BUSINESS
Masayoshi Son now owes SoftBank $5.1 billion on side deals
Masayoshi Son, whose stake in SoftBank grew in recent months, also owns portions of the company’s key investment vehicles. While these holdings have sparked controversy due to corporate governance concerns, the Japanese billionaire has denied any conflict of interest.
BUSINESS
Here are the key takeaways from Joe Biden’s State of the Union Speech
Here are five main takeaways from Biden’s speech to the joint session.
BUSINESS
Distressed funds including Oaktree scoop up Adani bonds
Oaktree Capital Management, one of the world’s largest opportunistic debt firms, and Davidson Kempner Capital Management were among those buying the debt in recent weeks, according to people familiar with the matter, who asked not to be named as the deals aren’t public.
BUSINESS
Chatbot frenzy drives Baidu’s stock rally to extreme levels
The stock has jumped 45% in Hong Kong this year, including a 15% gain Tuesday after China’s largest search engine said it will unveil its artificial intelligence chatbot in March.
BUSINESS
The electric Rolls-Royce spectre is a rolls in its purest form
That’s how I ended up in Cape Town behind the wheel of the 2023 Rolls-Royce Spectre. After rolling around South African wine country, I found the estimated $500,000 coupe to be smoother, more silent and more powerful–not to mention better looking–than any of its V-12 predecessors.
BUSINESS
Microsoft CEO Satya Nadella sees AI as new way to win search battle: Q&A
The Microsoft AI model for search — called Prometheus and built on some of the same technology OpenAI used for the viral ChatGPT chatbot — will allow it to make the biggest leap ever in the relevance of search results, he said. The new Bing adds the ability to chat and can even help users compose emails and other content.
BUSINESS
What to look out for in Joe Biden’s second state of the union speech
The downing of an alleged Chinese surveillance balloon that is hampering efforts to improve ties with Beijing and the specter of a US default that threatens to wreak havoc on the US economy will have investors, diplomats and lawmakers looking for reassurance as the president two challenges with international ramifications.
BUSINESS
Baidu surges as hope mounts over Chinese answer to ChatGPT
Baidu’s American depositary receipts jumped 12% at the New York open to the highest since March 2022.
WORLD
US trade gap widened to record in 2022 on imports surge
The annual shortfall in goods and services increased 12.2% to $948 billion, Commerce Department data showed Tuesday. The December gap widened to $67.4 billion from the prior month. The figures aren’t adjusted for prices.
INDIA
India rushes to long-term LNG deals to speed shift from coal
Petronet LNG Ltd., India’s biggest gas importer, wants to secure 12 million tons a year of additional supply under long-term contracts, Managing Director Akshay Kumar Singh said Tuesday in Bengaluru at India Energy Week.
BUSINESS
Microsoft Schedules Mystery Event for Tuesday as Company Accelerates AI Investments
The company didn’t disclose the content of the 10 a.m. local time event at the Redmond, Washington, headquarters in an invitation to reporters, but said it will “share some progress on a few exciting projects.”
TECHNOLOGY
OpenAI Is Drawing Competition From Fleet of Startups
“There’s obviously a whole crew of startups that are trying to chase after them — or leapfrog them,” said Guido Appenzeller, a former Intel Corp. AI executive and an Andreessen Horowitz adviser.
WORLD
US plans 200% tariff on Russian aluminium as soon as this week
The move has been contemplated for months, said the people, who asked not to be identified discussing internal deliberations
BUSINESS
China’s rising oil demand is no dead-cat bounce, says Kuwait
Energy traders are watching China closely, saying the pace of its recovery will be the single-biggest factor determining price moves this year.
BUSINESS
Dell to cut about 6,650 jobs, battered by plunging PC sales
The company is experiencing market conditions that “continue to erode with an uncertain future,” Co-Chief Operating Officer Jeff Clarke wrote in a memo viewed by Bloomberg. The reductions amount to about 5% of Dell’s global workforce, according to a company spokesperson.
BUSINESS
Tesla raises prices of its Model Y SUV in the US
The cost of the Model Y Long Range has increased by $1,500 to $54,990, while the Model Y Performance is up $1,000 to $57,990, according to the company’s website.
BUSINESS
Adani rout drags India’s weighting in EM index as Taiwan gains
As of the end of January, Taiwan’s weighting in the MSCI Emerging Markets Index rose to 14.2%, behind leader China’s 31.2%, while India’s fell to the third spot with 13%, according to Bloomberg-compiled data. India captured the second spot from Taiwan in August.
BUSINESS
Apple’s latest iPhones sell at rare $100-plus discounts in China
JD.com Inc. and state carrier China Mobile Ltd. are among the retailers taking 800 yuan ($118) off the iPhone 14 Pro range over 11 days.
BUSINESS
StanChart stops accepting Adani bonds as collateral: Report
The move follows similar actions by Citigroup Inc.’s wealth arm and Credit Suisse Group AG, as the Adani securities were roiled by allegations of fraud from US-based Hindenburg Research. The Adani group has repeatedly denied the short seller’s allegations.
HEALTH-AND-FITNESS
Evidence Is Mounting That Covid Is Bad for the Brain
Several studies have linked infections with brain fog, trouble concentrating and memory lapses.
COMMODITIES
Oil’s new map: How India turns Russia crude into the West’s fuel
India shipped about 89,000 barrels a day of gasoline and diesel to New York last month, the most in nearly four years. Daily low-sulfur diesel flows to Europe were at 172,000 barrels in January, the most since October 2021
ECONOMY
Jobs galore gives US consumers firepower to fight off recession
For much of the last two years, Americans’ pay couldn’t keep up with the rising cost of staples like food, rent or gasoline. But with price increases now slowing down, workers are finally seeing their inflation-adjusted incomes start to rise
BUSINESS
Adani Enterprises puts Rs 1,000-crore bond plan on backburner after market rout
The development is the latest in a sudden reversal of fortune for the conglomerate, after US-based short-seller Hindenburg Research late last month accused it of stock manipulation and accounting fraud.
BUSINESS
Adani rout eases, bringing some relief after turbulent week
At one point on Friday, losses for some Adani stocks including the flagship reached more than 50% since Hindenburg published its explosive report. The short seller said at that time that seven listed firms of the group are 85% overvalued even by taking the their financial metrics at face value.
