BUSINESS
US brokerage sees over 50% return potential on Adani flagship
“Adani Enterprises Ltd. is at the core of everything India wants to accomplish,” analysts Brett Knoblauch and Thomas Shinske wrote in a note dated Jan. 28, initiating coverage as overweight. The risk-reward “is attractive at current levels.”
BUSINESS
Budget 2024: What to watch out for in India’s pre-election Budget
Budget 2024: The economy’s rapid expansion has led to a tax windfall for the government, helping it meet its goals of curbing the deficit.
WORLD
China’s deflation pressures seen persisting through mid-2024
A measure of economy-wide prices called the gross domestic product deflator is expected to decline for at least two more quarters, according to 12 of 19 economists in a new Bloomberg survey.
WORLD
China to ‘merge’ bad-debt managers into CIC
The extent of the transfer of China Cinda Asset Management Co., China Orient Asset Management Co. and China Great Wall Asset Management Co. wasn’t clear in the report.
WORLD
Reddit advised to target at least $5 billion valuation in IPO
The San Francisco-based social media company and its advisers are targeting a valuation in the mid-single-digit billions, the people said, asking not to be identified as the information is private.
WORLD
China tightens securities lending rule to support stock market
Strategic investors won’t be allowed to lend out shares during agreed lock-up periods, the Shanghai Stock Exchange and Shenzhen Stock Exchange said in separate releases following the China Securities Regulatory Commission’s statement.
BUSINESS
Hot stock rally stirs fears over wall street’s big rate-cut bets
Equity rally challenges Powell as S&P 500 hits records, fueled by rate-cut expectations. Financial conditions loosen, posing concerns for Fed.
TECHNOLOGY
AI needs so much power that old coal plants are sticking around
AI boom in Virginia's "data center alley" strains power supply. Temporary connection pause and controversial diesel generator proposal reflect challenges.
WIRE-NEWS
Crypto is going mainstream, which means it’s over
Crypto's 20% drop attributed to technical issues, FTX's asset sell-off. Increased accessibility brings market scrutiny, challenging its value and ethos.
BUSINESS
Apple home devices, car veteran exits for top Rivian product role
Apple veteran overseeing home devices and electric vehicle projects departs for Rivian Automotive, adding to the string of senior exits from Apple.
TECHNOLOGY
US aims to announce big grants for chip plants by end of March
US plans major chip grants by March's end, directing billions to semiconductor makers like Intel under the 2022 Chips and Science Act.
BUSINESS
Intel tumbles most since 2021 after giving weak forecast
Intel’s first-quarter projection for both sales and profit came in well short of Wall Street estimates, and executives struggled to soothe concerns during a conference call with analysts.
BUSINESS
Rare Earths: Vietnam can take on China
Vietnam’s abundance of these ores is catching the attention of its government as well as foreign leaders. Although current output is a tiny percentage of global supply, the nation is sitting on around 17% of known reserves, second only to China. It’ll take time and money to develop the mining and metallurgical skills needed to turn all that raw dirt into cash, but the rewards are there for the taking
WORLD
JPMorgan shuffles top managers as Jamie Dimon prepares successors
The shuffle, halfway through Dimon’s five-year retention package, places Jenn Piepszak and Troy Rohrbaugh atop an expanded commercial and investment bank, according to a statement Thursday.
TECHNOLOGY
Microsoft cuts 1,900 jobs in gaming, including at Activision
Other video-game companies, including Riot Games, have also enacted mass layoffs.
WORLD
IPhone takes top spot in China for first time despite challenges
The iPhone ranked first in shipments in the fourth quarter and 2023 overall, market tracker IDC said. It came after several analysts, including Jefferies, said iPhone sales tanked in the fourth quarter due to a lull in enthusiasm for the Cupertino, California company’s latest generation of hardware in the world’s biggest smartphone market.
WORLD
Upbeat Elon Musk can’t soothe Tesla investors’ fears about growth
Tesla shares fell 6% in extended trading at 8 p.m. New York time. The stock had already fallen 16% to start the year.
BUSINESS
Microsoft hits $3 trillion value, cementing strength of AI rally
It briefly surpassed Apple Inc. in value — which last year became the first company to hit $3 trillion — but subsequently dropped back below the iPhone maker
WORLD
Saudi Arabia prepares to open liquor store, but only for diplomats
The kingdom plans to open the licensed shop in the coming weeks in Riyadh, where non-Muslim diplomats will be allowed to buy alcohol, according to foreign officials in the Saudi capital, who are familiar with the matter.
BUSINESS
China to cut bank reserve ratio in bid to boost growth, markets
A 0.5 percentage-point cut to the ratio, the amount of cash that banks have to keep in reserve, will provide 1 trillion yuan ($139 billion) in long-term liquidity to the market, Pan said during a briefing with the press Wednesday.
WORLD
Bill Ackman, wife Neri Oxman buy 5% stake in Tel Aviv bourse
Tel Aviv Stock Exchange Ltd. said it had completed the sale of an 18.5% stake to a group of foreign and local investors for 242 million shekels ($64 million). Ackman and Oxman were the only ones it named.
WORLD
World’s most ambitious trade route stalls in middle east turmoil
As Houthi attacks disrupt Red Sea shipping and turmoil spreads across the region, IMEC is effectively on ice.
BUSINESS
Donald Trump wins New Hampshire Republican primary over Nikki Haley
The Associated Press called the contest for Trump at 8 p.m. Tuesday. He was leading Haley by about 7.2 percentage points with about 19% of the vote counted. This is the second consecutive time the AP has made a quick call in favor of the Republican frontrunner.
TECHNOLOGY
Samsung races Apple to develop blood sugar monitor that doesn’t break skin
The company aims to eventually give consumers a complete picture of their well-being via sensors on different parts of the body and around the home.
