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.
WORLD
Cathie Wood says banking crisis was ‘looming in plain sight’
“Asset and liability duration mismatches” combined with falling deposits in the banking system had been pointing to the potential crisis that was in plain sight, the ARK Investment Management chief said Tuesday night on Twitter.
INDIA
India offers Taliban officials a course in economics, leadership
New Delhi doesn’t formally recognize the Taliban government, that seized power in 2021 in the wake of the US exit from Afghanistan.
WORLD
Apple delays bonuses for some and limits hiring in latest cost-cutting effort
The shift will reduce the frequency of bonuses for a portion of Apple’s corporate workforce, said the people, who asked not to be identified because the plan hasn’t been announced publicly.
WORLD
BofA gets more than $15 billion in deposits after SVB failure
The inflows offer a first glimpse into the deluge of deposits that made its way to the country’s largest banks as customers fearful of a spreading crisis sought refuge in the firms seen as too big to fail.
WORLD
TikTok considers splitting from ByteDance if deal with US fails
A divestiture, which could result in a sale or initial public offering, is considered a last resort, to be pursued only if the company’s existing proposal with national security officials doesn’t get approved, according to people familiar with the matter. Even then, the Chinese government would have to agree to such a transaction, the people said.
WORLD
Fed rate pause is a tough call after inflation reaccelerates
February’s consumer price index, excluding food and energy, increased 0.5% last month and 5.5% from a year earlier, according to Bureau of Labor Statistics data out Tuesday.
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.
BUSINESS
Core retail inflation in US exceeds forecast for Feb; tough call on rate hike for Fed
The consumer price index, excluding food and energy, increased 0.5 percent last month and 5.5 percent from a year earlier, according to Bureau of Labor Statistics data out Tuesday.
BUSINESS
Oil extends decline as Fed watchers wait for US inflation data
Brent’s nearby put skew — a gauge of how much more traders are willing to pay for contracts that profit from a price decline rather than a rally — rose to the highest level since mid-August on Monday amid the market turmoil.
WORLD
Too-big-to-fail lenders rake in deposits after three banks fail
JPMorgan Chase & Co., the largest US bank, alone received billions of dollars in recent days, and Bank of America Corp., Citigroup Inc. and Wells Fargo & Co. are also seeing higher-than-usual volume, according to people with knowledge of the matter. Representatives for the firms declined to comment or didn’t respond to messages.
WORLD
Doctors are quitting Britain’s NHS for a career in business
Many of the medics on picket lines are also thinking of walking out of their careers entirely — and the world of finance and business offers an unexpected but increasingly attractive option.
BUSINESS
What to watch in money markets for signs of systemic bank stress
The failure of Silicon Valley Bank has stirred concern additional banks might also be in danger of a funding shortfall.
COMMODITIES
Crude slides deeper as Fed watchers wait for US inflation data
Crude has had a bumpy year as traders juggle concerns over a global economic slowdown and optimism around China’s demand rebound after the nation ended Covid Zero
