Ukraine Latest: US Humanitarian Aid Worker Killed in Bakhmut
The US is sending Ukraine a new $2.1 billion weapons package, the Pentagon said Friday, including a new ground-launched, bomb-tipped rocket.
Latest From Bloomberg
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Adani Bondholders Turn to Advisers as Crisis Engulfs Indian Firm
Bondholders of Adani Group firms are holding initial conversations with financial advisers and lawyers to weigh their options after the unfolding crisis at the Indian conglomerate sent several dollar obligations into distressed territory.
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Here’s What Keeps Morgan Stanley’s Jim Caron Up at Night
Inflation readings have, mercifully, been coming down, and investors are betting the Federal Reserve is getting close to the end of its rate-hiking cycle.
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Argentina’s Latest Unorthodox Tool to Combat Inflation: AI
Argentina, which for decades had unsuccessfully tried to beat runaway inflation with unorthodox policies, has come up with a new tool to keep track of price increases: artificial intelligence.
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UK Online Safety Bill May Also Tackle Misogyny
The UK’s Online Safety Bill may be strengthened to tackle violence and abuse against women on the web, according to a report in The Telegraph newspaper.
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China Weekly Covid Deaths Halve as Country Returns From Holiday
China’s official Covid death tally almost halved in the seven days following the Spring Festival Holiday, suggesting the massive wave of infections that spread across the country in the past few weeks may be abating.
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Forget Trump, Democrats Are Preparing Ways to Beat a DeSantis Campaign
Age, experience could be DeSantis strengths with Biden voters
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Italy Finances Not Threatened by ECB Rate Hikes, Visco Says
Increased borrowing costs at the European Central Bank so far aren’t interfering with Italy’s ability to keep financing its debt load, according to Governor Ignazio Visco.
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Inside the 19-Hour Meltdown That Junked Adani’s Share Sale
A beaming Gautam Adani stood beside Israeli Prime Minister Benjamin Netanyahu on Tuesday, looking relaxed as hundreds of people gathered for the ceremonial signing at the Haifa Port, which the Indian billionaire is co-developing.
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Russian Tycoon May Buy Germany’s Insolvent Hahn Airport
The Russian owner of Germany’s legendary Nuerburgring motor racing track is set to buy insolvent Frankfurt-Hahn Airport in western Germany, Deutsche Presse-Agentur reported on Friday.
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Why Is Britain Taking the Axe to Wood-Burning Stoves?
Tougher regulations on wood-burning stoves follow years of improvements for other pollution sources.
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Charting the Global Economy: Fed, BOE, ECB Near Peak Rate Levels
The Federal Reserve, Bank of England and European Central Bank all conceded that while inflation is cooling in their respective regions, more interest-rate hikes are needed to ensure price stability.
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Luxury Yachtmaker Ferretti Seeks Regulator Nod for Milan Listing
Italian luxury yachtmaker Ferretti SpA is seeking Hong Kong regulatory approval for its planned Milan share sale, in what’s set to be the first-ever dual listing between the two cities, people with knowledge of the matter said.
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Adani Flagship Shelves $122 Million Bond Plan After Market Rout
Adani Enterprises Ltd. has shelved a plan to raise as much as 10 billion rupees ($122 million) via its first-ever public sale of bonds following a market rout, according to people familiar with the matter.
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Japan’s Kishida Removes Aide Over Same-Sex Union Remarks
Japanese Prime Minister Fumio Kishida dismissed a secretary from his position after remarks criticizing same-sex marriage, Kyodo News reported.
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Bank of England Signals Worst Years for Growth Since Great Depression
The assessment delivered by the Bank of England this week made for dismal reading.
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Sunak’s Tories Have a £25 Million Black Hole to Fill as Donors Flee
As Conservatives trail in the polls, Prime Minister Rishi Sunak searches for a successor to Nadhim Zahawi as the ruling party’s chairman.
