BUSINESS
Vladimir Putin adviser Anatoly Chubais quits over Ukraine war, leaves Russia
Anatoly Chubais, 66, is one of the few 1990s-era economic reformers who’d remained in Putin’s government and had maintained close ties with Western officials. Kremlin spokesman Dmitry Peskov didn’t immediately respond to a request for comment.
BUSINESS
Vaccine passports likely to become unnecessary, Airline Alliance CEO says
“There’s no way that this has been integrated in one place,” Star Alliance Chief Executive Officer Jeffrey Goh said in an interview in Singapore. “If you look to the future, if we were all vaccinated, or if we were all 90% vaccinated, why would you get a vaccination certificate? There will come to a point where maybe you don’t really need this.”
BUSINESS
Russian stock trading to resume after record market shutdown
Even with the ban on short selling, local traders and strategists are bracing for a selloff, as international sanctions hit everything from Russia’s ability to access foreign reserves to the SWIFT bank-messaging system.
WORLD
Olaf Scholz says German Reliance on Russian Energy will ‘end quickly’
Russia’s war on Ukraine has exposed Germany’s heavy reliance on Moscow for energy imports, including about half of its gas and coal and around a third of its oil.
INDIA
Solar firms warn India’s import taxes will slow move from coal
The levies, effective from April 1, could jeopardize solar projects with a combined capacity of 28 gigawatts, according to the National Solar Energy Federation of India.
TRENDS
This couple is India's first to build their own unicorns each
Ruchi Kalra, 38, and Asish Mohapatra, 41, are alums of the Indian Institute of Technology and met while working at McKinsey & Co. Both startups are profitable, an unusual feat for young growth companies.
BUSINESS
Bet of a lifetime's 10,000% surge made Indonesian man a billionaire
It was 2011, and web usage in the nation was booming. To ensure data security, the government was planning a law requiring online information to be stored in Indonesia rather than abroad. That meant a huge need for local data centers.
BUSINESS
Thailand faces current account blowout on oil, tourism risks
The net-oil importer may post a shortfall of $4.6 billion this year, according to Bank of Ayudhya Pcl, which previously estimated a surplus of $5.8 billion in the current account -- the broadest measure of trade and investment.
BUSINESS
Oil set for $150 on supply shock, says veteran trader king
The world has few options to pump more crude, and there’s little sign that consumption is under threat, said King, who runs the $425 million Merchant Commodity Fund, which returned 28% in the first two months of this year.
BUSINESS
Doomscrolling has ruined our sense of time
The dual crises of the pandemic and the war in Ukraine have been testing our governments, our institutions, our diplomacy — and our collective sense of time
BUSINESS
Rising EV sales in Latin America, India are reasons for optimism
Somewhat quietly, electric vehicles are gaining traction in Latin America, with luxury-car buyers driving the uptick. Passenger EV sales have doubled almost every year since 2016 and did so again in 2021.
BUSINESS
China’s energy map to 2025 plans massive boost in power capacity
The country aims to have 3,000 gigawatts of generating capacity installed by 2025, up from 2,200 at the end of 2020, according its 14th five-year plan for energy development released Monday. The 800-gigawatt growth goal is about twice the size of India’s entire power fleet, according to BloombergNEF data.
BUSINESS
Europe is heading for a diesel shortage, traders Trafigura and Gunvor Say
Europe’s leading diesel external supplier has seen its exports of crude oil and petroleum products slide by about 2 million-2.5 million barrels a day since the invasion, Trafigura Group Chief Executive Officer Jeremy Weir said at the Financial Times Commodities Global Summit on Tuesday.
BUSINESS
Recession is unavoidable without Russian oil, Dallas Fed study says
“If the bulk of Russian energy exports is off the market for the remainder of 2022, a global economic downturn seems unavoidable,” economists Lutz Kilian and Michael Plante wrote in an article posted by the Dallas Fed Tuesday. “This slowdown could be more protracted than that in 1991.”
BUSINESS
This is now the worst drawdown on record for global fixed income
The Bloomberg Global Aggregate Index, a benchmark for government and corporate debt, has fallen 11% from a high in early 2021. That’s the biggest decline from a peak in data stretching back to 1990, surpassing a 10.8% drawdown during the financial crisis in 2008.
BUSINESS
China Plane Crash: Pilots didn’t answer calls; fast dive
Investigators have offered no major insights as to why the Boeing Co. 737-800 jet carrying 132 people crashed near Wuzhou in southern China on Monday, saying at a press conference late Tuesday it was too early draw clear conclusions about the cause. All 123 passengers and nine crew are presumed dead.
BUSINESS
The world is moving from just-in-time manufacturing to just-in-case management
The pandemic, Climate Change and geopolitical upheaval have shredded the certainties that CEOs once took for granted
BUSINESS
Chinese wind company wins India turbine orders in overseas push
Envision Energy Co.’s combined orders amount to the largest capacity that a Chinese wind manufacturer has sold to a single foreign country, the Shanghai-based company said in a press release Tuesday. Envision didn’t detail over what time period the orders were received.
BUSINESS
China Jet’s nosedive from 29,000 feet baffles crash specialists
That’s about all that is known for certain about the unusual crash that feared killed all 132 people aboard the aircraft Monday in China’s worst commercial aviation accident in more than a decade.
BUSINESS
Central Banks, BIS develop digital currencies platform prototype
The two prototypes demonstrate the technical viability of such a platform, the BIS said in a statement Tuesday with the Reserve Bank of Australia, Bank Negara Malaysia, the Monetary Authority of Singapore, and the South African Reserve Bank.
BUSINESS
Jerome Powell is ready to back half-point hike in May if necessary
Policy makers raised the benchmark lending rate by a quarter point at their meeting last week -- ending two years of near-zero borrowing costs -- and signaled six more hikes of that magnitude this year, based on the median projection.
WORLD
The US Fed needs a boring bank regulator
US President Joe Biden needs to appoint an apolitical Fed staffer
WORLD
The US Fed’s actions don’t match Jerome Powell’s words
Economists who think the Fed has a lot of catching up to do are entitled to be puzzled. They heard the central bank say it agrees with their analysis but for some reason isn’t going to do what that analysis demands
BUSINESS
Previous crashes may give clues to China jet’s mystery plunge
While most plane crashes occur during take off and landing, violent descent incidents such as Monday’s crash account for an outsize portion of aviation deaths because they almost inevitably kill everyone aboard.
