ECONOMY
India’s $1-trillion bond market sees growing share of retirement savings
India is one of the fastest-growing insurance markets in the world and forecast to be the sixth biggest by 2032. Total insurance premiums will grow on average by 14 percent annually in nominal local-currency terms over the next decade
WORLD
Binance CEO Changpeng Zhao posts blog on CFTC charges, denies manipulation
The outcome may help shape the future of the crypto industry as its major players grapple with the pressing dilemma of the day: whether to resist increasingly aggressive efforts by the US government to bring the industry into compliance with financial laws, or cooperate in an attempt to salvage operations in the world’s largest economy.
BUSINESS
Binance sued by US watchdog for alleged lapses in following derivatives rule
Since at least 2021, the CFTC has been probing Binance over whether it failed to keep US residents from buying and selling crypto derivatives. CFTC rules generally require platforms to register with the agency if they let Americans trade those products.
TRENDS
Record heat waves push India closer to limit of human survival
The national weather office has forecast rising temperatures in the coming weeks after India experienced its hottest February since 1901.
INDIA
Banks to mop up $36 billion in deposits as debt funds come under tax net
The nation scrapping tax incentives for some debt mutual funds has paved the way for banks to garner as much as $36 billion in deposits from the asset managers, according to Sunil Mehta, chief executive officer of Indian Banks’ Association, a lenders’ lobbying body.
BUSINESS
SoftBank-backed Oyo to reduce planned IPO amid tech headwinds
The once-high-flying company is preparing to file a fresh initial public offering document as soon as this week, two people familiar with the matter told Bloomberg.
WORLD
Nomura cautions on Credit Suisse hiring as rivals grab talent
Any additions will be on a case-by-case basis and Nomura has no intention to buy any of Credit Suisse’s assets, according to Christopher Willcox, head of Nomura’s wholesale business.
BUSINESS
Gold’s record run is keeping buyers away
Gold futures in the second-biggest consumer jumped to a record 60,455 rupees ($734) per 10 grams last week.
BUSINESS
Shrinking current account gap provides a reprieve for rupee
Citigroup Inc. slashed its forecast even further to 1.4% of GDP from 2.2% previously, reflecting a steady drop in goods imports and strength in services exports.
WORLD
Hedge funds seen targeting Deutsche Bank in ‘irrational’ slide
The German bank’s shares fell as much as 15% before paring losses to end the day down 8.5% in Frankfurt.
WORLD
Investors brace for another week of volatility as mad March ends
The Japanese yen and Swiss franc edged higher against the dollar as the trading week got underway in early Sydney. Traders focused on haven assets after Russian President Vladimir Putin’s comments on Saturday about stationing tactical nuclear weapons in Belarus.
BUSINESS
Anil Agarwal fights to clear Vedanta’s debt
The mining tycoon’s Vedanta Resources has close to $2 billion of bonds to settle in 2024 — half of which is due in January.
BUSINESS
The Real-Life Consequences of Silicon Valley’s AI Obsession
Sam Bankman-Fried made effective altruism a punchline, but the do-gooding philosophy is part of a powerful tech subculture full of opportunism, money, messiah complexes—and alleged abuse.
BUSINESS
Government hasn’t intervened in Adani crisis, says Sanjeev Sanyal
The “government has not intervened anywhere,” Sanyal, a member of prime minister’s economic advisory council, said in an interview in New York. “Nobody’s having to rescue anyone in our system.”
WORLD
CPPIB is said to explore buying out ReNew energy shareholders
The asset manager is in talks with advisers to weigh a tender offer, according to the people, who asked not to be identified discussing confidential information. CPPIB is the controlling shareholder in ReNew, the people said, adding that talks are ongoing and no final decision has been reached.
INDIA
India set to surpass China in need for oil as growth paths diverge
India’s transition from traditional gasoline and diesel-fueled transport is expected to lag other regions, whereas China’s adoption of electric vehicles is skyrocketing.
WORLD
Apple to spend $1 billion a year on films to break into cinemas
Apple has approached movie studios about partnering to release a few titles in theaters this year and a slate of more films in the future, said the people, who asked not to be identified because the plans are private.
WORLD
Jack Dorsey’s wealth tumbles $526 million after Hindenburg short
Jack Dorsey’s fortune plunged by $526 million on Thursday, his worst single-day decline since May. He’s now worth $4.4 billion after the 11% drop, according to the Bloomberg Billionaires Index.
BUSINESS
Hindenburg accuses Jack Dorsey's Block of $1 bn fraud, misleading investors; stock nosedives
Block declined 20% to $58.35 at 8:53 a.m. in New York in US premarket trading.
WORLD
Toshiba said to accept $15 billion buyout bid from JIP group
The Tokyo-based company’s board approved on Thursday a bid of about 2 trillion yen ($15.3 billion) from a group led by domestic private equity firm Japan Industrial Partners Inc., said one of the people, who asked not to be identified as the information is private.
WORLD
Dollar’s post-Fed swoon gives emerging economies breathing room
The greenback weakened across the board Thursday, resuming a downtrend that started in earnest six months ago, and allowing the South Korean won, for example, to soar more than 2% to a one-month high. Such moves should make imports cheaper, helping to moderate price pressures.
BUSINESS
Anil Agarwal said to weigh Vedanta stake sale as last-resort option
Vedanta’s shares have fallen about 32% in the last 12 months, giving it a market value of about $12.6 billion. A 5% stake is worth about $630 million.
WORLD
Citi CEO Jane Fraser warns mobile money is ‘game changer’ for bank runs
Fraser said the fast demise of Silicon Valley Bank also made it difficult for banks to assess and prepare bids for its assets. Speaking just two weeks after the California-based lender collapsed under the weight of tens of billions of withdrawals by its venture capital clients, Fraser said her firm hopes a buyer will emerge in the coming days.
WORLD
Differing Jerome Powell and Janet Yellen messages were a lot for the stock market to digest
The S&P 500 fell, rose, went back to unchanged then plunged again as traders tried to synthesize comments on the health of the economy, rates trajectory, the state of banks and how far the government will go to protect depositors.