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UK Stocks Just Hit a Record. That Might Be as Good as It Gets
UK stocks just hit a record high, defying the country’s gloomiest economic outlook in decades. Scratch the surface, however, and the market is already falling behind.
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France Demands Transparency to Defuse Subsidy Fight With the US
French Finance Minister Bruno Le Maire will head to meetings with counterparts in Washington on Tuesday demanding more transparency from President Joe Biden’s administration on green industry subsidies, in order to avoid an escalation of transatlantic trade tensions.
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The EU’s Ban on Russian Diesel Won’t Really Stop Fuel Flows
New measure means the bloc will lose its biggest supplier of the fuel
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Scholz Is Learning That It’s Not Easy Going Green
(Bloomberg) --
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German Energy Reprieve Too Little, Too Late to Save Factory Jobs
With gas prices down from record highs, Germany has seen a surge of optimism that the worst of the energy crisis has passed. But for the country’s biggest industrial producers, the long-term picture remains dismal.
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Billionaire Cucinelli Sets Profits Cap to Thrive for Centuries
Brunello Cucinelli likes making money but the Italian billionaire wants his workers and suppliers to benefit too. In an industry which posts eye-popping margins, his namesake luxury cashmere house pours profits into better pay and working conditions. Investors, so far, appear to be on board.
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Billionaire Drahi Faces an Unfamiliar Test of Empire Building
Patrick Drahi has found breathing space in constricted debt markets that once so freely supplied the oxygen needed for his decades of empire building.
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China-Russia Ties Growing, Ministry Says After Official’s Visit
China’s strategic partnership with Russia has strong momentum and will continue to grow, the government said on Saturday in a statement that confirmed Vice Foreign Minister Ma Zhaoxu had visited Russia this week.
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Chaotic Cash Shortage Forces Nigerians to Wait Hours for $43
Nigeria is staring at chaos as ATMs in Africa’s biggest economy run out of new notes, days before a deadline that will render high-value currency illegal.
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Tesla Raises Prices of Its Model Y SUV in the US
Tesla Inc. raised the prices of its Model Y SUV in the U.S. late Friday.
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Adani Set to Ax $500 Million Overseas Bond Plan: Economic Times
The Adani Group will probably drop plans to sell about $500 million of bonds abroad, the Economic Times reported, citing two people with knowledge of the matter that it didn’t name.
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Your Saturday Asia Briefing: Adani’s No-Good, Terrible 19 Hours
The week began with Gautam Adani publishing his empire’s 413-page rebuttal to Hindenburg’s report, a move that failed to stem a slump in the group’s shares, and ended with a bizarre diplomatic spat between the US and China over a balloon. In between, the Federal Reserve gave markets the idea that it was bluffing about its rate policy and the Labor Department released numbers that made everyone gloomy again.
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Thousands Mistake US Research Aircraft, Viral Explosion for Chinese Spy Balloon
A high-altitude research balloon from the US is now among the world’s most-tracked aircraft, after thousands of internet users mistook it for the suspected Chinese surveillance balloon floating over the western state of Montana.
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Ukraine Latest: Zelenskiy to Meet EU Officials on Accession Bid
The US is sending Ukraine a new $2.1 billion weapons package, the Pentagon said Friday, including a new ground-launched, bomb-tipped rocket.
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Musk Defeats Tesla Shareholder Suit Over 2018 Take-Private Tweets
Elon Musk proved once again that he’s difficult to beat in court.
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From China to Big Sky: The Balloon That Unnerved the White House
Star gazing is nothing unusual in Montana, where skies go on forever. But as Chase Doak left work on a Wednesday and looked up on a cold winter day he saw a mysterious round white object that was clearly neither the moon or a star.
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Bolsonaro Takes Post-Presidency Florida Tour to a Trump Resort
Former Brazilian President Jair Bolsonaro is again marshaling supporters in Florida, saying he’s puzzled that he lost last fall’s election and giving no indication that he intends to leave the US.
