Tag: asia

Mubadala aims to double exposure to Asia by end of the decade

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Mubadala Investment Co. is seeking to roughly double its exposure to Asia, joining a bevy of Abu Dhabi-based entities eyeing opportunities in faster-growing emerging markets.

Across Mubadala, “out of our roughly $300 billion in assets under management, only 12% is in Asia today and we want to move that number closer to 25%,” by as soon as 2030, Camilla Macapili Languille, head of the fund’s life sciences and healthcare investments division said in an interview.

While investments in North America and Europe make up a chunk of Mubadala’s portfolio, the Abu Dhabi-based sovereign wealth fund is shifting its attention to emerging-markets where it is currently ‘underweight,’ namely in China, India, Japan and South Korea, according to Macapili Languille whose unit is in charge of international healthcare investments.

“The US will continue to be a core market for us not only for healthcare but in general for the broader private equity business,” she said. Still, “we have always had an interest in Asia.”

Mubadala’s healthcare investment division writes “smaller checks of $200 million to $500 million,” in Asia, compared with up to $1 billion in North America and Europe, she said, “but again, we have flexibility to move up.”

In the United Arab Emirates, of which Abu Dhabi is a part, companies and funds have been moving closer into the orbit of China and India, bolstering their investments and trade ties by inking agreements worth billions of dollars. The Gulf country recently joined the BRICS grouping of major emerging markets, which includes both those Asian nations.

Abu Dhabi is considering announcing investment pledges worth as much as $50 billion for India, Bloomberg News has reported, with deals under discussion including stakes in key Indian infrastructure projects and state-owned assets. China has also emerged as an increasingly attractive jurisdiction, though the UAE’s deal-making there has drawn scrutiny from US officials.

Potential IPO 

Mubadala is one of Abu Dhabi’s three main wealth funds, charged with helping diversify its oil-rich economy. Last year, it combined its health business with G42 Healthcare, creating a new entity called M42 — the largest firm of its kind in the Middle East, according to its website.

“The overall plan for that business does include a potential initial public offering,” Macapili Languille said. Although there are no immediate plans to move in that direction yet, “if an IPO were to materialize, I think that would be a great outcome for that business,” she said.

Macapili Languille said dealflow within the global healthcare sector should start to stabilize this year.

“Interest rates have started to steady,” she said. And despite still high levels of macro-economic and geopolitical instability, “both management teams and boards are becoming more and more comfortable operating in that environment.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

How COVID-19 changed the world’s top tourist destinations: 10 key insights

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The COVID-19 pandemic triggered unprecedented shutdowns globally. The tourism industry was the worst-hit sector during this period. Although the industry is slowly recovering, it is yet to fully be back on its feet.

According to an impact assessment report by the United Nations World Tourism Organization (UNWTO), international tourism saw stronger-than-expected growth in 2022 backed by pent-up demand and relaxation of travel restrictions in several countries.

Here are ten key insights from the UNWTO report:

1. International tourism recovered 63 percent of its pre-pandemic levels.

2. 900 million plus tourists travelled internationally in 2022. This is double the number compared to 2021. However, this number is still 37 percent lower compared to the pre-pandemic levels of 2019.

3. Europe recorded 585 million arrivals in 2022, reaching nearly 80 percent of its pre-pandemic levels. However, the world’s largest destination region still saw 21 percent fewer tourists compared to 2019.

4. The Middle East turned out to be an outperformer across regions in 2022 with 83 percent arrivals compared to pre-pandemic levels.

5. Both Africa and the Americas recovered about 65 percent of its pre-pandemic levels. However, stronger pandemic-related restrictions kept the recovery in Asia and the Pacific to just 23 percent.

6. The report expects the recovery in international tourism to continue in 2023 with Asia and the Pacific, in particular, benefitting from pent-up demand and opening up of markets.

7. But, 65 percent of experts believe international tourism will not return to pre-pandemic levels until 2024 or later.

8. Closer-to-home travel is likely to pick up pace, according to the report, as challenging economic conditions force tourists to seek more bang for their buck.

9. International tourist arrivals could reach 80 percent to 95 percent of pre-pandemic levels in 2023, according to UNWTO’s scenarios for 2023.

