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☆ Geopolitics is shrinking India’s risk premium
▼ + stars: | 2023-05-09 | by ( Una Galani | ) www.reuters.com time to read: +7 min

They are lured by a country whose potential as an alternative investment destination to China increasingly outweighs the local challenges of doing business. India’s $3 trillion economy is forecast to grow by 6.5% this fiscal year, continuing to outpace the rest of the world. Executives and investors also see a business-friendly government that is likely to remain in power for the next half-decade. Morgan Stanley analysts and strategists expect India to become the world’s third-largest economy and stock market before the end of the decade. The India risk premium is rapidly disappearing.

The collection, acquired between the early 1970s until Horten's death last year, is also comprised of more than 100 Bulgari pieces. "What's important is that we have been completely transparent," Rahul Kadakia, international head of jewellery at Christie's, told Reuters. Christie's said it would make a "significant contribution" from its final proceeds to Jewish organisations to advance Holocaust research and education. "Of course we cannot erase history," said Max Fawcett, head of the jewellery department at Christie's in Geneva. Christie's will auction 400 pieces in Geneva on Wednesday and Friday and hold an online sale.

☆ Russia's National Bank Trust sues commodity traders for over $1 billion
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +2 min

May 5 (Reuters) - Russian bank National Bank Trust said it had filed a lawsuit in the British Virgin Islands against a number of major commodity traders and was seeking over $1 billion in relation to what it said was fraud. The case is linked to the central bank's 2017 bailout of two private banks - Rost Bank and B&N Bank (Binbank). National Bank Trust is the legal successor to Rost Bank, which it says was defrauded by employees working for the commodity traders. A Bank Trust spokesperson said its international legal teams had carried out a large-scale investigation and it had extensive evidence to support its case. The central bank aims to liquidate Bank Trust in 2027.

☆ India's Rahul to have surgery, ruled out of IPL and WTC final
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +1 min

May 5 (Reuters) - Lucknow Super Giants skipper KL Rahul has been ruled out of the rest of the Indian Premier League (IPL) season and India's World Test Championship (WTC) final against Australia after he said on Friday he would undergo surgery on his thigh. He could not open Lucknow's innings in the run-chase but came out to bat at number 11. "After careful consideration and consultation with the medical team, it's been concluded that I'll be undergoing a surgery on my thigh shortly," Rahul wrote on Instagram. Lucknow are second in the IPL standings with 11 points, one behind leaders Gujarat Titans who have a game in hand. The surgery will also rule Rahul out of the WTC final against Australia at the Oval from June 7-11.

☆ OpenAI has its tentacles in hundreds of companies. Here's how it's making them more productive.
▼ + stars: | 2023-05-03 | by ( Melia Russell | ) www.businessinsider.com time to read: +4 min

Developers are linking arms with OpenAI to access the large language models powering their apps. In doing so, OpenAI has its tentacles in hundreds of Silicon Valley startups. OpenAI's artificial intelligence technology is now baked into hundreds of apps, making it one of the key levers that help companies and their developers be more productive. The latest company utilizing the company's large language models is Superhuman, an email app with a cultish following. The feature came together so fast, according to Akshay Kothari, the third cofounder and chief operating officer, because Notion hadn't done the grunt work of training a large language model itself.

☆ Delhi's Ishant rolls back the years in Gujarat upset
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +2 min

In reply, Gujarat captain Hardik Pandya made an unbeaten 59 off 53 balls but Delhi's lion-hearted bowlers restricted the champions to 125-6 to secure a shock five-run victory. "Okay, Ishant just bowled the best knuckle ball wicket I've ever seen," tweeted former South Africa fast bowler Dale Steyn. But Ishant bowled a nerveless final over, dismissing Tewatia and conceding only six runs to secure Delhi's third win in nine matches. His clever use of wide yorkers made it difficult to hit boundaries in the final over. "I was practising bowling wide yorkers in the nets with the new ball.

Government officials, worried about a constrained labor force in a state where population growth has stalled, have taken a cover-the-waterfront approach. After raising starting wages from $17 an hour to around $24 and overhauling hiring strategies, Drees still has 200 open jobs at this and two nearby facilities, where he is hoping to add to current staffing of 1,200. That reshuffling may be one reason the Fed is finding it harder than expected to slow a job market struggling to match workers into open positions. Minnesota has had a particularly large imbalance: The 12-month moving average of available positions last year reached 2.75 for every unemployed person. "Nowadays you look online and there are just hundreds of day-shift job positions," he said.

