WORLD
Janet Yellen sees lower US recession risk, says consumer slowdown needed
On the chance of a recession, Yellen said “my odds of it, if anything, have gone down — because look at the resilience of the labor market, and inflation is coming down.” She spoke in an interview with Bloomberg News Thursday.
BUSINESS
Coal power capacity may rise as demand surges
The nation, one of the world’s top carbon emitters, has about 27 gigawatts of coal-based power plants under construction and another 24 gigawatts capacity is in pre-construction stages, according to Power Minister Raj Kumar Singh.
INDIA
Apple, Google, Microsoft CEOs attend PM Modi dinner at White House
At the White House, corporate executives attending the event included Apple Inc. Chief Executive Officer Tim Cook, Alphabet Inc. CEO Sundar Pichai and Microsoft Corp. chief Satya Nadella. They were joined by celebrities including Billie Jean King and Ralph Lauren at the third state dinner of Biden’s presidency.
WORLD
Tata Steel says it won’t reach emissions goal with current tech
India’s second-largest steel producer is seeking to trim emissions from the current 2.5 tons of carbon dioxide for every ton of the alloy produced to 1.8 tons in 2030, and achieve net zero by 2045. That’s even as it plans to double its Indian capacity to 40 million tons by the end of the decade.
BUSINESS
India plans more steel products in manufacturing incentive plan
The steel ministry is in talks with other government departments and domestic industry to include more types of the alloy in the so-called production-linked incentive program.
WORLD
An island in Finland is asking travelers to ditch their phones
Tourism officials for Ulko-Tammio, one of several islands inside Eastern Gulf of Finland National Park, say they want it to be a “phone-free island” and are urging visitors to “switch off their smart devices and to stop and genuinely enjoy the islands,” said Mats Selin, an expert with Visit Kotka-Hamina, in a release.
BUSINESS
NIIF plans to raise at least Rs 20,000 crore for infra investment trust
The vehicle would include some assets from Athaang Infrastructure, which operates toll roads, according to one of the people, who declined to be identified because the information is private.
WORLD
SoftBank’s Vsion Fund to start job cuts as soon as this week
About 13% of the Vision Fund staff will be affected, one person said. The headcount reduction will mostly occur in the US, another person said, asking not to be identified as discussions are private. The investment unit had about 349 people globally as of end-March.
INDIA
PM Modi to meet Joe Biden as global money flocks to India
Stocks in India have lured a net $8.7 billion in foreign inflows since March, set to be the most in any quarter since the end of 2020.
TRENDS
These are the best airlines of 2023, according to passengers
The Middle Eastern carrier slipped into second place, with Japan’s All Nippon Airways, Emirates and Japan Airlines rounding out the top five, in the Skytrax World Airline Awards 2023.
BUSINESS
Joe Biden et al write: Climate change and poverty are our era’s existential battles
Poverty reduction and protection of the planet are converging objectives. We must prioritise just and inclusive transitions and leverage all sources of finance, including official development assistance, domestic resources and private investment. Collective climate finance goals must be met in 2023 including our total global ambition of $100 billion of voluntary contributions for countries most in need
WORLD
EV battery race is the 21st century moonshot: US Lawmaker
“Winning the battery manufacturing race for electric vehicles is the moonshot of the 21st century,” Representative Haley Stevens, a Michigan Democrat, said in an interview.
WORLD
SoftBank to shift to ‘offense’ in investments, CEO Masayoshi Son says
An early champion of investing in artificial intelligence, Son the previous day told shareholders at Japanese telecom unit SoftBank Corp. how happy he was about growing public awareness about AI’s potential.
WORLD
The best restaurant in the world is central in Lima
The No. 2 restaurant is Disfrutar in Barcelona, run by chefs Oriol Castro, Mateu Casañas and Eduard Xatruch, who are all alumni of the famed El Bulli which features mind-bending dishes like a gazpacho “sandwich.”
BUSINESS
Paytm leads $6 billion rally as startups seek redemption
Food delivery platform Zomato Ltd. and Policybazaar operator PB Fintech Ltd. have surged 28% and 47%, respectively, adding over $1 billion each to their market valuations.
INDIA
PM Modi looks to solidify India’s tech ambition with US state visit
The trip will be a high-profile affair, complete with a banquet at the White House and an address to the US Congress, making Modi the first Indian prime minister to speak in front of the legislature twice.
WORLD
Singapore’s Grab plans biggest job-cut round since pandemic
The reductions are set to be announced as soon as this week and are likely to surpass a 2020 round that shrank staff by 5%, or about 360 employees, according to people familiar with the matter.
BUSINESS
Google seeks suppliers to move some Pixel production to India
Global tech giants are eyeing India as a manufacturing hub, shifting away from China after strict COVID-related restrictions hindered production in the country.
WORLD
Carlos Ghosn sues Nissan for $1 billion in damages over ouster
The former auto executive, who forged Nissan’s carmaking alliance with Renault SA and Mitsubishi Motors Corp., filed his claims with the public prosecutor in the Court of Cassation in Lebanon, where he has lived since his dramatic escape from Japan in late 2019 to flee trial.
WORLD
These are world’s most expensive cities for high-class living
The city-state, ranked fifth in 2022, leapfrogged ahead of Shanghai and Hong Kong, which are in second and third spots respectively, according to a report by Swiss wealth manager Julius Baer Group Ltd.
WORLD
Masayoshi Son’s first public appearance in seven months at SoftBank
The debt-laden Tokyo-based conglomerate is hosting the meeting in person for the first time in four years. Son is scheduled to break a months-long silence after the billionaire bid adieu to earnings calls amid mounting losses to focus on taking Arm Ltd. public.
WORLD
Vanishing Himalayan glaciers threaten a quarter of humanity
These mountain ranges, which stretch over 3,500 kilometers (2,175 miles) in length from Afghanistan in the west to Myanmar in the east, are also seeing a shrinking permafrost that can trigger more landslides, the study said. The Nepal-based ICIMOD has eight member nations across Asia including China and India.
BUSINESS
Mankind Pharma draws buy calls on 57% jump since IPO
The company’s stock has surged 57% since listing, driving its market value to more than $8 billion. It has already drawn nine buy ratings and one hold recommendation.
BUSINESS
KKR shuffles Asia buyout team after $15 billion fund raise
Gaurav Trehan will be elevated to sole head of private equity for Asia-Pacific, in addition to his role as head of India. KKR has deployed $5 billion in the market since he joined in 2020, making India one of the firm’s largest and most active markets in Asia, the letter explained.
