WORLD
Microsoft concern about Google’s lead drove investment in OpenAI
The Windows software maker’s chief technology officer, Kevin Scott, was “very, very worried” when he looked at the AI model-training capability gap between Alphabet Inc.’s efforts and Microsoft’s, he wrote in a 2019 message to Chief Executive Officer Satya Nadella and co-founder Bill Gates.
TECHNOLOGY
Google CEO Sundar Pichai nears billionaire status powered by AI boom
It hit a fresh record Friday after the company’s first-quarter earnings beat expectations, boosted by AI-driven growth in its cloud computing unit. It also introduced a dividend for the first time in its history
BUSINESS
China’s top leaders hint at property support, rate cuts
Officials will “make flexible use” of tools to support the economy and lower overall borrowing costs, a meeting of the 24-man Politburo led by Chinese President Xi Jinping agreed, the official Xinhua News Agency reported Tuesday
BUSINESS
Goldman sees momentum traders buying stocks in every scenario
Morgan expects CTAs to buy about $29 billion in global stock futures — including $8.5 billion in S&P 500 contracts — if equities were to rally over the next week
WORLD
HSBC CEO Noel Quinn unexpectedly steps down after almost 5 years
Noel Quinn, who has led the bank for five years, will remain CEO until his successor starts in the role, and he has agreed to remain available through to the end of his 12-month notice period expiring on April 30, 2025, to support the transition, the bank said in a statement.
INDIA
IMF boosts Asia growth forecast this year on China, India
Asia is set to expand 4.5% in 2024 from the prior year, 0.3 percentage points higher than the October regional outlook but a slowdown from last year’s 5% pace, according to the IMF report on Tuesday.
WORLD
Taiwan stocks see $5 billion outflows as AI hype takes breather
Overseas money managers withdrew $4.9 billion from local shares in April as of Monday close, Bloomberg-compiled data show.
WORLD
Yen traders see uphill battle for Japan to halt currency’s slide
The yen surged suddenly and sharply on Monday in Asia hours, when the nation’s markets were shut for a holiday.
WORLD
Tesla soars on tentative China approval for driving system
The US carmaker was granted the approval under certain conditions, according to a person with knowledge of the matter, who asked not to be identified because details of all the criteria aren’t clear.
WORLD
How to get a meeting with the UAE’s $1.5 trillion man
The opportunity to invest even a sliver of that wealth could yield plump fees and returns.
WORLD
Xi Jinping to make first trip to Europe since 2019 as tensions flare
Xi will make stops in France, Serbia and Hungary during the trip that runs May 5-10, China’s Ministry of Foreign Affairs said in a statement Monday, without providing details of the Chinese leader’s agenda.
WORLD
Tesla clears key China assisted-driving hurdle with Baidu deal; stock up 10% in pre-market rally
The US automaker will then be able to deploy its autonomous driving services on the basis of lane-level navigation and mapping provided by the Beijing-based internet company, said the people, who asked not to be named discussing private information
WORLD
What 60,000 headlines say about the Fed’s next move
Bloomberg Economics’ Fed sentiment index — powered by a natural language processing algorithm based on more than 60,000 Fed headlines — shows that in December, Powell delivered a major pivot. By hinting at a swifter shift toward rate cuts, he gave markets a boost and helped the economy dodge a downturn.
WORLD
Red Sea diversions spew carbon emissions equal to 9 million cars
Instead of passing through Egypt’s Suez Canal, hundreds of vessels since mid-December are sailing around South Africa’s Cape of Good Hope — a detour that adds at least a week to the journey between South Asia and northern Europe.
BUSINESS
Tech tycoon’s family office bets on AI to prop $10 billion fund
Investment firms worldwide, including BlackRock Inc. and SoftBank Group Corp, are relying on AI to analyze data streams in real-time to glean market intelligence and are looking to invest further in the sector.
MARKETS
Fidelity sees rupee as top carry trade pick on RBI’s tight grip
The rupee rewards investors with a high yield than regional peers, and together with low volatility, makes it “arguably one of the most attractive currencies on the planet,” Paul Greer, a money manager at Fidelity in London, said in an interview.
BUSINESS
AI boom’s secret winners? The companies expected to power It
AI is the buzzword these days, with everyone from chipmakers to computer equipment manufacturers to car companies trying to paint themselves in its hopeful colors.
WORLD
Amazon, Disney are close to clinching NBA, WNBA rights deals
Details on the number of games Amazon will have in the regular season and playoffs are still being ironed out. Rights to the women’s league, the WNBA, are expected to be included as part of both deals.
WORLD
Millennium slams Jane Street ‘gamesmanship’ in secrets case
Speculation has swirled around the strategy since Jane Street filed its April 12 suit. The firm’s description in its complaint was heavily redacted, but the strategy was called “immensely valuable.”
TECHNOLOGY
Apple intensifies talks with OpenAI for iPhone generative AI features
The next iPhone operating system will include several new features based on Apple’s in-house large language model — AI software that can generate human-sounding text — but the company also has been seeking partners to power a chatbot-like feature akin to OpenAI’s ChatGPT.
WORLD
China’s bubble tea boom creates a half-dozen billionaires
Bubble tea was invented in Taiwan in the late 1980s, with small stalls selling it near schools and offices
WORLD
Lloyd Austin to announce up to $6 billion arms commitment to Ukraine
Lloyd Austin’s announcement, planned for the start of a press conference, will lay out a broad commitment but not signed contracts, which would likely take months to finalize under the Ukraine Security Assistance Initiative, or USAI, for systems that would be delivered over years.
WORLD
Anglo rejects BHP takeover bid as significantly undervalued
Under the proposed all-share deal, Anglo would first spin off controlling stakes in South African platinum and iron ore companies to its shareholders before being acquired by BHP. The total per-share value of the non-binding proposal was about £25.08, BHP said Thursday.
WORLD
Bank of Japan stands pat on rates and bond buying, hitting yen
The BOJ Friday kept the range for its benchmark rate between 0% and 0.1% at the conclusion of its meeting, according to a statement, as widely expected by economists.
