BUSINESS
Jazz struggles on streaming, but Vinyl sales give the genre hope
In between songs, Joy says she’s still getting used to it. “People come up to me in the street,” she says, laughing in disbelief. “And I’m not even dressed!”
WORLD
Britain loses its luster for job seekers from Poland to Portugal
For the UK, that means that arrivals from the EU of just over 150,000 last year were about half the level seen in 2019, according to figures released Thursday by the Office for National Statistics. That’s despite a record 606,000 for net migration into the UK in 2022.
WORLD
AI-focused ETF assets could triple to $35 billion by 2030
The number of these types of ETFs may also amount to more than 150 globally from the current count of 56, BI’s Rebecca Sin and Breanne Dougherty said.
WORLD
Expect more Twitter spaces for politics after Ron DeSantis campaign
Sacks, a general partner at venture capital firm Craft Ventures, acknowledged that the conversation got off to a rocky start, but said it went well after they switched from Musk’s account to his own.
WORLD
OpenAI raises $175 million for startup investment fund
OpenAI has been investing in startups working in artificial intelligence for a while. The company launched the OpenAI Startup Fund and said it would seek to back companies “pushing the boundaries of how powerful AI can positively impact the world and profoundly change people’s lives.”
BUSINESS
Joe Biden administration decides to play long game by inviting PM Modi for state visit: Expert
Prime Minister Modi will embark on his first state visit to the US at the invitation of President Joe Biden and First Lady Jill Biden in June. The US president and the First Lady will also host Modi at a state dinner on June 22.
BUSINESS
RBI may need to buy $18 billion of bonds to add cash, says ICICI Bank
The Reserve Bank of India may cut the cash reserve ratio by half a point in the fiscal second half and start buying bonds in the December quarter to keep banking liquidity at current levels, B. Prasanna, group head for global markets sales, trading and research at ICICI Bank Ltd, the nation’s second-largest private lender by market value, said in an interview Monday.
WORLD
US AAA credit rating may be cut by Fitch on debt-limit impasse
“The Rating Watch Negative reflects increased political partisanship that is hindering reaching a resolution to raise or suspend the debt limit despite the fast-approaching X date,” the ratings company said in a statement, referring to the point at which the government runs out of cash.
WORLD
Fed officials lean toward pause in June, but not ready to stop
Several Fed officials in recent weeks have suggested that while there may be a case pausing rate hikes in June, it would likely only be temporary.
WORLD
Copper gripped by China fears as prices plunge below $8,000
The metal has been under pressure as a raft of data in recent weeks has showed the post-virus rebound in China, which consumes around half the world’s copper, is stuttering. Unlike in previous slowdowns, Beijing is depriving metals of a safety net by not deploying any big-ticket spending on infrastructure or property.
WORLD
China app trains government workers on keeping state secrets
An app linked to the National Administration of State Secret Protection began offering a course this month intended to help Communist Party members and government organization employees bolster their knowledge and skills about secret-keeping, according to a post on the app’s official WeChat account.
BUSINESS
Dentons grows in India as Baker McKenzie, others weigh new rules
The deal, which involves no transfer of money, ownership or foreign lawyers, remained unaltered after it was first announced in October — even after India relaxed rules to allow foreign lawyers and firms to practice in the country.
BUSINESS
Anil Agarwal’s debt-cut blitz turns heat on Vedanta units
While debt prices suggest that investors have little doubt that London-listed Vedanta Resources Ltd. will be able to pay $517.8 million of interest and principal on a dollar note maturing on May 31, there are questions over bonds due from next year onward.
BUSINESS
Billionaire Infosys founder to double private firm’s investments
Catamaran Ventures LLP, which began operations in 2009, will raise its assets under management to as much as $2 billion and is exploring strategic partnerships in three new areas: deep tech, precision engineering and manufacturing, and renewables, according to Chairman MD Ranganath.
INDIA
Indian drugs caused mass child deaths in Gambia, panel says
The report, submitted to the Gambian health ministry earlier this year and not yet made public, is the most definitive statement yet on the cause of the episode. It contradicts the official position of Indian authorities, who insist that the country’s products weren’t to blame.
BUSINESS
Anil Agarwal’s Vedanta raises about $850 million via JPMorgan, Oaktree Loan
The Indian mining company inked a five-year deal with JPMorgan Chase & Co. and Oaktree, according to people familiar with the matter, who asked not to be named because the matter is private.
BUSINESS
China vows to stabilize growth, curb risks by boosting audits
The economy, meanwhile, has been a top priority as China emerged from Covid Zero, and concerns have mounted as the recovery loses momentum after an initial burst of activity.
BUSINESS
Luxury stocks take $30 billion hit as LVMH, Hermes lead slump
Shares in Hermes International slumped as much as 5%, while LVMH Moet Hennessy Louis Vuitton SE dropped 4% and Gucci owner Kering SA saw its stock drop over 2%
BUSINESS
Fed needs to cool off hot job market, Ex-chair Bernanke says
US unemployment fell to a multi-decade low of 3.4% in April from 3.5% in March, while payroll growth picked up to 253,000 from 165,000.
BUSINESS
Four Dubai restaurants awarded new Michelin Stars in 2023 list
The list reflects an elevated food scene in the Dubai, which used to be dominated by restaurants that licensed concepts from celebrity chefs.
INDIA
India and Mexico ‘best structural stories’ in EM, Global X says
The two countries are undertaking political, fiscal and tax reforms, which create a better competitive environment for businesses to operate in, said Malcolm Dorson, senior portfolio manager at Global X Management in New York.
BUSINESS
Indian banks set for profit boost on bank notes withdrawal
The Reserve Bank of India’s move to withdraw the 2,000 rupees ($24) notes will lead to growth in deposits at banks and lower their cost of funds, according to a note from Axis Mutual Fund.
COMPANIES
GQG Partners' Rajiv Jain raises Adani stake by about 10% for $3.5 billion bet
In March, GQG acquired almost $2 billion worth of shares in four of Adani firms from a family trust
BUSINESS
Adani Ports recoups all stock losses since Hindenburg attack
The ports business houses some of billionaire Gautam Adani’s most lucrative assets and is touted by market watchers as the group’s crown jewel.
