WORLD
Meta, Amazon job cuts and belt-tightening pay off for investors
Both companies reported better-than-expected earnings on Thursday, sending their stock prices soaring and validating the belt-tightening strategies that defined the tech industry’s past 16 months.
WORLD
Meta plans $50 billion buyback in bid to win over investors
The social media giant also reported strong fourth-quarter results, posting a 25% gain in sales and profits that tripled, while also projecting revenue growth for the current period that surpassed projections.
BUDGET
Who gained and who lost in PM Modi’s last budget before polls
Here’s a look at some of the winners and losers of the interim budget:
BUSINESS
Microsoft, Google woo India programmers to win AI leadership
Microsoft Chief Executive Officer Satya Nadella will address developers and technologists on “discovering new opportunities with AI” during a visit next week in Bangalore, the country's technology epicenter.
BUSINESS
Bain Capital plans to invest $7 billion in India, boost hiring
The Boston-based firm also plans to increase its team of 25 private equity and special situations investment professionals by 15% to 20% over the next two or three years, according to Pavninder Singh, partner and a member of the Asian Pacific private equity team.
WORLD
UBS weighs cutting about 90 jobs at Asia wealth, bank teams
The Zurich-based lender is weighing a plan to cut about 70 jobs at the private bank and 20 at its global banking division, one of the people said, asking not to be identified because the matter is confidential.
BUSINESS
Boeing pulls guidance to show investors that safety comes first
Fourth-quarter profit, cash flow and revenue all surpassed analysts’ expectations, based on results published Wednesday by the US planemaker. But the earnings report took a back seat to Boeing’s latest 737 Max crisis and its response to the ensuing regulatory clampdown.
WORLD
China factory activity shrinks in January amid economic weakness
The official manufacturing purchasing managers index was 49.2 this month, the National Bureau of Statistics said in a statement on Wednesday — slightly above December’s reading of 49 but still below the 50 mark that separates expansion from contraction. Economists had expected 49.3.
BUSINESS
The world’s last wave of oil refining bets is all about India
The South Asian nation has set in motion a building blitz at its oil refineries to raise production of traditional transport fuels such as gasoline and diesel, which could lift capacity by more than 20% over the next five years. Rystad Energy puts the cost of additions at around $60 billion.
WORLD
Vontobel cuts China stock holdings to chase growth elsewhere
The Zurich-based money manager with $2.2 billion deployed in emerging markets has moved from overweight to a deeply underweight stance on Chinese equities and is reallocating capital mainly to these three countries, strategist Ramiz Chelat said.
WORLD
US F-16 jet fighter crashes off South Korea and pilot rescued
The pilot “is conscious and was transported to a medical facility for assessment,” Colonel Matthew Gaetke, the 8th Fighter Wing commander, said in the statement.
WORLD
PayPal to cut around 2,500 jobs as rivals snag market share
In a letter to staff on Tuesday, Chriss said the decision was made to “right-size” the company through both direct cuts and the elimination of open roles throughout the year. Affected staff will be notified by the end of the week, according to the letter, which was seen by Bloomberg News.
WORLD
Alphabet shares fall after search revenue misses estimates
Sales, excluding partner payouts, jumped 15% to $72.3 billion in the three months ended Dec. 31, the company said Tuesday in a statement.
WORLD
Microsoft sales top estimates; cloud growth disappoints some
Revenue in the second quarter, which ended Dec. 31, rose 18% to $62 billion, while profit was $2.93 a share, the company said in a statement Tuesday. Analysts polled by Bloomberg on average estimated per-share earnings of $2.78 on sales of $61.1 billion.
WORLD
Fed to hold interest rates steady but start considering cuts
The Federal Open Market Committee is poised to keep rates in a range of 5.25% to 5.5% at its two-day policy meeting ending Wednesday, a 22-year high first reached in July.
WORLD
Japan factory output rebounds while retail sales cast shadow
Industrial production gained 1.8% from November, after falling the previous month, as output of machinery and chemicals expanded, the industry ministry said Wednesday.
WORLD
China ETFs see inflows top 2015, suggesting state rescue
The Huatai-Pinebridge CSI 300, E Fund CSI 300, China AMC CSI 300, Harvest CSI 300 and China AMC SSE 50 ETF together saw 128.5 billion yuan ($17.9 billion) of inflows so far in January, more than five times the aggregate amount seen in July 2015, when the so-called “national team” jumped in to stem a rout.
BUSINESS
UPS to cut 12,000 jobs, bring workers in five days a week
“We are going to fit our organization to our strategy and align our resources against what’s wildly important,” CEO Carol Tomé said
WORLD
Warren Buffett reversal risk pushes Japan firms to diversify investors
Japan’s trading firms illustrate this point. Berkshire Hathaway Inc. bought stakes in them in August 2020, which raised their international profile and attracted other investors. Over the next four years, the five companies outperformed the broader market.
WORLD
Saudi Aramco ordered to halt project to boost oil output capacity
The surprise move comes just months after the world’s biggest oil producer had said it was spending billions of dollars to raise capacity to the higher level by 2027 as demand in China and India continues to grow.
WORLD
Bitcoin heads toward winning streak last seen in pandemic before record high
The largest digital asset has risen about 2% in January, a month of pronounced swings sparked by the rollout of the first US spot Bitcoin exchanged-traded funds and shifting views on the outlook for monetary policy.
WORLD
Everything to know about Elon Musk’s Neuralink and its first human brain implant
Here’s all you need to know about Neuralink and the company’s first human trial.
WORLD
China’s 10-year yield falls to two-decade low on easing hopes
The yield on the 10-year sovereign note slipped to 2.48%, a level unseen since 2002.
BUSINESS
Credit Suisse AT1 bond fallout hits India’s most valuable bank
The 48-year-old even took out a loan to buy more of the notes to get a better return on his investment.
