Zhongzhi Enterprise Group, one of China’s largest shadow banks, has declared itself “severely insolvent” and warned of the risk of maintaining normal operations, leaving tens of billions of dollars in losses for its investors.
AI Investment Remains Resilient, But Software Firms Face “Existential” Market Anxiety
The artificial intelligence boom shows no sign of slowing, with global spending on AI infrastructure set to surpass $600 billion this year. Yet beneath the headline figures, a growing number of investors are raising urgent questions about who, ultimately, will profit — and who may not survive. A Flood of Capital Into AI The scale of AI investment is almost without precedent. According to analysts at Natixis, the so-called Magnificent Seven technology giants — which include Microsoft, Google parent Alphabet, and Amazon — are expected to spend around $600 billion on data centres, chips, and AI infrastructure in 2026 alone. S&P Global puts that figure even higher, at approximately $635 billion. Credit markets, too, have shown a strong appetite for…
AI Investment Remains Resilient, But Software Firms Face “Existential” Market Anxiety
The artificial intelligence boom shows no sign of slowing, with…
IMF Slashes Global Growth Forecast to 3.1% as Middle East War Intensifies
The International Monetary Fund has sharply cut its outlook for…
“Inward-Looking” Trade Policies Threaten to Fragment Global Supply Chains
As protectionist measures multiply across the world's largest economies, experts…
Powell Faces Political Pressure as Fed Weighed Down by Division
The US Federal Reserve is facing a stark division within…
China’s Export Growth Slows Amid U.S. Trade Tensions and Fading “Frontloading”
China’s economic recovery has hit a bump, with official data…
Sam Altman Back as OpenAI CEO Less Than a Week After Ouster
In a striking turn of events, Sam Altman has been reinstated as the CEO of OpenAI, merely a week after his unexpected dismissal from the pioneering AI company he co-founded. This development follows an intense five-day period marked by rigorous discussions and negotiations.
Binance CEO Steps Down Amidst Money Laundering Charges
Changpeng Zhao, known as “CZ” in the cryptocurrency world, recently stepped down as the CEO of Binance, the globe’s largest cryptocurrency exchange. This unexpected move came alongside his guilty plea to serious federal money laundering charges.
Biden and Xi Find Common Ground in California Meeting
US President Biden and President Xi Jinping of China held a rare face-to-face meeting on Wednesday, seeking to ease tensions and find areas of cooperation amid a host of thorny issues that have strained the world’s most important bilateral relationship.
Ryanair Plans First Regular Dividend Amid Record Profits
The low-cost carrier said it expected to make an after-tax profit of between €1.85 billion and €2.05 billion ($2.1 billion and $2.3 billion) in the fiscal year ending in March 2024, surpassing its previous record of €1.45 billion in 2018.
Berkshire Hathaway Amasses Record Cash Stockpile
Berkshire Hathaway, the conglomerate led by Warren Buffett, reported a 40% increase in its operating earnings for the third quarter of 2023, as well as a record-high cash balance of $157 billion.
South Korea Stocks Surge Following Short Selling Ban
South Korean stocks soared on Monday after the government announced a full ban on short selling for about eight months, a move that aimed to curb illegal use of the trading strategy and protect retail investors.
US GDP Grows by 4.9% in Third Quarter 2023
Gross domestic product (GDP), the broadest measure of economic activity, increased at an annualized rate of 4.9% in the July-September period, the highest since the fourth quarter of 2021, when it grew by 5.1%.
Bank of Japan Struggles to Keep Yields Low Amid Global Rate Hikes
The Bank of Japan (BoJ) is facing mounting challenges as it tries to maintain its ultra-loose monetary policy amid a weakening yen and rising global bond yields.
China Suffers Worst Capital Exodus Since 2016
China’s currency, the yuan, has come under pressure as capital is leaving the country at the fastest rate in over seven years, according to data from the Institute of International Finance.