BUSINESS
Elon Musk says China is in ‘recession of sorts’ due to property
“China is experiencing a recession of sorts” mostly in the property market, said Musk, the electric carmaker’s chief executive officer, during a third-quarter earnings call Wednesday US time. He was responding to a question about recent order intake trends, particularly in China, where Tesla has a major factory.
BUSINESS
Cash-for-Gold lender Muthoot Finance shuns new dollar debt
Muthoot Finance Ltd. is extending a trend in emerging Asia that’s dragged down bond issuance in the US currency to its lowest since 2015.
BUSINESS
China debates shorter Covid quarantine for inbound travelers
Bureaucrats are looking at cutting the quarantine period to two days in a hotel and then five days at home, said the people, asking not to be identified as the discussions are private.
BUSINESS
iPhone supplier warns smartphone demand will continue to fall
The company’s outlook has dimmed dramatically from a quarter ago, when it looked forward to a bounceback in Chinese demand after the end of Covid-19 lockdowns in major cities.
WORLD
How Hong Kong’s new expat visas stack up against Singapore’s
Singapore in August announced its own long-term work visas to ease a tight labor market, targeted toward foreigners earning S$360,000 ($253,530) annually.
BUSINESS
PAG-backed Edelweiss Wealth weighs $362 million debt fund
Edelweiss Crossover Yield Opportunities Fund will focus on lending to new age or high-growth companies in India that count private equity firms and venture capital funds as investors.
BUSINESS
Billionaire Mukesh Ambani buys the priciest Dubai villa for $163 million
Mukesh Ambani bought the Palm Jumeirah mansion last week for about $163 million from the family of Kuwaiti tycoon Mohammed Alshaya
BUSINESS
RBI’s currency intervention ends up hurting rupee carry trade
Its intervention in the spot and forward markets have helped pushed the 12-month implied yields on the rupee -- typically a reflection of interest rate differentials with the US -- to the lowest since 2011, eroding its appeal.
BUSINESS
The rise and fall and rise of Jeremy Hunt
There are no parallels in British history. The nearest comparison for Hunt is Mario Draghi, the former president of the European Central Bank who was parachuted into power in Italy 2020 when Giuseppe Conte’s government collapsed.
BUSINESS
Apple unveils upgraded iPads and lower-cost set-top TV box
The latest iPad Pro now sports the same M2 chip used in recent Mac computers, while the entry-level iPad is getting a fresh design and new charging port, the company said Tuesday in a series of online announcements.
BUSINESS
What economic clouds? Private aviation sees blue skies
Private-jet sales and flying activity have been robust since the pandemic hit in early 2020 and the wealthy eschewed commercial airliners.
BUSINESS
Microsoft layoffs won’t be the last for tech
Microsoft Corp. on Monday provided an omen of what’s to come, when it confirmed that it had cut jobs across multiple divisions including its Xbox unit, numbering under 1,000 people. That pullback follows news last week that Intel Corp. was planning thousands of job cuts in the face of a slump in PC sales.
BUSINESS
Renault, Nissan near landmark deal to reshape alliance
The pact would allow the French carmaker to proceed with a planned carve-out of its electric-vehicle business. Both sides are set to sign a non-binding agreement after details were largely finalized late last week, said the person, who asked not to be identified because the plans aren’t public.
BUSINESS
Air India plans to triple its fleet of 113 jets in five years
“The airline is in discussions with aircraft and engine manufacturers on procuring new aircraft,” Air India Chief Executive Campbell Wilson said in New Delhi Tuesday.
BUSINESS
Uday Kotak weighs $1 billion real estate fund
Abu Dhabi Investment Authority could chip about $500 million into the property fund, while Allianz SE could invest about $220 million
ECONOMY-ECONOMY
India policy hawk sees end of aggressive hikes amid growth fears
India, like others that joined the tightening trend relatively early, must balance the need to tame above-target inflation while supporting the economy in the face of a global recession risk and a Federal Reserve that remains aggressive
BUSINESS
Boeing offers 737 Max jets to Air India amid US-China trade tensions
The Indian carrier, which is overhauling its fleet under new owner Tata Group, is one of a number of potential customers for Boeing, which is in talks with lessors and other airlines, according to people familiar with the matter.
BUSINESS
Smartphone maker Lava eyes India venture with Chinese partner
The venture would aim to win contracts from the US and Chinese customers for research and development, design, and manufacturing of electronics products, according to a letter from Lava to India’s technology ministry seen by Bloomberg News.
BUSINESS
China’s economy needs to double in size to meet Xi Jinping’s ambitious plans
Xi said in his report to the Communist Party congress on Sunday that per-capita gross domestic product will take a “new, giant leap” to reach the level of a medium-developed country by 2035.
BUSINESS
Smartphone apps bury the case for a pan-Asian currency
The debt crisis in southern Europe — and the threat it posed to the single currency in the early part of the last decade — ended that pipe dream.
BUSINESS
Liz Truss's fate lies in new chancellor Jeremy Hunt's hands
Downing Street spokesmen and cabinet ministers had earlier lined up to declare that any move to abandon her unfunded tax cuts was unthinkable and capitulation unimaginable.
BUSINESS
Lachlan Murdoch would consolidate power in News Corp. deal
So far none of the Murdoch clan, which includes Rupert’s six children, have spoken publicly about the deal, which the companies acknowledged was in the works on Friday.
BUSINESS
Ola’s Bhavish Aggarwal doubles down on EVs to undercut Elon Musk
In his twenties, the founder of India’s largest ride-sharing company held off deep-pocketed rival Uber to remain the country’s top brand. Now, Aggarwal wants his Ola Electric Mobility Pvt Ltd to displace Elon Musk’s Tesla Inc and China’s BYD Co. as the industry leader for electric vehicles by carving out a niche in lower cost designs.
BUSINESS
Emerging markets hurt less as dollar’s wrath sinks rich nations
Whichever way one describes it, the relative resilience building up in emerging-market currencies over their advanced-nation peers has money managers sitting up and taking notice.
