Aurobinda BD 100 Articles

BUSINESS DEVELOPMENT
100 INTERNATIONAL BUSINESS NEWS ARTICLES
Submitted By,
Aurobinda Sahoo
FMS-MBA-20-22-066
1. India set for single biggest FDI as Posco eyes return to Odisha
South Korean giant evaluates options for integrated steel plant project worth $12 billion. South Korean
steel giant Posco has set its sights on a return to the eastern Indian state of Odisha, with a massive
investment worth $12 billion to set up an integrated steel plant – marking one of the biggest foreign direct
investments in India yet. The plan – first outlined by South Korean Ambassador to India Shin Bongkil –
would mark one of the single-largest FDIs in India.
Participating in a roundtable on ‘South Korea and Odisha: Promoting Bilateral Business Opportunities’
organised by the Indian Chamber of Commerce (ICC) in association with Industrial Promotion and Invest
Corporation of Odisha Ltd (IPICOL), Bongkil said 66 new Korean companies have entered India in the
past one year – even during the pandemic – making an investment of $17 million in 2020.
Apart from steel, Korean companies were keen to work in the areas of renewable energy, water treatment
and smart city projects, said Young Sean Park, Director of Korea Trade-Investment Promotion Agency,
adding that focused meetings will be organised in September for exploring opportunities in smart city
projects.
2. Trump media group plans subscription video service

Trump media group on Tuesday announced it is negotiating with Canadian online video platform Rumble
to provide a stage for a subscription on-demand video service.
The organization headed by former US president Donald Trump said that it has already inked a deal to
have the specialty firm, which is popular with political conservatives, provide "wide-ranging technology
and cloud services."
Rumble will handle streaming video online for Truth Social, and talks are taking place to have the firm
use its technology for an on-demand, subscription video product called TMTG+, according to the release.
US regulators are scrutinizing a deal between Trump's fledgling social media company and an investment
vehicle to bring the former president's venture to the stock market, documents showed last week.
Aurobinda Sahoo
FMS-MBA-20-22-066
3. Adani Power to buy AES 49% stake in Odisha Power for $135mn
Adani Power will buy 49 per cent equity stake in Odisha Power Generation Corporation (OPGC) from
US based AES Corporation for $135 million. The Odisha government will retain its 51 per cent stake in
the utility that operates a 1,740 MW thermal power plant in the state's Jharsuguda district. The deal marks
Adani Power's foray into the state, and it demonstrate the Adani Group's long-term commitment to
develop and operate high quality infrastructure in Odisha, the company said.
AES and Adani Group are already partner in renewables and energy storage business in the country. “The
transaction is subjected to customary regulatory approvals, including compliance with applicable
requirements in relation to the government of Odisha and the receipt of regulatory approvals such as
Competition Commission of India and Reserve Bank of India.
The American Company said in a separate statement that the stake sale was a part of its global strategy to
reduce the share of coal in its portfolio. AES said coal will now account for 35 per cent of its generation,
down from 45 per cent previously.
4. Milk Mantra secures $10mn from US International DFC
Odisha based dairy food start-up Milk Mantra raised $10 million in structured debt funding financing
from US International Development Finance Corporation (DFC). Additionally, DFC has also approved
$371,000 in technical assistance to increase the impact of its loan to Milk Mantra.
Proceeds from the debt financing round will be used by Milk Mantra towards expanding capacity, across
product lines, in its two existing plants. With this investment, Milk Mantra has raised nearly $39 million
which has been invested and will continue to be largely invested in Odisha with a strong focus on
empowering the local dairy farming community and creating indirect jobs.
The company has been instrumental in building and motivating a start-up ecosystem in Odisha and this
new investment from the US will further support their efforts. The company is also in the process of
acquiring a new plant asset in Kolkata, as part of its broader inorganic growth plans.
5. Acerlor Mittal to invest $263mn in Odisha

Global steel giant ArcelorMittal Group is planning to invest $263 million in Odisha, said its Chairman
and CEO Lakshmi Mittal in a video conference with Odisha Chief Minister Naveen Patnaik.
“We already have $263 million investment plan in Odisha which is on. We got one mine here at auctions
which was organised very well. The auctions process you have introduced is one of the best. You have
transparency in governance and that is the most important thing for us as an international company. The
company would work on the two iron ore mines- Sagasahi and Thakurani in Odisha,” Mittal told Patnaik
during the interaction.
Chief Minister Patnaik assured Mittal of all support from the state government and also advised Mittal to
add value to the mineral resources procured from Odisha in the state itself so that it will help creation of
employment opportunities and enhance the development of the state economy.
6. Tata Power acquires 51% stake in Odisha’s TPCODL for $24mn
Tata Power acquired 51 per cent stake in TP Central Odisha Distribution Ltd (TPCODL) for $23.6 million.
Tata Group firm has taken over the management of Central Electricity Supply Utility (CESU), after
receiving the Letter of Intent from the Odisha Electricity Regulatory Commission for the distribution and
retail supply of electricity in Odisha's five circles consisting of Bhubaneshwar, Cuttack, Puri, Paradip and
Dhenkanal.
As per order issued by the Odisha Electricity Regulatory Commission, the Mumbai based electric utility
company will hold 51 per cent equity with management control and the State-owned Grid Corporation of
Odisha will hold balance 49 per cent equity stake in TPCODL. The company will retain the existing
employees of CESU and will govern them by their existing policy structure.
7. Warren Buffet enters $100 billion rich club

New Delhi: Warren Buffett entered the elite group of USD 100 billion club on Wednesday, riding high
on stock prices of his company Berkshire Hathaway Inc. Buffett’s net worth rose to $100.4 billion,
according to the Bloomberg Billionaires Index. Berkshire’s stock price has surged higher in March, with
its Class A shares surpassing $400,000 on Wednesday, a Reuters report added. Berkshire Hathaway owns
shares in more than a dozen large corporations in diverse sectors of the US economy. As of March 11, the
Bloomberg Billionaires Index had following 6 people in its USD 100 billion club. Here is a list of top 5
big billionaires in the USD 100 billion club.
In 2020, Buffett had donated $2.9 billion in Berkshire Hathaway stock to charity that led to his drop in
ranking of billionaires, a feat that was then passed by Tesla Chief Elon Musk. Musk's net worth soared
past Warren Buffett in July last year as the chief executive officer of Tesla Inc became the seventh richest
person in the world, according to the Bloomberg Billionaires Index. Although Musk has only been on an
upward move ever since, piping Amazon founder Jeff Bezos briefly this year.
8. India should use oil it purchased last year at cheaper rates

