WORLD
Pakistan may seek more IMF loans to help fragile economy
Pakistan has about $1 billion in dollar-denominated debt due next year after it holds elections scheduled for February.
WORLD
Apple’s effort to replace Qualcomm chip in iPhone falls further behind
After already delaying a plan to have an in-house chip ready by next year, Apple is now likely to miss a goal to ship the component by the spring of 2025, according to people familiar with the situation.
WORLD
Joe Biden tells corporate leaders stable US-China ties benefit world
“A stable relationship between the world’s two largest economies is not only good for the two economies but for the world,” Biden said Thursday at the CEO session of the Asia-Pacific Economic Cooperation summit in San Francisco.
BUSINESS
Oil sinks into bear market as robust supply pressures OPEC+
West Texas Intermediate traded near $73 a barrel after dropping more than 20% from a high in September. Global benchmark Brent plunged almost 5% on Thursday. The declines followed a build in US crude inventories, and were likely amplified by automated selling programs.
BUSINESS
Mars to pay 170% premium to take over Britain’s Hotel Chocolat
The Bounty maker offered 375 pence a share in a deal recommended by the board of the UK company.
BUSINESS
Abu Dhabi bourse signs pact with NYSE for dual listings
The pact would also allow companies listed on the NYSE to expand their business and tap capital in Abu Dhabi, John Tuttle, the vice chairman of the NYSE, told Bloomberg News in an interview.
TECHNOLOGY
AI companies must rethink how they pay for data, says tech pioneer Jaron Lanier
“I want to create more, if you like, creative classes of people who are really good at providing fresh data that makes the models work better. So everybody benefits.”
WORLD
Xi Jinping says China seeks to be friends with US, won’t fight ‘Hot War’
In a speech to business executives in San Francisco shortly after meeting US President Joe Biden on Wednesday, Xi said China “never bets against the United States” and “has no intention to challenge the United States or to unseat it.”
WORLD
Coinbase, crypto startups cut VC investing as downturn lingers
The decline is part of a larger pullback from investing at crypto companies — which often have substantial venture capital arms.
WORLD
Cricket might be next sports deal frenzy with sale of Hampshire
Rod Bransgrove, a former pharmaceuticals entrepreneur, is in discussions about selling Hampshire Cricket Club, a spokesperson for the club’s parent company said.
WORLD
Japan’s Ispace to launch second moon mission after crash
The second mission will launch on a SpaceX Falcon 9 rocket as early as the northern hemisphere winter of 2024, the Tokyo-based company said Thursday.
WORLD
Here’s everything Joe Biden, Xi jinping agreed to at high-stakes summit
The heads of the world’s two largest economies met for over four hours on Wednesday on the sidelines of the Asia-Pacific Economic Cooperation forum in California.
WORLD
Xi Jinping says China seeks to be friends with US, wants peaceful ties
“The number one question for us is, are we adversaries or partners?” Xi asked during a speech to a dinner of business executives at the APEC summit in San Francisco on Wednesday.
WORLD
Joe Biden again calls Xi Jinping a dictator, showing limits of cooperation
At the conclusion of his press conference Wednesday, Biden responded to a question from a US journalist about whether he stood by a comment he made in June calling Xi a dictator.
WORLD
Apple’s Tim Cook, BlackRock’s Fink among CEOs attending Xi Jinping dinner
Blackstone Inc. Chief Executive Officer Steve Schwarzman and Visa Inc. CEO Ryan McInerney will also join them at the soiree in San Francisco, according to people briefed on the matter. Pfizer Inc. CEO Albert Bourla earlier confirmed he would attend the event, as he spoke on the sidelines of a summit that’s part of this week’s Asia-Pacific Economic Cooperation leaders’ meetings.
WORLD
OpenAI pauses new signups to manage overwhelming demand
Sam Altman’s company introduced new features and upgrades at its first-ever developer conference last week, allowing users to build custom versions of ChatGPT to accomplish specific tasks.
BUSINESS
Druckenmiller, Soros cut stakes in Nvidia after share surge
Druckenmiller’s Duquesne Family Office cut its Nvidia Corp. stake in the quarter ended Sept. 30, according to its 13F filing, the first time this year the New York-based firm disclosed a drop in its holdings of the major beneficiary of increased AI interest.
BUSINESS
US producer prices decline by most since April 2020 on Gasoline
Prices paid to US producers unexpectedly declined in October by the most since April 2020, adding to evidence of abating inflationary pressures across the economy.
BUSINESS
SpaceX discusses spinning off Starlink via IPO as soon as 2024
SpaceX is discussing an initial public offering for its fast-growing Starlink satellite business as soon as late 2024, people with knowledge of the matter said, in a bid to capitalize on robust demand for communications via space.
WORLD
Justin Trudeau faces calls to exit with his party trailing in polls
The Canadian prime minister may not have to face voters until 2025, thanks to a power-sharing deal with a left-leaning opposition group, which gives him some runway to try to turn things around.
BUSINESS
Vitol says refiners face ‘Soft Patch’ in 2024 on new plants
Global oil refiners will suffer a “soft patch” next year as new capacity in Mexico, Africa and the Middle East boosts fuel supply, according to Vitol Group’s Head of Research Giovanni Serio.
BUSINESS
Actis’s Aggarwal said to be frontrunner for India NIIF CEO job
Sanjiv Aggarwal, who leads energy investments for Actis LLP in Asia, is emerging as the frontrunner to head India’s $4.9 billion quasi sovereign fund, according to people with knowledge of the matter, filling a role left in limbo for more than a year.
WORLD
UK inflation rate falls to the lowest level in two years
Consumer prices rose 4.6% from a year earlier in October, down sharply from 6.7% in September and the slowest pace since 2021, the Office for National Statistics said Wednesday. The 2.1-percentage point fall between the two months was the steepest since 1992.
WORLD
China claims world’s fastest internet with 1.2 terabit-per-second network
The two firms teamed up with Tsinghua University and research provider Cernet.com Corp. to build what they claim is the world’s first internet network to achieve a “stable and reliable” bandwidth of 1.2 terabits per second, several times faster than typical speeds around the world.
