Free pass: The Biden administration has decided to remain publicly quiet on India’s democratic backsliding, according to senior US officials, as the US intensifies efforts to keep New Delhi on its side in the rivalry with China. https://bloom.bg/421kJaw
Airline insolvency: Tycoon Wadia's airline Go Airlines India filed for insolvency, blaming failing Pratt & Whitney engines for grounding about half its fleet of Airbus aircrafts. https://bloom.bg/3niGvYn
Tilting towards bonds: Fund managers from Morgan Stanley and UBS are picking bonds over stocks as threat of recession looms. https://bloom.bg/3VtM56U
Airline insolvency: Tycoon Wadia's airline Go Airlines India filed for insolvency, blaming failing Pratt & Whitney engines for grounding about half its fleet of Airbus aircrafts. https://bloom.bg/3niGvYn
Tilting towards bonds: Fund managers from Morgan Stanley and UBS are picking bonds over stocks as threat of recession looms. https://bloom.bg/3VtM56U
Funding lines: The Jain brothers, who together control one of the largest media conglomerates in India which runs The Times of India, have initiated talks with financiers as the firms partition looms. https://trib.al/asfy9xF
China worries deepen: The Biden administration has made the call to stay quiet about India's undemocratic practices. Now more than ever, it needs Delhi as a counterbalance to China and Russia. https://trib.al/5ToPbMT
AI predictions: Artificial intelligence will be dangerous in the hands of unscrupulous people, according to Microsoft Chief Economist Michael Schwarz. https://trib.al/ivZ6I33
China worries deepen: The Biden administration has made the call to stay quiet about India's undemocratic practices. Now more than ever, it needs Delhi as a counterbalance to China and Russia. https://trib.al/5ToPbMT
AI predictions: Artificial intelligence will be dangerous in the hands of unscrupulous people, according to Microsoft Chief Economist Michael Schwarz. https://trib.al/ivZ6I33
Bloomberg.com
Times Group Owners Seek Financing as Firm’s Partition Looms, Sources Say
Samir Jain and Vineet Jain, who together control one of the largest media conglomerates in India, have initiated talks with financiers to fund a partition of the Times Group, according to people familiar with the matter.
Talent war: There's an insatiable need for AI talent in India that's outstripping supply. The result could be double the compensation, or even a BMW motorcycle as a sign-on bonus. https://bloom.bg/429VO4Q
Engine woes: Faults with engines supplied by Pratt & Whitney to Go Airlines forced the budget carrier to keep its Airbus SE jets on the ground for 17,244 days in the past three years, court filings show. https://bloom.bg/3Lu6Pqp
Bright signs: Travel in China surged over the Labor Day holidays as consumers emerged from three years of pandemic restrictions and Covid waves, boosting the economy’s recovery. https://bloom.bg/3paYGQ0
Engine woes: Faults with engines supplied by Pratt & Whitney to Go Airlines forced the budget carrier to keep its Airbus SE jets on the ground for 17,244 days in the past three years, court filings show. https://bloom.bg/3Lu6Pqp
Bright signs: Travel in China surged over the Labor Day holidays as consumers emerged from three years of pandemic restrictions and Covid waves, boosting the economy’s recovery. https://bloom.bg/3paYGQ0
Potential initial public offering: Alibaba's international online shopping business unit, which includes Lazada and AliExpress, is exploring a US IPO. https://trib.al/qNOsS90
AI chips: Microsoft is working with Advanced Micro Devices on the chipmaker’s expansion into artificial intelligence processors. https://trib.al/AhbqnfJ
World's top currency: Leaders in Beijing are cutting deals to boost the yuan as an alternative pole for international finance, trade and lending. https://trib.al/9ugsqjj
AI chips: Microsoft is working with Advanced Micro Devices on the chipmaker’s expansion into artificial intelligence processors. https://trib.al/AhbqnfJ
World's top currency: Leaders in Beijing are cutting deals to boost the yuan as an alternative pole for international finance, trade and lending. https://trib.al/9ugsqjj
