World Street | Jack Ma lauds Alibaba overhaul, DoJ probes Nippon Steel-US Steel deal, Meta's new-gen AI chip, US bond yields spike and more

World Street offers a sneak peek into the world of business and economy.

Jack Ma praises Alibaba's overhaul in an internal memo. US justice department investigates Nippon Steel's US Steel buyout. Oil prices rise amid Gaza tensions. US Treasury yields surge on inflation data. Harvest Fund may launch Bitcoin ETF in Hong Kong. Meta shares details about its next generation in-house artificial intelligence (AI) accelerator chip — all this and more on this edition of World Street.

Ma's Memo

Alibaba founder Jack Ma has praised the company's changes over the past year. In an internal memo to employees, he highlighted the significant restructuring and management shifts aimed at reviving the tech giant.

“Over the past year, amid external and internal doubt and pressures, I have witnessed the birth of a strong and courageous Alibaba team,” Ma wrote.

Nippon's Knot

The US Department of Justice (DoJ) has initiated an anti-trust inquiry into Nippon Steel's acquisition of US Steel for $14.1 billion, Reuters has reported. The deal has attracted attention from US lawmakers regarding national security issues, prompting President Joe Biden to say, "US Steel must remain an American steel company that is domestically owned and operated".

Barrel Buzz

Oil prices settled up $1 on April 10 after the Hamas chief said his three sons were killed in an Israeli airstrike on the Gaza Strip, fuelling worries that ceasefire talks might stall.

Benchmark Brent crude futures settled up $1.06, or 1.2 percent, at $90.48 a barrel, while US West Texas Intermediate (WTI) futures settled up 98 cents, or 1.2 percent, to $86.21.

"The oil market has been and continues to be very reactive to news out of Gaza," John Kilduff, partner at Again Capital LLC in New York told Reuters.

Yield Yo-Yo

The 10-year treasury yield jumped back above 4.5 percent after US' March inflation data came in hotter than expected, adding to the likelihood of higher-for-longer interest rates from the Federal Reserve.

The yield on the 10-year treasury was last higher by more than 18 basis points at 4.548 percent. The yield on the 2-year treasury was last at 4.969 percent after climbing 22 basis points.

Bitcoin Bounty

The international arm of Chinese asset manager Harvest Fund Management Co may get approval from Hong Kong as soon as this month to launch a spot-bitcoin exchange-traded fund (ETF), Bloomberg has reported. The pending approval marks the second phase of Harvest Global Investments Ltd's process to list a bitcoin-centric ETF in the city.

Meta Matrix

Meta Platforms on April 10 unveiled details of the next generation of the company’s in-house artificial intelligence (AI) accelerator chip. The chip, referred to internally as Artemis, will help Meta reduce its reliance on Nvida’s AI chips and reduce its energy costs overall.

"These chips are part of our growing investment in our AI infrastructure and will enable us to deliver new and better experiences across our apps and technologies," said Meta.

Star Stepdown

Personal care and baby products maker Honest Company has said founder actress Jessica Alba would be stepping down from her role as the chief creative officer. Alba, known for her roles in movies such as Fantastic Four, Honey and Good Luck Chuck founded the company in 2012 and it began trading on Nasdaq in 2021.

Policy Prudence

The Bank of Korea is expected to keep its policy settings unchanged on April 12, opting to continue its inflation fight in a steady manner as the nation undergoes a major political change and two of the bank’s board members prepare to exit.

All 23 economists polled by Bloomberg forecast that the South Korean central bank will keep its benchmark rate at 3.5 percent, a decision that would underscore continued caution toward early policy pivots. The bank has kept rates steady since January 2023.