• 

NEW DELHI/MUMBAI, Feb 2 (Reuters) – India’s Adani group shares sank on Thursday after it abandoned its flagship company’s $2.5 billion stock offering, swelling the conglomerate’s market losses to more than $100 billion and sparking worries about the potential systemic impact.

The withdrawal of Adani Enterprises’ (ADEL.NS) share sale caps a dramatic setback for Gautam Adani, the school dropout-turned-billionaire whose fortunes rose rapidly in recent years but dwindled over the past one week after a U.S.-based short-seller published a critical research report.

Full coverage: REUTERS

Exclusive: Volvo Readies EV Blitz In Biggest Product Revamp Under Geely

• 

Feb 2 (Reuters) – Volvo Cars is gearing up for an electric blitz to convert all its mainstay models – three SUVs and two sedans – into electric vehicles and to introduce a luxury electric van aimed at boosting sales in Asia, two people with knowledge of the plans said.

The Swedish carmaker, wholly owned by China’s Zhejiang Geely Holding Group, is expected to launch at least six new battery electric vehicles through 2026, the two people told Reuters.

Full coverage: REUTERS

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 the new system in the middle of this decade, the company said on Thursday, aiming to boost that to 60,000 units per year in 2030.

Full coverage: REUTERS

Shell Makes Record $40 Bln Profit In Tumultuous 2022

• 

LONDON, Feb 2 (Reuters) – Shell (SHEL.L) delivered a record $40 billion profit in 2022, the energy giant said on Thursday, capping a tumultuous year in which a surge in energy prices after Russia’s invasion of Ukraine allowed it to hand shareholders unprecedented returns.

The British company’s record earnings, which more than doubled from a year earlier, mirror those reported by U.S. rivals earlier this week and are certain to intensify pressure on governments to further raise taxes on the sector.

Full coverage: REUTERS

Morning Bid: Markets Go All In For Disinflation

• 

SYDNEY, Feb 2 (Reuters) – A look at the day ahead in European and global markets from Wayne Cole.

Push back? What push back? The main theme ahead of the Fed announcement was that Chair Jerome Powell would definitely, totally, absolutely push back against the recent rapid easing in market conditions given inflation was still sky high.

Instead, Powell seemed to go out of his way to do the opposite. The very first question in the new conference invited him to scold markets, and he notes conditions had tightened a lot last year.

Full coverage: REUTERS