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This Week in China: The World’s Best Stocks Need New Buyers
China’s all-or-nothing stock market is losing momentum, after three months of what might be best described as forced buying of a deeply oversold asset.
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Musk Juror Calls Investor Case Against Tesla CEO ‘Disorganized’
The foreman of the jury that cleared Elon Musk of wrongdoing over his 2018 tweets about taking Tesla Inc. private said the case against the chief executive officer was “disorganized.”
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ANZ Bank Chief Sees a ‘Lot More Rate Rises’ Coming in Australia
The chief of one of Australia’s largest commercial banks warned the strength of the nation’s economy suggests that markets and home owners should brace for “a lot more rate rises.”
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South Korea Foreign Minister Wants EV Tweaks to US Climate Act
South Korean Foreign Minister Park Jin gave Secretary of State Antony Blinken a reminder that Seoul still has concerns about the Biden administration’s landmark climate and energy bill.
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Trump Offers $1 Million Bond to Appeal Clinton Suit Sanctions
Former President Donald Trump is getting ready to write a check to a Florida court for more than $1 million — but he’s hoping to get the money back.
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‘Shadow Fleet’ of Tankers Hauling Russian Oil Swells to 600 Ships, Trafigura Says
The “shadow fleet” of ships that transport Russian oil around the world has expanded to around 600 tankers, according to trading giant Trafigura.
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ION Removed From Hacker’s Target List and Deadline for Ransom Suspended
The hacking group behind the attack on ION Trading UK — the software firm that was struck by a cyberattack earlier this week, upending derivatives trading around the world — says a ransom has been paid.
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Trump 2016 Campaign to Pay $450,000 to Settle Non-Disclosure Case
Former President Donald Trump’s 2016 campaign agreed to pay $450,000 to settle a years-long legal fight over non-disclosure agreements that it required workers and volunteers sign, new court documents show.
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Biden, Cabinet Plot Post-State of the Union Travel ‘Blitz’
Joe Biden and his Cabinet plan to criss-cross the country after his State of the Union address to tout his economic agenda as the president gears up to announce his reelection bid.
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Ford Cuts Senior Manager Bonuses After Disappointing Earnings
Ford Motor Co. is cutting the performance bonuses of its senior managers — including Chief Executive Officer Jim Farley — after the automaker said poor execution and supply snags led to disappointing results for the past year.
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SpaceX Awarded Shared NASA Contract Worth Up to $100 Million
Space Exploration Technologies Corp. is part of a payload contract NASA has awarded for as much as $100 million over a decade.
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John Malone, Charter Directors Settle Time Warner Deal Lawsuit
John Malone and his former colleagues on Charter Communications Inc.’s board have settled claims the billionaire unfairly benefited from the $79 billion purchase of Time Warner Cable that he helped finance, according to a securities filing.
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Hack of ION Derivatives System Prompts Caution in Other Markets
A cyberattack in a little-known corner of the derivatives market has Wall Street’s biggest trading desks treading carefully in other markets unscathed by the incident, a sign of jitters pulsing through an industry on watch for such attacks.
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Bank of America CEO Moynihan Pay Fell to $30 Million for 2022
Bank of America Corp. Chief Executive Officer Brian Moynihan’s total compensation declined 6.3% to $30 million for his work in 2022, a year in which profit tumbled and the shares sank.
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Biden Lauds ‘Strongest Job Growth in History’ as Hiring Surges
A blockbuster jobs report Friday triggered a morning stock slump and reignited Wall Street worries that the Federal Reserve will keep rates high to fight against inflation.
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High-Flying Balloon Seen as Part of Broader Chinese Spy Program
US officials believe the high-altitude balloon now floating at 60,000 feet over the continental US is part of a broader Chinese spying program that’s seen many such devices sent over the nation, including some during the Trump administration, people familiar with the matter said.
