BUSINESS
Apple’s top iPhone supplier goes to outer space with new satellites
The satellites, co-developed with Taiwan’s National Central University, are the size of a backpack, weigh about 9 kilograms each and carry cameras, communication devices and other equipment. They are designed to orbit Earth every 96 minutes at an altitude of 520 kilometers.
INDIA
What is a smog tower and do they work? How India is fighting air pollution
The tower, equipped with thousands of filters and can be as high as twenty meters (66 feet), is designed to capture pollution particles and improve air quality in densely populated areas.
BUSINESS
India needs 8-8.5% growth to create enough jobs: Former RBI Guv Raghuram Rajan
HSBC estimates the nation will need to create 70 million new jobs over the next 10 years, and with growth of 7.5 percent, only two-thirds of the jobs problem will be solved. High joblessness is also a concern for Prime Minister Narendra Modi as he seeks a third term in office in elections next year.
BUSINESS
Mark Mobius plans to step back from Mobius Capital Partners
Mobius Investment Trust will continue to be managed by Mobius Capital Partners, which is led by Founding Partner Carlos Hardenberg, according to a statement from the trust.
BUSINESS
Derivatives boom helps BSE stock trounce global peers
The rally was partly driven by BSE relaunching derivative contracts on the benchmark Sensex and the banking sector gauge in May this year, attracting investors with reduced lot sizes and a new expiry cycle.
BUSINESS
India needs 8%-8.5% growth to create enough jobs: Former RBI Governor Raghuram Rajan
While India’s expansion has outpaced that of other major economies, the country isn’t creating enough jobs for the millions of people joining the workforce every year.
INDIA
US to press India on countering China more in Asian waterways
The US wants India to share some of its burden in the Indo-Pacific by increasing its diplomatic and military presence in the region, Indian officials aware of the details said, asking not to be named since discussions are private.
BUSINESS
Rupee green bond sale in India to test demand amid higher rates
The Reserve Bank of India will auction 50 billion rupees ($600 million) of five-year notes Friday. The debut sale in January raised 80 billion rupees, garnering a so-called greenium — higher valuation because of its environmentally beneficial characteristics — of six basis points over the benchmark yield.
WORLD
Behind ICBC hack is a gang for hire that holds systems hostage
The breach disclosed Thursday by the largest global lender by total assets blocked some Treasury market trades from clearing, forcing brokers and traders to reroute transactions.
WORLD
JPMorgan is discussing its generative AI projects with regulators
The release of ChatGPT a year ago prompted banks to hire for AI-related positions and begin testing uses for generative AI, which can summarize documents, write emails and churn out clever responses to users.
BUSINESS
Byju’s lenders win fight over loan default, control of unit
The lenders – which include Redwood Investments LLC and Silver Point Capital LP – were within their contractual rights to replace a relative of company founder Byju Raveendran on the board of Byju’s Alpha, a special-purpose company formed for financing purposes, with their nominee, Delaware Chancery Court Judge Morgan Zurn ruled.
BUSINESS
Here are analysts’ top stock picks this festive season
Property developers as well as leading producers of cement, cables, and chemicals are among the picks this season.
BUSINESS
Adani flagship aims big on data centers with $1.5 billion capex planned
The company is planning to build nine data centers and targeting a total capacity of 1 gigawatt by 2030.
BUSINESS
Bitcoin rallies past Terra crash level in win for bruised bulls
The cryptocurrency rose as much as 3.9% to $36,990 on Thursday.
BUSINESS
Apple suffers setback in EU clash over $14 billion tax bill
Advocate General Giovanni Pitruzzella of the EU Court of Justice in an advisory opinion on Thursday said Apple’s win in a lower EU court should be re-examined. The top EU tribunal is set to issue its binding ruling in the coming months.
WORLD
US population will start shrinking by 2100, says Census Bureau
By 2100, the US will have a population of around 366 million people, unless immigration continues to climb each year, in which case the population could reach as high as 435 million, the bureau forecast.
WORLD
ArcelorMittal profit drops as steel market demand weakens
The world’s top steelmaker outside of China reported a 28% decline in earnings from the previous quarter, better than analysts expected. Margins and sales were squeezed as the manufacturing and construction sectors languished.
WORLD
Ron DeSantis vows to ‘Rein In’ Federal Reserve during Republican debate
The Fed has raised benchmark interest rates 11 times since March 2022 in an effort to cool inflation.
BUSINESS
Vedanta is working with JPMorgan to advise on business overhaul
The development suggests billionaire Anil Agarwal’s energy-to-metals group is progressing on its plans to simplify the complex financial structure. The group is also seeking funding to repay around $3 billion of dollar bonds due over the next two years.
WORLD
AI will cut cost of animated films by 90%, Jeff Katzenberg says
The adoption of AI will accelerate the digital transformation of the entertainment industry by a factor of 10, said 72-year-old Katzenberg, who rose to prominence as a production executive at Walt Disney Co.’s movie studio before joining hands with filmmaker Steven Spielberg and Hollywood executive David Geffen to co-found DreamWorks.
WORLD
Eleven recessions, three elections and an answer
Small wonder, then, that the worldwide outlook is less than stellar. Bloomberg Economics forecasts global gross domestic product expanding 2.7% in 2024, down from 3% in 2023 and a run rate of 3.5% before the pandemic.
WORLD
TikTok Ban, Abortion politics: 7 Republican debate takeaways
Each of the 2024 hopefuls — Florida Governor Ron DeSantis, former United Nations Ambassador Nikki Haley, entrepreneur Vivek Ramaswamy, South Carolina Senator Tim Scott and former New Jersey Governor Chris Christie — was more willing to take on former President Donald Trump than in previous forums. The moderators focused their first questions on the absent GOP frontrunner, who held his own rally 11 miles away.
BUSINESS
India’s tax windfall gives PM Modi scope to spend more on welfare
Bloomberg Economics estimates the central government’s total receipts will be about 1.9 trillion rupees ($22.8 billion) above the budgeted amount in the current fiscal year that ends in March 2024. That’s equivalent to 0.6% of gross domestic product.
WORLD
It can now cost $4 million to skip the queue at the Panama Canal
Japan’s Eneos Group paid $3.975 million in an auction Wednesday to secure the crossing, bidding documents show. That comes on top of the regular transit fees companies pay, which can be hundreds of thousands of dollars more.
