ECONOMY-ECONOMY
Danger of a $4-trillion hole in world economic outlook haunts IMF
That the IMF and World Bank annual meetings will be fully in-person for the first time since the outbreak of Covid-19 in early 2020, showing progress in bringing the pandemic to heel, will be of limited comfort given other headaches
COMMODITIES
Ban on Russian mining giants may send shockwaves to global metals trade
A ban would simply mean that metal from Russia — which accounts for about 9 percent of global nickel production, 5 percent of aluminum and 4 percent of copper — could no longer be delivered into any warehouses around the world in the LME network
COMMODITIES
Commodities roared into new quarter. Now comes the hard bit
Here are some of the main items for investors to track next week, with attention also falling on struggles along the Mississippi River as water levels dwindle; China’s return to the fray after a week-long break; and key data from Asia on the world’s most-consumed cooking oil
ECONOMY
UK will need to cut 200,000 jobs to avoid debt spiral
The IFS said about 100,000 job cuts this year would ensure the overall wage bill was unchanged, and avoid cuts elsewhere in departments. If pay increases with inflation in 2023, the government would need to cut another 100,000 jobs to keep the bill in check
CRYPTOCURRENCY
Crypto fugitive Kwon gets boost as Terra Aide avoids detention
The court in Seoul said it didn’t see a need to detain the suspect and added there’s scope for legal debate over whether the individual breached the nation’s capital-markets law, charges that Kwon and four others also face.
COMPANIES-2
Indian crypto exchange ZebPay seeks Singapore permit, eyes UAE
Eight-year-old ZebPay has applied for a license in Singapore and is assessing the potential of a similar step in the United Arab Emirates, outgoing Chief Executive Officer Avinash Shekhar said in an interview.
BUSINESS
Billionaire Mukesh Ambani to open family office in Singapore
The Mumbai-based billionaire has picked a manager to hire staff for the new entity and get it running, the people said, asking not to be identified because the matter is private.
CRYPTOCURRENCY
Crypto hacked again in $100 million theft of Binance coin
An exploit occurred on a bridge between blockchains and the issue is “contained now,” Changpeng “CZ” Zhao, billionaire co-founder of Binance, the world’s biggest crypto exchange, said on Twitter on Friday.
WORLD
The fund that helped investors bet against Cathie Wood is taking on Jim Cramer
Tuttle Capital Management — which previously launched an exchange-traded fund betting against Cathie Wood’s stock picks — plans to debut the Inverse Cramer ETF with the ticker SJIM, according to a filing with the Securities and Exchange Commission on Wednesday.
WORLD
Tiger Global targets $6 billion for New Venture Capital Fund
PIP 16 will focus on internet-enabled enterprise software, fintech and consumer companies because they’re “underpenetrated categories” with rapid and long-term growth potential, according to the letter.
WORLD
Fed officials hammering hawkish message on rates heading higher
Five officials, in separate remarks during the course of Thursday, delivered a resolutely hawkish message that inflation is too high and they won’t be deterred from raising rates by volatility in financial markets.
WORLD
AMD sales miss estimate by $1 billion in sign of PC slump
Revenue in the period was about $5.6 billion, the company said Thursday in a statement, giving an early peek at numbers that were expected in the coming weeks.
COMPANIES
Anil Agarwal Faces Key Vote for Plan to Tap Vedanta Cash Reserves
Shareholders of Indian unit Vedanta Ltd. will vote Oct. 11 on a company plan to move money out of its reserves and into its balance sheet, increasing the probability that the funds will be used for dividends.
WORLD
Oil Poised for Biggest Weekly Rally Since March on OPEC+ Move
West Texas Intermediate futures rose to near $89 a barrel on Friday and are up around 12% for the week.
CRYPTOCURRENCY
Binance-Backed Blockchain Probes $100 Million Hack of Tokens
The amount is an estimate and the money lost will be covered by a Binance back-up fund, according to spokesperson for the network, BNB Chain.
WORLD
Joe Biden Says Putin Threats Real, Could Spark Nuclear ‘Armageddon’
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.
