WORLD
UBS Chair says Credit Suisse integration will take up to 4 years
Even with downside protection in the form of government support, there’s a “huge amount of risk in integrating these businesses,” Kelleher said.
BUSINESS
GQG sees $2-billion Adani bet delivering returns over 100%
The chief investment officer of GQG Partners Inc has grand predictions for his bet on the embattled Indian conglomerate: a return in excess of 100 percent
WORLD
Xi Jinping courts Emmanuel Macron in bid to drive wedge between Europe and US
During the three-day visit, which kicks off Wednesday, Macron will have extensive face time with Xi. After formal meetings in Beijing on Thursday, which will also include European Commission President Ursula von der Leyen, Macron and Xi will head to the southern city of Guangzhou.
WORLD
Elon Musk’s month pushing Twitter Blue failed to win many subscribers
Only 116,000 people signed up for the service of 2.6 million people who visited the Twitter Blue sales page on the web in March, according to estimates by SimiliarWeb, which analyzes internet traffic.
BUSINESS
India is taking on China in the $447 billion space economy
State-owned NewSpace India Ltd. launched three dozen communications satellites last month from an island off the nation’s eastern coast for OneWeb Ltd. The move not only salvaged the UK satellite company’s bid to create a global broadband internet network in the skies, but also signaled India’s ambitions in the sector.
BUSINESS
Bengaluru realty logs in 100% surge in rents as techies fight for flats
Bengaluru is home to over 1.5 million workers including those for global firms like Alphabet Inc.’s Google, Amazon.com Inc., Goldman Sachs Group Inc. and Accenture Inc.
BUSINESS
Adani Group JV in talks to borrow $220 million in first loan since Hindenburg
Data center provider AdaniConneX Private Ltd. would use the money for capital expenditure, with a five year tenor under discussion, according to people familiar with the matter, who asked not to be identified because the matter is private. The loan may be signed in the next few weeks, they said.
ENVIRONMENT
Untamed global warming risks soaring death toll in Middle East
It’s warming about twice as fast as the global average, which means maximum temperatures are currently predicted to rise to almost 50°C by the century’s end
WORLD
How Ari Emanuel bought his way to a $21 billion fighting empire
Endeavor Group Holdings Inc.’s biggest business, Ultimate Fighting Championship, was thriving thanks to a lucrative TV rights deal with ESPN.
ECONOMY
Pakistan, Sri Lanka to weigh rate hikes as inflation, debt bite
Pakistan’s inflation quickened by a record last month, beating the median estimate and setting the stage for another jumbo increase on Tuesday
WORLD
Warner Bros. nears deal for Harry Potter video series
Each season of the series will be based on one of JK Rowling’s seven books, said the people, who asked not to be identified since the deal hasn’t been announced, suggesting years of fresh fare from the popular stories.
BUSINESS
Marks & Spencer to cut jobs at head office: Report
M&S has been working through a turnaround after more than a decade of attempts to jumpstart the business.
INDIA
India needs to double share of clean power to meet climate goals
The country will need to reduce the share of coal, which currently accounts for about half of its installed capacity and almost 70% of electricity output, and accelerate deployment of clean power plants to meet its international commitments, Power Secretary Alok Kumar said.
WORLD
Morgan Stanley strategist says US tech stocks’ rally is overdone
The Nasdaq 100 has soared into a bull market as investors fled economically-sensitive sectors like banks following the collapse of several US lenders.
BUSINESS
Oil buyers reel from OPEC+ cuts as they explore alternatives
The shock decision from Riyadh and some of its partners came just before the release of Saudi Arabian Oil Co.’s official selling prices, or OSPs, for May crude sales.
WORLD
Even high-end travelers are reining in their spending
This may be a reflection of diminishing consumer confidence or complaints that inflated pricing hasn’t been accompanied by a proportionate increase in service quality.
BUSINESS
$100 oil to tighter markets: Here’s what analysts see after OPEC+ shock cut
The move has brought concerns around inflationary pressures back to the fore, adding to worries that higher prices and an aggressive monetary tightening by central banks could tip the global economy into recession.
BUSINESS
Top fund manager makes contrarian bets on short-term bonds
ICICI Prudential Asset Management Co. Ltd., with 2 trillion rupees ($24 billion) of debt under management as of February, is counting on the Reserve Bank of India to remain on an extended pause after it wraps up its hiking cycle soon. RBI has raised its benchmark rate by 250 basis points to 6.5% since May 2022.
WORLD
SpaceX has another challenger with South Korean rocket ambitions
The company is part of Hanwha Group, a 71-year-old conglomerate that started as an explosives maker, branched into weapons sales and is now shifting into green energy, defense and aerospace. Cash from arms sales to Ukraine’s neighbors is helping to fund Hanwha’s efforts to expand its two-year-old space business.
WORLD
Dubai’s latest boom is pricing out the expats it once coveted
The couple were asked to leave their home after being told the owner wanted to move in with his family. He then advertised it for $6,000 a month. She’s now suing him for breaking rental rules.
BUSINESS
Saudi Arabia leads OPEC+ cartel, lowers crude oil output by 500,000 barrels a day
Fellow members including Kuwait, the United Arabia Emirates and Algeria followed suit, while Russia said the production cut it was implementing from March to June would continue until the end of the 2023.
BUSINESS
World’s richest man reaches out to India's luxury market with landmark Dior Show
Dior, the second-biggest brand of billionaire Bernard Arnault’s French luxury behemoth LVMH, and the decision to add India to its seasonal schedule shows a rising interest to tap the nation’s rising wealth.
BUSINESS
Adani Ports completes acquisition of Karaikkal Port for Rs 1,485 crore
The National Company Law Tribunal approved the plan for the Adani Group subsidiary to pay 14.85 billion rupees ($181 million) to financial creditors, the company said in a statement.
ECONOMY
Pakistan inflation scales to record 35.37% as IMF reforms spur gains
The central bank last month delivered a blowout 300-basis-point increase to 20 percent to rein in skyrocketing prices that were stoked by a weaker currency
