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
BUSINESS
Sequoia-funded Zilingo, founded by Ankiti Bose, to liquidate after crisis
The liquidation process spells an end to a startup whose implosion and months-long battle for survival sent shock waves through Southeast Asia and India’s tech industries.
BUSINESS
What to watch for after India’s population overtakes China
India, with its predominantly young population, is on course to being the fastest-growing major economy in the coming years, while an aging China is expected to see slower growth after years of rapid expansion.
BUSINESS
Jamie Dimon says remote work ‘doesn’t work’ for younger staff, management
Dimon’s comments come amid an industrywide slowdown in finance and increasing signs of a recession, which has pushed big banks to slash bonuses, cut jobs and pause hiring.
BUSINESS
Air India’s mega deal with Airbus, Boeing held up over engine cost
Air India has spent months negotiating an order of about 400 narrowbody and 100 widebody jets that would allow the country’s flag carrier to upgrade service and reliability.
BUSINESS
Buzzing economic activity belies fears of a slowdown
Consumer spending boosted tax collection and manufacturers signaled optimism about the future, while services sector saw expansion of new businesses.
BUSINESS
Apple to expand smart-home lineup, taking on Amazon and Google
The push into smart displays will start with a tablet product — essentially a low-end iPad — that can control things like thermostats and lights, show video and handle FaceTime chats, people with knowledge of the plans said.
BUSINESS
Crypto firm Genesis is preparing to file for bankruptcy
The cryptocurrency lending unit of Digital Currency Group has been in confidential negotiations with various creditor groups amid a liquidity crunch. It has warned that it may need to file for bankruptcy if it fails to raise cash, Bloomberg previously reported.
BUSINESS
UBS Dubai taps Credit Suisse bankers to target wealthy Indians
Sanjay Advani and members of his team that serve non-resident Indians are set to join UBS in the coming months, people familiar with the matter said, asking not to be named because the information is private.
