BUSINESS
Poll sees Fed rate cuts later than what Street is expecting
Bloomberg’s monthly survey shows the median expectation is for the US central bank to reduce the benchmark rate by 25 basis points at the June 2024 policy meeting, followed by three more cuts in the second half of the year. The benchmark has been in a range of 5.25% to 5.5% since July.
BUSINESS
Tencent leads $80 billion rout as China rekindles crackdown fear
The top gaming regulator on December 22 published draft rules broadly designed to clamp down on practices that encourage players to spend more money and time online.
WORLD
US to gather intelligence on Chinese chipmakers as Biden mulls tariffs
US Commerce Department to assess Chinese legacy semiconductor production, aiming to gauge US companies' dependence on China for crucial but not cutting-edge chips.
WORLD
Tencent sheds $54 billion as China unveils latest gaming curbs
Beijing’s top gaming regulator on Friday published draft rules broadly designed to clamp down on practices that encourage players to spend more money and time online.
BUSINESS
MUFG to build India operations amid slowdown in China
Mitsubishi UFJ Financial Group Inc., Japan's largest bank, is exploring additional expansion opportunities in India. This move follows the bank's previous strategic investments aimed at tapping into the growth potential of the South Asian nation.
BUSINESS
Blackstone to buy 80% of Sony payment unit for $280 million
Blackstone Inc. is set to acquire a majority stake in a payment service provider affiliated with Sony Group Corp. for approximately $280 million, according to a source familiar with the matter.
BUSINESS
Adani family plans $1 billion investment in green energy arm
The company board will consider fundraising proposals on December 26, including evaluating options such as selling shares or convertible securities, it said in a filing Wednesday without sharing any more details.
BUSINESS
Apple stops online sales of watches; older models can’t be fixed
Apple Inc. has halted sales of the Apple Watch Series 9 and Ultra 2 in the US ahead of a patent-related ban. Additionally, out-of-warranty repairs for these models will no longer be available, posing potential challenges for consumers.
BUSINESS
Zomato said to make takeover offer for closely held Shiprocket
Shiprocket was last valued at about %1.2 billion, data shows. Zomato is backed by investors from Temasek to PayPal
BUSINESS
Shippers know the Suez is always a crisis waiting to happen
Houthi attacks on civilian vessels, rerouting strategies, and calls for a 40-nation military alliance to protect 15% of global maritime traffic pose challenges for the Suez Canal. Despite recurrent emergencies, the vital waterway connecting Europe to the Indian Ocean demands continuous preparedness from shippers.
BUSINESS
Sony, Zee have until late January to close $10 billion merger
Sony Group Corp. and Zee Entertainment Enterprises Ltd. have a one-month grace period, beginning Thursday, to finalize the merger of their India operations, forming a $10 billion media conglomerate, as per sources.
BUSINESS
Rice prices scale fresh 15-year high as supply risks linger
Prices most recently rallied to that milestone in early August in the wake of sweeping export curbs from top shipper India and as dry weather threatened the Thai crop.
TRENDS
Rotary, Lions club membership soar in India while falling in US
Founded in Chicago more than a century ago as a fellowship of civic-minded professionals, Rotary has been fading in popularity for decades in the US.
WORLD
Red Sea chaos risks driving up price of goods for global economy
Shipping companies are diverting cargoes after Iran-backed Houthi militants attacked commercial vessels plying the Red Sea. The vessels will have to sail around Africa instead of taking the shorter route through the Suez Canal.
TECHNOLOGY
AI offers banks new ways to repeat old mistakes
In September, Morgan Stanley became one of the first major banks to roll out a true generative AI tool in its business — an internal chatbot for its financial advisers based on OpenAI’s technology.
TECHNOLOGY
Apple Watch ban is a cherry on top of Cook’s miserable year
Apple has found itself on the losing side of a patent dispute with a US medical technology company, Masimo Corp., which accused the tech giant of infringing patents related to its blood-oxygen sensors.
WORLD
US-led naval force might not end Houthi ship attacks
In recent weeks, the Houthis have conducted an escalating series of attacks against merchant shipping using drones, ballistic missiles and commandos on helicopters and speedboats.
BUSINESS
Paytm’s Vijay Shekhar Sharma bets on young wealth to hit profit sooner
Sharma is pushing his 10,000-strong technology, product and engineering teams to use Microsoft Corp. and Google AI tools, which has helped Paytm narrow product development to just days from weeks.
BUSINESS
Population growth in Canada hits 3.2%, among world’s fastest
While boosting economic growth, the rapid influx of people is worsening housing affordability, keeping a floor under home prices even with borrowing costs at two-decade highs.
WORLD
Trump disqualified from 2024 ballot in Colorado, court says
Colorado’s Supreme Court issued the ruling on December 19, but paused its effect to allow time for Trump to appeal to the US Supreme Court.
WORLD
Big tech’s year of partnering up with AI startups
In the wake of Microsoft Corp.’s $10 billion investment in OpenAI in January, other tech giants raced to partner with leading AI startups through funding and cloud computing deals. Salesforce Inc. led a round in Hugging Face at a $4.5 billion valuation.
WORLD
Apple loses one of the last remaining designers from Jony Ive era
The executive worked on hardware design for Apple’s main products and helped craft the look of its headquarters and retail stores.
BUSINESS
India share-sale frenzy is seen continuing in 2024, bankers say
Initial public offerings and follow on share sales in India this year exceeded Hong Kong for the first time in at least 30 years, according to data compiled by Bloomberg.
BUSINESS
Hindenburg’s Adani, Icahn calls mark year of prominent bets
The US firm kicked off 2023 with allegations of accounting fraud and stock manipulation against Indian billionaire Gautam Adani’s conglomerate that led to a market value erosion of more than $150 billion at one point.