☆ Kohli, Gambhir docked full match fees over IPL altercation
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

NEW DELHI, May 2 (Reuters) - Former India team mates Virat Kohli and Gautam Gambhir were docked their full match fees following their altercation in Monday's Indian Premier League (IPL) match in Lucknow, organisers said. When the players were shaking hands Kohli appeared to have a blunt exchange with Lucknow bowler Naveen-ul-Haq and was then confronted by Gambhir. Kohli, 34, initially looked like he was trying to reason with Gambhir but the conversation became heated and the pair, who previously clashed in a 2013 IPL match, had to be separated by team mates. Gambhir, 41, was fined 100% of his match fee for breaching the tournament's code of conduct, organisers said in a statement, with Kohli handed a similar fine. Lucknow skipper KL Rahul hurt his hip while fielding and could not open the innings.

☆ Why Apple TV+ could be hit harder than Netflix, Disney+, and other streamers by a looming Hollywood writers' strike
▼ + stars: | 2023-05-01 | by ( Reed Alexander | ) www.businessinsider.com time to read: +8 min

But ahead of a potential Hollywood writers' strike, the streamer faces two key vulnerabilities. Hollywood is bracing for a possible writers' strike that could begin at midnight PT, following an overwhelming strike authorization by members of the Writers' Guild of America West and East last month. But, by comparison, Prime Video, Netflix, and Discovery+ offer viewers thousands of TV series, according to ReelGood data from the end of 2022. "They're building a long-term brand of Apple TV+, which is something apart from all their devices and their cool software. It would not damage the perception that people have of Apple TV+."

☆ Sam Altman is building his utopia, whether you want it or not
▼ + stars: | 2023-04-27 | by ( Melia Russell | Julia Black | ) www.businessinsider.com time to read: +41 min

Altman told Insider, "We debate our approach frequently and carefully." "I don't think anyone can lose your dad young and wish he didn't have more time with him," Altman told Insider. Altman told Insider that his thinking had evolved since those posts. (When asked about guns, Altman told Insider he'd been "happy to have one both times my home was broken into while I was there.") When asked about this, Altman told Insider in an email: "i can guess what that's about; these stories grow crazily inflated over the years of getting re-told!

☆ He's played chess with Peter Thiel, sparred with Elon Musk and once, supposedly, stopped a plane crash: Inside Sam Altman's world, where truth is stranger than fiction
▼ + stars: | 2023-04-27 | by ( Melia Russell | Julia Black | ) www.businessinsider.com time to read: +41 min

But, "you do at some point need to start having contact with reality," he told Insider. The plan was still only a rough sketch, Blania told Insider, but that didn't seem to matter to his host. "He always wanted to understand everything at a very deep level," Thrun told Insider in an email. (When asked about guns, Altman told Insider he'd been "happy to have one both times my home was broken into while I was there.") When asked about this, Altman told Insider in an email: "i can guess what that's about; these stories grow crazily inflated over the years of getting re-told!

☆ Apple TV+ has 2 big disadvantages compared to Netflix, Disney+, and other streamers as a Hollywood writers' strike looms
▼ + stars: | 2023-04-26 | by ( Reed Alexander | ) www.businessinsider.com time to read: +8 min

But ahead of a potential Hollywood writers' strike, the streamer faces two key vulnerabilities. Hollywood is bracing for a possible writers' strike that could begin on May 1, following an overwhelming strike authorization by members of the Writers' Guild of America West and East earlier this month. But, by comparison, Prime Video, Netflix, and Discovery+ offer viewers thousands of TV series, according to ReelGood data from the end of 2022. "They're building a long-term brand of Apple TV+, which is something apart from all their devices and their cool software. It would not damage the perception that people have of Apple TV+."

☆ India's Rahul Gandhi appeals after court denies stay of defamation conviction
▼ + stars: | 2023-04-25 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, April 25 (Reuters) - Indian opposition leader Rahul Gandhi on Tuesday appealed to the High Court in the western state of Gujarat seeking a stay of conviction in a defamation case, challenging a lower court's ruling against his plea, his lawyer said. The 52-year old scion of India's Congress party was sentenced to two years' imprisonment. His petition seeking a stay of conviction was rejected last week. Gandhi also lost his parliamentary seat following the conviction since lawmakers sentenced to jail terms of two years or more are automatically disqualified and barred from running for election. Two more defamation cases have also been filed against Gandhi elsewhere in India relating to the same comment.

