WORLD
Singapore halts policy tightening after first-quarter slump
The Monetary Authority of Singapore, which uses the exchange rate as its main policy tool, maintained the slope, center and width of the currency band, according to a statement Friday.
BUSINESS
Europe's LVMH breaks into global top 10 league with market value nearing $500 billion
LVMH’s soaring sales show that demand for highly priced goods remains unabated even as a global economic slowdown looms.
BUSINESS
Russian oil supply to India may be hit by OPEC+ drive for higher prices
While India imports Russian oil on a delivered basis that takes into account logistics and other costs, banks are demanding details on so-called free-on-board prices to ensure they fall at, or below $60 a barrel.
BUSINESS
HSBC plans to add 30 private bankers in fresh India wealth push
HSBC’s plans reflect an increasing competition to manage the growing wealth in India among both global and local firms, which has enticed the London-based bank back to a market it decided to exit in 2015.
WORLD
The case for flying cars as a climate solution
Venkat Viswanathan thinks there’s a “straight shot” from today to the technologies needed to build that future, despite all the jokes about flying cars being fantasy. The professor at Carnegie Mellon University is obsessed with building the batteries that will power these zero-emission aircraft.
ECONOMY
Blamed for Putinflation abroad, Russia now sees prices cool off
Russian inflation reached 3.5 percent in March from almost 11 percent in the previous month
BUSINESS
Apple triples India iPhone output to $7 billion in China shift
The US company now makes almost 7% of its iPhones in India through expanding partners from Foxconn Technology Group to Pegatron Corp., people familiar with the matter said. That’s a significant leap for India, which accounted for an estimated 1% of the world’s iPhones in 2021.
WORLD
Recession odds, inflation fears rise as US-Saudi oil pact breaks down
The Saudi-Russia oil alliance has the potential to cause all kinds of trouble for the US economy — and even for President Joe Biden’s re-election campaign. This month’s OPEC+ decision to cut crude output, for the second time since Biden flew to Saudi Arabia last summer seeking an increase, may be just the start.
WORLD
Sugar rally pauses after hitting decade high on shortage fears
Raw sugar fell 1.4%, reversing an earlier jump of as much as 1.9% amid technical adjustments and profit taking, StoneX analyst Murilo Aguiar said. Futures have surged lately on prospects for limited exports out of India and concerns about production in other key growers, with Wilmar International Ltd. expecting a deficit for this season.
POLITICS
India's fight against inflation may not be a cakewalk with milk prices on the boil
India accounts for almost a quarter of the world’s milk supplies, but those massive volumes are produced in large part by tens of millions of small farmers who maintain modest numbers of animals. The drop in demand meant they were unable to feed their livestock well.
BUSINESS
Adani's Next Big Test: $3 Billion Dharavi Revamp
Dharavi’s revitalization requires pulling off three things virtually at once: acquiring large tracts of land, attracting investors to places without stable utilities and resettling massive communities.
BUSINESS
Adani’s Utility to Supply Mostly Green Power to Mumbai by 2027
Adani Electricity also got the regulator’s nod to recover this deficit accumulated over the last three years via higher tariffs from consumers, although the firm didn’t say how long it would take to recover this in its presentation filed to exchanges.
WORLD
UBS weighs retaining Credit Suisse unit serving India’s rich
Iqbal Khan, global head of wealth management at UBS, met with counterparts at Credit Suisse including the lender’s local wealth head Puneet Matta in Singapore in recent weeks, according to people familiar with the matter, who asked not to be identified discussing private information.
WORLD
Fed officials signal divide over whether to hike rates again
New York Fed President John Williams said Tuesday that Fed officials still have more work to do to bring down prices, echoing remarks from his colleagues in recent days, and suggested they will stay the course despite new uncertainty from turmoil in the banking sector.
BUSINESS
Rare-earths PSU miner eyes 400% expansion for clean energy
State-owned IREL (India) Ltd. aims to mine 50 million tons a year of rare-earths bearing ore by end-2032, up from 10 million tons now, Chairman D. Singh said in an interview. That would it allow it to produce 13,000 tons annually of refined rare earths, versus 5,000 tons at present.
WORLD
Big banks that shored up First Republic pushed to boost reserves
Some of the banks that contributed the largest chunk of the $30 billion in deposits are planning to set aside about $100 million each, according to people with knowledge of the matter.
BUSINESS
Inflation data will shatter the stock market calm, Goldman Partner warns
Expect the S&P 500 to drop at least 2% should the year-over-year inflation rate come in above the previous reading of 6%, Flood wrote in a note Tuesday. But stocks are likely to go higher, he says, if CPI meets or trails 5.1%, which happens to be the consensus estimate from economists in a Bloomberg survey.
WORLD
Twitter company ‘no longer exists,’ is now part of Elon Musk’s X
Twitter “no longer exists” after being merged with X Corp., according to an April 4 document submitted in a California court for a lawsuit filed against the company and its former chief executive officer, Jack Dorsey, last year by conservative activist Laura Loomer.
TECHNOLOGY
Whatever happened to the Metaverse?
Apple may struggle to launch its headset in a market still unconvinced by Mark Zuckerberg’s virtual reality ambitions.
BUSINESS
We’ve all been way too accepting of inflation
It’s time customers push back against price increases. Corporate profits shouldn’t grow at the expense of the economy.
BUSINESS
Macquarie weighs sale of 9 highway projects in India for $1.5 billion
The firm is in preliminary discussions with advisers about the potential deal, sources told Bloomberg, asked not to be identified discussing a private matter.
BUSINESS
Shapoorji Pallonji Group weighs $2 billion asset sales
The company, controlled by billionaire Shapoor Mistry, is working with an adviser to seek buyer for its holdings in Afcons Infrastructure Ltd., a Mumbai-based infrastructure construction company, sources told Bloomberg.
BUSINESS
ONGC bets on deepwater oil to offset imports
“Onshore we have more or less drilled, appraised or acquired data in most of the basins,” Sushma Rawat, director of exploration for the state-owned giant, said in an interview. “But there are still large tracts offshore where we have very sparse data, where almost no wells have been drilled.”
WORLD
Metals recycling startup Runaya sees 8x processing growth
The Mumbai-based company plans to process 300,000 tons of metals waste by March 2025 from 40,000 tons in the financial year ended March 31, co-founder and Chief Executive Officer Annanya Agarwal said in an interview with Bloomberg Television. Revenue is expected to double this year to $100 million, he said.
