WORLD
UK plans meeting on AI risks with OpenAI, DeepMind bosses
The summit will be convened as soon as this month, with invitations likely for OpenAI chief Sam Altman and the leaders of Alphabet Inc.’s DeepMind and Anthropic, the people said. Sunak could be among officials in attendance, they said, requesting anonymity because the plans haven’t been finalized.
WORLD
Kevin McCarthy, Chuck Schumer eye debt-limit votes ahead of June 1 deadline
Kevin McCarthy said that negotiators on the federal debt limit may reach an agreement in principle as soon as this weekend, lining up a vote in his chamber.
BUSINESS
Jaguar owner Tata leans toward UK over Spain for battery plant
Tata, a conglomerate involved in industries from cars to salt, is currently favoring a factory in England after the UK government offered a support package, according to people familiar with the matter.
BUSINESS
Byju’s Alpha accused of hiding $500 million from lenders
The allegation came out at a court hearing on Thursday in Delaware, where Byju’s Alpha faces a lawsuit over who should control the company. Lenders claim that because of a default earlier this year, they have the right to put their representative, Timothy R. Pohl, in charge.
BUSINESS
RBI dividends to Modi’s government may double, aiding fiscal gap
A Bloomberg survey of nine economists saw the surplus transfer at 900 billion rupees ($10.9 billion) for the year ended March, compared to the government’s own estimate of 480 billion rupees, which includes dividends from state-controlled banks. Last year, the RBI approved a payout of 303.1 billion rupees, the lowest in a decade.
SCIENCE
Why Natural Disasters Seem Worse Than Our Direst Predictions
It’s human nature to latch on to the most easily available snippets of information.
BUSINESS
Burberry's Quiet Luxury Isn't Getting Its Due
Britain’s answer to LVMH is suffering a setback. But don’t rule out its transformation just yet.
BUSINESS
An Indian Biryani Won’t Democratize E-Commerce
Strong interest in discounted restaurant deliveries has policymakers excited about replacing existing platforms with open digital markets. But a free-for-all may not work.
ENVIRONMENT
Where’s the Justice in Net Zero?
Net zero is the target we need to fight climate change. But we have to consider the implications beyond the numbers.
WORLD
Amazon unveils new gadgets as AI race heats up
For more than a year the digital assistant has been using a home-built set of large language models — the foundational networks that enable ChatGPT and rival technologies — to help summarize text gathered from the web and make Alexa more conversant in various languages, Dave Limp, Amazon’s senior vice president of Devices & Services, said in an interview.
BUSINESS
Goldman Sachs slashes Adani group stakes from its ESG funds
Goldman funds registered as promoting environmental, social and governance goals under European Union rules sold about 11.7 million shares in Adani companies in February, according to data compiled by Bloomberg.
WORLD
JPMorgan asset says markets are right to bet Fed cuts are coming
“The market is right to be penciling in cuts,” said Seamus Mac Gorain, head of global rates in London. “Inflation is too high and it will take a recession to bring it back down,” he said, adding that US banking woes “have only made a recession more likely.”
BUSINESS
Bearish options cast doubt on India, EM Asia’s best stock market
The Nifty-50 index has gained 2.6% over the period, compared with drops of 0.7% and 2.2% in MSCI’s Asia and emerging market gauges, respectively. At the same time, growing bearish bets in the options market are signaling that the rally may have run its course.
BUSINESS
India set for LNG deal-making rush in win for Modi’s gas push
Importers are accelerating efforts to lock in fuel, according to traders and executives. Buyers including Petronet LNG Ltd., GAIL India Ltd. and Indian Oil Corp. are in talks with suppliers in the US, Qatar and the UAE for deals that last for 20 years.
BUSINESS
India’s diamond exports seen sluggish on weak US, China demand
The nation, which is the world’s top polishing hub, reported an almost 10% decline in cut and polished diamond exports to $22 billion in the financial year ended March, driven by inconsistent Russian rough-diamond supplies and softer demand in key global markets.
BUSINESS
Stubborn cash squeeze risks derailing economic recovery
After a surge in recent weeks, the weighted average call rate which Reserve Bank of India closely monitors, has shot above its policy rate ceiling of 6.75%.
WORLD
Mike Pence calls for end to Fed’s jobs role as he weighs 2024 bid
The Fed’s dual mandate for price stability and maximum sustainable employment doesn’t serve the US well, Pence said in an exclusive interview with Bloomberg News before a speech Tuesday in New Hampshire, an early Republican primary state.
WORLD
Kim Kardashian's $1 billion buyout pitch leans on her social media reach
The firm, SKKY Partners, has a unique asset to elevate its profile as it tries to raise that cash — the millions of fans and followers who watch Kardashian’s every move on social media.
WORLD
Investors most pessimistic so far this year, BofA survey shows
The sentiment among fund managers deteriorated to the most bearish this year, with 65% of survey participants now expecting a weaker economy, BofA’s poll showed.
WORLD
SVB’s former CEO says Fed, social media contributed to bank’s collapse
“The messaging from the Federal Reserve was that interest rates would remain low and that the inflation that was starting to bubble up would only be ‘transitory,’” Becker said in written testimony prepared for a US Senate Banking Committee hearing Tuesday focused on Silicon Valley Bank and Signature Bank, both of which were seized by regulators in March.
WORLD
Stan Druckenmiller, David Tepper lead family offices betting on AI
Druckenmiller’s Duquesne Family Office increased its stake in Nvidia Corp., a chipmaker that’s been a key beneficiary of the increased interest in AI, according to the firm’s quarterly 13F filing. Nvidia’s stock is up 98% so far this year, making it one of the top performers in the S&P 500 Index.
WORLD
Berkshire Hathaway reworks banking bets amid sector turmoil
Berkshire’s move out of several financial stocks and into Capital One in the first quarter, detailed in a regulatory filing Monday, comes after Buffett said publicly he was cooling on the sector. Bank failures earlier this year and concern about liquidity at various regional lenders have shaken finance.
WORLD
Rate-cut bets are surfacing across emerging Asia on policy pivot
Central banks across emerging Asia raised rates forcefully over the last year to combat stubborn inflationary pressures, with borrowing costs in economies such as South Korea and the Philippines rising beyond their highest levels in a decade.
WORLD
Massive $202 million jewellery auctions set world record in Geneva
Spread over the course of two live auctions in Geneva on May 10 and 12 and an online sale which ended on May 15, this treasure trove of necklaces, bracelets, earrings and tiaras carried an overall presale estimate of $163 million.