☆ In Jails and Prisons, the White House Sees a Chance to Curtail Opioid Overdoses
▼ + stars: | 2023-04-21 | by ( Noah Weiland | ) www.nytimes.com time to read: +1 min

The Biden administration this week accelerated efforts to fund opioid addiction treatment in jails and prisons, a core part of its drug policy agenda, calling on states to adopt a novel Medicaid program that will cover health care for incarcerated people. Under new guidance from the Centers for Medicare and Medicaid Services, states can ask the federal government to allow Medicaid to cover addiction treatment for up to 90 days ahead of someone’s release. Public health experts say that providing treatment during that critical period could help people survive the often harsh conditions of jails and prisons, then more easily transition back to the community. “That’s where most people are, and that’s where you’re going to get the most benefit,” said Dr. Rahul Gupta, the director of the White House’s Office of National Drug Control Policy, referring to the high concentration of incarcerated Americans with opioid use disorder. Neglecting to treat addiction in jails and prisons, he added, comes at the “highest cost to society, to taxpayers.”

☆ Indian court denies Rahul Gandhi's appeal to stay defamation conviction
▼ + stars: | 2023-04-20 | by ( Sumit Khanna | ) www.reuters.com time to read: +2 min

AHMEDABAD, India, April 20 (Reuters) - A court in India's western state of Gujarat on Thursday rejected Congress leader Rahul Gandhi's petition seeking a stay of conviction in a defamation case, fuelling uncertainty over whether he will be able to contest an election due next year. "The Surat district court has not granted a stay on Rahul Gandhi's conviction," Naishadh Desai, a local Congress leader and lawyer, told reporters outside the court room. While Thursday's ruling was a setback for Gandhi, his jail sentence remained suspended until he exhausts all legal challenges. Senior Congress leader and Supreme Court lawyer Jairam Ramesh said the party would use every legal option to overturn Gandhi's conviction. The defamation case against Gandhi was brought by Purnesh Modi, a BJP legislator in the Gujarat state assembly.

☆ Asia is aging rapidly. Strategists reveal stocks to cash in — including tech
▼ + stars: | 2023-04-10 | by ( Weizhen Tan | ) www.cnbc.com time to read: +5 min

He recommended the Global X Aging Population ETF , which includes not just health-care companies and pharmaceutical firms, but also wearables and medical device companies such as Cochlear, GN Store Nord and Teleflex. China's 'very promising bets' Investors can look to focus on China's aging population by market reach or income segment, according to Leverage Shares' Rao. As for investors looking to get exposure to China's wealthier income segment, he named Raffles Medical, Asian Healthcare Specialists and IHH Healthcare — stocks that will also give similar exposure in other Asian countries. Dividend payers and financial services High-dividend-paying stocks as well as financial services are set to benefit from the aging population, according to analysts. Another potential beneficiary of aging populations is financial services, according to Rob Clarry, investment strategist at wealth manager Evelyn Partners.

☆ Indian journalists warn of new assault on press freedom
▼ + stars: | 2023-04-07 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

The Editors Guild of India, a nonprofit organization representing more than 200 journalists, said in a statement on Friday that it was “deeply disturbed” by the new rules, saying they had “deeply adverse implications” for press freedom in India. If these companies failed to take down the offending content, Chandrasekhar said, they would lose the automatic legal protection they currently enjoy against complaints about third-party content on their platforms. “The dangers of misinformation, the impact of patently false information in a democracy like ours, is never to be underestimated,” Chandrasekhar said. Concern has been brewing in recent months over the Indian government’s increasingly restrictive stance towards the media. In February, Indian tax authorities searched the BBC’s offices in Delhi and Mumbai, accusing the British broadcaster of tax evasion.

☆ Instant View: Here’s what experts think of India's surprise rate decision
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +16 min

The monetary policy committee (MPC) retained the key lending rate or the repo rate (INREPO=ECI) at 6.50% in a unanimous decision. With the likely softening of CPI to the low- to mid-5% levels in the coming month, the current repo rate of 6.5% implies that India’s real policy rate will hover around 1% during 2023-24, while maintaining a policy rate differential of about 1.5% with the US. Room for additional rate hikes has been retained with MPC’s policy stance continuing to remain unchanged at ‘withdrawal of accommodation’. We believe the bar for future rate hikes has increased, especially since near-term prints of CPI will be sub 6%. Scope for further hikes is limited given our growth-inflation outlook and impact of the past rate hikes on the same.

☆ Crisis jolts Wall Street bankers already resigned to tough job market
▼ + stars: | 2023-04-05 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +5 min

NEW YORK (Reuters) - Wall Street bankers face an increasingly gloomy job market after last month’s banking crisis worsened an already bleak outlook for pay and staffing. One likely consequence of the turmoil is that banks tighten their lending standards, which could further hinder dealmaking - making the prospects for jobs and compensation on Wall Street more gloomy. Now, financial industry workers are fretting not only about pay, but job security. The Wall Street giant typically cuts about 5% of its lowest-performing staff as part of the process. While there are plenty of reasons to be glum, Wall Street workers are enjoying one silver lining after the pandemic: greater flexibility in structuring their workday.

