BUSINESS
PwC to cut around 600 UK jobs after resignations drop
The firm, which has 25,000 UK staff, is set to launch a voluntary redundancy program for between 500 and 600 employees, according to a person familiar with the plans.
MARKETS
Oil slips below $80 as Fed rate worries cloud market outlook
West Texas Intermediate fell as much as 2.2%.
BUSINESS
Tata considering sale of Voltas home appliance business: Report
Considerations are at an early stage and Tata Group may decide to keep the asset for longer, the people said
WORLD
Aramco keeps payout at $29 billion in boon for Saudi coffers
The world’s biggest crude oil exporter maintained the payout at the preceding quarter’s level despite third-quarter net income dropping 23% to $32.6 billion compared with a year earlier, according to a statement.
WORLD
Tesla to raise Model Y prices in China following style revamp
After the price of the performance version was increased on Oct. 27, other Model Y variants will also be adjusted, though the timing of the changes hasn’t been decided, a China-based Tesla representative told Bloomberg News.
WORLD
Top PBOC official says he’s not too worried on China’s economy
Global investors have concerns about the Chinese economy including its pace of recovery, and with problems related to real estate and local government borrowing, Deputy Governor Zhang Qingsong acknowledged in a speech in English at a global finance summit held by Hong Kong’s de facto central bank.
WORLD
China’s exports record bigger slump than expected in October
Overseas shipments fell 6.4% from a year ago, worse than the 3.5% decline forecast by economists in a Bloomberg survey. Imports surprisingly expanded 3%, in contrast with the expectation of a 5% decline. The resulting trade surplus was $56.53 billion.
WORLD
China foreign investment gauge turns negative for first time
China’s direct investment liabilities in its balance of payments declined by $11.8 billion in the third quarter, the country’s foreign exchange administration said.
WORLD
Janet Yellen to meet with China counterpart this week before Joe Biden-Xi Jinping talks
Yellen and Chinese Vice Premier He Lifeng — the nation’s top economic official — will meet on Nov. 9-10, the Treasury Department said in a statement Monday.
BUSINESS
Billionaire Flipkart founder Binny Bansal ready to launch stealth AI startup
Binny Bansal, who co-founded online retailer Flipkart and sold it to Walmart Inc., has hired 15 experts for the venture — mostly artificial intelligence scientists — and plans to quickly add more, according to people familiar with the matter.
BUSINESS
Big tech’s growth status in doubt with weaker sales outlooks
Apple Inc., Alphabet Inc., Meta Platforms Inc. and Tesla Inc. all gave investors reason to fret about growth.
BUSINESS
Morgan Stanley’s Wilson warns stock gains are bear market rally
Technical and fundamental support is missing, wrote Michael Wilson in a research note Monday.
BUSINESS
A.K. Alternative eyes $48 million New India Private Credit Fund
A.K. Securitization and Credit Opportunities Fund will provide growth capital to mid-market companies, linking debt repayment to their operating cash flows, said the fund’s chief executive officer Vikas Jain.
BUSINESS
Byju’s in talks to sell US unit Epic for $400 million to Joffre
The potential sale of Epic! Creations Inc. would help Byju’s raise funds to pay down a disputed $1.2 billion term loan, people familiar with the matter said.
WORLD
Short-selling ban sparks biggest rally in Korean stocks since 2020
The nearly eight-month ban may help appease retail investors who have complained about the impact of shorting — the selling of borrowed shares by institutional investors — ahead of elections in April, several market watchers said.
WORLD
China invests $5.4 billion in two-year-old memory chipmaker
In its latest funding round, Hefei-based Changxin Xinqiao secured 14.6 billion yuan from the state-backed China Integrated Circuit Industry Investment Fund Phase II in late October and funding from two other investors affiliated with the local government, according to Chinese corporate data provider Tianyancha.
BUSINESS
Blackstone sees most Asia deal activity in Japan, India in 2024
“India has the highest growth; it also has the most ebullient stock market,” Joe Baratta, Blackstone’s global head of private equity, said in an interview in Tokyo. “Japan will also be very interesting as a market. The economy seems to be decoupled from what’s going on in the rest of the world.”
BUSINESS
E-commerce startup Udaan to trim costs ahead of 2025 IPO
Udaan, which competes with Reliance Industries Ltd. and Walmart Inc.’s Flipkart in helping smaller merchants source their goods, will make an operating profit within 18 months, Chief Executive Officer Vaibhav Gupta said in an interview. That’s set to happen around the same time as its initial public offering, he said.
MARKETS
Morgan Stanley says oil at $110 could prompt RBI to hike again
A $10 increase in oil prices boosts inflation by 50 basis points and contributes to a 30 basis-point widening in the current account balance, Morgan Stanley’s economists estimate.
WORLD
Emerging Asia currencies buoyed by rate hikes set to outperform
In the view of Brendan McKenna, an emerging market strategist at Wells Fargo & Co., the Indonesian rupiah, Philippine peso and Thai baht are among the best bets.
WORLD
Elon Musk debuts ‘rebellious’ grok AI bot to challenge ChatGPT
Dubbed Grok, it’s the first product of Musk’s xAI company and is now in testing with a limited group of US users. Grok is being developed with data from Musk’s X, formerly Twitter, and is thus better informed on the latest developments than alternative bots with static datasets, the company’s website said.
BUSINESS
Vedanta nears deal to raise $1.25 billion via private loan
The Indian conglomerate is nearing a deal after weeks of negotiations with lenders, including Cerberus Capital Management LP, Davidson Kempner Capital Management LP, Varde Partners Inc., and Ares SSG Capital Management Ltd., according to people familiar with the matter, who asked not to be named because the matter is private.
TRENDS
Saudi Arabia eyes stake in $30 billion worth Indian Premier League
Crown Prince Mohammed bin Salman’s advisers have sounded out Indian government officials about moving the IPL into a holding company valued at as much as $30 billion, in which Saudi Arabia would then take a significant stake
WORLD
Amazon’s Jeff Bezos announces move to Miami from Seattle
Jeff Bezos — the world’s third-wealthiest man, according to the Bloomberg Billionaires Index — made the announcement Thursday via Instagram, which included video of him in his Seattle garage where he founded Amazon in 1994.
