WORLD
Behind ICBC hack is a gang for hire that holds systems hostage
The breach disclosed Thursday by the largest global lender by total assets blocked some Treasury market trades from clearing, forcing brokers and traders to reroute transactions.
WORLD
JPMorgan is discussing its generative AI projects with regulators
The release of ChatGPT a year ago prompted banks to hire for AI-related positions and begin testing uses for generative AI, which can summarize documents, write emails and churn out clever responses to users.
BUSINESS
Byju’s lenders win fight over loan default, control of unit
The lenders – which include Redwood Investments LLC and Silver Point Capital LP – were within their contractual rights to replace a relative of company founder Byju Raveendran on the board of Byju’s Alpha, a special-purpose company formed for financing purposes, with their nominee, Delaware Chancery Court Judge Morgan Zurn ruled.
BUSINESS
Here are analysts’ top stock picks this festive season
Property developers as well as leading producers of cement, cables, and chemicals are among the picks this season.
BUSINESS
Adani flagship aims big on data centers with $1.5 billion capex planned
The company is planning to build nine data centers and targeting a total capacity of 1 gigawatt by 2030.
BUSINESS
Bitcoin rallies past Terra crash level in win for bruised bulls
The cryptocurrency rose as much as 3.9% to $36,990 on Thursday.
BUSINESS
Apple suffers setback in EU clash over $14 billion tax bill
Advocate General Giovanni Pitruzzella of the EU Court of Justice in an advisory opinion on Thursday said Apple’s win in a lower EU court should be re-examined. The top EU tribunal is set to issue its binding ruling in the coming months.
WORLD
US population will start shrinking by 2100, says Census Bureau
By 2100, the US will have a population of around 366 million people, unless immigration continues to climb each year, in which case the population could reach as high as 435 million, the bureau forecast.
WORLD
ArcelorMittal profit drops as steel market demand weakens
The world’s top steelmaker outside of China reported a 28% decline in earnings from the previous quarter, better than analysts expected. Margins and sales were squeezed as the manufacturing and construction sectors languished.
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.
