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.
WORLD
Google launching tools to identify misleading and AI images
The Alphabet Inc. company’s first new feature is called ‘About this image,’ serving up additional context like when an image or similar ones were first indexed by Google, where they first appeared and where else they’ve shown up online.
BUSINESS
Adani stocks have seasonality to help in recovery from rout
Stocks of at least four companies controlled by billionaire Gautam Adani — including the conglomerate’s flagship Adani Enterprises Ltd. — show a strong tendency to climb in the second half of year, a seasonality analysis by Bloomberg News shows.
WORLD
Amundi to Abrdn see emerging-market currencies on cusp of rally
With average consumer-price increases easing for two successive quarters from an 11-year high, more developing nations are seeing their inflation-adjusted rates turn positive and widen their gap over developed countries.
BUSINESS
Pricing is key as billionaire Adani seeks to raise $2.6 billion
Adani Enterprises Ltd., the incubator for new group businesses, got a nod to raise as much as 125 billion rupees ($1.5 billion) through a Qualified Institutional Placement or other modes, according to an exchange filing Saturday.
BUSINESS
US drug companies minting billions on unproven treatments with FDA shortcut
A Bloomberg News analysis of the Food and Drug Administration databases found 19 drugs with accelerated approvals whose confirmatory trials are still listed as delayed as of April. That includes studies that are past their official due dates as well as trials running behind schedule
TRENDS
Storm Mocha heads for world’s biggest refugee camp in Bangladesh
The storm could hit the world’s biggest refugee camp in Bangladesh, home to about a million Rohingyas who fled there years ago from neighboring Myanmar. Wind speeds could reach as high as 210 kilometers (130 miles) per hour, and the storm is equivalent to a category 4 hurricane.
COMMODITIES
Bean shortage drives up cost of even the cheapest cup of coffee
Key coffee growers are finding it difficult to keep up with the surge in demand, with wholesale prices this week hitting the highest level in nearly 12 years
WORLD
Google co-founders gain $18 billion as AI boost lifts stock
Larry Page’s net worth increased by $9.4 billion this week to $106.9 billion, while Sergey Brin’s rose $8.9 billion to $102.1 billion, according to the Bloomberg Billionaires Index. That was their biggest weekly gain since February 2021.
WORLD
New Twitter CEO Linda Yaccarino is Elon Musk's bet to win back sales
Linda Yaccarino is leaving her job as head of global advertising at NBCUniversal to take the chief executive officer role at Twitter. She will work closely with owner Elon Musk, who will be both chief technology officer and executive chairman.
WORLD
Massive $196 million jewelry auctions set world record in Geneva
Spread over the course of two live auctions in Geneva on May 10 and 12 (a third online auction ends on May 15), a treasure trove of necklaces, bracelets, earrings and tiaras carried a presale estimate of $150 million.
BUSINESS
Carlyle is weighing entry into private credit market in India
Executives from the US private equity investor’s Hong Kong office have visited India to understand the country’s private lending opportunities in recent months, according to people familiar with the matter who asked not to be identified discussing private information.
BUSINESS
Billionaire Gautam Adani’s firms weigh raising up to $5 billion, sources say
Adani Enterprises Ltd., the flagship, as well as Adani Green Energy Ltd. and Adani Transmission Ltd., may raise between $3 billion and $5 billion for a war chest to bolster the businesses, the people said, asking not to be identified as the information is private.
WORLD
NBCUniversal’s Linda Yaccarino in talks to become Twitter’s CEO
Excited to announce that I’ve a new CEO for X/Twitter. She will be starting in ~6 weeks!
WORLD
Airlines’ first class makeovers give the rich hotel rooms in the sky
First-class cabins are increasingly resembling mini hotel rooms, with sofas, double beds, televisions, desks, wardrobes, minibars and in some cases, walk-in showers. The more creative, the better. You can even book a chef.
WORLD
Meta introduces AI tools to create ads and predict performance
The company Thursday introduced the “AI Sandbox” for advertisers to test early versions of features that use artificial intelligence technology.
WORLD
Cathie Wood-linked ETF firm is shut down by Canada regulator
The Ontario Securities Commission said the firm has failed to comply with its capital requirements since at least September and ordered it to wind down, or find another company to take over its activities.