10. However, there remain multiple challenges. Oil prices are nearing $100/bbl, thereby creating inflationary challenges. This and fears of a global recession are the biggest risks to the recovery of tourism. Additionally, continued uncertainty due to the Russia-Ukraine war and other geopolitical tensions, coupled with a shortage of workers, are further downside risks.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Asia security summit Shangri-La kicks off amid US-China tensions

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Asia’s top security meeting opened on Friday, with intensifying competition between the United States and China expected to dominate a weekend of high-level speeches, backroom military dealings and delicate diplomacy.

The Shangri-La Dialogue, which attracts senior military officers, diplomats, weapons makers and security analysts from around the globe, is taking place June 2-4 in Singapore.

Australian Prime Minister Anthony Albanese will deliver the keynote address on Friday evening before U.S. Defence Secretary Lloyd Austin and China’s new Defence Minister Li Shangfu are expected to trade barbs in speeches over the weekend.

The relationship between the U.S. and China is at its lowest point in decades, as the two superpowers remain deeply divided over everything from the sovereignty of Taiwan to cyber espionage and territorial disputes in the South China Sea.

Hopes that the summit in Singapore could be a chance to mend ties between Washington and Beijing were dealt a blow last week when Li declined an offer to meet with Austin.

ALSO READ : World View: BRICS Summit — India is the only dependable bridge between BRICS and the US

Li, who was named China’s new defence minister in March, was sanctioned by the U.S. in 2018 over weapons purchases from Russia.

Albanese’s speech comes as Australia tries to strike a delicate balance between its strong ties to the U.S. and its often tense relationship with China, which buys the bulk of its valuable iron ore and is its biggest trading partner.

A deal announced in March to buy U.S. nuclear-powered submarines threatens to strain Australia’s fragile ties with Beijing, which has been critical of the plan.

Australia is due to spend A$368 billion ($250 billion) over three decades on the submarine programme, part of a broader security pact with the U.S. and Britain known as AUKUS.

Australia is also part of the Five Eyes intelligence collection and sharing network, along with the U.S., Britain, Canada and New Zealand – a grouping that Chinese officials say is part of the West’s lingering “cold war mentality” and an attempt to contain its rise.

Since being elected in May 2022, the Albanese Labor government has sought closer ties with ASEAN countries. Australia’s defence chief has said that as great power competition in the region persists, his country is focused on deterring conflict and deepening engagement with partners, including Pacific island and South East Asian nations.

ALSO READ : Russia says it repels border incursion, strikes on Kyiv kill three

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

What are sponge cities and how can they cushion the impact of climate change?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Yu Kongjian, a Chinese landscape architect, has proposed the idea of creating “sponge cities” that can withstand variable temperatures, drought and heavy rainfall and cushion the impact of climate change for China and other Asian countries. Speaking to The Associated Press in Beijing, the architect shared his vision for cities that can withstand variable temperatures, drought and heavy rainfall.

Yu criticized much of Asia’s modern infrastructure for copying ideas from Europe. According to him, the ideas are ill-fitted to the monsoon climate which presides over much of the Asian continent. He said that the recent floods that wreaked havoc in many Asian cities were caused by this architectural mismatch.

According to Yu, the concrete and steel infrastructure of major cities and the use of pipes and channels to funnel away water are useless. “There’s no resilience at all, those are useless, they will fail and continue to fail,” Yu said in the report.

ALSO READ: India likely to see faster progress towards climate goals: Report

Instead of using western ideas, Yu proposes using natural resources, or “green infrastructure” to create water-resilient cities called  ‘sponge cities’.

What are sponge cities?

The term ‘sponge cities’ describes urban areas with abundant trees, lakes and parks or other good design that utilises natural resources to gather and absorb rainwater and prevent flooding.

Sponge cities are being worked upon by landscape design and civil engineers amid accelerating climate change.

The idea is to harness “nature-based solutions” to tackle climate shocks like droughts, floods and extreme temperatures.

Green infrastructure technologies incorporate elements that allow greater permeability in the soil for rainwater absorption. These include parks, drainage pavements, rain gardens, infiltration and retention wells, urban gardens and plantations, green walls and roofs.

How does the approach help?

Nature-based sponge city infrastructure is aimed at drainage and reuses with many environmental and socio-economic benefits.

 ALSO READ: COP27: Climate disasters put plight of millions displaced in focus

By reducing the number of hard surfaces and increasing the amount of absorbent land, such as green spaces, cities can make a significant difference in reducing the severity and frequency of flooding events. The elements can further be supplemented with efficient channelling and storage systems that can help counter water shortages, which are becoming significant in large cities.

