BUSINESS
What you need to know about the Chinese spy balloon floating over the US
Here’s everything we know so far
BUSINESS
Meta evokes big tech’s glory days with biggest surge since 2013
The Facebook owner’s stock surged 23%, its biggest jump since 2013, to help it briefly trade over $500 billion in market capitalization.
BUSINESS
Adani backers from New York to Tokyo dissect and limit exposure
The billionaire’s interests, which include ports, power plants and coal mines, have fallen in value by more than $100 billion since Hindenburg Research’s fraud allegations last week.
BUSINESS
Google CEO Sundar Pichai says its ChatGPT rival coming soon as a ‘companion’ to search
Users will soon be able to use language models “as a companion to search,” Pichai said on a conference call following the internet search giant’s fourth-quarter earnings report on Thursday.
BUSINESS
Apple is dropping industrial design chief role in post-Jony Ive era
The iPhone maker’s vice president of industrial design, Evans Hankey, won’t be replaced when she leaves the company in the coming months, according to people with knowledge of the decision, who asked not to be identified because the deliberations are private. An Apple spokeswoman declined to comment.
BUSINESS
Apple blames rotten holiday quarter on supply chain, economy
Revenue fell 5.5% to $117.2 billion in the December quarter, Apple’s biggest sales period of the year, coming in well short of the average Wall Street estimate of $121.1 billion. It was Apple’s first quarterly decline since 2019 and the first time the company has missed analysts’ holiday sales projections since 2015.
BUSINESS
Meta was scraping sites for years while fighting the practice
Meta’s scraping surfaced in legal documents filed in a California court case in which the social media giant sued the Israel-based data collection company Bright Data for harvesting and selling information drawn from Facebook and Instagram.
BUSINESS
Wall Street update: Nasdaq zooms 3% as Meta sees biggest surge since 2013
Meta rallied 25 percent after sales beat expectations and the company said it will become leaner and more decisive.
BUSINESS
Credit Suisse’s Asia investment banking vice chairman Zeth Hung exits
Zeth Hung, who spent 25 years at Credit Suisse, was most recently vice-chairman of investment banking & capital markets for the region.
BUSINESS
India resilient to stock market blip, says Minister Ashwini Vaishnaw
“India has a very broad spectrum of infrastructure companies,” Ashwini Vaishnaw, the minister for tech and railways, told Bloomberg TV on Thursday. “Whatever blip is there on the stock market is not going to affect the overall economy, I am very sure of that.”
BUSINESS
Sony to promote CFO Hiroki Totoki to President and COO
The Tokyo-based entertainment group is expected to report its biggest operating profit decline in two years in the quarter just ended later on Thursday, as rising component costs and weak consumer sentiment combine to hurt margins.
BUSINESS
Citigroup wealth unit halts margin loans on Adani Securities
The US lender’s move to restrict lending comes after a similar change at Credit Suisse Group AG, as Adani’s beleaguered empire becomes further engulfed in crisis.
BUSINESS
Adani Group has $35 million in bond coupons due this week
Adani Ports & Special Economic Zone Ltd. must pay a combined $24.7 million in interest on three bonds Thursday. Next up is Adani Transmission Ltd. with a $10 million coupon payment Friday.
BUSINESS
Royal family to be ditched from Australia’s five-dollar note
The new note will replace the portrait of the late Queen Elizabeth II with a tribute to the First Australians, rather than an image of King Charles III, the Reserve Bank said in a statement Thursday. The decision followed a consultation with the Federal government.
BUSINESS
PM Modi’s election Budget unlikely to delay RBI path to rate pause
The new tax rates are unlikely to add to inflationary pressures in the economy in the near-term, said economists including Nirmal Bang Institutional Equities Pvt.’s Teresa John.
BUSINESS
Elon Musk locks his Twitter account to test engagement impact
Twitter Inc.’s chief executive officer was responding to users of the social media site who claimed that setting an account to private dramatically improved the reach of their tweets.
BUSINESS
Pinterest cuts about 150 jobs, joining flurry of tech layoffs
The digital-search company that lets users create online pinboards informed impacted employees Wednesday.
BUSINESS
Banks pocket $12 million in fees in Adani’s mega share sale
The fees are equivalent to around 0.5% of the 200 billion rupees raised in Adani Enterprises Ltd.’s offering, said the people, who asked not to be identified as the information is private.
BUSINESS
Pakistan inflation at 48-year-high as supplies jam in ports
Consumer prices rose 27.55% from a year earlier, according to data released by the statistics department on Wednesday.
BUSINESS
Renault, Nissan boards set to meet to greenlight alliance revamp
Renault directors are gathering Sunday followed by Nissan’s board early on Monday, Feb. 6, said the people, who asked not to be identified discussing information that hasn’t been made public. Both boards are expected to greenlight the plans, according to the people.
BUSINESS
Adani rout deepens as record stock sale fails to quell doubts
All of the 10 stocks tied to the billionaire dropped in Mumbai trading, with Adani Total Gas Ltd. leading the declines with a 10% plunge, a daily limit. Adani Enterprises Ltd., the flagship firm that completed a $2.5 billion follow-on stock sale Tuesday, lost as much as 6.3%.
BUSINESS
Vodafone revenue meets estimates, CEO says ‘we can do better’
Service revenue gained 1.8%, the Newbury, England-based company said in a statement on Wednesday. That compared to the average 1.75% growth estimate from five analysts surveyed by Bloomberg.
BUSINESS
Indian tycoons bought Adani shares during short seller fight
Tycoons Sajjan Jindal and Sunil Mittal subscribed to the follow-on offering in a last-minute push that helped Adani’s flagship firm complete the sale on Tuesday, said the people, who asked not to be identified as the information is not public.
BUSINESS
Credit Suisse’s private bank halts margin loans on Adani bonds
The Swiss lender’s private banking arm has assigned a zero lending value for notes sold by Adani Ports and Special Economic Zone, Adani Green Energy and Adani Electricity Mumbai Ltd., according to people familiar with the matter, who asked not to be identified discussing private information.