It’s something related to insulting someone, basically, in a way that is apparently illegal in India. And he basically is gonna be thrown out of parliament for this and will be ineligible to run for prime minister, because of this. I mean, you know, there’s a very different thing happening in America, and we still, I think, do have an independent judiciary. Like, it’s not as if Trump was convicted of a misdemeanor and then he can’t run for president. But it is interesting to think about the way in which the world is watching us and what lessons will be taken from this episode.

☆ India's Gandhi to appeal against defamation conviction on "multiple grounds"
▼ + stars: | 2023-04-03 | by ( Sumit Khanna | ) www.reuters.com time to read: +2 min

SURAT, India, April 3 (Reuters) - Indian opposition leader Rahul Gandhi will on Monday lodge an appeal against his conviction for defamation, his lawyer said, hoping to overturn a judgement that resulted in his expulsion from parliament a year before a general election is due. Gandhi, the scion of a dynasty that has given India three prime ministers, was granted bail and a two-year jail sentence was suspended for 30 days allowing him to appeal in a higher court. "Gandhi will challenge the conviction order on multiple grounds," his lawyer, Kirit Panwala, told Reuters in Surat city in the western state of Gujarat where the appeal will be heard. He said the appeal would also highlight what he called procedural lapses in the trial. Writing by Rupam Jain in New Delhi; Editing by YP Rajesh, Robert BirselOur Standards: The Thomson Reuters Trust Principles.

☆ Rahul Gandhi to appeal jail sentence
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, April 2 (Reuters) - Indian opposition leader Rahul Gandhi will appeal a two-year jail sentence in a defamation case brought against him by lawmaker from Prime Minister Narendra Modi's Bharatiya Janata Party (BJP), local media reported on Sunday. A lower court sentenced Gandhi on March 23 for two years in jail on charges of defamation. The opposition critics accuse Modi government of giving undue favours to a business group led by billionaire tycoon Adani. Shares of Adani group companies plunged after Hindenburg Research on Jan. 24 alleged that the Indian company had engaged in stock manipulation and used tax havens. A day after Gandhi's conviction, 14 political parties jointly petitioned the Supreme Court, saying opposition groups were being selectively targeted by federal investigative agencies.

☆ Wood makes English record on IPL return as Lucknow triumph
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +2 min

Playing in only his second IPL match, Wood picked up 5-14 and was named Player of the Match as Lucknow sealed a 50-run win in their opening match of the season. Lucknow set Delhi a target of 194 after Kyle Mayers hit 73 on his IPL debut. Even though Delhi skipper David Warner struck a half-century, the visitors fell short in their chase. Wood, who had played once for the Chennai Super Kings in 2018, said he was eager to make an impact on his return to the Twenty20 tournament. Australian Warner, whose new IPL captaincy started with a defeat, was also impressed by his potential Ashes rival Wood.

☆ D.E. Shaw spots an opportunity to boost margins at FleetCor – and do so amicably
▼ + stars: | 2023-04-01 | by ( Kenneth Squire | ) www.cnbc.com time to read: +4 min

Business: FleetCor is a business payments company that helps businesses spend less by enabling them to manage their expense-related purchasing and vendor payments processes. Additionally, the company agreed to form an ad hoc strategic review committee to assist the board as it considers various strategic alternatives. Shaw agreed to abide by certain voting and standstill restrictions. FleetCor is a business payments company with four main business lines: fuel, corporate payments, tolls and lodging. Shaw settled for two board seats and the company agreed to undertake a strategic review, including the possible separation of one or more businesses.

The opposition has come together after this month's conviction of opposition leader Rahul Gandhi of the Congress party on a charge of defamation and his disqualification from parliament. Opposition politicians say Gandhi's shock disqualification, and possible jail time, is the latest evidence of the Modi government's strongarm tactics and follows investigations and legal troubles faced in recent months by other opposition parties. A day after Gandhi's conviction, 14 political parties jointly petitioned the Supreme Court, saying opposition groups were being selectively targeted by federal investigative agencies. "The Modi government's fascist steps have given a new chance for opposition parties to be united," Trinamool MP Sukhendu Sekhar Roy, told Reuters. "Anti Modi-ism or anti BJP-ism cannot be the glue that brings together disparate opposition parties with different aspirations and ambitions and positions," said Nalin Kohli, the BJP's national spokesperson.

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