Kashmir issue: Pakistan says it will not have bilateral relations with India until New Delhi reviews PM Narendra Modi's decision four years ago to revoke Kashmir's autonomy. https://bloom.bg/44DR8Wj
Signs of light: Go Airlines, which went under citing Pratt & Whitney engine failures, is optimistic about resuming flights within seven days if the bankruptcy court restrains lessors from taking back its aircraft. https://bloom.bg/3HScxRR
Changing trade landscape: World trade data is beginning to show early signs of "Reglobalization," with Vietnam, Mexico, and India among the gainers at China's expense. https://bloom.bg/3nwrTVr
Signs of light: Go Airlines, which went under citing Pratt & Whitney engine failures, is optimistic about resuming flights within seven days if the bankruptcy court restrains lessors from taking back its aircraft. https://bloom.bg/3HScxRR
Changing trade landscape: World trade data is beginning to show early signs of "Reglobalization," with Vietnam, Mexico, and India among the gainers at China's expense. https://bloom.bg/3nwrTVr
Soaring rents: Singapore’s hot housing market is hitting young singles hard — and becoming a political problem https://trib.al/FEojSxm
Thwarting AI plagiarism: A 22-year-old Princeton University student developed an app called GPTZero to deter the misuse of the ChatGPT in classrooms. Now he aims to "save journalism." https://trib.al/mFV7qaP
Ready for take off: As growth in the US and China stalls, Apple has a new pitch for investors: Emerging markets like India are our next frontier. https://trib.al/wJJbLs0
Thwarting AI plagiarism: A 22-year-old Princeton University student developed an app called GPTZero to deter the misuse of the ChatGPT in classrooms. Now he aims to "save journalism." https://trib.al/mFV7qaP
Ready for take off: As growth in the US and China stalls, Apple has a new pitch for investors: Emerging markets like India are our next frontier. https://trib.al/wJJbLs0
Trade deal: India and Canada are getting closer to signing an early-state trade agreement, a move that's part of a larger Canadian strategy to diversify supply chains away from China. https://bloom.bg/42w943g
More trouble: Beleaguered Go Airlines has been asked to stop selling tickets after it filed for insolvency amid what it called repeated failures of Pratt and Whitney aircraft engines. https://bloom.bg/42fLV5x
Anti-spy crackdown: China has launched a nationwide anti-spy crackdown on consulting firms, state media says, as Beijing moves to tighten foreign access to sensitive information. https://bloom.bg/3HRi8YI
More trouble: Beleaguered Go Airlines has been asked to stop selling tickets after it filed for insolvency amid what it called repeated failures of Pratt and Whitney aircraft engines. https://bloom.bg/42fLV5x
Anti-spy crackdown: China has launched a nationwide anti-spy crackdown on consulting firms, state media says, as Beijing moves to tighten foreign access to sensitive information. https://bloom.bg/3HRi8YI
Would you like AI with that?: Wendy’s will begin testing an artificial intelligence-powered chatbot next month that will talk to customers and take drive-thru orders, becoming the latest fast-food chain to employ the technology. https://trib.al/bj1odGo
Potential exit: Italy has signaled to the US that it intends to pull out of a controversial investment pact with China before the end of the year. https://trib.al/RyA4m2m
Explainer: Former Pakistan premier Imran Khan’s bid for snap elections is fueling political and legal turmoil in the cash-strapped nation. https://trib.al/J24MXFc
Potential exit: Italy has signaled to the US that it intends to pull out of a controversial investment pact with China before the end of the year. https://trib.al/RyA4m2m
Explainer: Former Pakistan premier Imran Khan’s bid for snap elections is fueling political and legal turmoil in the cash-strapped nation. https://trib.al/J24MXFc
Karnataka election is a close contest for the BJP and Congress
Local polls are set to open Wednesday morning in one of India’s wealthiest states, a key test for Modi’s popularity among swing voters — and his resilience ahead of national elections next year.
