MARKETS
Stock strategists predict Asia market rally after a terrible 2022
Although none of the survey participants see Asian stocks dropping next year, there was a wide dispersion in forecasts — from flat returns to a 15 percent jump — underscoring caution over global recession risks and a rocky China reopening
POLITICS
Imran Khan to dissolve two assemblies on December 23 to push for polls
The government will have to hold elections for the provincial assemblies in 90 days and Khan’s party wants to secure a two-thirds majority in the provinces for five years
CRYPTOCURRENCY
Binance, alone at the top after FTX, stirs ‘too big to fail’ crypto worry
The death spiral of Sam Bankman-Fried’s empire bolsters the dominance of Changpeng Zhao’s exchange and amps up potential dangers for the entire sector.
BUSINESS
How a cocaine-smuggling cartel infiltrated the world’s biggest shipping company
The crime was so big and brazen that authorities made the exceptional decision to seize not just the cocaine but also the Gayane itself, a 1,000-foot-long ship worth more than $100 million.
BUSINESS
Reviewing 2022: The year London lost its markets crown
In total, about £550 billion ($672 billion) of market value has been shaved off indexes tracking locally-exposed shares and bonds
COMPANIES
Musk seeks new Twitter investors at same price he paid
The managing director of the billionaire’s family office, Jared Birchall, has been reaching out to potential backers this week, news site Semafor reported
BUSINESS
Goldman Sachs considers eliminating as many as 4,000 jobs
Top managers have been asked to identify potential cost-reduction targets, and no final job-cut number has been determined, the person said, asking not to be identified discussing internal deliberations.
BUSINESS
Surprise corporate actions by Indian tech darlings spur scrutiny
First it was FSN E-Commerce Ventures Pvt., the owner of beauty e-retailer Nykaa, which announced a bonus share issue to coincide with the expiry of an IPO lockup on key investors in November that risked extending the stock’s slump.
BUSINESS
Dubai’s Kanoo group sees opportunities to invest in India, China
The family-owned company, with interests spanning shipping, real estate, financial services and energy, sees potential in sectors including artificial intelligence and clean energy, Kanoo said in an interview with Bloomberg TV on Friday. “Each country has a different industry that they are really good at.”
BUSINESS
India is turning toward free trade, for some
The good news is that the government may be undergoing a change of heart ahead of next year’s budget — or, at least, it may not be quite as willing to revel in protectionism as before. The bad news for US companies is that their own government’s inward turn may still hold them back in India.
BUSINESS
The Fed’s soft landing might still be possible
The central bank’s new projections show slightly less growth, more unemployment and higher inflation in 2023 than its last announcement suggested, together with a predicted “terminal rate” — or the point where policymakers expect to stop hiking — at just over 5%, slightly above its previous estimate.
BUSINESS
Boeing closes in on large 737 max order from Tata’s Air India
The final deal is expected to include 40 to 50 Max aircraft that were built for Chinese carriers but never delivered due to an extended grounding of the US jet and heightened trade tensions, some of the people said, asking not to be identified because the discussions are confidential.
BUSINESS
Stocks bulls losing support as $4 trillion of options set to expire
An estimated $4 trillion of options is expected to expire Friday in a monthly event that in tends to add turbulence to the trading day.
BUSINESS
Listings of small, medium companies to keep primary market abuzz in 2023
Several of the country’s major startups shed billions of dollars in value since their listing as concerns over high valuations and rising interest rates globally dented demand for technology stocks.
BUSINESS
China’s Covid death toll could near 1 million, study shows
In the absence of a mass vaccination booster campaign and other measures to reduce the impact of the virus, some 684 people per million would die in a nationwide reopening, according to the report, which was co-authored by Gabriel Leung, the former dean of medicine at the University of Hong Kong.
BUSINESS
India’s trade deficit with China a big worry, says Emkay’s Madhavi Arora
This is the “bigger worry” and something “that Modi has to take care of as we go ahead,” Arora said in an interview on Thursday with Bloomberg Television’s Haslinda Amin and David Ingles.
BUSINESS
Elon Musk sells $3.6 billion worth of his take in Tesla
Tesla’s chief executive officer sold almost 22 million shares of the electric-car maker for $3.58 billion, a filing showed late Wednesday in the US. The transactions happened between Dec. 12 and Dec. 14.
BUSINESS
Guggenheim’s Scott Minerd warns of ‘another shoe to drop’ in FTX fallout
“The reason is this is just like any number of periods where we had easy money and a lot of speculation; the weakest players fall first. Crypto was obviously something that is crazy.”
BUSINESS
Bill Ackman says Fed’s 2% inflation target ‘no longer credible’
The Pershing Square Capital Management founder added that a targeted inflation of around 3% would be a better strategy for long term growth.
BUSINESS
Bond traders dismiss Fed’s hawkish tone, bet on 2023 rate cuts
The policy sensitive two-year Treasury yield initially surged after the Fed’s quarterly forecasts released Wednesday showed officials expect the central bank to raise its key rate to over 5% in 2023, according to the median estimate of policy makers. That’s well above what futures traders are pricing in.
BUSINESS
This is the world’s biggest stock winner of 2022 with 1,600% gain
Shares of PT Adaro Minerals Indonesia have moved sideways since sliding from a peak in April, but are still handsomely beating peers in the 2,803-member Bloomberg World Index — delivering more than double the returns of runner-up Turkish Airlines.
BUSINESS
Billionaire Anil Agarwal struggles to get backers for $19 billion chip plant
The tycoon had announced in September that his Volcan group had joined forces with Hon Hai Precision Industry Co., the assembler of most of the world’s iPhones, to build a chipmaking facility in the state of Gujarat.
BUSINESS
Another crispr first: New treatment wipes out teen's cancer
It’s a wonderful first application of the technology, which allows scientists to make precise, single-letter changes to DNA. And while it’s still very early days for base editing — the first tool was discovered just six years ago — it’s stunning to watch how quickly new inventions are moving from the lab into potential cures.
BUSINESS
Singapore’s canary wharf is running out of office space
In the first half of next year, the government will offer the biggest land parcel it has sold since 2016 for office construction.