New Delhi: International oil prices rose after OPEC and its allies ignored India's plea to ease production
control, with Saudi Arabia asking New Delhi to instead use oil it bought at rock bottom rates last year.
Brent crude, the most widely used benchmark, on Friday rose nearly 1 per cent to USD 67.44 a barrel
after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as
OPEC+, agreed not to increase supplies in April awaiting more substantial recovery in demand.
India's Oil Minister Dharmendra Pradhan had in the run-up to Thursday's OPEC meeting urged the
producers' group to ease production curbs to fulfil their promise of stable oil prices. He felt rising
international oil prices were hurting economic recovery and demand.
Retail petrol and diesel prices, which already are at historic highs, should rise if the oil
companies decide to pass on the surge in international oil prices to consumers.
Petrol and diesel prices have remained unchanged for the last five days and oil companies
have in past not revised prices in the run to crucial assembly elections in 2017 and 2018
ahead of elections in states like Uttar Pradesh and Gujarat. West Bengal, Tamil Nadu,
Kerala, Pondicherry and Assam will go to the polls in the next few weeks.
Aurobinda Sahoo
FMS-MBA-20-22-066
9. Byte Dance agrees to $92 million privacy settlement with US
TikTok users
Washington: ByteDance has agreed to a $92 million class-action settlement to
settle data privacy claims from some U.S. TikTok users, according to documents
filed Thursday in U.S. District Court in Illinois.
ByteDance, the Chinese company that owns the short video app that has more than
100 million U.S. users, agreed to the settlement after more than a year of litigation.
"While we disagree with the assertions, rather than go through lengthy litigation,
we'd like to focus our efforts on building a safe and joyful experience for the
TikTok community," TikTok said Thursday. The settlement still requires court
approval.
The lawsuits claimed the TikTok app "infiltrates its users` devices and extracts a
broad array of private data including biometric data and content that defendants use
to track and profile TikTok users for the purpose of, among other things, ad
targeting and profit."
The settlement was reached after "an expert-led inside look at TikTok`s source
code" and extensive mediation efforts, according to the motion seeking approval of
the settlement.
Separately, in Washington the Federal Trade Commission and U.S. The Justice
Department is looking into allegations that TikTok failed to live up to a 2019
agreement aimed at protecting children's privacy.
10. Citibank transfers over Rs 3,600 crore by mistake, the court
ruling is equally astonishing
New Delhi: In what could be termed as the biggest mistake in the banking history,
Citibank transferred USD 900 million (over Rs 3,600 crore) to a group of lenders,
only to be later told by the US court that the transaction was "final and complete
transactions, not subject to revocation."
A US federal judge on Tuesday said Citigroup Inc is not entitled to half a billion
dollars of its own money that it mistakenly wired in what he called "a banking
error of perhaps unprecedented nature and magnitude," Reuters reported. US
District Judge Jesse Furman in Manhattan said wire transfers to lenders of
cosmetics maker Revlon Inc at issue were "final and complete transactions, not
subject to revocation."
Citigroup spokeswoman however said that the bank strongly disagrees with this
decision and intends to appeal.
Citigroup, acting as Revlon`s loan agent, wired $893 million to Revlon`s lenders,
appearing to pay off a loan not due until 2023. Citigroup had intended to send a
$7.8 million interest payment, and blamed human error for the gaffe.
Some lenders returned money they were sent, but 10 asset managers including
Brigade Capital Management, HPS Investment Partners and Symphony Asset
Management refused, prompting Citigroup`s lawsuit to recoup the estimated $501
million they received.
Citigroup had argued that the lenders should return the money because they knew
or should have known it made a mistake, and that Revlon could not afford the
payment.
But in a 101-page decision, following a six-day trial in December, Furman noted
that the transfers matched "to the penny" what the lenders were owed, and said it
appeared there had never been a mistake of this size before.
11. China aims at rare earth export curbs to target US defence
industry: Report
China is aiming at curbing the exports of rare earth minerals that are crucial to the
US defence contractors, a Reuters report said. The curb on the exports of rare earth
minerals is likely to be on the contractors like Lockheed Martin Corp for the
manufacture of sophisticated weaponry and F-35 fighter jets.
"The government wants to know if the US may have trouble making F-35 fighter
jets if China imposes an export ban," Reuters quoted a Chinese government adviser
as saying.
According to a Bloomberg report, the government had issued draft guidelines for
the sector in January, with proposals including firms abiding by export regulations
and the possibility that the nation restricts or suspends exploration and processing
of rare earths to preserve natural resources and protect the environment.
This is to be noted that former United States President Donald Trump had signed
an executive order in 2020 that aimed at expanding domestic output of rare-earth
minerals.
Meanwhile, the Global Times has said that China's rare earth exports to the US are
not being curbed and are continuing unaffected. However, reviews of such an
option may have been done and measures could be taken against foreign
companies that hurt the country's interests, when necessary.
"China does not restrict rare-earth exports to the US except on the basis of
counter-terrorism and national security ground, or in extreme circumstances such
as during wartime," a senior industry insider told the Global Times.
The bedrock of electrical manufacturing, rare earths are 17 elements that serve as
key components in devices like hi-tech smartphones, cameras, computers and
flat-screen televisions. Notably, the Asian superpower leads the global supply
chain of rare earths and the US heavily relies on China to access the metals.
12. Tesla invests $1.5 billion in Bitcoin, cryptocurrency surges to
$44K San Francisco:
Tech billionaire Elon Musk's electric vehicle company Tesla has
invested $1.5 billion in the Bitcoin cryptocurrency, according to its annual 10-K
report filed with the US Securities and Exchange Commission (SEC) on Monday.
The announcement led to a surge in the price of one Bitcoin, that was hovering
around $44,000,
Tesla said it will also "begin accepting bitcoin as a form of payment for our
products in the near future."
The announcement comes amid renewed interest shown by Musk in
cryptocurrency and requests from Tesla customers for accepting bitcoin for buying
the cars.
In January 2021, we updated our investment policy to provide us with more
flexibility to further diversify and maximise returns on our cash that is not required
to maintain adequate operating liquidity," Tesla said in the report.
"As part of the policy, we may invest a portion of such cash in certain specified
alternative reserve assets.
"Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy.
Moreover, we expect to begin accepting bitcoin as a form of payment for our
products in the near future, subject to applicable laws and initially on a limited
basis, which we may or may not liquidate upon receipt," it added.
Musk has also been sending tweets in support of Dogecoin over the past week,
leading to a rise in the cryptocurrency's value.
13. Amazon surpasses $100B in quarterly revenue for 1st time
After Apple, Amazon became the second US tech company to log its largest quarter by revenue of all
time at $125.56 billion, as online shopping broke all records in the holiday quarter (October-December
period) amid theCovid-19 pandemic.
The company doubled its net income to $7.2 billion for the quarter, compared to
$3.3 billion for the same period in 2019.
Amazon's full-year 2020 net sales were up 38 per cent, to $386.1 billion.
The Amazon stock were up 1 per cent in extended trading on Tuesday
Amazon also announced that Jeff Bezos will transition to the role of Executive
Chair in the third quarter of 2021 and Andy Jassy, CEO of AWS, will become
Chief Executive Officer at that time.
"Amazon is what it is because of invention. We do crazy things together and then
make them normal. We pioneered customer reviews, 1-Click, personalized
recommendations, Prime's insanely-fast shipping, Just Walk Out shopping, the
Climate Pledge, Kindle, Alexa, marketplace, infrastructure cloud computing,
Career Choice, and much more," said Bezos who founded Amazon in 1994.
"When you look at our financial results, what you're actually seeing are the
long-run cumulative results of invention. Right now I see Amazon at its most
inventive ever, making it an optimal time for this transition," he added.
During a call with investors, Amazon CFO Brian Olsavsky said the company has a
"highly effective" succession plan in place.
Amazon's cloud-computing arm AWS saw its revenue jump 28 per cent to $12.7
billion from $9.95 billion a year earlier.
14. Elon Musk says THIS about Bitcoin; statement sends the
cryptocurrency up 14%
Billionaire Elon Musk said on Monday bitcoin was "on the verge"
of being more widely accepted among investors as he expressed his support for the
cryptocurrency in a chat on social media app Clubhouse that drew thousands of
listeners.
The comments followed his use of the "#bitcoin" tag on his Twitter profile on
Friday, which pushed the cryptocurrency up 14%.
Musk, CEO of Tesla Inc, is known for making comments on Twitter that move
markets and he acknowledged this during his debut on the invitation-only app
Clubhouse.
Bitcoin last traded up 3.7% at $34,390, having surged over 300% in 2020.
On the wide-ranging chat Musk discussed memes, Mars, his companies, and
vaccines, among other topics. He also interviewed Vladimir Tenev, co-founder of
online stock broker app Robinhood, which is under fire for blocking retail
investors from purchasing GameStop stock.
GameStop stock surged some 400% in the past week after retail investors banded
together to buy shares in the U.S. video game retailer, sending hedge funds
scrambling to cover losing bets.
Tenev said the market rumour was untrue that Citadel Securities - the
market-making arm of billionaire hedge-fund manager Ken Griffin - had pressured
Robinhood into blocking retail investors.
"That`s just false," Tenev said, adding that Robinhood temporarily halted trading to
meet regulatory capital requirements.
Musk last week tweeted "Gamestonk!!," which many in the market interpreted as
an apparent show of support for small investors. "Stonks" is a tongue-in-cheek
term for stocks widely used on social media.
Musk also chatted about COVID-19 vaccines, saying he expected an avalanche of
them soon. He added that authorities should focus on giving out the first dose of
vaccines soon and worry about the second shot later, to speed things up.
15. Uncertainty heightens over Samsung as heir Lee Jae-yong
sentenced to two and a half year years in prison
Samsung Group is once again facing turmoil as its de facto chief, Lee Jae-yong,
was again imprisoned in a bribery case, sparking worries that uncertainties may further
increase over business and investment plans by the global tech behemoth in the
post-pandemic era.
A Seoul court on Monday sentenced Samsung heir Lee to two and a half year years in
prison, in a retrial of a bribery case involving former President Park Geun-hye and
ordered him returned to prison.
The Seoul High Court gave Lee, vice chairman of Samsung Electronics Co, the prison
term for bribing Park and her longtime friend, Choi Soon-sil, to win government support
for a smooth father-to-son transfer of managerial power at Samsung, the country's top
conglomerate.
Park was later impeached and ousted from the presidency for corruption and abuse of
power.
He was sentenced to five years in prison but was freed in 2018 after the Seoul High Court
reduced the sentence to 2 1/2 years, suspended for four years.
Samsung has been thrown into full emergency mode as Lee's signature drive, "New
Samsung," may fall apart amid its efforts to overcome uncertainties caused by the novel
coronavirus pandemic, reports Yonhap news agency.
Industry observers said Lee's absence is likely to delay or stop Samsung's key business
decisions, such as merger and acquisition (M&A) deals, as foreign rivals prepare for new
opportunities in the post-pandemic era.
Lee's incarceration comes at a time when the group's crown jewel, Samsung Electronics,
the world's largest memory chip and smartphone maker, is facing challenges from its
rivals.
SK hynix Inc, the No. 2 player in the memory sector, recently announced a deal to
acquire Intel's NAND business to catch up to Samsung Electronics.
In the smartphone business, Apple has been sharply increasing sales of its first 5G
smartphone, the iPhone 12, to dethrone its South Korean competitor
16. New China import rules bring headaches for food and beverage
Makers of Irish whiskey,
Belgian chocolate and European coffee brands are scrambling to comply with new Chinese food and
beverage regulations, with many fearful their goods will be unable to enter the giant market as a Jan. 1
deadline looms.
China's customs authority published new food safety rules in April stipulating all food manufacturing,
processing and storage facilities abroad need to be registered by year-end for their goods to access the
Chinese market.
China's food imports have surged in recent years amid growing demand from a huge middle class. They
were worth $89 billion in 2019, according to a report by the United States Department of Agriculture,
making China the world's sixth largest food importer.
China has tried to implement new rules covering food imports for years, triggering opposition from
exporters. The General Administration of Customs of China(GACC), overseeing the latest iteration of the
rules,
Experts say it is an effort to better oversee the large volumes of food arriving at Chinese ports, and place
responsibility for food safety with manufacturers rather than the government.
GACC did not reply to a fax seeking comment on the rollout of the rules and why it has not given food
producers more time to prepare.
The European Union has sent four letters to Customs this year requesting more clarity and more time for
implementation, said Damien Plan, agriculture counsellor.
Some U.S. spirits companies have registered but are still unclear on labelling requirements, said Robert
Maron, VP International Trade at the Distilled Spirits Council of the United States."There is not a lot of
time to understand what the requirements are and I think that is the main concern from our membership,"
he said.No Irish whiskey makers assisted by CIRS Ireland have been able to register so far, said Li.
17. . American businesses to face significant monetary fallout
owning to extreme weather conditions; $50 billion economic drag
expected in 2022
American businesses stand to lose more than 3 million days of operations from flooding in 2022 and will
face worsening economic fallout in the coming decades as climate change fuels ever more extreme
weather events, researchers said on Monday.
Next year's expected damage, based on estimated trends, translates to a nearly $50 billion annual hit for
local economies in cities from Miami to Pittsburgh, according to First Street Foundation, a non-profit
group that maps climate risk.
Researchers found that roughly 730,000 retail, office and multi-unit residential properties - with
commercial properties as well as homes - are at risk of projected flood damage today in the contiguous
United States.
High-risk metropolitan areas included Miami and New York - coastal spots where heightened threats are
to be expected - but also inland cities like Pittsburgh, which sits at the confluence of three rivers.
18. G7 is concerned about China's 'coercive' economic policies:
British Foreign Secretary Liz Truss
The Group of Seven major industrialized countries are concerned about the "coercive" economic policies
of China, British Foreign Secretary Liz Truss said on Sunday.
"We have been clear at this meeting this weekend that we are concerned about the coercive economic
policies of China," Truss said at a G7 news conference in Liverpool.
"And what we want to do is build the investment reach, the economic trade reach, of like-minded,
freedom-loving democracies."
19. UAE shut down China facility under US pressure, top official
confirms
The United Arab Emirates recently ordered to stop work on a Chinese facility in the country after
American officials stated that Beijing intended to use the site for military purposes, according to a top
UAE official.
Last month, reports had emerged that the Biden administration managed to halt the construction of a secret
development inside of a Chinese shipping port in the UAE, one of the US's closest Mideast allies, after
intense pressure from the US.
Emirates ordered work stopped at the site at Washington's behest, said Anwar Gargash, a diplomatic
adviser to the UAE's leadership. The UAE, he said, didn't believe the facility was intended for military or
security uses, The Wall Street Journal (WSJ) reported.
After the intelligence agencies in Washington learned that Beijing was secretly building what they
suspected was a military facility at a port, the Biden administration warned the Emirati government that
a Chinese military presence in its country could threaten ties between the two countries.
Although the project was portrayed as purely commercial, US intelligence has observed ships disguised
as commercial vessels that officials recognized as a type typically used by the Chinese
20. German carmakers race to retrain workforce for electric age
After her apprenticeship at Volkswagen, Michelle Gabriel was a master at welding, cutting, bending and
stretching metal, but just a few years later it's not chassis but software frameworks she's piecing together
after a speedy change of career.
The 24-year-old's professional journey reflects the transformation the auto sector is undergoing, moving
away from its traditional focus on building combustion engines to developing software.
Managers are now confronted with the challenge of preparing their workforce to build the car of
tomorrow.
- Cognitive faculties - Despite thinking the welding work during her apprenticeship was "super", Michelle
Gabriel could not imagine entering a profession that "could disappear in five years", she told AFP.
But "construction mechanic was a job already in the process of disappearing when I finished my training,"
said Gabriel, who like all apprentices began work on the fact ..
21. Hackers steal research data from Sweden's Volvo Cars
Swedish manufacturer Volvo Cars said Friday that hackers had stolen research and development data
from its systems in a cyberattack.
The company, owned by China's Geely, "has become aware that one of its file repositories has been
illegally accessed by a third party," it said.
"Investigations so far confirm that a limited amount of the company's R&D property has been stolen
during the intrusion," Volvo added.
But the company added there was likely no "impact on the safety or security of its customers' cars or their
personal data".
22. Goteborg-based Volvo is currently pumping cash into
electrifying its entire range by 2030.
A spokesman told AFP that the company had not been hit by ransomware and remained in full control of
its data.He added that a "third party" had contacted Volvo "recently" about the information theft, without
giving any details about the exchange.
23. Why US inflation is so high, and when it may ease
Inflation is starting to look like that unexpected - and unwanted - houseguest who just won't leave. For
months, many economists had sounded a reassuring message that a spike in consumer prices, something
that had been missing in action in the U.S. for a generation, wouldn't stay long. It would prove "transitory,''
in the soothing words of Federal Reserve Chair Jerome Powell and White House officials, as the economy
shifted from virus-related chaos to something closer to normalcy.
Yet as any American who has bought a carton of milk, a gallon of gas or a used car could tell you, inflation
has settled in. And economists are now voicing a more discouraging message: Higher prices will likely
last well into next year, if not beyond.
On Friday, the government reinforced that message with its report that the consumer price index soared
6.8% last month from a year earlier - the biggest 12-month jump since 1982.
And though pay is up sharply for many workers, it isn't nearly enough to keep up with prices. Last month,
average hourly wages in the United States, after accounting for inflation, actually fell 2.4% compared
with November 2020.
24. US consumer prices soared 6.8% in past year, most since 1982
Prices for U.S. consumers jumped 6.8% in November compared with a year earlier as surging costs for
food, energy, housing and other items left Americans enduring their highest annual inflation rate since
1982.
The Labor Department also reported Friday that from October to November, prices jumped 0.8%.
Inflation has been intensifying pressure on consumers, especially lower-income households and
particularly for everyday necessities. It has also negated the higher wages many workers have received,
complicated the Federal Reserve's plans to reduce its aid for the economy and coincided with flagging
public support for President Joe Biden.
Employers, struggling with worker shortages, have also been raising pay, and many of them have boosted
prices to offset their higher labor costs, thereby adding to inflation.
The result has been price spikes for goods ranging from food and used vehicles to electronics, household
furnishings and rental cars. The acceleration of prices, which began after the pandemic hit as Americans
stuck at homes flooded factories with orders for goods, has spread to services, from apartment rents and
..
25. Tesla's Elon Musk says he is 'thinking of' quitting his jobs
Tesla Inc Chief Executive Officer Elon Musk is "thinking of" leaving his jobs and becoming an influencer,
the world's richest man tweeted on Thursday. "thinking of quitting my jobs & becoming an influencer
full-time wdyt," Musk said in the tweet, without elaborating.
It was not immediately clear if Musk, a prolific user of the social media platform, was being serious about
quitting his roles.
It would be nice to have a bit more free time on my hands as opposed to just working day and night, from
when I wake up to when I go to sleep 7 days a week. Pretty intense."
Last month, he asked his followers on Twitter whether he should sell 10% of his stake in the electric-car
maker, to which the majority agreed. He has sold shares worth nearly $12 billion since.
26. US 'best place' to hide, launder illicit funds: Treasury Secretary

