BUSINESS
Zimbabwe plans a new city for the rich
A brochure depicts pristine walkways, towering high rises and shining malls — all to be shared by a multiracial coterie of well-heeled residents.
BUSINESS
BuzzFeed shares surge 120% on plans to embrace OpenAI
The stock rose by 120% Thursday, bringing BuzzFeed’s market value to nearly $300 million, in its biggest gain since going public via a blank-check merger in December 2021.
BUSINESS
China celebrated Lunar New Year like Covid no longer exists
The sudden dismantling of China’s Covid restrictions in December allowed everyone to travel and freely mingle for the country’s most important festival for the first time since 2019.
WORLD
Londoners settle their housing deals on WhatsApp as private sales market booms
Almost a third of homes sold for £1 million or more were traded off-market in the final three months of last year, the highest quarterly share since 2017.
BUSINESS
Goldman Sachs lowers CEO David Solomon’s pay 30% to $25 million
The package includes a $2 million base salary and $23 million in variable compensation, with $16.1 million of that in the form of restricted stock units.
BUSINESS
Adani report fallout: Banking, LIC shares crack
The NSE Bank Nifty Index extended declines of the previous session, underperforming broader stock benchmarks. Bank of Baroda and State Bank of India were among the biggest decliners.
BUSINESS
Hyundai unveils $8.5 billion spending plan amid EV push
The money will be spent primarily on research and development and on building a new plant in Georgia, the Seoul-based automaker said.
BUSINESS
Soaring rice price shows food inflation still stalking the world
Thai rice, a benchmark for Asia, has soared to the highest in almost two years.
BUSINESS
Budget 2023 seen pro-growth, prudent, not so populist: Survey
Budget 2023: Finance Minister Nirmala Sitharaman will likely increase expenditure by about 12.5% year-on-year to 44.40 trillion rupees ($544 billion) in the year beginning April, according to the median of estimates in a Bloomberg survey ahead of the Feb. 1 budget.
BUSINESS
Fidelity cuts Ant Group valuation by another 9% to $64 billion
Boston-based Fidelity cut its estimate for Ant by about 9% to about $63.8 billion as of the end of November from the end of May, according to Bloomberg calculations based on filings. That’s down from $235 billion just before Ant’s IPO was halted in November 2020.
BUSINESS
Intel issues one of the grimmest forecasts ever
The company predicted a surprise loss in the current period and a sales range that missed analysts’ estimates by billions of dollars. At the low end of Intel’s projections, revenue would be the smallest quarterly total since 2010.
BUSINESS
Adani lines up detailed response to ‘bogus’ short seller report
The Adani Group held the call with fixed-income investors after US short seller Hindenburg Research leveled a series of extraordinary allegations about the sprawling conglomerate.
BUSINESS
China mulls protecting solar tech dominance with export ban
China’s Ministry of Commerce and Ministry of Science and Technology are seeking public comment on adding some manufacturing methods key to producing advanced solar wafers on to its list of technologies it prohibits exporting.
BUSINESS
Short seller attack shows risks of going global for Adani empire
Sure enough, the global spotlight has arrived — but not the sort he craved.
BUSINESS
Hindenburg vs Adani: The short seller taking on the Indian businessman
Now the activist short seller behind Hindenburg Research is going after his biggest game yet — what Hindenburg is calling, with characteristic chutzpah, “The Largest Con in Corporate History.’’
BUSINESS
Russian oil exports to India may hit new highs as interest grows
India’s crude imports rose to a record last year, although increased buying of Russian barrels has crimped flows from OPEC.
BUSINESS
New Twitter whistleblower says privacy lapses continued into Musk era
As many as 4,000 company employees could access an internal function nicknamed “GodMode” that allows them to take over private accounts and tweet – or delete tweets from them, according to a whistleblower complaint filed in mid-October, two weeks before Musk took over the company. It’s not clear if the problem has been resolved since the complaint was filed.
BUSINESS
Adani Group says it's exploring legal action against Hindenburg
Bonds and shares of Adani-related entities slumped after Hindenburg, an investment research firm that specializes in short-selling, made wide-ranging allegations of purported corporate malpractice following what it said was a two-year investigation into Adani’s companies.
BUSINESS
Smartphone shipments plunge most ever as buyers spend less
Shipments declined 18.3% in the December quarter compared to a year earlier, to a little over 300 million units, Needham, Massachusetts-based IDC said Thursday. For the year, shipments fell 11.3% and marked the lowest total for a decade, the researchers said.
BUSINESS
Tech Layoff: H-1B visa holders set to find new jobs in Chicago
More than 35 firms in the Chicago region are willing to hire workers on H-1B visas, given to foreign employees in specialty occupations such as software engineering.
BUSINESS
Tech Layoff: Prosus latest to cut 30% corporate staff
The firm, one of Europe’s largest e-commerce companies by asset value, will make cuts at its corporate centers, including hubs in Hong Kong, Amsterdam and South Africa, Chief Executive Officer Bob van Dijk said in an interview Wednesday.
BUSINESS
Porsche Vision 357 concept car is has Nissan vibes
The Porsche Vision 357 takes its name as a successor to those 356 models that won Porsche notoriety. But it’s neither based on that open-top roadster nor, as you might otherwise expect, on the quintessential Porsche 911.
BUSINESS
World’s biggest luxury spenders are label-loving Koreans
It’s a scene playing out across the country, where a potent mix of status seekers, cashed up homeowners and YOLO-ing (you only live once) millennials has combined to make South Koreans the world’s biggest per-capita spenders on luxury brands.
BUSINESS
Exodus of wealthy Chinese accelerates with end of Covid zero
Since the end of Covid Zero in December, many rich Chinese have begun traveling overseas to check out real estate or firm up plans to emigrate, immigration consultants said in interviews.
