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.
WORLD
Audible tests lower-priced plan in possible response to Spotify
The new plan, called Audible Standard, costs A$8.99 ($5.86) a month. That compares with A$16.45 for the established Premium Plus offering, according to the company’s website. Both provide users with one book a month.
WORLD
Jerome Powell offered markets a reprieve. It vanished in a blink
For a brief period, US stocks popped to unleash the biggest post-policy meeting rally since December, while Treasury yields tumbled more than 10 basis points across maturities. The relief trade kicked in when Powell told reporters “it is unlikely that the next rate move will be a hike.”
BUSINESS
Tesla’s top executive Allie Arebalo exits as staff upheaval spreads
Elon Musk has been fixated on cutting costs and staff since vehicle sales started to decline in recent months
BUSINESS
Johnson & Johnson seeks backing for $11 billion baby powder cancer deal
J&J recorded a charge of $2.7 billion in the first quarter of this year over the recent talc-related settlements
WORLD
Foxconn’s Musical chairs sound like punk rock
Chairman Young Liu, who also holds the chief executive officer role, is working on plans to rotate the leaders of various business units through the latter position, most likely for six-month terms.
WORLD
Amazon reports strong cloud unit sales on rising AI demand
Despite the strong cloud performance, the company’s sales forecast for the current quarter fell short of estimates, reflecting concern about the main e-commerce business as consumers continue to spend cautiously.
WORLD
Fed to signal delay of interest-rate cuts
The Federal Open Market Committee will hold the target range for its benchmark rate at 5.25% to 5.5% — a two-decade high first reached in July — at the conclusion of its two-day policy meeting Wednesday.
WORLD
Microsoft concern about Google’s lead drove investment in OpenAI
The Windows software maker’s chief technology officer, Kevin Scott, was “very, very worried” when he looked at the AI model-training capability gap between Alphabet Inc.’s efforts and Microsoft’s, he wrote in a 2019 message to Chief Executive Officer Satya Nadella and co-founder Bill Gates.
TECHNOLOGY
Google CEO Sundar Pichai nears billionaire status powered by AI boom
It hit a fresh record Friday after the company’s first-quarter earnings beat expectations, boosted by AI-driven growth in its cloud computing unit. It also introduced a dividend for the first time in its history
BUSINESS
China’s top leaders hint at property support, rate cuts
Officials will “make flexible use” of tools to support the economy and lower overall borrowing costs, a meeting of the 24-man Politburo led by Chinese President Xi Jinping agreed, the official Xinhua News Agency reported Tuesday
BUSINESS
Goldman sees momentum traders buying stocks in every scenario
Morgan expects CTAs to buy about $29 billion in global stock futures — including $8.5 billion in S&P 500 contracts — if equities were to rally over the next week
WORLD
HSBC CEO Noel Quinn unexpectedly steps down after almost 5 years
Noel Quinn, who has led the bank for five years, will remain CEO until his successor starts in the role, and he has agreed to remain available through to the end of his 12-month notice period expiring on April 30, 2025, to support the transition, the bank said in a statement.
