BUSINESS
World’s top enabler of Financial Secrecy is the United States
That’s according to research by the Tax Justice Network, which ranked countries by the extent their financial and legal systems help people and entities conceal ownership of assets.
BUSINESS
Warren Buffett exits Wells Fargo stake, ending decades-long bet on bank
The billionaire investor ended his long-running bet on Wells Fargo during the first quarter, according to a filing Monday from his Berkshire Hathaway Inc. Berkshire also reported new stakes in banking giant Citigroup Inc. and in auto lender Ally Financial Inc.
BUSINESS
Elon Musk sees US as ‘probably’ in recession lasting up to 18 months
“These things pass and then there will be boom times again,” Musk told the All-In Summit in Miami Beach, according to a live-streamed video of his remarks posted by a Twitter user. “It’ll probably be some tough-going for, I don’t know, a year, maybe 12-18 months.”
WORLD
Sri Lanka stumbles towards its first default on foreign debt
The island nation could be formally declared in default if it fails to make an interest payment to bondholders before Wednesday, when the 30-day grace period for missed coupons on dollar bonds ends. That would mark its first default.
BUSINESS
Sri Lanka crisis | Govt plans to sell national airline to check losses
The government proposes to privatise Sri Lankan Airlines, Prime Minister Ranil Wickremesinghe said in a televised address to the nation Monday.
BUSINESS
$11 trillion and counting: Global stock slump may not be over
The selloff in the MSCI ACWI Index has dramatically lowered valuations of companies across the US and Europe, but strategists ranging from Michael Wilson at Morgan Stanley to Robert Buckland at Citigroup Inc. expect stocks to fall further amid worries of high inflation, hawkish central banks and slowing economic growth, especially in the US.
BUSINESS
China to limit ‘excessive’ incentives for bankers in pay curbs
Incentives and short-term rewards that are too big will trigger compliance risks, according to recent guidelines published by the Securities Association of China.
BUSINESS
Goldman’s Lloyd Blankfein says US at 'very, very high risk' of recession
“If I were running a big company, I would be very prepared for it,” Blankfein said on CBS’s “Face the Nation” on Sunday. “If I was a consumer, I’d be prepared for it.”
BUSINESS
Wheat soars in risk to food inflation as India restricts exports
The government will suspend overseas sales to manage its food security, according to a notification dated May 13. This drew criticism from the agriculture ministers of the Group of Seven nations, who said that such measures make the world’s crisis worse.
BUSINESS
Apollo makes $1 billion bet on Indian property with lending plan
That’s up from the $750 million that Apollo lent to Indian developers last year, with two-thirds of that sum directed to residential projects, according to Nipun Sahni, a partner at the private equity firm. About 70% of this year’s lending will go to home builders and the rest to commercial developers.
WORLD
$11 trillion and counting: Global stock slump may not be over
Historically significant technical levels for the S&P 500 show the index has room to fall nearly 14% more before hitting key support levels, while the share of companies that have so far hit a one-year low is still a far cry from the number during the economic growth scare that slammed stocks in 2018.
BUSINESS
Dollar’s strength pushes world economy deeper into slowdown
A closely watched gauge of the greenback has risen 7% since January to a two-year high as the Federal Reserve embarks on an aggressive series of interest-rate increases to curb inflation and investors have bought dollars as a haven amid economic uncertainty.
BUSINESS
LIC debut today: Faith of millions of small investors put to test
Headquartered in Mumbai, LIC is a household name in India, with 2,000 branches, more than 100,000 employees and 286 million policies. The 65-year-old firm has almost $500 billion in assets, 250 million policy holders and makes up almost two-thirds of the market.
MARKETS
Crazy markets are shredding Wall Street stock and bond forecasts
Back in January, stock strategists known for their enduring optimism expected the S&P 500 to add 5% in 2022. Down 2.4% for a sixth straight weekly decline, the index plunged as much as 19.5% on Thursday from its record.
BUSINESS
The investing party may be over, but markets might make sense again
After all, history reveals periods of intense Wall Street fear are ultimately good buying opportunities, a pattern that’s duly nurtured a generation of investors primed to “buy the dip” during major equity and credit market routs.
BUSINESS
Investors are doubling down on Copper, Cobalt mines in Zambia & Congo
Straddling the border of Zambia and the Democratic Republic of Congo, a vast forested area roughly the size of Portugal contains one of the world’s richest caches of minerals: copper for wires and cables, and cobalt for rechargeable batteries.
BUSINESS
Govt raises $2.7 billion as LIC prices IPO at Rs 949; listing next week
Life Insurance Corporation of India shares have been priced at 949 rupees each, the state-run firm said in a prospectus filed Friday. LIC shares were offered at 902 rupees to 949 rupees apiece. Trading on the stock exchange is due to begin May 17.
INDIA
Food and Fertilizers: Human Waste Could Supply the Nutrients Farmers Need
Human waste could be a huge source of agricultural nutrients as the costs of synthetics soar. All it would take are improvements in sewage treatment and some big changes in attitudes.
BUSINESS
Crypto exchange Coinbase is down 77% YTD: Why is Wall Street still bullish?
The crypto exchange is down nearly 77% so far this year, trading far below its first-day closing price of $328.28 last April. But analysts still broadly recommend the stock, despite its weaker-than-expected first-quarter earnings report.
BUSINESS
Twitter to freeze hiring, rescind offers ahead of Musk deal
Some exceptions will be made for business-critical roles, as determined by Twitter leadership.
BUSINESS
Byju’s said to be in talks with lenders for $1 billion funding
The Bangalore-based market leader is in talks with banks, including Morgan Stanley and JPMorgan Chase & Co., for the funding to acquire another edtech company, the people said, asking not to be named as the information is not public.
BUSINESS
Pimco saw $14 billion outflows amid bond selloff
The outflows contributed to a 4.5% drop in outside money overseen at Allianz SE’s asset management business in the first quarter, the Munich-based insurer said in a statement Thursday.
BUSINESS
Saudi Aramco becomes world’s most valuable stock as Apple drops
Aramco traded near its highest level on record on Wednesday, with a market capitalization of about $2.43 trillion, surpassing that of Apple for the first time since 2020. The iPhone maker fell 5.2% to close at $146.50 per share, giving it a valuation of $2.37 trillion.
BUSINESS
Google joins Amazon in mulling a bid for coveted IPL
The American tech company, which also has the video-streaming website YouTube, purchased the bid-related documents from the Board of Control for Cricket in India, or BCCI, according to people familiar with the matter, who asked not to be named as the information isn’t public.
