BUSINESS
India’s foray into the EV battery lacks key ingredients
The government has unveiled incentives of at least $3.4 billion to expedite its lagging adoption of EVs as Prime Minister Narendra Modi vows to reach net zero by 2070.
BUSINESS
Foreign cars muscle in on India’s EV market at Auto Expo 2023
The prominence of foreign carmakers at India’s biggest auto show underscores the nation’s slow take up of electric vehicles.
BUSINESS
World’s biggest ship skips India in blow to its trade goals
India’s biggest state-run container handling facility, Jawaharlal Nehru Port Trust, lacks the 17-meter draft needed for such vessels to navigate. One facility that has said it can handle the behemoth — Mundra Port, operated by billionaire Gautam Adani’s conglomerate — has so far been skipped.
BUSINESS
Apple to drift away from Samsung, start making screens in-house next year
The changes are part of a sweeping effort to replace Apple supplies with homegrown parts, an undertaking that will give the company more control over the design and capabilities of its products
BUSINESS
World Bank cuts 2023 forecasts and warns of global recession
Global gross domestic product will probably increase 1.7% this year, about half the pace forecast in June, the Washington-based lender said Tuesday. That would be the third-worst performance in the last three decades or so, after the contractions of 2009 and 2020.
WORLD
Jerome Powell vows to limit Fed’s climate role to protect independence
The Fed chair is three weeks away from the next meeting of the Federal Open Market Committee, which last year raised its benchmark lending rate from near zero to a range of 4.25% to 4.5% to battle high inflation.
BUSINESS
JP Morgan CEO Jamie Dimon says Fed's rate hikes might go beyond 5%
The CEO of the biggest US bank made his comments ahead of US inflation data due Thursday and fourth-quarter results from top banks beginning Friday.
BUSINESS
China hits back at South Korea, Japan in first Covid retaliation
Chinese consulates in South Korea will stop issuing short-term visas for visits, business, tourism, medical care, transit and personal matters from Tuesday, the Chinese Embassy in Seoul said in a statement.
BUSINESS
Byju’s seeks more time from lenders to recast $1.2 billion debt
The creditors have until Tuesday to sign a forbearance agreement, which will give the company time till Feb. 10 to negotiate broader terms on the term loan, the people said, asking not to be identified as the information isn’t public.
BUSINESS
China eyes cornering another green energy market: Hydrogen
As the world sprints to decarbonize, the next round of competition revolves around a device called an electrolyzer.
BUSINESS
Noma, one of the world’s best restaurants, is closing its doors
The Copenhagen restaurant, one of the world’s most famous and a top destination for food tourism, has given notice that it will permanently close its doors to regular service.
BUSINESS
Adani nears purchase of bankrupt Mumbai builder at 98% discount
Adani offered to pay 319.7 million rupees ($4 million) to financial creditors, compared with their ask for 16.58 billion rupees and 15.2 million rupees to employees, the person said, asking not to be identified as the details are private.
BUSINESS
Tatas a step closer to giving India its first homegrown iPhone maker
The conglomerate has been in talks with Taiwan' Wistron for months for buying out its 2.2 million square-foot factory just over 50 kilometers east of Bangalore
BUSINESS
Rolls-Royce says super rich keep on buying luxury cars
“We haven’t seen any downturn in order intake here over the last months,” Rolls-Royce Motor Cars Ltd. Chief Executive Officer Torsten Müller-Ötvös told Bloomberg Television. “I’m cautiously optimistic about this year.”
BUSINESS
Crypto startup funding falls to lowest level in almost two years
Overall, VC firms invested $2.3 billion in crypto startups during the quarter, a 75% drop from the same period the previous year, according to PitchBook.
BUSINESS
Third Sam Bankman-Fried associate Nishad Singh met with prosecutors
Nishad Singh, who has not been accused of wrongdoing, attended a so-called proffer session last week at the Southern District of New York US Attorney’s Office, according to people familiar with the matter.
BUSINESS
Morgan Stanley’s Jon Pruzan, onetime CEO candidate, exits firm
Pruzan, who’s leaving at the end of the month, departs after a 28-year run that included a six-year stint as chief financial officer — the public face of the firm to investors and analysts.
BUSINESS
Earnings key risk for tech stocks after worst year since 2008
While price-earnings multiples have come down from their peaks during the pandemic, many of the market’s biggest names continue to look expensive
BUSINESS
Govt considers lifting rice export curbs as supply improves
India accounts for about 40% of global rice trade.
BUSINESS
iPhone exports double to surpass $2.5 billion this fiscal
India is emerging as Apple Inc.’s next manufacturing hub as assembly partners seek to add resilience to a supply chain heavily centered on China and shaken by its geopolitical and health challenges.
BUSINESS
Paytm founder Vijay Shekhar Sharma may not be eligible for stock options: Proxy firm
While Sharma isn’t classified as a promoter — Indian parlance for controlling shareholder — he has rights akin to one, including a potential permanent seat on the board, IiAS said in a note Friday.
BUSINESS
Apple begins hiring retail store employees in India: Report
The company’s careers page lists several different opportunities for workers in India, including business expert, “genius,” operations expert and technical specialist.
BUSINESS
Rishi Sunak heads for crunch talks with unions as strikes hobble UK
The nation will get a mild respite from rail strikes this week after a series of stoppages all but brought the sector to a standstill in the first few days of 2023. Employees on the Elizabeth Line, as well as ambulance workers, still have walkouts scheduled.
BUSINESS
Goldman Sachs to cut about 3,200 jobs this week after cost review
The firm is expected to start the process mid-week and the total number of people affected will not exceed 3,200, according to a person with knowledge of the matter. More than a third of those will likely be from within its core trading and banking units, indicating the broad nature of the cuts.
