BUSINESS
Inventor behind Amazon’s alexa raises funds for AI startup
William Tunstall-Pedoe said his Cambridge- and London-based company, Unlikely AI, needed the money to start hiring developers of a new type of artificial-intelligence software.
BUSINESS
How a Pakistani startup folded a year after raising $85 million
The e-commerce company collapsed less than a week after failing to complete a funding round, underscoring how severely the global rout in tech valuations is affecting fragile startups in emerging markets.
BUSINESS
Tesla supplier’s rival Gauges demand for $2 billion Hong Kong IPO
The Jiangsu-based lithium battery maker, a competitor for bellwethers Contemporary Amperex Technology Co. and BYD Co., will assess demand for its shares from Sept. 12 to Sept. 22, according to terms of the deal obtained by Bloomberg.
BUSINESS
AstraZeneca looks to more than double new cancer drugs by 2030
The UK drugmaker has added seven new cancer medicines since 2014, after Chief Executive Officer Pascal Soriot made a risky bet on an oncology pipeline to revive growth and ward off a hostile takeover from Pfizer Inc.
BUSINESS
Bailout euphoria signals peak of pessimism in emerging markets
Over the past two weeks, the International Monetary Fund has been sewing up or inching toward loan agreements with some of the most vulnerable nations -- namely Pakistan, Sri Lanka, Zambia, Egypt and Chile -- after months of negotiations.
BUSINESS
Return of pricing power to keep retail prices elevated
That’s because the consumer price index, currently hovering above the central bank’s 2%-6% target band, has shown little correlation with the wholesale measure in the past decade.
ECONOMY
Govt considers new coal imports as energy supply concern grows
Stockpiles of the fossil fuel at power plants have fallen about 11% since mid-August, meaning utilities have an average of 10 days supply, well below required levels of more than three weeks.
BUSINESS
Tata Group in talks to join club of iPhone makers
The discussions with Wistron Corp. are aimed at making Tata a force in technology manufacturing, and the Indian salt-to-software conglomerate wants to tap the Taiwanese company’s expertise in product development, supply chain and assembly, people with knowledge of the matter said.
BUSINESS
Russia’s exclusion may pave way for India into global bond index
Morgan Stanley expects an announcement that India will be included in JPMorgan & Chase Co.’s emerging markets bond index as early as mid-September with the actual entry in the third quarter next year.
BUSINESS
Nomura sees bigger Fed rate hikes in September, November
The Fed is seen to raise the benchmark rate by 75 basis points this month and a half-point at the November meeting, according to a report released Friday by economists led by Aichi Amemiya. That’s an increase of 25 basis points for each of their previous forecasts for those decisions.
BUSINESS
Charles becomes king as the face of a nation changes
Charles, the eldest of Elizabeth’s four children, will be formally proclaimed king in a ceremony dating back hundreds of years. At 73, he is the oldest person to accede to the throne in British history.
BUSINESS
Top rice exporter India curbs sales amid global inflation
The South Asian country prohibited exports of broken rice and imposed a 20% levy on shipments of unmilled and husked brown varieties, according to statements from the government late Thursday. Semi-milled and wholly-milled rice, except parboiled and basmati varieties, will also have a similar duty.
ENVIRONMENT
Australia passes first major climate action reform since 2011
Australia has long been seen as a laggard on the international stage when it came to climate action, with large fossil fuel exports offset by the bare minimum of emission cuts.
BUSINESS
Government is going after fake, paid social media reviews
The government will soon announce a framework of regulations that target people paid to endorse merchandise, Rohit Kumar Singh, the most senior bureaucrat at India’s consumer affairs department, told reporters in New Delhi on Wednesday.
BUSINESS
Economic Anxiety shows up in Merriam-Webster’s latest dictionary additions
About once a year, Merriam-Webster adds new words to the dictionary. This September, 370 made it in.
BUSINESS
More People Are Spending Millions for Week-long Cruises on Luxury Superyachts
Bookings for superyachts through Fischer Travel Enterprises, where Fischer-Rosenthal is president, have spiked 20 per cent this year from already high levels in 2021, a trend also seen by other companies chartering out luxury vessels that can come with all the frills from Michelin-starred cuisine to cinemas and submarines.
ECONOMY
Oil slumps below $85 for first time since January on demand fear
US benchmark West Texas Intermediate sank below $85 while the global Brent benchmark fell below $90.
BUSINESS
Deutsche Bank CEO Christian sewing says Germany heading for recession
“We will no longer be able to avert a recession in Germany,” Sewing said during a speech in Frankfurt on Wednesday. “We believe that our economy is resilient enough to cope well with this recession -- provided the central banks act quickly and decisively now.”
BUSINESS
Dubai office rents are rising faster than in NYC and London
The rush for office space in the emirate is on show in skyscrapers like ICD Brookfield Place, which towers 928.5 feet (283 meters) over the financial district.
BUSINESS
Xi Jinping renews call for China tech push after US escalates curbs
Invoking the so-called “whole nation system” that propelled China’s space and nuclear weapons programs, Xi exhorted top officials to pool their resources and focus on breakthroughs critical to the country’s future.
BUSINESS
Sundar Pichai says Google ‘pro-competitive,’ sees vibrant tech market
Sundar Pichai made the remarks late Tuesday at the Code Conference in Los Angeles. He said the company is “pro-competitive” and named companies including Apple Inc. and Microsoft Corp. as competitors in the advertising business and TikTok as a rival in the video space.
BUSINESS
Here's what Asia's rich are betting on as global risks grow
People with more than $1 million of investable funds are repositioning toward private markets to shield their assets from market volatility, Lombard Odier’s 2022 study about high net-worth individuals in Asia Pacific found.
BUSINESS
Dhamaka duo brings fiery chicken, Indian groceries to Brooklyn
Chef and co-owner Chintan Pandya will serve foods from Kolkata, along with his take on under-the-radar specialties from across India.
BUSINESS
US lays out $50 billion chips plan, funds likely next spring
Smaller, simpler projects involving expansion of existing facilities will be the first to receive funds, followed by more complex projects for so-called leading-edge chips, which the US currently doesn’t produce but consumes more than 25% of global supply, Raimondo told reporters in Washington Tuesday.
