New powerhouse: Goldman's biggest location outside New York attests to the rise of India, which is fast becoming “the world’s back office”. Read The Big Take. https://tinyurl.com/39bzzztw
Finance behemoth: The merger of India's most valuable lender and largest mortgage financier is nearing, creating what could be the world's fifth most valuable bank. https://tinyurl.com/yc6pkbk6
Hiring push: Demand for tailored AI-chatbots has an Indian IT firm aiming to hire 1,300 software engineers, as companies look for specific use cases of ChatGPT. https://tinyurl.com/fyv7x7yx
Finance behemoth: The merger of India's most valuable lender and largest mortgage financier is nearing, creating what could be the world's fifth most valuable bank. https://tinyurl.com/yc6pkbk6
Hiring push: Demand for tailored AI-chatbots has an Indian IT firm aiming to hire 1,300 software engineers, as companies look for specific use cases of ChatGPT. https://tinyurl.com/fyv7x7yx
AI for equality: Multiple AI chatbots are being built in India to help the underprivileged seek legal justice, dispense advice to farmers and help migrant workers get support in cities. https://tinyurl.com/5d226p4w
Countering China: The US and India are likely to agree to jointly manufacture fighter jet engines in the South Asian nation when Prime Minister Narendra Modi visits Washington next week, sources say. https://tinyurl.com/4f2ydcc8
Insider tip: A former Barclays trader said he got an insider tip from an ex-Goldman Sachs vice president at a squash court after having too many drinks. https://tinyurl.com/mrxddx2c
Countering China: The US and India are likely to agree to jointly manufacture fighter jet engines in the South Asian nation when Prime Minister Narendra Modi visits Washington next week, sources say. https://tinyurl.com/4f2ydcc8
Insider tip: A former Barclays trader said he got an insider tip from an ex-Goldman Sachs vice president at a squash court after having too many drinks. https://tinyurl.com/mrxddx2c
Rising concern: India has marketed itself as the “pharmacy of the world.” But several countries, the latest being Liberia, have found contaminated medicines from the importer. https://tinyurl.com/yc4tjsjz
New investment: Micron nears a deal to commit at least $1 billion toward setting up a semiconductor packaging factory in India, sources say, which may be announced during Indian leader Modi's US visit. https://tinyurl.com/2p9ka8w5
LGBTQ weddings: As India's top court is considering whether to legalize same-sex marriages, some couples aren't waiting. https://tinyurl.com/muk6nc57
New investment: Micron nears a deal to commit at least $1 billion toward setting up a semiconductor packaging factory in India, sources say, which may be announced during Indian leader Modi's US visit. https://tinyurl.com/2p9ka8w5
LGBTQ weddings: As India's top court is considering whether to legalize same-sex marriages, some couples aren't waiting. https://tinyurl.com/muk6nc57
Underground solution: India's financial capital Mumbai is counting on the Aqua Line metro, scheduled to open later this year, to alleviate street congestion and overcrowded rail lines. https://tinyurl.com/yc3md42k
Population boom: With a burgeoning middle class and young consumers, India contrasts with many Asian peers grappling with shrinking population. Here are some of the stocks that might turn out big winners from the country. https://tinyurl.com/3e4n46xf
Positive start: US Secretary of State Antony Blinken met with China's top foreign policy official in Beijing, after a delayed two-day mission to stabilize strained ties. https://tinyurl.com/2cnh62x9
Population boom: With a burgeoning middle class and young consumers, India contrasts with many Asian peers grappling with shrinking population. Here are some of the stocks that might turn out big winners from the country. https://tinyurl.com/3e4n46xf
Positive start: US Secretary of State Antony Blinken met with China's top foreign policy official in Beijing, after a delayed two-day mission to stabilize strained ties. https://tinyurl.com/2cnh62x9
Surprise shake-up: Alibaba names billionaire Joseph Tsai as the new chairman and Eddie Wu as the next CEO in a surprise succession plan. https://tinyurl.com/k43s9439
Job cuts: Singapore's Grab is preparing its biggest round of layoffs since the pandemic, as it pushes to break even despite stiffening competition in ride-hailing and meal delivery. https://tinyurl.com/4xnw9k39
