WORLD
A master of one-liners: Charlie Munger on politics, life and crypto
Munger, who died Tuesday in California about a month shy of his 100th birthday, was the longtime business partner of Warren Buffett, with the pair transforming Berkshire from a failing textile mill into a $783 billion behemoth spanning industries from insurance to energy.
BUSINESS
Charlie Munger, who helped Buffett build Berkshire, dies at 99
A lawyer by training, Munger (rhymes with “hunger”) helped Buffett, who was seven years his junior, craft a philosophy of investing in companies for the long term
BUSINESS
Sony-Zee merger risks collapse ahead of deadline over CEO drama
Zee is insisting that its Chief Executive Officer Punit Goenka — also its founder’s son — will helm the new entity, as agreed in the pact signed in 2021, while Sony is wary of his appointment given a regulatory probe against Goenka, the people added.
BUSINESS
ArcelorMittal to cut 3,500 jobs in South Africa as growth slows
The unit will be placed in care and maintenance, the company said in a filing on Tuesday. The Newcastle Works, the Vereeniging Works, and rolling facilities, which use Newcastle material as feedstock will be the affected plants, according to the statement.
WORLD
China’s Central Bank signals slower credit growth, lower rates
The People’s Bank of China highlighted the changing structure of lending and called on observers to look beyond the volume of new loans, in its third-quarter monetary policy report published Monday.
WORLD
Reddit leads class of 2024 IPO candidates testing the water
The San Francisco-based firm, whose users helped fuel the meme-stock frenzy that made 2021 a banner year for equities, is weighing an IPO as soon as in the first quarter, the people said.
WORLD
China warns of respiratory illnesses after pneumonia hit kids
Health authorities in Beijing say flu, adenovirus and respiratory syncytial virus have surpassed mycoplasma as the most frequently detected pathogens among patients at the city’s top pediatric medical centers.
WORLD
Jack Ma gets back into business with ‘Ma’s kitchen food’
The co-founder of Alibaba Group Holding Ltd. set up “Hangzhou Ma’s Kitchen Food” last week with an initial registered capital of 10 million yuan ($1.4 million), according to corporate database Tianyancha.
WORLD
Europe is guzzling diesel from India, a key buyer of Russian oil
The region’s imports of diesel from India, one of the biggest buyers of Russian crude, are on course to soar to 305,000 barrels a day, the most since at least January 2017, data from market-intelligence firm Kpler show.
BUSINESS
iPhone maker Foxconn plans expansion in India with $1.6 billion outlay
Foxconn already operates nine production campuses and more than 30 factories employing tens of thousands of people in India, where it takes in around $10 billion of revenue annually
WORLD
Musk, Netanyahu visit massacre site amid antisemitism furor
The Tesla Inc. and SpaceX chief executive officer was briefed by local and military officials in Kfar Aza, where dozens of people were killed.
WORLD
COP28 President lobbied on fossil fuel at climate meetings, BBC reports
Al Jaber’s presidency has been controversial because he remains chief executive officer of the Abu Dhabi National Oil Co., one of the world’s largest oil producers.
TECHNOLOGY
There’s never been a better time to buy an electric car
If that’s a bit rich, there’s an Ariya, Nissan’s all-new EV, listed for $36,690 in Kansas City — a discount of 18%. More affordable still is the $29,990 Hyundai Kona Electric available in Atlanta. That’s a 31% discount, making it almost as cheap as the gas-burning version.
WORLD
Elon Musk to meet Netanyahu, Gantz amid antisemitism furor
The visit will include a closed-door discussion with representatives for families of hostages held in Gaza and Herzog about the need to curb online antisemitism, a spokesperson for the president’s office said in a statement.
WORLD
Battery prices are falling again as raw material costs drop
According to BloombergNEF’s annual lithium-ion battery price survey, average pack prices fell to $139 per kilowatt hour this year, a 14% drop from $161/kWh in 2022.
WORLD
Alibaba shuts Quantum Computing Lab in sign of broader cutback
Alibaba will donate its equipment to Zhejiang University in Hangzhou, where the company is based, a company spokesperson said Monday.
WORLD
Xi Jinping to make his first visit to Shanghai since 2021, SCMP says
Xi is scheduled to visit the Shanghai Futures Exchange as well as several technology companies operating in the city, the Post reported, citing several unidentified people familiar with the matter. The Monday report didn’t specify any of the firms on his agenda.
WORLD
Rishi Sunak says claims UK heading for austerity ‘simply unfounded’
UK Prime Minister Rishi Sunak spoke in London with Bloomberg’s Francine Lacqua. Following is a transcript of the conversation.
WORLD
Malaysia’s Anwar Ibrahim faces hard choices as popularity dips
Except a stalled reform agenda has meant the 76-year-old has been unable to boost the nation’s revenues and pare debt, as the rising cost of living hits the pockets of ordinary Malaysians.
WORLD
Sumitomo Mitsui CEO Jun Ohta, who pushed Asia growth, dies at 65
Jun Ohta died on Saturday, the Tokyo-based lender said in a statement. The cause of death was pancreatic cancer, a spokesperson said on Monday.
WORLD
Joe Biden backs war pause extension after Hamas frees hostages
“This deal is delivering life-saving results. Critically needed aid is going in and hostages are coming out,” Biden told reporters on Sunday.
WORLD
Malaysia to allow visa-free entry to Chinese, Indian citizens
Chinese and Indian nationals may stay for up to 30 days visa-free, Malaysia Prime Minister Anwar Ibrahim
TECHNOLOGY
‘AI Blowback’ angst grips ESG fund managers who bet big on tech
Exposure to AI now represents a “short-term risk to investors,” said Marcel Stotzel, a London-based portfolio manager at Fidelity International.
BUSINESS
Sodium in batteries: Shift may herald another shakeup
Sodium — found in rock salts and brines around the globe — has the potential to make inroads into energy storage and electric vehicles because it’s cheaper and far more abundant than lithium, which currently dominates batteries.