Janet Yellen
While small countries are often perceived as major havens for hiding or laundering money, "enormous
amounts of illicit funds" end up in the US financial system, Treasury Secretary Janet Yellen said
Thursday.
"There's a good argument that, right now, the best place to hide and launder ill-gotten gains is actually
the United States," Yellen said in a speech to the Summit on Democracy.
Switzerland or the Cayman Islands have long been the focuses of regulators looking to find hidden cash.
Yellen highlighted the anti-corruption strategy President Joe Biden's administration rolled out this week,
including proposed rules to uncover the owners of shell companies and real estate.
"There are far too many financial shadows in America that give corruption cover. We need to throw a
spotlight on them," she said.
She noted that some US states allow for the creation of shell companies without disclosing who really
owns them.
27. China Evergrande defaults on its debt. Now what?
For weeks, global markets have been watching the struggles of China Evergrande, a teetering real estate
giant weighed down by $300 billion or more in obligations that just barely seemed able to make its
required payments to global investors.
On Thursday, three days after a deadline passed leaving bondholders with nothing but silence from the
company, a major credit ratings firm declared that Evergrande was in default. But instead of resolving
questions about the fate of the Chinese behemoth, the announcement only deepened them.
The firm, Fitch Ratings, said in its statement that it had placed the Chinese property developer in its
“restricted default” category.
The company’s largely resigned investors are now waiting to see what Evergrande, under the advice of a
group of financial types tied to the state, will do next.
“We all expected that Evergrande was not going to be able to pull a rabbit out of their hat,” said Michel
Löwy, CEO of SC Lowy, an investment firm that has a small position in Evergrande bonds.
“Now the ball is in their court to come up with some form of restructuring proposal,” he said
28. China's November export growth slows but imports accelerate
China's exports growth lost steam in November, pressured by a strong yuan, weakening demand and
higher costs, but imports accelerated and came in well above expectations as the country scrambled to
restock key commodities like coal.
Exports rose 22% on-the-year and imports jumped 31.7% in November, customs data showed on Tuesday.
Analysts in a Reuters poll had forecast November exports would increase 19.0% after jumping 27.1% the
previous month.
Imports were forecast to have risen 19.8%, according to the poll, versus 20.6% gain in October. China's
coal imports in November hit their highest level in 2021, as the world's biggest consumer of dirty fuel
scrambled during the onset of winter to feed its power system, which had been experiencing shortages.
Higher imports were likely more driven by the scramble for coal and restocking of iron ore and crude oil
than a broader uplift in domestic demand, said Ting Lu, Chief China Economist at Nomura.
China posted a trade surplus of $71.72 billion last month, compared with the poll's forecast for a $82.75
billion surplus. China reported an $84.54 billion surplus in October.
29. Gig workers hail European Commission's landmark push to

