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☆ China’s Belt and Road Plan Is Down, Not Out
▼ + stars: | 2023-01-09 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

The Belt and Road Initiative—China’s gargantuan overseas infrastructure push which began gaining steam in the mid 2010s—has been the subject of some belt tightening recently. It is too early to write it off entirely. The BRI’s retrenchment during the pandemic has been remarkable in Asia—where much of the funding was initially committed. It is however still expanding its footprint rapidly in Latin America, at least in foreign-direct investment terms. And even in some trouble spots such as Pakistan, Beijing is unlikely to abandon its megaprojects, given how much it has already invested.

☆ India’s Face-Off With Big Tech Will Intensify in 2023
▼ + stars: | 2023-01-04 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

The standoff between India and U.S. tech giants will intensify in 2023 as New Delhi cooks up its own regulatory medicine for the world’s second most populous internet market—an unusual concoction of Europe’s strict antitrust approach and Chinese-style government surveillance. Three significant pieces of legislation likely to pass in 2023 will harden positions on both sides.

☆ Shipping Companies Face More Dangerous Shoals
▼ + stars: | 2022-12-30 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

Container spot rates started to slip early this year and their descent accelerated in the second half. The last two years featured supply-chain disruptions, limited shipping capacity and remarkably high container rates. But 2023 will be rather different—and not in a good way, at least from the perspective of the world’s shipping giants. Container spot rates started to slip in early 2022 and their descent accelerated in the second half of the year. The World Container Index compiled by London-based Drewry Shipping Consultants is down 77% so far this year.

☆ Apple’s Best Bet Against China Might Be India
▼ + stars: | 2022-12-27 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

The potential of India’s own consumer market makes it even more attractive for electronics manufacturers. India could well become the manufacturing darling of Apple this decade. But New Delhi also deserves credit for a concerted push to make India an easier—and financially more attractive—place to build gadgets. Many Western manufacturers are increasingly uncomfortable with their heavy reliance on China—especially after its uncompromising and unpredictable approach to public health over the past year. Violent protests at Apple supplier Foxconn ‘s Zhengzhou factory in November further highlighted the risks of an overly concentrated supply chain.

☆ India’s Tech Funding Winter Will Be Deep and Long
▼ + stars: | 2022-12-14 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

India’s tech funding winter is stretching into 2023, despite a bright long-term outlook for the country’s stock markets. Indian stock markets have been testing new highs recently. The good cheer, however, largely hasn’t extended to the tech sector. In fact, while the long-term outlook remains bright, the toughest stretch of this down cycle for India’s ambitious young tech startups may be yet to come.

☆ Coal’s Spark Flickers, but It Is Still Burning
▼ + stars: | 2022-12-12 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

An energy-starved world is expected to depend on coal to plug gaps in its fuel supply for several years to come. Thermal coal is losing some of its heat. But it would be a mistake to expect coal prices to fall back down to pre-Ukraine war levels anytime soon. For better or worse, an energy-starved world will be depending heavily on coal to plug gaps in its fuel supply for several years to come.

☆ Coal’s Spark Flickers but It Is Still Burning
▼ + stars: | 2022-12-12 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

☆ Copper and Aluminum Bulls are Running Too Fast
▼ + stars: | 2022-12-09 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

Aluminum prices are up about a fifth from their late September lows. The cliché is that when China sneezes, commodities catch a cold. Logically, then, when it’s feeling better the commodity complex should too: Industrial metals like copper, aluminum and iron ore have staged an impressive rally recently as signs that China is preparing to reopen become more obvious. This time, however, there are a few wrinkles that should give investors pause: especially the still-dire state of the nation’s housing market, which constitutes the single largest source of global demand for metals like iron ore.

☆ India’s Outlook Is Surprisingly Bright
▼ + stars: | 2022-12-08 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

The Reserve Bank of India has leeway to rein in inflation. India’s central bank has further tightening to do, but the economy looks as though it can handle it. Stock investors, too, should consider taking a look: The South Asian country is well placed to handle a global slowdown next year, as long as rebounding global oil prices don’t play the spoiler.

Megha Thakur, a TikToker who preached body confidence and acceptance to her nearly 1 million followers, has died. Thakur's family, who made the Instagram post on Nov. 28, wrote that a funeral service would be held on Nov. 29. She loved her fans and would have wanted you to know of her passing," her family wrote in the Instagram post. Some wrote that Thakur had helped them learn to love themselves and her content had given them confidence. "megha i seriously can’t believe this .. i woke up this morning and this was the first thing that landed," user @01110111ftw wrote.

