WORLD
Everything Apple plans to show at May 7 ‘let loose’ iPad event
That’s the day Chief Executive Officer Tim Cook is poised to introduce major upgrades to the iPad Pro and iPad Air, as well as new versions of the tablet’s accessories. The company is delivering the news through an online event dubbed “Let Loose” that’s expected to last a little more than half an hour.
WORLD
Apple is working on its own AI chip for data centers
The effort would build on Apple’s previous efforts to make in-house chips, which run in its iPhones, Macs and other devices, according to the Journal, which cited unidentified people familiar with the matter. The server project is code-named ACDC within the company, the newspaper said.
BUSINESS
At $2 million per minute, US Treasuries mint cash like never before
Last year, investors pocketed nearly $900 billion in annual interest from US government debt, double the average over the previous decade.
WORLD
Jack Dorsey leaves Bluesky board, calls X ‘freedom technology’
The Twitter co-founder took to the Musk-owned platform, now rebranded X, to tout his new philanthropic grants to open internet protocols, which he described as “freedom technology.”
BUSINESS
India bond buyback signals RBI’s cash easing stance, Citi says
The Reserve Bank of India on Friday said it would buy back 400 billion rupees ($4.8 billion) of bonds — all maturing in the current fiscal year ending March — on May 9.
BUSINESS
Adani in talks with banks to borrow $600 million for gas unit
The loan will be raised by Dhamra LNG Terminal Pvt., a unit of Adani Total Pvt., the people said, asking not be named because the details are private. The debt’s tenor could range from three to five years, with the pricing likely linked to the Secured Overnight Financing Rate, they said.
INDIA
Warren Buffett says India holds ‘unexplored’ opportunities for future Berkshire leaders
At Berkshire Hathaway Inc.’s annual meeting, the legendary chairman noted that his firm could find “unexplored or unattended” areas to invest in the country, which has one of the fastest growing economies in the world.
WORLD
Warren Buffett praises Apple after trimming it, drops Paramount stake
Berkshire reported a $135.4 billion holding in the iPhone maker at the end of the first quarter, down from $174.3 billion at the year end. The move quickly became one of the biggest topics as the meeting unfolded, even though Berkshire had sold some shares in Apple during the quarter before.
WORLD
Saudi Arabia hikes oil selling prices for all grades to Asia
State-owned Saudi Aramco raised the June official selling price of Arab Light crude for customers in Asia by 90 cents to $2.90 a barrel above the regional Oman-Dubai benchmark, according to a price list seen by Bloomberg.
WORLD
A post-Buffett Berkshire is Omaha focus after Munger’s passing
Buffett and Munger transformed Berkshire from a failing textile mill into a behemoth spanning industries including insurance, energy and railroads churning out billions in earnings.
WORLD
Buffett says US corporate taxes likely to rise to tame deficit
“With present fiscal policies, I think that something has to give,” Buffett said.
WORLD
Biden allies want Warren Buffett’s support — and Omaha’s one electoral vote
Back in 2016, the Berkshire Hathaway Inc. chairman wrote checks for Democrat Hillary Clinton’s White House bid, appearing onstage with her at a rally and scoffing at her rival, Donald Trump.
BUSINESS
Tesla stock’s towering AI valuation is detached from reality
Tesla is struggling with weak demand for EVs and just reported its first quarterly sales decline since 2020
BUSINESS
Indian bonds see outflows as Fed bets curb index inclusion frenzy
While index-tracking flows are set to kick in from June, many active investors had placed their bets ahead of time, which helped India’s benchmark 10-year yield drop to the lowest in nine months in March
BUSINESS
Hillhouse said to consider India IPO for home appliance maker
Hillhouse bought Royal Philips NV’s home appliance business in 2021, and it was later renamed Versuni
BUSINESS
ICICI Securities names two bankers as co-heads of ECM business
Gaurav Singhvi and Sarun Agarwal were named co-heads of the ECM business as of May 1, said the people, who asked not to be identified because the information is private. They replace Pratik Loonker, who left the firm to join rival Axis Capital Ltd., the people said.
WORLD
Apple rallies on upbeat forecast, record-setting stock buyback
Though revenue fell 4.3% to $90.8 billion in the March quarter, that was better than the $90.3 billion predicted by analysts. Profit also topped Wall Street projections in the period, and Apple announced the biggest stock buyback in US history.
WORLD
Apple’s $110 billion stock buyback plan is largest in US history
With the announcement, the maker of iPhones tops its own record for largest buyback value announced in the US.
BUSINESS
Huawei secretly backs US research, awarding millions in prizes
A Huawei spokesman said the company and the Optica Foundation created the competition to support global research and promote academic communication
BUSINESS
Tesla interns say offers are getting revoked weeks before their start date
Tesla Inc. is rescinding offers just weeks before internships were set to start, prompting aspiring employees to take to LinkedIn to appeal to other employers to take them in
BUSINESS
Uber hit with £250 million suit from London’s black cab drivers
The claim alleges Uber improperly obtained a license to operate in the city and made unlawful gains for at least six years from 2012, RGL Management Ltd.
BUSINESS
Vodafone Idea seeks $1.8 billion of loans in next two years
This would be the first move in a plan to raise 250 billion rupees overall in debt, with the proceeds helping to repay operational creditors, roll out a 5G network and bid for additional spectrum
BUSINESS
Economists push out India rate cut forecasts to end of year
The RBI may start cutting its benchmark repurchase rate, currently at 6.5%, by a total of 50 basis points in the October-December period before pausing for a few months, the monthly survey shows. In the previous survey, economists had predicted a reduction in July-September quarter.
WORLD
US may step up verbal intervention on yen rout: Jim O’Neill
The speed and scale of yen declines suggest the weakness is becoming more like a currency crisis and the market is possibly closer to the “end game,” the prominent economist said in an interview.
