BUSINESS
Silicon Valley Bank parent files for bankruptcy protection
SVB Securities and SVB Capital's funds and general partner entities are not included in the Chapter 11 filing, the collapsed lender added.
WORLD
China cuts reserve requirement ratio to boost economy
The 0.25 percentage point cut will apply to almost all banks and take effect from March 27, the People’s Bank of China said.
WORLD
Tiger Global slashed value of venture fund by a third last year
Around $9 billion of the markdown came in the second half of the year, said the person, who asked not to be identified because the information is private. A representative for the New York-based firm declined to comment.
BUSINESS
Oil set for worst week this year, eye on OPEC+ move
West Texas Intermediate futures edged toward $69 a barrel on Friday, but are still down about 10% for the week. OPEC+ chiefs from Saudi Arabia and Russia met in Riyadh on Thursday, and discussed efforts by the group to “promote market balance and stability.”
BUSINESS
Boeing and Airbus intensify search for skilled talent in India
Airbus plans to hire 1,000 people in India this year out of 13,000 globally. Boeing and its suppliers, which already employ about 18,000 workers in the nation, have been growing by some 1,500 staff every year, the US jet manufacturer’s India head Salil Gupte told Bloomberg News in an interview.
TRENDS
India’s romance with extravagant, expensive pre-wedding shoots
It wasn’t an act. The video, shot ahead of the couple’s wedding and meant to evoke their romance, was an epic fail — at least at first. Then the clip turned into an Instagram sensation, amassing 13 million views.
WORLD
Big ECB hike called into doubt by Credit Suisse
The crisis at Credit Suisse Group AG that followed the collapse of Silicon Valley Bank has left analysts less certain that the intended hike will in fact materialize. Investors are pricing 40 basis points, while Bloomberg Economics and Deutsche Bank predict just 25.
BUSINESS
Industries stocking up on coal before the summer crunch
Although supplies to non-power industries have improved in recent months, companies remain wary of shipments thinning out when demand from power stations soars during the hot season starting in April.
BUSINESS
Nifty bounces back from the verge of correction
The benchmark NSE Nifty 50 Index extended its losses from an all-time high on Dec. 1 to 10%.
BUSINESS
Cyril Shroff sees more fees, deals after foreign law firms’ entry
Reversing a decades-long stance, the Bar Council of India this week permitted firms from certain countries to register in India, open offices and advise local clients on international law in non-litigious matters.
WORLD
Singapore snatches back ‘Best Airport’ crown from Qatar
The Asian hub edged Doha’s Hamad International Airport into second place, with Tokyo’s Haneda Airport bagging third, in the Skytrax World Airport Awards 2023. The US was conspicuous by its absence in the top 10.
WORLD
IPhone maker Hon Hai expects flat 2023 as it builds EV push
The Taiwanese Apple Inc. assembler offered a forecast of slumping consumer electronics demand this year offset by an uptick in sales of cloud and networking products, PCs and especially EV hardware, which it sees growing by as much as fivefold this year.
BUSINESS
Investcorp joins Global Funds in betting on Indian warehouses
Warehousing currently accounts for almost 16% of the Bahrain-based firm’s $350 million real estate portfolio in India, and it’s planning to boost that share in the coming year, according to Ritesh Vohra, the firm’s real estate head in the nation.
WORLD
Credit Suisse erupts into full-blown crisis as rivals back away
The stock fell as much as 31%, hitting record lows, and prices on its benchmark bonds sank to levels that indicate the Swiss lender is in deep financial stress — something rarely, if ever seen at a major global bank since the throes of the 2008 crisis.
WORLD
First Republic Bank is said to weigh options including a sale
The bank, which is also weighing options for shoring up liquidity, is expected to draw interest from larger rivals, said some of the people, all of whom requested anonymity discussing confidential information.
INDIA
Ex-LA mayor Eric Garcetti prevails to become US ambassador to India
Eric Garcetti was confirmed 52-42, with support from several Republicans negating the opposition of a handful of Democrats who argued against his nomination because of the claims surrounding his former top aide, Rick Jacobs.
BUSINESS
Credit Suisse hits new low as top shareholder rules out additional stake
“The answer is absolutely not, for many reasons outside the simplest reason, which is regulatory and statutory,” Saudi National Bank Chairman Ammar Al Khudairy said in an interview with Bloomberg TV on Wednesday.
WORLD
What is ChatGPT-4 and how to use it: All you need to know
So what is GPT-4, how powerful is it, and how can you use it? Here’s everything you need to know:
WORLD
Startup tells new hires they need to know ChatGPT for a job
With concerns growing about its ability to make jobs obsolete and data protection, Tokyo-based LayerX Inc., is bucking the trend, with a recent job ad for new graduates making it mandatory for recruits to be tested on their use of the chatbot made by OpenAI Inc., and another called Notion AI.
BUSINESS
I Squared weighs stake sale in India’s Think Gas
The private equity firm is working with an adviser to sell as much as a 30% stake in Think Gas, said the people, who asked not to be identified as the information is private.
WORLD
Google is rolling out more AI features for customers on the cloud
As Silicon Valley buzzes about so-called generative AI — software that can create images, text and video based on user prompts — Google Cloud offered a glimpse of what it’s doing to keep up in the race.
WORLD
ChatGPT creator OpenAI debuts new GPT-4 AI system
The startup said the new version of the technology, called GPT-4, is more accurate, creative and collaborative. Microsoft Corp., which has invested more than $10 billion in OpenAI, said the new version of the AI tool is powering its Bing search engine.
WORLD
Google to weave AI technology into its health-care offerings
“Health is a company-wide effort,” Karen DeSalvo, Google’s chief health officer, said in a blog post timed to an event at its Pier 57 Manhattan office on Tuesday.
WORLD
UAE spy chief’s firm buys into ByteDance at $220 billion value
G42, controlled by United Arab Emirates royal Sheikh Tahnoon bin Zayed Al Nahyan, acquired a $100 million-plus stake from existing investors in recent months through its 42XFund, people with knowledge of the deal said.