Recent opinion polls indicate the possibility of a hung assembly, though most suggest the main opposition Indian National Congress has an edge. If Congress wins Karnataka, it would mark the party’s second time ousting the BJP in a decade. The results are expected May 13 and it is likely to show a close race. Catch up with the details here: http://bloom.bg/3LIAPyU
Local polls are set to open Wednesday morning in one of India’s wealthiest states, a key test for Modi’s popularity among swing voters — and his resilience ahead of national elections next year.
Recent opinion polls indicate the possibility of a hung assembly, though most suggest the main opposition Indian National Congress has an edge. If Congress wins Karnataka, it would mark the party’s second time ousting the BJP in a decade. The results are expected May 13 and it is likely to show a close race. Catch up with the details here: http://bloom.bg/3LIAPyU
Global recession fears: An investment firm controlled by a top Abu Dhabi royal builds a short position worth billions of dollars in US stocks, sources say. https://trib.al/TRj7C9O
Restoring Japan's chip industry: Meet the man who is taking on what seems like an impossible task — building a globally competitive semiconductor manufacturer from scratch. https://trib.al/2TH0EV0
Russia's war in Ukraine: A two-day meeting on the Black Sea grain deal between United Nations officials and deputy defense ministers from Turkey, Russia and Ukraine started in Istanbul. https://trib.al/iz3bplb
Restoring Japan's chip industry: Meet the man who is taking on what seems like an impossible task — building a globally competitive semiconductor manufacturer from scratch. https://trib.al/2TH0EV0
Russia's war in Ukraine: A two-day meeting on the Black Sea grain deal between United Nations officials and deputy defense ministers from Turkey, Russia and Ukraine started in Istanbul. https://trib.al/iz3bplb
Modi-Biden dinner: Joe Biden will host India's Narendra Modi for a state dinner, the White House said, marking his third such event after dinners for the leaders of France and South Korea. https://bloom.bg/3pvOP7K
EV push: Indian conglomerate L&T's engineering arm is ramping up investments in self-driving and electric vehicle technologies, betting on India's appeal as a source of expertise for global manufacturers. https://bloom.bg/44NHjVV
Thailand monarchy: A wave of royal skepticism is changing Thailand's political landscape ahead of a May 14 election. https://bloom.bg/3Mf2EAe
EV push: Indian conglomerate L&T's engineering arm is ramping up investments in self-driving and electric vehicle technologies, betting on India's appeal as a source of expertise for global manufacturers. https://bloom.bg/44NHjVV
Thailand monarchy: A wave of royal skepticism is changing Thailand's political landscape ahead of a May 14 election. https://bloom.bg/3Mf2EAe
Court probe: India's top court and markets regulator are facing their biggest opportunity to show the country's determination to police its most powerful companies as they investigate the bombshell allegations on Gautam Adani by Hindenburg. https://bloom.bg/42uunCQ
Back to debt: Three companies controlled by billionaire Adani are considering a fundraising that may draw as much as $5 billion, people familiar with the matter say. https://bloom.bg/3nMkyBf
Scaring away investors: China's unpredictable policy making is deterring foreign investment that the country's cash-strapped cities are desperate to entice. https://bloom.bg/3I32Hg6
Back to debt: Three companies controlled by billionaire Adani are considering a fundraising that may draw as much as $5 billion, people familiar with the matter say. https://bloom.bg/3nMkyBf
Scaring away investors: China's unpredictable policy making is deterring foreign investment that the country's cash-strapped cities are desperate to entice. https://bloom.bg/3I32Hg6
Hello, here’s what we're watching today:
Turkey 🇹🇷 and Thailand 🇹🇭 are holding potentially game-changing elections today, a fitting start to a week where politics is set to play a dominant role in markets https://bloom.bg/3pC0zWg
Thailand, a US ally and Southeast Asia's second-biggest economy at $506 billion, has wrapped up voting for its lower house of parliament. It's a battle between ruling conservatives and a progressive opposition. We've made this live coverage free to read: https://bloom.bg/3LZMWI1
Meanwhile, Russia strikes the home city of Ukraine's Eurovision finalist. The attack was one of several overnight. https://bloom.bg/3nWigiV
Turkey 🇹🇷 and Thailand 🇹🇭 are holding potentially game-changing elections today, a fitting start to a week where politics is set to play a dominant role in markets https://bloom.bg/3pC0zWg
Thailand, a US ally and Southeast Asia's second-biggest economy at $506 billion, has wrapped up voting for its lower house of parliament. It's a battle between ruling conservatives and a progressive opposition. We've made this live coverage free to read: https://bloom.bg/3LZMWI1
Meanwhile, Russia strikes the home city of Ukraine's Eurovision finalist. The attack was one of several overnight. https://bloom.bg/3nWigiV
The victory in the southern Indian state of Karnataka over the weekend was one of the most significant for Congress against Modi’s BJP in major state elections since he took power nearly a decade ago. Can Rahul Gandhi build on that momentum in the five remaining state assembly elections before the 2024 vote?
