BUSINESS
Sam Altman's ouster blows the lid off widening rift with OpenAI Board
In July, Sutskever formed a new team at the company to bring “super intelligent” future AI systems under control
BUSINESS
Weddings blitz opens up a $51 billion opportunity for India
Despite inflation hitting the less well-off particularly hard this year, the season’s first weeks are expected to see good business. Overall sales during November 23 to December 15 will be about 4.25 trillion rupees ($51 billion), the Confederation of All India Traders estimates.
BUSINESS
OpenAI president Brockman says he’s quitting after Altman ouster
In one of the moves announced earlier, Brockman was due to step down from his role as board chairman but stay on at the company
WORLD
China will be at forefront of AI, Alphabet’s Sundar Pichai says
The scale of AI work in China “is just astounding to see,” Pichai said at the Asia-Pacific Economic Cooperation conference in San Francisco, in an on-stage interview by Bloomberg’s Emily Chang. “In some ways, China is going to be at the forefront of AI and that’s a given.”
WORLD
Bain Capital raises $7.1 billion for new Asia fund amid gloom
The Boston-based alternative asset manager gathered $6.3 billion from investors for its fifth buyout fund in the region, and $750 million in co-investments from its employees, one of the people said, asking not to be identified before a public announcement. Its previous Asia fund was $4 billion, not including internal contributions.
WORLD
Mark Mobius joins Hedge Fund elite planning Dubai investing venture
The 87-year-old money manager said he’s busier than ever as he looks to set up a new venture in Dubai.
WORLD
Seven restaurants named best in the world by La Liste
That’s according to La Liste, one of a crowded field of companies publishing restaurant ratings that are increasingly used by diners who travel around the world in search of culinary excellence.
BUSINESS
Citi to team up with Indian Bank to support female entrepreneurs, CEO Jane Fraser says
Fraser touted Citigroup’s clients in 160 countries and jurisdictions and emphasized their dependence on trade and supply chains, noting that “geopolitical and macroeconomic shocks that we’ve had of late” have made it harder to source and move manufactured goods.
WORLD
OpenAI CEO Sam Altman says biggest AI election risks haven’t been seen yet
Altman joined Meta Platforms Inc. Chief Product Officer Chris Cox and Google Senior Vice President James Manyika in extolling the promise of AI on stage. But the executives also said that the technology has risks heading into a major election year in the US.
WORLD
Pakistan may seek more IMF loans to help fragile economy
Pakistan has about $1 billion in dollar-denominated debt due next year after it holds elections scheduled for February.
WORLD
Apple’s effort to replace Qualcomm chip in iPhone falls further behind
After already delaying a plan to have an in-house chip ready by next year, Apple is now likely to miss a goal to ship the component by the spring of 2025, according to people familiar with the situation.
WORLD
Joe Biden tells corporate leaders stable US-China ties benefit world
“A stable relationship between the world’s two largest economies is not only good for the two economies but for the world,” Biden said Thursday at the CEO session of the Asia-Pacific Economic Cooperation summit in San Francisco.
BUSINESS
Oil sinks into bear market as robust supply pressures OPEC+
West Texas Intermediate traded near $73 a barrel after dropping more than 20% from a high in September. Global benchmark Brent plunged almost 5% on Thursday. The declines followed a build in US crude inventories, and were likely amplified by automated selling programs.
BUSINESS
Mars to pay 170% premium to take over Britain’s Hotel Chocolat
The Bounty maker offered 375 pence a share in a deal recommended by the board of the UK company.
BUSINESS
Abu Dhabi bourse signs pact with NYSE for dual listings
The pact would also allow companies listed on the NYSE to expand their business and tap capital in Abu Dhabi, John Tuttle, the vice chairman of the NYSE, told Bloomberg News in an interview.
TECHNOLOGY
AI companies must rethink how they pay for data, says tech pioneer Jaron Lanier
“I want to create more, if you like, creative classes of people who are really good at providing fresh data that makes the models work better. So everybody benefits.”
WORLD
Xi Jinping says China seeks to be friends with US, won’t fight ‘Hot War’
In a speech to business executives in San Francisco shortly after meeting US President Joe Biden on Wednesday, Xi said China “never bets against the United States” and “has no intention to challenge the United States or to unseat it.”
WORLD
Coinbase, crypto startups cut VC investing as downturn lingers
The decline is part of a larger pullback from investing at crypto companies — which often have substantial venture capital arms.
WORLD
Cricket might be next sports deal frenzy with sale of Hampshire
Rod Bransgrove, a former pharmaceuticals entrepreneur, is in discussions about selling Hampshire Cricket Club, a spokesperson for the club’s parent company said.
WORLD
Japan’s Ispace to launch second moon mission after crash
The second mission will launch on a SpaceX Falcon 9 rocket as early as the northern hemisphere winter of 2024, the Tokyo-based company said Thursday.
WORLD
Here’s everything Joe Biden, Xi jinping agreed to at high-stakes summit
The heads of the world’s two largest economies met for over four hours on Wednesday on the sidelines of the Asia-Pacific Economic Cooperation forum in California.
WORLD
Xi Jinping says China seeks to be friends with US, wants peaceful ties
“The number one question for us is, are we adversaries or partners?” Xi asked during a speech to a dinner of business executives at the APEC summit in San Francisco on Wednesday.
WORLD
Joe Biden again calls Xi Jinping a dictator, showing limits of cooperation
At the conclusion of his press conference Wednesday, Biden responded to a question from a US journalist about whether he stood by a comment he made in June calling Xi a dictator.
WORLD
Apple’s Tim Cook, BlackRock’s Fink among CEOs attending Xi Jinping dinner
Blackstone Inc. Chief Executive Officer Steve Schwarzman and Visa Inc. CEO Ryan McInerney will also join them at the soiree in San Francisco, according to people briefed on the matter. Pfizer Inc. CEO Albert Bourla earlier confirmed he would attend the event, as he spoke on the sidelines of a summit that’s part of this week’s Asia-Pacific Economic Cooperation leaders’ meetings.
