BUSINESS
Stock market’s fate comes down to the next 13 trading sessions
It all begins Tuesday, when Federal Reserve Chair Jerome Powell delivers his two-day biannual monetary policy testimony on Capitol Hill. With the S&P 500 Index coming off its best week in a month, investors will be searching for any hint on the central bank’s interest-rate hiking path.
WORLD
A landmark UN treaty is poised to curb exploitation of the ocean
The ocean supplies half the planet’s oxygen, absorbs more than a third of carbon dioxide emissions from the burning of fossil fuels and feeds billions of people.
WORLD
China’s growth plans give commodities bulls little to run with
Here’s a rundown of what commodities and energy markets need to know after the first day of the meeting.
WORLD
UK unveils £360 million science plan in pre-Budget growth push
Under a 10-point Science and Technology Framework, a “coordinated cross-government approach” will drive innovation in “trailblazing” technologies like quantum and super computing, artificial intelligence and engineering biology.
BUSINESS
Forget peak oil demand: A thirst for barrels puts $100 in view
After announcing ambitious plans to cut emissions, BP, one of the world’s top crude producers, is now plowing more money into fossil fuels.
BUSINESS
Adani stuffs power plant with $1 billion debt that won’t go down
The Mundra Thermal Power Plant — and its debt, that appears designed to shield Adani Power from extraordinary writeoffs — exemplifies this balancing act, where a single asset writedown could have cascading ramifications
BUSINESS
Alan Blinder says he’s betting against US Fed raising rates to 6%
Now the Princeton University economist tells the What Goes Up podcast that he has toned down that optimism a bit, mostly due to a change in the way the government adjusts inflation data for seasonal factors.
WORLD
Subway’s potential $10 billion sale draws Goldman, Bain: Report
Goldman Sachs Asset Management and Bain, along with private equity firms TDR Capital and TPG, have tabled indicative offers for Subway, the news outlet reported Saturday, citing unidentified people close to the process.
WORLD
Climate change is launching a mutant seed space race
WORLD
Are we in a recession? retailers, brands signal it’s coming in 2023
After the highest inflation in a generation, an increasing group of shoppers — including wealthy ones — are bargain hunting. Savings are dwindling. Consumer debt is piling up. The spending splurge after the height of Covid-19 is over.
BUSINESS
India in talks with Embraer, Sukhoi to make small jets locally
The jets, which typically seat less than 100 people, are likely to be produced in Prime Minister Narendra Modi’s home state of Gujarat
WORLD
SoftBank owned arm IPO’s valuations pitched at $30 to 70 billion
The current range puts the median value of the deal at around $50 billion, a target that’s been touted by multiple bankers, according to the people. Parent company SoftBank Group Corp. had been seeking a $60 billion valuation last year, Bloomberg News previously reported.
BUSINESS
iPhone maker Foxconn plans $700 million plant in Bengaluru
The Taiwanese company, also known for its flagship unit Hon Hai Precision Industry Co., plans to build the plant to make iPhone parts on a 300-acre site close to the airport in Bengaluru, the capital of the southern Indian state of Karnataka, according to the people, who asked not to be named as the information is not public.
BUSINESS
GQG Partners: How Rajiv Jain built a $92 billion stock empire
This formula has proven spectacularly successful. In less than seven years, Jain, the former chief investment officer at Vontobel Asset Management, has built GQG into a $92 billion powerhouse. Few, if any, startup funds in recent memory have raised so much money in so little time, according to Morningstar Direct.
WORLD
World Bank nominee Ajay Banga is a ‘big believer’ in climate science
“There’s enough scientific evidence that I’m a big believer in,” Ajay Banga said in a group interview Thursday at the US Treasury Department, adding that poverty alleviation and environmental issues are “intertwined.”
BUSINESS
Adani bonds still shaken even as $153 billion stock rout eases
The stock-market abyss that the ports-to-power conglomerate remains in and uncertainties over credit ratings continue to fan worries about its access to funds following a short seller attack.
WORLD
Two of the world’s top restaurants lose Michelin stars
Celebrity chef Guy Savoy’s eponymous restaurant in Paris suffered the ratings hit, the Michelin Guide confirmed in a statement Monday. That came after earlier reports that the latest edition of the guide for France, due to be published next week, will reveal the move.
WORLD
Singapore hikes permanent residence threshold for Ultra-Rich
Applicants will need at least S$10 million ($7.4 million) in a business or S$25 million in an approved fund, the Singapore Economic Development Board said in a statement Thursday.
WORLD
Salesforce CEO Marc Benioff praises activist investors after earnings-fueled rally
Speaking on Bloomberg Television after the stock jumped 16% in late trading, Benioff described the shareholders as “great new investors” with useful feedback. “I enjoy listening to them and getting their ideas.”
WORLD
China’s top tech banker detained by antigraft agency, WSJ says
The star banker’s detention by China’s Central Commission for Discipline Inspection is related to an earlier investigation into Cong Lin, China Renaissance’s former president, according to the report.
WORLD
South Korea’s chip inventory climbs at fastest pace in 27 years
Chip stockpiles jumped 28% from a month earlier, the biggest increase since February 1996, Korea’s statistics office said Thursday in a statement. From a year earlier, stockpiles advanced 39.5%.
BUSINESS
Super rich of Indian origin are top clients at new Singapore wealth firm
The firm was founded in October by former Bank of Singapore market head for Global South Asia and the Middle East Hemant Tucker, Maitri Asset Management’s ex-Chief Executive Officer Manish Tibrewal and three others.
BUSINESS
India’s Russian oil buy below western price cap: US Officials
India’s purchases of Russian oil are a constant topic of discussion between the US and India as Washington seeks to deny Russia the revenue it needs to fund its invasion of Ukraine, the officials said. They briefed reporters on condition of anonymity.
BUSINESS
Mukesh Ambani to foray into genome testing with Rs 12,000 kit
The genome test, which is about 86% cheaper than other offerings available locally, can reveal a person’s predisposition to cancers, cardiac and neuro-degenerative ailments as well as identify inherited genetic disorders, he said.