Here are the main takeaways from Karnataka elections: https://trib.al/kqdYjcv
Here are the main takeaways from Karnataka elections: https://trib.al/kqdYjcv
Pricing is key: Shares of Indian billionaire Gautam Adani’s group firms will be in focus after boards of two companies approved proposals to raise as much as $2.6 billion. https://bloom.bg/3MbOzTc
Making Profit: A sweeping overhaul — including laying off about 10% of its workforce, drastic cost cuts and exit from India — has helped tech startup Sea swing to quarterly profit for the first time in its 14-year history. https://bloom.bg/3W7sVUr
India Beckons: Carlyle Group is in the early stages of exploring an entry into India’s private credit market, joining global firms drawn to the area. https://bloom.bg/42BBB8a
Making Profit: A sweeping overhaul — including laying off about 10% of its workforce, drastic cost cuts and exit from India — has helped tech startup Sea swing to quarterly profit for the first time in its 14-year history. https://bloom.bg/3W7sVUr
India Beckons: Carlyle Group is in the early stages of exploring an entry into India’s private credit market, joining global firms drawn to the area. https://bloom.bg/42BBB8a
Historic investment: Alibaba will make “huge” investments in its Taobao shopping app after the Chinese company’s restructuring produced six new units able to raise funds and seek listings independently. https://trib.al/nelecRW
Subpoenaed: Elon Musk was subpoenaed by the US Virgin Islands in its lawsuit accusing JPMorgan of knowingly benefiting from Jeffrey Epstein’s sex-trafficking. https://trib.al/bCpMiPt
Easing rules: Singapore will further ease rules on egg freezing by increasing the age limit for women who wish to undergo the procedure. https://trib.al/3evLNkh
Subpoenaed: Elon Musk was subpoenaed by the US Virgin Islands in its lawsuit accusing JPMorgan of knowingly benefiting from Jeffrey Epstein’s sex-trafficking. https://trib.al/bCpMiPt
Easing rules: Singapore will further ease rules on egg freezing by increasing the age limit for women who wish to undergo the procedure. https://trib.al/3evLNkh
Rate-cut bets: Traders accustomed to aggressive interest-rate hikes across Asia are now seeking to gauge when the region’s central banks, from South Korea to India, will begin cutting. https://bloom.bg/3IijMTl
Easing prices: India’s wholesale prices contracted for the first time in almost three years after global commodity prices softened, bringing down input costs for producers. https://bloom.bg/3WaOofs
Currency wagers: Some of the world’s biggest investors are backing emerging-market currencies to outperform their developed-nation peers as monetary tightening pauses, growth slows and calls for a weaker US dollar become louder. https://bloom.bg/3OcLVyQ
Easing prices: India’s wholesale prices contracted for the first time in almost three years after global commodity prices softened, bringing down input costs for producers. https://bloom.bg/3WaOofs
Currency wagers: Some of the world’s biggest investors are backing emerging-market currencies to outperform their developed-nation peers as monetary tightening pauses, growth slows and calls for a weaker US dollar become louder. https://bloom.bg/3OcLVyQ
New location: The leaders of Australia, Japan, and India will meet with the US on the sidelines on the G-7 after Joe Biden dropped Sydney from his travel agenda. https://bloom.bg/3ob0QPu
Growth hurdle: A cash crunch is persisting in India, pushing short-term borrowing costs above a key policy interest rate and posing risks to an economy that needs cheaper funding to sustain its recovery. https://bloom.bg/41KHcI2
