BUSINESS
Huawei secretly backs US research, awarding millions in prizes
A Huawei spokesman said the company and the Optica Foundation created the competition to support global research and promote academic communication
BUSINESS
Tesla interns say offers are getting revoked weeks before their start date
Tesla Inc. is rescinding offers just weeks before internships were set to start, prompting aspiring employees to take to LinkedIn to appeal to other employers to take them in
BUSINESS
Uber hit with £250 million suit from London’s black cab drivers
The claim alleges Uber improperly obtained a license to operate in the city and made unlawful gains for at least six years from 2012, RGL Management Ltd.
BUSINESS
Vodafone Idea seeks $1.8 billion of loans in next two years
This would be the first move in a plan to raise 250 billion rupees overall in debt, with the proceeds helping to repay operational creditors, roll out a 5G network and bid for additional spectrum
BUSINESS
Economists push out India rate cut forecasts to end of year
The RBI may start cutting its benchmark repurchase rate, currently at 6.5%, by a total of 50 basis points in the October-December period before pausing for a few months, the monthly survey shows. In the previous survey, economists had predicted a reduction in July-September quarter.
WORLD
US may step up verbal intervention on yen rout: Jim O’Neill
The speed and scale of yen declines suggest the weakness is becoming more like a currency crisis and the market is possibly closer to the “end game,” the prominent economist said in an interview.
WORLD
Audible tests lower-priced plan in possible response to Spotify
The new plan, called Audible Standard, costs A$8.99 ($5.86) a month. That compares with A$16.45 for the established Premium Plus offering, according to the company’s website. Both provide users with one book a month.
WORLD
Jerome Powell offered markets a reprieve. It vanished in a blink
For a brief period, US stocks popped to unleash the biggest post-policy meeting rally since December, while Treasury yields tumbled more than 10 basis points across maturities. The relief trade kicked in when Powell told reporters “it is unlikely that the next rate move will be a hike.”
BUSINESS
Tesla’s top executive Allie Arebalo exits as staff upheaval spreads
Elon Musk has been fixated on cutting costs and staff since vehicle sales started to decline in recent months
BUSINESS
Johnson & Johnson seeks backing for $11 billion baby powder cancer deal
J&J recorded a charge of $2.7 billion in the first quarter of this year over the recent talc-related settlements
WORLD
Foxconn’s Musical chairs sound like punk rock
Chairman Young Liu, who also holds the chief executive officer role, is working on plans to rotate the leaders of various business units through the latter position, most likely for six-month terms.
WORLD
Amazon reports strong cloud unit sales on rising AI demand
Despite the strong cloud performance, the company’s sales forecast for the current quarter fell short of estimates, reflecting concern about the main e-commerce business as consumers continue to spend cautiously.
WORLD
Fed to signal delay of interest-rate cuts
The Federal Open Market Committee will hold the target range for its benchmark rate at 5.25% to 5.5% — a two-decade high first reached in July — at the conclusion of its two-day policy meeting Wednesday.
WORLD
Microsoft concern about Google’s lead drove investment in OpenAI
The Windows software maker’s chief technology officer, Kevin Scott, was “very, very worried” when he looked at the AI model-training capability gap between Alphabet Inc.’s efforts and Microsoft’s, he wrote in a 2019 message to Chief Executive Officer Satya Nadella and co-founder Bill Gates.
TECHNOLOGY
Google CEO Sundar Pichai nears billionaire status powered by AI boom
It hit a fresh record Friday after the company’s first-quarter earnings beat expectations, boosted by AI-driven growth in its cloud computing unit. It also introduced a dividend for the first time in its history
BUSINESS
China’s top leaders hint at property support, rate cuts
Officials will “make flexible use” of tools to support the economy and lower overall borrowing costs, a meeting of the 24-man Politburo led by Chinese President Xi Jinping agreed, the official Xinhua News Agency reported Tuesday
BUSINESS
Goldman sees momentum traders buying stocks in every scenario
Morgan expects CTAs to buy about $29 billion in global stock futures — including $8.5 billion in S&P 500 contracts — if equities were to rally over the next week
WORLD
HSBC CEO Noel Quinn unexpectedly steps down after almost 5 years
Noel Quinn, who has led the bank for five years, will remain CEO until his successor starts in the role, and he has agreed to remain available through to the end of his 12-month notice period expiring on April 30, 2025, to support the transition, the bank said in a statement.
INDIA
IMF boosts Asia growth forecast this year on China, India
Asia is set to expand 4.5% in 2024 from the prior year, 0.3 percentage points higher than the October regional outlook but a slowdown from last year’s 5% pace, according to the IMF report on Tuesday.
WORLD
Taiwan stocks see $5 billion outflows as AI hype takes breather
Overseas money managers withdrew $4.9 billion from local shares in April as of Monday close, Bloomberg-compiled data show.
WORLD
Yen traders see uphill battle for Japan to halt currency’s slide
The yen surged suddenly and sharply on Monday in Asia hours, when the nation’s markets were shut for a holiday.
WORLD
Tesla soars on tentative China approval for driving system
The US carmaker was granted the approval under certain conditions, according to a person with knowledge of the matter, who asked not to be identified because details of all the criteria aren’t clear.
WORLD
How to get a meeting with the UAE’s $1.5 trillion man
The opportunity to invest even a sliver of that wealth could yield plump fees and returns.
WORLD
Xi Jinping to make first trip to Europe since 2019 as tensions flare
Xi will make stops in France, Serbia and Hungary during the trip that runs May 5-10, China’s Ministry of Foreign Affairs said in a statement Monday, without providing details of the Chinese leader’s agenda.
