WORLD
Sam Altman, Suzuki back Robocar startup to chase growth in Asia
The Series B round values Glydways, which is building a robocar network in San Jose, at $350 million to $400 million, people familiar with the matter said.
WORLD
Ex-Jane street traders cite pay letdown in secrets countersuit
Douglas Schadewald and Daniel Spottiswood said in counterclaims filed Tuesday in Manhattan federal court that they led the growth of Indian options trading at Jane Street from a “relatively small operation” at the beginning of the year to a highly profitable business by the end of 2023.
WORLD
OpenAI chief scientist Ilya Sutskever is leaving the company
Ilya Sutskever, part of the founding team at the company, was also a key player in the brief but dramatic ouster of OpenAI Chief Executive Officer Sam Altman in November.
WORLD
Record $4.3 million watch auctions Vault Rexhepi to top tier
A unique ‘Chronomètre Antimagnetique’ fetched 2.1 million Swiss francs ($2.3 million) at the Only Watch charity auction on Friday.
WORLD
Qatar to ‘liberate’ tourism sector to extend post-world cup boom
The Persian Gulf nation’s tourism industry has defied predictions of a hard landing after the quadrennial tournament on which it splurged more than $300 billion. It welcomed four million visitors in 2023, a 39% increase over the World Cup year.
WORLD
China’s $4 billion lychee harvest devastated by extreme weather
The nation is both the world’s largest producer and consumer of the fruit, and a significant exporter.
BUSINESS
Fraud concerns raise red flags for India’s booming SME IPOs
The crackdown comes after the regulator issued warnings earlier this year of price manipulation in tiny IPOs. Analysts say the development presages greater regulatory action, which may temper further gains in the S&P BSE SME IPO Index of micro listings that has soared more than 5,000% since the start of 2021.
BUSINESS
US money manager cuts China debt holding to buy India bonds
China’s bonds have rallied “so far that we’re moving out of it,” David Hoffman, chairman and head of global fixed income at the US-based money manager, said in an interview.
BUSINESS
Indian bonds among least vulnerable in Asia to treasury swings
For every one basis-point gain in the 10-year US paper, yields on benchmark Indian notes rose by an average 0.23 basis points, according to a Bloomberg analysis of the moves since 2022. For a similar drop in the US debt, Indian bond yields fell by 0.32 basis points.
WORLD
Nvidia rivals gold as shield against inflation: Survey
Gold, the haven of choice for decades, is still seen as the best safeguard against the risk of rising prices, according to 46% of survey participants. But nearly a third said the tech behemoths are their first pick for the role.
WORLD
Read the full transcript of Bloomberg’s interview with Emmanuel Macron
Following is a transcript of French President Emmanuel Macron’s interview with Bloomberg Editor-in-Chief John Micklethwait.
WORLD
Emmanuel Macron puts French banks in play with plan to transform Europe
“Dealing as Europeans means you need consolidation as Europeans,” Macron said in an interview with Bloomberg Editor-in-Chief John Micklethwait on the sidelines of the Choose France investment summit in Versailles near Paris.
WORLD
AI pioneer Kai-Fu Lee aims to bring China its ChatGPT moment
Lee’s firm, 01.AI, is launching a free productivity assistant called Wanzhi, the latest in a series of AI products it’s developing.
BUSINESS
Indian renewable energy firm plans maiden dollar bond sale
The company, which develops sustainable energy projects such as solar plant constructions, aims to launch the debut offering by end of June, with proceeds to be used for business expansion and debt refinancing, the people familiar said.
WORLD
Euro-zone economy seen picking up pace as Germany heals
Output in the 20-nation currency union will rise by 0.7% in 2024 — more than the 0.5% advance that was forecast in the last monthly survey. Gross domestic product in Germany is now seen increasing by 0.2% compared with 0.1% before.
WORLD
Vladimir Putin names economist as defense minister in surprise reshuffle
Nikolai Patrushev, an old ally of Putin who had held that post, was dismissed and is due to take another, unspecified job.
WORLD
Global chips battle intensifies with $81 billion subsidy surge
The surge has pushed the Washington-led rivalry with Beijing over cutting-edge technology to a critical turning point that will shape the future of the global economy.
WORLD
Joe Biden poised to impose tariffs on China EVs, strategic sectors
The decision is the culmination of a review of so-called Section 301 tariffs first imposed under Trump.
BUSINESS
Bullish case for Indian rupee dented by RBI’s intervention fears
MUFG Bank Ltd. predicts that the rupee will appreciate less than 2% to 82 per dollar by year-end while Australia and New Zealand Banking Group Ltd. says the currency will be little changed.
BUSINESS
China credit shrinks for first time, loan growth disappoints
Financial institutions offered 731 billion yuan of new loans in April, lower than a projected 916 billion yuan
BUSINESS
Apple nears deal with OpenAI to put ChatGPT on iPhone
Apple is also discussing with Alphabet Inc about licensing Google ’s Gemini chatbot.
WORLD
Joe Biden set to hit China EVs, strategic sectors with tariffs
The US is standing up to China’s 'unfair economic practices and industrial overcapacity,' Joe Biden said last mont
WORLD
Citi cuts China stocks on fundamentals to neutral, raises India
“China’s recent rally has occurred despite weakening fundamentals; we downgrade to neutral,” strategists including David Groman and Beata Manthey wrote in a note dated May 10. It upgraded India to overweight on strong earnings momentum and projected growth.
WORLD
SoftBank sells off vision fund assets as Masayoshi Son pivots to AI, chips
The one-time tech kingmaker is now a shadow of its former self, having laid off more than a hundred staff and slowed new investments
