BUSINESS
Mamaearth parent bets on made-for-India goods in world’s fastest growing beauty market
The strategy of adapting products to local tastes worked in next-door China — at least initially.
WORLD
Kering shares drop after Gucci slump prompts profit warning
The stock slid as much as 8.9% in early Paris trading to the lowest since 2018. Kering’s 20% share slump this year contrasts with gains by French rivals LVMH and Hermes International.
WORLD
Iron ore rises to seven-week high on fortescue view, China hopes
Futures in Singapore rose almost 5% before paring gains. The company said exports were down 6% in its third quarter from a year earlier, due to an ore car derailment and weather woes.
WORLD
Ex-Jane Street trader pillories claims he stole trade secrets
In a signed statement, Schadewald denied using Jane Street’s strategies or any of its confidential intellectual property and said his name was being smeared “to try to prevent me from doing honest work for a competitor.”
WORLD
New York must fight to compete with cities worldwide: Jamie Dimon
JPMorgan has been building a new headquarters at 270 Park Ave., which Dimon has said will be the “best building in the United States and in fact probably the world.”
BUSINESS
KKR bets on domestic consumption, private credit in India push
The investment firm remains bullish on India’s domestic consumption story despite elevated valuations, according to Gaurav Trehan, head of Asia Private Equity and the chief executive officer of the India business.
BUSINESS
Bank of America’s top India trader says swap market too hawkish
The Reserve Bank of India is likely to cut the key policy rate by 100 basis points in the next two years, while interest rate swaps are not pricing in any cuts at all during the period, Vikas Jain, head of India fixed income, currencies and commodities trading, said in an interview.
BUSINESS
Global funds sell Unilever India stock as sales growth falters
Foreign funds reduced their ownership of India’s largest staples company to 12.7% at the end of March, down from as high as 14.5% in June last year, according to data compiled by Bloomberg.
BUSINESS
AI search startup Perplexity valued at $1 billion in funding round
The 55-person startup remains far smaller and less capitalized than ChatGPT-maker OpenAI, not to mention Google. But the investor and user interest in Perplexity highlights the enthusiasm for a new crop of generative AI products to rethink basic internet services like search
BUSINESS
Apple named a top 2024 pick at BofA ahead of key earnings
Morgan Stanley trimmed its price target on the stock to $210 from $220 on Monday, expecting Apple to give a disappointing forecast when it reports
BUSINESS
Sebi queries global funds on Adani stocks manipulation
The Adani Group’s stocks have been on a rollercoaster ride in the past few years
WORLD
Danish heirs to sell $72 million rare coin collection after 100 years
At least one grandchild reportedly tried and failed to break Bruun’s will, which specified that his 20,000-piece coin collection should remain intact and stored away, then be sold at auction after a century elapsed.
WORLD
Ray Dalio’s famous trade is sputtering and investors are bailing
Investors including public pensions in New Mexico, Oregon and Ohio have yanked out cash, slashing the size of the funds by an estimated $70 billion from their peak three years ago.
BUSINESS
Japan’s MUFG mulls sweeter HDB Financial offer, seeks say in strategy
HDFC, India’s biggest lender, owns a 95% stake in HDBF and has been seeking ways to sell part of it, including a possible initial public offering
BUSINESS
Arcelormittal Nippon Steel India in talks for $1 billion loan
At least three lenders including State Bank of India, ICICI Bank Ltd. and Axis Bank Ltd. would be participating in the syndicated deal, with proceeds to be used for capital expenditure, said the people who asked not to be identified for discussing private information.
WORLD
Heavy rains, flooding shut Mauritius financial markets, offices
There would be no trading and settlement for the day, according to the Stock Exchange of Mauritius.
WORLD
China is front and center of gold’s record-breaking rally
Worsening geopolitical tensions, including war in the Middle East and Ukraine, and the prospect of lower US interest rates all burnish gold’s billing as an investment.
WORLD
Elon Musk’s Robotaxi dreams plunge Tesla into chaos
A visit with India’s Prime Minister Narendra Modi for an anticipated investment announcement was called off at the last minute.
BUSINESS
Tesla spends weekend cutting prices of cars and FSD software
In the US, the cheapest version of the Model Y is now $42,990, returning the sport utility vehicle’s starting price to the lowest it’s been.
WORLD
Philippines wants US, Japan to take over rail deal eyed by China
The Philippines said it hopes to generate around $100 billion in investments in the next five to 10 years following the Washington summit.
BUSINESS
Tata in talks to buy Pegatron’s iPhone operations as soon as May
After the deal, Pegatron is anticipated to assist Tata with manufacturing expertise, as per unnamed sources
BUSINESS
Schneider says it’s in deal talks With US’s Bentley Systems
Bentley Systems, with a market value of about $17 billion, rose as much as 4.3% in US premarket trading. Schneider Electric fell as much as 4.2% in Paris trading.
BUSINESS
ESG poster child Unilever waters down green pledges
US investors, which represent almost half of Unilever’s ownership, have cooled on ESG
WORLD
Saudi Arabia needs oil price near $100, IMF says
Riyadh will require an average oil price of $96.20 a barrel to balance its budget, assuming it holds crude output steady near 9.3 million barrels a day this year, the Washington-based Fund said in its regional economic outlook on Thursday.
