BUSINESS
Dollar’s strength pushes world economy deeper into slowdown
A closely watched gauge of the greenback has risen 7% since January to a two-year high as the Federal Reserve embarks on an aggressive series of interest-rate increases to curb inflation and investors have bought dollars as a haven amid economic uncertainty.
BUSINESS
LIC debut today: Faith of millions of small investors put to test
Headquartered in Mumbai, LIC is a household name in India, with 2,000 branches, more than 100,000 employees and 286 million policies. The 65-year-old firm has almost $500 billion in assets, 250 million policy holders and makes up almost two-thirds of the market.
MARKETS
Crazy markets are shredding Wall Street stock and bond forecasts
Back in January, stock strategists known for their enduring optimism expected the S&P 500 to add 5% in 2022. Down 2.4% for a sixth straight weekly decline, the index plunged as much as 19.5% on Thursday from its record.
BUSINESS
The investing party may be over, but markets might make sense again
After all, history reveals periods of intense Wall Street fear are ultimately good buying opportunities, a pattern that’s duly nurtured a generation of investors primed to “buy the dip” during major equity and credit market routs.
BUSINESS
Investors are doubling down on Copper, Cobalt mines in Zambia & Congo
Straddling the border of Zambia and the Democratic Republic of Congo, a vast forested area roughly the size of Portugal contains one of the world’s richest caches of minerals: copper for wires and cables, and cobalt for rechargeable batteries.
BUSINESS
Govt raises $2.7 billion as LIC prices IPO at Rs 949; listing next week
Life Insurance Corporation of India shares have been priced at 949 rupees each, the state-run firm said in a prospectus filed Friday. LIC shares were offered at 902 rupees to 949 rupees apiece. Trading on the stock exchange is due to begin May 17.
INDIA
Food and Fertilizers: Human Waste Could Supply the Nutrients Farmers Need
Human waste could be a huge source of agricultural nutrients as the costs of synthetics soar. All it would take are improvements in sewage treatment and some big changes in attitudes.
BUSINESS
Crypto exchange Coinbase is down 77% YTD: Why is Wall Street still bullish?
The crypto exchange is down nearly 77% so far this year, trading far below its first-day closing price of $328.28 last April. But analysts still broadly recommend the stock, despite its weaker-than-expected first-quarter earnings report.
BUSINESS
Twitter to freeze hiring, rescind offers ahead of Musk deal
Some exceptions will be made for business-critical roles, as determined by Twitter leadership.
BUSINESS
Byju’s said to be in talks with lenders for $1 billion funding
The Bangalore-based market leader is in talks with banks, including Morgan Stanley and JPMorgan Chase & Co., for the funding to acquire another edtech company, the people said, asking not to be named as the information is not public.
BUSINESS
Pimco saw $14 billion outflows amid bond selloff
The outflows contributed to a 4.5% drop in outside money overseen at Allianz SE’s asset management business in the first quarter, the Munich-based insurer said in a statement Thursday.
BUSINESS
Saudi Aramco becomes world’s most valuable stock as Apple drops
Aramco traded near its highest level on record on Wednesday, with a market capitalization of about $2.43 trillion, surpassing that of Apple for the first time since 2020. The iPhone maker fell 5.2% to close at $146.50 per share, giving it a valuation of $2.37 trillion.
BUSINESS
Google joins Amazon in mulling a bid for coveted IPL
The American tech company, which also has the video-streaming website YouTube, purchased the bid-related documents from the Board of Control for Cricket in India, or BCCI, according to people familiar with the matter, who asked not to be named as the information isn’t public.
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.
