BLOOMBERG
US readies China chip curbs that stop short of earlier proposals, Bloomberg News reports
The Biden administration is weighing additional curbs on sales of semiconductor equipment and artificial intelligence (AI) memory chips to China that would escalate a U.S. crackdown on Beijing's tech ambitions but stop short of some stricter measures previously considered, Bloomberg News reported on Wednesday.
Trump pick Lutnick's firm in talks with Tether for $2 billion bitcoin lending project, Bloomberg reports
Howard Lutnick, nominated by Trump for Commerce Secretary, plans to strengthen financial ties with Tether. Lutnick's firm, Cantor Fitzgerald, and Tether are discussing a $2 billion project. The project involves lending dollars against bitcoin. This collaboration could potentially grow to tens of billions of dollars. Lutnick's firm already manages billions in Treasuries for Tether, generating substantial annual revenue.
US looks into JPMorgan's ties to Iranian oil kingpin
The US Treasury is looking into JPMorgan Chase & Co.'s dealings with a hedge fund. The hedge fund is believed to be connected to Iranian oil trader Hossein Shamkhani. The Treasury wants to know if JPMorgan followed all the rules when it took on the hedge fund as a client. The hedge fund, Ocean Leonid Investments Ltd.
Chinese tech giant Alibaba posts 5% quarterly revenue growth
Chinese tech and ecommerce giant Alibaba on Friday reported moderate revenue growth of five percent in its latest quarter, as Beijing works to stimulate domestic spending.
Our cities need real mayors with real job
Political theorist Benjamin R Barber argues that cities are better positioned than nation-states to address global challenges. However, in India, despite the 74th Constitutional Amendment Act of 1992, mayors remain largely powerless due to a lack of autonomy and resources, hindering effective urban governance.
OpenAI cofounder Greg Brockman returns to ChatGPT maker
His return to OpenAI comes after a series of departures at the Microsoft-backed company, including its former Chief Technology Officer Mira Murati, cofounder John Schulman and cofounder Ilya Sutskever.
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Jeff Bezos sells $3 billion in Amazon shares, ranks as second-richest man in the world
Jeff Bezos, Amazon's founder, has sold over $13 billion in Amazon stock this year alone, with the latest sale totaling $3 billion. Despite divestments, Bezos's net worth has soared to $222 billion, partly driven by Amazon¡¯s recent strong stock performance. Bezos has used Amazon stock sales to fund initiatives such as Blue Origin and the Bezos Day One Fund. This year, he announced a move to Miami, raising questions around Washington¡¯s capital gains tax, although he cites family and Blue Origin proximity as reasons.
Arm Holdings to cancel Qualcomm chip design license: reports
Arm has given Qualcomm a mandated 60-day notice of the cancellation of the licensing agreement, the report said, adding that the contract allows Qualcomm to create its own chips based on standards owned by Arm.
Nvidia plans to invest in Thailand: reports
The chip maker is set to unveil investment plans during CEO Jensen Huang's trip to Bangkok in December this year, he told Bloomberg in an interview, declining to give details on the investment or how much the company will bring into Thailand.
Trump sued over comments about notorious New York case
The lawsuit, filed in a federal court in Pennsylvania, accuses the Republican White House candidate of making "false and defamatory" comments during the September 10 presidential debate with Vice President Kamala Harris in Philadelphia.
Used luxury watch prices stabilise, boosted by Patek Philippe
Used luxury watch prices rose modestly in September as the market stabilizes. The Bloomberg Subdial Watch Index saw an increase, led by Patek Philippe and driven by the Nautilus 5711. The rise follows the US Federal Reserve's interest rate cut, with Tudor watches also showing gains while Rolex and others remained flat or slightly decreased.
India bond yields to glide lower as FTSE Russell inclusion opens door to more inflows
Demand for Indian government bonds will rise, maintaining lower yields, following FTSE Russell's decision to include them in its index from September 2025. This follows earlier inclusions by JPMorgan and Bloomberg. Bonds with 5 to 10-year maturities will benefit the most. Foreign investment is expected to increase, diversifying ownership and keeping borrowing costs stable.
Ubisoft says it reviews strategic options, shares rise
The video game maker said on Monday it "regularly reviews all its strategic options" after Bloomberg News on Friday reported that major shareholder Tencent and the Guillemot family, Ubisoft's founders, were considering a buyout of the French video game company.
Mark Zuckerberg now world¡¯s second-richest person. His total net worth $206.2 billion surpasses Kuwait's GDP
Meta CEO Mark Zuckerberg has overtaken Jeff Bezos to become the world's second richest person, with a net worth of $206.2 billion in 2024. This leap, driven by Meta's strong AI investments and a 70% rise in its stock, follows significant cost-cutting measures.
Bernard Arnault wins big on China stimulus with $17 billion wealth surge
Bernard Arnault, who faced a significant wealth drop this year, saw his fortune rise by $17 billion to $201 billion after China announced stimulus measures. Shares of his LVMH surged on hopes of revived luxury goods demand. Arnault now ranks as the world's fourth-richest person.
