WORLD
SoftBank, tech firm earnings to test staying power of AI-Fueled frenzy
SoftBank Group Corp. founder Masayoshi Son has said the firm is positioned to win the race to master AI, thanks to its billions of dollars in tech investment.
WORLD
SoftBank may turn profit after $48 billion in Vision Fund losses
The Japanese conglomerate is fighting to regain its footing after losing ¥6.9 trillion ($48 billion) at the Vision Fund investment unit in the last two fiscal years.
WORLD
Elon Musk says he may need surgery, will get MRI on back and neck
The world’s richest person said he will know this week whether surgery will be required, ahead of his proposed cage fight with Meta Platforms Inc. co-founder Mark Zuckerberg. He didn’t disclose any other details.
BUSINESS
Investors see another year of high rates on price shock
Overnight-indexed swaps show that India’s borrowing costs are likely to decline only in the second half of 2024, a shift from earlier when they were pricing in two reductions after the June meeting, according to Australia & New Zealand Banking Group Ltd.
BUSINESS
Wheat rises after Ukraine attacks threaten Black Sea exports
Top wheat shipper Russia moves most of its grain through the waterway and is in the midst of a second bumper harvest, making this a crucial time for getting crops to world markets.
BUSINESS
China or India? How to invest in the coming Asia boom
India has friendlier relations with the West and a young workforce. Its economy is expected to grow 6% to 7% a year, outpacing China’s. Its budding middle class will be spending well beyond essentials.
BUSINESS
Emerging-market stocks are having a moment as growth bets return
Investors in emerging markets are shifting to stocks from bonds as they prepare for the world after monetary tightening.
BUSINESS
Berkshire Hathaway posts record operating profit, $35.9 billion of net income
Profit from insurance underwriting increased by 74% to $1.25 billion, helping Berkshire post operating profit that surpassed its $9.28 billion haul from the same period last year.
BUSINESS
Byju’s lenders accused of using bogus loan-default claims
Lenders to one of India’s hottest tech startups, Byju’s, created bogus default claims tied to a $1.2 billion loan as part of a scheme to gain control of the education-technology provider, the firm’s lawyer told a judge.
BUSINESS
Apple faces longest sales drop in decades as iPhone slumps
A further revenue drop extends two-decade decline streak, surprising for the world's most valuable company.
WORLD
Qualcomm, NXP and others team up to develop arm-rival chip tech
Qualcomm Inc. and NXP Semiconductors NV are among a group of chip design firms joining up to form a new company to hasten the development of RISC-V, a rival technology to that of Arm Ltd.
BUSINESS
Apple, Samsung halt India laptop imports after sudden curbs
Regulators on Thursday surprised the world’s biggest PC makers when they made licenses mandatory for import of electronics from small tablets to all-in-one PCs without a license.
WORLD
AI boom fuels 487% stock surge for South Korean family
The company’s recent boom has also helped boost the value of stakes held by Chairman Kim Sang-Beom and his family to more than $800 million as of August 3.
WORLD
Korea Superconductor experts seek to test breakthrough claims
The Korean Society of Superconductivity and Cryogenics asked the Quantum Energy Research Centre to submit samples that are required in the verification process of room-temperature superconductors, the institution said in a statement on Wednesday.
WORLD
Airbnb slides as bookings slow amid higher average prices
People booked 115.1 million nights and experiences on the home-rental platform in the second quarter, up 11% from a year earlier but the slowest pace of growth since the pandemic shutdowns.
WORLD
Booking revenue beats estimates, sees record summer travel
The online travel company said revenue increased 27% to $5.46 billion, surpassing analysts’ average prediction of $5.17 billion.
WORLD
Apple faces longest sales slowdown in decades as iPhone slumps
An additional drop would mark the longest streak of declines in two decades — a startling slowdown for the world’s most valuable company.
WORLD
Amazon’s Jassy spurs sales, profit while cutting spending growth
Under his direction, Amazon fired 27,000 people and pledged to keep headcount flat for the foreseeable future, whacked dozens of projects hatched during Jeff Bezos’s tenure and put multiple businesses under review.
BUSINESS
Apple surprises in China, sets India record despite sales slump
Those twin milestones stood out after Apple posted its third straight quarter of declining sales and predicted a similar performance in the current period, hurt by an industry-wide slump that has sapped demand for phones, computers and tablets.
WORLD
Saudi Arabia extends 1 million-barrel oil cut till Sept, says it can be deepened
The kingdom’s hawkish approach has drawn criticism from major importing nations, which fear that rising fuel costs may inflict another inflationary spike on consumers
WORLD
Bill Ackman says he’s short 30-year treasuries as supply ramps up
Bill Ackman also sees the short as a “high probability” standalone play, the Pershing Square Capital Management founder said in a post on X, the platform formerly known as Twitter.
WORLD
China rally is just an opportunity to sell for many global funds
The FTSE China A50 Index is the only one of 10 major global equity benchmarks tracked by Citigroup Inc. on which investors had a short position as of end-July.
WORLD
Morgan Stanley says take profits on China, downgrades shares
Chinese assets have gotten a boost in recent days amid a slew of promises from Beijing to spur growth and revitalize the nation’s flagging private sector.
INDIA
Iraqi Government recalls tainted Cold medicine made in India
It’s the fifth time in a year that testing has found an Indian exporter’s drugs to contain excessive levels of ethylene glycol.
