BUSINESS
Donald Trump raises under $10 million, ensuring GOP race is wide open
Donald Trump raised just $4.9 million with his 2024 campaign and joint fundraising committee in the final 33 days of 2022, according to reports filed Tuesday with the Federal Election Commission.
BUSINESS
Intel slashes CEO pay by 25% as part of companywide cuts
Chief Executive Officer Pat Gelsinger is taking a 25% cut to his base salary, the chipmaker said Tuesday. His executive leadership team will see their pay packets decreased by 15%. Senior managers will take a 10% reduction, and the compensation for mid-level managers will be cut by 5%.
BUSINESS
Budget to target growth, smaller fiscal gap amid Adani woes
Budget 2023: Finance Minister Nirmala Sitharaman will announce the last full-year budget before Prime Minister Narendra Modi seeks a third term in elections due in the summer of 2024.
BUSINESS
Oil edges higher ahead of Fed policy decision, OPEC+ guidance
West Texas Intermediate rose above $79 a barrel after gaining more than 1% on Tuesday. While the US central bank is expected to deliver another interest-rate hike, there are signs officials could consider a pause after Wednesday’s meeting, potentially boosting the allure of risk assets and hurting the dollar.
BUSINESS
Stocks end January higher; QQQ slides after hours: Markets wrap
The Invesco QQQ Trust, a $153.6 billion exchange-traded fund tracking the tech-heavy Nasdaq 100, dropped in postmarket trading after Electronic Arts Inc. gave a forecast for net bookings that fell short of analysts’ estimates. Snap Inc. also fell after forecasting its first-ever quarterly revenue decline.
BUSINESS
India’s regulator discussed Adani firms with ratings agencies
Assessors including Crisil Ltd., the local arm of S&P Global Ratings, made a presentation to the Securities and Exchange Board of India in recent days, said the people, who declined to be identified as the discussions were private.
BUSINESS
Adani tops up collateral on $1 billion loan after stock rout
The infrastructure conglomerate on Friday added about $300 million worth of shares for a loan made by a group of banks including Barclays Plc, one of the people said, asking not to be named discussing internal matters.
BUSINESS
Adani drops off list of world’s top 10 richest people
The Indian tycoon has fallen from fourth place to 11th on the Bloomberg Billionaires Index, with a personal wealth wipeout of $34 billion in just three trading days.
BUSINESS
Vedanta is said to scrap plans to sell mega Indian copper smelter
After scrapping the seven-month-old process to offload the 400,000 tons-a-year Sterlite Copper plant, the company will now work with the local population to restart the factory that was shut on environmental concerns, the people said, asking not to be named as the information is not public.
BUSINESS
Samsung to maintain capex after plunging profits in chips
South Korea’s largest company has been struggling with a historic slump in the price of memory, as consumers cut back on purchases of gadgets amid soaring interest rates and inflation. Inventory has piled up, forcing double-digit price slides that are deepening losses.
BUSINESS
Adani dollar bonds rally from record lows after UAE royal boost
A note from one of the group’s key units, Adani Ports & Special Economic Zone Ltd., rose 3.4 cents on the dollar to 68.8 cents as of 9:47 a.m. in Hong Kong. That pares its drop since US-based short seller Hindenburg Research last week alleged “accounting fraud” at Adani group to about 10 cents.
BUSINESS
Union Budget 2023: Tax cuts, factory incentives: What to watch for in India Budget
Budget 2023: FM may tweak income-tax slabs to provide relief to middle class and increase spend on the poor through rural jobs, while ramping up financial incentives for local manufacturing.
BUSINESS
HSBC expects Budget 2023 to choose macro stability over growth
High inflation and widening trade deficit that posed macroeconomic stability challenges last year will lessen in severity, but growth will taper off too, Bhandari said in an interview Monday with Bloomberg Television’s Rishaad Salamat. “It’s hard for the two to co-exist.”
BUSINESS
India’s Budget to test PM Modi’s fiscal resolve ahead of 2024 vote
Shrinking the deficit which hit a record 9.2% of gross domestic product during the first year of the pandemic is necessary for Asia’s third-largest economy to improve its credit rating currently at the lowest investment grade.
BUSINESS
ChatGPT ‘arms race’ adds US$4.6 billion to Nvidia founder’s fortune
Jensen Huang has seen his fortune climb by 33 per cent this year to US$18.4 billion, a larger percentage gain than any other US billionaire, according to the Bloomberg billionaires Index.
BUSINESS
Chinese search giant Baidu to launch ChatGPT-style bot
China’s largest search engine company plans to debut a ChatGPT-style application in March, initially embedding it into its main search services, said the person, asking to remain unidentified discussing private information.
BUSINESS
Stocks are poised to hit new lows this year, survey of investors shows
Driving home the shifting landscape, almost half of participants say the key for stocks this week will be quarterly results from Apple Inc., Meta Platforms Inc. and Exxon Mobil Corp., rather than the Federal Reserve decision or anything Chair Jerome Powell says Wednesday.
BUSINESS
Rupee left behind in EM rally as RBI rebuilds foreign reserves
The currency has lagged peers from the Thai baht to the Indonesian rupiah this month, gaining only 1.4% even amid sustained dollar weakness.
BUSINESS
Tesla's new no. 2 won Elon Musk over by working around the clock
Tom Zhu, who spearheaded the US carmaker’s Asia Pacific operations and oversaw Tesla’s factory in Shanghai become its most productive in the world, was brought over to Austin late last year to help run the company’s newest plant.
BUSINESS
Adani risk casts doubt on Wall Street’s star emerging-market bet
It’s a shock that forces Wall Street to reexamine its confidence in India’s expansion and its pro-business government, which helped the benchmark Sensex index trade last quarter at the highest in a decade versus the S&P 500.
BUSINESS
Fed set to shrink rate hikes again as inflation slows
Policy makers are poised to raise their benchmark federal funds rate by a quarter percentage point on Wednesday, to a range of 4.5% to 4.75%, dialing back the size of the increase for a second-straight meeting.
BUSINESS
The Bond-Market comeback of 2023 is heading to first big test
Treasuries rallied this month on widespread anticipation that the Federal Reserve is nearing the end of its interest-rate hikes as inflation comes down and tighter financial conditions cool the economy.
BUSINESS
Bull market beckons China stocks as consumption revs up after lifting of Covid curbs
The CSI 300 Index may extend its 19 percent rise from an October low when traders return after a week-long Lunar New Year break, with travel and box office data signaling that consumer spending is on the mend
BUSINESS
Adani Group to release detailed reply on Hindenburg report after follow-on issue
Hindenburg alleged that its two-year investigation found the Adani Group “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades”.