Sponge infrastructure also offers ways for water to seep down and recharge groundwater in times of drought.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India could emerge as Asia’s strongest economy in 2022-23, says Morgan Stanley

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India could emerge as Asia’s strongest economy in 2022-2023 as it is best-positioned to generate robust domestic demand, helped by economic policy reforms, a young workforce and business investments, Morgan Stanley economists said.

The brokerage expects India’s growth to average 7 percent for 2022-2023 and contribute 28 percent and 22 percent to Asian and global growth, respectively.

Morgan Stanley’s projection comes as Asia’s third-largest economy grew 9.2 percent in the fiscal year 2022, a sharp recovery from a 6.6 percent contraction in the previous year as COVID-19 lockdowns took a severe toll on its economy. The country now expects GDP growth for 2022-2023 at 8 percent to 8.5 percent.

Also read: Government invites application from firms looking to set up private telecom networks

“Lower corporate taxes, the production-linked incentive (PLI) scheme and India as a potential beneficiary of supply chain diversification will catalyse and sustain domestic demand, especially in investment,” the economists said in a note dated Tuesday.

In 2019, India had cut corporate tax rates to woo manufacturers and revive private investment, and launched the PLI scheme in 2020 to aid domestic manufacturing.

The brokerage sees risks related to higher energy prices, spurred by the Ukraine war and supply constraints, to remain, but added that they have begun to recede.

Also read: Dow Futures soared 400 points as the US inflation data showed that the price rise in July was less than what the market had feared

Morgan Stanley’s outlook also comes as developed economies paint a glum picture, with business activity in the United States and eurozone contracting in July, as per their PMI data.

“The economy is set for its best run in over a decade as pent-up demand is being unleashed,” the brokerage said, adding that “healthy” corporate balance sheets and business confidence bodes well for India’s investment outlook.

While India, like other economies, raised interest rates to battle inflation, Morgan Stanley said the country’s 39.45 trillion rupee (USD 529.7 billion) budget for the current fiscal year has continued to tilt towards lifting public investment.

It expects domestic consumption to pick up and services exports to hold up better than goods exports.

Also read: The Indian Real Estate Reboot

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

World Lion Day on August 10: All you need to know

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Scientifically known as Panthero Leo, lions are known to be the king of the jungle. They are the national symbols of several nations for their qualities like courage, intelligence, and strength. However, this majestic animal is an endangered species, as per the International Union for Conservation of Nature’s (IUCN)’s Red List of Threatened Species.

Therefore, World Lion Day is observed globally on August 10 every year to raise awareness about the conservation of lions and highlight the plight faced by them. The day was established in 2013 by Dereck and Beverly Joubert. The husband-wife duo is the founder of Big Cat Rescue, the world’s largest accredited sanctuary dedicated to big cats.

Significance

The ferocity, roar, speed and muscular power of lions have triggered human imagination for centuries. They are adored because of pop culture icons like Simba and Mufasa from ‘The Lion King’. It is said that lions roamed all over Africa and Eurasia hundreds of years ago but changes in the natural environment restricted them to Africa and select parts of Asia.

World Lion Day is a day for people to come together to strengthen lion conservation efforts. People should push back against human incursion on their traditional wildlands. It is also a day to raise awareness about the plight of the lion and educate people who live near wild cats about how to live in harmony with them and how to protect themselves should such a situation arise. Countries should develop more national parks to save lions.

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How to Celebrate

The best way to observe this day is to donate money to organisations working for lions. Some of them include International Fund for Animal Welfare, African Conservation Foundation, Save Animals Facing Extinction, Saving The Lion Foundation, and others.

You can also attend (or organise) seminars aimed at coming up with lion conservation plans. As a consumer, you should refrain from buying products that use animal hide. You can also upload a post or take part in a protest against deforestation and the reduction of the lion’s natural habitat.

Fun facts

Lions are nocturnal and sleep for about 15-20 hours a day. Meanwhile, lionesses not only tend to cubs but also hunt 80-90 percent of the time. They are considered better hunters than their male counterparts.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India likely to overtake countries to become 3rd biggest economy by 2030: Mukesh Ambani

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Reliance Industries (RIL) Chairman and Managing Director Mukesh Ambani on Wednesday said that Asia is leading march towards an inclusive global economy and that India is likely to overtake countries to become the 3rd largest economy by 2030.

In a chat with Dr Raghunath Anant Mashelkar at the Asia Economic Dialogue, he said that it was becoming increasingly obvious that “the centre of attention for global economy has shifted to Asia”.

