BUSINESS
Google to slow down hiring; read alphabet CEO Sundar Pichai’s memo
Sundar Pichai said the company will focus on hiring “engineering, technical and other critical roles,” in 2022 and 2023, according to a copy of the email viewed by Bloomberg News.
BUSINESS
Twitter lawyers say they can prevail over Elon Musk in just four days
Lawyers for the San Francisco-based company say they need only four days in Delaware Chancery Court to prove that the world’s richest man should be forced to honor his agreement and pay $54.20 a share for Twitter. The company hopes to start the non-jury case on Sept. 19.
BUSINESS
Fed’s Thomas Barkin open to raising rates by 50 or 75 bps in July
The consumer price index for June will be released on Wednesday. It is expected to show an 8.8% increase from a year earlier, marking the largest jump since 1981, according to the median forecast in a Bloomberg survey.
BUSINESS
Treasury curve inversion deepens to level not seen since 2007
The yield on the benchmark 10-year Treasury note dropped as much as 12.4 basis points below the 2-year rate, eclipsing the 9.5-basis-point gap reached in early April.
BUSINESS
China’s plunging markets flash fresh warning signs on economy
The Hang Seng China Enterprises Index of stocks has lost almost 9% since June 28 as a new Covid subvariant threatens to paralyze factories, dampen consumer spending and hurt construction activity.
BUSINESS
Monetary policy won’t sacrifice growth too much in fight against inflation, says RBI
India’s government has projected the economy to expand as much as 8.5% in the year to March 2023, while the central bank sees growth at 7.2% during the same period.
BUSINESS
RBI Governor says will ensure orderly movement in rupee
The rupee’s tumble to a succession of record lows is sparking fears of a deeper sell-off and pitting the central bank against analysts and strategists who are predicting further losses.
BUSINESS
Temasek Turns Cautious on Outlook, Sees More Market Declines
The $287 billion firm said it will slow its pace of investments and take a cautious stance given the likelihood of a recession in developed markets. Temasek said the risk of a mild recession in the US into 2023 has risen due to tighter financial conditions and geopolitical uncertainty. China meanwhile faces “challenges” meeting its 2022 growth target of 5.5%.
BUSINESS
The global energy crisis may get worse, IEA’s Fatih Birol warns
“The world has never witnessed such a major energy crisis in terms of its depth and its complexity,” IEA Executive Director Fatih Birol said Tuesday at a global energy forum in Sydney. “We might not have seen the worst of it yet -- this is affecting the entire world.”
BUSINESS
BlackRock warns against dip buying as high-volatility era dawns
Russia’s grinding war in Ukraine and supply bottlenecks from labor shortages will keep the pace of price growth elevated. Central banks will tighten policy until the economic pain forces them to shift direction and live with inflation. Constrained by the “hyper-politicization of everything,” policy makers will struggle to tackle the fallout.
BUSINESS
Gap CEO Sonia Syngal fired after failing to rescue struggling retailer
Chairman Bob Martin is taking over immediately as CEO on an interim basis, according to a statement.
BUSINESS
Byju’s struggles to close $800 million funding as investors balk
Investors including Sumeru Ventures and little-known firm Oxshott haven’t transferred about $250 million of the targeted amount because of “macroeconomic reasons,” a Byju’s spokeswoman said Monday without elaborating.
WORLD
The Fuel Thefts of Mexico Are Getting Worse Again
Four months into his presidency, Andrés Manuel López Obrador walked up to a podium at Mexico’s national palace and declared victory against the hordes of thieves that had been siphoning millions of gallons of gasoline a day from government-run pipelines for years.
WORLD
Shooting of Shinzo Abe Shocks Japan Where Guns Are Rare
The blast that felled former leader Shinzo Abe on Friday -- with a homemade shotgun, according to reports -- happened while he was campaigning on behalf of the ruling Liberal Democratic Party in Nara, a city east of Osaka.
TECHNOLOGY
TikTok Co-Founder Quits ByteDance After Edtech Experiment Flop
One of TikTok’s original creators has left its Chinese parent company ByteDance Ltd. after Beijing’s year-long regulatory crackdown scuppered an expansion into gaming and education.
BUSINESS
Musk backs out of $44 billion Twitter deal over bot accounts
The pullout marks a dramatic turn in a half-year saga that began with Musk building up an equity stake, lining up an elaborate financing plan and then striking a deal in April
BUSINESS
Shooting of Japan’s Ex-Leader shocks nation where guns are rare
The blast that felled former leader Shinzo Abe on Friday -- with a homemade shotgun, according to reports -- happened while he was campaigning on behalf of the ruling Liberal Democratic Party in Nara, a city east of Osaka.
BUSINESS
Shinzo Abe shooting raises policy doubts from analysts as Yen gains
The yen gained with Treasuries, with the currency rising as much as 0.5% as details filtered through about the shocking attack at a political event in the western city of Nara. Abe is seen by many as a key supporter of BOJ Governor Haruhiko Kuroda’s policy, which has weighed on the yen all year.
BUSINESS
Rupee’s slide pits RBI against market full of bears
The currency has already dropped more than 6% this year, putting it on the threshold of 80 per dollar for the first time, as fears of a global recession and spiraling oil prices fuel outflows and deficits.
BUSINESS
Fed hawks back 75 basis-point July hike, still see soft landing
Governor Christopher Waller and James Bullard, president of the St. Louis Fed, both stressed the need to get policy into restrictive territory to confront the hottest price pressures in 40 years, even if this meant slowing growth. Both are voting members of the Federal Open Market Committee this year.
ECONOMY
Rupee’s slide pits central bank against a market full of bears
The currency has dropped more than 6 percent this year, putting it on the threshold of 80 per dollar for the first time, as fears of a global recession and spiraling oil prices fuel outflows and deficits
BUSINESS
Elon Musk’s $44 billion Twitter deal in ‘serious jeopardy’
Twitter has repeatedly said that spam bots represent less than 5% of its total user base. Musk, meanwhile, has complained that the number is much higher, and has threatened to walk away from his agreement to buy the company for $44 billion until he gets confirmation about Twitter’s bot percentage.
WORLD
SoftBank’s Rajeev Misra to Step Back to Launch New Fund
Misra will keep role with first $100 billion Vision Fund. Decision to step back completes hollowing out of senior ranks
WORLD
Boris Johnson Odds: Who Are the Front-Runners to Replace UK PM?
British newspaper front pages on Wednesday described Johnson’s reign as “on the brink” and “hanging by a thread.” Online betting markets suggest the prime minister will be replaced in 2022, with Paddy Power Plc only paying out £1 ($1.20) for every £10 placed on Johnson’s departure before the end of the year.
