BUSINESS
Credit Suisse weighs new round of job cuts after loss warning
The Swiss bank is considering headcount reductions across divisions including investment banking and wealth management in different regions, said the people, who asked not to be identified as the matter is private.
BUSINESS
Ray Dalio says central banks to cut rates in 2024
“We believe that we are in a tightening mode that can cause corrections or downward moves to many financial assets,” Dalio, the founder of Bridgewater Associates LP, said in an interview with the newspaper.
BUSINESS
China approves more games in a step toward normalization
Shares of Tencent and Netease rose more than 3% on Wednesday, amid a broader surge in Chinese tech stocks. Live-streaming platform Kuaishou Technology jumped 5.8%.
BUSINESS
Angela Merkel warns of isolating Russia after Vladimir Putin’s ‘big mistake’
“There’s no excuse for this brutal aggression,” the 67-year-old said on Tuesday in an on-stage interview at a theater in central Berlin. While she has remained active behind the scenes, it was her first public appearance in front of a larger audience since leaving office in December.
BUSINESS
Elon Musk’s Twitter deal draws investor suit over spam account claims
John Solak, who owns five Twitter shares, sued the company in Delaware Chancery Court Tuesday for records related to discussions between its directors and executives about problems with so-called bot accounts.
BUSINESS
Plane crash mysteries spur renewed calls for cockpit cameras
The Boeing Co. 737 co-pilot’s frenzied warnings on Sept. 28, 2018 came too late. Within seconds, the Air Niugini Ltd. passenger flight slammed into the waters of the western Pacific, half a kilometer short of the runway at Chuuk in the Federated States of Micronesia.
BUSINESS
Airtel Africa, Others Receive Notice to Pay About $180 Million to Congo
According to persons familiar with the situation, the Democratic Republic of Congo has ordered mobile phone firms operating in the African country to pay a charge of almost $180 million every year.
BUSINESS
Gold’s haven appeal burnished by drumbeat of growth warnings
Gold may be heading for another rally, with warnings over a global economic slowdown paving the way for a fresh push toward $2,000 an ounce.
BUSINESS
'Stagflation' risk: World Bank dims outlook for global economy amid Russia war
The Washington-based lender reduced its estimate for global growth this year to 2.9% from a January prediction of 4.1%
BUSINESS
Goldman says Oil needs to rally further to solve market deficit
Brent crude will need to average $135 a barrel in the 12 months from July, up $10 from the bank’s previous forecast, for global inventories to normalize by late 2023, analysts including Damien Courvalin and Jeffrey Currie said in a note dated June 6. The global benchmark was trading at about $120 on Tuesday, and has risen more than 50% this year.
BUSINESS
Poor network, low speed plagues 92% of India mobile phone users
About 48% of 8,210 consumers surveyed by LocalCircles mentioned frequent disruptions to their mobile services due to poor network availability and 44% were disgruntled with low data speeds.
BUSINESS
Bain-backed $44 billion wealth manager is bullish on India REITs
IIFL Wealth Management Ltd. is recommending its clients allocate as much as 10% to the hybrid investments, co-founder and joint Chief Executive Officer Yatin Shah said in an interview.
BUSINESS
China shifting focus to Southeast Asia, Sri Lanka President Gotabaya Rajapaksa says
In an interview on Monday, Rajapaksa said that Sri Lanka couldn’t tap a $1.5 billion credit line from Beijing and has yet to hear back on his request to President Xi Jinping for a $1 billion loan to buy essential goods.
BUSINESS
Few market signs show a recession expected, Deutsche Bank says
Strategists Parag Thatte and Binky Chadha looked at a number of indicators including short interest, call volumes, sentiment and fund flows, among others, and found that many suggest investors are broadly expecting the Fed to manage its goal -- a so-called soft landing that doesn’t destroy growth.
BUSINESS
Commodities gauge soars to fresh record amid supply crunch
The Bloomberg Commodity Spot Index, which tracks prices for 23 raw materials, rose 1.9% Monday to its highest-ever level.
BUSINESS
Bain raises $2 billion in biggest Asia special situation pool
The second pool of cash is double the size of its first fund and the amount raised exceeded the $1.5 billion target, the Boston-based asset manager said.
BUSINESS
Sony says former CEO Nobuyuki Idei has died
Nobuyuki Idei , who joined the company in 1960 and served as CEO from 1998 to 2005, passed away June 2 in Tokyo, the company said in a statement.
BUSINESS
Apple unveils biggest MacBook Air redesign in over a decade
The company showcased the updated laptop Monday at its Worldwide Developers Conference, an event that’s otherwise focused on software updates for the iPhone and other devices.
BUSINESS
Singapore wants more people living inside its business districts
The city-state will continue to build so-called polycenters, or local business districts, in addition to the main central area, so more workers can stay closer to home, the Urban Redevelopment Authority said in a release of its long-term plan on Monday.
BUSINESS
Chips, shipping, fertilizer hint inflation may have peaked
A bellwether semiconductor price -- a barometer of costs of finished electronics products as diverse as laptops, dishwashers, LED bulbs, and medical devices delivered worldwide -- is now half its July 2018 peak and down 14% from the middle of last year.
BUSINESS
RBI’s rate hike is just a matter of how much: decision guide
The six-member Monetary Policy Committee will probably raise the benchmark interest rate by 40 basis points to 4.8% on Wednesday, according to the median in a Bloomberg survey of 37 economists.
BUSINESS
Property tycoons lose $65 billion after China curbs excesses
A Bloomberg Intelligence gauge of Chinese property stocks sank on Monday to a five-year low versus the Hang Seng China Enterprises Index.
BUSINESS
India in talks to increase Russian oil imports from Rosneft
State processors are collectively working on finalising and securing new six-month supply contracts for Russian crude to India, people with knowledge of the companies’ procurement plans told Bloomberg.
BUSINESS
Elliott seeks $456 million from LME over Nickel chaos
The suit was filed by two Elliott vehicles against the LME and its clearing house in the English High Court on June 1, according to a statement issued by Hong Kong Exchanges & Clearing Ltd., the parent company of the defendants.
