The U.S. social network is spending $5.7 bln on a 10% stake in the digital services unit of India’s Reliance Industries. The friendship can help India’s Mukesh Ambani power up his retail ambitions and perhaps even build a superapp for the giant emergin…
U.S. drilling is filling up storage tanks, sending the price of West Texas Intermediate crude plummeting. Until oil demand returns, prices won’t improve much, says Lauren Silva Laughlin.
Veteran Singapore businessman O.K. Lim has admitted hiding $800 million in trading losses. That’s a problem for banks that lent his group $3.9 billion. But as George Hay argues, it’s also a headache for the city state itself, and family-run private com…
Lockdown stockpiling has pushed up sales of long-life groceries like PG Tips tea or frozen Hot Pockets. Consumer giants like Unilever and Nestlé may get more eager buyers for these less-fashionable brands. Or they may rethink selling them altogether, a…
Banks are reporting earnings in a crisis. Bad debts are coming, and those with big credit-card businesses are bracing for the biggest hits. Even so, traders are making profit out of chaos, and the strongest lenders could emerge looking even stronger, a…
Millions of bored people trapped at home are hooked on TikTok, the video app for the latest dance moves and more. Owner ByteDance is getting a goldmine of user data and a bigger audience for a follow-up hit. But with greater success comes greater scrut…
President Tayyip Erdogan is asking individuals and firms to pay into a fund to help shield the most vulnerable from the economic hit of Covid-19. The biggest donors to the $238 mln raised so far are state entities, which have their own financial woes, …
How long lenders can survive the pandemic is the big question for execs on upcoming earnings calls. Antony Currie explains how teasing that out requires part 2008 redux, part channeling JPMorgan boss Jamie Dimon, and part making visible selfless gestur…
More than 15 mln Americans have lost their jobs in the past three weeks, an unprecedented economic shutdown. The Federal Reserve is adding firepower to keep people, companies and localities afloat. That’s the focus now; there will be a price to pay lat…
Mohammed bin Salman is channelling Warren Buffett in snapping up crisis-hit European oil stocks like Total and Royal Dutch Shell on the cheap. As George Hay argues, it’s a strange way to diversify – especially as Saudi’s power over global oil prices is…