WORLD
Chip designer Arm jumps 25% in debut win for owner SoftBank
Shares of the chip designer, still 90% owned by SoftBank, closed at $63.59 in New York trading Thursday, giving Arm a market value of more than $65 billion. Including restricted share units, Arm’s fully diluted valuation is closer to $68 billion.
BUSINESS
OPEC Chief warns of ‘energy chaos’ if fossil fuels are scrapped
OPEC’s top official warned against abandoning fossil fuels, hitting back once again at remarks from the world’s energy watchdog.
WORLD
Oil rally gathers pace as US benchmark WTI hits $90 a barrel
With prices soaring more than 30% since late June, traders are bracing for a potential pullback as technical gauges such as the relative strength index show futures near overbought territory.
WORLD
Superbugs Are ‘Dangerously High’ Threat in Greece, India, Turkey
If left unchecked, resistance to last-resort drugs could be more than twice as bad by 2035 in the OECD compared to 2005 levels, the Paris-based organization said in a report Thursday.
WORLD
ECB’s razor-edge decision rests on price outlook
Updated projections for the euro zone through 2025 are now the most crucial input as officials choose to either pause their unprecedented monetary-tightening campaign or lift the deposit rate to a record 4%.
WORLD
Cipla founding family’s stake sale in jeopardy over $13 billion valuation target
Negotiations between the family members and prospective buyers, including companies in the industry and private equity firms, are no longer moving forward, as the founders are demanding about 1,350 rupees per share, the people said. The price represents a premium of about 10% over Wednesday’s close, according to Bloomberg calculations.
WORLD
Washington’s AI summit gathers half a trillion dollars of wealth in one room
Nvidia Corp. co-founder Jensen Huang ($40 billion) and former Google CEO Eric Schmidt ($26.6 billion) were also there.
WORLD
Amazon, Alphabet, Microsoft, Meta probed by lawmakers on use of AI ‘Ghost’ staff
The lawmakers’ letter comes as executives including the leaders of Tesla Inc., Meta, Microsoft and Alphabet are slated to meet senators Wednesday afternoon at a closed-door AI summit hosted by Senate Majority Leader Chuck Schumer, who was not among those signing the document.
WORLD
Citigroup plans job cuts as it revamps top management structure
The company will no longer have three regional chiefs overseeing its business in about 160 countries around the world, according to a statement Wednesday.
WORLD
From wedding rituals to fancy distilleries, Asia is taking over the world’s whiskey market
In the first half of this year, six of the 10 largest export destinations for the vaunted spirit—which must be distilled in Scotland following specific processes to have a “Scotch” designation—were in Asia.
BUSINESS
Adani in talks for $3.5 billion, one of top Asia loans this year
The Indian conglomerate backed by billionaire Gautam Adani has been in talks with lenders for several months as it seeks to refinance as much as $3.8 billion worth of debt
WORLD
Birkenstock files for IPO in further boost to US market
The German footwear maker, whose iconic sandals are worn by hippies and preppies alike, will continue to be controlled by private equity firm L Catterton, according to a filing on Tuesday.
WORLD
Fund managers see water risk in semiconductor bets being mispriced
For Abrdn Plc, there are now few issues as pressing as water for the sector, according to David Smith, a senior investment director for Asian equities at the asset manager.
WORLD
Apple’s iPhone price bump is part of subtle revenue-boosting strategy
On Tuesday, the company boosted the price of just one iPhone model — the top-end Pro Max, which climbs by $100 to $1,199 — while leaving the other three new versions unchanged.
BUSINESS
Byju’s hid $533 million in hedge fund once run from Miami IHOP, lenders allege
Byju’s last year transferred more than half a billion dollars to Camshaft Capital Fund, the investment firm founded by William C. Morton when he was just 23 years old, some Byju’s lenders claim in a lawsuit. Morton’s fund received the money despite an apparent lack of formal training in investing, according to the lenders.
WORLD
Oracle slides most since 2002 on slowing cloud sales growth
Cloud revenue, a metric that is closely watched by investors, jumped 30% to $4.6 billion in the period ended Aug. 31. Of that, $1.5 billion came from renting computing power and storage over the internet and $3.1 billion from applications.
WORLD
Apple’s iPhone 15 debut includes higher price on top model
The company unveiled four new models, keeping pace with the past few generations: the iPhone 15, 15 Plus, 15 Pro and 15 Pro Max. Like last year, the entry-level models start at $799. The Pro version will remain $999, but the Pro Max will now begin at $1,199 — up $100 from last year’s installment.
WORLD
Apple hails latest watch as its first carbon neutral product
The Apple Watch Series 9 and a second-generation version of the high-end Ultra model are manufactured with clean energy and use more eco-friendly bands, the company said during a presentation Tuesday.
WORLD
iPhone Pro’s titanium finish stands out in first look at device
The new phones’ use of titanium along the sides, which replaces stainless steel, is an attention-grabbing addition. The material is meant to make the phones more lightweight and durable, and that comes across immediately when you hold the device.
BUSINESS
Apple’s iPhone reveals are often a dip buyer’s dream
Over the past five years, September has been the worst month of the year for Apple, with the shares averaging a decline of 4.5%
BUSINESS
Google pays $10 billion a year to maintain monopoly, US says
The monopolization trial is the first pitting the federal government against a US technology company in more than two decades
BUSINESS
OPEC oil data show 3 million-barrel shortfall on Saudi supply squeeze
The latest data published by OPEC show why the kingdom’s supply squeeze, amid a period of record demand, has sent oil prices surging beyond $90 a barrel in London.
BUSINESS
Apple to sell made-in-India iPhones on launch day for first time
Apple Inc. plans to make the India-built iPhone 15 available in the South Asian country and some other regions on the global sales debut day, people familiar with the matter said.
WORLD
Fortunes for mega- and small-cap stocks poised to flip, Bank of America says
With equities in the “recovery” phase of the business cycle, this year’s laggards — including value and small-capitalization stocks — are primed to outperform, upending the growth, large-cap leadership that has dominated 2023’s bull run, according to strategists led by Savita Subramanian.
