BUSINESS
US to announce new limits on chip technology exports to China
The Commerce Department will roll out a package of rules this week to govern which semiconductor technologies can be exported to China, including codifying earlier guidance given to specific companies, said the people, who asked not to be identified as the information isn’t public.
BUSINESS
Warren Buffett’s successor is building an $68 million Berkshire holding
Abel acquired about $68 million of stock late last month, according to filings Monday. The Class A shares closed at $413,300 Monday in New York.
BUSINESS
Kim Kardashian to pay $1.3 million to SEC over crypto touting
The SEC said Kardashian was paid $250,000 to post on her Instagram account about EMAX tokens, a crypto asset offered by EthereumMax. Khardashian didn’t admit or deny the regulator’s allegations in settling the case.
TECHNOLOGY
Swiss dropout worth $14 billion moves startup away from porn
Guillaume Pousaz is the founder and chief executive officer of Checkout.com, which this year raised funding at a valuation of $40 billion, making it worth more than British telecoms giant Vodafone Group Plc.
BUSINESS
Credit Suisse shares hit record low as CEO fails to calm markets
The cost of insuring the firm’s bonds against default climbed about 15% last week to levels not seen since 2009 as the shares touched a new record low.
BUSINESS
Liz Truss drops tax cut for top UK earners to fend off rebellion
Chancellor of the Exchequer Kwasi Kwarteng announced the decision in a tweet early Monday, saying “we get it, and we have listened.” In a statement posted with his tweet, he said the decision to scrap the 45% rate of income tax had become a “distraction.”
BUSINESS
Sony betting big on next VR headset with increased production plan
Mass production of the virtual reality goggles began in September and hasn’t yet faced supply chain constraints, said the people, who asked not to be identified discussing private information.
ECONOMY-ECONOMY
A $1 trillion burden looms for world borrowers refinancing debt
While most governments and companies are still able to stomach the higher financing bills, credit markets are starting to buckle as fund outflows and volatility soar
BUSINESS
Oil jumps as OPEC+ mulls biggest production cut since pandemic
A reduction of that magnitude would be the biggest since the pandemic, although OPEC+ delegates said a final decision on the size of the cuts won’t be made until ministers gather in Vienna on Wednesday. West Texas Intermediate futures jumped around 3%, on track for the first gain in three sessions.
BUSINESS
Credit Suisse CEO Ulrich Koerner seeks to calm markets as default swaps climb
The cost of insuring the firm’s bonds against default climbed about 15% last week to levels not seen since 2009 as the shares touched a new record low.
BUSINESS
Dubai sets new record with sale of Palm Jumeirah Mansion for $82 million
The villa, called Casa Del Sole, fetched 302.5 million dirhams ($82.4 million) when it was sold in July, according to its developer Alpago Properties.
BUSINESS
Factories making towels and bedsheets are shutting in Pakistan
As many as 100 smaller mills have suspended operations due to a shortage of good quality cotton, high fuel costs, and poor recovery of payments from buyers in flood-hit areas, said Khurram Mukhtar, patron-in-chief of the Pakistan Textile Exporters Association.
BUSINESS
India has a $1.2 trillion plan to snatch factories from China
Under a 100-trillion-rupee ($1.2 trillion) mega project called PM Gati Shakti -- Hindi for strength of speed -- Modi’s administration is creating a digital platform that combines 16 ministries.
BUSINESS
China’s $5-trillion rout creates a historic gap with Indian stocks
India -- long dubbed the “next China” -- has become an attractive alternative with economic growth that’s forecast to be the fastest in Asia
ECONOMY-ECONOMY
Truss sticks to guns as polls show growing voter discontent
The UK needs to change and she’s determined to follow through with her plans for massive tax cuts because she believes they will make the country more successful
BANKS
Credit Suisse is at ‘critical moment’ as bank prepares for latest overhaul, CEO says
Credit Suisse is in the throes of what is expected to be a major restructuring of the investment bank as Koerner seeks to return the lender to profitability and put an end to a string of scandals
ECONOMY-ECONOMY
Eco Week | US jobs at cruising speed may keep up pressure on Fed
While the advance in employment would be the smallest since the end of 2020, it would still exceed the average gain of the five years that preceded the pandemic
ECONOMY-ECONOMY
World economy roiled by simultaneous shocks echoing 2007 anxiety
Having failed to foresee the surge in inflation to multi-decade highs, the Federal Reserve and most peers are now lifting rates at speed in a bid to restore price stability and their own credibility
BUSINESS
How Pakistan’s most feared power broker controlled a violent megacity from London
The ensuing turmoil could crash Karachi’s stock market and disrupt almost every aspect of daily life. It didn’t seem to matter that the MQM was as much a street gang as a political party, widely assumed to be funding its activities, and its leaders’ lifestyles, by extorting businesses and smuggling drugs.
ECONOMY-ECONOMY
Can’t go forward, won’t go back: Truss’s government hits buffers
Less than a month in 10 Downing Street, Liz Truss and her team have already adopted an us-against-the-world mentality, after a brutal reaction to her economic plans triggered the humiliation of a central bank rescue
BUSINESS
Air India weighs raising $1 billion for expansion
Air India is working with financial advisers on the fundraising, which could be completed in the next few months, the people said, who asked not to be identified as the information is private
BUSINESS
Singapore is 17 years behind Hong Kong as wealth hubs
It’s going to take the Southeast Asian nation at least 17 years to displace its rival, according to Bloomberg Intelligence analysis.
BUSINESS
Bill Gates, Ray Dalio join forces with Temasek in philanthropic push
Founding core members include the philanthropic arms of Bill Gates and his ex-wife Melinda, Ray Dalio, Li Ka-Shing, as well as four companies of Indonesia’s Widjaja family and the Tanoto Foundation, Temasek Trust Chairman Ho Ching said Friday at the Philanthropy Asia Summit 2022 in Singapore.
BUSINESS
Oil set for first quarterly drop since 2020 as macro mood sours
West Texas Intermediate futures traded near $81 a barrel and are down 23% this quarter. Federal Reserve officials reiterated Thursday that they will keep hiking interest rates to restrain high inflation, raising concerns about demand. The dollar hit a record this month, adding to bearish headwinds.
