WORLD
Country Garden on verge of first default amid silence on bond
A holder of the note, on which $15.4 million of interest is owed, said they had yet to receive money as of 9 a.m. Hong Kong time Wednesday from the country’s former top developer. They requested anonymity as they’re not authorized to speak publicly.
WORLD
Joe Biden-EU summit in Washington: Here’s what to look out for
European Commission President Ursula von der Leyen and European Council President Charles Michel will meet President Joe Biden in DC for a joint summit for the first time in two years.
WORLD
EU plans stricter rules for most powerful generative AI models
The three levels would establish rules for different foundation models — the AI systems that can be adapted to a range of tasks — and require additional external testing for the most powerful technology, according to the document.
WORLD
Japan 10-year yield rises to fresh decade high in test for BOJ
Yield on the 10-year securities rose 3 1/2 basis points to touch 0.815%, this year’s high and a level not seen since 2013. Spikes in the yield led the BOJ to intervene to slow the rises on Sept. 29, which was the third such move since it adjusted yield-curve control in July.
WORLD
J&J weighs third bankruptcy try to settle baby powder suits
Erik Haas, J&J’s lawyer in charge of litigation, said during the company’s earnings call Tuesday that the world’s largest maker of health-care products is working with law firms representing “the vast majority” of talc victims to settle all current and future cases that could potentially cost J&J billions of dollars in damages if they go to jury trials.
WORLD
Carl Icahn criticizes short sellers at investor conference
In August, Icahn slashed his company’s quarterly payouts in half, acknowledging complaints raised by short-seller Hindenburg Research.
BUSINESS
India’s carbon market seen covering 15% of emissions by 2030
The market is likely to initially cover heavily polluting industries including steel, cement, paper and pulp, petrochemicals and aluminium, subject to their readiness, said Abhay Bakre, director general at the state-run Bureau of Energy Efficiency
BUSINESS
Britain and Europe need to keep cooperating
Though reversing Brexit is off the table, progress between the two sides is being made — and there’s scope for much more
WORLD
Apple’s Tim Cook cheers on Tencent game gala in surprise China visit
Tim Cook’s personal outing underscores the country’s importance to Apple, its biggest international market and the cornerstone of its manufacturing network. He’s also showing up at a time the US is ramping up sanctions to contain China’s semiconductor ambitions.
WORLD
London luxury home deals set to slump deeper for rest of year
Transactions across prime London — which includes the capital’s most affluent postcodes — fell by almost a quarter in September from the same month a year ago, according to data from researcher LonRes.
WORLD
What to know about Jim Jordan, the Trump loyalist close to becoming house speaker
Hawkish Republicans have generally been hesitant to get behind Jordan, a Donald Trump loyalist who has supported an isolationist “America First” agenda.
BUSINESS
India leads emerging market ETF inflows after $5 billion rout
Risk traders continue to tout India — the fastest-growing major economy — as a bright spot amid the volatility that has engulfed developing nations this year. As China’s growth-engine status weakens, investors are favoring places where growth is strong or the capacity to provide stimulus is high.
WORLD
Joe Biden to visit Israel, Jordan in bid to keep war from escalating
Joe Biden, who was invited by Prime Minister Benjamin Netanyahu, will meet with the Israeli leader to discuss US assistance ahead of expected ground operations in the Gaza Strip and to caution other nations and militant groups to not use the crisis to undermine Israel.
BUSINESS
Wells Fargo, JPMorgan start banks’ post-earnings bond spree
The Wall Street giants are borrowing from the debt market after posting strong net interest income and raising their outlook guidance.
BUSINESS
Bitcoin pares after BlackRock says ETF application under review
“The iShares Spot Bitcoin ETF application is still under review by the SEC,” a spokesperson said. Bitcoin was up about 3% to $28,000 as of 10:12 a.m. in New York on Monday after briefly jumping to $30,000.
BUSINESS
Apple’s India map provider doubles as it rivals Google’s product
Shares of MapmyIndia, formally known as CE Info Systems Ltd., have risen about 104% from the end of March, adding around $675 million in market value on demand for its consumer-facing app Mappls.
AUTOMOBILE
VinFast to expand into Southeast Asia, raise more capital
The company expects to meet its target this year of selling 45,000 to 50,000 vehicles, she said in an interview with Bloomberg TV’s Rishaad Salamat and Yvonne Man.
BUSINESS
Geopolitical risks cast a pall over Indian and other Asian economies
Asian bonds have become less attractive for investors. The premiums a borrower pays to own Indian or Indonesian bonds against US debt, hitting the lowest level since the global financial crisis (GFC) in 2008.
WORLD
Asia central banks get creative on currencies to defend reserves
Asian currencies are especially exposed to outflows as benchmark rates in the region are generally lower than their emerging peers, resulting in a wider differential with the US.
WORLD
Flying to Singapore? These executive tips make it a better trip
How do I make the long flights to or from New York or London bearable? Read here
BUSINESS
World’s higher-for-longer rate era stokes worry
Multiple attendees at the International Monetary Fund’s meetings this week cautioned that the wholesale tightening now risks inflicting a shock to a world economy already on edge as war rages in the Middle East.
WORLD
Hamas' secret tunnel network complicates Israel’s Gaza offensive
Though Hamas is no match for the technological sophistication of the Israeli army, the militant group has one very unusual asset: a vast network of secret subterranean tunnels.
BUSINESS
Israeli billionaire quits Harvard board after school’s response to Hamas attacks
Amid criticism of Harvard University's response to Hamas attacks on Israel, Israeli businessman Idan Ofer and his wife have resigned from their board positions at the university.
BUSINESS
Microsoft completes $69 billion Activision purchase; biggest-ever deal in gaming industry
The acquisition is a stunning turnaround after Microsoft executives underestimated the magnitude and longevity of antitrust objections, forcing the software giant to seek a three-month extension of the deal’s expiration period from Activision.