make them employees
Millions of platform workers in Europe could be on their way to being designated as employees, a move
that labour groups say could transform their status.
The European Commission on Thursday set out new rules that would mean people working for food-
delivery and ride-hailing apps can presume that they are an employee regardless of what they are called
in their contract.
"This directive is a landmark for raising standards of employment in the platform economy," Stephen
Cotton, general secretary of the International Transport Workers' Federation, said in a statement.
"Platform companies like Uber, Bolt, Deliveroo, Glovo and others for too long have been able to use
loopholes in legislation to exploit workers."
30. GM exec: Cruise to start autonomous taxi service next year
General Motors' Cruise autonomous vehicle subsidiary plans to start running a fully autonomous taxi
service in San Francisco next year.
Doug Parks, GM's product development and purchasing chief, told analysts Thursday that he has ridden
in a Cruise vehicle with no driver and the company is very close to deploying the service.
"The technology is really coming," Parks said at the Deutsche Bank AutoTech Conference. "We're on our
way, targeting commercial deployment next year."
He also said that GM's fully electric Chevrolet Silverado pickup truck will go on sale in 2023 as GM
accelerates plans to roll out 30 new electric models globally through 2025.
31. U.S. FDA authorizes Pfizer/BioNTech booster for 16- and 17-
year-olds
The U.S. Food and Drug Administration on Thursday authorized booster shots of the COVID-19 vaccine
from Pfizer Inc and BioNTech SE those aged 16 and 17, as public health officials have urged Americans
to get the additional shots on concerns about the new Omicron variant of the virus.
Regulators from the U.S. Centers for Disease Control and Prevention (CDC) likely need to sign off on
the shots before the teenagers can begin receiving the doses. Around 4.7 million 16- and 17-year-olds in
the United States are fully vaccinated and more than 2.5 million of them are six months past their second
dose.
The FDA's authorization comes a day after Pfizer NSE -4.14 % and BioNTech released data suggesting
that booster shots could be key to protection against infection from the newly identified Omicron variant
of the coronavirus.
The CDC has identified fewer than 100 cases of Omicron in the United States, but they are expected to
increase in the coming weeks and months.
32. Italy fines Amazon $1.3 billion, alleging harm to outside sellers
Italy's anti-trust authority on Thursday fined Amazon 1.13 billion euros (USD 1.3 billion), accusing the
company of exploiting its dominant position against independent sellers on its website in violation of
European Union competition rules.
The fine is one of the largest leveraged in Europe against the online retail giant, which expanded in
particular in Italy during a coronavirus lockdown that prevented residents from going to stores to buy
items considered nonessential.
“The investigation showed that such benefits are crucial to gain visibility, to boost sales and, in turn, to
the success of the sellers' offers on Amazon.it,'' the regulator said.
The authority has ordered Amazon to grant sales benefits and visibility on Amazon.it to all third-party
sellers able to meet the standards of its Prime service, which it must publish.
33. New US jobless claims again drop to 1969 levels
New filings for US unemployment aid dropped sharply last week, bringing them to levels not seen since
1969 for the second time this year, the government said Thursday.
The Labor Department said 184,000 new seasonally adjusted claims for jobless aid were made last week,
much less than expected and 43,000 less than the previous week's level.
That brought the closely watched metric of layoffs in the world's largest economy to a level not seen since
the week of September 6, 1969, ..
A correction next week seems likely, but the trend in claims clearly is falling rapidly, reflecting the
extreme tightness of the labor market and the rebound in GDP growth now underway," said Ian
Shepherdson of Pantheon Macroeconomics.
"It's very risky for firms to let go staff unless they have no other choice, because re-hiring people later
will be difficult and likely expensive."
34. The rise and demise of Chinese property giant Evergrande

