WORLD
Icahn Enterprises’ plunge just one of short-seller Hindenburg’s many big hits
Billionaire Carl Icahn’s company plummeted closed down 20%, marking another double-digit drop in a stock after an attack from Nathan Anderson’s firm. The one-day losses for Icahn Enterprises stand out among those seen for Hindenburg’s recent bets against the billionaire Gautam Adani’s business empire and Block Inc.
WORLD
Carl Icahn’s wealth plunges $10 billion on Hindenburg short-seller report
Icahn Enterprises L.P., his publicly traded limited partnership that operates as a holding company, fell by 20% — the most on record — erasing $3.1 billion from his fortune.
WORLD
HSBC CEO Noel Quinn says SVB UK will form core of new global tech unit
“I want to take that capability globally,” Quinn said in an interview with Bloomberg Television on Tuesday. “I’m also setting up teams in other parts of the world that are the equivalents of SVB in the UK. So we bought a business in the UK, but I want to create that capability globally.”
WORLD
Fate of an eighth of the world’s white Rhinos to be decided this week
Negotiations will now be held with parties that indicated interest and a statement will be made at the close of business on May 5, the Platinum Rhino Project, which is about 155 kilometers (96 miles) southwest of Johannesburg, said in a statement.
WORLD
ChatGPT threat sparks 38% selloff in homework-help firm Chegg
The company, which offers online guidance for students taking tests and writing essays, also gave revenue and profit forecasts for the current quarter that fell well short of analysts’ estimates. Chegg makes much of its money from subscriptions, which start at $15.95 a month, a revenue source that’s in peril if students see AI chatbots as an alternative to paying.
BUSINESS
HDFC kick-starts $1 billion Credila sale by picking Jefferies as adviser, sources say
The Reserve Bank of India has given the merged entity two years to cut its stake in fully-owned Credila to 10%, HDFC Bank said in an exchange filing last month. The sale mandate will be one of the biggest managed by Jefferies in the country and will help in its ambition to build a deal advisory business in the local market.
WORLD
Bird Flu detectives hunt for clues to stop next global pandemic
A rapid response team of local health workers was dispatched within hours to the village, a two hour drive from the capital Phnom Penh. They found a community of almost 2,000 people living in brightly colored wooden and sheet metal homes, close to their livestock and chickens.
WORLD
Stagflation is the risk that eludes investors mispricing markets
A mix of slowing economic growth combined with persistent inflation has the potential to dash hopes for a reversal in the Fed’s aggressive campaign to tame inflation with higher interest rates.
WORLD
Meta Platforms raises $8.5 billion in second-ever bond sale
The social-media behemoth, which reported earnings last week, raised $8.5 billion in a five-part deal, according to a person familiar with the matter. The longest portion of the offering, a 40-year security, yields 192 basis points over Treasuries, less than initial discussions for about 215 basis points.
WORLD
Vice is said to be headed for bankruptcy
The filing could come in the coming weeks, according to three people familiar with the matter who weren’t authorized to discuss the potential bankruptcy on the record.
WORLD
The inside story of Warren Buffett’s big Japan bet, over glasses of Coke at four seasons
The legendary investor was on a trip to the Japanese capital last month, and the titans of the country’s giant energy and raw-materials conglomerates were there to make their pitches.
WORLD
IBM to pause hiring for jobs that AI could do
Hiring in back-office functions — such as human resources — will be suspended or slowed, Krishna said in an interview. These non-customer-facing roles amount to roughly 26,000 workers, Krishna said.
WORLD
Morgan Stanley plans 3,000 more job cuts as dealmaking slumps
Senior managers are discussing plans to eliminate about 3,000 jobs from the global workforce by the end of this quarter, according to people with knowledge of the matter.
BANKS
First Republic Bank seized by regulators, to be sold to JPMorgan
The transaction makes JPMorgan, the nation’s largest bank, even more massive — an outcome government officials have taken pains to avoid in the past
BUSINESS
Chinese home appliance maker Midea Group sees Electrolux as a potential buyout target
Midea made a preliminary approach in recent weeks to the white-goods manufacturer about a possible transaction
BUSINESS
Jaiprakash Associates defaults on $508 mn loan repayment due on March 31
The flagship company of the infrastructure-focused Jaypee Group has borrowings of 293.96 billion rupees, which are due for repayment by 2037, it said.
WORLD
Macron Readies Modi’s Bastille Day Visit in Nod to Global South
The invitation reflects booming business and military bilateral ties as well as India’s strategic importance as the world’s most populated country and the current leader of the Group of 20 nations, according to the officials who are not authorized to discuss the matter publicly.
BUSINESS
Reliance targeting Jio Financial listing as soon as October
Reliance is holding a meeting of shareholders and creditors on May 2 to vote on the plan to spin off and list the unit, according to an exchange filing in March.
TRENDS
Here’s How You Should Be Doing Afternoon Tea, Top Chef Says
The shelves are stocked with the kind of treats that make you feel like you’ve walked into a fairy tale, with whimsical biscuit-filled tins in all shapes and sizes, bottles of Champagne, chocolates galore, as well as honey from bees at Queen Camilla’s garden in Wiltshire.
AUTOMOBILE
Mercedes Says China Buyers Sticking With Combustion Models as EVs Take Off
After decades at the top in the world’s biggest car market, Mercedes and German peers BMW AG and Volkswagen AG are falling behind local competitors as EV demand surges.
INDIA
India puts country on alert for scorching heat waves in May
Temperatures will be above-normal in some northeastern, southern and eastern regions, according to the India Meteorological Department.
BUSINESS
High-End Airline Starlux’s Inaugural Taipei-LA Flight Piloted by Chairman
The Taipei-based company, one of a handful of airlines to launch during Covid, celebrated its first intercontinental flight, from Taiwan to Los Angeles, on Wednesday.
TECHNOLOGY
Celebs, Politicians Join Twitter Rival Bluesky: Here’s How You Can Too
Many are looking no further than Bluesky, which has its own origins in Twitter and, to all intents and purposes, acts in a very similar fashion. Its latest devotees include US Representative Alexandria Ocasio-Cortez, writer-comedian Dril and model Chrissy Teigen
WORLD
Russian oil is still powering Europe’s cars with help of India
“Russian oil is finding its way back into Europe despite all the sanctioning and India ramping up fuel exports to the west is a good example of it,” said Viktor Katona, lead crude analyst at the firm.