☆ For U.S. Tech, India’s Draft Privacy Bill Has Hidden Risks
▼ + stars: | 2022-12-02 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

A long-pending privacy bill, released for public consultation in November, would need the approval of the Indian parliament before becoming law. There isn’t much the Indian government and Meta Platforms see eye to eye on. And yet earlier this week, the U.S. social-media giant’s president of global affairs called a reworked draft of the country’s data-protection bill a promising turn of events. The fourth iteration of the long-pending privacy bill, released for public consultation in November, solves some big problems: Previously mooted versions had alarmed tech companies by proposing to treat social-media platforms as publishers, regulate the use of non-personal information such as traffic data, and bar companies from processing critical personal data outside India.

☆ Amazon Is Signaling its India Fatigue
▼ + stars: | 2022-11-30 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

In September 2014, Amazon founder Jeff Bezos stood atop a truck in Bengaluru, dressed in traditional attire, flashing a $2 billion check: a brash demonstration of the American giant’s ambitions in India. Less than a decade later, with many more billions invested and Indian regulators increasingly taking a dim view of U.S. big tech, Amazon might be losing patience with the South Asian nation. Over the last week, Amazon has said it would close three ventures in India: food delivery, its education tech business and a wholesale e-commerce website. Closing these small subsidiaries doesn’t at first glance look like a major defeat. But the exit from wholesale e-commerce is important: It means that for now at least, Amazon is conceding to Walmart-backed Flipkart and Reliance in “kirana-tech.”

Kid Dynamite died in a car accident in Germany in 1963, leaving behind two children, including a son, Herman. Most of the more notable heirlooms, such as the mouthpiece to Kid Dynamite’s saxophone, Herman said, were donated by the family to the Amsterdam Museum. But what persists most potently of Kid Dynamite is his music. “It starts with a very long tone on the sax.”Kid Dynamite at the Sheherazade jazz club in Amsterdam in 1957. But now I recognize that intro, that long tone, as the departure of that boat.”— Sejla Rizvic

☆ Singapore’s Sea Is Passing Through the Storm
▼ + stars: | 2022-11-16 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

Sea Ltd. shares could see some further upside as it accelerates its path to profitability and if it succeeds in reversing its cash burn. It might just be possible to get U.S. investors to pile back into tech stocks if companies were to brutally cut costs and give priority to profits over everything else. Case in point: Singapore’s Sea Ltd. The Asian consumer internet company’s beaten-down shares surfed a wave of enthusiasm on Tuesday after it narrowed losses substantially during the third quarter, defying market expectations. They surged 36% in New York trading after having been down 87% from their 52-week high.

☆ To Compete With China, India Might Need to Open Up to It
▼ + stars: | 2022-11-15 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

India doesn’t see eye to eye with China on several issues, especially ones related to their border. But the South Asian nation might be coming to realize that to become an electronics manufacturing hub, it may need the support of its sometimes hostile neighbor. Earlier this month, the National Council of Applied Economic Research, or NCAER, a think tank, prepared a report for industry body the Confederation of Indian Industry that recommended that India soften rules on allowing investment from China if it wants to reach the state’s lofty goal of becoming a $300 billion industry by the financial year ending in March 2026.

☆ Paytm’s Earnings Penance Delivers a Little Hope
▼ + stars: | 2022-11-09 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

Paytm reported quarterly results that are considered relatively encouraging, with revenue surging 76%. Indian fintech giant Paytm delivered impressive earnings numbers this week as it hobbles its way toward profitability. Unfortunately for its investors, that brave performance had little impact on the stock. A sustainable rebound for shares of Paytm, which raised about $2.5 billion in India’s largest initial public offering last November, awaits good news on the regulatory front—and probably a global sea change in investor sentiment toward tech firms, too.

☆ How India Plans to Reinvent E-Commerce
▼ + stars: | 2022-11-08 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

India launched an open network for digital commerce as it seeks to offer small retailers an alternative to e-commerce platforms such as Amazon. India wants to create a new sort of public utility: an Amazon killer. Success—or even a decent attempt—would represent an existential threat to the expansion plans of U.S. Big Tech abroad. It could also be a model for other developing nations that want to leverage the potential of e-commerce, digital payments and other online services without handing the keys to a few big technology giants.

☆ Maersk Will Weather the Rough Seas Ahead
▼ + stars: | 2022-11-02 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

Moller-Maersk is getting a sinking feeling about the economy. As the pandemic and stimulus-fueled trade boom tails off, the Danish shipping giant now faces choppier waters: a looming global recession, an energy crisis in Europe and grumpy consumers. Shareholders know it: The stock was down around 7% by early afternoon in Europe after the company reported third-quarter results, even though it posted its 16th consecutive quarter of earnings growth. Maersk, which handles about a fifth of the world’s container shipping, on Wednesday said it expects global container demand to fall 2%-4% this year—significantly worse than its previous forecast of a roughly 1% fall.