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ECB May Reach Terminal Rate by Third Quarter, Holzmann Says
European Central Bank interest rates may peak around the middle of the year or by the third quarter at the latest, which can lead to renewed reductions over the coming years, Governing Council member Robert Holzmann says on public broadcaster ORF.
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Stagflation Trade Dies Quiet Death in Week-After-Week S&P Surge
Something has shifted in markets. Fear of stagflation, the return-busting specter of spiraling prices and recession that just sent stocks and bonds to their worst annual drubbing in a generation, has gone missing.
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Treasury Yields Surge on Blockbuster January Employment Growth
(Bloomberg) -- US government bonds slumped Friday as stronger-than-expected job creation and service-sector activity undermined wagers on a recession that will force the Federal Reserve to cut interest rates by year-end.
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Musk Has a Laugh in Court as Tesla Tweet Fraud Trial Wraps Up
The jury in Elon Musk’s trial over his tweets 4 1/2 years ago about taking Tesla Inc. private began its deliberations after a lawyer for the chief executive officer argued he’s not a “fire-breathing tweeting monster.”
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Crypto Venture Firm Pantera Capital Says Co-CIO Joey Krug Leaves
Pantera Capital has lost its co-Chief Investment Officer Joey Krug, the latest in a series of leadership changes for the embattled crypto venture capital firm.
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EU Backs $100 Price Cap for Russian Diesel as Import Ban Looms
(Bloomberg) -- The Group of Seven nations and the European Union member states have agreed to impose a cap of $100 per barrel on sales of Russian diesel to third countries as part of an effort to limit Moscow’s revenues.
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US to Postpone Blinken’s Visit to China Over Its Spy Balloon
Secretary of State Antony Blinken postponed his upcoming trip to Beijing after the US detected what it called a Chinese surveillance balloon lingering at high altitude over sensitive nuclear sites in Montana.
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Bankman-Fried Entity That Owns Robinhood Stake Goes Bankrupt
Sam Bankman-Fried’s Emergent Fidelity Technologies Ltd., an offshore entity that owns 55 million shares of Robinhood Markets Inc., filed for bankruptcy Friday amid a fight over who should get the stock following the collapse of FTX Group.
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Netflix Password Crackdown Is Underway in Chile and Frustrating Customers
Cristian Castro had been a Netflix Inc. customer for years.
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California’s New Gold Rush: Big Tech Moves to Gain the Edge in AI
Talk of artificial intelligence and machine learning exploded on earnings calls after ChatGPT went viral
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George Santos Produced Broadway’s Ill-Fated Spider-Man Musical. At Least, He Claims He Did
Add Broadway producer to the long list of George Santos’s fabrications.
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Blockbuster Jobs Report to Push Fed to Hike and Keep Rates High
January’s blockbuster US jobs report is likely to strengthen the Federal Reserve’s determination to raise interest rates above 5% and keep them high throughout the year — an outcome investors remain skeptical of.
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Trader Bags $10 Million in Bold Fed Bet Minutes Before Jobs Data
Just minutes before the monthly jobs report was published on Friday, a trader placed a risky bet in federal funds futures that ended up paying off in a big way.
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A Gambling Tycoon and Two British Lords Team Up for £10 Billion Crypto Lawsuit
In May last year, dozens of guests gathered at a cabaret club in London’s Soho district to celebrate the birthday of Calvin Ayre, an online gambling tycoon-turned-crypto evangelist.
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Kenya Withdraws Financial Impropriety Case Against Flutterwave
Kenya dropped charges of financial impropriety against Flutterwave Inc., about seven months after a court in the East African nation froze the bank accounts of one of Africa’s biggest startups.
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Crypto’s Monster Rally Overshadows Demise of Zombie Projects
Digital-asset enthusiasts suggesting that the market rally since the start of the year brings an end to “crypto winter” may want to first make a wider assessment before declaring a thaw.
