BUSINESS
Global funds raise exposure to small and mid-caps in hunt for winners
The number of firms with more than 10% overseas shareholding rose to 275 on the BSE 500 Index as of December-end, versus 257 a year ago, according to a Bloomberg analysis of foreign institutional ownership data. The increase was largely fueled by minnows.
WORLD
Powell reiterates Fed needs more confidence on inflation to cut
In prepared testimony to a House panel Wednesday, the Fed chief said it will likely be appropriate to begin lower borrowing costs “at some point this year,” but made clear they’re not ready yet.
WORLD
Egypt devalues currency to record low after jumbo rate hike
The pound plunged about 26.5% to a record low of 42 per dollar as of 10:35 a.m. in Cairo on Wednesday, having traded at about 30.9 for the past year.
BUSINESS
Adani group considers offering $1.2 billion more bonds
The group’s renewable energy unit Adani Green Energy Ltd. and associated firms plan to raise funds to refinance existing loans, one of the people said, asking not to be identified because the details are private.
BUSINESS
Google, Walmart gain India fintech users after paytm curbs
The value of Paytm payments made on India’s state-backed transactions system fell 14% to 1.65 trillion rupees ($19.9 billion) from January, the National Payments Council of India said on its website Wednesday.
WORLD
Want to be an Astronaut? NASA opens rare job posting
Competition is always fierce for these roles — in 2020, NASA says there were more than 12,000 applicants for 10 positions — and this year is likely to be a crowded race as well.
WORLD
Apple shares are tanking. Here are levels traders are watching
The shares, which failed to hold the $180 support level last week, traded for less than $170 at various points during Tuesday’s session.
WORLD
Bitcoin and Gold both hitting all-time highs are a jarring contrast for markets
The twin peaks for the cryptocurrency and the precious metal mark the first simultaneous records for the two since Bitcoin emerged from the shadows more than a decade ago.
BUSINESS
India cautious on contracted Russian oil as US sanctions bite
The three refiners had been in talks with Russia’s Rosneft PJSC to secure about 500,000 barrels a day — equivalent to a third of India’s daily imports — to try and reduce reliance on one-off purchases that can often be more expensive.
WORLD
Jerome Powell to face pressure on rates from Democrats, bank rules from Republicans
The Fed chair heads to Capitol Hill on Wednesday and Thursday for his semiannual testimony before Congress, two years after the central bank began its aggressive battle against surging inflation.
WORLD
Bitcoin retreats after record-setting run that topped $69,000
The token jumped as much as 2.5% to $69,191.95 shortly after 10 a.m. in New York, then almost immediately reversed course in a plunge that at one point sent it 14% below the record to $59,317.16.
WORLD
Elon Musk meets With Donald Trump as former president seeks 2024 donors
The New York Times reported earlier on the meeting. Musk was part of a group of prospective donors who met with the former president, the newspaper reported, adding that it is unclear if the Tesla Inc. chief executive officer has decided to contribute to Trump’s campaign.
BUSINESS
Apple stock gloom deepens as pressure to show AI progress mounts
Investor impatience is growing, with the stock slumping 9% this year, pulling its market value below Microsoft Corp.’s.
CRYPTOCURRENCY
Memecoin frenzy reaches a crescendo on back of Bitcoin rally
The token Shiba Inu was considered the most popular in the last bull market, while Dogecoin is viewed as the original memecoin by many in the industry.
CRYPTOCURRENCY
Coinbase users saw zero balances again as Bitcoin rallies
The glitch came as Bitcoin inches toward its all-time record high of nearly $69,000. Bitcoin rose as much as 7.5% Monday, hovering near $67,000.
BUSINESS
Alibaba backs $2.5 billion AI firm in second big 2024 deal
Alibaba joins Silicon Valley peers like Microsoft Corp. in placing big bets on generative AI
BUSINESS
Blackstone’s giant property arm wants to double India warehouses
The $1 trillion asset manager expects activity to pick up after one of the slowest years for deployment
BUSINESS
Paytm can overcome setbacks to lead in Asia, says Vijay Shekhar Sharma
Sharma is fighting to put his digital-payments company back on stable footing after regulators placed severe curbs on the banking affiliate, the backbone for much of its financial and payments services.
BUSINESS
Tata Sons may be valued at up to $96 billion in IPO: Spark
The listing of Tata Sons would give a boost to India’s IPO market, which has seen a slew of companies looking to sell shares as valuations boom.
ECONOMY
India asks state refiners to pay for some oil imports in rupees
The move is aimed at promoting the Indian currency in international trade and cutting dependence on dollars, said the executives, who asked not to be named due to the sensitivity of the matter.
BUSINESS
A $50 billion India pension fund may turn to corporate bonds
Demand for longer-tenor papers has risen due to increased purchases by pension funds and insurers.
WORLD
Ather picks HSBC, JPMorgan, Nomura, Indian banks for IPO: Report
The Bengaluru-based company has also selected local banks including JM Financial Ltd. and Axis Bank Ltd. for the first-time share sale, the people said, asking not to be identified because the matter is private.
WORLD
Reddit’s Meme stock forum users threaten to bet against its IPO
In the days after the social-media company filed for an IPO, thousands of members of the WallStreetBets forum — which boasts around 15 million users and helped popularize meme stocks like GameStop Corp.
WORLD
Five takeaways from Donald Trump’s Supreme Court win in ballot case
The unsigned unanimous ruling effectively ends efforts to have Trump disqualified from running for president again under Section 3 of the US Constitution’s 14th Amendment.
