 2024 to date, including judgments on the cost of borrowing for six of the 10 most-traded currencies.
WORLD
Decoding Xi’s Jinping new catchphrase aimed at reviving China’s economy
Since 2014, there’s only been one other occasion where an industrial policy slogan has taken top billing. Typically, that slot has gone to pledges about macroeconomic policy.
WORLD
Iron ore extends slump below $100 as China concerns spur rout
Futures declined as much as 3% to $97 a ton in Singapore after collapsing by more than 13% last week. Industrial production data are due later on Monday, offering an insight into conditions across Asia’s largest economy.
WORLD
BoJ rate hike on March 19 is now widely expected after wages jump
Some 90% of BOJ watchers sees the risk of authorities ending the negative rate on Tuesday at the meeting’s conclusion, with that likelihood bolstered after the nation’s largest union group announced first-round results to annual wage negotiations that far exceeded expectations.
CRYPTOCURRENCY
Binance CEO Teng sees Bitcoin topping $80,000 on ETF inflows
The launch of Bitcoin ETF in the US earlier this year has attracted institutional investors and new fund flows, Teng said at an event in Bangkok on Sunday, adding “we’re just getting started.”
BUSINESS
Vladimir Putin heads for victory in Russia election without a real opponent
Already Russia’s longest-serving leader since Soviet dictator Josef Stalin, 71-year-old Putin is set to extend his nearly quarter-century rule by another six years with his troops on the offensive in Ukraine
BUSINESS
Gold beans all the rage with China’s Gen Z as deflation bites
Amid China's worst deflation in 15 years, volatile stock market, and low bank interest rates, 18-year-old Tina Hong is investing in gold beans for financial security.
MARKETS
Shakeout in small-cap stocks lures dip buyers into the market
Flush with money, local funds injected a record $1.1 billion into shares on Wednesday, when small- and mid-cap indexes endured their worst selloff in more than two years
BUSINESS
US probing Adani Group over potential bribery
Investigators are digging into whether an Adani entity, or people linked to the company, were involved in paying officials in India for favourable treatment on an energy project, according to people, who declined to be identified
BUSINESS
China to tighten IPOs, checks on listed firms to boost stocks
The watchdog will study and re-evaluate listing standards for certain sectors, and bolster reviews for companies aspiring to do IPOs that haven’t yet made a profit, said Yan.
BUSINESS
KKR said to weigh $1 billion sale of school chain EuroKids
The US private equity firm is looking to hire financial advisers to help evaluate a sale, the people said, asking not to be identified as the matter is private. KKR could seek a valuation of about $1 billion for its majority stake, the people said.
WORLD
China holds key rate steady in cautious approach to stimulus
The People’s Bank of China withdrew 94 billion yuan ($13 billion) of cash from the banking system on a net basis to avoid excessive liquidity, while it kept the rate on its one-year policy loans steady at 2.5% on Friday.
BUSINESS
Bankers in India to get higher salary increases than Singapore, Hong Kong
Salaries in India could rise by 10% in 2024, analyst Sarah Jane Mahmud wrote in a note Friday, citing survey data from consulting firm Aon. That compares with 4% in the two financial hubs.
