BUSINESS
Oil traders selling pricey Russian crude chafe Indian refiners
Processors in the South Asian nation recently bought millions of barrels of Urals crude via open tenders, with some supplies going at a premium of $1 a barrel to London’s Dated Brent benchmark on a delivered basis, said traders. That compares with discounts of more than $30 a barrel for the same grade in Europe.
BUSINESS
Snarled supply chains stretch wait times for top bicycle maker
“It is a hell of job,” Chairperson Bonnie Tu said in an interview at Giant’s Taichung City headquarters in Taiwan. Some bicycle parts have a lead time of two years and even simple components can take six months, she said. That compares with a normal wait time of one-to-two months.
BUSINESS
Singapore’s Zilingo is said to suspend CEO amid investigation
The company, which supplies technology to apparel merchants and factories, had been trying to raise $150 million to $200 million with help from Goldman Sachs Group Inc when investors began to question its finances as part of the due diligence process.
BUSINESS
Dubai utility surges after pulling off year’s second-biggest IPO
The deal is the latest sign of feverish appetite for IPOs from the Arab Gulf. DEWA almost tripled the size of its offer to 18% in the face of huge demand, drawing orders worth $86 billion, excluding cornerstone and strategic investors.
BUSINESS
Russia’s invasion supercharges push to make a new green fuel
A nearly 450% jump in European gas prices the past year made the green fuel of the future cost-competitive about a decade ahead of schedule, according to BloombergNEF. Now, investment funds are joining governments and utilities in ambitious plans to make hydrogen a viable substitute for fossil fuels in manufacturing, transportation and heating.
BUSINESS
Ford’s shuttered India factories may be reborn in EV push
In between, Ford invested heavily in two factories near the southern and western coasts of India, manufacturing cars and SUVs for both the domestic market and export. But it racked up losses of more than $2 billion in a decade, unable to crack a price-conscious market dominated by cheap cars and two-wheelers.
BUSINESS
World markets are falling again with echoes of the 2018 rout
Blame it on a Federal Reserve intent on restricting policy to tamp down the worst inflation in four decades, even if that threatens economic growth.
BUSINESS
India hopes ‘Pharma City’ will break China’s grip on industry
This empty site of the Hyderabad Pharma City, marked out by scuffed sign posts and a rubble-strewn access road is expected to attract about $8.4 billion and employ 560,000 people in hundreds of sprawling plants.
BUSINESS
Amazon kicks off a jumbo 7-part bond sale including 40-year debt
The online retail giant issued senior unsecured bonds in seven parts. The longest portion of the offering, a 40-year security, yields 1.3 percentage points over Treasuries after initial talks of around 1.55 percentage points, according to a person with knowledge of the matter, who asked not to be identified as the details are private.
BUSINESS
Glencore regains IPO price after 11 years on commodity rally
Markets from metals to oil and gas have been upended by the war in Ukraine as big corporates withdraw from Russia, lenders pull back from financing deals and the threat of new sanctions deters buyers. The Bloomberg Commodity Spot Index has surged 26% this year.
BUSINESS
Next big bet in emerging markets hangs on when rate cycles peak
Brazil signaled a hike slated for May will likely be its last after boosting rates almost 10 percentage points in just 13 months, and central banks in Chile and Colombia raised borrowing costs last month by less than economists forecast.
BUSINESS
How India’s much-hyped global bond index inclusion unraveled
The timeline seemed so final that Citigroup Inc. advised its clients to buy Indian debt in anticipation that key tax exemptions would be announced to facilitate the change. Policy makers and analysts predicted inclusion as early as April 1, the start of the new financial year.
BUSINESS
Bitcoin drops below key technical mark as rate concerns mount
The largest cryptocurrency fell as low as $41,918 on Monday morning in Asia, retreating for the seventh day in the past eight. Since peaking at just above $48,000 in late March, Bitcoin -- and other tokens -- have been dragged lower by concerns about tighter monetary policy.
BUSINESS
Elon Musk’s idea for a Twitter homeless shelter wins Jeff Bezos support
The new Twitter board member on Saturday posted a poll on the idea, saying that “no one shows up anyway” -- an apparent reference to the company’s policy to allow employees the option of working remotely -- adding “I’m serious about this one.”
WORLD
Le Pen risk keeps markets on watch for French election results
The election Sunday is expected to push Macron and Le Pen through to a second round on April 24, where each would look to build a broader coalition of voters in a one-on-one standoff.
WORLD
Macron stalls, Le Pen gets tailwind as France goes to polls
An early belief the vote would be a repeat of 2017, when Macron faced Le Pen and easily won, was overturned by the candidacy of far-right media pundit Eric Zemmour in November and the conservative Republicains party’s first ever female presidential contender, Valerie Pecresse, in December, both of whom initially shot up in polls.
WORLD
Russia’s first default in a century looks all but inevitable now
A freeze on the central bank’s foreign reserves unplugged Russia from the global financial system, making it the world’s most-sanctioned nation in a matter of days.
BUSINESS
Schultz’s early moves at Starbucks suggest deeper changes coming
He’s already frozen stock repurchases that were part of a $20 billion package, saying the money would be better spent on employees and cafe improvements.
BUSINESS
Tesla May Start Mining Lithium as Musk Cites Battery Metal Cost
Lithium is a key component in electric vehicle batteries and so automakers are racing to secure supplies.
BUSINESS
Elon Musk Promises to Bring Even More Drama to Twitter Board
The story of Twitter’s leadership up until this point is an eventful one.
WORLD
Myanmar Central Bank Deputy Governor shot by unidentified gunmen
The attack Thursday came days after the Central Bank tightened rules to reduce the use of U.S. dollars, ordering local holders of foreign currencies to exchange them for kyat within one working day of receiving them.
WORLD
Shanghai’s locked-down elite are joining hunt for groceries
Shanghai is the epicenter of China’s worst outbreak since the early days of the pandemic in Wuhan and authorities have doubled down on their Covid Zero pillars of mass testing and lockdowns to try and stamp out infections.
BUSINESS
India optimistic on US defense talks despite Russia strain
Recent public statements from Washington warning India about consequences for purchases of weapons and discounted oil from Russia are contrary to private discussions between the two sides, the people said, asking for anonymity because of the sensitive nature of the talks.
BUSINESS
Elon Musk is diversifying world’s biggest fortune with Twitter stake
Elon Musk’s holding in his favored social-media platform is worth $3.67 billion. He’s already up more than $1.2 billion on the position based on Twitter’s closing share price on March 14, the date of the event that triggered the disclosure, and its closing level on Monday, when the stock surged 27% in the biggest rally since the company’s 2013 trading debut.
