BUSINESS
Jerome Powell signals Fed to stay on hold and keep future hike on table
The comments effectively affirm market expectations for the Fed to skip a rate increase for a second straight meeting when officials gather on Oct. 31 and Nov. 1.
BUSINESS
Tata Group considers topping up another $1 billion for super-app arm
The injection is on top of the $2 billion that Tata Group invested in the venture earlier this year, the people said, asking not to be identified discussing information that is private.
WORLD
Nestle revenue growth ebbs to weakest pace since late 2020
Revenue rose 6% on an organic basis in the third quarter, the company said Thursday, just missing analyst forecasts. A measure of volume posted a fifth consecutive decline.
WORLD
HSBC blocks staff from texting on their work phones
The firm is in the process of disabling the function on employees’ company-issued phones, meaning they will be unable to send or receive text messages, according to people with knowledge of the matter.
WORLD
China’s strong GDP report shows housing remains a big problem
China’s economic challenges come in the face of persistent geopolitical tensions, as the US tightens curbs on advanced technology and Europe probes the country’s export dominance in electric cars. Economists surveyed by Bloomberg expect China’s growth in 2024 to slow to 4.5%.
WORLD
Bezos-backed startup Convoy prepares for sale, slashes jobs
The once-buzzy startup, often described as the Uber for trucking, has already whittled its staff down to about 500 people from a peak of 1,500, and was on track to run out of money in a matter of weeks, said people familiar with the matter.
WORLD
OpenAI is in talks to sell shares at an $86 billion valuation
The artificial intelligence startup behind ChatGPT is negotiating the transaction, known as a tender offer, with potential investors, said the people, who asked not to be identified discussing confidential information.
WORLD
Ringgit falls to 25-year low, the worst performer in Asia after Yen this year
The currency dropped by 0.3% to 4.7625 per dollar, the weakest since 1998. It’s the worst performer in Asia this year after the yen.
WORLD
OpenAI claims tool to detect AI-generated images is 99% accurate
Mira Murati, chief technology officer of the maker of popular chatbot ChatGPT and image generator DALL-E, said on Tuesday that OpenAI’s tool is “99% reliable” at determining if a picture was produced using AI. It’s being tested internally ahead of a planned public release, she said, without specifying a timeline.
WORLD
Meta product chief sees AI chatbots as tool to lure advertisers
“There’s a huge demand from business for better tools,” Cox said Tuesday at the WSJ Tech Live conference in Laguna Beach, California. “One of the most profoundly impactful applications for the near term for AI is helping businesses be more effective.”
WORLD
Just Eat Takeaway raises guidance as profitability improves
The food-delivery company now sees adjusted earnings before interest, taxes, depreciation and amortization of around €310 million ($328 million) in 2023, it said in a statement on Wednesday. It had previously forecast adjusted Ebitda of about €275 million for the year.
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.