Hot planet: Demand for air conditioners are surging in markets where both incomes and temperatures are rising, including India. But, what’s good for measures of public health and economic productivity is unquestionably bad for the climate. https://bloom.bg/3MvKL0i
Growth hurdle: A cash crunch is persisting in India, pushing short-term borrowing costs above a key policy interest rate and posing risks to an economy that needs cheaper funding to sustain its recovery. https://bloom.bg/41KHcI2
Hot planet: Demand for air conditioners are surging in markets where both incomes and temperatures are rising, including India. But, what’s good for measures of public health and economic productivity is unquestionably bad for the climate. https://bloom.bg/3MvKL0i
Bloomberg.com
It’s the G-7 Versus China and Russia in the Struggle for Global Influence
G-7 leaders meeting in Japan are set to make a priority of countering Beijing and Moscow with action plans tailored to key partner countries. But theirs is not the only offer in town.
Wealth: If you want to join Monaco’s richest 1%, you’ll need an eight-figure fortune. Here's how much wealth you need to join the richest 1% globally. https://trib.al/GJDHYg4
Wooing laptop makers: India is unveiling a $2 billion financial incentive plan to draw makers of laptops, tablets and other hardware to the South Asian nation as companies look to diversify supply chains beyond China. https://trib.al/PGfDcL2
Xi clampdown: A prominent LGBTQ+ center in China is closing down after 15 years, another sign of the tightening of space for sexual orientation-focused organizations under President Xi Jinping. https://trib.al/zEjSltR
Wooing laptop makers: India is unveiling a $2 billion financial incentive plan to draw makers of laptops, tablets and other hardware to the South Asian nation as companies look to diversify supply chains beyond China. https://trib.al/PGfDcL2
Xi clampdown: A prominent LGBTQ+ center in China is closing down after 15 years, another sign of the tightening of space for sexual orientation-focused organizations under President Xi Jinping. https://trib.al/zEjSltR
Slashing stake: Goldman dramatically reduced exposure to the Adani Group, selling 11.7 million shares in its ESG portfolios after Hindenburg’s allegations. https://bloom.bg/3MiN3i3
Cloud invest: Amazon plans to invest $12.7 billion in cloud infrastructure in India by 2030, joining other global tech giants in betting on growth in the South Asian nation’s digital economy. https://bloom.bg/3MCidSL
Power struggle: The death of patriarch Srichand Hinduja at age 87 raises questions over who’ll assume his role as de-facto head of one of the world’s biggest family fortunes with origins dating back more than a century. https://bloom.bg/3Olj2AJ
Cloud invest: Amazon plans to invest $12.7 billion in cloud infrastructure in India by 2030, joining other global tech giants in betting on growth in the South Asian nation’s digital economy. https://bloom.bg/3MCidSL
Power struggle: The death of patriarch Srichand Hinduja at age 87 raises questions over who’ll assume his role as de-facto head of one of the world’s biggest family fortunes with origins dating back more than a century. https://bloom.bg/3Olj2AJ
Bloomberg.com
Goldman Sachs Slashes Adani Group Stakes From Its ESG Funds
The investment arm of Goldman Sachs Group Inc. dramatically reduced its exposure to the Adani Group in its ESG portfolios in the weeks following allegations of fraud against the conglomerate by short-seller Hindenburg Research.