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.
BUSINESS
PM Modi’s green dream at risk as Indian renewables hit by headwinds
The deal — part of a plan in which billionaire Gautam Adani’s clean energy business would have invested $50 billion over the next decade in the emissions-free fuel — remains in limbo, a victim of Hindenburg Research’s explosive short-seller report.
BUSINESS
Short seller Hindenburg Research says another report coming soon
The firm run by Nate Anderson gained more prominence this year after its scathing report on billionaire Gautam Adani’s group wiped out more than $150 billion from the Indian conglomerate’s market value in about five weeks since publication on Jan. 24.
WORLD
Bill Ackman warns of accelerated deposit outflows after Fed decision
“We have gone from implicit support for depositors to @SecYellen explicit statement today that no guarantee is being considered with rates now being raised to 5%,” Ackman said in a long Twitter post. The 5% rate threshold makes bank deposits “much less attractive,” he wrote.
WORLD
What is an indictment? Everything you need to know
Michael Cohen paid Daniels $130,000 during the 2016 presidential campaign to buy her silence about her claims that she had an affair with Trump a decade earlier.
WORLD
Joe Biden teases 2024 run at awards ceremony for artists
“Bruce, some people are just born to run, man,” Biden said at an event where he bestowed 23 recipients with the nation’s highest awards for advancing the arts and humanities.
INDIA
First female leader at India’s refinery builder plots big change
Vartika Shukla, who’s worked for the company for more than three decades, is attempting to change its profile, branching out from construction of fossil-fuel plants into new areas such as renewable energy projects. EIL
WORLD
Fumio Kishida offers Ukraine support, invites Volodymyr Zelenskiy to join G-7 summit
Fumio Kishida, the last leader from a G-7 country to visit since Ukraine was attacked more than a year ago, made the trip after stopping in New Delhi to pressure Indian Prime Minister Narendra Modi to join other leaders in shunning Russia over its aggression. Japan is set to host the G-7 summit in Hiroshima.
BUSINESS
Apple seeks India labour reform in push to diversify beyond China
Tamil Nadu where Apple’s top supplier Foxconn Technology Group operates India’s largest iPhone plant, is considering passing new rules that will make factory shifts more flexible, people familiar with the matter said.
BUSINESS
Credit Suisse crisis sends shivers among wealthy Indian investors
Rajesh Cheruvu, chief investment officer and managing director at LGT Wealth India Private Ltd., said in the past 15 years or so, many multinational financial institutions have come and exited Indian markets and the latest incident was making wealthy investors nervous.
WORLD
Dovish hike, or hawkish hold? Fed, peers must choose their fear
The Federal Reserve on Wednesday will set the tone as Chair Jerome Powell gathers with his colleagues to consider whether the banking turmoil that erupted less than two weeks ago is so concerning that an interest-rate hike should be abandoned.
BUSINESS
Adani sees financial closure for petrochemical project in six months
After the financial closure, “full-fledged procurement and construction activities at the site will commence,” the ports-to-power conglomerate said in a statement Monday. “We are committed to completing the project in an expeditious manner so as to meet the original timelines.”
BUSINESS
Air India confident on funding for world’s biggest Aircraft deal
“We have the backing of Tata Sons, so there is financing available for these aircraft,” CEO Campbell Wilson said in an interview with Bloomberg News on the sidelines of the CAPA India Aviation Summit in New Delhi on Monday. “We have already made some downpayments for these aircraft from our internal funds.”
WORLD
Credit Suisse tells staff to go to work as somber mood sets in
Promised bonuses and pay increases will still be paid after a tumultuous week that ended in the 166 year-old lender being taken over by its largest rival UBS Group AG, the bank said in a memo to staff that urged them to continue “business as usual.”
BUSINESS
Credit Suisse tells staff to go to work as somber mood sets in
UBS reminded employees not to divulge any business secrets to their new colleagues, as long as the emergency acquisition hammered out in crisis talks over the weekend hadn’t closed.
BUSINESS
ADP, GMR Airports Infrastructure to merge joint venture With GMR
ADP and GMR Airports Infrastructure own 49% and 51%, respectively, of the unlisted GMR Airports Ltd., according to a statement Sunday from the French company, which operates Paris’s Charles de Gaulle and Orly.