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Brazil Central Bank’s Harsh Statement Upset Lula, Economic Team
Brazil’s Luiz Inacio Lula da Silva and members of his economic team were dismayed by the harsh statement published by the country’s central bank this week, three people with knowledge of the matter said, a signal that tensions between the independent central bank and the left-wing president are far from over.
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CFTC Chief Plots New Cyber Rules in Wake of ION Trading Hack
The top US derivatives watchdog wants new cybersecurity rules as a recent attack on software company ION Trading UK continues to roil the industry.
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Fed’s Daly Says December Dot Plot Still Good Signal for Rates
Federal Reserve Bank of San Francisco President Mary Daly said officials’ December projections for interest rates were still a good signal of where borrowing costs are headed after an impressive jobs report Friday.
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Rivian Is Developing an Electric Bike
Rivian Automotive Inc. is developing an electric bike, the chief executive officer told staff, potentially expanding the EV maker’s product lineup.
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AMC’s Meme Stock Antics Open the Door for ‘Home Run’ Arbitrage
Meme-stock posterchild AMC Entertainment Holdings Inc.’s strategy to raise cash has placed it in the crosshairs of arbitrage traders who see a golden opportunity to profit from a shake-up in its share structure.
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Indian Crypto Exchange WazirX Moves Funds After Binance Cuts Off Service
Indian crypto exchange WazirX said it was transferring funds held with Binance for its operations to other wallets after Binance said it was cutting off the service, the latest in a running dispute between the two companies over their relationship.
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Google Invests Almost $400 Million in ChatGPT Rival Anthropic
Alphabet Inc.’s Google has invested almost $400 million in artificial intelligence startup Anthropic, which is testing a rival to OpenAI’s ChatGPT, according to a person familiar with the deal.
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CVC Nears Deal to Acquire Logistics Firm Scan Global
CVC Capital Partners is nearing a deal to acquire Danish transport company Scan Global Logistics, people familiar with the matter said.
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Record-Breaking Cold Sweeping Into New York, New England
The frigid blast from Canada sweeping into New York and New England is pushing next-day natural gas prices to a 20-year high, threatens to topple records across the region and could put New Hampshire’s Mount Washington in the stratosphere.
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Disney Explores the Sale of More Films and TV Series to Rivals
Walt Disney Co. is exploring the sale of more of its films and television series to rival media outlets as pressure grows to curb the losses in its streaming TV business.
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Mexico’s Ebrard Confident of Clinching Presidential Nomination
Mexico’s Foreign Affairs Minister Marcelo Ebrard is confident in getting the nomination to fight for the country’s presidency next year, even as he faces a fierce battle within the ruling party to succeed Andres Manuel Lopez Obrador.
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South Africa Says Finalizing Climate Plan as Finance Head Quits
South Africa is finalizing an implementation plan for an $8.5 billion climate finance deal with some of the world’s richest countries even as the head of the Presidential Climate Finance Task Team quit, a government spokesman said.
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BMW Will Invest $872 Million to Build Electric Vehicles in Mexico
BMW AG will invest €800 million ($872 million) in its San Luis Potosí, Mexico, plant to manufacture electric vehicles, as part of a broader effort to ramp up its global production network.
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US Is Sending Ukraine Another $2.1 Billion in Military Aid
The US is sending Ukraine a new $2.1 billion weapons package, the Pentagon said Friday, including a new ground-launched, bomb-tipped rocket.
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The Debt Ceiling Is All the Rage in Democrats’ Fundraising Emails
Democrats have warned in speeches from the US Capitol and appearances on cable-news shows that the standoff over the debt ceiling threatens to rattle financial markets and wreck the economy.
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FTC Is Preparing Potential Antitrust Case Against Amazon
The US Federal Trade Commission is preparing a possible lawsuit against Amazon.com Inc. that could be filed as soon as this spring, according to people familiar with the investigations.
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‘Too Good to Be True’ Jobs Report Draws Skeptics on Data Quirks
Economists are scratching their heads as to whether the US labor market is truly as strong as the latest employment report indicates or if wonky adjustments are getting in the way.
