WORLD
Ray Dalio set to open branch of family office in Abu Dhabi
The Bridgewater Associates founder has cultivated a close relationship with the United Arab Emirates leadership over several decades and the new setup in the country’s capital builds upon the Dalio Family Office’s existing hubs in the US and Singapore, according to people familiar with the matter.
WORLD
Heineken boosted by Europe beer drinkers as Asia lags
Shares in the world’s second largest brewer rose nearly 4% in early trading Wednesday after it said consumers in Europe were still largely accepting higher prices for its beers, which include its namesake brand and more premium offerings such as Birra Moretti, Beavertown and El Aguila.
WORLD
Millionaire CEO Andi Owen sermons staff over worrying about bonuses, says leave 'pity city'
Those words by Chief Executive Officer Andi Owen have provoked criticism on social media — and they may soon come back to haunt her as Owen’s own pay package for the current period will likely be disclosed by August.
WORLD
This year’s top bond investors disagree on depth of US recession
In a chaotic start to 2023 that featured the most volatile trading in more than a decade, the Carillon Reams Core Plus Bond Fund and the Columbia Total Return Bond Fund have delivered the best returns among 112 US peers that actively manage at least $1 billion.
WORLD
ChatGPT buzz fuels demand for chips and gear, Advantest says
A global race to develop powerful computing clusters and next-generation AI training systems is spurring chipmakers to buy many more of the Tokyo-based company’s testing tools, Advantest Co-Chief Strategy Officer Yasuo Mihashi said in an interview.
TECHNOLOGY
ChatGPT poised to expose corporate secrets, Cyber Firm warns
The widespread adoption of new AI chatbots and writing tools could leave companies vulnerable to data leaks and lawsuits, said the report, which was provided to Bloomberg News prior to its release.
TECHNOLOGY
Apple's AR/VR headset to feature sports, gaming, iPad apps and workouts
The offerings will include gaming, fitness and collaboration tools, new versions of Apple’s existing iPad features, and services for watching sports, according to people with knowledge of the plans. The roughly $3,000 headset is set to debut at an event in June, with the product going on sale months later.
BUSINESS
Investors most underweight stocks versus bonds since 2009, BofA Says
US stocks have bounced back from last month’s lows that were sparked by the collapse of some regional US lenders, including Silicon Valley Bank. Still, the rally has moderated this month as data show a softening in the labour market, fueling worries that the economy could contract later this year.
BUSINESS
Tata Steel aims to raise up to $400 million through first offshore green loan
The lenders include Bank of America Corp, HSBC Holdings Plc, JPMorgan Chase & Co. and Mitsubishi UFJ Financial Group Inc.
BUSINESS
India eyes higher capital gains tax for rich to curb inequality
At the heart of the rework is potential increases in capital gains taxes for top income earners, the people said, asking not to be identified as the details are private.
WORLD
Carl Mellander, CFO of Swedish telecom giant Ericsson to step down in early 2024
Carl Mellander, who has worked for Ericsson for more than 25 years and has been a member of its executive team for almost seven, is moving on, according to a statement. The Swedish maker of mobile networks said it will begin recruiting a replacement.
WORLD
Singapore Central Banker Ravi Menon set to leave; Chia Der Jiun taking top job
Ravi Menon has been at the helm of the MAS since 2011 and his current term ends May 31. Chia Der Jiun, one of his former deputies, is tipped to be his successor, the people said, declining to be identified discussing a private matter.
BUSINESS
India will push back on west monopoly over ESG aims: Sanjeev Sanyal
“The issue is not so much about the need for some norms, but about who will be monitoring these targets,” Sanjeev Sanyal, a member of PM’s economic advisory council said in an interview.
WORLD
Outdated degrees are creating an unemployable workforce
Desperate to get ahead, some of these young people are paying for two or three degrees in the hopes of finally landing a job. They are drawn to colleges popping up inside small apartment buildings or inside shops in marketplaces. Highways are lined with billboards for institutions promising job placements.
BUSINESS
Adani group’s debt, global funding mapped in four charts
Information gleaned from people familiar with the conglomerate’s inner workings as well as from presentations to investors reveal 29% of its borrowings were with global international banks at the end of March — a category that didn’t feature on the group’s list of creditors seven years ago.
WORLD
ChatGPT can decode Fed speak, predict stock moves from headlines
Two new papers have been published this month that deployed the artificial intelligence chatbot in market-relevant tasks — one in deciphering whether Federal Reserve statements were hawkish or dovish, and one in determining whether headlines were good or bad for a stock.
WORLD
ChatGPT threat makes health-care jobs more promising than finance, tech
Jobs in the medical fields often involve much more human-to-human interaction, which for now seem hard to replace with generative AI programs like ChatGPT.
BUSINESS
Finance Minister Nirmala Sitharaman speaks on Adani, jobs, oil and crypto
From the sidelines of the International Monetary Fund Spring meetings in Washington, Sitharaman shared her views on India’s economic challenges, the lack of jobs, the Adani-Hindenberg saga and the government’s weak progress on privatization. Below are edited excerpts and the video conversation.
BUSINESS
Elon Musk wants to build own ChatGPT AI to rival Microsoft and Google
The Tesla Inc. chief and owner of Twitter confirmed he intends to get involved in the AI race sparked by OpenAI’s intelligent chatbot.
INDIA
India will push back on West monpoly over ESG aims, says PM Modi's advisory panel member
“The issue is not so much about the need for some norms, but about who will be monitoring these targets,” Sanjeev Sanyal, a member of PM Modi’s economic advisory council said.
BUSINESS
Apple’s India sales near $6 billion as Tim Cook begins retail push
Revenue in India grew by nearly 50%, from $4.1 billion a year earlier, according to a person familiar with the matter, who asked not to be named as the information is not public. Apple is scheduled to post quarterly earnings on May 4 and has signaled it expects total global revenue to decline.
WORLD
Google CEO Sundar Pichai warns against rush to deploy AI without oversight
Asked in a 60 Minutes interview about what keeps him up at night with regard to AI, Pichai said “the urgency to work and deploy it in a beneficial way, but at the same time it can be very harmful if deployed wrongly.”
WORLD
China pumps $25 billion in funds to banks while keeping key rate on hold
The People’s Bank of China offered 170 billion yuan ($25 billion) of funds to banks through the medium-term lending facility. That resulted in a 20 billion yuan net injection in April, the smallest since November.
BUSINESS
India may breach cap on Russian crude buys if OPEC+ cuts gets too costly: Sitharaman
India, along with China, has emerged as one of the key buyers of Russian crude. It is now India’s top supplier, above Iraq and Saudi Arabia.
