WORLD
Warner Bros. nears deal for Harry Potter video series
Each season of the series will be based on one of JK Rowling’s seven books, said the people, who asked not to be identified since the deal hasn’t been announced, suggesting years of fresh fare from the popular stories.
BUSINESS
Marks & Spencer to cut jobs at head office: Report
M&S has been working through a turnaround after more than a decade of attempts to jumpstart the business.
INDIA
India needs to double share of clean power to meet climate goals
The country will need to reduce the share of coal, which currently accounts for about half of its installed capacity and almost 70% of electricity output, and accelerate deployment of clean power plants to meet its international commitments, Power Secretary Alok Kumar said.
WORLD
Morgan Stanley strategist says US tech stocks’ rally is overdone
The Nasdaq 100 has soared into a bull market as investors fled economically-sensitive sectors like banks following the collapse of several US lenders.
BUSINESS
Oil buyers reel from OPEC+ cuts as they explore alternatives
The shock decision from Riyadh and some of its partners came just before the release of Saudi Arabian Oil Co.’s official selling prices, or OSPs, for May crude sales.
WORLD
Even high-end travelers are reining in their spending
This may be a reflection of diminishing consumer confidence or complaints that inflated pricing hasn’t been accompanied by a proportionate increase in service quality.
BUSINESS
$100 oil to tighter markets: Here’s what analysts see after OPEC+ shock cut
The move has brought concerns around inflationary pressures back to the fore, adding to worries that higher prices and an aggressive monetary tightening by central banks could tip the global economy into recession.
BUSINESS
Top fund manager makes contrarian bets on short-term bonds
ICICI Prudential Asset Management Co. Ltd., with 2 trillion rupees ($24 billion) of debt under management as of February, is counting on the Reserve Bank of India to remain on an extended pause after it wraps up its hiking cycle soon. RBI has raised its benchmark rate by 250 basis points to 6.5% since May 2022.
WORLD
SpaceX has another challenger with South Korean rocket ambitions
The company is part of Hanwha Group, a 71-year-old conglomerate that started as an explosives maker, branched into weapons sales and is now shifting into green energy, defense and aerospace. Cash from arms sales to Ukraine’s neighbors is helping to fund Hanwha’s efforts to expand its two-year-old space business.
WORLD
Dubai’s latest boom is pricing out the expats it once coveted
The couple were asked to leave their home after being told the owner wanted to move in with his family. He then advertised it for $6,000 a month. She’s now suing him for breaking rental rules.
BUSINESS
Saudi Arabia leads OPEC+ cartel, lowers crude oil output by 500,000 barrels a day
Fellow members including Kuwait, the United Arabia Emirates and Algeria followed suit, while Russia said the production cut it was implementing from March to June would continue until the end of the 2023.
BUSINESS
World’s richest man reaches out to India's luxury market with landmark Dior Show
Dior, the second-biggest brand of billionaire Bernard Arnault’s French luxury behemoth LVMH, and the decision to add India to its seasonal schedule shows a rising interest to tap the nation’s rising wealth.
BUSINESS
Adani Ports completes acquisition of Karaikkal Port for Rs 1,485 crore
The National Company Law Tribunal approved the plan for the Adani Group subsidiary to pay 14.85 billion rupees ($181 million) to financial creditors, the company said in a statement.
ECONOMY
Pakistan inflation scales to record 35.37% as IMF reforms spur gains
The central bank last month delivered a blowout 300-basis-point increase to 20 percent to rein in skyrocketing prices that were stoked by a weaker currency
COMMODITIES
Global food supply risks escalate as key traders leave Russia
The exit of Cargill Inc and Viterra means Russia, the world’s largest wheat exporter, will have more control over its food shipments and reap more of the revenues
WORLD
Europe wants to make it easier to wind down medium-sized banks
The option would be limited to banks that will leave the market, the people added.
BUSINESS
RBI may keep rates higher for a while, says Shubhada Rao
The Reserve Bank of India, like most emerging market central banks, will closely follow what its American counterpart has been doing, but “need not follow every step of what Fed does,” said Rao in an interview with Bloomberg.
WORLD
Guptas wanted in South Africa submit bids for asylum
The brothers sent applications to the authorities in Cameroon and the Central African Republic, the Paris-based newsletter said. The governments of both countries are considering the requests, it said.
BUSINESS
Worst streak in 22 years seen ushering in Indian stock rebound
The NSE Nifty 50 Index is on track for its fourth-straight monthly decline, its worst losing streak since 2001. The gauge is down nearly 9% in that span compared with a gain of about 3% in the MSCI Asia Pacific Index.
BUSINESS
Rolex finally joins luxury watch herd peddling titanium timepieces
This year Watches and Wonders in Geneva, Switzerland, a bit of lighter fare was on the menu. Titanium sports watches appeared among the offerings at haute horology’s most important trade show of the year, from Rolex, Oris, Grand Seiko, Chopard, Ulysse Nardin, Hublot, Zenith and other brands.
WORLD
What is an indictment? Everything you need to know
While Trump will be fingerprinted and have his mug-shot taken, he probably won’t be paraded before cameras in handcuffs or placed in a holding cell, people familiar with the matter told Bloomberg earlier this month. He’ll likely remain in the custody of the Secret Service agents assigned to his protection detail.
BUSINESS
FTSE holds off adding India, South Korea to key bond indices
The index provider will seek evidence from market participants on the efficacy of the enhancements and whether they’re operating as intended prior to any reclassification decision, the firm said.
BUSINESS
Nestle eyes $1 billion deal for ‘Ching’s Secret’ owner Capital Foods in India
The Swiss company has been discussing terms of a potential deal for Mumbai-based Capital Foods, the people said, asking not to be identified because the information is private.
WORLD
OpenAI targeted in FTC complaint urging halt of GPT rollouts
The complaint from the Center for Artificial Intelligence and Digital Policy, which is led by longtime privacy advocate Marc Rotenberg, centers on GPT-4, the latest language model behind the research group OpenAI’s ChatGPT