The RIL Chairman also highlighted that in 2020, Asia’s GDP overtook the combined GDP of the rest of the world. “Asia accounts for 60 percent of the world’s population,” he said, adding that “the mismatch between demography and development is closing”.

“The trend is also reinforced by the fact that India is likely to overtake Japan as Asia’s second largest economy and the oldest third largest economy by 2030. Dr Mashelkar, I am very confident that the India growth story will be more exciting if not more than that of a child in the coming decades to come. It is India’s time,” said the billionaire.

Ambani’s comments come at a time when the Indian economy is on the recovery path after being severely hit by the COVID-19 pandemic which left a number of sectors disrupted.

Earlier this month, the Reserve Bank of India (RBI) in its February monetary policy said that the central bank has been continuously taking efforts to limit disruption caused by the pandemic to the economic activity. It said that policy actions of RBI have yielded desired result and now the central bank has turned to rebalance liquidity. However, the central bank stated that continued policy support is needed for durable and broad-based recovery.

On Tuesday, foreign brokerage Barclays said the Indian economy is likely to have expanded by 6.6 percent in the December quarter.

While it said that the economy had a relatively stable Q3 with many sectors getting back to their pre-pandemic level of businesses, the mild third wave did have an effect and may mean a downside risk to the earlier growth forecast of 10 percent in FY22.

Ambani at the Asia Economic Dialogue also pointed to climate change as the biggest threat to mankind and called for a green industrial revolution.

“Transition to clean energy is not an option anymore, it’s a compulsion,” he said. “There is no Planet B, we only have one planet,” he added.

>>Also Read | Barclays pegs India’s Q3 GDP growth at 6.6%

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Asian shares mixed after China reports slowing growth

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares were mixed in Asia on Monday after China reported that its economy expanded at an 8.1 percent annual pace in 2021, though growth slowed to half that level in the last quarter.

Tokyo, Shanghai, and Sydney rose, while Hong Kong and Seoul declined.

The weakness in China’s economy toward the end of 2021 is prompting suggestions Beijing should intervene to prop up growth with interest rate cuts or by injecting money into the economy through public works spending.

Shortly before the growth data were released, the Chinese central bank announced a rate cut on medium-lending to commercial banks to the lowest level since 2020.

Economic momentum remains weak amid repeated virus outbreaks and a struggling property sector,” Julian Evans-Pritchard of Capital Economics said in a commentary. He expects China’s policymakers to keep limits on lending relatively tight and control credit growth.

The upshot is that policy easing is likely to soften the economic downturn rather than drive a rebound,” he said.

Slowing activity in China, the region’s biggest economy, can chill growth throughout the region. Lockdowns and other precautions imposed to combat outbreaks of coronavirus can also worsen shortages of key parts and components, adding to difficulties with shipping and supply chains.

The Shanghai Composite index gained 0.3 percent to 3,532.24, while Hong Kong’s Hang Seng dropped 0.6 percent to 24,220.61.

South Korea’s Kospi sank 1.1 percent to 2,889.98 after North Korea fired two suspected ballistic missiles into the sea early Monday in its fourth weapons launch this month, South Koreas military said, with the apparent goal of demonstrating its military might amid paused diplomacy with the United States and pandemic border closures.

In Tokyo, the Nikkei 225 advanced 0.7 percent to 28,318.54 as the government reported machinery orders rose in November as private investment and manufacturing activity improved during a lull in coronavirus outbreaks. Shipbuilders orders surged 170%.

Australia’s S&P/ASX 200 edged 0.1 percent higher, to 7,398.70.

On Friday, the S&P 500 eked out a 0.1 percent gain to 4,662.85, surging in the final minutes of trading after having been down about 1 percent earlier in the day. The tech-heavy Nasdaq posted a 0.6 percent gain, closing at 14,893.75. The Dow Jones Industrial Average fell 0.6 percent to 35,911.81.

Smaller company stocks also bounced back from an early slide. The Russell 2000 index rose 0.1 percent, to 2,162.46.

A rally in technology stocks, plus gains in energy and other sectors, helped outweigh declines in banks and elsewhere in the market on a day when investors were mainly focused on a mix of company earnings reports and discouraging data on retail sales.

The mixed finish capped a week of choppy trading on Wall Street that deepened the market’s January slump. The benchmark S&P 500, which soared 26.9 percent in 2021, is now about 2.8 percent below the all-time high it set on January 3.

