POLITICS
India's fight against inflation may not be a cakewalk with milk prices on the boil
India accounts for almost a quarter of the world’s milk supplies, but those massive volumes are produced in large part by tens of millions of small farmers who maintain modest numbers of animals. The drop in demand meant they were unable to feed their livestock well.
BUSINESS
Adani's Next Big Test: $3 Billion Dharavi Revamp
Dharavi’s revitalization requires pulling off three things virtually at once: acquiring large tracts of land, attracting investors to places without stable utilities and resettling massive communities.
BUSINESS
Adani’s Utility to Supply Mostly Green Power to Mumbai by 2027
Adani Electricity also got the regulator’s nod to recover this deficit accumulated over the last three years via higher tariffs from consumers, although the firm didn’t say how long it would take to recover this in its presentation filed to exchanges.
WORLD
UBS weighs retaining Credit Suisse unit serving India’s rich
Iqbal Khan, global head of wealth management at UBS, met with counterparts at Credit Suisse including the lender’s local wealth head Puneet Matta in Singapore in recent weeks, according to people familiar with the matter, who asked not to be identified discussing private information.
WORLD
Fed officials signal divide over whether to hike rates again
New York Fed President John Williams said Tuesday that Fed officials still have more work to do to bring down prices, echoing remarks from his colleagues in recent days, and suggested they will stay the course despite new uncertainty from turmoil in the banking sector.
BUSINESS
Rare-earths PSU miner eyes 400% expansion for clean energy
State-owned IREL (India) Ltd. aims to mine 50 million tons a year of rare-earths bearing ore by end-2032, up from 10 million tons now, Chairman D. Singh said in an interview. That would it allow it to produce 13,000 tons annually of refined rare earths, versus 5,000 tons at present.
WORLD
Big banks that shored up First Republic pushed to boost reserves
Some of the banks that contributed the largest chunk of the $30 billion in deposits are planning to set aside about $100 million each, according to people with knowledge of the matter.
BUSINESS
Inflation data will shatter the stock market calm, Goldman Partner warns
Expect the S&P 500 to drop at least 2% should the year-over-year inflation rate come in above the previous reading of 6%, Flood wrote in a note Tuesday. But stocks are likely to go higher, he says, if CPI meets or trails 5.1%, which happens to be the consensus estimate from economists in a Bloomberg survey.
WORLD
Twitter company ‘no longer exists,’ is now part of Elon Musk’s X
Twitter “no longer exists” after being merged with X Corp., according to an April 4 document submitted in a California court for a lawsuit filed against the company and its former chief executive officer, Jack Dorsey, last year by conservative activist Laura Loomer.
TECHNOLOGY
Whatever happened to the Metaverse?
Apple may struggle to launch its headset in a market still unconvinced by Mark Zuckerberg’s virtual reality ambitions.
BUSINESS
We’ve all been way too accepting of inflation
It’s time customers push back against price increases. Corporate profits shouldn’t grow at the expense of the economy.
BUSINESS
Macquarie weighs sale of 9 highway projects in India for $1.5 billion
The firm is in preliminary discussions with advisers about the potential deal, sources told Bloomberg, asked not to be identified discussing a private matter.
BUSINESS
Shapoorji Pallonji Group weighs $2 billion asset sales
The company, controlled by billionaire Shapoor Mistry, is working with an adviser to seek buyer for its holdings in Afcons Infrastructure Ltd., a Mumbai-based infrastructure construction company, sources told Bloomberg.
BUSINESS
ONGC bets on deepwater oil to offset imports
“Onshore we have more or less drilled, appraised or acquired data in most of the basins,” Sushma Rawat, director of exploration for the state-owned giant, said in an interview. “But there are still large tracts offshore where we have very sparse data, where almost no wells have been drilled.”
WORLD
Metals recycling startup Runaya sees 8x processing growth
The Mumbai-based company plans to process 300,000 tons of metals waste by March 2025 from 40,000 tons in the financial year ended March 31, co-founder and Chief Executive Officer Annanya Agarwal said in an interview with Bloomberg Television. Revenue is expected to double this year to $100 million, he said.
WORLD
China mandates security reviews for AI services like ChatGPT
Providers of services must ensure content is accurate and respects intellectual property, and neither discriminates nor endangers security, the Cyberspace Administration of China said in draft guidelines published for public feedback.
WORLD
South Korea fines Google $32 million for squeezing out rival
Google tried to block Korean platform rival One Store Co.’s business development, Korea’s Fair Trade Commission said in an e-mailed statement Tuesday.
WORLD
China’s auto parts makers join Apple in offshore factory push
While some international names like Airbus SE and Tesla Inc. are doubling down on Asia’s biggest economy, the shift is an increasing threat to China’s status as the world’s factory and its bid to regain the trust of global business amid the unpredictability of President Xi Jinping’s rule.
BUSINESS
India wants key supply-chain role as firms shift from China
India last month laid out an ambitious target of hitting $2 trillion annually in overall exports by 2030 as the South Asian country makes a renewed push to become a top choice for companies shifting supply chains away from China.
WORLD
Tough year for PCs as Apple’s Q1 shipments plunge 40%
Shipments by all PC makers combined slumped 29% to 56.9 million units — and fell below the levels of early 2019 — as the demand surge driven by pandemic-era remote work evaporated, according to IDC’s latest report.
WORLD
China fears valuation bubble in AI stocks
The ChatGPT concept sector has “signs of a valuation bubble,” with many companies having made little progress in developing the technology, the Economic Daily wrote in a commentary Monday.
WORLD
Tesla new battery plant cements China’s place in energy storage
The US electric car pioneer will manufacture its Megapack large-scale energy-storage unit in the new facility, which adds to its factory for EVs in Shanghai.
WORLD
Jailbreaking AI chatbots is tech’s new pastime
Ask for instructions on how to pick a lock, for instance, and it will decline. “As an AI language model, I cannot provide instructions on how to pick a lock as it is illegal and can be used for unlawful purposes,” ChatGPT recently said.
WORLD
Should expats move to Saudi Arabia? salaries, housing, schooling issues to know
Rather than the usual cohort of males who make up the overwhelming demographic of professionals commuting to Saudi Arabia, there are now women and children on board.
