BUSINESS
OpenAI can’t dodge Musk’s fraud claims in restructuring suit
Musk has alleged the alliance OpenAI built with Microsoft after he left the startup’s board in 2018 is a bid to dominate the generative AI industry that threatens free market competition by rivals.
WORLD
Trump tariffs: China says it’s evaluating US talks after weeks of stalemate
“The US has recently sent messages to China through relevant parties, hoping to start talks with China,” commerce ministry added. “China is currently evaluating this.”
BUSINESS
Yellen warns US recession risk is ‘way up’ after Trump’s tariffs
Yellen — who also served as Treasury Secretary under Joe Biden — is the latest to warn of a rising risk of recession after US business and consumer confidence surveys tumbled in response to the tariffs.
WORLD
Big price hikes undercut Trump bet China will absorb tariffs
A swathe of products on e-commerce giants like Temu and Shein Group Ltd. have seen prices soar in the US. A set of kitchen cleaning towels selling for $1.28 on April 24 set the outer limit with a 377% jump to $6.10 a day later.
BUSINESS
Microsoft’s shares surge on strong quarterly cloud sales growth
WORLD
Trump says he deserves a ‘pass’ as data shows GDP contracted
Inflation-adjusted gross domestic product decreased an annualized 0.3% in the first quarter, well below average growth of about 3%.
WORLD
US has reached out to China to initiate tariff talks, China Central Television says
Trump Wednesday expressed confidence he would eventually speak with Xi, despite the Chinese leader’s reluctance to engage directly with his counterpart. “It’ll happen,” Trump said.
BUSINESS
Starbucks seeks to slash million-dollar store renovation costs
Starbucks had been spending $800,000 to $1 million for each store remodel, Chief Executive Officer Brian Niccol told staff in a companywide meeting, according to a recording viewed by Bloomberg News.
WORLD
Trump barely defeats challenge to his tariff war in Senate
The Senate tied 49-49 in a Wednesday vote on a resolution to end the barrage of import taxes the president announced earlier this month on China and most other US trading partners.
WORLD
Donald Trump says tariffs politically risky, but he’s not rushing deals
Trump went on to agree there was a significant political risk to his efforts, and that they could result in Republicans losing control of the House of Representatives in the midterm elections if those perceptions don’t change — but said he remained determined to push on.
BUSINESS
Tesla chair Robyn Denholm says report of CEO search to replace Elon Musk ‘false’
Tesla Inc. Chair Robyn Denholm, who rarely if ever comments publicly on Tesla, went on to say that the board is confident in Musk’s ability to “continue executing on the exciting growth plan ahead.”
WORLD
Google’s Sundar Pichai calls US remedies ‘de facto’ spinoff of search
Sundar Pichai, 52, has spent the majority of his career at Google, starting as a product manager in 2004 and rising through the ranks to become CEO of the company in 2015
BUSINESS
Pakistani assets set for worst month since 2023 on escalating tensions
Dollar bonds have handed investors a loss of nearly 4% this month, while equities are down almost 3%. Meanwhile, Indian assets are proving relatively immune for now with stocks and local bonds up this month.
BUSINESS
Mark Mobius says his funds hold 95% in cash on trade war risks
Investors will likely only be able to assess market opportunities once the trade negotiations take place over the next four to six months, Mobius said
WORLD
Xi is trying to turn world against US as Trump cuts deals
Chinese Premier Li Qiang this month sent a letter to Prime Minister Shigeru Ishiba urging a coordinated response to Trump’s tariffs, Kyodo News reported, citing a Japanese government official.
WORLD
Trump predicts China would 'eat' tariffs, lessening US impact
Trump said he did not believe hard times were ahead for US consumers, while acknowledging that his 145% tariffs on many Chinese goods amounted to a near-embargo.
WORLD
Donald Trump bashes Jerome Powell, touts tariffs at rally marking 100 days
Trump’s 100-day victory lap comes despite polls showing his approval ratings sinking to the lowest level in decades for presidents at this milestone in their terms.
BUSINESS
Asian stocks rise with earnings, economic data in focus
Australian and Japanese shares climbed at the open and equity-index futures for Hong Kong pointed to a moderate gain.
WORLD
Harvard’s president says ‘I’m sorry’ after reports on bias
Garber, who’s acknowledged he’s recently experienced antisemitism at Harvard, is releasing the studies as the university faces multiple government probes over its treatment of Jewish students and the role race plays on campus.
BUSINESS
Coca-Cola profit beats estimates on price hikes
Coca-Cola Co. posted quarterly profit that beat Wall Street expectations.
WORLD
China vows to stand firm, urges nations to resist ‘bully’ Trump
Chinese Foreign Minister Wang Yi said appeasement will only embolden the “bully” at a BRICS meeting on Monday, rallying the group of emerging-market nations to fight back against US levies.
WORLD
Japan worries Trump tariffs will push countries toward China
“More countries may distance themselves from the US and move closer to China — and that’s not an outcome Japan would wish for,” Liberal Democratic Party Policy chief Itsunori Onodera said.
WORLD
US treasury secretary Bessent sets July 4 tax bill goal as economic worries mount
Earlier this month, Republicans passed a budget resolution that would allow them to fast-track the tax bill through Congress without needing to make any concessions to attract Democratic votes.
WORLD
Donald Trump to offer auto tariffs reprieve after carmaker appeals
Imported automobiles also would be given a reprieve from separate tariffs on aluminum and steel, an effort to prevent multiple levies from stacking on top of each other, a White House official said Monday.