Chinese real estate behemoth Evergrande on Thursday defaulted on its debt, said the Fitch Ratings agency,
which cited the crisis-hit developer's failure to pay more than $1.2 billion in bond repayments.
The default is the property empire's first since it became mired in a debt crisis that has rattled investors
who fear a wider contagion.
Another much smaller Chinese property firm, Kaisa, also defaulted on $400 million of bonds on Thursday,
Fitch said.
Steel-factory worker Xu Jiayin starts Evergrande, targeting millions of middle-class Chinese climbing
onto the property ladder across the rapidly urbanising country. After going public in 2009, Evergrande
takes control of Chinese Super League club Guangzhou, renaming it Guangzhou Evergrande, and spends
billions of dollars on foreign players, helping it to win a succession of titles.
35. Zuckerberg, Chan to invest up to $3.4 billion for science

advances
The company that runs the philanthropy of Facebook CEO Mark Zuckerberg and his wife, Priscilla Chan,
is investing up to $3.4 billion to advance human health over 10 to 15 years, according to a spokesperson
for the organization.
The Chan Zuckerberg Initiative, or CZI, announced Tuesday its new effort is aiming to "observe, measure,
and analyze any biological process throughout the human body - across spatial scales and in real time."
MacGregor said $600 to 900 million will go towards a new biomedical imaging institute at CZI. Another
$1 billion will be given to the Chan Zuckerberg Biohub Network, a new initiative that seeks to bring
together scientific institutions to pursue "grand scientific challenges."
A separate $800 million to $1 billion will be given over 10 years to the Chan Zuckerberg Biohub, which
aims to develop technologies that treat disease.
36. China's Evergrande: How will a 'controlled demolition' impact

the economy?
As Chinese real estate behemoth Evergrande reportedly prepares for a government-backed mega-
restructure, here is an explainer on what Beijing's bid to limit a contagion could mean for the wider
economy: The Chinese government sparked a crisis in the property industry when it launched a drive last
year to curb excessive debt among real estate firms as well as rampant consumer speculation.
Evergrande, a real estate giant with a presence in over 280 Chinese cities, was the most prominent
developer to pay the price for Beijing's clampdown.
But according to Bloomberg it has now missed a 30-day grace period on overdue coupon payments worth
$82.5 million, while agency S&P Global Ratings has said a default now "looks inevitable".
After Evergrande warned last week it may not be able to meet its financial obligations, the local
government in Guangdong -- where the firm is headquartered -- summoned billionaire chairman Hui Ka
Yan, and said they will send a "working group" to the company.
37. Apple's Tim Cook signed $275 billion deal with Chinese
officials to placate China: Report
Apple Inc Chief Executive Tim Cook signed an agreement with Chinese officials, estimated to be worth
about $275 billion, to placate threats that would have hobbled its devices and services in the country, The
Information reported on Tuesday, citing interviews and internal Apple documents.
Apple did not immediately respond to a Reuters request for comment.
38. China audits Evergrande, chairman Hui Ka Yan's assets, no

fire sale for now:
Chinese authorities are scrutinising the assets of China Evergrande Group and its wealthy chairman Hui
Ka Yan but expect no fire sale for now at the world's most indebted property developer, two sources with
direct knowledge of the matter said.
The audit, previously unreported, highlights how Beijing is taking charge at Evergrande after the real
estate giant missed payments on two overseas bonds, triggering a restructuring to address Evergrande's
more than $300 billion in liabilities.
Beijing has repeatedly sought to reassure investors, but it has not yet indicated how it plans to stabilise
Evergrande in particular, which last week was deemed to be in "restricted default" by Fitch Ratings after
it missed coupon payments worth $82.5 million.
39. Japan admits overstating some government economic data for

years
The Japanese government overstated construction orders data received from builders for years, Prime
Minister Fumio Kishida said on Wednesday, an admission that could dent credibility of official statistics
widely used by investors and economists.
It was not clear why the government started the practice of rewriting the data. It is also unclear how gross
domestic product (GDP) figures may have been affected, though analysts expected any impact to be
minimal, particularly as the builders ..
While the impact on past GDP numbers may be small, the revelation is likely to raise questions about the
reliability of data that is a cornerstone for economists and investors looking to understand and forecast
trends in the world's third-largest economy.
It is also not the first time that issues have been raised about government data, including a flaw in health
ministry data in 2018.
to provide a stage for a subscription on-demand video service.
vehicle to bring the former president's venture to the stock market, documents showed last week
41. China's factory output speeds up but retailers struggle on new

COVID hit
China's factory output grew faster than expected in November, supported by stronger energy production
and a moderation in raw materials prices, but retail sales slowed as new COVID-19 outbreaks hit the
world's second-largest economy.
The data, along with a slowdown in investment growth, underlined persistent headwinds facing the
world's second-largest, promoting policymakers to ratchet up support.
Factory output rose 3.8% in November from a year earlier, official data showed on Wednesday, beating
expectations for a 3.6% rise and accelerating from a 3.5% increase in October.
Retail sales in November rose 3.9% from a year earlier, however, below the 4.6% growth expected in the
poll and October's 4.9% rise.
Fixed asset investment rose 5.2% in the first 11 months from the same period a year earlier, slower than
the 5.4% increase tipped by a Reuters poll and the 6.1% in Jan ..
42. EU lawmakers okay online content rules for tech giants