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Brevan Howard Joins Hedge Fund Shift With 100-Person UAE Outpost
Brevan Howard Asset Management is opening an outpost in Abu Dhabi, joining a string of peers expanding in the Middle East region that’s fast becoming a major hub for hedge funds.
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Turkish Minister Accuses US Ambassador of Trying to Harm Nation
Turkish Interior Minister Suleyman Soylu accused the US ambassador of trying to harm the country after a number of Western nations temporarily closed their consulates in Istanbul over security concerns.
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US Payrolls Surprise With Surge as Jobless Rate Hits 53-Year Low
The US labor market burned red-hot in January as hiring unexpectedly surged and unemployment fell to a 53-year low, defying recession forecasts and adding pressure on the Federal Reserve to keep raising interest rates.
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FTSE 100 Set for Record as British Stocks Finally Stage Comeback
For the first time since 2018, Britain’s blue-chip stocks have closed at an all-time high.
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‘Shameful’ Train Strikes Hurt London’s Shops and Restaurants
Shops and restaurants in London suffered another sharp drop in demand on the latest day of strikes by UK train drivers.
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China Calls on IMF to Support Sri Lanka Urgently With Bailout
China said it wanted multilateral lenders to provide debt relief to Sri Lanka as part of a broader restructuring of loans, a demand at odds with other major creditors and likely to slow a pact to unlock International Monetary Fund aid.
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Lula Says Brazil Needs More Tools to Fight Inflation
Brazil’s swap rates rose further after President Luiz Inacio Lula da Silva bolstered criticism of the central bank, saying high interest rates are ruining the economy while failing to control inflation.
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Paytm Posts Narrower Loss After Growth Push Boosts Sales
Paytm, India’s leading digital payments brand, posted a narrower third-quarter loss after its drive to add customers boosted revenue.
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Leak of $100 Billion Credit Suisse Accounts Faces Criminal Probe
Swiss prosecutors are investigating a data leak involving thousands of former Credit Suisse Group AG clients who’d reportedly held $100 billion with the bank, in a case set to further discourage whistleblowing in the secretive country.
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Musk Offers to Share Twitter Ad Revenue With Blue Subscribers
Twitter Inc. will start showing ads in the replies to tweets and sharing some of the revenue with the tweet’s writer, according to site owner Elon Musk.
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New York Natural Gas Hits 20-Year High on Extreme Cold Threat
Natural gas prices skyrocketed in New York and Boston as bitter cold descends, boosting demand for the furnace fuel.
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More EVs Will Qualify for Tax Credits After US Reverses Course
The Biden administration will allow more cross-over SUVs to qualify for the newly-revamped electric vehicle tax credit following lobbying by automakers such as General Motors Co. and Stellantis NV.
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Tight Labor Market Eased Pandemic Job-Loss Pain, Fed Study Says
The US labor market’s sharp recovery after the Covid-19 pandemic made it easier for workers who lost jobs to find new work and recoup lost pay, according to new research from the Federal Reserve Bank of Cleveland.
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Ford Returns to F1 as Racing Series Sees Surge in Popularity
The automaker will reenter in 2026 after a decades-long hiatus.
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Ghana Withdraws $672 Million Back-Tax Demand From MTN Group
MTN Group Ltd., Africa’s largest wireless carrier, said a 8.2 billion cedi ($672 million) tax bill it received from the Ghana’s government has been scrapped.
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Activision to Pay $35 Million for Disclosure Control Failures
Activision Blizzard Inc., the video game company that Microsoft Corp. is proposing to buy for $69 billion, settled a US regulator’s allegations that it failed to ensure that it had adequate disclosures related to employee complaints about workplace misconduct.
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ETF Seizes on ChatGPT Buzz With a Focus on ‘Conversational’ AI
Wall Street’s $6 trillion ETF machine rarely lets a viral trend pass it by. OpenAI’s chatbot is no exception.