[QUICKREADS]
Theranos former executive Ramesh Balwani jailed for 13 years in blood-testing tech fraud A clean-shaven Bankman-Fried wore a blue suit, white shirt and dotted blue tie and carried a backpack into the courthouse - a far cry from the shorts and t-shirts that were his preferred attire when he ran FTX from the Bahamas. He shook hands with one of the prosecutors before the arraignment. He later said he had $100,000 in his bank account.
Apple CEO Tim Cook is in Singapore to meet leaders amid Southeast Asia tour seeking growth markets and manufacturing locations outside China. The visit highlights Apple's focus on diversifying beyond China and tapping into the Southeast Asian market. Cook has met with Vietnam and Indonesia leaders, exploring investment opportunities. The trip may lead to more aggressive sales strategies in the region dominated by Android phones.
Saudi Arabia is nearing a deal to invest $1 billion in a Pakistan mine controlled by Barrick Gold Corp. The Saudi sovereign wealth fund-backed company, Manara Minerals Investment Co., could announce a preliminary agreement in the coming weeks. The potential investment is part of Saudi Arabia's interest in various sectors in Pakistan, including metals and mining. Talks are ongoing, and the project is set to start production in 2028.
Heating equipment maker JNK India Ltd sets IPO price band at Rs 395-415 per share for Rs 650 crore offering. The IPO, open for subscription April 23-25, includes fresh equity issue and Offer-for-Sale by promoters and shareholder. Proceeds for working capital and general purposes. Company's revenue and profit show growth. IIFL Securities and ICICI Securities are the lead managers. Listing on BSE and NSE.
Social media platform X is working with Pakistan's government to address security concerns during an ongoing two-month ban. The platform, formerly known as Twitter, has been mostly inaccessible since February 17, following political unrest. The Sindh High Court has ordered the government to restore access within a week, with further actions expected if not complied with.
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The IMF is ready to support Sri Lanka's discussions with bondholders after failing to reach a debt restructuring agreement earlier. Concerns arise over the delay in receiving the third tranche of its IMF program. Sri Lanka will consult with the IMF to assess if the latest proposals align with bailout program parameters. The country's financial crisis worsened with record low reserves in 2022.
Oil prices remained under pressure due to conflicting signals, including rising stockpiles and geopolitical tensions. Brent traded above $87 a barrel, while WTI was near $83. US crude inventories rose, overshadowing Middle East tensions. US sanctions on Venezuelan oil were reinstated, with new sanctions on Iranian oil also in focus. Despite OPEC cuts and geopolitical risks, prices have faltered, with speculation of hitting $100 a barrel diminishing.
UBS Group is reportedly planning job cuts post its Credit Suisse takeover, affecting over a hundred positions in its global investment bank. The layoffs are expected in wealth management and markets units in the upcoming weeks. The merger was arranged by Swiss authorities in March 2023 to prevent Credit Suisse's collapse. UBS had earlier cut over 3,000 jobs in Switzerland and 70% of staff in Hong Kong-based securities research unit.
The U.S. Commerce Department is reportedly set to grant over $6 billion to Micron Technology for domestic chip factory projects, marking the largest private investment in American history according to New York Governor Kathy Hochul. The funding, part of President Joe Biden's CHIPS Act, aims to secure 50,000 jobs and a $100 billion investment in the U.S. semiconductor industry.
Tesla Inc. will hold a new vote on Elon Musk's compensation after a court voided a $56 billion award from 2018. The company will also vote on moving its state of incorporation to Texas. Chair Robyn Denholm criticized the court's decision, while a shareholder sued over Musk's pay being excessive. Musk, who owns about 13% of Tesla, expressed interest in AI and robotics unless he has a 25% stake. Tesla shares rose 1.1% before regular trading, dropping 37% this year.
Asos Plc expects profit to rise in the next fiscal year due to cost-cutting efforts and reducing unsold stock. Shares rose over 11% in early trading, signaling investor optimism. Revenue fell 18% in the first half, but the company is confident in hitting guidance for 2024 by clearing old stock. Asos, previously a market favorite, has faced challenges but is making progress.
Outsourcing jobs to India is boosting office demand, with global capability centers and IT providers leasing 46% of workspace in 2023, says Knight Frank. India's offshoring industry accounts for 57% of the global market, driving significant leasing growth. The industry, including GCCs and GBS, contributes 60% to service exports. India's GCC landscape has expanded, with IT leading growth. Desai predicts GCCs will continue driving office market demand into 2024 and beyond, making India a global hub by 2030.
India's power consumption rose by nearly 10% to 70.66 billion units in the first half of April, indicating improved economic activity and consumption patterns. Peak power demand reached 218 GW, up from 206 GW last year. Experts believe the increase in double digits reflects changing consumption habits and increased energy usage on appliances and gadgets. The rise in electric vehicles has also impacted consumption patterns.
MG Motor India is expanding to tier III and IV cities with plans to establish 100 new touchpoints by the end of the fiscal year. With JSW Group as a joint venture partner, the company aims to invest Rs 5,000 crore and sell one million electric vehicles by 2030. The company plans to have 520 sales and service touchpoints in 270 cities by 2024-25 as part of its growth strategy called MG 2.0.
Ashmore Group PLC is reducing exposure to Indian equities, favoring China in its emerging-markets fund due to overhyped Indian market and favorable valuations in China. Despite India's economic growth, high valuations led to profit booking. China's potential recovery, cost management, and consumer strength make it an attractive investment. Ashmore's EM equity fund has outperformed peers, with a 5% annual gain over five years.