The lead committee in the European Parliament passed measures Monday that could set major restrictions
on the way giant technology companies handle content.
The rules, according to a person familiar and copies of the votes that were viewed by Bloomberg, would
curtail targeting ads to minors and completely ban so-called "dark patterns," where platforms push people
to consent to being tracked online
The proposals would add restrictions to the Digital Services Act, a measure advanced by the European
Commission last year to regulate online content by requiring illegal posts to be taken down and make
information about algorithms available to researchers.
Facebook whistle-blower Frances Haugen told the European Parliament in November that the Digital
Services Act has the potential to become the "global gold standard" to hold giant internet companies
accountable.
43. ADB trims Asia growth forecasts as Omicron threatens

economy
The Asian Development Bank warned Tuesday that the highly mutated Omicron coronavirus variant
could have a "substantial" economic impact, as it trimmed its 2021 and 2022 growth forecasts for
developing Asia.
Despite a sharp drop in infections and increased vaccination across the region stretching from the Cook
Islands in the Pacific to Kazakhstan in Central Asia, the global surge in Covid-19 cases suggested "the
pandemic will take time to play out", it said.
Recent developments in Europe show that extensive virus outbreaks can occur even in highly vaccinated
countries and force governments to retighten mobility restrictions," it said.
44. What could possibly go wrong? These are the biggest economic
risks for 2022
The Covid years are littered with predictions that didn’t work out. For anyone looking ahead into 2022,
that should be enough to give pause.
Most forecasters, including Bloomberg Economics, have as their base case a robust recovery with cooling
prices and a shift away from emergency monetary-policy settings. What could go wrong? Plenty.
It’s early for a definite verdict on the omicron variant of Covid-19. Apparently more contagious than its
predecessors, it may prove less deadly too. That would help the world get back to something like pre-
pandemic normal -- which means spending more money on services. Lockdowns and Covid caution have
kept people out of gyms or restaurants, for example, and encouraged them to buy more stuff instead. A
rebalancing of spending could boost global growth to 5.1% from the the Bloomberg Economics base
forecast of 4.7%.
45. China to ease energy use curbs to relieve economic pressures
China will loosen blanket restrictions on energy consumption in order to ensure environmental and
climate targets do not erode future economic growth, according to a policy document issued after an
agenda-setting meeting of the country's top leaders.
The statement said China's economic tasks in 2022 would "prioritise stability", while "all regions and
departments should shoulder the responsibility of stabilising the macroeconomy."
To help guarantee energy supplies, newly added renewable capacity and "feedstock energy" would now
be exempt from any energy consumption cap, it said.
The document did not specify what would be included in "feedstock energy", but analysts from CITIC
Futures said the move could signal a relaxation of restrictions on heavy industries like coal-chemicals and
petrochemicals.
The new approach reflected a "rethinking" in China's campaign to curb carbon emissions over the past
few months, Nomura economists Ting Lu and Jing Wang said in a note.
The new policy document said China aims to transition as soon as possible from energy consumption
targets to the "dual control" of both total carbon emissions and carbon intensity.
"This reignites hopes that China would put out a target on a total carbon emission cap, though there is no
timeframe," said Li Shuo, senior climate adviser with environment group Greenpeace.
46. Starbucks shuts two China outlets after reports they used
expired ingredients
US coffee chain Starbucks said on Monday it had shut two outlets in China and was conducting an
investigation after a state-backed newspaper reported that they used expired ingredients to make
drinks, violating food safety rules.
The Beijing News newspaper, in what it described as an undercover investigation, said the incidents
occurred at two stores in the eastern Chinese city of Wuxi.
The incident became a trending topic on China's Twitter-like Weibo social media site after the report was
published.
Chinese consumers and media have become more aggressive about protecting customer rights and
monitoring the behaviour of big brands, especially from overseas.
Some targets, such as Canadian winterwear brand Canada Goose which drew complaints over its refund
policies, have been subjected to government reprimands, while Chinese brands such as milk tea chain
Nayuk ..
China is the largest market for Starbucks outside the United States with 5,360 stores as of Oct. 3, the
firm's latest earnings report showed.
The Beijing News report said one of the Starbucks stores used expired matcha liquid to make lattes, while
another had put pastries up for sale that were meant to be thrown away.As of Monday afternoon, the topic
of Starbucks' response to the Beijing News report had received more than 50 million views on Weibo.
Commenters expressed both ..
makers
Makers of Irish whiskey, Belgian chocolate and European coffee brands are scrambling to comply with
new Chinese food and beverage regulations, with many fearful their goods will be unable to enter the
giant market as a Jan. 1 deadline looms.
Chinese market.
rules,
48. Google workers plan to unionise against pay disparity