Betting big: Indian low-cost airline Indigo placed a record-breaking order with Airbus for 500 narrowbody aircraft in a bold bet on a travel boom in the world's most populous nation. https://tinyurl.com/589tvnb3
Job cuts: Singapore's Grab is preparing its biggest round of layoffs since the pandemic, as it pushes to break even despite stiffening competition in ride-hailing and meal delivery. https://tinyurl.com/4xnw9k39
Betting big: Indian low-cost airline Indigo placed a record-breaking order with Airbus for 500 narrowbody aircraft in a bold bet on a travel boom in the world's most populous nation. https://tinyurl.com/589tvnb3
Tech ambitions: India's Narendra Modi is looking to become an indispensable partner for American tech ambitions as he arrives in the US on his first official state visit. https://tinyurl.com/5dc632jb
India investment: Tesla is likely to make a significant investment in India, Elon Musk says, after meeting with Modi. https://tinyurl.com/523sr7jm
Playing offensive: Softbank's Masayoshi Son declared he will get off the sidelines and go back on the offensive in tech investing soon, as he seeks to establish his credentials in AI. https://tinyurl.com/mry3bwf4
India investment: Tesla is likely to make a significant investment in India, Elon Musk says, after meeting with Modi. https://tinyurl.com/523sr7jm
Playing offensive: Softbank's Masayoshi Son declared he will get off the sidelines and go back on the offensive in tech investing soon, as he seeks to establish his credentials in AI. https://tinyurl.com/mry3bwf4
Shein's re-entry: Fast-fashion giant Shein won approvals to re-enter India only after agreeing to a stringent licensing deal with Mukesh Ambani’s Reliance Industries, sources say. https://tinyurl.com/4aj4tnme
Mass deaths: Gambia is tightening medicine importation rules to prevent substandard Indian products from entering its market. https://tinyurl.com/4nnry5et
Goldilocks phase: Stocks in India have lured almost $10 billion in net foreign inflows since March, as the allure of steady economic growth and political stability keeps investors enthused. https://tinyurl.com/2c772e4x
Mass deaths: Gambia is tightening medicine importation rules to prevent substandard Indian products from entering its market. https://tinyurl.com/4nnry5et
Goldilocks phase: Stocks in India have lured almost $10 billion in net foreign inflows since March, as the allure of steady economic growth and political stability keeps investors enthused. https://tinyurl.com/2c772e4x
Another blow: Deloitte quits as auditor for Indian tech firm Byju's, the latest setback for the once high-flying startup. https://tinyurl.com/2bb54ysu
Democracy backsliding: In a rare instance where he took questions from reporters, Prime Minister Modi defended Indian democracy when pressed on religious intolerance and freedom of speech. https://tinyurl.com/3jnk9rkf
More scrutiny: US authorities are looking into what representations Adani Group made to its American investors following a scathing short seller’s report that accused the conglomerate of using offshore companies to manipulate its share prices. https://tinyurl.com/8pzep2pb
Democracy backsliding: In a rare instance where he took questions from reporters, Prime Minister Modi defended Indian democracy when pressed on religious intolerance and freedom of speech. https://tinyurl.com/3jnk9rkf
More scrutiny: US authorities are looking into what representations Adani Group made to its American investors following a scathing short seller’s report that accused the conglomerate of using offshore companies to manipulate its share prices. https://tinyurl.com/8pzep2pb
President Vladimir Putin said Russia was facing "treachery" as he accused Wagner militia group leader Yevgeny Prigozhin of starting an "attempt at an armed mutiny."
In a sudden and dramatic escalation of the long-running feud between the mercenary leader and Russia’s defense establishment, Prigozhin’s group allegedly took over military offices in the Russian city of Rostov-on-Don, where the defense ministry’s southern military district headquarters are located.
The unfolding events are the biggest sign of revolt against Putin since he started a war against Ukraine in February of last year, and arguably the biggest challenge to his decades-long leadership. Follow live updates: https://tinyurl.com/p53xydbr
In a sudden and dramatic escalation of the long-running feud between the mercenary leader and Russia’s defense establishment, Prigozhin’s group allegedly took over military offices in the Russian city of Rostov-on-Don, where the defense ministry’s southern military district headquarters are located.
