BUSINESS
Mysterious Bill Gates photo highlights Imran Khan's army crisis
The drama began four months earlier, when army chief Qamar Javed Bajwa appointed Anjum to lead the Inter-Services Intelligence, or ISI, which oversees Pakistan’s internal security.
BUSINESS
Netflix still hasn’t figured out India
The drama stood out in a country best known for romantic musicals, which was the point. The New York Times named Sacred Games one of the best foreign-made shows of the last decade, and Netflix described it at the time as its most-watched locally produced show in the country.
BUSINESS
Apple working to bring more financial services in-house
A multiyear plan would bring a wide range of financial tasks in-house, said the people, who asked not to be identified because the plans aren’t public. That includes payment processing, risk assessment for lending, fraud analysis, credit checks and additional customer-service functions such as the handling of disputes.
BUSINESS
OPEC mulls snubbing IEA oil data as political rift deepens
Ministers will discuss it on Thursday, delegates said, asking not to be named because the information is private. A technical committee representing the broader OPEC+ alliance decided already on Wednesday to replace the IEA numbers in its assessments of compliance, according to one delegate.
BUSINESS
Macquarie Considers Sale of Toll-Road Assets in India
Considerations are at an early stage and Macquarie could still decide to retain the asset for longer
BUSINESS
How Chelsea’s next owners might profit from football
Making more of Chelsea’s off-field commercial potential may make sense for the club’s buyers
BUSINESS
Yield curve is often right but for the wrong reasons
An inversion often comes before a recession, but other economic factors are at play
POLITICS
Shane Warne’s most lasting legacy may be as much in the boardroom as on the field
Shane Warne was so much more than a celebrity cricketer
BUSINESS
Pimco says curve inversion may be unreliable recession signal
The U.S. 10-year yield briefly dropped below its two-year equivalent on Tuesday for the first time since 2019, crossing at a level of about 2.39%.
BUSINESS
Russia proposes SWIFT alternative to India for Ruble payments
The plan involves rupee-ruble-denominated payments using Russia’s messaging system SPFS, the people said, asking not to be identified discussing confidential deliberations.
BUSINESS
OPEC+ expected to rebuff calls to replace lost Russian oil
The 23-nation group led by Saudi Arabia will probably ratify plans for another modest production increase scheduled for May when it meets on Thursday, according to a Bloomberg survey.
BUSINESS
How will oil markets cope without China’s demand?
Were China to make good on its threats to invade Taiwan, it could face not just the economic embargo that Russia is struggling with — it could be cut off from supplies of the energy it needs to power its war machine and the wider economy
TRENDS
To boost, or not to boost, that is the complicated question
Weighing the disruption of mild COVID-19 on everyday life is important — though data are sparse on how well a fourth dose might lower the risk of mild infections
BUSINESS
Tesla, Amazon stock splits trigger retail stampede
Tesla surged 8% Monday, adding about $84 billion to the company’s market value, after saying it’s planning a second stock split in less than two years. Amazon jumped more than 5% the day after announcing a 20-for-1 split this month and the stock has been on a tear ever since.
BUSINESS
SPACs face fresh SEC legal threat for overly bullish forecasts
The regulation, set to be released on Wednesday as part of a broader set of SPAC rules, would clarify that investors can sue over inaccurate special purpose acquisition company forecasts.
BUSINESS
JPMorgan’s Marko Kolanovic sees three reasons for more stocks upside
If anything, there is “too much negativity rather than too much complacency in markets,” Kolanovic and his team wrote in a note to clients, sticking with a pro-risk stance. They cite three reasons for their optimistic outlook:
BUSINESS
Avocado prices surge to a 24-year high
An index tracking avocado from the Mexican state of Michoacan, by far the biggest source in the country, climbed 81% this year to 760 pesos ($38) per 9-kilogram box, the highest in data going back to 1998, government figures showed.
BUSINESS
Stock surge is a bear-market trap with curve inverted, BofA warns
For now, investors aren’t heeding any warnings. The S&P 500 jumped 1.2% Tuesday for its ninth gain in 11 sessions, even as the yield on two-year Treasuries popped above the 10-year rate for the first time since 2019.
BUSINESS
‘Don’t get too gloomy’ or risk missing out after yield inversion
That’s the conclusion of a Piper Sandler study going back to the mid-1970s and looking at Treasury inversions -- when short-term rates move above those with longer maturities. On Monday, five-year U.S. Treasury yields climbed above those on 30-year bonds for the first time since 2006. That came after earlier this month some other sectors on the curve inverted.
BUSINESS
Bond market flashes recession signal as key yield gap inverts
The inversion occurred as two-year yields rose while 10-year yields declined, crossing at a level of about 2.39%. Prior to 2019, when the curve inverted in August during a U.S. trade spat with China, the last persistent inversion of the Treasury curve occurred in 2006-2007.
BUSINESS
Traders’ hopes for peace tempered by skepticism, recession fear
European stocks fared best with a more modest rise seen in the U.S., and oil quickly pared an initial slump. A rebound in Treasuries and the yen underscored the fact that it was a non-traditional risk-on move.
BUSINESS
Apple rallies like it’s 2003 as buyers flock back to big tech
Apple rose for an 11th-consecutive day in New York, climbing 1.9% to close at $178.96 and roughly $3 shy of a closing record reached in early January. The longest-winning streak since 2003 sent the stock back into the green for the year, and follows similar breakouts in Nvidia Corp. and Amazon.com Inc. in the past week.
IPO
Abu Dhabi’s Lulu invites pitches for 2023 UAE listing
Abu Dhabi-based Lulu Group was founded by Indian entrepreneur Yusuff Ali, who set up the first Lulu store in the early 1990s during a years-long oil boom in the Gulf region.
BUSINESS
Amazon stock rally picks up to erase losses for the year
Shares rose 2.6% to $3,379.81, closing at their highest since Jan. 3. They are now up 1.4% on the year, after having dropped more than 18% earlier this month.
