BUSINESS
Meta’s Zuckerberg plans deep cuts for metaverse efforts
Meta confirmed a reduction in resources for the metaverse, and said savings are expected to funnel toward other futuristic projects within Meta’s Reality Labs division, including AI glasses and other wearables.
WORLD
Asian stocks snap three-day gain, Japan leads drop
MSCI Inc.’s gauge for regional shares fell as much as 0.6%, with Japanese indexes leading declines after a strong rally in the previous session.
BUSINESS
S&P 500 Rally Wavers Near Record as Bonds Decline: Markets Wrap
The US tech sector is likely to remain a key driver for the market’s next leg up, but its recent underperformance also points to other compelling opportunities across the market, according to Ulrike Hoffmann-Burchardi at UBS Global Wealth Management.
BUSINESS
Reliance is said to start work on draft prospectus for Jio’s likely record IPO
The company is informally speaking with banks to prepare a prospectus that they plan to file with the regulator as soon as possible, the people said, asking not to be identified.
BUSINESS
Rupee’s undervaluation to lure global funds, say analysts
The rupee hit a fresh record low in early trading Thursday, extending its break below the closely watched 90-per-dollar level
INDIA
India clinches $2 billion Russia submarine deal as Putin visits
Talks for leasing the attack submarine from Russia had stalled over the years because of price negotiations
COMPANIES
SoftBank cuts InMobi stake in $250 million buyback deal
InMobi will repurchase the shares to reduce SoftBank’s holding to less than 10% from more than 30%
BUSINESS
European Union to begin probe into WhatsApp AI features rollout, FT says
The EU has in recent years ramped up pressure on Big Tech, seeking to curb potential market abuses as the US tech titans’ clout and digital footprint expanded
ECONOMY
Rupee’s slump complicates RBI path to rate cut: Experts
A majority of the 44 economists surveyed by Bloomberg expect the central bank to cut its benchmark repurchase rate by a quarter point to 5.25% on Friday given inflation is well below the 4% target
BUSINESS
Foreign banks chase rupee deals as offshore debt sales slow
High US benchmark yields, geopolitical tensions and tariff-related swings have eroded the appeal of foreign-currency debt for Indian corporates this year, causing the issuance to drop even as Indian companies boost spending and borrowing at home
BUSINESS
Paramount hikes Warner Bros breakup fee to $5 billion
The sum would be paid to Warner Bros. if a deal is agreed to but not consummated. It’s a sign Paramount has confidence its proposed merger would pass muster with regulators
INDIA
Dolphin watching to remote treks: Rich Indians lured by niche travel experiences
As throngs of tourist groups crowd popular destinations like Goa, Jaipur and Shimla, travel operators are racing to invest in untouched corners of the country
WORLD
Deadly floods’ $20 billion toll shows Asia’s rising climate risk
A sequence of three tropical cyclones coincided with the regular northeast monsoon to deliver rainfall totals unseen in decades in some locations, and triggered a wave of destruction from Sri Lanka to Indonesia — damaged homes, roads and rail lines, decimated crops, slowed factory output and inundated tourist spots
BUSINESS
China gives most forceful signal since 2022 to slow yuan gains
The People’s Bank of China set the so-called fixing at 7.0733 per dollar, 164 pips weaker than a survey of traders and analysts
MARKETS
Asian stocks track US gains on rising Fed cut bets
The dollar’s drop overnight puts focus on weaker Asian currencies like the Indian rupee, which slipped past the key psychological level of 90 per dollar on Wednesday.
BUSINESS
Stocks Join Bonds Higher Amid Bets Fed Will Cut: Markets Wrap
The modest fall in the ADP payrolls measure in November, coming on the back of a similar message from the Fed’s Beige Book, should be enough to persuade officials to vote for another cut next week, according to Stephen Brown at Capital Economics.
BUSINESS
India says IMF’s ‘C’ rating on data due to old base year
Sitharaman told lawmakers in the lower house of parliament that the rank was because of data collection methodologies and an outdated base of 2011-12. The government is in the process of changing that to 2022-23 from Feb. 27 next year, she said.
BUSINESS
Airbus woes while Boeing rebounds show how quickly the script can flip
Boeing has managed to extract itself from a yearslong crisis that began in late 2018 with the first of two aircraft crashes in rapid succession, was compounded by the Covid-19 crisis and then grew more acute still in early 2024, when sloppy workmanship led to another near-catastrophe on an airborne plane.
WORLD
The world’s plastic glut is set to get much worse by 2040: Study
Global plastic pollution will hit 280 million metric tons per year by 2040, or a dump truck’s worth every second.
BUSINESS
Indonesia caps IPO order sizes to curb share price volatility
The policy took effect on Nov. 17, which is the circular’s issue date. Previously, no limits were set for IPO orders.
WORLD
China boosts intelligence reach in South China Sea, report says
Satellite images reviewed by the Washington-based Asia Maritime Transparency Initiative reveal new radar sites, antenna fields and other hardened structures on outposts in the Spratly Islands
BUSINESS
OpenAI CEO Sam Altman urges ‘code red’ ChatGPT push as rivals move in
The Information also said on Tuesday that OpenAI has been working on a new AI model code-named ‘Garlic’ that was performing well on tasks involving coding and reason
BUSINESS
Meesho kicks off investor orders for $603 million India IPO
The Bengaluru-based marketplace has set a price band for the offering of Rs 105 to Rs 111 a share
BUSINESS
China services grow more slowly in sign of faltering economy
The official PMI survey showed services activity contracted last month for the first time since Covid lockdowns in 2022
