BUSINESS
G-7 plans to ban imports of Russian Diamonds, says Belgium
The mechanism will consist of a direct ban on purchases, which would take effect on Jan. 1, as well as indirect ban, which would kick in more gradually, the official added.
BUSINESS
Japan’s largest cosmetics firm Shiseido bets on India growth with first launch in a decade
Japan’s largest cosmetic company has partnered with Indian retailer Shoppers Stop Ltd.’s Global SS Beauty Brands and will open 14 stores in New Delhi and Mumbai this year, said Nicole Tan, head of Asia Pacific at Shiseido. It will also market NARS through LVMH Moet Hennessy Louis Vuitton SE’s Sephora shops, she said.
WORLD
From cheap cash to tax breaks, EVs in China get lots of love
The probe follows similar dives in the past into products such as paper, steel, solar panels and electric bicycles, and may well lead to tariffs on exports of cars from Chiniese automakers like BYD Co., Nio Inc., XPeng Inc., or even US EV giant Tesla Inc., which exports cars to Europe from its gigafactory in Shanghai.
BUSINESS
Xiaomi supplier Dixon to open smartphone plant on outskirts of Delhi
Beijing-based Xiaomi has been compelled to partner with Dixon for smartphone assembly because India is pressing Chinese companies to localize everything from manufacturing to distribution of devices.
BUSINESS
Surging rice prices raise specter of asian food scare, HSBC says
Export prices for rice from Thailand, a global benchmark, jumped to more than $600 a ton, almost a 50% year-on-year increase.
BUSINESS
Total is said in talks to invest in Adani Green’s projects
Total is looking to buy stakes in some of Adani Green’s projects as part of its drive to expand its portfolio of clean energy projects, said the people, who asked not to be identified as the discussions are private. The French group could invest about $700 million in total into the projects, one of the people said.
WORLD
Arm’s IPO lures in retail traders seeking exposure to AI trend
The chip designer garnered the most buy orders on Fidelity’s trading platform Thursday, with upward of 20,000 purchase orders, according to the brokerage’s website.
WORLD
Chip designer Arm jumps 25% in debut win for owner SoftBank
Shares of the chip designer, still 90% owned by SoftBank, closed at $63.59 in New York trading Thursday, giving Arm a market value of more than $65 billion. Including restricted share units, Arm’s fully diluted valuation is closer to $68 billion.
BUSINESS
SoftBank Has Either Reopened the IPO Market or Killed It
Owner SoftBank Group Corp. ended up pricing the British chip designer’s Nasdaq IPO at $51 per share. This is neatly at the top of the stated price range and followed 11th-hour reports that the deal could have been struck even higher.
BUSINESS
OPEC Chief warns of ‘energy chaos’ if fossil fuels are scrapped
OPEC’s top official warned against abandoning fossil fuels, hitting back once again at remarks from the world’s energy watchdog.
WORLD
Oil rally gathers pace as US benchmark WTI hits $90 a barrel
With prices soaring more than 30% since late June, traders are bracing for a potential pullback as technical gauges such as the relative strength index show futures near overbought territory.
WORLD
Superbugs Are ‘Dangerously High’ Threat in Greece, India, Turkey
If left unchecked, resistance to last-resort drugs could be more than twice as bad by 2035 in the OECD compared to 2005 levels, the Paris-based organization said in a report Thursday.
WORLD
ECB’s razor-edge decision rests on price outlook
Updated projections for the euro zone through 2025 are now the most crucial input as officials choose to either pause their unprecedented monetary-tightening campaign or lift the deposit rate to a record 4%.
WORLD
Cipla founding family’s stake sale in jeopardy over $13 billion valuation target
Negotiations between the family members and prospective buyers, including companies in the industry and private equity firms, are no longer moving forward, as the founders are demanding about 1,350 rupees per share, the people said. The price represents a premium of about 10% over Wednesday’s close, according to Bloomberg calculations.
WORLD
Washington’s AI summit gathers half a trillion dollars of wealth in one room
Nvidia Corp. co-founder Jensen Huang ($40 billion) and former Google CEO Eric Schmidt ($26.6 billion) were also there.
WORLD
Amazon, Alphabet, Microsoft, Meta probed by lawmakers on use of AI ‘Ghost’ staff
The lawmakers’ letter comes as executives including the leaders of Tesla Inc., Meta, Microsoft and Alphabet are slated to meet senators Wednesday afternoon at a closed-door AI summit hosted by Senate Majority Leader Chuck Schumer, who was not among those signing the document.
WORLD
Citigroup plans job cuts as it revamps top management structure
The company will no longer have three regional chiefs overseeing its business in about 160 countries around the world, according to a statement Wednesday.
WORLD
From wedding rituals to fancy distilleries, Asia is taking over the world’s whiskey market
In the first half of this year, six of the 10 largest export destinations for the vaunted spirit—which must be distilled in Scotland following specific processes to have a “Scotch” designation—were in Asia.
BUSINESS
Adani in talks for $3.5 billion, one of top Asia loans this year
The Indian conglomerate backed by billionaire Gautam Adani has been in talks with lenders for several months as it seeks to refinance as much as $3.8 billion worth of debt
WORLD
Birkenstock files for IPO in further boost to US market
The German footwear maker, whose iconic sandals are worn by hippies and preppies alike, will continue to be controlled by private equity firm L Catterton, according to a filing on Tuesday.
WORLD
Fund managers see water risk in semiconductor bets being mispriced
For Abrdn Plc, there are now few issues as pressing as water for the sector, according to David Smith, a senior investment director for Asian equities at the asset manager.
WORLD
Apple’s iPhone price bump is part of subtle revenue-boosting strategy
On Tuesday, the company boosted the price of just one iPhone model — the top-end Pro Max, which climbs by $100 to $1,199 — while leaving the other three new versions unchanged.
BUSINESS
Byju’s hid $533 million in hedge fund once run from Miami IHOP, lenders allege
Byju’s last year transferred more than half a billion dollars to Camshaft Capital Fund, the investment firm founded by William C. Morton when he was just 23 years old, some Byju’s lenders claim in a lawsuit. Morton’s fund received the money despite an apparent lack of formal training in investing, according to the lenders.
WORLD
Oracle slides most since 2002 on slowing cloud sales growth
Cloud revenue, a metric that is closely watched by investors, jumped 30% to $4.6 billion in the period ended Aug. 31. Of that, $1.5 billion came from renting computing power and storage over the internet and $3.1 billion from applications.
