BUSINESS
Citigroup cuts over 300 senior manager roles in latest restructuring
The workforce reductions, which the bank has said may continue around the globe into next year
BUSINESS
Microsoft hits all-time high after hiring OpenAI’s Sam Altman
The Redmond, Washington-based company’s shares had edged lower on Friday after Altman’s shock exit from the creator of ChatGPT. The shares recovered on Monday, rising 1.9%
BUSINESS
Moody’s revises up SoftBank outlook to stable after Arm Holdings IPO
Arm’s September initial public offering lifts the proportion of SoftBank’s listed assets, Moody’s said in a report .
BUSINESS
Microsoft ends weekend of OpenAI drama with coup of its own
Sam Altman was unexpectedly fired by OpenAI’s board on Friday, setting off a frenzied weekend campaign to reinstate him, led by OpenAI executives and key investors — including Satya Nadella, the CEO of Microsoft.
BUSINESS
Sam Altman’s friends and Foes: Who’s who in OpenAI Drama
Microsoft's Satya Nadella has reportedly reached out to Altman following the firing to offer him support in his next steps. Indian-American businessman and venture capitalist Vinod Khosla has alao said that his firm wanted Altman “back at OpenAI but will back him in whatever he does next,” in a statement on X.
BUSINESS
The doomed mission behind Sam Altman's shock ouster from OpenAI
A source familiar with Nadella’s thinking said that the Microsoft CEO was advocating for Altman’s potential return and would also be interested in backing Altman’s new venture.
BUSINESS
Sam Altman sought billions for chip venture before OpenAI ouster
The OpenAI chief executive officer planned to spin up an AI-focused chip company that could produce semiconductors that compete against those from Nvidia Corp., which currently dominates the market for artificial intelligence tasks.
WORLD
Thailand plans more Visa waivers, events to lift tourism revenue
While Thailand has rolled back most pandemic-era curbs on visitors, average spending per traveler has lagged pre-Covid levels and missed official estimates.
ECONOMY
Global prices singe as India likely to keep up ban on rice exports till next year
Lower prices and ample stockpiles have helped make India one of the top shippers globally over the past decade, recently accounting for almost 40 percent of the total
BUSINESS
Some investors pressing OpenAI board to reinstate Sam Altman as CEO
Microsoft CEO Satya Nadella has been in touch with Altman and pledged to support him in whatever steps he takes next
BUSINESS
Sam Altman's ouster blows the lid off widening rift with OpenAI Board
In July, Sutskever formed a new team at the company to bring “super intelligent” future AI systems under control
BUSINESS
Weddings blitz opens up a $51 billion opportunity for India
Despite inflation hitting the less well-off particularly hard this year, the season’s first weeks are expected to see good business. Overall sales during November 23 to December 15 will be about 4.25 trillion rupees ($51 billion), the Confederation of All India Traders estimates.
BUSINESS
OpenAI president Brockman says he’s quitting after Altman ouster
In one of the moves announced earlier, Brockman was due to step down from his role as board chairman but stay on at the company
WORLD
China will be at forefront of AI, Alphabet’s Sundar Pichai says
The scale of AI work in China “is just astounding to see,” Pichai said at the Asia-Pacific Economic Cooperation conference in San Francisco, in an on-stage interview by Bloomberg’s Emily Chang. “In some ways, China is going to be at the forefront of AI and that’s a given.”
WORLD
Bain Capital raises $7.1 billion for new Asia fund amid gloom
The Boston-based alternative asset manager gathered $6.3 billion from investors for its fifth buyout fund in the region, and $750 million in co-investments from its employees, one of the people said, asking not to be identified before a public announcement. Its previous Asia fund was $4 billion, not including internal contributions.
WORLD
Mark Mobius joins Hedge Fund elite planning Dubai investing venture
The 87-year-old money manager said he’s busier than ever as he looks to set up a new venture in Dubai.
WORLD
Seven restaurants named best in the world by La Liste
That’s according to La Liste, one of a crowded field of companies publishing restaurant ratings that are increasingly used by diners who travel around the world in search of culinary excellence.
BUSINESS
Citi to team up with Indian Bank to support female entrepreneurs, CEO Jane Fraser says
Fraser touted Citigroup’s clients in 160 countries and jurisdictions and emphasized their dependence on trade and supply chains, noting that “geopolitical and macroeconomic shocks that we’ve had of late” have made it harder to source and move manufactured goods.
WORLD
OpenAI CEO Sam Altman says biggest AI election risks haven’t been seen yet
Altman joined Meta Platforms Inc. Chief Product Officer Chris Cox and Google Senior Vice President James Manyika in extolling the promise of AI on stage. But the executives also said that the technology has risks heading into a major election year in the US.
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.
