BUSINESS
‘Mr. Lithium’ warns there’s not enough battery metal to go around
While there’s been a lot of attention on nickel, especially after Russia’s invasion of Ukraine, another key metal — lithium — is a source of concern for manufacturers dealing with all manner of supply chain challenges.
BUSINESS
New texts shed light on Elon Musk’s 2018 spat with Saudi fund
Now, a series of text messages that Musk exchanged with Silicon Valley friends, investors, and the managing director of Saudi Arabia’s Public Investment Fund during that saga have come to light as part of an ongoing shareholder lawsuit.
WORLD
Ukraine’s farmers fight on the front line of global food crisis
As Ukrainians resist Russian President Vladimir Putin’s military machine, the 36-year-old is another example of the resilience shown by so many of his compatriots in protecting their nation’s statehood.
BUSINESS
Cooking oil chaos exacerbates a looming world hunger crisis
Russia’s invasion of Ukraine has thrown the trade of sunflower oil into chaos and is squeezing already tight supplies of other vegetable oils used in food, biofuels and personal care products.
BUSINESS
EU to pursue trade deal with India to reduce its ties to Russia
The EU is India’s third-largest trading partner and accounts for 62.8 billion euros ($67.8 billion) worth of trade in goods.
BUSINESS
Elon Musk swayed Wall Street by pitching his vision for Twitter
Musk’s plan for loading Twitter with more debt without tipping its credit rating into the deepest levels of junk was a crucial factor in getting the banks to bet on his bid, according to people familiar with the matter.
BUSINESS
Economy 'sound', quickening inflation will be controlled: FM Sitharaman
In a separate interview, Sitharaman cited the 7.2 percent projected by the Reserve Bank of India for the fiscal year that began April 1 as her “bottom line” and said that eight percent growth “seems absolutely possible.”
BUSINESS
Serum stops making COVID-19 vaccines with 200 million doses spare
“We have got 200 million doses of stock. We had to shut down production in December,” Serum’s chief executive officer Adar Poonawalla said at the India Economic Conclave organized by Times Network on Friday, saying he was worried about wastage if the shots expired. “I have even offered to give free donations to whoever wanted to take it.”
BUSINESS
China’s plunging markets trigger capital flight, state support
The Hang Seng China Enterprises Index of big mainland companies listed in Hong Kong is among the worst-performing stock benchmarks globally this week. The yuan is on course for its steepest five-day decline in almost three years. High-yield dollar bonds are headed for the longest stretch of weekly losses since March.
BUSINESS
India to finalize Pawan Hans sale on Saturday, JSW among bidders
A group of officials headed by Cabinet Secretary Rajiv Gauba is meeting on Saturday to pick the winning bid, the people said, asking not to be identified as the matter is private. A final announcement will be made after the approval by a ministerial panel which is largely procedural, they said.
BUSINESS
Mega India insurer looks to slash IPO size as war in Ukraine hurts valuation
Officials want to complete the listing -- which will still be India’s biggest -- in the next two weeks, the people said, asking not to be identified as the deliberations aren’t public. LIC will probably be valued at some 6 trillion rupees, the people said.
BUSINESS
Didi’s fate in limbo as officials object to proposed penalty
Didi has been in talks with the Cyberspace Administration of China about a fine and other penalties after proceeding with a U.S. initial public offering last June over the regulator’s objections, the people said.
BUSINESS
Global bond rout extends as three half-point Fed hikes priced in
The policy-sensitive two-year yield climbed as much as six basis points on Friday to 2.74%, the highest since late 2018, after Fed Chair Jerome Powell said “it is appropriate in my view to be moving a little more quickly.” That shrank the premium 10-year notes offer over two-year securities, sending the yield gap below 20 basis points.
BUSINESS
Norway’s wealth fund lost $74 billion in first quarter
It shed 5.2% on stocks, where it has the bulk of its investments, and 4.8% on fixed income.
BUSINESS
Chip-starved firms are scavenging silicon from washing machines
ASML Holding NV Chief Executive Officer Peter Wennink remarked on the situation, without naming the conglomerate, during his company’s earnings call Wednesday.
BUSINESS
India wants trade pact with UK by October, easier worker visas
The British prime minister’s trip comes just weeks after Foreign Secretary Liz Truss visited New Delhi in a bid to convince the Modi government to condemn Russia’s invasion of Ukraine and join efforts to economically isolate Moscow.
BUSINESS
Just Eat keen to put Grubhub on sale as $7.3 billion bet goes sour
The Amsterdam-based company said in a statement it’s exploring strategic actions for the U.S. division, which it bought for $7.3 billion last year. Just Eat’s shares have plunged as investors lost faith in its plans to involve the division in industry consolidation, as it has yet to announce any tieups with the unit.
BUSINESS
Big oil’s windfall creates a quandary for the industry: Liam Denning
Six of the largest Western oil producers — BP Plc, Chevron Corp., ConocoPhillips, Exxon Mobil Corp., Shell Plc and TotalEnergies SE — are expected to generate free cash flow, after capital expenditure, of $163 billion this year. That is virtually double what they made in 2008, when oil prices hit their all-time peak of almost $150 a barrel, and they actually produced slightly more oil and gas.Their smaller competitors in the U.S. exploration and production business are also in for a big year.
BUSINESS
The SEC can justify its ‘Gag Rule’ but won’t enforce it: Noah Feldman
The SEC investigated, concluded otherwise and charged Musk with civil securities fraud. His deal with the agency, following its standard policy, committed him not to “[deny] directly or indirectly, any allegation in the complaint or [create] the impression that the complaint is without factual basis.”
BUSINESS
Vladimir Putin calls time on foreign listings in fresh hit to tycoons
Vladimir Putin signed off on legal amendments on April 16 that require Russian companies to delist their overseas shares, winding up a process that has gathered pace with the annexation of Crimea in 2014.
BUSINESS
Netflix tumbles as 200,000 users exit for first drop in decade
The streaming leader will introduce a cheaper, advertising-supported option for subscribers in the next couple years, and will start to crack down on people sharing their passwords even before that. Netflix also will curb its spending on films and TV shows in response to the customer losses.
BUSINESS
Blackstone, Vista, Brookfield rule out financing Elon Musk’s Twitter bid
Brookfield Asset Management has also opted against backstopping Musk’s unsolicited, $43 billion offer, said the people, who asked to not be identified because the matter isn’t public. Vista and Blackstone aren’t interested in participating in any potential bid for Twitter from Musk or any other party at the moment, the people added.
BUSINESS
Reliance, Amazon, Sony vying broadcast rights for IPL: Report
Securing rights to the world’s third-largest sporting event by number of viewers -- IPL is considered the Super Bowl of cricket -- means access to hundreds of millions of eyeballs.
BUSINESS
Zilingo board is said to discuss replacing CEO after suspension
Directors have been talking regularly in recent days to consider the future of Bose and Zilingo itself, said the people, asking not to be identified because the discussions are private.
