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Record results: Singapore Airlines will pay staff a bonus of around eight months salary after posting a record annual profit.

High stakes
: Apple’s upcoming mixed-reality headset could shape Tim Cook’s legacy and a post-iPhone era — but it falls short of his original vision.

Sales growth disappoints: Alibaba posts single-digit revenue growth again, reinforcing concerns that a Chinese consumer spending rebound may be farther out than anticipated.
A debut attended by Zendaya, an award-winning Broadway musical and India's first Apple store. Asia’s richest man is going all in to push global luxury products and experiences to India.

The newly built cultural centre in Mumbai, the NMACC, is bringing international art, retail brands and more to a city that has one of the fastest-growing millionaire populations in the world.

It is the latest example of the world's richest aiming to preserve and develop institutions that would live far past their times. All the details here:
Local debt problem: A remote Chinese town was forced to undergo an unprecedented financial restructuring. It's just the tip of the iceberg of a local government debt problem that threatens to be a drag on the world’s second-largest economy for years to come.

Note withdrawal: India withdrawing its highest value currency notes from circulation may push some consumers to buy precious metals and real estate.

Comeback: Adani Group shares surged, extending gains spurred by an Indian court panel's report that found no conclusive evidence of stock-price manipulation as alleged by Hindenburg.
Groom AI talent: Singapore is seeking to expand the talent pool for AI and data analytics in the finance sector.

US tech clash: China found serious cybersecurity risks after conducting a review of Micron products sold in the country.

Debt problem: Paychecks are late. Fines are piling up. China’s $23 trillion local debt problem is just getting started.
Avoiding blacklist: Russia is pressuring governments including India behind the scenes, threatening to upend defense and energy deals unless they help block expected moves aimed at turning Russia into a financial pariah state over its invasion of Ukraine.

Grand return: Shares of Adani Ports climb 7.7%, making it the first of the group's 10 companies to recover all losses triggered by Hindenburg's report.

Rockstar welcome: Thousands of Indian expats are flocking to see Prime Minister Narendra Modi in Australia’s largest entertainment arena. The huge crowds despite his party's loss in a crucial state election underscore his massive appeal at home and abroad.
Short on cash: India’s central bank may buy as much as 1.5 trillion rupees ($18 billion) of government bonds to replenish banking liquidity as higher spending during state elections due later in the year may lead to money leaving the system, according to a top banker.

Stricter digital law
: India plans to overhaul rules governing internet use, potentially altering business practices for Silicon Valley giants operating in the world’s biggest market. The country’s goal is to increase Big Tech’s accountability to the government and protect users.

Tech craze
: Investors are snapping up shares of Asia’s technology hardware exporters, bolstered by interest in artificial intelligence and signs that the chip industry is turning a corner.
New parliament: Indian Prime Minister Narendra Modi has inaugurated a new parliament house in New Delhi. The new building, a part of the Central Vista project, shows Modi’s efforts to cement his legacy as he looks to a third term in office.

Regaining spot: India reclaimed its spot as the world’s fifth largest stock market after losing that status to France in January, aided by a revival in Adani Group stocks.

Real club: The BRICS group of emerging markets — Brazil, Russia, India and China, with South Africa added later — has gone from a slogan dreamed up at an investment bank to a real-world club that also controls a major development bank. Here's why others want in.
China touchdown: Elon Musk's jet has landed in Beijing for what would be his first China visit in three years — with sources saying he'll meet officials and visit Tesla's Shanghai factory.

Cricket craze: Ambani’s big cricket bet captured a record 32 million viewers for the Indian Premier League final. Now the question is whether he can get them to pay.

Cash-hungry: Adani Transmission is in urgent need of funds — the lack of which would not only reflect poorly on the billionaire’s execution skills, but also hinder Prime Minister Modi’s infrastructure ambitions.
Maintaining ties with China: Elon Musk is visiting China this week in his first trip to the country since before the pandemic.

Second court ruling: A court in central Japan ruled the country’s lack of recognition for same-sex marriage violates the constitution

Seeking new laws: Former teen performers who say they were sexually abused by Japanese impresario Johnny Kitagawa are asking politicians to strengthen the country’s laws against child sexual abuse.
Souring Bet: India’s government is poised to deny crucial funding for billionaire Anil Agarwal’s chip venture, a setback for a $19 billion push to make semiconductors in the country.

Transparency: India proposes to seek more disclosures from foreign funds with large holdings in local stocks or companies, following criticism about lack of oversight over inflows into sprawling conglomerates such as the Adani Group.

Spiraling wages: Coal India, the world’s biggest miner of the fuel, hiked prices for the first time in five years to offset an increase to its $5 billion wage bill.
Fault lines: US inspectors have in recent months uncovered wide-ranging lapses at factories run by some of India’s biggest pharmaceutical firms, as the world’s top supplier of cheap medicine faces increased scrutiny.

