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.
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.
