BUSINESS
Parag Parikh Flexi Cap trounces peers with bet against ESG
The Parag Parikh Flexi Cap Fund boosted holdings of Asia’s largest cigarette maker ITC Ltd. and the world’s top miner by production Coal India Ltd. at low valuations three years ago, when some large investors balked at them. Those bets helped the fund deliver a return of 14% so far this year, outperforming 90% of its peers.
WORLD
Here’s what Morgan Stanley to Goldman say about Saudi output cut
Here’s what leading analysts have to say about the kingdom’s move to go it alone with a 1 million barrel-a-day reduction.
BUSINESS
Top Indian startup Byju’s faces deadline for $40 million payment
The edtech firm expects to pay on Monday to meet the June 5 deadline, the people said, asking not to be named because the information isn’t public. The situation is still fluid and plans could change. Failure to pay on that date means the $1.2 billion loan will default.
BUSINESS
Rupee’s key support level in focus as RBI review approaches
The rupee is poised to test the 83-per dollar mark in the near term if the central bank remains on hold this week and changes its stance to neutral, effectively signaling an end to its hiking cycle.
WORLD
UBS moves to retain more than 100 Credit Suisse Asia dealmakers
The bank is currently in advanced discussions to keep dozens of Credit Suisse’s senior dealmakers in the region, spanning from Korea, Thailand, Vietnam to India, proposing compensation targets for a group of managing directors, the people said, asking not to be identified because the matter is private.
TRENDS
Can Workplace Ketamine Retreats Improve Vibes in the Office?
In guided sessions, midcareer professionals are using the drug to seek improved job performance and better work-life balance.
AUTOMOBILE
Why Are Electric Car Names So Bad?
Carmakers are all-in on electric options, but branding them has been a half-baked mashup of ideas.
EDUCATION
World’s Most Popular Online Computer Class Turns to AI for Help
Harvard University’s CS50 is getting a ChatGPT-era makeover.
WORLD
Amazon in talks to offer free mobile service to US Prime Members
The company is negotiating with Verizon Communications Inc., T-Mobile US Inc. and Dish Network Corp. to get the lowest possible wholesale prices.
INDIA
How climate scientists predict India’s all-important monsoon rains
The National Monsoon Mission, which set out in 2012 to move the nation over to a system that relies less on historical patterns and more on real-time, on-the-ground data gathering, is starting to pay off, potentially saving property, crops, and even lives.
WORLD
BRICS nations say new currency may offer shield from sanctions
The foreign ministers of Brazil, Russia, India, China and South Africa convened in Cape Town earlier Thursday to discuss how the bloc can win greater global influence and to challenge the US. While they didn’t reach firm conclusions, the use of alternative currencies was among the prominent talking points.
BUSINESS
Global inflows help Indian stocks become EM Asia’s top gainers
Overseas investors purchased a net $5 billion of the nation’s shares last month, the most since August, according to data compiled by Bloomberg. Global funds snapped up the stocks for 24 consecutive days through May 31, the longest streak since August 2016.
BUSINESS
India mulls green Ammonia tender to curb fertilizer emissions
Talks are taking place between fertilizer manufacturers and the country’s renewable energy ministry to assess potential demand for the feedstock, Bhupinder Singh Bhalla, the department’s top bureaucrat, said in an interview.
BUSINESS
In Pics: Apple plans major retail push with new stores across China, US
Apple is proposing 53 new, relocated or remodeled stores over the next four years, i.e, 2027. Apple looks to bring fresh luster to its 22-year-old retail operation, which is one of the world’s most venerated chains but also has contended with pandemic woes, customer service problems and labor unrest in recent years.
WORLD
Japan workers are shifting from lifetime employment, LinkedIn says
“Japan is at a turning point,” Wakana Tanaka said in her first media interview this week since she took over the top job in late March. “Building your skills constantly is really important in this coming age.”
WORLD
Now seen as an AI stock, SoftBank is set for its best week in three years
The shares rose as much as 6% Friday, and are poised for a jump of about 18% on the week. Jefferies provided the latest spark, upgrading SoftBank to buy from hold, saying it is a “likely beneficiary” of the frenzy in recent stocks following Nvidia Corp.’s bullish sales forecast last month.
WORLD
Meta tells office workers to come in three days per week this fall
The move is part of the company’s broader push to work more efficiently, said one of the people, who asked not to be named discussing private company policy.
WORLD
Apple plans major retail push with new stores across China, US
Through 2027, the iPhone maker is discussing opening 15 new stores across the Asia-Pacific region, five locations in Europe and the Middle East, and four additional outlets in the US and Canada, according to people with knowledge of the deliberations.
BUSINESS
Byju’s lenders scrap talks to restructure $1.2 billion loan
The talks were called off after the creditors moved court, and accused the firm of hiding $500 million of funds raised, the people said, asking not to be named as the information is not public. Lenders can now sell the term loan B securities of the firm as the restraint that came as part of the negotiations is lifted, they said.
WORLD
Commodity crash signals disinflation is taking hold for now
The commodity crunch unleashed by Russia’s invasion of Ukraine has taken a sharp reversal, with a Bloomberg gauge dropping more than 10% since the start of the year to the lowest since 2021.
BUSINESS
India’s hunger for Russian oil crowds out the Saudis
The South Asian nation took 1.96 million barrels a day from Russia last month, 15% more than the previous high in April, according to data from Vortexa Ltd. Shipments from Saudi Arabia slipped to the lowest level since February 2021, figures from the shipping analytics company show.
WORLD
US economy has signs of cooling, shows Fed’s beige book
Policymakers are carefully assessing how their tightening campaign over the past 14 months, which brought interest rates to a range of 5% to 5.25% from near zero, is affecting the economy. They have shifted to making decisions on a meeting-by-meeting basis, letting the evolution of data guide policy.
WORLD
Apple App commerce climbed 29% last year to $1.1 trillion
A study from Analysis Group that was commissioned by Apple found that annual sales and billings — which include money from apps and subscriptions, in-app advertising and physical goods or services — climbed more than 80% on the App Store since 2019. The latest annual increase was an uptick from growth of 27% in 2021 and 2020.
WORLD
Apple tests new high-end Macs ahead of WWDC
The company is planning two new Mac models — labeled internally as Mac 14,13 and Mac 14,14 — that run the M2 Max processor announced in January and a yet-to-be-unveiled M2 Ultra chip.
