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
WORLD
Saudi Arabia prepares to open liquor store, but only for diplomats
The kingdom plans to open the licensed shop in the coming weeks in Riyadh, where non-Muslim diplomats will be allowed to buy alcohol, according to foreign officials in the Saudi capital, who are familiar with the matter.
BUSINESS
China to cut bank reserve ratio in bid to boost growth, markets
A 0.5 percentage-point cut to the ratio, the amount of cash that banks have to keep in reserve, will provide 1 trillion yuan ($139 billion) in long-term liquidity to the market, Pan said during a briefing with the press Wednesday.
WORLD
Bill Ackman, wife Neri Oxman buy 5% stake in Tel Aviv bourse
Tel Aviv Stock Exchange Ltd. said it had completed the sale of an 18.5% stake to a group of foreign and local investors for 242 million shekels ($64 million). Ackman and Oxman were the only ones it named.
WORLD
World’s most ambitious trade route stalls in middle east turmoil
As Houthi attacks disrupt Red Sea shipping and turmoil spreads across the region, IMEC is effectively on ice.
BUSINESS
Donald Trump wins New Hampshire Republican primary over Nikki Haley
The Associated Press called the contest for Trump at 8 p.m. Tuesday. He was leading Haley by about 7.2 percentage points with about 19% of the vote counted. This is the second consecutive time the AP has made a quick call in favor of the Republican frontrunner.
TECHNOLOGY
Samsung races Apple to develop blood sugar monitor that doesn’t break skin
The company aims to eventually give consumers a complete picture of their well-being via sensors on different parts of the body and around the home.
BUSINESS
Mubadala aims to double exposure to Asia by end of the decade
Across Mubadala, “out of our roughly $300 billion in assets under management, only 12% is in Asia today and we want to move that number closer to 25%,” by as soon as 2030, Camilla Macapili Languille, head of the fund’s life sciences and healthcare investments division said in an interview.
BUSINESS
Byju’s to slash $22 billion valuation by 90% to raise fresh funds
The beleaguered Indian education provider is asking more than $100 million from existing investors through a fresh issuance of shares slated for next month, at a price that values the firm at less than $2 billion, people familiar with the matter said. That’s down from $22 billion at its previous round in late 2022.
BUSINESS
Top Indian funds dust off playbooks ahead of index inclusion
The cohort are betting on inclusion in global bond indexes to drive returns after the central bank doused speculation of an interest-rate cut. In 2023, Indian sovereign bonds saw their best annual performance in three years.
WORLD
Sanofi to buy Inhibrx for $2.2 billion in rare disease push
The acquisition is the latest in a string of small- and mid-sized deals as Sanofi looks to double down on innovative medicines and reduce its reliance on the blockbuster asthma medicine Dupixent.
INDIA
India to ask EU for measures to align emission trading systems
Exporters such as India argue that it will make their products more expensive and dent their competitiveness.
WORLD
Bank of Japan keeps negative rate on hold, nudges Yen weaker
The BOJ maintained its -0.1% short-term rate and kept yield curve control parameters intact at the end of a two-day meeting, according to its statement Tuesday.
WORLD
China’s premier orders more measures to arrest stock rout
Chinese equities have sold off for most of the past year, hurt by factors ranging from a protracted crisis in the housing market to persistent deflationary pressures in the wider economy.
BUSINESS
India overtakes Hong Kong as world’s fourth-largest stock market
The combined value of shares listed on Indian exchanges reached $4.33 trillion as of Monday’s close, versus $4.29 trillion for Hong Kong, according to data compiled by Bloomberg.
WORLD
Where investment chiefs are putting their cash in unstable 2024
Against this backdrop, Bloomberg News asked executives at major investment firms with almost $2 trillion in combined assets under management about where they plan to put their money in 2024.
TECHNOLOGY
Google layoffs saga continues as Alphabet's Moonshot X Lab cuts dozens of jobs, seeks funds
As part of the restructuring, X is laying off dozens of employees, according to one of the people with knowledge of the matter.
