BUSINESS
NYSE mayhem traced to a staffer who left a backup system running
When markets are closed, it participates in a well-worn routine, with NYSE staffers turning on and off systems to ensure everything works.
BUSINESS
IHC, ADIA among bidders for Adani’s $2.5 billion share sale
Mubadala Investment Co PJSC, BNP Paribas SA have also bid, the people said, asking not to be identified as the details aren’t public. The so-called anchor book for Adani Enterprises Ltd. was oversubscribed by 1.8-2 times, the people added.
BUSINESS
Jeremy Grantham warns of a 17% plunge in the S&P 500 this year
In fact, the 84-year-old money manager calculated that the value of the S&P 500 at the end of the year should be about 3,200, he says in a paper out Tuesday.
BUSINESS
Mukesh Ambani, other billionaires buy stake in Josh Kushner’s VC Firm Thrive
India’s Mukesh Ambani, Brazil’s Jorge Paulo Lemann and France’s Xavier Niel will join KKR & Co. co-founder Henry Kravis and Walt Disney Co. Chief Executive Officer Robert Iger in investing $175 million to purchase a 3.3% stake in Thrive.
BUSINESS
Vistara shelves plan to fly to US on 787 delivery delays
Vistara, a joint venture between the Tata Group and Singapore Air, is expecting to induct its remaining four Dreamliners by March 2024, he said. While the first of those four jets will be delivered by April, Vistara is waiting for clarity from Boeing on the exact delivery timeline, Kannan said.
BUSINESS
JPMorgan Chase India unit gets RBI approval for new bank CEO
The Wall Street firm, which traces its presence in India back to 1922, started commercial banking operations in the country about 15 years ago.
BUSINESS
How Apple’s upcoming mixed-reality headset will work
The roughly $3,000 device, due later this year under the likely name of Reality Pro, will take a novel approach to virtual meetings and immersive video, aiming to shake up a VR industry currently dominated by Meta Platforms Inc.
BUSINESS
India enters green bond market with $1 billion debut auction
Authorities have promoted the 80 billion rupee ($984 million) issue to the country’s biggest domestic asset managers, including state-run insurers and pension funds as well as foreign investors.
BUSINESS
India bluechips set to shift to world’s fastest settlement cycle
Stocks from Reliance to TCS and Adani Enterprises will be settled on a ‘trade-plus-one-day’ timeline versus the earlier two-day process. The shift will boost operational efficiency as rolling of funds and stocks will be faster
BUSINESS
Google’s Sundar Pichai tells staff cuts avoided ‘much worse’ issues
In an internal meeting, Sundar Pichai, who is CEO of Google parent Alphabet Inc., said he had consulted with the company’s founders and board in making the decision for 6% cuts, according to remarks reviewed by Bloomberg.
BUSINESS
Following lapses at Zilingo & GoMechanic, Sequoia considers auditing South Asia Investments
In the latest headache for Sequoia Capital India, a due diligence run by EY on its portfolio company GoMechanic for other prospective investors had unearthed bookkeeping improprieties, missteps the startup’s co-founder accepted in a public statement last week.
BUSINESS
How India's bid to reform bankruptcy law affects payouts to creditors
To speed up proceedings and counter a mounting caseload, the Ministry of Corporate Affairs last week published published dozens of proposed amendments to the insolvency code, giving the public until Feb. 7 to provide input. Any changes to the law would have to be voted on by parliament.
BUSINESS
Spotify seen cutting staff as soon as this week to cut costs
The number of positions to be eliminated wasn’t specified by the people. Spotify laid off 38 staff from its Gimlet Media and Parcast podcast studios in October. The music streaming giant has about 9,800 employees, according to its third-quarter earnings report.
BUSINESS
US-India relations aren’t playing out like a bollywood movie
This optimism is predicated on notions of a common political culture (both countries are democracies), some shared threat perceptions (China and jihadist terrorism) and mutual economic interest.
BUSINESS
The squeeze on India’s spenders is yet to lift
A fading of last year’s inflation will create some room for additional spending, particularly in villages. But the consumption sentiment in cities may remain subdued.
BUSINESS
The global economy needs a new powerhouse. India is stepping up
PM Modi is closer than any predecessor to being able to claim that the nation — which may have just passed China as the world’s most populous — is finally meeting its economic potential.
BUSINESS
Elon Musk says Twitter to roll out zero ads subscription model
Musk has sought to diversify the company’s business away from advertising dollars since he acquired the platform in October, pinning his hopes on revenue from “Twitter Blue” subscriptions.
ECONOMY
The worst fears for global growth may be subsiding
Bolstering such prospects are China’s reopening after pandemic lockdowns, evidence of slowing inflation, and the assured views of some senior European officials that their economies won’t suffer recessions
ECONOMY
US bond market flouting inflation looks increasingly vulnerable
The broader bond market is also signalling that a Federal Reserve policy rate peak short of 5 percent will be enough to cause a recession, requiring rate cuts totaling half a point during the second half of the year
BUSINESS
Gautam Adani plans to take at least five companies public
Adani Group CFO Jugeshinder Singh has informed that at least five units will be ready to go to the market in the next three to five years.
BUSINESS
Morgan Stanley cuts CEO Gorman’s pay 10% to $31.5 million
The bank considered Gorman’s outstanding individual performance, including his leadership of the firm’s strategy, core values and culture, and the firm’s solid financial performance
BUSINESS
Anxiety grips Google employees after 12,000 colleagues face the axe
With performance reviews yet to be finalized later this month, some workers fretted that their roles were still at risk of elimination, according to multiple employees
ECONOMY
Fed set to slow down on rate hikes again and debate how much further to go
Investors and economists continue to doubt Fed forecasts that rates will rise to above 5 percent from their current level just below 4.5 percent
CRYPTOCURRENCY
Bankman-Fried assets of almost $700 million may be forfeited in FTX scam
Bankman-Fried has pleaded not guilty to an eight-count indictment, including fraud and campaign finance law violations. He is accused of using FTX customer funds to prop up trading at Alameda, pay for personal expenses and real estate
