BUSINESS
Microsoft rejoins Apple in $2 trillion club as rally accelerates
Microsoft rose as much as 3.4% to $276.76 early Wednesday, joining Apple Inc. as the only stocks with market capitalizations above $2 trillion.
BUSINESS
India’s new infrastructure lender plans debut $610 million bond
The institution wants to test the market in terms of pricing with the small issuance, Rajkiran Rai, managing director at the National Bank for Financing Infrastructure and Development, India’s new development finance institution, said in an interview.
BUSINESS
Apple hires its first people officer in executive reshuffle
The company is naming Carol Surface to the new role, Chief Executive Officer Tim Cook said in a memo to employees.
BUSINESS
Electric-scooter leader Ola says on track for first car in 2024
The manufacturer and ride-hailing company is focused on advanced stages of design and benefiting from the sharing of some technology deployed in its two-wheeler products, Kumar said in an interview in Bengaluru on Wednesday.
BUSINESS
Adani plans to prepay $500 million loan to banking group
Barclays Plc, Standard Chartered Plc and Deutsche Bank AG are among banks that lent Adani $4.5 billion to finance the purchase of Holcim Ltd. cement assets last year. A portion of that loan is due March 9.
BUSINESS
Elon Musk prepares Tesla ‘Master Plan’ for March 1 Investor Day
The electric-car maker will outline “the path to a fully sustainable energy future for Earth” during its March 1 investor day, Musk tweeted. Tesla has already said its expansion plans and next-generation platform for cheaper vehicles will be on the agenda.
BUSINESS
TotalEnergies CEO Patrick Pouyanne says Adani Green, Adani Total Gas are healthy
The French energy giant has stakes in assets such as Adani Total Gas Ltd. and Adani Green Energy Ltd. which represent 2.4% of the French firm’s capital employed last year.
BUSINESS
Hong Kong targets prized Aramco listing with Xi’s Jinping backing
Aramco has a market capitalization of about $1.9 trillion, more than four times that of Tencent Holdings Ltd., the most valuable stock on the Hong Kong exchange.
BUSINESS
Reliance, BPCL among buyers using UAE currency for Russian oil
Buyers have shifted some transactions to the currency, according to people with direct knowledge of the matter. Payments vary from cargo to cargo, depending in part on the demands of specific traders, said the people, who requested anonymity as the details are private.
BUSINESS
China says US should return debris from balloon it shot down
The remarks are the first time that China has officially expressed a desire for the US to return the balloon it downed off South Carolina. US Navy divers are now trying to retrieve its parts.
BUSINESS
Saudi wealth fund raises $5.5 billion from green bond sale
The PIF secured more than $32 billion of orders for the bonds that have maturities of 7, 12 and 30 years, according to people familiar with the matter, who asked not to be identified. The deal priced with the notes to yield 115, 145 and 185 basis points over US Treasuries.
BUSINESS
LeBron James passes Kareem to take NBA all-time scoring record
The Los Angeles Lakers star made a fallaway jump shot from near the free throw line against the Oklahoma City Thunder on Tuesday evening to eclipse the record of 38,387 points.
BUSINESS
Adani turmoil prompts Nomura, SMFG to disclose fund exposures
Nomura Holdings Inc.’s asset management arm released details on Tuesday about 30 of its publicly offered investment trusts that hold either stocks or bonds of Adani companies. The move followed similar steps last week by units of Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc.
BUSINESS
Masayoshi Son now owes SoftBank $5.1 billion on side deals
Masayoshi Son, whose stake in SoftBank grew in recent months, also owns portions of the company’s key investment vehicles. While these holdings have sparked controversy due to corporate governance concerns, the Japanese billionaire has denied any conflict of interest.
BUSINESS
Here are the key takeaways from Joe Biden’s State of the Union Speech
Here are five main takeaways from Biden’s speech to the joint session.
BUSINESS
Distressed funds including Oaktree scoop up Adani bonds
Oaktree Capital Management, one of the world’s largest opportunistic debt firms, and Davidson Kempner Capital Management were among those buying the debt in recent weeks, according to people familiar with the matter, who asked not to be named as the deals aren’t public.
BUSINESS
Chatbot frenzy drives Baidu’s stock rally to extreme levels
The stock has jumped 45% in Hong Kong this year, including a 15% gain Tuesday after China’s largest search engine said it will unveil its artificial intelligence chatbot in March.
BUSINESS
The electric Rolls-Royce spectre is a rolls in its purest form
That’s how I ended up in Cape Town behind the wheel of the 2023 Rolls-Royce Spectre. After rolling around South African wine country, I found the estimated $500,000 coupe to be smoother, more silent and more powerful–not to mention better looking–than any of its V-12 predecessors.
BUSINESS
Microsoft CEO Satya Nadella sees AI as new way to win search battle: Q&A
The Microsoft AI model for search — called Prometheus and built on some of the same technology OpenAI used for the viral ChatGPT chatbot — will allow it to make the biggest leap ever in the relevance of search results, he said. The new Bing adds the ability to chat and can even help users compose emails and other content.
BUSINESS
What to look out for in Joe Biden’s second state of the union speech
The downing of an alleged Chinese surveillance balloon that is hampering efforts to improve ties with Beijing and the specter of a US default that threatens to wreak havoc on the US economy will have investors, diplomats and lawmakers looking for reassurance as the president two challenges with international ramifications.
BUSINESS
Baidu surges as hope mounts over Chinese answer to ChatGPT
Baidu’s American depositary receipts jumped 12% at the New York open to the highest since March 2022.
WORLD
US trade gap widened to record in 2022 on imports surge
The annual shortfall in goods and services increased 12.2% to $948 billion, Commerce Department data showed Tuesday. The December gap widened to $67.4 billion from the prior month. The figures aren’t adjusted for prices.
INDIA
India rushes to long-term LNG deals to speed shift from coal
Petronet LNG Ltd., India’s biggest gas importer, wants to secure 12 million tons a year of additional supply under long-term contracts, Managing Director Akshay Kumar Singh said Tuesday in Bengaluru at India Energy Week.
BUSINESS
Microsoft Schedules Mystery Event for Tuesday as Company Accelerates AI Investments
The company didn’t disclose the content of the 10 a.m. local time event at the Redmond, Washington, headquarters in an invitation to reporters, but said it will “share some progress on a few exciting projects.”
