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.
MARKETS
Asian stocks drop, dollar slips amid wary trading
Stocks dropped in Japan, Australia and South Korea while futures for Hong Kong fell. Contracts for the S&P 500 and Nasdaq 100 rose after tumbling Friday, when Treasury yields climbed as year-ahead inflation expectations increased. US Yields fell slightly at the open in Asia
WORLD
Xi says China’s power has increased, warns of ‘dangerous storms’
The Chinese leader’s speech kicking off the congress is one of the party’s most important political declarations. It ran for almost two hours, considerably shorter than the last one in 2017, which lasted for more than three hours
POLICY
China’s Xi defends Covid Zero, Hong Kong policies at Congress
The Chinese leader spoke without a mask at a distance from the more than 2,340 delegates, including provincial leaders, top military figures, farmers and minority representatives, who wore facial coverings, aside from a handful top leaders
WORLD
Inside the bicycle’s conquest of Amsterdam
Dutch cycling is very social: Communication with fellow travelers, via eye contract and gestures and speech, is what allows riders to negotiate often-packed paths without incident. There’s no barking “on your left!” when passing; riders just flow silently past
ECONOMY
Biden brushes off risks of strong dollar on global economy
But with the Fed on track to continue lifting borrowing costs through the end of the year, Biden sought to deflect blame for the slowing global economy. On Saturday, he criticized UK Prime Minister Liz Truss’s tax-cutting plans for causing turmoil in markets, calling it a “mistake”
ECONOMY-ECONOMY
Soaring dollar leaves food piled up in ports as world hunger grows
Around the world, countries that rely on food imports are grappling with a destructive combination of high interest rates, a soaring dollar and elevated commodity prices, eroding their power to pay for goods that are typically priced in the greenback
BUSINESS
Rupert Murdoch wants to put his media empire back together again
Both Fox Corp and News Corp have set up special committees of independent directors to study a potential deal and evaluate possible terms
INDIA
India sells sugar in ‘golden opportunity’ on tight global market
Mills in the South Asian country, which vies with Brazil as the world’s top sugar producer, have so far contracted to export about 1.2 million tons and aim to ship as much as 8 million tons in the 2022-23 year, according to Rahil Shaikh, managing director of trading company Meir Commodities India Pvt.
BUSINESS
BofA strategists see more pain in store before stocks reach low
Thursday’s rally in US stocks after a hot inflation print resembled a “bear hug” amid oversold conditions, high cash levels and the lack of a credit event, strategists led by Michael Harnett wrote in a note.
BUSINESS
UAE royal’s firm plans to invest $10 billion in US, Europe
The group, chaired by United Arab Emirates National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan, sees this as an opportunity to offload some of its existing equity holdings, reduce its exposure to riskier assets and broaden its global portfolio, according to people familiar with the matter.
BUSINESS
Kanye West made Adidas billions, but he can also destroy it
Kanye West, now known as Ye, commands an almost fanatical following. Up until now, that has been part of the appeal for companies that have collaborated with him. If Ye puts his name on something, it will sell.
BUSINESS
Reliance said to be sole bidder for metro’s India business
Charoen Pokphand Group Co. is no longer actively in talks with Metro, leaving only Ambani’s Reliance to pursue the so-called cash-and-carry business, the people said, asking not to be identified as the information is private. A final decision could emerge as early as next month, one of the people said.
BUSINESS
Private bets shield world’s largest investors from market mayhem
The big question now looming over giants from China’s $1.2 trillion sovereign wealth fund to California’s public pension, the largest in the US, is how long those private bets will remain insulated as the economic outlook darkens.
BUSINESS
Russia sanctions spur buying frenzy for ice-breaking tankers
Some ice-class Aframax vessels have recently been sold at between $31 million and $34 million, double the price compared with a year earlier, said shipbrokers. The bids for tankers have been aggressive and most buyers are preferring to keep their identities secret, they added.
BUSINESS
Contamination report sparks Shanghai rush for bottled water
Shanghai took emergency measures to secure its water supply because contamination from the sea forced authorities to cut delivery from two key reservoirs temporarily, the Beijing-based Caixin Global reported Tuesday night, citing city officials.
WORLD
Hong Kong eyes property tax cut, visa moves to reverse covid brain drain
Chief Executive John Lee could include the measures in his maiden policy address later this month, according to people familiar with the matter, who asked not to be identified because the deliberations are private.
BUSINESS
Car-sharing platform Zoomcar to go public via SPAC deal
Zoomcar operates a marketplace for private vehicles, with owners making their cars available on the platform and users able to rent them by the hour, day, week or month. The company, whose headquarters are in Bangalore, operates in more than 50 cities in India, Indonesia, Vietnam and Egypt.
BUSINESS
Crypto hackers set for record year after looting over $3 billion
At least $718 million has been stolen so far in October alone, taking the gross tally for the year past $3 billion and putting 2022 on course to be a record for the total value hacked, according to blockchain specialist Chainalysis Inc.
BUSINESS
Joe Biden’s ‘slight’ recession would mean economic pain for millions
Economic contractions -- even modest ones -- traditionally lead to markedly higher unemployment as companies slash their payrolls by millions of workers in response to lower demand. That would undercut Biden, who has touted job growth to argue the economy is on strong footing despite decades-high inflation.
BUSINESS
Aluminum, producer stocks surge as US weighs Russia ban
Metal products from Russia have so far been shielded from sanctions due to their importance in everything from automobiles and skyscrapers to iPhones.
BUSINESS
Jefferies’s southeast Asia, India dealmaker Probir Rao to leave, sources say
Probir Rao will depart from the US investment bank next week, one of the people said, asking not to be identified as the information isn’t public. The Singapore-based managing director has been with Jefferies for more than 13 years, according to his LinkedIn profile.
BUSINESS
Elon Musk launches new ‘Burnt Hair’ perfume with fragrance of ‘repugnant desire’
Elon Musk announced the scent — called “Burnt Hair” and described as “the essence of repugnant desire” — in a tweet Tuesday, before changing his Twitter biography to “Perfume Salesman.”