In a bid to tackle issues like pay disparity, retaliation and
controversial government contracts, Google workers have announced plans to
unionise with the Communications Workers of America (CWA), the media
reported on Monday.
The Alphabet Workers' Union will be open to all employees and contractors at
Google's parent company, reports The Verge.
Project Maven, now shelved, was a project that involved the US Department of
Defense and used artificial intelligence in tasks such as analyzing drone footage.
Google faced backlash from employees over its involvement in Maven. The
decision not to renew the contract in 2018 came after about 4,000 employees
signed a petition demanding "a clear policy stating that neither Google nor its
contractors will ever build warfare technology."
Alphabet and Google CEO Sundar Pichai last month apologised for the departure
of top AI ethics researcher Timnit Gebru and said he would probe the events that
led to her leaving Google.
Pichai, however, did not touch upon why was she fired as alleged by Gebru on
social media.
Famous for her work on algorithmic bias, particularly in facial recognition
technology, Gebru who was the technical co-lead of Google's Ethical Artificial
Intelligence Team took to Twitter to explain why she has been fired.
Supporting Gebru, the Google Walkout for Change group had posted from its
Twitter account: "Dr Gebru is a pathbreaking scientist doing some of the most
important work to ensure just and accountable AI and to create a welcoming and
diverse AI research field".
Internal activism within Google increased after reports of the company offering
multimillion-dollar severance packages to employees accused of engaging in
inappropriate sexual relationships.
49. Finland received more than 5300 applications for 90 day finn
migration programme New Delhi:
The 90 day finn migration programme announced by Finland has seen
immense response from techies for which the country has received more than
5 , 3 0 0 a p p l i c a t i o n s s o f a r .
Finland had announced the '90 Day Finn' program for selected US tech
professionals nearly a month ago, under which US technical professionals can
choos e to s tay in Fi nland for 90 days and experi ence the li fe t here. After this, the
techies can decide whether or not they want to permanently move there.
According to Hurray," America and Canada are among the co untries in which
F i n l a n d h a s r e c e i v e d t h e m o s t a p p l i c a t i o n s , a n d h e i s c o nf i d e n t t h a t o n c e p e o p l e
come and sees the situation, they would definitely like to stay in Finland.
Ne arl y 3 0 p e rc ent o f t h e ap pl i c at i o ns h av e com e from t h e US a nd C an ad a fo r t he
90 day finn migration programme. Several applications have also come from the
UK. Nearly 60 applications were also received from the investors keen on
e x p l o r i n g l o c a l r e s o u r c e s a n d b u i l d o n i t .
Applications for the programme over while the selected applica nts will be provided
with all the important official documentation for the permanent residency .
50. France to impose digital tax on big tech cos like Google,
Facebook, Apple despite US retaliation threat New Delhi:
France has said that it will impose new "digital tax" on online
technology giants for their 2020 earnings, despite a retaliatory threat from US,
impacting US firms Google, Amazon, Facebook and Apple.
Washington, it has been learnt, has warned that it could retaliate with new tariffs on
French imports. An AFP report quoting a French ministry official has said that the
"companies subject to this tax have been notified.
Ealier, in May, nearly 140 countries from the Organisation for Economic
Cooperation and Development (OECD) were negotiating the first major rewriting
of tax rules in more than a generation, to take better account of the rise of big tech
companies such as Amazon, Facebook, Apple and Google that often book profit in
low-tax countries.
Paris offered in January to suspend its digital tax on tech companies’ income in
France until the end of the year while any international deal was negotiated.
However, the fallout from the coronavirus outbreak has left finance ministries most
focused on saving their economies, potentially jeopardising the end of the year
deadline.
France’s national tax has been a source of contention with Washington, which
considers that it unfairly targets U.S. digital companies.
Past attempts to create an EU-wide digital tax have failed in the face of opposition
from Ireland, where many big U.S. tech companies book profits, and some Nordic
countries.
51. Tesla CEO Elon Musk pips Bill Gates to become world's second
richest person New Delhi:
Tesla and SpaceX CEO Elon Musk has overtaken Bill Gates to become
world's second richest person on Monday, as per a Bloomberg report.
Musk's net worth soared $7.2 billion to $127.9 billion, led by surge in Tesla's share
price. The 49-year-old billionaire has added $100.3 billion to his net worth this
year, the most of anyone on the Bloomberg Billionaires Index, a daily ranking of
the world's wealthiest 500 individuals.
It may be recalled that last week, the stock of electric car-maker Tesla soared more
than 13 per cent after S&P Global said that shares of the Elon Musk-owned
company will be added to the S&P 500, a broad measure of the most prominent
stocks listed in the US.
Tesla will officially join the benchmark index prior to trading on December 21, the
S&P Dow Jones Indices. It is a milestone for Tesla that will expand its investor
base and put the electric automaker in the same league as Apple, Berkshire
Hathaway and Microsoft.
The inclusion on the benchmark follows Tesla's decision in August to split its
shares 5 for 1. The move will help smaller investors afford Tesla stock. In October,
Tesla announced it registered its fifth straight profitable quarter, raking $331
million in profit in its third quarter, delivering 139,300 vehicles.
The electric car-maker generated $8.7 billion in revenue. The company beat the
previous record of 112,000 vehicle deliveries in the fourth quarter last year. Tesla's
cash balance increased to $14.5 billion, which includes free cash flows of $1.4
billion, its highest yet.
52. Tata Motors owned JLR raises $705 million loan from Chinese
banks Shanghai:
Jaguar Land Rover (JLR), owned by India`s Tata Motors , has entered
into agreements with lenders in China for an unsecured 3-year term loan facility of
5 billion yuan ($704.50 million), marking its first debt financing in China, it said.
Arthur Yu, JLR`s vice president and China chief financial officer, said the Chinese
banks that would provide it with the three-year revolving loan include Bank of
China <601988.SS>, ICBC <601398.SS>, China Construction Bank <601939.SS>,
Bank of Communications <601328.SS> and Shanghai Pudong Development Bank
<600000.SS>.
The fundraising comes as the coronavirus pandemic has hit global automakers`
supply chains and sales. Sales from China used to account for 25% to 30% of
JLR`s global sales, but over the past two months make up 50%, Yu said.
The loan facility "can help JLR China better manage cash flow amid the
coronavirus epidemic", Yu told reporters on Friday.
JLR, which imports cars and also has a manufacturing partnership in the Chinese
eastern city of Changshu with Wuhu-based Chery Automobile [CHERY.UL], said
its China sales in April were level with same period last year, and it saw sales
growth in May.
Yu said the company expects sales of China`s luxury car segment this year to be
level with last year or see slight growth.
53. Virgin Galactic unveils Mach 3 aircraft design for high speed
travel, signs deal with Rolls-Royce –Check out pics New Delhi:
Virgin Galactic, a vertically-integrated aerospace and space travel
company has announced signed a non-binding Memorandum of Understanding
(MOU) with Rolls-Royce to collaborate in designing and developing engine
propulsion technology for high speed commercial aircraft.
"This follows the successful completion of its Mission Concept Review (“MCR”)
program milestone and authorization from the Federal Aviation Administration’s
(“FAA”) Center for Emerging Concepts and Innovation to work with Virgin
Galactic to outline a certification framework," an official statement said.
“The aircraft design also aims to help lead the way toward use of state-of-the-art
sustainable aviation fuel. Baselining sustainable technologies and techniques into
the aircraft design early on is expected to also act as a catalyst to adoption in the
rest of the aviation community,” it added.
Virgin Galactic further said that the design philosophy of the aircraft is “geared
around making high speed travel practical, sustainable, safe, and reliable, while
making customer experience a top priority”.
The company is designing the aircraft for a range of operational scenarios,
including service for passengers on long-distance commercial aviation routes.
The aircraft would take off and land like any other passenger aircraft and be
expected to integrate into existing airport infrastructure and international airspace
around the world, it said.
“We are excited to complete the Mission Concept Review and unveil this initial
design concept of a high speed aircraft, which we envision as blending safe and
reliable commercial travel with an unrivalled customer experience. We are pleased
to collaborate with the innovative team at Rolls-Royce as we strive to develop
sustainable, cutting-edge propulsion systems for the aircraft, and we are pleased to
be working with the FAA to ensure our designs can make a practical impact from
the start. We have made great progress so far, and we look forward to opening up a
new frontier in high speed travel,” George Whitesides, Chief Space Officer, Virgin
Galactic said.
54. Apple beats Covid blues, revenue up 11% in June quarter

