BUSINESS
Activist investor Carl Icahn drops proxy fight over Kroger's pig policy
"I congratulate the McDonald's team on their victory in this proxy engagement and, after much contemplation, given the company's financial position, I believe the same outcome will result at Kroger," Icahn said in a letter he plans to send to the shareholders of both companies that was viewed by the Journal.
BUSINESS
Lifting tariffs on goods may make sense, US commerce chief says
“Steel and aluminum -- we’ve decided to keep some of those tariffs because we need to protect American workers and we need to protect our steel industry; it’s a matter of national security,” Gina Raimondo said in an interview Sunday on CNN’s “State of the Union.”
BUSINESS
Terra investors in India lost big. Now they face the taxman
Because the country’s tax system is punitive to crypto investing, TerraUSD and Luna token holders who got the new coin -- known as Luna 2.0 -- in a so-called airdrop face a double whammy.
BUSINESS
US recession is avoidable if Fed can ‘thread the needle’
While the danger of a downturn has risen as growth has slowed, most economists argue a contraction is unlikely in the immediate future, given the continued strength of the jobs market and the more than $2 trillion in excess cash on household balance sheets.
BUSINESS
Carmakers feel chip crisis easing as global growth slows
Mercedes Benz AG, Daimler Truck Holding AG, and BMW AG are among carmakers now getting enough of the high-tech components to produce at full capacity after experiencing crippling outages for months.
WORLD
Spotify podcasters are making $18,000 a month with nothing but white noise
While the top of the podcast charts on Spotify and Apple are still dominated by garrulous, jawboning hosts, these days you can also reliably find a smattering of white noise shows appearing in the mix.
BUSINESS
Elon Musk says Tesla may have ‘optimus’ robot prototype within months
Tesla AI Day pushed to Sept 30, as we may have an Optimus prototype working by then
BUSINESS
Larry Fink sees elevated inflation for years due to supply shocks
“It’s been aggravated by Covid and lockdowns in different parts of the world,” Fink, 69, said Thursday in a wide-ranging interview on “The Close” on Bloomberg Television. “It’s more supply driven.”
BUSINESS
KKR veteran hunts for India’s startup stars with new fund
Sorin Investment Management, whose name comes from Romanian word for sun, has raised $125 million from investors including family offices of Nayar and the Banga family of Caravel Group, Nayar said in an interview in Mumbai on Wednesday.
BUSINESS
Top tech dealmaker warns China’s VC winter is far from over
Investors in private equity and venture capital funds, known as limited partners, are becoming a lot more selective before committing capital, Bao Fan, founder of China Renaissance Holdings, told Bloomberg News in Hong Kong.
BUSINESS
Stock market’s riskiest fringes rally despite warning signals
Microsoft Corp., America’s second-largest company, cut its profit view. A top Goldman Sachs executive warned that unprecedented economic shocks are on the way. And a Federal Reserve official offered a fresh dose of hawkish commentary. But the riskiest US shares still climbed.
BUSINESS
OPEC+ agrees on bigger oil-production hikes for coming months
Ministers agreed on Thursday that the group should add 648,000 barrels a day of oil to the market in July and August, up from 432,000 barrels a day in recent months, delegates said, asking not to be named because the discussions were private.
BUSINESS
Tomatoes are the next big risk to Modi’s fight against inflation
Tomatoes, potatoes and onions form the holy trinity of Indian cooking, where they’re often mixed with spices to form the base for curries, such as chicken tikka masala.
BUSINESS
Weird and wonderful queen’s jubilee celebrations, explained
Labour Party leader Keir Starmer said the Jubilee is a “a chance for the country to let its hair down after a difficult few years.”
BUSINESS
World’s biggest truck manufacturer says chip crunch easing
After months of factory outages due to the component shortfalls, the order backlog is keeping factories busy even as the global economy shows signs of sputtering, Karin Radstrom, who also leads the truckmaker’s business in Europe and South America, said in an interview.
WORLD
If Watergate happened today, would Richard Nixon have survived?
The 50th anniversary of the Watergate arrests is approaching: The first break-in at Democratic National Committee headquarters was on May 28, 1972, but the botched return on June 17 produced arrests and eventually brought Richard Nixon’s presidency to a premature end on August 8, 1974.
BUSINESS
Sheryl Sandberg is leaving Facebook at a perilous moment
There were also rumors, according to a person close to the company, of tensions with Zuckerberg and of rival factions forming on their executive and PR teams.
BUSINESS
China to drag global smartphone market down this year, IDC says
The world’s biggest smartphone market is expected to shrink by 38 million units this year, down 11.5% on 2021 and accounting for about four-fifths of the global reduction in shipment volume.
BUSINESS
Sheryl Sandberg’s advertising empire leaves a complicated legacy
As an advertising head at Google in the mid-2000s, and as chief operating officer at Facebook for 14 years until her resignation Wednesday, Sandberg oversaw a period during which the internet services ballooned to colossal sizes, fed by a seemingly endless fountain of advertising revenue.
BUSINESS
Toshiba reveals buyout bids as privatization odds increase
The Tokyo-based company outlined the number of non-binding offers received in a statement Thursday, without disclosing the bidders. It will evaluate the proposals and choose one or more of them to pursue, as soon as possible after the annual shareholder meeting scheduled for June 28.
BUSINESS
JPMorgan’s Marko Kolanovic sees sunny stocks as Jamie Dimon braces for storm
“We remain positive on risky assets due to near record-low positioning, bearish sentiment, and our view that there will be no recession given supports from US consumers, global post-COVID reopening, and China stimulus and recovery,” Kolanovic and his team wrote in a note to clients on Wednesday.
BUSINESS
Carlyle CEO Kewsong Lee warns ‘momentum trade is gone’ as markets teeter
“That whole momentum trade is gone,” Lee said Wednesday as part of a panel during a benefit lunch for the Museum of the City of New York. “We’re back to fundamentals, we’re back to real growth and I think that’s healthy.”
BUSINESS
Delhivery CEO Sahil Barua navigates market meltdown in ‘nerve-wracking’ IPO
The IPO last week came only after months of discussions with potential investors and investment bankers, Barua said. Executives paid multiple visits to would-be backers to explain the business models and numbers at the company, which is based in Gurgaon in the suburbs of New Delhi.
BUSINESS
Trillions at stake in India as women disappear from workforce
So in 2019, Bhuniya snuck out of her isolated village in eastern India. She took a train hundreds of miles south to the city of Bengaluru and found work in a garment factory earning $120 a month. The job liberated her. “I ran away,” she said. “That’s the only way I was able to go.”