The unfolding events are the biggest sign of revolt against Putin since he started a war against Ukraine in February of last year, and arguably the biggest challenge to his decades-long leadership. Follow live updates: https://tinyurl.com/p53xydbr
Vladimir Putin managed to avert an attack on Moscow with an eleventh-hour deal with his mutinous mercenary commander. But the uprising has pierced his aura of total political control over Russia unlike any other event in his nearly quarter century in power.
US and European officials privately described the 24-hour uprising — advance indications of which their intelligence also picked up — as an unprecedented challenge to the 70-year-old president’s control. Read The Big Take: https://bloom.bg/3qRu7Qf
US and European officials privately described the 24-hour uprising — advance indications of which their intelligence also picked up — as an unprecedented challenge to the 70-year-old president’s control. Read The Big Take: https://bloom.bg/3qRu7Qf
Outperforming: India’s consumer technology stocks are on a tear this year, handsomely beating their larger rivals in China and widening the divergence between two of the world’s largest equity markets. https://tinyurl.com/2f7vky5h
Global fragmentation: China’s Premier Li Qiang warned governments against politicizing their economies saying it would only fragment the world, in a keynote speech to global business leaders. https://tinyurl.com/ye2am3h3
Wider adoption: Mizuho Financial Group is giving all its Japan bank employees access to Microsoft's Azure OpenAI service this week, making it one of the country’s first financial firms to adopt the potentially transformative generative AI technology. https://tinyurl.com/2p93sz8m
Global fragmentation: China’s Premier Li Qiang warned governments against politicizing their economies saying it would only fragment the world, in a keynote speech to global business leaders. https://tinyurl.com/ye2am3h3
Wider adoption: Mizuho Financial Group is giving all its Japan bank employees access to Microsoft's Azure OpenAI service this week, making it one of the country’s first financial firms to adopt the potentially transformative generative AI technology. https://tinyurl.com/2p93sz8m
Deepening tech push: The newly appointed chief of Vedanta Resources is seeking to hire global talent to build and run a $4 billion display factory in western India. https://tinyurl.com/jxdeernc
Discounted splurge: Russian oil accounted for nearly half of India's oil imports last month, compared to less than 2% before the invasion of Ukraine. The question today is whether the purchases can keep going as discounts narrow. https://tinyurl.com/4e9k477m
Protecting investors: China's Xi Jinping pledged that his nation would do right by foreign investors, underscoring his government’s attempts to assuage worries about the economy and unpredictable policymaking. https://tinyurl.com/bdhv994n
Discounted splurge: Russian oil accounted for nearly half of India's oil imports last month, compared to less than 2% before the invasion of Ukraine. The question today is whether the purchases can keep going as discounts narrow. https://tinyurl.com/4e9k477m
Protecting investors: China's Xi Jinping pledged that his nation would do right by foreign investors, underscoring his government’s attempts to assuage worries about the economy and unpredictable policymaking. https://tinyurl.com/bdhv994n
NEW: The Qatari group led by Sheikh Jassim is increasingly confident it's won the bidding war for Manchester United, thwarting a rival offer from British billionaire Jim Ratcliffe https://trib.al/N1Dn7JL
Bloomberg.com
Qatar Group Now Confident of Winning Manchester United Race
The Qatari group led by Sheikh Jassim Bin Hamad J.J. Al Thani is increasingly confident it’s won the bidding war for Manchester United Plc, thwarting a rival offer from British billionaire Jim Ratcliffe as the sale of the football club extends into the crucial…
The war has cut Moscow adrift from Europe, its biggest gas export market. So what has Russia — which has the largest reserves in the world — done with all that spare gas? https://tinyurl.com/3pu5tjwh
Should you bet on Bitcoin, AI stocks or bonds? Here's where to invest $1 million right now, according to five experts https://tinyurl.com/nt9k3mn8
Crypto's most powerful woman isn’t known to many, but Yi He was instrumental to Binance's rise. Now as the firm comes under threat, she's speaking out. https://tinyurl.com/3k5cb32s
Should you bet on Bitcoin, AI stocks or bonds? Here's where to invest $1 million right now, according to five experts https://tinyurl.com/nt9k3mn8
Crypto's most powerful woman isn’t known to many, but Yi He was instrumental to Binance's rise. Now as the firm comes under threat, she's speaking out. https://tinyurl.com/3k5cb32s
Bloomberg.com
Where Did All That Russian Gas Go?
