BUSINESS
Europe inflation barb gives New Year bond fizz a bitter taste
Traders are grasping for hints inflation may be easing off after spiraling price growth last year drove government bonds to their biggest annual loss on record.
BUSINESS
Twitter cuts more staff overseeing global content moderation
At least a dozen more cuts on Friday night affected workers in the company’s Dublin and Singapore offices, according to the people, who asked not to be identified discussing non-public changes.
BUSINESS
Adani among potential suitors eyeing stake in India-backed power trader
Adani is among possible bidders reviewing preliminary information on the business, the people said, asking not to be identified as the information is private. Other Indian conglomerates are also evaluating whether to bid, one of the people said.
COMPANIES
Billionaire Jack Ma gives up control of Ant Group
The change of control could mean that Ant will have to wait longer for a much anticipated resumption of its initial public offering
ECONOMY-2
India set to lose fastest-growing major economy title
Gross domestic product will grow 7% in the fiscal year ending March, according to the first official estimate released by the Statistics Ministry on Friday.
WORLD
Maldives pops with yachts, led by India steel magnate’s Alaiya
The 111-meter Alaiya, reportedly owned by Indian steel magnate Lakshmi Mittal
BUSINESS
Sony and Honda unveil Afeela EV in latest challenge to Tesla
Cars bearing the new marque will capitalize on the expertise of Sony Group Corp. and Honda Motor Co., Sony Honda Mobility Chief Executive Officer Yasuhide Mizuno said, unveiling the venture’s first prototype during Sony’s CES press conference in Las Vegas on Wednesday.
BUSINESS
Rupee, worst emerging Asia currency of 2022, may fall further
“A substantially wider current account deficit” in the next fiscal year will keep the rupee under pressure, Neeraj Gambhir, group executive for treasury, markets and wholesale banking at Axis Bank, said in a Bloomberg TV interview.
BUSINESS
Cerberus drops pursuit of Apollo’s unit in India
The US firm’s Indian arm decided not to proceed with the deal in October after agreeing to acquire Arcion Revitalization Pvt. for about 2 billion rupees ($24 million), said the people, who asked not to be identified as the information is private.
BUSINESS
Fallen tech darlings are value buys for Franklin Templeton
Initial public offerings of Indian internet firms boomed in 2021 thanks to pandemic-triggered easy-money policy and government efforts to foster startups.
BUSINESS
Samsung profit tumbles in historic drop on chip price falls
Operating profit fell to 4.3 trillion won ($3.4 billion) for the three months ended December, according to a company statement, missing the average estimate of 6.7 trillion won by analysts.
BUSINESS
All about ‘Kraken’ - the Covid variant XBB.1.5
Nicknamed the "kraken variant" by some, it surged through the nation and has now been identified in at least 28 other countries, according to the World Health Organization. Is it more dangerous? Does it spread more easily? And how will it affect China’s Covid outbreak?
BUSINESS
Saudi Arabia cuts oil prices for Asia and Europe as demand slows
Brent crude futures have slumped from almost $125 a barrel in June to less that $80, with prices dropping another 7.5% this week.
BUSINESS
Europe set for warmest January in years as gas crisis eases
Mild conditions are likely to persist across the region until the end of the month, with a strong weather front blocking out cold polar air, according to forecaster Maxar Technologies Inc.
BUSINESS
Mukesh Ambani driving $75 billion green bet as scions helm other Reliance units
The 65-year-old will oversee strategy, including the building of gigafactories and blue hydrogen facilities, will assess acquisition targets, and is talking to potential investors, the people said, asking not to be named as the information isn’t public.
BUSINESS
Tencent’s return to top 10 club shows China rebound bets soaring
The Chinese tech giant’s return to the group of biggest global companies also underscores the whipping US stocks have taken over the last year, primarily due to massive monetary tightening by the Federal Reserve.
BUSINESS
Salesforce plans to cut 10% of jobs after customers pull back
The company aims for the workforce restructuring to be substantially complete by the end of fiscal 2024, it said in a regulatory filing on Wednesday.
BUSINESS
Walmart gets $1 billion Tax Bill for PhonePe shift to India
Investors including Tiger Global Management have now purchased shares of PhonePe in India at the new price, leading to tax implications of roughly 80 billion rupees for existing shareholders, one of the people said.
BUSINESS
Citi trims India's current account gap forecast to 2.9% of GDP
“Key surprise came from the phenomenal growth in services exports in April-September, which goes beyond just software services,” he wrote in a report Wednesday.
BUSINESS
Dubai’s power lunch spot shifts to a four-day workweek
LPM Restaurant & Bar, formerly known as La Petite Maison, says servers, cooks and other staff members will take on longer shifts on two days and have three days off per week at both of its branches in the United Arab Emirates.
BUSINESS
Rupee bond sales set to halt as India upgrades platform
Starting Jan. 7, the Ministry of Corporate Affairs portal will be unavailable for companies to file a so-called PAS-3 form, or “return-of-allotment” form, as the administration migrates to a new version of its e-filing platform. The service will be unavailable until Jan. 22, according to a statement on the ministry’s website.
BUSINESS
Byju’s founder raising funds to buy back as much as 15% of firm
The former teacher is seeking funding to finance the stake repurchases — which could amount to as much as 15% of the firm — by using his shares as collateral, according to the people.
BUSINESS
Battered by Covid, China pauses chip spending plan
Instead, they’re seeking alternative ways to assist homegrown chipmakers, such as lowering the cost of semiconductor materials, the people said, asking not to be identified revealing sensitive negotiations.
BUSINESS
Jack Ma’s Ant wins approval for $1.5 billion capital plan
The China Banking and Insurance Regulatory Commission division in Chongqing green-lit the company’s plan to lift its capital to 18.5 billion yuan, according to a notice on Dec. 30.
