BUSINESS
US consumer inflation up unexpectedly in February
While price increases have fallen from their peak in 2022, households are still feeling the pinch from costs of living, adding pressure on US President Joe Biden as he seeks reelection this year.
BUSINESS
Apple to allow app downloads from web to vade EU scrutiny
As part of the overhaul, Apple will also let developers offer discounts to users away from the app store and will permit third-party marketplaces to offer their own developed apps.
BUSINESS
Accel backs startup seeking to use AI to kill finance paperwork
Y Combinator, Elevation Capital and others took part in the Series B round, which brings the San Francisco-based startup’s total funding to $40 million, it said in a statement Tuesday.
BUSINESS
Former Sequoia India firm launches new fund for early ventures
The Peak XV Anchor Fund will be backed by an internal pool of capital, according to a letter sent to investors. Formerly known as Sequoia India & Southeast Asia, the venture-capital firm rebranded as Peak XV Partners last year and is now fully independent.
WORLD
Bitcoin hovers near all-time peak as crypto draws record inflows
The original cryptocurrency reached an all-time peak of almost $72,881 on Monday and was trading at $72,220 as of 7:15 a.m. in London on Tuesday.
WORLD
Argentina cuts rates to 80% in surprise move as inflation cools
Argentina's central bank cut its benchmark interest rate to 80% from 100% previously, the monetary authority said in a statement on Monday.
MARKETS
India’s biggest stock winner this year has no analyst coverage
Tata Investment Corp. has soared 116% so far in 2024, the most among the Nifty 500 Index companies that represent more than 94% of India’s market capitalization.
WORLD
Elon Musk can’t sue his way to AI breakthroughs, Vinod Khosla says
Elon Musk, who was on the founding team of OpenAI, filed a lawsuit earlier this month against the company, accusing it of straying too far from its mission and becoming beholden to its largest investor, Microsoft Corp.
BUSINESS
BAT is said to launch ITC selldown as soon as this week
London-listed BAT has been speaking with Bank of America Corp. and Citigroup Inc. about a potential divestment of around $2 billion to $3 billion in ITC stock through block trades, the people said.
BUSINESS
India finally embraces trade deals as companies look past China
Within three years, he expects Matrix Clothing Pvt Ltd.’s exports to the European Union and the UK to more than double from current levels. “The industry is very excited,” Nair, who co-founded the company, said by phone.
WORLD
Bitcoin tops $72,000 for the first time as rally builds steam
The original cryptocurrency rose as much as 5% to $72,880 on Monday, before paring the increase. Smaller tokens like Ether, Solana and Avalanche also advanced. The crypto gains came even as equities were mixed ahead of a key report on US inflation.
BUSINESS
British American Tobacco said preparing to launch ITC selldown as soon as this week
London-listed BAT has been speaking with Bank of America Corp. and Citigroup Inc. about a potential divestment of around $2 billion to $3 billion in ITC stock through block trades, the people with knowledge of the matter said.
TECHNOLOGY
China begins testing AI chatbot for brain surgeons in hospitals
A Hong Kong-based agency under the Chinese Academy of Sciences — the country’s foremost state-backed scientific institute — on Monday introduced an AI model based on Meta Platforms Inc.’s Llama 2.0.
WORLD
Iron ore plunges most since 2022 as inventories pile up in China
The plunge in the steelmaking ingredient was the most since mid-2022 on an intraday basis, and it was headed for the lowest close since August last year.
WORLD
A year later, lessons from Silicon Valley Bank’s epic collapse
That call never happened. “They didn’t show up because it was the day that Silicon Valley Bank went under and one of their main banking partners was SVB,” Vogel said.
WORLD
TSMC reclaims spot in world's 10 most valuable companies after stock rallies to record
A 14% rally last week has elevated the chipmaker’s market capitalization to a record, before a 2% decline in early trading Monday pared it to $634 billion.
WORLD
China prepares $27 billion chip fund to counter growing US restrictions
The National Integrated Circuit Industry Investment Fund is amassing a pool of capital from local governments and state enterprises for its third vehicle that should exceed the 200 billion yuan of its second fund, according to people familiar with the matter.
BUSINESS
Red Sea crisis could fan Asia’s inflation anew, delay rate cuts
Most of the region will likewise be hit indirectly through the spike in shipping costs, especially those that rely on food imports such as the Pacific island countries, New Zealand, India and Pakistan.
BUSINESS
Nvidia looks primed for a stock split after $1 trillion rally
Stock splits are a cosmetic move generally enacted to attract smaller investors. The action reduces share price by redistributing the amount of equity over a larger number of stock, but doesn’t change anything about underlying fundamentals or valuation.
BUSINESS
BlackRock appoints Maheshwar Nataraj to lead private credit in India
Maheshwar Nataraj has been leading the firm’s sourcing and managing private credit investment in India, which poses “exciting opportunities,” according to a company spokesperson’s statement.
WORLD
Read Joe Biden’s complete State of the Union remarks
Read the full text of Joe Biden speech
WORLD
Key takeaways from Joe Biden’s State of the Union address
Biden, in a sharply political State of the Union, repeatedly drew direct comparisons to Trump without mentioning him by name.
BUSINESS
India roils market with new crackdowns on IPO financing, gold
Regulators are imposing new restrictions that may curb lending and put a damper on the booming market for initial public offerings, in order to keep risks in check.
BUSINESS
Electric buses take center stage in India's push for green transportation
Ashok Leyland Ltd., the flagship company of conglomerate Hinduja Group, broke ground last month on a manufacturing plant for electric commercial vehicles in the northern state of Uttar Pradesh.
