Top headlines: Govt may restrict sugar exports; Snap shares fall 30%

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India to limit sugar exports in risk to global food prices: Report

India is set to restrict sugar exports as a precautionary measure to safeguard its own food supplies, another act of protectionism after banning wheat sales just over a week ago.

The government is planning to cap sugar exports at 10 million tonnes for the marketing year that runs through September, according to a person familiar with the matter. READ MORE.

Snap shares fall after cutting forecast, shock spreads to rivals

Snap Inc. cut its revenue and profit forecasts below the low end of its previous guidance, sending shares plunging as much as 31% and pushing other social media stocks down.

The company will also slow hiring, Chief Executive Officer Evan Spiegel said in a note to staff. “Like many companies, we continue to face rising inflation and interest rates, supply chain shortages and labor disruptions, platform policy changes, the impact of the war in Ukraine, and more,” he wrote in the memo obtained by Bloomberg. READ MORE.

OYO plans IPO after September, may settle for lower valuation: Report

Hospitality and travel-tech firm OYO is looking to launch its initial public offer after September and has written to stock market regulator Sebi, seeking to file updated and restated consolidated financial information.

The company, which had filed preliminary papers with Sebi to raise Rs 8,430 crore through an initial share sale in October last year, is now prepared to settle for a lower valuation of around USD 7-8 billion against the USD 11 billion it was targeting initially, according to people in the know of the development. READ MORE. 

Quad nations to deepen cooperation on infrastructure: Joint statement

Four-nation grouping Quad on Tuesday agreed to deepen cooperation on infrastructure, critical to driving productivity and prosperity in the Indo-Pacific region, and share a commitment to addressing debt issues, which have been exacerbated by the coronavirus pandemic in many countries.

A joint statement issued after the second in-person Quad summit attended by Prime Minister Narendra Modi, US President Joe Biden, Japanese Prime Minister Fumio Kishida and his Australian counterpart Anthony Albanese, said that Quad partners bring decades of skills and experience together to catalyse infrastructure delivery to the region. READ MORE.