COMPANIES
Here’s why Elon Musk’s talk of a Twitter bankruptcy is premature
It may be nothing more than a scare tactic as he moves aggressively to reshape the company by slashing staff, shaking up its operations and doing away with Silicon Valley perks
BUSINESS
The $14 billion feud that splintered the Hinduja family
Britain’s richest family oversaw an Anglo-Indian business empire that’s lasted over a century from their shared family homes in London, Mumbai and Geneva.
BUSINESS
Billionaire Hinduja brothers call truce on bitter family feud
The brothers agreed to halt reams of litigation across Europe, ending, for now, a feud that was tearing the once tightly knit British-Indian group apart.
BUSINESS
Trapped by markets and voters, Rishi Sunak faces ‘impossible’ budget
Rishi Sunak and Chancellor of the Exchequer Jeremy Hunt are currently making final decisions on the more than £50 billion ($58.3 billion) of economic retrenchment to be announced on Nov. 17.
BUSINESS
Deforestation surges in world’s no. 2 tropical forest
The pace of deforestation in the Congo Basin increased 5% in 2021 overall, the Amsterdam-based climate advisory said.
BUSINESS
Billionaire Gautam Adani challenges China in show of support for PM Modi
With Sri Lanka in the throes of its worst economic crisis since its independence from Britain in 1948, India is reengaging and attempting to tilt the balance in a strategic tussle with China on the island, a pivotal battleground because it lies on key global shipping lanes and plays into New Delhi’s fear of encirclement from its Asian rival.
BUSINESS
Nasdaq 100 adds $700 billion in value as US inflation eases
Inflation cooled in October by more than what was forecast, suggesting that one of the biggest headwinds facing tech could be easing. It could also give the Fed room to slow its pace of interest-rate hikes, easing another strain on the multiple of so-called growth stocks.
BUSINESS
Brookfield has $125 billion to invest as CEO sees recession
Brookfield has launched fundraising for an opportunistic credit fund that it expects to be more than $16 billion, according to a letter to shareholders from Chief Executive Officer Bruce Flatt on Thursday.
BUSINESS
Musk starts assembling new cadre of leaders inside Twitter
The most visible among the new guard has been Yoel Roth, a Twitter veteran who reports to Musk and is now running all of the company’s Trust and Safety efforts.
BUSINESS
Apple limits iPhone file-sharing tool used for protests in China
The previous options didn’t limit the time involved. Users could choose to get files from everyone, no one or just their contacts
ECONOMY
Tomorrow's US inflation data may influence rates more than today's CPI figure
While an expected fall in CPI will likely be welcomed by investors, Friday’s University of Michigan 5-10 year inflation expectations will resonate with Federal Reserve officials fearful of price rises becoming entrenched
BUSINESS
Sequoia Capital writes down entire value of its FTX stake
The VC firm put in about $214 million last year in FTX’s international and US businesses, Sequoia told its investors Wednesday. The writedown includes holdings of both FTX.com and FTX.us, said a spokeswoman for the firm.
CRYPTOCURRENCY
Crypto markets face ‘cascade’ of margin calls from FTX crisis, says JPMorgan team
There are fears that the potential bankruptcy of FTX.com could lead to contagion that takes down other crypto outfits
BUSINESS
Global supply chains set for overhaul next year, HSBC poll shows
Just 11 percent of respondents in the HSBC Holdings Plc survey said transforming their supply chain wasn’t a priority next year, but 42 percent plan to do so and almost 47 percent see it as a priority at some stage in the future
BUSINESS
Singapore’s Sembcorp accused of greenwashing in India coal-powered asset sale
In order to reduce its official carbon footprint, Sembcorp Industries Ltd. sold two coal-fired power plants to an Omani group for $1.5 billion.
BUSINESS
India plans unity theme for G-20 as PM Modi balances global powers
“India’s G-20 presidency is coming at a time of crisis and chaos in the world,” Modi said on Tuesday, adding that India’s logo for the summit would be the lotus as a symbol of hope. “No matter how adverse the circumstances, the lotus still blooms.”
BUSINESS
OPEC+ cuts that steadied market now bring risk of $100 crude
For about a month, the group’s decision appeared to fulfill its stated aim of stabilizing oil markets, with crude prices steadying against a deteriorating backdrop for fuel demand.
BUSINESS
Coinbase CEO Brian Armstrong says trading activity rising, no plan to buy FTX US
The liquidity crunch that prompted Binance’s tentative agreement with FTX wouldn’t happen at Coinbase because the company doesn’t engage in “risky behaviors,” Chief Executive Officer Brian Armstrong said in a Bloomberg Television interview.
BUSINESS
Tesla loses valuation race to Berkshire as growth stocks sputter
The Elon Musk-led electric-vehicle maker’s shares closed with a market valuation of $604 billion Tuesday, versus nearly $645 billion for Warren Buffett’s conglomerate, underscoring this year’s great economic upheaval as former high-flying technology stocks plunge anew while industrial companies outperform.
BUSINESS
Donald Trump deepens attacks on Ron DeSantis as he inches toward 2024 comeback bid
The threat is a familiar move from Trump’s playbook to thwart potential opponents. It’s also the latest sign that the former president views DeSantis as his chief rival in a potential 2024 GOP presidential primary field.
BUSINESS
India considers scrapping early monthly release of trade data
The government plans to instead release monthly exports and imports data once a month, the people said. The move is expected to provide a clearer picture of the nation’s trade and comes amid a delay in collecting data from special economic zones and ports, the people said.
BUSINESS
How Qatar is handling a year’s worth of boozing in four weeks
The signs started appearing early this year: At the Qatar Distribution Company — the only alcohol retailer in the conservative Muslim country — a massive poster with Budweiser branding featuring Lionel Messi was plastered across the entrance.
BUSINESS
Macquarie starts $2 billion global battery business in electrification race
Eku Energy, created by the infrastructure giant’s Green Investment Group, has a three gigawatt-hour pipeline of capital expenditure worth $2 billion, and is set to complete its first project in Japan in the next few months.
BUSINESS
Twitter now asks some fired workers to please come back
Some of those who are being asked to return were laid off by mistake, according to two people familiar with the moves.
