BUSINESS
Goldman joins calls to unleash more rate hikes in emerging Asia
Goldman Sachs Group Inc. is one of the latest banks to now see an “imminent” lift-off in rates in several Asian markets.
BUSINESS
Terra implosion shakes foundations of crypto stablecoin complex
Most rival algorithmic stablecoins, which use a complex combination of computer code and trader incentives to maintain their pegs of one-to-one to the dollar, are also below that threshold -- though not at the 80% extreme seen on TerraUSD on Wednesday.
BUSINESS
Diamond prices are spiking amid sanctions, as India’s merchants want more
The price of a small rough diamond, the type that would end up clustered around the solitaire stone in a ring, has jumped about 20% since the start of March.
BUSINESS
Sri Lanka Central Bank chief threatens to quit amid unrest
The call follows days of political violence, with clashes between pro- and anti-government groups pushing the prime minister to resign and dissolving his cabinet.
BUSINESS
Philip Morris International to buy smokeless-tobacco maker Swedish Match
The maker of Marlboros offered 106 kronor a share ($10.56) for the smaller business, it said in a statement. Wednesday, a premium of nearly 40% to Swedish Match’s closing price on Monday. The board of directors at the Stockholm-based company said shareholders should accept the offer.
BUSINESS
China inflation is hurting, as lockdowns roil supplies
The producer price index rose 8% from a year earlier compared to 8.3% in March, official data showed Wednesday, above the median estimate of a 7.8% increase in a Bloomberg survey of economists. Consumer-price growth accelerated to 2.1% from 1.5% in the previous month, faster than a projected 1.8% gain.
BUSINESS
Meme stock euphoria goes bust as group drops to all-time low
The group of 37 retail trading favorites tracked by Bloomberg extended a four-day slide on Tuesday, wiping out 15% of its value in the past week as global markets fell on concern of a looming recession. The index has shed 63% of its value from a January 2021 high.
BUSINESS
House approves $40 billion Ukraine aid bill, sends to senate
The 368 to 57 vote underscores bipartisan support for Ukraine in a Congress deeply divided on most other issues. The legislation, which is significantly larger than the $33 billion aid package President Joe Biden requested last month, now heads to the Senate where approval is likely next week.
BUSINESS
RBI may stay prudent in spending forex reserves to defend rupee
This time though, analysts expect it to mount a more limited defense, aimed at fending off the worst of speculative attacks rather than holding down a line in the sand when capital flows are shifting globally with the Fed set to hike throughout the year.
BUSINESS
Apollo plans to lead $1 billion financing for Elon Musk’s Twitter bid
The funding, arranged by Morgan Stanley, will exceed $1 billion and may include Sixth Street Partners, among other firms, the people said. Apollo, Sixth Street and Morgan Stanley declined to comment.
BUSINESS
World’s first 510-ton hydrogen-fueled truck produces no CO2
After investing as much as $70 million on its own to back the concept, the global miner revealed last week a new 220-ton vehicle capable of carrying about 290 tons of ore without producing global warming emissions in the process.
BUSINESS
Nasdaq 100 rout erases $1.5 trillion in market value in 3 days
The tech-heavy benchmark sank 4% on Monday, extending its decline to 10% since the Federal Reserve raised interest rates half a percentage point last week and Chair Jerome Powell signaled the Fed would continue hiking at that pace.
BUSINESS
Desperate for Coal, Metal companies hunt for fuel overseas
Jindal Steel & Power Ltd., which is running its sponge iron plants at 40% capacity as it doesn’t have enough of the fossil fuel, has contracted orders for 150,000 tons of thermal coal each for the months of May and June from South Africa and Mozambique, according to Managing Director V.R. Sharma. That’s the most it has ever imported in a month, he said.
BUSINESS
Crypto selloff - Buyers of 2021 hit as Bitcoin tests $30,000
It’s a glib way to think of all those who had joined the market as Bitcoin’s price rose to an all-time high at the end of last year -- including institutions and small-time at-home investors, many of whom are deeply underwater on their investments now.
BUSINESS
FIIs make a last minute dash for the mega LIC IPO
Overseas investors put in orders for 61% of the shares set aside for institutional buyers in the $2.7 billion initial public offering of Life Insurance Corporation of India, according to data from the exchanges.
BUSINESS
Banks forgo bumper fees for league rank in LIC IPO
The 10 advisers managing the IPO will receive around 10 million rupees ($129,000) each for their role in the offering, a fraction of what they’d typically pocket for a deal of this size.
BUSINESS
RBI intervenes to defend rupee, ready to do more
The Reserve Bank of India sees its foreign-currency reserves of about $600 billion as a formidable stockpile that it will put to use against speculators, the person said, asking not to be identified as the deliberations aren’t public. The RBI is seeking an orderly depreciation, the person said.
BUSINESS
FIIs shun the mega LIC IPO over market risks
With just hours to go until the end of the subscription period for the $2.7 billion initial public offering of Life Insurance Corporation of India, foreign institutional funds have put in orders for merely 8% of the shares set aside for all institutional buyers.
BUSINESS
Bitcoin flirts with lowest level since 2021 as equities swoon
The world’s largest digital token dropped as much as 2.7% on Monday and was trading at $33,741 as of 12:40 p.m. in Singapore. The second biggest, Ether, shed as much 4.6%. Most of the major virtual coins were under pressure over the weekend and the downbeat mood carried over into Monday.
BUSINESS
Oil declines as traders weigh G-7 crude ban, Saudi price cuts
West Texas Intermediate fell toward $109 a barrel after closing at a six-week high on Friday.
BUSINESS
BCCI plans women’s cricket league as IPL viewership surges
Board of Control for Cricket in India -- the sport’s governing body conducts the wildly-popular men’s edition of IPL whose broadcast rights will be fought over by media titans including The Walt Disney Co. and Amazon.com Inc. -- wants to auction broadcast rights of the women’s games and its six league teams by early next year, BCCI head Jay Shah told Bloomberg in an interview in Mumbai.
WORLD
China Premier warns of 'grave' jobs situation as lockdowns bite
Chinese Premier Li instructed all government departments and regions to prioritize measures aimed at helping businesses retain jobs and weather the current difficulties, according to a statement late Saturday
MARKETS
Brutal stock selloff is a multitude of bear cases coming true
It’s axiomatic in markets: you never see it coming. But this selloff is an argument that sometimes you do. People have been saying for months that inflation would surge, forcing the Federal Reserve into action
WORLD
Elon Musk’s fixer is quietly tending the world’s biggest fortune
Birchall, 47, is one of the most important people in Musk’s circle. He’s at the helm of the Tesla Inc. leader’s family office, Excession, along with his nascent foundation, and manages many of Musk’s personal endeavors
