BUSINESS
Russia pushes India for help to avert Global Financial isolation
Documents seen by Bloomberg and accounts by officials in NATO countries familiar with the situation offer a rare insight into how Russia is targeting commercial partners ahead of a June meeting of the global watchdog against money-laundering.
BUSINESS
RBI’s dollar purchases casting a pall over the Indian Rupee
The rupee has given up all of this year’s gains, having been up about 1% at the beginning of May and among Asia’s best performers.
BUSINESS
Vivriti seeks $250 million for debut India ABS Private Debt Fund
The Chennai-based company is targeting a total of $250 million for its ‘Vivriti India Retail Assets Fund’ and has already raised $106 million from International Finance Corp. and M&G Investments, Vineet Sukumar, founder and managing director of Vivriti, said in an interview. The firm has 18 months to raise the balance, he said, adding the fund’s tenor is 10 years.
WORLD
Bankers see Asia-Middle East dual listings as a budding trend
The first such deal is already in the works. Olam Group Ltd., one of Asia’s biggest commodity traders, is planning to list its agribusiness unit in its home market of Singapore as well as Saudi Arabia in what it says would be the first listing of a global company in the kingdom.
WORLD
US default scenarios span from localized pain to dimon’s ‘panic’
With the clock ticking to June 1, the date by when Treasury Secretary Janet Yellen has advised her department may run out of sufficient cash, as of Monday there was still no deal announced between President Joe Biden and Speaker Kevin McCarthy on raising the federal debt ceiling.
WORLD
TikTok will ‘soon’ grant Oracle full access to code, algorithm
Oracle will also begin monitoring the controlled gateways where data comes in and out of the secure environment it set up on servers to host data from TikTok’s US users, according to a statement from the social media company Monday.
WORLD
Jamie Dimon has no plans to step down as JPMorgan CEO anytime soon
Jamie Dimon, 67, said whenever the board decides on his successor, that person should have the courage to admit mistakes, but move beyond them quickly. The CEO has for years quipped that he’s planning to stay at the biggest US bank for another five years, no matter when he’s asked.
BUSINESS
Adani stocks head for best day since Hindenburg report
The 10 Adani stocks have added about $10 billion to their market value in today’s session so far, poised to be the biggest increase since Hindenburg’s scathing report in January.
WORLD
Sanctioned crypto mixer Tornado Cash hijacked by hackers
Samczsun, a security researcher at crypto investment firm Paradigm, said on Twitter that an attacker granted themselves 1.2 million fake votes on Saturday. As the fake votes exceeded the 700,000 legitimate votes, it allowed the attacker to gain full control over the governance of Tornado Cash.
WORLD
China bars purchases of Micron chips, escalating tech clash
In a statement Sunday, Beijing warned operators of key infrastructure against buying the company’s goods, saying it found “relatively serious” cybersecurity risks in Micron products sold in the country.
WORLD
Traders brace for volatility with US debt deal still elusive
The dollar edged lower against most major peers in early Asia trading as traders evaluated the latest developments. House Speaker Kevin McCarthy said he and President Joe Biden will meet Monday afternoon, and negotiators will resume debt talks later Sunday.
WORLD
Australia to regulate buy now, pay later sector with credit laws
Firms will need to adhere to responsible lending obligations and hold Australian credit licenses, according to Stephen Jones, the nation’s minister for financial services. They’ll also face a range of minimum standards on conduct and products.
BUSINESS
Federal Bank eyes up to $486 million fundraising
The fundraising could be via debt or equity, or a combination of the two, with the final structure still under consideration, the bank’s Chief Executive Officer Shyam Srinivasan said in an interview.
BUSINESS
Adani stocks lose $10 billion in market value as MSCI exclusion weighs
Adani Total Gas Ltd. and Adani Transmission Ltd. — the two stocks to be dropped from the MSCI India gauge at the end of this month — headed for their worst weeks since late February.
BUSINESS
Apple, Samsung looking to expand in India: Rajeev Chandrasekhar
The South Asian nation is seeking to expand its early success in smartphones to other product categories, Rajeev Chandrasekhar, India’s minister of state for technology, told Bloomberg TV’s Rishaad Salamat and Haslinda Amin on Friday.
WORLD
Elon Musk’s lawyer sends letter to Microsoft on Twitter data misuse
Microsoft may have been in violation of multiple provisions of its data agreement with Twitter “for an extended period of time,” Quinn Emanuel attorney Alex Spiro wrote in a letter seen by Bloomberg News.
WORLD
UK plans meeting on AI risks with OpenAI, DeepMind bosses
The summit will be convened as soon as this month, with invitations likely for OpenAI chief Sam Altman and the leaders of Alphabet Inc.’s DeepMind and Anthropic, the people said. Sunak could be among officials in attendance, they said, requesting anonymity because the plans haven’t been finalized.
WORLD
Kevin McCarthy, Chuck Schumer eye debt-limit votes ahead of June 1 deadline
Kevin McCarthy said that negotiators on the federal debt limit may reach an agreement in principle as soon as this weekend, lining up a vote in his chamber.
BUSINESS
Jaguar owner Tata leans toward UK over Spain for battery plant
Tata, a conglomerate involved in industries from cars to salt, is currently favoring a factory in England after the UK government offered a support package, according to people familiar with the matter.
BUSINESS
Byju’s Alpha accused of hiding $500 million from lenders
The allegation came out at a court hearing on Thursday in Delaware, where Byju’s Alpha faces a lawsuit over who should control the company. Lenders claim that because of a default earlier this year, they have the right to put their representative, Timothy R. Pohl, in charge.
BUSINESS
RBI dividends to Modi’s government may double, aiding fiscal gap
A Bloomberg survey of nine economists saw the surplus transfer at 900 billion rupees ($10.9 billion) for the year ended March, compared to the government’s own estimate of 480 billion rupees, which includes dividends from state-controlled banks. Last year, the RBI approved a payout of 303.1 billion rupees, the lowest in a decade.
SCIENCE
Why Natural Disasters Seem Worse Than Our Direst Predictions
It’s human nature to latch on to the most easily available snippets of information.
BUSINESS
Burberry's Quiet Luxury Isn't Getting Its Due
Britain’s answer to LVMH is suffering a setback. But don’t rule out its transformation just yet.
BUSINESS
An Indian Biryani Won’t Democratize E-Commerce
Strong interest in discounted restaurant deliveries has policymakers excited about replacing existing platforms with open digital markets. But a free-for-all may not work.
