BUSINESS
Meta to cut headcount for first time, slash budgets across teams
In what would be the first major budget cut since the founding of Facebook in 2004, Zuckerberg said the company will freeze hiring and restructure some teams to trim expenses and realign priorities. Meta will likely be smaller in 2023 than it was this year, he said.
BUSINESS
German inflation hits double digits for first time in over 20 years
Consumer prices jumped 10.9% from a year ago in September, topping August’s 8.8% advance, the Federal Statistics Office said.
INDIA
India needs to invest $10 billion in battery cells for EV demand
Increasing cellmaking capacity is crucial for India to meet its demand for lithium-ion batteries, which will increase from 3 gigawatt-hour currently to 20 gigawatt-hour by 2030, Arthur D. Little estimates.
WORLD
Rate hikes fueling dollar’s strength is a big problem for the Fed
From the collapse in the British pound to Japan's once-in-a-generation market intervention, alarm in South Korea about its southbound currency and the worrying swoon in the Chinese yuan, the underlying driver is an epic rally in the dollar.
WORLD
Amazon’s latest devices push it deeper into wellness, cars
The lineup unveiled at the presentation includes a bedside device called Halo Rise and an upgraded array of Echo smart speakers, as well as a new Kindle and enhanced security technology from Amazon’s Ring division.
WORLD
China to host almost a third of the world’s new coal mines
Based on data from Global Energy Monitor, China had 559 million tons of proposed new coal mines at the start of the year, accounting for 29% of the global total, according to a note from Bloomberg Intelligence.
BUSINESS
India Eyes $550 Million Incentives to Draw Apple, Tablet Makers
The federal technology ministry has floated the revamped program to electronics industry executives for consultation, including payments that could exceed a half a billion dollars per company, people familiar with the matter said.
COMPANIES-2
TotalEnergies says it could trim its stake in Adani Green
The French energy giant bought 20% of Adani Green in 2021 for $2 billion, building on a series of previous deals with Indian billionaire Gautam Adani. That stake was worth about $10 billion at the end of August, according to TotalEnergies.
BUSINESS
India’s potash demand languishes as world reels from high prices
Potash consumption will probably fall to 3 million tons in the year through March 2023 from 5 million a year earlier, according to P.S. Gahlaut, managing director of Indian Potash Ltd., the country’s top importer of the crop nutrient. Farmers have been using less of it to grow crops like rice, wheat and sugar.
BUSINESS
World’s biggest Air-Conditioner maker doubles down on India
“The market has a huge potential,” said Kanwal Jeet Jawa, chief executive officer of Daikin’s India operations. “We see India as a market, post-Covid recovery, as the best among all the other markets in the world.”
BUSINESS
Oil tumbles as dollar hits record in fresh blow to commodities
West Texas Intermediate sank below $78 a barrel, dropping toward the lowest level since early January that was hit earlier this week.
BUSINESS
Xi Jinping makes first public appearance since returning from overseas
Xi, wearing a mask, visited an exhibition in Beijing on Tuesday about China’s achievements over the past decade, state-run news outlet Xinhua reported.
BUSINESS
Jaguar Land Rover to train 29,000 staff to work on electric cars
The British company said it would train 29,000 of its own employees as well as workers in franchised dealerships. A majority of the company’s retail technicians will be taught to repair and service electric vehicles during this financial year, JLR said in a statement Wednesday, adding that almost 10,000 of the workers are in the UK.
BUSINESS
Is Putin fully weaponizing the Nord Stream pipelines?
In a single day, the conduits, which link Russia with Germany under the Baltic Sea, have suffered not one, not two, but three separate major leaks. The word sabotage springs to mind.
BUSINESS
Jet Airways’ return to skies delayed with plane talks in limbo
The airline, once India’s top private carrier, can’t sell tickets in September because lenders are reluctant to allow it to take on any fresh liabilities such as an aircraft order, as per the report.
WORLD
Germany suspects sabotage hit Russia’s Nord Stream pipelines
According to a German security official, the evidence points to a violent act rather than a technical issue. Swedish seismologists detected two explosions in the area on Monday, when leaks appeared almost simultaneously in the Baltic Sea.
INDIA
Government may extend $18-billion free food grains scheme until December
The government may continue to provide free rice or wheat to about 800 million people until December as the food ministry has sought an extension
LUXURY-LIFESTYLE
Where to drink when you can’t get into the world’s 50 best bars
The World’s 50 Best Bars has released the 51 to 100 top places to drink around the world. It’s a run-up to the top 50, which will be announced on Oct. 4 at a ceremony in Barcelona, Spain.
WORLD
One of New York’s longest flight routes has a major wind problem
Two years of planning went into the new non-stop service from New York to Auckland which, at 17 hours and 35 minutes, is the world’s fourth-longest.
WORLD
Gundlach starts buying after worst US treasury rout in decades
While US 10-year yields have climbed about 235 basis points in 2022, exceeding any annual increase on record in data going back to 1962, there was some relief on Tuesday with the benchmark yield falling 10 basis points to 3.82%.
ECONOMY-2
No change In India’s policies for inclusion in bond indices
India’s bond market is the largest in the emerging world that’s not already included in global indexes.
BUSINESS
Goldman and BlackRock sour on stocks as recession risk rises
Flagging rising real yields as a major headwind, Goldman strategists cut equities to underweight in the US investment bank’s global allocation over the next three months while staying overweight cash.
BUSINESS
Trafigura warns of oil spikes as macro headwinds mask tightness
The loosening of China’s Covid Zero policy could result in a sharp rebound in oil consumption, prompting a rush for supplies that the market won’t be able to meet, said Saad Rahim, chief economist at Trafigura Group.
BUSINESS
Bridgestone supplier’s 190% rally in India faces slowdown risk
With no clear signs that the global macro economic situation will improve soon, demand for its products has waned in the July to September quarter as the company’s top customers stocked up on inventories and held back from fresh orders.
