TOPNWS

Adani’s market losses top $100 billion as shelved share sale spooks investors

Market route deepens in Indian tycoon Adani’s shares Adani Enterprises loses $26 bln in value since report Falls after Adani pulled share sale, investors spooked Analysts say signals confidence crisis in the Indian market NEW DELHI/MUMBAI, Feb 2 (Reuters) – Adani Group’s market losses swelled to more than $100 billion on Thursday, sparking worries about …

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ChatGPT sets record for fastest-growing user base – analyst note

Feb 1 (Reuters) – ChatGPT, the popular chatbot from OpenAI, is estimated to have reached 100 million monthly active users in January, just two months after launch, making it the fastest-growing consumer application in history, according to a UBS study on Wednesday. The report, citing data from analytics firm Similarweb, said an average of about …

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Honda to start producing new hydrogen fuel cell system co-developed with GM

TOKYO, Feb 2 (Reuters) – Japan’s Honda Motor Co (7267.T) said it will start producing a new hydrogen fuel cell system jointly developed with General Motors Co (GM.N) this year and gradually step up sales this decade, in a bid to expand its hydrogen business. Honda will target annual sales of around 2,000 units of …

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Analysis: Fed feeds Wall Street’s soft landing hopes, though recession fears still loom

Feb 2 (Reuters) – A more dovish-than-expected message from Federal Reserve Chairman Jerome Powell stands to further boost hopes of slowing rate hikes and a so-called soft economic landing that has fueled a powerful rebound in US stocks. For weeks, hopes that easing inflation and cooling growth will allow the Fed to pull back from …

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Rupee likely to open higher after Fed, local equities in focus

MUMBAI, Feb 2 (Reuters) – The Indian rupee is expected to open stronger on Thursday, as markets perceive the US Federal Reserve to be a bit dovish, with investors keeping an eye on domestic equities after late developments in the Adani saga. The rupee was seen around 81.70 per US dollar in early trades, compared …

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Hindenburg bet against India’s Adani puzzles rival US short sellers

Feb 1 (Reuters) – When Hindenburg Research revealed a short position in Adani Group last week, some US investors said they were intrigued about the actual mechanics of its trade, because Indian securities rules make it hard for foreigners to bet against companies there. Hindenburg’s house has been lucrative so far. Its allegations, which the …

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Wall St rallies as Fed’s Powell nodes to ease inflation after rate hike

Federal Reserve hikes rates by 25 bps Powell says for first time disinflation has started Indexes up: Dow 0.02%, S&P 1.05%, Nasdaq 2% Feb 1 (Reuters) – The S&P 500 and the Nasdaq closed sharply higher on Wednesday after Federal Reserve Chair Jerome Powell acknowledged that inflation was starting to ease, in remarks he made …

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Exclusive: Indian market regulator examining Adani share route, source says

MUMBAI, Feb 1 (Reuters) – India’s market regulator is examining a recent crash in shares of Adani Group and looking into any possible irregularities in a share sale by its flagship company, a source with direct knowledge of the matter told Reuters on Wednesday. The Securities and Exchange Board of India’s (SEBI) examination comes on …

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Exclusive: EV maker Rivian to cut 6% of jobs amid price war -internal memo

SAN FRANCISCO, Feb 1 (Reuters) – Rivian Automotive (RIVN.O) is laying off 6% of its workforce in an effort to cut costs as the EV maker, already grappling with falling cash reserves and a weak economy, braces for an industry -wide price war. The company is focusing resources on ramping up vehicle production and reaching …

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Adani abandons $2.5 billion share sale in big blow to Indian tycoon

NEW DELHI, Feb 1 (Reuters) – Gautam Adani’s flagship firm called off its $2.5 billion share sale in a dramatic reversal on Wednesday as a rout sparked by a US short-seller’s criticism wiped billions more off the value of the Indian tycoon’s stocks. The withdrawal of the Adani Enterprises (ADEL.NS) share offering marks a stunning …

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