WORLD
What to watch out for in the world economy this week
All economists surveyed by Bloomberg predict a new all-time high for consumer-price increases. The median forecast is 9.7 percent, with four predicting a double-digit outcome.
BUSINESS
China security official gets life imprisonment as Xi Jinping crushes ‘political clique’
Former Vice Public Security Minister Sun Lijun, 53, was given a suspended death sentence with no possibility of parole by a court in Changchun city, Jilin province, state broadcaster China Central Television reported. He was found guilty of taking 646 million yuan ($91 million) of bribes, as well as stock manipulation and illegal gun possession, the report said.
BUSINESS
Citigroup sets India as high priority market amid China risks
India presents “very clear” opportunities, said Manolo Falco, the global co-head of Banking, Capital markets and Advisory, in an interview in Mumbai. The New York-based lender expects initial public offerings in India to pick up next year as well as inbound deals in renewable energy and infrastructure, he said.
BUSINESS
It’s every nation for itself as dollar batters global currencies
Fueled by hawkish Federal Reserve policy, US economic strength and investors in search of a haven from market swoons, the greenback is surging relentlessly against counterparts big and small by the most in decades.
BUSINESS
Look inside the $1 billion sale of Paul Allen’s art collection
On Wednesday evening, Christie’s announced highlights from the late Microsoft co-founder Paul Allen’s estate, whose roughly 150 artworks are anticipated to bring in more than $1 billion. Allen died in 2018.
BUSINESS
India may boost coal power fleet 25% by 2030 amid rising demand
The world’s third-biggest emitter of greenhouse gases will add nearly 56 gigawatts of coal power capacity unless there’s a substantial drop in the cost of storing electricity, Power Minister Raj Kumar Singh said in an interview this week in New Delhi.
BUSINESS
World’s second-biggest fortune fails to halt rout in Adani bonds
Stocks of firms in his Indian business empire -- spanning ports to gas distribution and coal mining -- have jumped in part on soaring energy prices.
BUSINESS
Jerome Powell signals recession may be price to pay for crushing inflation
Policy makers, criticized for being too late to realize the scale of the US inflation problem, are moving aggressively to catch up.
BUSINESS
A decision tree for Joe Biden if Vladimir Putin goes nuclear
For Putin, nuclear escalation wouldn’t be a way of snatching victory from the jaws of defeat, but of snatching survival — political or even physical — from the maw of oblivion.
BUSINESS
Bank of England is set to raise rates and start asset sales
Economists expect the UK central bank to lift its benchmark lending rate a half percentage point to 2.25% and confirm plans to sell more of the £895 billion of bonds acquired during the quantitative-easing program. Investors see a strong chance of a three-quarter-point increase.
BUSINESS
Fed splits the difference on labor market pain
On a day when it raised interest rates by 0.75 percentage point to a range of 3% to 3.25%, the Fed also released economic projections showing that its median forecast for unemployment is 4.4% by the end of 2023, up from the current 3.7%, meaning more than a million fewer jobs as a result of its campaign.
BUSINESS
Kittyhawk, Larry Page’s flying-car company, will shut down
“We have made the decision to wind down Kittyhawk,” the company said on Twitter. “We’re still working on the details of what’s next.”
BUSINESS
Fed delivers third-straight big hike, sees more increases ahead
The decision, which was unanimous, takes the target range for the benchmark federal funds rate to 3% to 3.25% -- the highest level since before the 2008 financial crisis
BUSINESS
Meta gains on report social-media giant to cut costs at least 10%
The report suggests Meta has gotten more aggressive in its efforts to cut costs. Meta has already said it would slow down hiring and reprioritize key projects and initiatives.
BUSINESS
Mark Zuckerberg’s $71 billion wealth wipeout puts focus on Meta’s woes
It was less than two years ago when Zuckerberg, 38, was worth $106 billion and among an elite group of global billionaires, with only Jeff Bezos and Bill Gates commanding bigger fortunes.
BUSINESS
Qualcomm-backed Drone maker weighs $125 million India IPO, sources say
The company is working with financial advisers on the potential listing, which could happen in the first quarter of 2023, the people said. The Mumbai-based firm is seeking a valuation of about $700 million in the share sale, which could mostly consist of new shares, the people said.
BUSINESS
China losing appeal as European firms rethink future investments
Recent Chinese policy decisions mean the country is now seen as “less predictable, less reliable and less efficient” according to the report published Wednesday by the European Union Chamber of Commerce in China.
BUSINESS
Rio Tinto CEO Jakob Stausholm says copper outlook ‘challenged’ in near term
“The short-term outlook might look a little bit challenged,” Rio Tinto Plc Chief Executive Officer Jakob Stausholm said in an interview at Bloomberg Headquarters in New York.
BUSINESS
Adani Group pledges stake worth $13 billion in ACC, Ambuja Cements
The pledge comes as the tycoon’s ambitious dealmaking in an array of new sectors from green energy to media raises concerns over the high level of debt across the Adani group.
BUSINESS
Morgan Stanley pays $35 million SEC fine over data security
The bank improperly disposed of thousands of devices and some were auctioned off online without checking that customer data they contained had been deleted, according to the SEC
BUSINESS
Fate of world’s biggest free food program rests in PM Modi’s hands
PM Modi’s been giving away 5 kilograms of wheat or rice every month to 80 crore Indians since April 2020 in a program worth about 1.5 trillion rupees annually. The plan, which was started during the pandemic to supplement the nation’s longstanding sales of subsidized grain, is set to expire at end-September.
BUSINESS
Tom Cruise, Sandra Bullock say paramount is cheating them out of millions
But not everyone is celebrating. Many of the stars and producers of these movies, including Tom Cruise, Sandra Bullock and the creators of “Jackass,” believe they are going to miss out on millions of dollars because of a deal between Paramount and the cable channel Epix.
BUSINESS
Tycoon's wild $3 billion gamble on ‘China's LVMH’ crashes
Based in the hometown of Confucius, Chairman Qiu Yafu spent more than $3 billion snapping up assets from the boulevards of Paris to the heart of London tailoring on Savile Row.
BUSINESS
Vessel shortage makes soaring shipping costs a new energy threat
Ships are carrying liquefied natural gas, diesel and crude to Europe from further away than usual to replace Russian energy supplies, as the conflict in Ukraine shows no sign of ending.
