BUSINESS
Inflation data will shatter the stock market calm, Goldman Partner warns
Expect the S&P 500 to drop at least 2% should the year-over-year inflation rate come in above the previous reading of 6%, Flood wrote in a note Tuesday. But stocks are likely to go higher, he says, if CPI meets or trails 5.1%, which happens to be the consensus estimate from economists in a Bloomberg survey.
WORLD
Twitter company ‘no longer exists,’ is now part of Elon Musk’s X
Twitter “no longer exists” after being merged with X Corp., according to an April 4 document submitted in a California court for a lawsuit filed against the company and its former chief executive officer, Jack Dorsey, last year by conservative activist Laura Loomer.
TECHNOLOGY
Whatever happened to the Metaverse?
Apple may struggle to launch its headset in a market still unconvinced by Mark Zuckerberg’s virtual reality ambitions.
BUSINESS
We’ve all been way too accepting of inflation
It’s time customers push back against price increases. Corporate profits shouldn’t grow at the expense of the economy.
BUSINESS
Macquarie weighs sale of 9 highway projects in India for $1.5 billion
The firm is in preliminary discussions with advisers about the potential deal, sources told Bloomberg, asked not to be identified discussing a private matter.
BUSINESS
Shapoorji Pallonji Group weighs $2 billion asset sales
The company, controlled by billionaire Shapoor Mistry, is working with an adviser to seek buyer for its holdings in Afcons Infrastructure Ltd., a Mumbai-based infrastructure construction company, sources told Bloomberg.
BUSINESS
ONGC bets on deepwater oil to offset imports
“Onshore we have more or less drilled, appraised or acquired data in most of the basins,” Sushma Rawat, director of exploration for the state-owned giant, said in an interview. “But there are still large tracts offshore where we have very sparse data, where almost no wells have been drilled.”
WORLD
Metals recycling startup Runaya sees 8x processing growth
The Mumbai-based company plans to process 300,000 tons of metals waste by March 2025 from 40,000 tons in the financial year ended March 31, co-founder and Chief Executive Officer Annanya Agarwal said in an interview with Bloomberg Television. Revenue is expected to double this year to $100 million, he said.
WORLD
China mandates security reviews for AI services like ChatGPT
Providers of services must ensure content is accurate and respects intellectual property, and neither discriminates nor endangers security, the Cyberspace Administration of China said in draft guidelines published for public feedback.
WORLD
South Korea fines Google $32 million for squeezing out rival
Google tried to block Korean platform rival One Store Co.’s business development, Korea’s Fair Trade Commission said in an e-mailed statement Tuesday.
WORLD
China’s auto parts makers join Apple in offshore factory push
While some international names like Airbus SE and Tesla Inc. are doubling down on Asia’s biggest economy, the shift is an increasing threat to China’s status as the world’s factory and its bid to regain the trust of global business amid the unpredictability of President Xi Jinping’s rule.
BUSINESS
India wants key supply-chain role as firms shift from China
India last month laid out an ambitious target of hitting $2 trillion annually in overall exports by 2030 as the South Asian country makes a renewed push to become a top choice for companies shifting supply chains away from China.
WORLD
Tough year for PCs as Apple’s Q1 shipments plunge 40%
Shipments by all PC makers combined slumped 29% to 56.9 million units — and fell below the levels of early 2019 — as the demand surge driven by pandemic-era remote work evaporated, according to IDC’s latest report.
WORLD
China fears valuation bubble in AI stocks
The ChatGPT concept sector has “signs of a valuation bubble,” with many companies having made little progress in developing the technology, the Economic Daily wrote in a commentary Monday.
WORLD
Tesla new battery plant cements China’s place in energy storage
The US electric car pioneer will manufacture its Megapack large-scale energy-storage unit in the new facility, which adds to its factory for EVs in Shanghai.
WORLD
Jailbreaking AI chatbots is tech’s new pastime
Ask for instructions on how to pick a lock, for instance, and it will decline. “As an AI language model, I cannot provide instructions on how to pick a lock as it is illegal and can be used for unlawful purposes,” ChatGPT recently said.
WORLD
Should expats move to Saudi Arabia? salaries, housing, schooling issues to know
Rather than the usual cohort of males who make up the overwhelming demographic of professionals commuting to Saudi Arabia, there are now women and children on board.
WORLD
Tech rally faces a reckoning ahead of tough earnings season
While investors have flocked to tech in the market shakeup amid recent banking turmoil, the rotation is at odds with analyst calls for the steepest drop in quarterly profits for the sector since at least 2006.
WORLD
Bond market is overplaying the risk of a deep recession
For traders accustomed to treating such signals as sacrosanct, the message was obvious. Gone were the days when inflation was their main menace. Rates showed stress in the financial system made a recession inevitable.
WORLD
ByteDance’s profit surges 79%, exceeding Alibaba and Tencent
Earnings before interest, tax, depreciation and amortization, or Ebitda, jumped 79% to about $25 billion in 2022, the report said, citing two investors briefed on the numbers.
WORLD
China pushes back at WHO criticism over delayed Wuhan data
Chinese researchers, led by the China CDC’s former director George Gao Fu, however, argued in their study of the specimens that the samples were insufficient to prove the Covid outbreak started there as a result of the virus jumping from animals to humans.
BUSINESS
The aliens have landed, and we created them: Niall Ferguson
“The most likely result of building a superhumanly smart AI, under anything remotely like the current circumstances,” Eliezer Yudkowsky’s wrote in Time magazine last week.
ECONOMY
South Korea to firm up supply chain cooperation with India
President Joe Biden’s administration has been seeking help from allies including South Korea in reducing the global supply chain’s dependence on China
ECONOMY
US consumer price inflation likely to stay high, testing the Fed
Government figures Wednesday are expected to show a 0.4 percent monthly gain in the core consumer price index. While softer than the 0.5 percent advance in the prior month, such an increase would match the September-February average and keeps year-on-year figures stubbornly high