☆ Vietnam’s Goldilocks Growth Phase Is Over
▼ + stars: | 2022-10-31 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

Inflation in Vietnam is low by regional standards, but core inflation rose to nearly 4.5% in October. Vietnam is out of step with the rest of Asia—in terms of growth, dollar reserves and monetary policy. Vietnam’s central bank last week said it would raise its policy rates by a full percentage point—the second increase in a little more than a month—to fight inflation and a sharp slide in its currency. The Vietnamese dong lost 4% this month after the central bank widened the currency’s daily trading band to conserve depleted dollar reserves. Vietnam’s foreign-exchange reserves were equal to just over three months of imports as of June, quarterly data from CEIC shows.

☆ Google Is in India’s Crosshairs
▼ + stars: | 2022-10-27 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

Google says its model has expanded digital access for hundreds of millions in India. Google is hurting in India this week. It probably won’t be the last time. October is shaping up as a frightful month for the American search giant, after India’s antitrust regulator imposed two separate fines totaling more than $250 million. That is only the latest sign that New Delhi is highly skeptical of U.S. tech firms’ bid for supremacy in the world’s second largest internet market by population.

☆ Indonesia’s Battery Success Runs on China and Coal
▼ + stars: | 2022-10-20 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

More than half of the world’s nickel is produced with coal-fueled energy, such as from this plant in China’s northwestern Gansu province. Indonesia’s ambition to move up the battery and electric vehicle supply chain is coming together, but it largely has China to thank—and is powered by dirty coal. That may cause headaches for Western governments eager to simultaneously decarbonize and shift the battery supply chain out from under Beijing’s thumb. Indonesia, the world’s largest nickel supplier, accounts for 32% of global nickel mining capacity, according to Norwegian consulting firm Rystad Energy. By banning raw nickel exports in 2020, Indonesia has also spurred investment downstream by foreign companies in nickel processing and battery production.

☆ Only the Fed Can Return Gold’s Lost Luster
▼ + stars: | 2022-10-18 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

After a big rally early in the year, gold has lost much of its shiny appeal. To regain that luster it will need to win against a formidable opponent—King Dollar. But with economists and business leaders still sending contradictory messages on the economy and the Federal Reserve still firmly focused on clipping inflation’s wings, gold bugs could be in for a long wait. Gold prices have taken a beating in 2022. According to FactSet, prices for front-month gold futures contracts are down 19% since notching near-record highs in March—right after Russia invaded Ukraine.

☆ Electric Vehicles Are Taking Off in India—but the Runway Is Long
▼ + stars: | 2022-10-14 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

India’s electric-vehicle market is coming of age, finally. But success will ultimately depend on car makers’ bridging the affordability gap—a tall task in a volatile battery-metals market. This week, Chinese EV heavyweight BYD officially entered the Indian passenger-vehicle market with an electric sport-utility vehicle. It aims by the end of this decade to capture 40% of India’s EV market, now dominated by Tata Motors , with Maruti Suzuki , Volkswagen and Toyota planning to enter in the next few years.

☆ Gambia Tragedy Threatens India’s Play for Drug Dominance
▼ + stars: | 2022-10-12 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

The deaths of over 60 children in Gambia, which may be linked to cough syrup made in India, has put an unwelcome spotlight on India’s enormous generic-drug industry: a key global exporter and a significant source of drugs for American pharmacies. The World Health Organization last week issued an alert on four pediatric cold and cough syrups purportedly manufactured by a little-known, privately held Indian company—Maiden Pharmaceuticals. The WHO found that the medicines had unsafe levels of diethylene glycol and ethylene glycol, and said the medicines may be linked to acute kidney injuries and deaths. Maiden didn’t respond to requests for comment by phone and email.

☆ India Needs More Than Reserves to Fight the Fed
▼ + stars: | 2022-09-29 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

The rupee has been hard hit this year, putting the Reserve Bank of India in an unenviable position. Throwing money at the problem might not work for India anymore. In its battle against a strengthening dollar, the Indian central bank might have to accept there is little it can do to control the slide of the Indian rupee, which is now trading near a record low of around 82 to the dollar. As a result of aggressive intervention by the Reserve Bank of India in recent months, India’s foreign-exchange reserves had dipped to $551 billion by early September, down from $633.6 billion at the end of 2021.

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