Rupee hoard: A lopsided trade relationship with India is forcing Russia to accumulate up to $1 billion each month in rupee assets that remain stranded outside the country.

Grapplers Protest: Several champion Indian wrestlers threatened to throw their medals in the holy Ganges river this week before postponing the plan, the latest escalation in an ongoing MeToo protest that also has implications for the country’s politics.
Re-energize: Apple is working on plans to expand and revitalize its retail chain, aiming to push deeper into China and India while overhauling established locations in the US and Europe.

Expanding Bet: GQG Partners holds about $13 billion in India stocks and plans to buy more, downplaying corporate governance and political risks associated with his headline-generating investments in billionaire Gautam Adani’s beleaguered conglomerate.

Casting doubt: A stalled $10 billion push to make semiconductors in India will expose a major fault line in Prime Minister Narendra Modi’s campaign for greater economic self-reliance, if it collapses. (via Bloomberg Opinion)
Talent retention: UBS is looking to retain more than 100 Credit Suisse investment bankers across Asia, sources say, as it seeks to shore up talent in markets where its Swiss rival has stronger presence.

Deadly error: India says the three-train collision, one of its deadliest rail accident that killed over 288 people, happened due to a fault in an electronic signaling system.

Temporary relief: Byju’s, India’s most valuable startup, plans to make a quarterly interest payment of about $40 million on a loan that has been at the center of the beleaguered firm’s financial troubles.
Thriving elsewhere: Two Indian fugitive brothers, while fighting fraud charges in their home country, have built Nigeria’s largest independent oil company and are set to play an even bigger role in the oil and gas industry.

Deeper ties
: The US and India have made a new pledge to deepen defense-industry ties, including sharing “cutting edge technologies,” as both countries seek to counter China's aggressive stance.

Skipping payment
: India's most valued startup Byju's decided to skip interest on a $1.2 billion loan after a dispute with lenders, escalating a conflict that could jeopardize the future of the country's high-flying startup.
Slowdown threat: India’s booming economy is the envy of other major markets. But beyond the hype and expectation, people who watch the country closely are flagging warning signs.

India push: Google is adding more Indian languages to its services and seeking ways to make its Android phones cheaper, eager to win more users in the world's most populous country.

Submarine deal: Germany and India are nearing a deal to build diesel submarines in the South Asian country as Russia’s prolonged war in Ukraine pushes New Delhi to expand its sources of military hardware.
New York has leapfrogged Hong Kong as the world’s most expensive city to live in as an expat, while skyrocketing rents saw Singapore crash into the top five, according to a new study.

Soaring inflation and rising accommodation costs were cited as reasons for New York topping Cost of Living Rankings for 2023, while Geneva and London remained in third and fourth places. Singapore climbed from 13th place last year to break into the top five for the first time. Tap the link to explore the full list.
Catch-22: The more Indian companies try to ramp up production to compete with China, the more dependent they become on its factories for parts.

AI for healthcare: Countries such as India should back research on artificial intelligence in ways that can improve government services like health care, OpenAI CEO Sam Altman says.

Submarine contract: European defense manufacturer Thyssenkrupp and India’s Mazagon Dock are set to construct submarines for India, signaling the country’s growing importance as ties between China and Russia deepen.
It’s a landlords’ market in Singapore. Polishing resumes, 70% lease hikes and last-minute contract rescissions are just some of the things tenants go through to find an apartment.

Spiking rents are becoming a hot-button topic and increasing social concern. The country’s reputation as a low-tax haven has long made it a regional hub for the rich, especially China’s wealthy, in the past few years.

Flats renting for S$3,000 ($2,200) a month are quickly vanishing in the city-state’s central districts. See what you could have rented for $3000 back in 2021 and what it would barely get you now.
🚨 Donald Trump has been indicted over his refusal to return classified documents found at Mar-a-Lago in Florida, sources say, the first time an ex-US president has been charged with federal crimes.

Russia's elite are souring on Putin's war in Ukraine. Even the most optimistic supporters are seeing a “frozen” conflict as the best outcome now for the Kremlin.

Lionel Messi reportedly turned down $400 million a year from Saudi Arabia in order to join David Beckham-backed Inter Miami. To pull it off, Beckham had powerful allies.
More bias: Generative AI could transform society — but the human biases the technology can amplify may do more harm than just perpetuating stereotypes. Read The Big Take.

Facing isolation: Imran Khan’s former allies announced the formation of a new political party, the latest setback for the embattled former premier as he clashes with Pakistan’s powerful army.

A new Bali: Indonesia’s paradise island teeming with beaches and lush rice fields wants to refocus its tourism away from guests who tend to misbehave and instead lure talented nomads, retirees and health buffs.