BUSINESS
UPS to cut 12,000 jobs, bring workers in five days a week
“We are going to fit our organization to our strategy and align our resources against what’s wildly important,” CEO Carol Tomé said
WORLD
Warren Buffett reversal risk pushes Japan firms to diversify investors
Japan’s trading firms illustrate this point. Berkshire Hathaway Inc. bought stakes in them in August 2020, which raised their international profile and attracted other investors. Over the next four years, the five companies outperformed the broader market.
WORLD
Saudi Aramco ordered to halt project to boost oil output capacity
The surprise move comes just months after the world’s biggest oil producer had said it was spending billions of dollars to raise capacity to the higher level by 2027 as demand in China and India continues to grow.
WORLD
Bitcoin heads toward winning streak last seen in pandemic before record high
The largest digital asset has risen about 2% in January, a month of pronounced swings sparked by the rollout of the first US spot Bitcoin exchanged-traded funds and shifting views on the outlook for monetary policy.
WORLD
Everything to know about Elon Musk’s Neuralink and its first human brain implant
Here’s all you need to know about Neuralink and the company’s first human trial.
WORLD
China’s 10-year yield falls to two-decade low on easing hopes
The yield on the 10-year sovereign note slipped to 2.48%, a level unseen since 2002.
BUSINESS
Credit Suisse AT1 bond fallout hits India’s most valuable bank
The 48-year-old even took out a loan to buy more of the notes to get a better return on his investment.
BUSINESS
US brokerage sees over 50% return potential on Adani flagship
“Adani Enterprises Ltd. is at the core of everything India wants to accomplish,” analysts Brett Knoblauch and Thomas Shinske wrote in a note dated Jan. 28, initiating coverage as overweight. The risk-reward “is attractive at current levels.”
BUSINESS
Budget 2024: What to watch out for in India’s pre-election Budget
Budget 2024: The economy’s rapid expansion has led to a tax windfall for the government, helping it meet its goals of curbing the deficit.
WORLD
China’s deflation pressures seen persisting through mid-2024
A measure of economy-wide prices called the gross domestic product deflator is expected to decline for at least two more quarters, according to 12 of 19 economists in a new Bloomberg survey.
WORLD
China to ‘merge’ bad-debt managers into CIC
The extent of the transfer of China Cinda Asset Management Co., China Orient Asset Management Co. and China Great Wall Asset Management Co. wasn’t clear in the report.
WORLD
Reddit advised to target at least $5 billion valuation in IPO
The San Francisco-based social media company and its advisers are targeting a valuation in the mid-single-digit billions, the people said, asking not to be identified as the information is private.
WORLD
China tightens securities lending rule to support stock market
Strategic investors won’t be allowed to lend out shares during agreed lock-up periods, the Shanghai Stock Exchange and Shenzhen Stock Exchange said in separate releases following the China Securities Regulatory Commission’s statement.
BUSINESS
Hot stock rally stirs fears over wall street’s big rate-cut bets
Equity rally challenges Powell as S&P 500 hits records, fueled by rate-cut expectations. Financial conditions loosen, posing concerns for Fed.
TECHNOLOGY
AI needs so much power that old coal plants are sticking around
AI boom in Virginia's "data center alley" strains power supply. Temporary connection pause and controversial diesel generator proposal reflect challenges.
WIRE-NEWS
Crypto is going mainstream, which means it’s over
Crypto's 20% drop attributed to technical issues, FTX's asset sell-off. Increased accessibility brings market scrutiny, challenging its value and ethos.
BUSINESS
Apple home devices, car veteran exits for top Rivian product role
Apple veteran overseeing home devices and electric vehicle projects departs for Rivian Automotive, adding to the string of senior exits from Apple.
TECHNOLOGY
US aims to announce big grants for chip plants by end of March
US plans major chip grants by March's end, directing billions to semiconductor makers like Intel under the 2022 Chips and Science Act.
BUSINESS
Intel tumbles most since 2021 after giving weak forecast
Intel’s first-quarter projection for both sales and profit came in well short of Wall Street estimates, and executives struggled to soothe concerns during a conference call with analysts.
WORLD
JPMorgan shuffles top managers as Jamie Dimon prepares successors
The shuffle, halfway through Dimon’s five-year retention package, places Jenn Piepszak and Troy Rohrbaugh atop an expanded commercial and investment bank, according to a statement Thursday.
TECHNOLOGY
Microsoft cuts 1,900 jobs in gaming, including at Activision
Other video-game companies, including Riot Games, have also enacted mass layoffs.
WORLD
IPhone takes top spot in China for first time despite challenges
The iPhone ranked first in shipments in the fourth quarter and 2023 overall, market tracker IDC said. It came after several analysts, including Jefferies, said iPhone sales tanked in the fourth quarter due to a lull in enthusiasm for the Cupertino, California company’s latest generation of hardware in the world’s biggest smartphone market.
WORLD
Upbeat Elon Musk can’t soothe Tesla investors’ fears about growth
Tesla shares fell 6% in extended trading at 8 p.m. New York time. The stock had already fallen 16% to start the year.
BUSINESS
Microsoft hits $3 trillion value, cementing strength of AI rally
It briefly surpassed Apple Inc. in value — which last year became the first company to hit $3 trillion — but subsequently dropped back below the iPhone maker
