BUSINESS
EKI Energy’s 10,000% rally plunges on shaky green claims
Soon after the IPO, the company’s shares shot up 10,000%, taking the valuation of the company from about $10 million to $1 billion.
WORLD
Joe Biden says unlikely rocket that hit Poland was fired from Russia
"It is unlikely... that it was fired from Russia," Biden told reporters in Bali, where he has been attending a G20 summit, citing the missile's trajectory.
BUSINESS
Paytm in focus as pre-IPO investor lock-in expires
This week, the lock-up period for the company’s stock will expire, freeing investors to sell shares that haven’t yet been allowed onto the market.
BUSINESS
Gen Z really does have it harder than millennials
A few months ago I saw a tweet from a professor who wrote that when he taught in Lebanon at the American University of Beirut, one of his students complained that her parents "have no idea how complicated and stressful the world has become."
BUSINESS
Qatar’s FIFA world cup is a win for globalization
No other sport comes close to soccer in its global reach. US football failed dismally in its attempt to cross the Atlantic. US baseball only extends to bits of Latin America and pockets of Asia.
BUSINESS
Kotak Mahindra Bank rules out CEO Uday Kotak’s son as boss
Jay Kotak, son of founder Uday Kotak who has led the business since establishing it in 1985, is not a contender for the role, according to KVS Manian, the firm’s whole-time director.
BUSINESS
Government considers plan to reduce short-term borrowing as yields surge
The government may avoid incremental borrowing via the bills and only borrow to meet its previous repayment needs in the next quarter, the people, asking not to be identified as they aren’t authorized to speak to the media, said. Another option is to cancel sales if the yields demanded by investors are too high, they said.
BUSINESS
Six of the top places to eat in Qatar for the 2022 FIFA world cup
In addition, celebrity chefs Alain Ducasse, Jean-Georges Vongerichten and the Peruvian ceviche expert Gastón Acurio have outposts in Qatar.
BUSINESS
FIFA hopes world cup fans want to buy metaverse merchandise
FIFA’s virtual universe is part of the soccer organization’s penchant for embracing the latest tech buzzword. In 2010, some matches were broadcast in 3-D. In 2018, it offered a virtual-reality experience. Now it’s the metaverse.
BUSINESS
Qatar world cup set to defy controversy and hit revenue high
The one-month tournament, which begins on Nov. 20, is on course to top the roughly $5.4 billion in revenue that the 2018 World Cup in Russia generated for football’s governing body, a person familiar with the matter said, asking not to be identified discussing confidential information.
BUSINESS
Nestle still bullish on plant protein despite dip in demand
Like the initial boom in craft beer, many investors piled into the faux meat market based on overly optimistic expectations of consumer uptake, Chief Technology Officer Stefan Palzer said in an interview Monday.
BUSINESS
How Elon Musk scored a $55 billion pay package that’s now under fire
Taking the stand Monday as the first witness in a trial over the propriety of paying Musk some $55 billion, Ira Ehrenpreis said the Tesla board recognized in 2017 that the chief executive officer was a “serial entrepreneur” and wanted to make sure he didn’t leave the company to pursue other interests.
BUSINESS
Elon Musk publicly punishes Twitter engineers who call him out online
In one case, Musk announced the firing in a tweet. In another, the former employee said he was fired after he openly rebuked Musk.
BUSINESS
Bitcoin miner expects ‘many more’ bankruptcies after FTX collapse
Bitcoin dropped as low as $15,804.76 on Monday and has lost nearly a quarter of its value since Nov. 5, shortly before FTX began to unravel.
BUSINESS
Joe Biden has ‘almost guaranteed’ Hydrogen’s future, Macquarie says
The law, which provides producers with tax credits of as much as $3 a kilogram, “almost guarantees that hydrogen will be an important energy vector going forward,” Kate Vidgen, head of industrial transition and clean fuels at Macquarie’s Green Investment Group, said in an interview on Bloomberg TV.
BUSINESS
Druckenmiller reloads on Amazon as family offices weather tumult
Duquesne continued to scale back its stake in Microsoft Corp., according to the firm’s 13F filing Monday. Other new positions include about $30 million of Sea Ltd., the maker of battle royale game Free Fire whose stock tumbled 75% this year through the third quarter, and $22 million of Meta Platforms Inc.
BUSINESS
World-beating India stocks cement haven status with new record
A return of foreign investors is bolstering the market, where the benchmark S&P BSE Sensex Index rose to an all-time high on Friday as risk assets rejoiced over a softer US inflation print.
BUSINESS
OPEC cuts oil demand outlook as it starts to curb production
Due to a weaker economic backdrop and China’s strict anti-Covid measures, the Organization of Petroleum Exporting Countries lowered estimates for the amount of crude it will need to pump this quarter by 520,000 barrels a day, following a similar-sized downgrade a month ago.
BUSINESS
The six biggest mistakes on your CV
Recruiters scan CVs for about seven seconds, according to James Reed, chairman of the recruitment service provider The Reed Group. Brief glances could decide who gets cut from the applicant list, and spelling mistakes are the easiest way to start trimming.
BUSINESS
Crypto exchange AAX halts withdrawals, says FTX put ‘immense pressure’ on industry
AAX is a relatively small crypto exchange: data from CoinGecko showed that trading volumes over the last month peaked at around $2 billion.
BUSINESS
Gulf KFC operator seeks up to $1.8 billion from Saudi, UAE IPO
The Public Investment Fund and Alabbar are selling 2.53 billion shares in Riyadh and Abu Dhabi in Americana Restaurants International Plc at 2.55 riyals ($0.68) to 2.68 riyals each, according to a statement on Monday. It’s set to be the biggest Saudi IPO this year and will value Americana at as much as $6 billion.
BUSINESS
Elon Musk says he’s working morning to night, seven days a week
The newly installed “Chief Twit” of Twitter Inc. beamed into the conference via video link. The comments come as Musk brings his unique brand of management to the social-media platform, firing close to 3,700 people just over a week ago.
BUSINESS
China plans property rescue as Xi jinping surprises with policy shifts
Financial regulators issued a 16-point plan to boost the real estate market on Friday, with measures that range from addressing developers’ liquidity crisis to loosening down-payment requirements for homebuyers, according to people familiar with the matter.
BUSINESS
India wants ‘phase down’ on all fossil fuels at COP27
Indian negotiators formally called on the Egyptian Presidency of climate talks for the expanded language to be included in the cover text, a political statement of how countries will seek to tackle the climate crisis, according to people familiar with the matter.
