BUSINESS
Zee begins settlement talks with creditors for Sony merger
The Indian television network has offered IDBI Bank Ltd., one of the creditors that moved insolvency court, to repay a loan of about 1.49 billion rupees ($18.1 million) in tranches, the people said, asking not to be named as the information isn’t public
BUSINESS
Instagram will cut or relocate its London staff
London office leader Adam Mosseri, along with unfired staff will relocated to the US Menlo Park office, sources told Bloomberg
BUSINESS
Credit Suisse veteran banker Alois Mueller retiring, sources say
Alois Mueller, most recently head of Credit Suisse’s private markets group in Asia Pacific and co-chair of its global private equity investment committee, plans to leave the firm at the end of April, sources told Bloomberg
BUSINESS
Fund Managers still shy of ramping up Adani bet
Investments by local equity mutual funds in the group accounted for only 0.9 percent of the industry’s $182 billion in assets at the end of March, according to data compiled by Bloomberg
BUSINESS
Alibaba’s grocery arm ‘Freshippo’ gears up for Hong Kong IPO
The company is working with banks including China International Capital Corp. and Morgan Stanley to help prepare for the first-time share sale of the unit, known in Chinese as Hema, sources told Bloomberg
BUSINESS
Alcoa sees output costs easing as aluminium demand stays steady
Earnings will get a boost in the second quarter from “favourable raw materials, volume and lower production costs,” Alcoa said
COMPANIES
Microsoft removes Twitter from ad program; Elon Musk threatens suit
The billionaire, who bought Twitter last year, is changing the company’s policy to charge businesses for access to its stream of data.
ECONOMY
India races to get richer before it gets older as Indians outnumber Chinese
India needs to advance on four broad fronts — urbanisation, infrastructure, up-skilling and broadening its labour force, and boosting manufacturing — to fully cash in on its demographic dividend and reshape the global economy in the process
WORLD
Smaller watches are the biggest timepiece trend of 2023
Like hemlines, watch proportions wax and wane in cycles. For men they started out big, since the first ones were pocket watches with straps attached to them.
WORLD
First major bank’s AT1 bond offer since Credit Suisse wipeout
Sumitomo Mitsui Financial Group Inc. sold 140 billion yen ($1 billion) of AT1 debt, becoming the first major global bank to issue such notes since the finance-sector crisis erupted last month. It’s another sign that the turmoil first triggered by the failure of Silicon Valley Bank is easing.
WORLD
Ray Dalio set to open branch of family office in Abu Dhabi
The Bridgewater Associates founder has cultivated a close relationship with the United Arab Emirates leadership over several decades and the new setup in the country’s capital builds upon the Dalio Family Office’s existing hubs in the US and Singapore, according to people familiar with the matter.
WORLD
Heineken boosted by Europe beer drinkers as Asia lags
Shares in the world’s second largest brewer rose nearly 4% in early trading Wednesday after it said consumers in Europe were still largely accepting higher prices for its beers, which include its namesake brand and more premium offerings such as Birra Moretti, Beavertown and El Aguila.
WORLD
Millionaire CEO Andi Owen sermons staff over worrying about bonuses, says leave 'pity city'
Those words by Chief Executive Officer Andi Owen have provoked criticism on social media — and they may soon come back to haunt her as Owen’s own pay package for the current period will likely be disclosed by August.
WORLD
This year’s top bond investors disagree on depth of US recession
In a chaotic start to 2023 that featured the most volatile trading in more than a decade, the Carillon Reams Core Plus Bond Fund and the Columbia Total Return Bond Fund have delivered the best returns among 112 US peers that actively manage at least $1 billion.
WORLD
ChatGPT buzz fuels demand for chips and gear, Advantest says
A global race to develop powerful computing clusters and next-generation AI training systems is spurring chipmakers to buy many more of the Tokyo-based company’s testing tools, Advantest Co-Chief Strategy Officer Yasuo Mihashi said in an interview.
TECHNOLOGY
ChatGPT poised to expose corporate secrets, Cyber Firm warns
The widespread adoption of new AI chatbots and writing tools could leave companies vulnerable to data leaks and lawsuits, said the report, which was provided to Bloomberg News prior to its release.
TECHNOLOGY
Apple's AR/VR headset to feature sports, gaming, iPad apps and workouts
The offerings will include gaming, fitness and collaboration tools, new versions of Apple’s existing iPad features, and services for watching sports, according to people with knowledge of the plans. The roughly $3,000 headset is set to debut at an event in June, with the product going on sale months later.
BUSINESS
Investors most underweight stocks versus bonds since 2009, BofA Says
US stocks have bounced back from last month’s lows that were sparked by the collapse of some regional US lenders, including Silicon Valley Bank. Still, the rally has moderated this month as data show a softening in the labour market, fueling worries that the economy could contract later this year.
BUSINESS
Tata Steel aims to raise up to $400 million through first offshore green loan
The lenders include Bank of America Corp, HSBC Holdings Plc, JPMorgan Chase & Co. and Mitsubishi UFJ Financial Group Inc.
BUSINESS
India eyes higher capital gains tax for rich to curb inequality
At the heart of the rework is potential increases in capital gains taxes for top income earners, the people said, asking not to be identified as the details are private.
WORLD
Carl Mellander, CFO of Swedish telecom giant Ericsson to step down in early 2024
Carl Mellander, who has worked for Ericsson for more than 25 years and has been a member of its executive team for almost seven, is moving on, according to a statement. The Swedish maker of mobile networks said it will begin recruiting a replacement.
WORLD
Singapore Central Banker Ravi Menon set to leave; Chia Der Jiun taking top job
Ravi Menon has been at the helm of the MAS since 2011 and his current term ends May 31. Chia Der Jiun, one of his former deputies, is tipped to be his successor, the people said, declining to be identified discussing a private matter.
BUSINESS
India will push back on west monopoly over ESG aims: Sanjeev Sanyal
“The issue is not so much about the need for some norms, but about who will be monitoring these targets,” Sanjeev Sanyal, a member of PM’s economic advisory council said in an interview.
WORLD
Outdated degrees are creating an unemployable workforce
Desperate to get ahead, some of these young people are paying for two or three degrees in the hopes of finally landing a job. They are drawn to colleges popping up inside small apartment buildings or inside shops in marketplaces. Highways are lined with billboards for institutions promising job placements.
