POLICY
Biden vows to punish Saudis over oil output cut but struggles to calibrate response
The president added that he believes it’s time for the US to rethink its relationship with Saudi Arabia. But he and senior administration officials also conceded that a legislative plan to retaliate was unlikely to materialize until after November’s midterm elections
BUSINESS
Joe Biden says ‘very slight’ recession possible, but downplays risk
“I don’t think there will be a recession. If it is, it’ll be a very slight recession. That is, we’ll move down slightly,” Biden said in an interview Tuesday with CNN.
BUSINESS
Personal computer sales suffer worst decline as China chip curbs loom
Worldwide shipments of desktop and laptop computers fell by 19.5 percent in the third quarter of 2022 compared with the year-ago period, according to research firm Gartner
BUSINESS
Chipmaker rout engulfs TSMC, Samsung with $240 billion wiped out
Taiwan Semiconductor Manufacturing Co, the world’s largest contract chipmaker, plunged more than 8 percent on Tuesday. Samsung Electronics and Tokyo Electron also tumbled on concern US efforts to ensure international cooperation will crimp their ability to export to China
BUSINESS
Cathie Wood warns Fed of policy error as rate hikes hit ARK ETFs
In the latest market commentary from her firm ARK Investment Management, Wood pens an open letter to the Fed expressing concern that the central bank is making a policy error with its rapid rate hikes.
BUSINESS
The new rich are fueling brand expansion of Titan
“There is a lot of latent demand for luxury from India and high net-worth individuals are going to explode,” Ajoy Chawla, the chief executive officer of Titan Co., India’s biggest jeweler, said in an interview. “This is just the beginning for luxury.”
BUSINESS
How do we fix Ben Bernanke's fixes? That's for a future Nobel
This year’s Nobel laureates in economics underscore the consequences of monetary policy
BUSINESS
Ben Bernanke urges attention to crisis risks amid war, dollar surge
While the US financial system is in better shape than it was ahead of the global crisis in the late 2000s, he discussed concerns elsewhere.
BUSINESS
Elon Musk claims Twitter ordered whistle-blower to destroy evidence
Peiter Zatko, Twitter’s ex-head of security, said he burned 10 handwritten notebooks and deleted 100 computer files at the behest of company managers as part of severance agreement, according to unsealed court filings.
BUSINESS
JPMorgan CEO Jamie Dimon expects US recession in six to nine months
“These are very, very serious things which I think are likely to push the US and the world -- I mean, Europe is already in recession -- and they’re likely to put the US in some kind of recession six to nine months from now,” Dimon said in an interview Monday with CNBC.
BUSINESS
China's shot at overtaking the US economy is at stake in Xi Jinping's next term
Bloomberg Economics has sketched out four scenarios for China’s economy over the decades ahead, with a base case of 4.6% growth on average over the next decade.
COMMODITIES
Oil edges lower as slowdown concerns eat into OPEC-driven gains
In China, the world’s largest crude importer, authorities are signalling that there’ll be no let up in the nation’s Covid Zero policy, potentially acting as a brake on energy demand
BUSINESS
‘No possibility of reconciliation’ as US slams China chips
The US Commerce Department on Friday unveiled sweeping regulations that limit the sale of semiconductors and chip-making equipment to Chinese customers, striking at the foundation of the country’s efforts to build its own chip industry
BUSINESS
US stocks face brutal earnings season with all eyes on Apple
More than 60% of the 724 respondents to the latest MLIV Pulse survey say this earnings season will push the S&P 500 Index lower.
BUSINESS
Adani group said to be in talks for Jaiprakash’s Cement unit for $606 million
The ports-to-power conglomerate could pay about 50 billion rupees ($606 million) for a cement grinding unit and other smaller assets, one of the people said, asking not to be identified as the information is private.
BUSINESS
NFT platform OpenSea’s CFO exits role in another crypto shake-up
The latest in a spate of C-suite departures in the sector comes from nonfungible token marketplace OpenSea, where Brian Roberts has exited from the role of chief financial officer after less than a year in the job.
BUSINESS
Era of peak yields signals entry point for emerging-market bets
It’s a combination of two peaks. One, in inflation: Developing nations from India to Brazil are reporting declines in consumer-price growth, early victories in a war that’s gone on for two years. Two, monetary tightening: From the US to UK and Europe, wagers on rate hikes that kept surging until last month are now moderating.
BUSINESS
Vladimir Putin to meet top security officials as Crimea bridge blast hits prestige
“The authors, the executors, the commissioners are Ukraine’s secret services,” Putin said at a meeting with Alexander Bastrykin, chairman of Russia’s Investigative Commission, according to a transcript posted on the Kremlin website.
BUSINESS
Investors on guard as stocks rally sputters ahead of data deluge
The S&P 500 and Nasdaq 100 indexes are both coming off their best weeks in a month. But the way Friday ended, it’s hard to feel optimistic. Where the market goes from here likely lies in a batch of economic data that will arrive over the next couple of days.
BUSINESS
Mohamed El-Erian blames Fed for ‘very high’ risk of a damaging recession
“Not only does it have to overcome inflation, but it has to restore its credibility,” El-Erian said of the US central bank in a CBS News interview Sunday. “So yes, I fear we risk a very high probability of a damaging recession that was totally avoidable.”
TRENDS
Branding 101 from 007 — and ‘Dr. No’
“Bond told the story in simple terms, with good men and bad men, like an adventure story out of a book.” — Ian Fleming, Dr. No (1958)
BUSINESS
In Pakistan, used cars have more lasting value than money
A falling currency, protectionist market, and high inflation all contribute to the rising value of cars—and a frenzied market for used ones.
COMMODITIES
Gold market’s great migration sends bullion rushing east
In India, it is silver that is seeing big premiums. The differential has soared recently to $1, more than triple the usual level, according to consultancy Metals Focus
ECONOMY-ECONOMY
Fed officials won’t relent on path to 4.5% and may move higher
The aim, which is widely shared among the US central bank’s 19 policymakers, suggests they are on course to deliver a fourth straight 75-basis-point rate increase next month
