WORLD
Ron DeSantis vows to ‘Rein In’ Federal Reserve during Republican debate
The Fed has raised benchmark interest rates 11 times since March 2022 in an effort to cool inflation.
BUSINESS
Vedanta is working with JPMorgan to advise on business overhaul
The development suggests billionaire Anil Agarwal’s energy-to-metals group is progressing on its plans to simplify the complex financial structure. The group is also seeking funding to repay around $3 billion of dollar bonds due over the next two years.
WORLD
AI will cut cost of animated films by 90%, Jeff Katzenberg says
The adoption of AI will accelerate the digital transformation of the entertainment industry by a factor of 10, said 72-year-old Katzenberg, who rose to prominence as a production executive at Walt Disney Co.’s movie studio before joining hands with filmmaker Steven Spielberg and Hollywood executive David Geffen to co-found DreamWorks.
WORLD
Eleven recessions, three elections and an answer
Small wonder, then, that the worldwide outlook is less than stellar. Bloomberg Economics forecasts global gross domestic product expanding 2.7% in 2024, down from 3% in 2023 and a run rate of 3.5% before the pandemic.
WORLD
TikTok Ban, Abortion politics: 7 Republican debate takeaways
Each of the 2024 hopefuls — Florida Governor Ron DeSantis, former United Nations Ambassador Nikki Haley, entrepreneur Vivek Ramaswamy, South Carolina Senator Tim Scott and former New Jersey Governor Chris Christie — was more willing to take on former President Donald Trump than in previous forums. The moderators focused their first questions on the absent GOP frontrunner, who held his own rally 11 miles away.
BUSINESS
India’s tax windfall gives PM Modi scope to spend more on welfare
Bloomberg Economics estimates the central government’s total receipts will be about 1.9 trillion rupees ($22.8 billion) above the budgeted amount in the current fiscal year that ends in March 2024. That’s equivalent to 0.6% of gross domestic product.
WORLD
It can now cost $4 million to skip the queue at the Panama Canal
Japan’s Eneos Group paid $3.975 million in an auction Wednesday to secure the crossing, bidding documents show. That comes on top of the regular transit fees companies pay, which can be hundreds of thousands of dollars more.
WORLD
China’s central bank vows liquidity for debt-laden regions
“When it’s necessary, the People’s Bank of China will provide emergency liquidity support to regions with a relatively heavy debt burden,” Pan said in a speech at the Financial Street Forum in Beijing on Wednesday.
WORLD
Adidas gets another $374 million from Yeezy amid turnaround push
Beyond Yeezy, the German company said currency-neutral sales increased 2% in the quarter for the rest of its offerings, driven by hot-selling classic sneakers like the Samba and Gazelle. That’s increasing brand heat around the world and creating higher interest from retailers for next year, according to a statement.
WORLD
Joe Biden, Xi Jinping to hold talks in San Francisco on November 15
Final preparations are underway for the meeting, which is set to be the first face-to-face talks that Biden and Xi will have in about a year, the Japanese news agency said, citing an unnamed senior US official.
WORLD
Meta, Apple at risk of increased regulation of digital wallets
Companies handling more than 5 million transactions per year would be regulated like banks, credit unions, and other financial institutions already under the CFPB’s supervision, the agency said in a statement Tuesday.
WORLD
China is having a hard time wooing foreign investors back
Direct investment liabilities in the country’s balance of payments have been declining rapidly in the last two years.
WORLD
Glenn Youngkin’s Presidential Ambitions Face Test in Virginia State Elections
The former private equity executive, who scored an upset victory two years ago in a state that had recently trended toward Democrats, will see a major test of his political muscle on Tuesday when Virginia holds elections for its state legislature.
WORLD
These Countries Are the Best at Attracting World’s Top Talent
Singapore and the US rounded out the top three slots in the list dominated by European nations — seven out of the top 10, according to the 2023 Global Talent Competitiveness Index published by business school Insead.
BUSINESS
Sunil Mittal’s Airtel Uganda IPO flops as investors prefer bonds
President Yoweri Museveni’s government four years ago ordered wireless companies to sell 20% stakes to local investors in a bid to deepen the market.
BUSINESS
PwC to cut around 600 UK jobs after resignations drop
The firm, which has 25,000 UK staff, is set to launch a voluntary redundancy program for between 500 and 600 employees, according to a person familiar with the plans.
MARKETS
Oil slips below $80 as Fed rate worries cloud market outlook
West Texas Intermediate fell as much as 2.2%.
BUSINESS
Tata considering sale of Voltas home appliance business: Report
Considerations are at an early stage and Tata Group may decide to keep the asset for longer, the people said
WORLD
Aramco keeps payout at $29 billion in boon for Saudi coffers
The world’s biggest crude oil exporter maintained the payout at the preceding quarter’s level despite third-quarter net income dropping 23% to $32.6 billion compared with a year earlier, according to a statement.
WORLD
Tesla to raise Model Y prices in China following style revamp
After the price of the performance version was increased on Oct. 27, other Model Y variants will also be adjusted, though the timing of the changes hasn’t been decided, a China-based Tesla representative told Bloomberg News.
WORLD
Top PBOC official says he’s not too worried on China’s economy
Global investors have concerns about the Chinese economy including its pace of recovery, and with problems related to real estate and local government borrowing, Deputy Governor Zhang Qingsong acknowledged in a speech in English at a global finance summit held by Hong Kong’s de facto central bank.
WORLD
China’s exports record bigger slump than expected in October
Overseas shipments fell 6.4% from a year ago, worse than the 3.5% decline forecast by economists in a Bloomberg survey. Imports surprisingly expanded 3%, in contrast with the expectation of a 5% decline. The resulting trade surplus was $56.53 billion.
WORLD
China foreign investment gauge turns negative for first time
China’s direct investment liabilities in its balance of payments declined by $11.8 billion in the third quarter, the country’s foreign exchange administration said.
WORLD
Janet Yellen to meet with China counterpart this week before Joe Biden-Xi Jinping talks
Yellen and Chinese Vice Premier He Lifeng — the nation’s top economic official — will meet on Nov. 9-10, the Treasury Department said in a statement Monday.
