WORLD
Tesla’s Vegan Leather Supplier Bets Material Will Be Used Everywhere
The goal for Noboru Yoshimura, 60, president of the Tokyo-based manufacturer, is to make the company’s name synonymous with synthetic leather.
BUSINESS
India, Indonesia debt outperforms China despite global selloff
The two countries’ sovereign debt only lost 0.4% and 1.5% respectively for dollar-based investors in the third quarter, less than other emerging markets in Asia including China, according to data compiled by Bloomberg. They knocked China off the top spot as the best performer in the region.
BUSINESS
Secretive chip startup may help Huawei circumvent US sanctions
Huawei is expected to buy most, if not all, of its output, said the people, who asked not to be identified discussing private information. PXW, as the company is known, plans to take delivery of the gear as early as the first half of 2023, one of the people said.
BUSINESS
Paris club approaches China, India for Sri Lanka debt overhaul
The club, an informal group of mostly rich, western bilateral creditors, is awaiting a response from both countries after it sent an official request in late August to work together, said an official who declined to be identified because talks are continuing.
BUSINESS
Elon Musk’s everything app ‘X’ sounds a lot like China’s WeChat
Elon Musk didn’t provide many details beyond a one-line tweet. But the Tesla Inc. impresario has openly admired the Tencent Holdings Ltd. app that’s grown from a messaging service to a mini-internet used daily by more than a billion Chinese.
BUSINESS
US stock rally is sending a bullish signal, BofA strategist says
The “immediate pattern” for the S&P 500 is now bullish with upside potential to between 3,900 and 3,946 points, which serves as key resistance levels for the benchmark index moving forward, according to Stephen Suttmeier, a technical research strategist at the bank. That implies a 3% to 4% rise above Tuesday’s close, the strategist said.
BUSINESS
World currency reserves shrink by $1 trillion in record drawdown
Reserves have declined by about $1 trillion, or 7.8%, this year to $12 trillion, the biggest drop since Bloomberg started to compile the data in 2003.
BUSINESS
US airs frustration at OPEC cut, signals repercussions for bloc
OPEC+ agreed Wednesday to the cut as it seeks to halt a slide in oil prices caused by the weakening global economy -- the biggest reduction by the Organization of Petroleum Exporting Countries and its allies since 2020.
BUSINESS
Morgan Stanley says bottom near for emerging-market equities
It’s highly likely these markets are bottoming amid “abundant” signs of extreme selling, the investment bank’s strategists including Jonathan Garner wrote in note Tuesday.
BUSINESS
Millions in cryptocurrency vanished as agents watched helplessly
Gary Harmon grinned as he lounged in a bathtub full of dollar bills surrounded by scantily clad women. The moment, captured in a photo on his cellphone, could be part of his undoing. To US prosecutors, it’s evidence that he suddenly came into a lot of money.
BUSINESS
Nursing shortage sparks bidding war as countries vie for talent
Now with pandemic-related travel restrictions easing, countries from Germany to the United Arab Emirates and Singapore are stepping up efforts to lure foreign nurses and other medical professionals with promises of expedited visas and better pay.
BUSINESS
The best bar in the world is hidden behind a Barcelona pastrami shop
The bar features a dramatic, arched wooden ceiling and such cocktails as smoked milk punch with bourbon and tahini.
BUSINESS
Marc Andreessen compares California to Rome Circa 250 A.D.
In a 34-tweet thread on Tuesday Andreessen, who co-founded the venture capital firm Andreessen Horowitz, said that he and his family considered leaving after a “surreal 2020.”
BUSINESS
Elon Musk revives $44 billion Twitter bid, aiming to avoid trial
Elon Musk made the proposal in a letter to Twitter on Monday, according to a filing with the Securities and Exchange Commission that confirmed a Bloomberg report.
BUSINESS
Ray Dalio gives up control of Bridgewater in final succession step
The billionaire founder of Bridgewater Associates has given up control of the firm he built into the world’s largest hedge fund, entrusting its future and $150 billion in assets to a younger generation of leaders with their own ideas about investing.
BUSINESS
A timeline of Elon Musk’s takeover of Twitter: The deal is on
Suddenly, Musk was Twitter’s largest individual shareholder, with more than 9% of the company, and speculation swirled about how he would influence the network’s future.
BUSINESS
Elon Musk’s Twitter deal has employees asking: Should I Stay or should I go?
Presenters from internal groups like the product and revenue teams didn’t officially discuss the development, or even acknowledge that Musk was back on board.
BUSINESS
Elon Musk says Twitter deal paves way for ‘X, the everything app’
In his first public remarks since reviving the effort to buy Twitter for about $44 billion, Musk called the acquisition “an accelerant” to building a kind of multi-function app.
BUSINESS
The big winners in Elon Musk’s Twitter deal? merger arbitrage traders
After Musk and Twitter agreed to proceed with the deal at the original offer price at $54.20 a share on Tuesday, the social media company’s stock rallied as much as 23%, pushing the spread to its narrowest level since the pair entered a merger pact back in April.
BUSINESS
Shell CEO says governments need to tax energy firms to help poor
Europe Union ministers reached an agreement last week on an initial energy package, setting a goal to reduce power consumption and agreeing to tap windfall profits of companies and redirect them to customers and businesses.
BUSINESS
Vodafone, Three UK merger set to be £14 billion test for watchdogs
The two mobile operators confirmed they’re in talks about a potential deal on Monday giving Vodafone 51% and CK Hutchison 49% of a combined business
WORLD
Elon Musk sets off uproar in Ukraine by tweeting his ‘peace’ plan
Elon Musk also launched a Twitter poll asking citizens of occupied areas of eastern Ukraine recently annexed by the Kremlin -- plus Crimea, which Moscow took in 2014 -- to decide if they want to live in Russia or Ukraine.
BUSINESS
Apple iPhone exports from India doubling in boon to PM Modi’s plan
At the current rate, outbound shipments of India-made iPhones, mainly to Europe and the Middle East, are set to reach $2.5 billion in the 12 months through March 2023, the people said. That’s almost double the $1.3 billion worth of iPhones India exported in the year through March 2022, the people said, asking not to be named as the data isn’t public.
BUSINESS
Meta is closing one New York office with cutbacks looming
The company is exercising its option to terminate its lease at 225 Park Ave. South in Manhattan, said the people, who asked not to be identified because the information was private.
