POLITICS
Markets didn’t oust Truss, the Bank of England did
Truss won the leadership of the Conservative Party, which the UK electorate had voted into power, by promising a range of deep tax cuts and government spending increases. Whatever one might think of her policies, they were her mandate.
BUSINESS
Most NFTs Are More Like Baseball Cards Than Fine Art
Celebrities often crave the notoriety that comes with head-scratching spending sprees, but it’s still fair to ask: Ape caricatures? What on earth are they thinking?
TECHNOLOGY
Get ready to relearn how to use the internet
Facebook, Google and Twitter remain recognizable versions of their earlier selves. The browser retains its central role. Video has risen in importance, but that hardly represents a major shift in how things work.
MARKETS
Tech’s Big Day tarnished as Microsoft, Google, TI disappoint
Alphabet fell as much as 7.4 percent after third-quarter revenue came in below expectations, while Microsoft lost 8.1 percent following a disappointing revenue forecast. Texas Instruments Inc tumbled 6.1 percent after giving a forecast that was weaker than analyst estimates
BUSINESS
Art is an Investment to Appreciate
Recently an Andy Warhol painting sold at auction for $195 million, the highest price ever for a 20th century artwork. A dance hall-themed painting by Ernie Barnes went for $15.3 million, 76 times the original estimate. The Macklowe collection sold at Sotheby’s for $246.1 million, the most ever for a single collection.
BUSINESS
Saudi Arabia sets up carbon market firm to support net-zero goal
The $620 billion wealth fund is a major backer of many of Saudi Arabia’s green ambitions. Earlier this month it raised $3 billion with its debut dollar bond sale that also marked its first foray into ethical finance
MARKETS
Foreigners flee China stocks, pull out a record $2.5 billion, as panic spreads
Panic selling hit markets on Monday following the nation’s twice-a-decade political event, with the Hang Seng China Enterprises Index tumbling to the lowest level since the 2008 financial crisis. President Xi Jinping’s consolidation of power was seen as a major risk, with expectations that the leadership reshuffle would bring a continuation of key policies like Covid Zero
COMMODITIES
Oil edges higher as market tightness outweighs slowdown concerns
Crude has swung in recent sessions along with broader market trends and shifts in the dollar. The US currency was slightly weaker on Tuesday, making commodities cheaper for overseas buyers
BUSINESS
Rishi Sunak edges closer to UK leadership prize as Boris Johnson caves
In a brief statement on Twitter late Sunday -- shortly after Johnson said he wouldn’t stand for fear of dividing the Conservative Party -- Sunak vowed to lead with “integrity, professionalism and accountability” if he won the race for No. 10 Downing Street.
ECONOMY
Xi says China economy is ‘resilient,’ will deepen global links
At the party congress, Xi has pushed for the “dual circulation” policy - an attempt to insulate China from economic shocks and US sanctions -- while maintaining strategic trade and investment links with the rest of the world
ECONOMY
In China’s likely overhaul of economic team, there are 4 names to watch out for
The new list of Central Committee members suggests that China’s top economic team could see its biggest shake-up in more than a decade
BUSINESS
Boris Johnson and Rishi Sunak hold talks over UK leadership race
The prospect of the pair running on a joint ticket represents yet another unimaginable twist in what’s been a chaotic year in UK politics
ECONOMY
State of the global economy: Of price rise, rate hikes, and wait for a new leader
Rising inflation, spiralling borrowing costs and a seemingly impending recession are in store as the UK awaits a successor to Liz Truss
ECONOMY
ECB to cross 2008 Rubicon with hike defying slump risk: Eco Week
Memories of what’s now perceived as a policy mistake in 2008 might yet come to haunt the ECB, especially as rates go even higher and begin to constrict growth in due course. Such a prospect is likely to make future hiking decisions in 2023 more contentious, even if this one won’t be
BUSINESS
This Chinese province has more EV chargers than all of the US
With 345,126 public chargers and 19,116 charging stations as of the end of September, Guangdong has the largest EV charging network in China, one that has more than doubled from a year ago
BUSINESS
Adani group said to consider raising $10 billion debt in lower-cost debt, green bonds
The move is aimed at lowering the ports-to-power group’s overall burden of repayments, which has come under the spotlight as Asia’s richest person pursues a string of ambitious acquisitions to diversify into sectors like green energy, digital services and media.
BUSINESS
Twitter, Elon Musk talks warm up as buyout closing deadline nears
Both sides’ bankers and lawyers are preparing paperwork for the buyout to be completed by the Oct. 28 court-issued deadline, the people said, asking not to be identified because the matter is private.
BUSINESS
AI knows how much you’re willing to pay for flights
Fed by data on everything from internet searches and Covid outbreaks to weather forecasts and football results, computers are learning how everyday life influences demand for flights.
BUSINESS
Citi, Barclays see rupee slumping to 85 per dollar
Citi expects the rupee to push to 85 to a dollar, while Barclays says that the risk of a short-term overshoot to 84-85 is high. Standard Chartered Plc has also extended its long dollar/rupee trade target to 85 after the local currency breached 83.
BUSINESS
China summons chip firms for emergency talks after US curbs
The Ministry of Industry and Information Technology has summoned executives from firms including Yangtze Memory Technologies Co. and supercomputer specialist Dawning Information Industry Co. into closed-door meetings since Washington unveiled measures to contain China’s technological ambitions.
BUSINESS
Elon Musk says China is in ‘recession of sorts’ due to property
“China is experiencing a recession of sorts” mostly in the property market, said Musk, the electric carmaker’s chief executive officer, during a third-quarter earnings call Wednesday US time. He was responding to a question about recent order intake trends, particularly in China, where Tesla has a major factory.
BUSINESS
Cash-for-Gold lender Muthoot Finance shuns new dollar debt
Muthoot Finance Ltd. is extending a trend in emerging Asia that’s dragged down bond issuance in the US currency to its lowest since 2015.
BUSINESS
China debates shorter Covid quarantine for inbound travelers
Bureaucrats are looking at cutting the quarantine period to two days in a hotel and then five days at home, said the people, asking not to be identified as the discussions are private.
BUSINESS
iPhone supplier warns smartphone demand will continue to fall
The company’s outlook has dimmed dramatically from a quarter ago, when it looked forward to a bounceback in Chinese demand after the end of Covid-19 lockdowns in major cities.