Citigroup's China expansion held up by US regulators: Reports
Citigroup's plans to expand in China face delays due to U.S. regulatory issues. The Federal Reserve has penalized the bank for data management and risk control problems, hindering its ability to set up a standalone securities firm in China. Despite these setbacks, Citigroup remains committed to its application process.
Volkswagen and JV partner SAIC plan to close China plant, Bloomberg reports
Volkswagen and its Chinese partner SAIC plan to close at least one plant in China due to slow demand for combustion engine cars. The Nanjing plant, producing VW Passat and Skoda cars, is the first threatened with closure. Volkswagen is working with partners like Xpeng to introduce more competitive models in the market.
Man spends $400,000 on beachfront house in Massachusetts, now it is being swallowed by the ocean
A man named David Moot has spent over ?3 crore to buy a beachfront house in Cape Cod, Massachusetts, despite warnings that it could fall into the ocean within a decade. Moot purchased the three-bedroom home for $395,000, significantly lower than its initial listing price of $1.195 million due to concerns about climate change and erosion. The house is located just 25 feet from an eroding sand cliff.
HDFC in talks with global banks to offload Rs 8,400 crore in loans
HDFC Bank, India's largest private sector lender, is negotiating with global banks like Barclays, Citigroup, and JPMorgan to sell up to $1 billion in loans. This move aims to align its credit book with deposits amid regulatory pressure. The bank's credit to deposit ratio has risen significantly following its merger with Housing Development Finance Corp.
9/11 anniversary brings Joe Biden, Kamala Harris and Donald Trump together at ground zero
On the anniversary of the 9/11 attacks, President Joe Biden, former President Donald Trump, and Vice President Kamala Harris attended ceremonies at ground zero. Victims' relatives called for accountability and justice, urging leaders to address Saudi Arabia's alleged involvement. The event highlighted the ongoing impact of 9/11 on U.S. foreign policy and domestic security. The ceremony included reading victims' names and laying wreaths at various attack sites.
US commemorates 9/11 attacks with victims in focus, but politics in view
The US is commemorating the lives lost and impacted by the 9/11 attacks, which killed nearly 3,000 people in 2001. This year's anniversary coincides with the presidential campaign season, with Vice President Kamala Harris and former President Donald Trump expected to attend observances at key sites. Organisers aim to keep the focus on victims.
India will find it difficult to slash fossil fuel imports, no need for too much EV subsidies: Nitin Gadkari
Union Transport Minister Nitin Gadkari highlighted the challenges of reducing India's crude oil imports by 25% at the BloombergNEF summit. He emphasised the potential for green fuel, particularly hydrogen, and aimed for India to become a leading manufacturer of lithium-ion batteries and green-fuel automobiles. Gadkari noted that India's low production costs would attract automobile companies and reduce import dependency.
India¡¯s ¡®sweet spot¡¯ lures bond funds amid global market turmoil
Global funds have invested $7 billion into India's debt market over 14 weeks, showcasing the country's appeal amid global financial instability. Factors like interest rate cut prospects, the rupee's stability, and inclusion in key indices have driven investor interest. India's bonds are among Asia's top performers this year.
Market is pricing in too many Fed rate cuts, says El-Erian
Mohamed El-Erian suggests traders are overestimating the likelihood of aggressive Federal Reserve rate cuts by the year's end. He believes that a more realistic expectation is a 75-basis-point cut. The market anticipates up to 100 basis points in cuts, but the Fed's decision at their Jackson Hole symposium remains crucial.
Asian stocks fluctuate as traders weigh Trump win
Asian stocks fluctuated amid US election uncertainty. Markets in Japan, Australia, and South Korea remained stable. Yields on 10-year Treasuries held steady. Wall Street edged higher with tech megacaps leading the rally. The Democratic National Committee considers early Biden nomination. Supreme Court ruling on Trump's immunity affects the election. Fiscal deficit policies are investors' focus.
Warren Buffett donates record $5.3 bln Berkshire shares
Warren Buffett is donating another $5.3 billion of Berkshire Hathaway stock to the Bill & Melinda Gates Foundation and four family charities, his biggest annual donation since he began making them in 2006.
Active ETF Offerings may Surpass Passive Ones in 3-5 Years
Actively run exchange-traded funds are poised for a record-breaking $260 billion haul this year, driven by investors turning to alternative strategies beyond traditional benchmarks. State Street predicts a significant increase in flows into active ETFs compared to last year.
How results of Lok Sabha polls will impact sensex, Nifty
According to a Bloomberg News survey of market participants, Indian stocks require Prime Minister Narendra Modi's party to secure more than 303 seats in the general election to continue their unprecedented rally. The survey, which included 32 asset managers, strategists, and dealers, suggests that a reduced majority for the ruling BJP could result in a 2% decline in the NSE Nifty 50 Index, along with potential losses in the rupee and sovereign bonds.
China's Alibaba to raise $4.5 billion through convertible bonds, repurchase shares
Alibaba Group Holding Ltd plans to raise $4.5 billion through convertible bonds, with options for additional purchases, to repurchase American Depositary Shares. The bond sale caused a drop in Hong Kong-listed shares, while U.S.-listed shares remained stable.
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