BUSINESS
OpenAI pitched White House on unprecedented data center buildout
OpenAI said investing in these facilities would result in tens of thousands of new jobs, boost the gross domestic product and ensure the US can maintain its lead in AI development, according to the document, which was viewed by Bloomberg News.
ECONOMY
Economists advise Centre to improve inflation data
More than 50 economists met with key government officials in Mumbai this week, and suggested that frequent household consumption surveys should be conducted for more up-to-date revisions of the consumer price index, the statistics ministry said in a statement Wednesday
COMPANIES
Nomura, Mizuho leading bidders for KKR-backed Avendus Capital
The two Japanese firms have made the highest preliminary bids for KKR’s 63% stake in Avendus Capital Pvt., said the people, who asked not to be identified as the discussions are private
BUSINESS
Carlyle says strong demand from Indian savers to fan IPO frenzy
Carlyle's Amit Jain stated that Indian savers' steady investments are driving high liquidity in the country's IPO market, with Hexaware Technologies among upcoming listings.
BUSINESS
Buffett whittles Bank of America stake to 10.5% with $863 million disposal
Berkshire now owns 10.5% of the second-largest US bank after the latest disposals on the three trading days through Tuesday, according to a regulatory filing. As long as it remains above the threshold, the company must disclose trades within a few days
WORLD
Hong Kong plans to cut tax on liquor in bid to revive nightlife
The reduction is expected to be one highlight of Hong Kong Chief Executive John Lee’s policy address in mid-October, the people said, asking not to be identified because the deliberations are private
WORLD
China cuts one-year rate, withdraws cash from banking system
The People’s Bank of China cut the rate of the medium-term lending facility to 2% from 2.3%, according to a statement on Wednesday. It also withdrew a net 291 billion yuan ($41.4 billion) via the MLF, the biggest drainage since December 2021
MARKETS
Asian stocks edge higher for 5th day as China stimulus-led rally continues
The moves follow the best day since 2020 for a gauge of mainland equities after China unveiled a sweeping stimulus package to support the economy and financial markets
BUSINESS
HSBC considers appointing Pam Kaur as first female CFO in bank’s history
Chief Risk and Compliance Officer Kaur, 60, is said to be a favourite for the chief financial officer role that became vacant after Georges Elhedery replaced Noel Quinn on Sept. 2 as chief executive officer of Europe’s largest lender, according to people with knowledge of the matter.
BUSINESS
Buy calls are slowly vanishing from India’s booming stock market
A dimmer outlook for corporate earnings in one of the world’s most expensive stock markets is making analysts skeptical of further gains in some of the shares that drove a years-long rally in Indian equities, now in its ninth year.
BUSINESS
TikTok to shut down its music streaming business in November
TikTok Music will go offline on Nov. 28 and customer data will be deleted, the music division said in a post on its website. Users were told to transfer playlists to other services no later than Oct. 28.
BUSINESS
Snap integrates Google’s generative AI model into chatbot
Snap has been investing in new AI features as it competes with larger peers, such as Meta Platforms Inc., which also has its own AI chatbot
BUSINESS
Deutsche Bank said to hire Moelis’ Mazumder for India dealmaking
India has turned into a hotspot for dealmaking activity as around $9 billion has been raised via IPOs this year, according to data compiled by Bloomberg. The volume of deals involving Indian companies has climbed 28% to almost $78 billion, the data show.
BUSINESS
India’s first AI unicorn Fractal said to weigh $500 million IPO
Fractal, known as India’s first AI unicorn, may seek a valuation of at least $3.5 billion in the share sale, the people said, asking not to be identified because the deliberations are private
BUSINESS
JPMorgan eyes more growth in India amid flurry of activity
There is a substantial opportunity for India from the shift in supply chains from China, though the transition will take years as firms navigate the complexities of relocating operations, JPMorgan’s Chief Executive Officer Jamie Dimon said in a separate interview with CNBC-TV18
BUSINESS
Top takeaways as China unveils stimulus to boost economy
Stocks in Hong Kong and China rose on the announcements, while the 10-year yield on Chinese bonds fell to 2% for the first time on record. The offshore yuan was little changed.
WORLD
China mulls stock stability fund, unlocks $113 billion from PBOC
The People’s Bank of China will set up a swap facility allowing securities firms, funds and insurance companies to tap liquidity from the central bank to purchase equities, Governor Pan Gongsheng said at a briefing on Tuesday
MARKETS
High-speed traders made $7 billion in India’s options market
The bulk of the gains came at the expense of individual traders and others, who lost a combined Rs 61,000 crore dabbling in futures and options in the financial year ended March, according to the study published Monday
WORLD
China to add capital at big banks for first time in a decade
At a rare press conference on Tuesday, authorities flagged they will increase the core tier 1 capital at its six major commercial banks, along with a slew of other measures to shore up the real estate market and the economy
BUSINESS
Foreign investors’ derivatives bets at record $124 billion in India
The Nifty has rallied 18% from a low that month to become one of Asia’s top performers. It hit a fresh peak Monday amid a risk-on sentiment in global markets following the Federal Reserve’s jumbo rate cut last week.
BUSINESS
China unveils biggest package yet to boost property market
The People’s Bank of China will cut outstanding mortgage rates for individual borrowers by an average of 0.5 percentage point, Governor Pan Gongsheng said at a press conference on Tuesday
BUSINESS
China unleashes stimulus blitz in push to hit annual growth goal
China will also lower the mortgage rate for existing housing loans amid a property crisis
WORLD
Asian stocks rise on hopes of China stimulus, Fed's more rate cuts
Speculation has surged that Beijing will ramp up efforts to revive growth after authorities announced that top financial regulators will hold a press conference Tuesday on support for economic development
BUSINESS
Foreigners’ derivatives bets hit record $116 billion in India
Global funds have plowed a net $8.5 billion into local shares since July 1, set for the biggest quarterly inflow in over a year.
