WORLD
China offers cash to rocket startups in hunt for its own SpaceX
The China Manned Space Agency, which on Tuesday returned three astronauts to Earth who had been working since May on the Tiangong space station, wants to pay private-sector companies for future missions.
BUSINESS
Powell hints Fed is done with hikes in pivot cheered by markets
Powell’s dovish pivot cheered markets, with the S&P 500 index closing more than 1% higher on the day.
BUSINESS
Fed holds rates at 22-year high, signals concern on yield rise
The decision left the target range for the benchmark federal funds rate unchanged at 5.25% to 5.5%, the highest since 2001, as part of a strategy to slow the pace of rate increases as the central bank nears the end of its tightening campaign
TECHNOLOGY
Former Google CEO Eric Schmidt bets AI will shake up scientific research
The nonprofit, Future House, plans to develop AI tools that can analyze and summarize research papers as well as respond to scientific questions using large language models — the same technology that supports popular AI chatbots. But Future House also intends to go a step further.
BUSINESS
Apple plans hypertension, sleep apnea detection for next watch
Bloomberg News reported on these projects for the first time in an investigation published on November 1 on Apple’s evolving approach to health care.
BUSINESS
Infosys asks some staff back in office 10 days a month, bucking global trend
In an email to select employees in entry- to mid-level roles, the company asked them to come in for that minimum number of days, starting Nov. 20. Since the pandemic, they had been allowed to work remotely full-time, and the company’s other employees are still permitted to do so.
WORLD
Fed’s ‘hawkish pause’ to keep option to hike
The Federal Open Market Committee will keep rates unchanged at its two-day meeting ending Wednesday in a range of 5.25% to 5.5%, a level first reached in July.
WORLD
Stan Druckenmiller says he has ‘massive’ bullish bets on 2-year notes
In recent weeks, “I started to get really nervous,” Druckenmiller, founder of Duquesne Family Office, said in an interview with hedge fund manager Paul Tudor Jones at a conference last week. “So I bought massive leveraged positions” in the short-term notes, he said.
BUSINESS
Indians splurge big on festive season sales, buoying economy
Sales at online platforms like Amazon.com Inc., and Walmart Inc.-owned Flipkart was up by almost a fifth in the first week of the festive sales from a year ago. Digital transactions recorded by Unified Payments Interface surged about 40% in October from a year earlier.
BUSINESS
Indian energy producer AM Green seeks $1 billion funding
The firm is working with an adviser on the fundraising to bolster its ability to produce green hydrogen and other chemical compounds, the people said, asking not to be identified as the information is private. AM Green aims to build a million tonnes a year of green methanol capacity, one of the people said.
BUSINESS
Prada sales jump as Miu Miu flats, cardigans prove to be big fashion hits
The Prada label, which accounts for more than 80% of group revenue, saw its growth slow to 5% in the quarter, down from 15% in the previous one. Miu Miu meanwhile, while much smaller in size, continued to outperform with a 48% revenue growth.
BUSINESS
Carmakers weather $2.9 billion UAW strike chaos with cost cuts
Early indications suggest that gains won by the union’s 146,000 members will not be as much of a blow to Ford Motor Co., Chrysler-parent Stellantis NV and General Motors Co. as early rhetoric suggested.
BUSINESS
Global rout sparks $27 billion exit from EM Asia Equities
Global funds are offloading emerging Asia equities outside of China in droves as broader risk appetite cools amid concerns over a stronger dollar, higher borrowing costs and geopolitical tensions.
WORLD
At $40,000, luxury Disney World vacations drain wallets of die-hards
That tactic is now being challenged, as the era of free-spending revenge travel fades away and inflation pinches the pocketbooks of US families.
WORLD
BoJ is handing back the Japanese bond market to investors
Japan’s central bank has tightly overseen the government debt market since it introduced yield-curve control in September 2016, with its ownership of outstanding bonds surpassing 50%. But with the authority now suggesting it’s ready to let the benchmark 10-year yield rise beyond 1%, investors look set to take back the helm.
WORLD
China slump turns October into the worst month for Asia IPOs since 2019
Companies and their shareholders across the region raised about $3.89 billion through IPOs since the end of September, Bloomberg-compiled data shows. That’s a drop of 40% versus the same period last year, and the lowest monthly amount since February 2019.
WORLD
Central Bank gold binge is even bigger than previously thought
Countries expanded bullion reserves by 337 tons in the three months through September, the World Gold Council said in a report Tuesday. That follows an increase of 175 tons in the second quarter, which was bigger than the council’s previous estimate of 103 tons.
WORLD
Elon Musk’s X is worth less than half of price he paid for Twitter
Restricted stock units awarded to employees value the company at $19 billion, or $45 a share, according to a person familiar with the matter. A year ago, Musk bought Twitter Inc. for $44 billion.
WORLD
Clothing makers find it hard to break with China’s supply chain
But amid mounting global economic uncertainties and weakening consumer demand, many are discovering that finding alternative production hubs comes with its own challenges. Some are even upping stumps and moving back to the mainland.
BUSINESS
Debut of 50-year bond in India lures insurers hungry for yields
The government plans to sell 100 billion rupees ($1.2 billion) of a 2073 bond on Friday, according to the Reserve Bank of India. Bajaj Allianz Life Insurance Co. Ltd. and HDFC Life Insurance Co. Ltd. anticipate demand for the paper will be strong as insurers try to lock in higher yields to take care of long-term commitments.
BUSINESS
Broadcom sees $61 billion VMWare deal closing despite China wait
The companies didn’t say in a joint statement on October 30 how close they might be to an approval from Chinese regulators — the last major hurdle to completing the deal.
BUSINESS
Natura gains on exclusive talks for sale of The Body Shop
Natura and Aurelius are still negotiating terms, and there is “no assurance” the transaction will be completed, according to the filing.
BUSINESS
GM reaches tentative agreement With UAW, ending six-week strike
The strikes at Ford and Stellantis ended when those companies reached tentative deals with the union.
BUSINESS
Meta to offer ad-free Facebook, Instagram subscriptions in Europe
Starting in November, users will be able to subscribe to the social media sites for €9.99 ($10.574) per month on the web or €12.99 per month via Apple Inc.’s and Android’s mobile operating systems, the company said