The Commerce Department reported Friday that retail sales sank 1.9 percent in December after Americans cut their spending in the face of product shortages, rising prices, and the onset of the omicron variant.

That was the latest in a series of economic reports this week that has raised concern about inflation and its impact on businesses and consumer spending.

Rising prices have been prompting businesses to pass more costs on to consumers. Consumers have been pulling back on spending at department stores, restaurants, and online as a result of higher prices and supply shortages.

Concerns over persistently rising inflation are also prompting the Federal Reserve to trim its bond purchases and consider raising interest rates earlier and more often than Wall Street had expected less than a year ago.

The yield on the 10-year Treasury was steady at 1.79 percent.

The price of US crude oil rose 40 cents to $84.22 per barrel in electronic trading on the New York Mercantile Exchange. On Friday, it rose 2.1 percent, helping to send energy stocks higher.

Brent crude added 19 cents to $86.25 per barrel.

The US dollar rose to 114.42 Japanese yen from 114.18 yen. The euro was unchanged at $1.1417.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Asia’s inflation may be fuelled by rising shipping costs: IMF

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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While Asia’s inflation has remained lower than global peers, rising shipping costs may change that soon, said the International Monetary Fund (IMF) in its blog.

As economies recover from the effects of the COVID-19 pandemic, the pent-up demand, higher cash flow from financial stimuli, supply challenges and global logistical disruptions have contributed to inflation in many countries.

But Asian economies, both advanced and emerging, have managed to navigate through the pandemic without reaching similar levels of inflation.

IMF data shows that headline inflation in Asian Emerging Markets and Developing Economies (EMDE) stood at 2.9 percent. Non-Asian EMDE headline inflation was at 6.6 percent at the same time. Asian Advanced Economies (AE) had a headline inflation of 1.3 percent compared to 3.3 percent in other AE.

Differences in inflation figures for more volatile goods like food and energy were starker. Food inflation was only at 1.6 percent in Asian EMDE compared to 9.1 in Non-Asian EMDE. Energy inflation in Asian AE was at 4.2 percent compared to 6.8 percent in other AE.

“Several factors explain Asia’s lower inflation. Among Asia’s emerging economies, a delayed recovery has kept core inflation—which strips out volatile food and energy costs—running at half the rate of peers in other regions,” the IMF said.

Global pressures increasing economic inflation are expected to gradually recede in 2022. But increasing prices for shipping costs may prove to be an issue for Asian economies.

“One benchmark measure of global shipping costs, the Baltic Dry Index, tripled this year through October: our analysis shows such large increases in shipping costs boost inflation for 12 months, which could add about 1.5 percentage points to the pace of Asia’s inflation in the second half of 2022,” said the international economic body.

The rise in global shipping rates has been precipitated by the turbulent changes brought on by the COVID-19 pandemic. When the pandemic first forced countries to close down in 2020, international trade was brought to a screeching halt. While the effect of lockdown on maritime shipping was less severe than initially thought, its repercussions are still being felt. The economic recovery demands global shipping to catch up to the pent up demand for shipping and trade while global logistics chains lie in a shambles.

In 2021, maritime trade had to suddenly ramp up its services, something that it was unprepared for. Local restrictions due to the Delta variant made matters more complicated. The Suez-Ever Given crisis earlier this year added to the woes.

Container shortages, with containers being stuck far inland in port, labour shortages due to lockdown restrictions, higher costs for fuel, and ports backed up with ships trying to load and unload meant that shipping times were extended by several weeks, and costs continued to rise. While prices have marginally declined from all-time highs earlier in the year as the peak season recedes, they still remain at elevated levels.

The World Container Index is still up by 169 percent, with prices of $9,292.39 per 40ft on December 16, according to data from Drewry, an independent maritime research consultancy.

Experts estimate that it can take up to 30 months for prices to fall back down to normal, but additional pressures may make the new prices ‘stickier’. For consumers in the meantime, this can lead to prices of certain goods go up by up to 10 percent. Items like computers and other electronic products, bulky items like furniture, and apparel and clothing products can all see an increase of 10 percent in their cost, according to estimates by the United Nations Conference on Trade and Development (UNCTAD) in a report. The UNCTAD report highlighted that the surge in freight rates can contribute to a 1.5 percent increase in consumer prices globally.

Read Also | Explained: Why inflation rates are increasing across the globe

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow