BUSINESS
World's Most-Crucial Fuel Heads for Shortage Touching Everything
In the US alone, the surging diesel cost will mean a $100 billion hit to the economy, according to Mark Finley, an energy fellow at Rice University's Baker Institute of Public Policy.
BUSINESS
US, EU aim to hit back at non-market policies with eye on China
A reference by the EU to some of China’s market-impacting policies would represent a win for the US as Washington has been pushing the bloc to take a tougher stand on the issue.
BUSINESS
Tom Brady, Steph Curry FTX endorsements probed by Texas regulator
The regulator is scrutinizing payments received by the celebrities to endorse FTX US, along with what disclosures were made and how accessible they were to retail investors, Joe Rotunda, director of enforcement at the Texas State Securities Board, told Bloomberg News in an interview.
BUSINESS
India’s big plans for cleaner jet fuel face a string of hurdles
There -- on a sprawling 300 acre tea estate where leopards and deer can be spotted -- scientists are working with partners including Boeing Co. to get global approvals for their biofuel, which is made from waste cooking oil and the seeds of plants like pongamia and jatropha that aren’t consumed.
BUSINESS
Elon Musk fires more Twitter sales workers after ‘hardcore’ purge
Some of those who were fired started to receive notice on Sunday, according to two people familiar with the matter, though it’s unclear how many will be impacted in the current round. Platformer earlier reported the news.
BUSINESS
Bob Iger takes first steps to Disney in memo to staff
“Over the coming weeks, we will begin implementing organizational and operating changes within the company,” Iger said Monday in a memo. “It is my intention to restructure things in a way that honors and respects creativity as the heart and soul of who we are.”
BUSINESS
This KKR-backed startup is tapping PM Modi's decarbonisation drive
Prime Minister Narendra Modi is encouraging the gradual phase-out of fossil fuels after it set a target of getting to net zero by 2070.
BUSINESS
Mideast KFC operator Americana Restaurants looks to raise up to $1.8 billion via IPO
The books for the deal, a dual listing in Abu Dhabi and Riyadh, are multiple times covered and orders below 2.62 dirhams or 2.68 riyals per share risk not being allocated, according to the terms. At that price the company would have a market capitalization of $6 billion.
BUSINESS
Goldman Sachs strategists say bear market will last in 2023
The strategists estimate the S&P 500 will end 2023 at 4,000 index points -- just 0.9% higher than Friday’s close -- while Europe’s benchmark Stoxx Europe 600 will finish next year about 4% higher at 450 index points.
WORLD
China seals one of the biggest LNG deals ever with Qatar
Qatar Energy will send Sinopec 4 million tons of LNG a year starting in 2026, the state-controlled companies announced in a virtual ceremony on Monday.
BUSINESS
Goldman sees India’s growth slowing next year as tailwinds fade
Gross domestic product may expand by 5.9% in calendar year 2023 from an estimated 6.9% this year, Goldman economists led by Andrew Tilton wrote in a report Sunday.
BUSINESS
Goldman Sachs paid over $12 million to Bury Partner's claim of sexist culture
The bank settled with the departing partner two years ago, in a deal that kept secret her detailed account of senior executives making vulgar and dismissive comments about women, according to people with knowledge of the matter.
WORLD
Qatar’s tarnished World Cup is too big for brands to boycott
Qatar 2022 is arguably the most scrutinized World Cup in history, and executives are faced with a dilemma as pundits and politicians raise concerns over the host country.
BUSINESS
Humbled central bankers scale back their ambitions
US Federal Reserve Chair Jerome Powell acknowledged in June that “with the benefit of hindsight, clearly we did” underestimate inflation.
TRENDS
Gamers seek fame, riches in world’s next esports hub India
Unlike other gaming markets where play is console- or PC-based, Indian users access live-streams mainly via their mobile devices - thanks to cheap data.
WORLD
COP27 poised for deal after breakthrough on climate payments
In return Europe, pushed for tougher language on reducing emissions. After hours of wrangling with countries including China, Brazil and Saudi Arabia, changes were agreed to that part of the deal, putting a final text within reach.
WORLD
IMF chief says trade divide could cost global economy $1.4 trillion
For Asia, the potential loss could be twice as bad, or more than 3% of GDP, because the region is more integrated into the global value chain
BUSINESS
After FTX, crypto exchanges struggle to convince customers they’re safe
In a bid to retain investors Crypto firms are disclosing their assets, however investors remain jittery after FTX's crash.
BUSINESS
India, EU standoff over clearing houses to affect BNP to HSBC
The potential damage stems from the European Securities and Markets Authority’s move to withdraw recognition -- effective May 2023 -- to six Indian central counterparties after the Reserve Bank of India resisted ESMA’s request to be allowed to join the RBI in overseeing Indian transactions.
BUSINESS
Masayoshi Son now owes SoftBank $4.7 billion on side deals
Over the years, the Japanese billionaire’s controversial personal stakes in SoftBank’s investments drew fire from investors, who pointed to the mix of personal and company interests as a corporate governance concern.
BUSINESS
Tata Group plans to merge carriers under Air India, scrap Vistara brand
India’s largest conglomerate is considering scrapping the Vistara brand, which is Singapore Airlines Ltd’s local affiliate in the South Asian nation; Singapore Airlines is evaluating the size of the stake it should take in the combined entity.
BUSINESS
COP27 draft leaves out pledge to phase down all fossil fuels
The Egyptian presidency published the first draft of its so-called “cover decision” and largely kept last year’s pledge made at Glasgow to “accelerate measures towards the phase down of unabated coal power” and phase out fossil fuel subsidies.
BUSINESS
AI can make crypto safer for everyone
AI is relevant because it holds the potential for making crypto workable for the vast majority of Americans who do not wish to bother with the intricacies of a crypto wallet.
BUSINESS
China asks banks to report on liquidity after sudden bond slump
The unscheduled regulatory queries coincided with the biggest slump in China’s short-term government debt since mid-2020.