Cut adrift from Europe, its biggest customer, the gas sector needs to find new markets. A $6.6 billion fall in state revenues from the industry points to the economic cost of the war in Ukraine.
BREAKING: The US Supreme Court sharply limited the use of race as a factor in university admissions, marking the start of a new era in higher education and rolling back decades of precedents that had allowed affirmative action programs. https://trib.al/6hAe19K
JUST IN: Pakistan clinches an initial approval from the International Monetary Fund for a $3 billion loan program, lowering the risk of a sovereign default https://trib.al/aMpEFf0
Multiple lapses: US Food and Drug Administration officials found multiple faults at a plant run by one of India’s biggest drugmakers as the watchdog continues to unearth wide-ranging lapses across the country’s factories. https://tinyurl.com/mun6std4
New banking giant: A homegrown Indian company will for the first time rank among the world’s most valuable banks after completing a merger, marking a new challenger to the largest American and Chinese lenders occupying the coveted top spots. https://tinyurl.com/h8aw6tfz
Hidden reserve: China is sitting on a $6 trillion pile of money, half of which is “hidden,” and that presents a new kind of risk to the global economy, according to American economist Brad Setser. https://tinyurl.com/yr3ejm42
New banking giant: A homegrown Indian company will for the first time rank among the world’s most valuable banks after completing a merger, marking a new challenger to the largest American and Chinese lenders occupying the coveted top spots. https://tinyurl.com/h8aw6tfz
Hidden reserve: China is sitting on a $6 trillion pile of money, half of which is “hidden,” and that presents a new kind of risk to the global economy, according to American economist Brad Setser. https://tinyurl.com/yr3ejm42
The US Supreme Court tossed out President Joe Biden’s plan to slash the student debt of more than 40 million people, rejecting one of his signature initiatives as exceeding his power. https://trib.al/lrche6u
Apple made Wall Street history as the first company with a market value over $3 trillion, the latest sign of big tech’s seemingly unstoppable dominance in equity markets. https://trib.al/24JJlKK
India-Singapore trading: Derivative contracts with a notional value of about $7.5 billion traded in Singapore will shift to India as a cross-border trading link between the two Asian countries’ top bourses gets fully operational on Monday. https://shorturl.at/dmqxN
Pakistan caught in deadly climate cycle: Severe flooding in Pakistan last year killed over 1,700, displaced 8 million and cost the economy more than $30 billion. As new rains threaten the same areas hit by last year’s floods, Pakistan finds itself at the mercy of a pernicious pattern: Climate change is driving more intense rainfall, which drives more intense flooding, which stymies recovery from past floods. https://shorturl.at/lnuzJ
Modi's nationalist India: As India increasingly asserts itself as a global power, Prime Minister Narendra Modi has urged the citizenry to shed a “mentality of slavery.” His plans include a controversial $2 billion project to modernize the capital and soften the influence of foreign aesthetics. https://shorturl.at/gstXY
Pakistan caught in deadly climate cycle: Severe flooding in Pakistan last year killed over 1,700, displaced 8 million and cost the economy more than $30 billion. As new rains threaten the same areas hit by last year’s floods, Pakistan finds itself at the mercy of a pernicious pattern: Climate change is driving more intense rainfall, which drives more intense flooding, which stymies recovery from past floods. https://shorturl.at/lnuzJ
Modi's nationalist India: As India increasingly asserts itself as a global power, Prime Minister Narendra Modi has urged the citizenry to shed a “mentality of slavery.” His plans include a controversial $2 billion project to modernize the capital and soften the influence of foreign aesthetics. https://shorturl.at/gstXY