BUSINESS
India small-cap stock gauge nears key hurdle on seasonal support
The Nifty Smallcap 100 Index has rallied 47% so far this year and is headed for a formidable upside barrier, represented by the upper-end of a long-term rising channel which has its origin at the 2009 low.
BUSINESS
Barclays, Citi raise India’s growth closer to 7% after GDP beat
Barclays Plc and Citigroup Inc. predict the economy will now expand 6.7% in the fiscal year ending in March, up from previous forecasts of 6.3% and 6.2%, respectively. Several other analysts also bumped up their estimates.
WORLD
Meta says there’s been no downside to sharing its AI technology
Over the past few months, Meta has been releasing open-source versions of its large language models — the technology behind AI chatbots like ChatGPT.
BUSINESS
JPMorgan touts Mexico, India in ‘bumpy’ 2024 for emerging stocks
The New York-based bank’s prognosis comes as developing-nation equities head for a sixth successive year of underperformance versus the US benchmark — the S&P 500 Index.
BUSINESS
OPEC+ agrees on 1 Million barrels of additional oil-output cuts
OPEC+ members agreed to make 1 million barrels a day of additional oil-supply cuts to go alongside Saudi Arabia’s much-anticipated extension of a voluntary reduction of the same size.
WORLD
Renewables are likely to be COP28 bright spot as 1.5C hopes fade
To help cut through the noise, BloombergNEF has identified 10 areas where governments need to make headway at COP28 in order to take a meaningful step toward the goals of the Paris Agreement.
WORLD
Stability AI explores sale as investor urges CEO to resign
The London-based firm has presented itself as an acquisition target in recent weeks, and held early-stage conversations with multiple companies, according to several people familiar with the matter, who asked not to be identified because the discussions were private.
WORLD
Israel and Hamas extend their war truce for another day
Israel’s military confirmed the cease-fire would continue beyond this morning, without giving a timeline.
WORLD
What we need to talk about when we talk about AI
Currently, the term lacks precise definitions, making predictions of AGI’s arrival and impact simultaneously both unnecessarily alarmist or insufficiently concerned.
WORLD
Airlines are watching one number, and willing it to rise
Passenger load factor, a commonly used measure that shows the percentage of capacity utilized, stands at 81.3% in Asia for the year through to the end of September.
BUSINESS
Bharti Telecom plans its biggest-ever rupee bonds
The company is expected to seek bids this week for notes due in two-, three- and five years, the people said, who asked not to be identified as the details are private. If the deal goes through, it will be Bharti Telecom’s largest ever rupee issuance, according to data compiled by Bloomberg.
BUSINESS
Nestle says India and China are ‘big focus’ for coffee growth
Nestle’s presence in Asia includes instant coffee operations in Vietnam, which is the world’s biggest producer of robusta beans.
BUSINESS
India gold prices at all time high 62600
Governor Christopher Waller, one of the most hawkish Fed officials, said policy is well positioned to return inflation to the central bank’s 2% goal, suggesting policymakers may not need to raise rates again. India gold prices at all time high 62600
WORLD
Dollar slides, treasuries extend gains on Fed bets
The US currency fell for a fifth day as it weakened against all its Group-of-10 peers and most emerging-market counterparts. The New Zealand dollar jumped after the country’s central bank signaled there’s an increased risk it could hike again next year.
INDIA
India to add $5 billion aircraft carrier to fleet to counter China
The Defense Acquisition Council — the country’s top defense decision making body headed by defense minister, Rajnath Singh — is expected to clear the acquisition of its second indigenous carrier on Friday, people with direct knowledge of the development said, asking not to be named because the discussions are private.
WORLD
A master of one-liners: Charlie Munger on politics, life and crypto
Munger, who died Tuesday in California about a month shy of his 100th birthday, was the longtime business partner of Warren Buffett, with the pair transforming Berkshire from a failing textile mill into a $783 billion behemoth spanning industries from insurance to energy.
BUSINESS
Charlie Munger, who helped Buffett build Berkshire, dies at 99
A lawyer by training, Munger (rhymes with “hunger”) helped Buffett, who was seven years his junior, craft a philosophy of investing in companies for the long term
BUSINESS
Sony-Zee merger risks collapse ahead of deadline over CEO drama
Zee is insisting that its Chief Executive Officer Punit Goenka — also its founder’s son — will helm the new entity, as agreed in the pact signed in 2021, while Sony is wary of his appointment given a regulatory probe against Goenka, the people added.
BUSINESS
ArcelorMittal to cut 3,500 jobs in South Africa as growth slows
The unit will be placed in care and maintenance, the company said in a filing on Tuesday. The Newcastle Works, the Vereeniging Works, and rolling facilities, which use Newcastle material as feedstock will be the affected plants, according to the statement.
WORLD
China’s Central Bank signals slower credit growth, lower rates
The People’s Bank of China highlighted the changing structure of lending and called on observers to look beyond the volume of new loans, in its third-quarter monetary policy report published Monday.
WORLD
Reddit leads class of 2024 IPO candidates testing the water
The San Francisco-based firm, whose users helped fuel the meme-stock frenzy that made 2021 a banner year for equities, is weighing an IPO as soon as in the first quarter, the people said.
WORLD
China warns of respiratory illnesses after pneumonia hit kids
Health authorities in Beijing say flu, adenovirus and respiratory syncytial virus have surpassed mycoplasma as the most frequently detected pathogens among patients at the city’s top pediatric medical centers.
WORLD
Jack Ma gets back into business with ‘Ma’s kitchen food’
The co-founder of Alibaba Group Holding Ltd. set up “Hangzhou Ma’s Kitchen Food” last week with an initial registered capital of 10 million yuan ($1.4 million), according to corporate database Tianyancha.
WORLD
Europe is guzzling diesel from India, a key buyer of Russian oil
The region’s imports of diesel from India, one of the biggest buyers of Russian crude, are on course to soar to 305,000 barrels a day, the most since at least January 2017, data from market-intelligence firm Kpler show.
