COMPANIES
Anil Agarwal Faces Key Vote for Plan to Tap Vedanta Cash Reserves
Shareholders of Indian unit Vedanta Ltd. will vote Oct. 11 on a company plan to move money out of its reserves and into its balance sheet, increasing the probability that the funds will be used for dividends.
WORLD
Oil Poised for Biggest Weekly Rally Since March on OPEC+ Move
West Texas Intermediate futures rose to near $89 a barrel on Friday and are up around 12% for the week.
CRYPTOCURRENCY
Binance-Backed Blockchain Probes $100 Million Hack of Tokens
The amount is an estimate and the money lost will be covered by a Binance back-up fund, according to spokesperson for the network, BNB Chain.
WORLD
Joe Biden Says Putin Threats Real, Could Spark Nuclear ‘Armageddon’
WORLD
Tesla’s Vegan Leather Supplier Bets Material Will Be Used Everywhere
The goal for Noboru Yoshimura, 60, president of the Tokyo-based manufacturer, is to make the company’s name synonymous with synthetic leather.
BUSINESS
World's economy needs a supply-side revolution
After shoveling money at people to increase demand, inflation has refocused developed nations on the need to increase supply — but no one agrees on how to do that
BUSINESS
OPEC+ is gambling with the global economy
The Saudi-Russian Oil Axis Snubs Biden With Production Cuts
BUSINESS
India, Indonesia debt outperforms China despite global selloff
The two countries’ sovereign debt only lost 0.4% and 1.5% respectively for dollar-based investors in the third quarter, less than other emerging markets in Asia including China, according to data compiled by Bloomberg. They knocked China off the top spot as the best performer in the region.
BUSINESS
Secretive chip startup may help Huawei circumvent US sanctions
Huawei is expected to buy most, if not all, of its output, said the people, who asked not to be identified discussing private information. PXW, as the company is known, plans to take delivery of the gear as early as the first half of 2023, one of the people said.
BUSINESS
Paris club approaches China, India for Sri Lanka debt overhaul
The club, an informal group of mostly rich, western bilateral creditors, is awaiting a response from both countries after it sent an official request in late August to work together, said an official who declined to be identified because talks are continuing.
BUSINESS
Elon Musk’s everything app ‘X’ sounds a lot like China’s WeChat
Elon Musk didn’t provide many details beyond a one-line tweet. But the Tesla Inc. impresario has openly admired the Tencent Holdings Ltd. app that’s grown from a messaging service to a mini-internet used daily by more than a billion Chinese.
BUSINESS
US stock rally is sending a bullish signal, BofA strategist says
The “immediate pattern” for the S&P 500 is now bullish with upside potential to between 3,900 and 3,946 points, which serves as key resistance levels for the benchmark index moving forward, according to Stephen Suttmeier, a technical research strategist at the bank. That implies a 3% to 4% rise above Tuesday’s close, the strategist said.
BUSINESS
World currency reserves shrink by $1 trillion in record drawdown
Reserves have declined by about $1 trillion, or 7.8%, this year to $12 trillion, the biggest drop since Bloomberg started to compile the data in 2003.
BUSINESS
US airs frustration at OPEC cut, signals repercussions for bloc
OPEC+ agreed Wednesday to the cut as it seeks to halt a slide in oil prices caused by the weakening global economy -- the biggest reduction by the Organization of Petroleum Exporting Countries and its allies since 2020.
BUSINESS
Ray Dalio closes the frontier for Hedge Funds: Aaron Brown
The founder of Bridgewater Associates, who is stepping back, helped usher in modern financial markets
BUSINESS
Morgan Stanley says bottom near for emerging-market equities
It’s highly likely these markets are bottoming amid “abundant” signs of extreme selling, the investment bank’s strategists including Jonathan Garner wrote in note Tuesday.
BUSINESS
Millions in cryptocurrency vanished as agents watched helplessly
Gary Harmon grinned as he lounged in a bathtub full of dollar bills surrounded by scantily clad women. The moment, captured in a photo on his cellphone, could be part of his undoing. To US prosecutors, it’s evidence that he suddenly came into a lot of money.
BUSINESS
Nursing shortage sparks bidding war as countries vie for talent
Now with pandemic-related travel restrictions easing, countries from Germany to the United Arab Emirates and Singapore are stepping up efforts to lure foreign nurses and other medical professionals with promises of expedited visas and better pay.
BUSINESS
Mapping our genetic ties to Neanderthals deserved a Nobel
For example, in 2020 Pääbo and Hugo Zeberg found that having a specific Neanderthal gene variant may double the risk of dying from Covid-19.
BUSINESS
Why should Twitter, or investors, trust Elon Musk this time?
Musk’s decision to buy Twitter six months ago seemed based on little more forethought than his decisions to, say, tweet he was taking Tesla private (which got him into another legal mess, with the SEC) or make fun of Bill Gates’s body or claim his (not yet built) cybertruck can also be a boat. It’s not the kind of stuff normal CEOs do.
BUSINESS
The best bar in the world is hidden behind a Barcelona pastrami shop
The bar features a dramatic, arched wooden ceiling and such cocktails as smoked milk punch with bourbon and tahini.
BUSINESS
Marc Andreessen compares California to Rome Circa 250 A.D.
In a 34-tweet thread on Tuesday Andreessen, who co-founded the venture capital firm Andreessen Horowitz, said that he and his family considered leaving after a “surreal 2020.”
BUSINESS
Elon Musk revives $44 billion Twitter bid, aiming to avoid trial
Elon Musk made the proposal in a letter to Twitter on Monday, according to a filing with the Securities and Exchange Commission that confirmed a Bloomberg report.
BUSINESS
Ray Dalio gives up control of Bridgewater in final succession step
The billionaire founder of Bridgewater Associates has given up control of the firm he built into the world’s largest hedge fund, entrusting its future and $150 billion in assets to a younger generation of leaders with their own ideas about investing.
