BUSINESS
RBI May Slow Down Pace Of Hikes By Year-End, Says HSBC
RBI may slow down the pace of its monetary tightening by the end of the year as economic growth will lose momentum with waning demand, according to HSBC Holdings Plc.
WORLD
Iran tests new trade corridor to ship Russian goods to India
From Astrakhan, the cargo will cross the length of the Caspian to the northern Iranian port of Anzali and will be transferred by road to the southern port of Bandar Abbas on the Persian Gulf.
WORLD
China Warns of Risk of War Over Taiwan While Pledging Peace
In a speech to the region’s biggest security conference Sunday, Chinese Defense Minister Wei Fenghe repeatedly expressed Beijing’s willingness to fight to prevent a formal split by the democratically elected government in Taipei.
BUSINESS
Crypto extends tumble into weekend after US inflation data
Ether declined as much as 5% to $1,445.56, its lowest level since March 2021, while Bitcoin dropped to as low as $27,264.65
ECONOMY
SBI chairman bullish on economic recovery as loan demand rebounds
Companies are steadily drawing down from a $71-billion loan pipeline, Dinesh Kumar Khara, chairman of State Bank of India, says. Loan growth at the 216-year-old lender is expected to be robust, underpinned by demand from businesses after two straight years of credit contraction
BUSINESS
Fed task gets tougher, putting 75-basis-point hike back in view
Investors increased bets on a 75 basis point hike after data Friday showed consumer-price growth accelerating to a fresh 40-year high and a separate report in which expectations deteriorated.
BUSINESS
Larry Summers says Fed forecasts look ridiculous, warns on rate delay
Summers spoke after a report showed that consumer prices jumped 8.6% in the year to May, the most in 40 years and exceeding forecasts.
BUSINESS
Valuation trauma is refusing to end for S&P 500 in free fall
Treasury yields soared to levels last seen in 2008 as traders braced for the possibility that the Federal Reserve will raise interest rates by 75 basis points next month after executing the first half-point hike since 2000.
WORLD
US consumer price inflation accelerates to 40-year high of 8.6% in May
The so-called core CPI, which strips out the more volatile food and energy components, rose 0.6% from the prior month and 6% from a year ago, also above forecasts.
BUSINESS
BOE says UK’s biggest lenders are no longer too big to fail
The central bank’s long-awaited response to the self-assessments of eight lenders, including HSBC Holdings Plc and Barclays Plc, found that their internal systems should avert the kind of state intervention needed in the 2008 global financial crisis even if firms were to fail.
BUSINESS
Amazon plans to pull out of $7.7 billion race for cricket rights
The rights had been estimated to fetch an unprecedented $7.7 billion. The US giant is planning to throw in the towel rather than get into a bidding war, the people said, asking not to be identified discussing internal deliberations.
BUSINESS
Top Toyota supplier Denso mulls $3 billion chip unit spinoff
Well known as the world’s second-biggest auto-parts maker, Denso has also quietly built up a presence in automotive chips. Now, with semiconductor-related capital expenditures totaling around 160 billion yen over the past three years, Denso ranks as the world’s fifth-largest supplier of automotive chips by sales.
BUSINESS
Asia’s super rich eye more private equity investments
In Asia Pacific, 40% of the family offices plan to increase direct private equity allocations, while 18% intend to raise investments in private equity funds and funds of funds, according to UBS’s Global Family Office Report 2022. Investors are likely to target sectors such as automation and robotics, the report said.
BUSINESS
Ferrari plots Italian plant expansion for electric vehicles
The supercar manufacturer has snapped up space near its Maranello plant and started clearing the way for a third production line that will be dedicated to making hybrid and electric vehicles, said the people, who asked not to be identified because the information is private.
BUSINESS
Spike in diamond prices isn't putting off engagements
Drosos and others have dubbed 2022 the “year of the wedding” on expectations that there will be the largest number of celebrations in 40 years, as pandemic-delayed couples head to the altar.
BUSINESS
Stanley Druckenmiller warns ‘bear market has a ways to run’
“My best guess is that we’re six months into a bear market,” Druckenmiller, who runs Duquesne Family Office, said Thursday at the 2022 Sohn Investment Conference. “For those tactically trading, it’s possible the first leg of that has ended. But I think it’s highly, highly probable that the bear market has a ways to run.”
BUSINESS
Mario Draghi’s ECB is history as hawks seize policy controls
What began as a lone push by Klaas Knot of the Netherlands little more than three weeks ago -- to consider a half-point interest-rate hike -- has morphed into a whole new campaign of monetary tightening for the euro zone, as unveiled by President Christine Lagarde on Thursday.
BUSINESS
Mohamed El-Erian warns inflation has yet to peak as energy prices rise
The CPI for April rose 8.3%, down from 8.5% the prior month, but still close to the biggest increase in four decades. Annual inflation likely climbed at an 8.2% pace in May, according to the median projection in a Bloomberg survey ahead of the release Friday. That’s still more than four times the levels seen before the pandemic.
BUSINESS
China Weighs Reviving Jack Ma’s Ant IPO as Crackdown Eases
According to persons familiar with the situation, Chinese financial regulators have begun preliminary discussions about reviving Ant Group Co.'s initial public offering.
BUSINESS
Apollo, Reliance are said to make binding offer for Boots
The move could put Apollo and Reliance in pole position to buy Boots, after rival suitors started having second thoughts.
BUSINESS
Meta halts development of Apple watch rival with two cameras
The device, which has been in development for at least two years, was designed to include several features common in other smartwatches, including activity tracking, music playback and messaging.
BUSINESS
Expedia CEO Peter Kern doesn’t see high prices stopping summer travel
“Are there going to be places where things start to reach their peak or come off their peak, sure,” Kern said of travel demand Wednesday at the Bloomberg Technology Summit in San Francisco. “Broadly, we’re not seeing any discernible moment or time line where it’s all going to fall off.”
BUSINESS
Tesla’s share of EV sales hits 3-year low on Shanghai lockdown
The Model 3 maker registered 39,650 vehicles in April, down 78% from the month of March, according to a report Dan Levy, Credit Suisse’s US auto analyst, published Wednesday.
BUSINESS
Mobikwik seeks to raise $100 million after deferring planned IPO
The Gurugram-based fintech firm, which turned profitable for the first time in the quarter ending Dec. 31, will use the funds for marketing, to hire people and make acquisitions, co-founder Upasana Taku said in an interview in Mumbai.
