WORLD
Tesla clears key China assisted-driving hurdle with Baidu deal; stock up 10% in pre-market rally
The US automaker will then be able to deploy its autonomous driving services on the basis of lane-level navigation and mapping provided by the Beijing-based internet company, said the people, who asked not to be named discussing private information
WORLD
What 60,000 headlines say about the Fed’s next move
Bloomberg Economics’ Fed sentiment index — powered by a natural language processing algorithm based on more than 60,000 Fed headlines — shows that in December, Powell delivered a major pivot. By hinting at a swifter shift toward rate cuts, he gave markets a boost and helped the economy dodge a downturn.
WORLD
Red Sea diversions spew carbon emissions equal to 9 million cars
Instead of passing through Egypt’s Suez Canal, hundreds of vessels since mid-December are sailing around South Africa’s Cape of Good Hope — a detour that adds at least a week to the journey between South Asia and northern Europe.
BUSINESS
Tech tycoon’s family office bets on AI to prop $10 billion fund
Investment firms worldwide, including BlackRock Inc. and SoftBank Group Corp, are relying on AI to analyze data streams in real-time to glean market intelligence and are looking to invest further in the sector.
MARKETS
Fidelity sees rupee as top carry trade pick on RBI’s tight grip
The rupee rewards investors with a high yield than regional peers, and together with low volatility, makes it “arguably one of the most attractive currencies on the planet,” Paul Greer, a money manager at Fidelity in London, said in an interview.
BUSINESS
AI boom’s secret winners? The companies expected to power It
AI is the buzzword these days, with everyone from chipmakers to computer equipment manufacturers to car companies trying to paint themselves in its hopeful colors.
WORLD
Amazon, Disney are close to clinching NBA, WNBA rights deals
Details on the number of games Amazon will have in the regular season and playoffs are still being ironed out. Rights to the women’s league, the WNBA, are expected to be included as part of both deals.
WORLD
Millennium slams Jane Street ‘gamesmanship’ in secrets case
Speculation has swirled around the strategy since Jane Street filed its April 12 suit. The firm’s description in its complaint was heavily redacted, but the strategy was called “immensely valuable.”
TECHNOLOGY
Apple intensifies talks with OpenAI for iPhone generative AI features
The next iPhone operating system will include several new features based on Apple’s in-house large language model — AI software that can generate human-sounding text — but the company also has been seeking partners to power a chatbot-like feature akin to OpenAI’s ChatGPT.
WORLD
China’s bubble tea boom creates a half-dozen billionaires
Bubble tea was invented in Taiwan in the late 1980s, with small stalls selling it near schools and offices
WORLD
Lloyd Austin to announce up to $6 billion arms commitment to Ukraine
Lloyd Austin’s announcement, planned for the start of a press conference, will lay out a broad commitment but not signed contracts, which would likely take months to finalize under the Ukraine Security Assistance Initiative, or USAI, for systems that would be delivered over years.
WORLD
Anglo rejects BHP takeover bid as significantly undervalued
Under the proposed all-share deal, Anglo would first spin off controlling stakes in South African platinum and iron ore companies to its shareholders before being acquired by BHP. The total per-share value of the non-binding proposal was about £25.08, BHP said Thursday.
WORLD
Bank of Japan stands pat on rates and bond buying, hitting yen
The BOJ Friday kept the range for its benchmark rate between 0% and 0.1% at the conclusion of its meeting, according to a statement, as widely expected by economists.
BUSINESS
Asia's richest banker Uday Kotak loses $1.3 billion after RBI's curbs
Kotak Mahindra bank said in response that it has taken measures for 'adoption of new technologies to strengthen its IT systems and will continue to work with RBI to swiftly resolve balance issues at the earliest'
BUSINESS
Pernod CEO sees sales growth outside struggling US and China
The French spirits maker, whose brands include Absolut Vodka and Martell Cognac, said sales were flat in its most recent quarter at €2.3 billion ($2.5 billion) as US retailers destocked and Chinese drinkers remained cautious
AUTOMOBILE
VinFast founder commits $1 bn as EV maker bleeds cash
The move marks his strongest backing yet for the Vingroup JSC unit touted as a possible challenger to Tesla Inc
BUSINESS
India stands out for cheap bonds as JPMorgan index date nears
The benchmark 10-year note offers a premium of almost 270 basis points over the earnings yield for the MSCI India share index, making the country’s debt more attractive to investors just months before its inclusion in JPMorgan Chase & Co’s indexes from June
BUSINESS
Battery recycling shatters the myth of electric-vehicle waste
Traditional methods of ripping materials out of the ground and refining them for battery packs requires enormous amounts of energy. As a result, the initial carbon footprint of an EV is higher than a comparable internal combustion engine vehicle.
BUSINESS
Mamaearth parent bets on made-for-India goods in world’s fastest growing beauty market
The strategy of adapting products to local tastes worked in next-door China — at least initially.
WORLD
Kering shares drop after Gucci slump prompts profit warning
The stock slid as much as 8.9% in early Paris trading to the lowest since 2018. Kering’s 20% share slump this year contrasts with gains by French rivals LVMH and Hermes International.
WORLD
Iron ore rises to seven-week high on fortescue view, China hopes
Futures in Singapore rose almost 5% before paring gains. The company said exports were down 6% in its third quarter from a year earlier, due to an ore car derailment and weather woes.
WORLD
Ex-Jane Street trader pillories claims he stole trade secrets
In a signed statement, Schadewald denied using Jane Street’s strategies or any of its confidential intellectual property and said his name was being smeared “to try to prevent me from doing honest work for a competitor.”
WORLD
New York must fight to compete with cities worldwide: Jamie Dimon
JPMorgan has been building a new headquarters at 270 Park Ave., which Dimon has said will be the “best building in the United States and in fact probably the world.”
BUSINESS
KKR bets on domestic consumption, private credit in India push
The investment firm remains bullish on India’s domestic consumption story despite elevated valuations, according to Gaurav Trehan, head of Asia Private Equity and the chief executive officer of the India business.
