WORLD
Riksbank kicks off easing with first rate cut since 2016
The central bank in Stockholm lowered its policy rate by a quarter point to 3.75% and said it could be reduced twice more in the second half of the year, according to a statement on Wednesday.
WORLD
US to triple chipmaking capacity by 2032, Industry Group says
Semiconductor manufacturing capacity in the country will triple by 2032, an SIA-commissioned study by the Boston Consulting Group found. That will take the US share of the industry to 14%, up from 10% currently, according to the report, which was released Wednesday.
WORLD
Neuralink says implant had issues after first human surgery
In the weeks following the January surgery on patient Noland Arbaugh, some of the electrode-studded threads that sit in the brain tissue began to retract from that tissue, the company said, resulting in the device not working properly.
BUSINESS
India leads first Asia junk dollar bond sales rise in five years
Regional sales of such corporate notes, outside of Japan, touched $5.6 billion so far this year, already surpassing $4.4 billion in all of 2023, according to Bloomberg-compiled data. Indian borrowers have topped the share of sales so far this year, with nearly 41% share.
WORLD
Elon Musk’s xAI nears funding at $18 billion value soon as this week
The size of the round hasn’t been finalized, the people said, asking not to be identified as the information isn’t public. The maker of AI chatbot assistant Grok was set to raise $6 billion in the round, whose participants include Sequoia Capital, Bloomberg News has reported.
TECHNOLOGY
Google’s Sundar Pichai lays out his AI roadmap
In this episode of The Circuit with Emily Chang, the Alphabet CEO explains how he’s in it for the long haul—and won’t dance to anyone else’s tune.
BUSINESS
Luxury cruises pour $1.5 billion into private islands, beaches
Combined, they’ve amassed at least 15 islands and beaches spanning 5,200 acres across the Bahamas, Belize, Dominican Republic, Haiti and Mexico
BUSINESS
Kotak plans to hire 400 engineers to ramp up tech transition
The lender, backed by Indian billionaire Uday Kotak, has already brought on board more than 500 engineers from scratch over the last two years, according to Milind Nagnur, the bank’s chief technology officer
BUSINESS
Kumar Mangalam Birla’s Hindalco said to mull seeking $1.2 billion in Novelis IPO
Hindalco may target a valuation of about $18 billion for Atlanta-based Novelis, the people said, asking not to be identified because the matter is private
BUSINESS
Morgan Stanley sees momentum behind China stocks fading
Analysts at Morgan Stanley recommended pursuing single-stock and thematic opportunities given improved investor sentiment.
BUSINESS
Fitch sees Indian rupee rebounding to 82 per dollar on bond inflows
The rupee is expected to appreciate to 82 per dollar by the year-end, from about 83.50 currently, Jeremy Zook, a director at Fitch in Hong Kong, said in an interview last week.
BUSINESS
Siemens Energy to cut jobs, output in tough wind unit turnaround
The cuts target the onshore business, where Gamesa’s struggles have been most severe and compounded by high costs pushing the industry into the red.
BUSINESS
OpenAI is readying a search product to rival Google, Perplexity
The feature would allow users to ask ChatGPT a question and receive answers that use details from the web with citations to sources
WORLD
Thailand extends visa waiver plan for Indian, Taiwanese tourists
Tourists from India and Taiwan will be able to enter Thailand without a visa until November 11 after an existing waiver ends on Friday
WORLD
Copper breaches $10,000 again as Goldman sees ‘stockout’ risk
Metals joined a wider rally in risk assets after soft US jobs data triggered renewed speculation that the Fed will move to lower rates this year. Copper rose as much as 2.1%, returning to five digits again after a brief period in late April.
WORLD
Aramco to pay $31 billion dividend as Saudi posts budget deficit
The world’s biggest crude oil exporter announced the total payout, including a special component, for the first quarter.
WORLD
Shenzhen eases home buying to revive sales in China tech hub
The southern city bordering Hong Kong loosened personal income tax and social-insurance payment requirements for buyers in some districts, Xinhua Finance reported, citing a government statement. It will also allow local families with two or more children to purchase another home in some non-core districts.
WORLD
Xi Jinping urges Emmanuel Macron to help China to avoid a ‘new cold war’
Xi is in Paris on a state visit before heading to Serbia and Hungary in his first trip to the bloc in five years. He is hoping to convince Europeans that Beijing offers an economic opportunity despite warnings from officials in Washington about the risks.
BUSINESS
Amazon commits $9 billion to double Singapore cloud investment
The outlay, to be done over the next four years, doubles Amazon Web Services’ investment in Singapore and helps it meet growing customer demand for cloud services and accelerate the adoption of artificial intelligence, the company said Tuesday.
WORLD
Everything Apple plans to show at May 7 ‘let loose’ iPad event
That’s the day Chief Executive Officer Tim Cook is poised to introduce major upgrades to the iPad Pro and iPad Air, as well as new versions of the tablet’s accessories. The company is delivering the news through an online event dubbed “Let Loose” that’s expected to last a little more than half an hour.
WORLD
Apple is working on its own AI chip for data centers
The effort would build on Apple’s previous efforts to make in-house chips, which run in its iPhones, Macs and other devices, according to the Journal, which cited unidentified people familiar with the matter. The server project is code-named ACDC within the company, the newspaper said.
BUSINESS
At $2 million per minute, US Treasuries mint cash like never before
Last year, investors pocketed nearly $900 billion in annual interest from US government debt, double the average over the previous decade.
WORLD
Jack Dorsey leaves Bluesky board, calls X ‘freedom technology’
The Twitter co-founder took to the Musk-owned platform, now rebranded X, to tout his new philanthropic grants to open internet protocols, which he described as “freedom technology.”
BUSINESS
India bond buyback signals RBI’s cash easing stance, Citi says
The Reserve Bank of India on Friday said it would buy back 400 billion rupees ($4.8 billion) of bonds — all maturing in the current fiscal year ending March — on May 9.