Beating the pandemic blues, Apple has posted $59.7 billion in revenue
for its fiscal 2020 third quarter ended June 27, an increase of 11 per cent from the
year-ago quarter, as iPhone sales beat the Wall Street estimates.
Apple's board of directors approves a four-for-one stock split, effective from
August 31.
International sales accounted for 60 percent of the quarter's revenue.
"Apple's record June quarter was driven by double-digit growth in both Products
and Services and growth in each of our geographic segments," said Apple CEO
Tim Cook.
Apple posted revenue of $6.5 billion in the Wearables, Home and Accessories
segment while its Services vertical (App Store, Apple Music and iCloud etc)
reached $13.2 billion in sales.
The solid results took Apple stock up to as much as 6.3 per cent in extended
trading, pushing the stock above $400 for the first time.
"Our June quarter performance was strong evidence of Apple's ability to innovate
and execute during challenging times," said Luca Maestri, Apple's CFO.
"The record business results drove our active installed base of devices to an
all-time high in all of our geographic segments and all major product categories.
We grew EPS by 18 per cent and generated operating cash flow of $16.3 billion
during the quarter, a June quarter record for both metrics," Maestri informed.
Following last quarter's lead, Apple didn't provide guidance for the September
quarter.
55. American Airlines sending 25,000 furlough notices as US
demand sags Chicago:
American Airlines said on Wednesday it is sending 25,000 notices of
potential furloughs to frontline workers and warned that demand for air travel is
slowing again as COVID-19 cases increase and states re-establish quarantine
restrictions.
The Worker Adjustment and Retraining Notification Act requires companies to
provide 60 days` notice of potential layoffs or furloughs.
In a memo to employees released on Wednesday, American said the notices are
tied to the overstaffing it expects in October when U.S. government payroll
assistance expires.
American, with more than 130,000 employees in 2019, had already warned that
furloughs would be hard to avoid as pandemic-hit revenue remains more sluggish
than the airline had hoped.
Among different work groups, warnings are being sent to 2,500 pilots or about
18% of the total, nearly 10,000 flight attendants or 37% of the total, and 3,200
mechanics or 22% of the total.
Overall, American expects to be overstaffed by about 20,000 in the fall, but hopes
to reduce the actual number of furloughs through enhanced leave and
early-departure programs it has rolled out alongside unions, Chief Executive Doug
Parker and President Robert Isom said in the memo.
The U.S. outbreak has prompted several countries to impose travel restrictions on
Americans. The European Union excluded the United States from its "safe" travel list.
Both Canada and Mexico want to extend the ban on non-essential travel at U.S.
borders.
Even within the United States, Americans from 22 states are required to
self-quarantine for 14 days if they enter New York or New Jersey, two states that
have managed to curb infections.
56. US FCC issues final orders declaring Huawei, ZTE national
security threats Washington:
The Federal Communications Commission on Tuesday formally
designated Chinese`s Huawei Technologies Co and ZTE Corp as posing threats to
U.S. national security, a declaration that bars U.S. firms from tapping an $8.3
billion government fund to purchase equipment from the companies.
The U.S. telecommunications regulator voted in November 5-0 to issue the
declaration and proposed requiring rural carriers to remove and replace equipment
from the two Chinese companies from existing U.S. networks. "We cannot and will
not allow the Chinese Communist Party to exploit network vulnerabilities and
compromise our critical communications infrastructure," FCC Chairman Ajit Pai
said in a statement Tuesday.
Huawei and ZTE did not immediately respond to requests for comment but have
previously sharply criticized the FCC`s actions.
FCC Commissioner Geoffrey Starks said on Tuesday that "untrustworthy
equipment" remains in place in U.S. networks and said the U.S. Congress must
allocate funding for replacements.
In May 2019, Trump signed an executive order declaring a national emergency and
barring U.S. companies from using telecommunications equipment made by
companies posing a national security risk. The Trump administration also added
Huawei to its trade blacklist last year.
The FCC has taken an increasingly hard line against Chinese firms.
In April, the FCC said it may shut down U.S. operations of three state-controlled
Chinese telecommunications companies
The FCC required China Telecom Americas, China Unicom Americas, Pacific
Networks Corp and its wholly owned subsidiary ComNet (USA) LLC to explain
why it should not start the process of revoking authorizations enabling their U.S.
operations.
The FCC granted its approvals to the firms more than a decade ago.
57. Sanofi considering up to 1,680 job cuts in Europe Paris:
Sanofi is considering cutting up to 1,680 jobs in Europe, two sources
familiar with the matter said on Friday, as the French drugmaker outlined plans to
reduce costs to staff representatives.
One source said the job measures would be carried out over three years. The
sources declined to be identified because the plan has not been announced.
Sanofi officials had no immediate comment.
Reuters reported on Thursday that Sanofi was considering cutting hundreds of jobs
and would discuss potential steps with staff representatives over the coming days.
58. Pepsico to remove black woman image from Aunt Jemima
packaging, change brand name New Delhi:
PepsiCo Inc has announced that it will remove the image of Aunt Jemima
from its packaging and change the name of the brand amidst the company’s resolve to
progress toward racial equality.
Aunt Jemima is one of the long-time brands of The Quaker Oats Company, a subsidiary
of PepsiCo.
While the packaging changes without the Aunt Jemima image will begin to appear
throughout the fourth quarter of 2020, the name change will be announced later, followed
by the first phase of packaging changes, the company said.
Kristin Kroepfl, Vice President and Chief Marketing Officer, Quaker Foods North
America said that the company recognizes Aunt Jemima's origins are based on a racial
stereotype.
Aunt Jemima brand has been there for over 130 years, featuring an African-American
woman in its logo. It is named after a character in 19th-century minstrel shows and is
rooted in a stereotype of a friendly black woman working as a servant or nanny for a
white family.
59. Tata Motors owned JLR raises $705 million loan from Chinese
banks Shanghai:
Jaguar Land Rover (JLR), owned by India`s Tata Motors , has entered
into agreements with lenders in China for an unsecured 3-year term loan facility of
5 billion yuan ($704.50 million), marking its first debt financing in China, it said.
Arthur Yu, JLR`s vice president and China chief financial officer, said the Chinese
banks that would provide it with the three-year revolving loan include Bank of
China <601988.SS>, ICBC <601398.SS>, China Construction Bank <601939.SS>,
Bank of Communications <601328.SS> and Shanghai Pudong Development Bank
<600000.SS>.
The fundraising comes as the coronavirus pandemic has hit global automakers`
supply chains and sales. Sales from China used to account for 25% to 30% of
JLR`s global sales, but over the past two months make up 50%, Yu said.
The loan facility "can help JLR China better manage cash flow amid the
coronavirus epidemic", Yu told reporters on Friday.
JLR, which imports cars and also has a manufacturing partnership in the Chinese
eastern city of Changshu with Wuhu-based Chery Automobile [CHERY.UL], said
its China sales in April were level with same period last year, and it saw sales
growth in May.
Yu said the company expects sales of China`s luxury car segment this year to be
level with last year or see slight growth.
60. Tesla crash in Paris:
Electric car accelerated itself, brake didn't work;
says taxi driver's lawyer The lawyer for a taxi driver involved in a fatal accident in Paris at the weekend
said the driver's Tesla Model 3 vehicle had accelerated on its own and that its
brakes had not worked. Paris taxi company G7 suspended the use of 37 Tesla
Model 3 cars in its fleet after the accident on Saturday, while it awaited the results
of a police investigation into the cause of the accident. One person was killed and
20 injured, three of them seriously.
Tesla Inc has told the French government there was no indication that the accident
was caused by a technical fault, a government spokesman said on Wednesday. "He
(the taxi driver) has explained to the police officers that the car had accelerated on
its own and that he did not succeed in activating the brakes, the brakes did not
work despite his best efforts," lawyer Sarah Saldmann told Reuters late on
Wednesday.
She said the wreckage of the car was being investigated by police, who had found
the USB key which records the car's activity in the glove compartment. After the
driver was briefly hospitalised for minor injuries and then held for questioning for
48 hours, he was placed under formal investigation on Wednesday for suspected
involuntary manslaughter, Saldmann said.
Under French law, a formal investigation means there is "serious or consistent
evidence" implicating a suspect in a crime. It is one step closer to a trial, but such
investigations can be dropped. The driver remains under judicial control and is
banned from driving for now. Saldmann said tests showed the driver had not been
under the influence of alcohol, drugs or medicine.
The driver, born in 1964, has been a taxi driver since the 90s and has never been
involved in an accident like this one, she said. He bought the new vehicle three
months ago, she said.Last year, the U.S. auto safety regulator opened a formal
review into over 200 complaints about sudden acceleration of Tesla cars, but the
regulator later said it found no defects in Tesla's systems, saying the accidents were
caused by "pedal misapplication".
Tesla, which is at the forefront of the electrical and self-driving vehicle revolution
and has a market value of nearly $1 trillion, has not responded to requests for
comment.
61. Oracle In Talks To Buy Electronic Medical Records Company
Cerner: Report
Enterprise software maker Oracle is in talks to buy electronic medical records
company Cerner in a deal that could be valued at $30 billion, the Wall Street
Journal reported on Thursday, citing people familiar with the matter.
The transaction could bring Oracle a raft of health data to train and improve its
artificial intelligence-based cloud services, boosting its presence in the healthcare
sector.
If the deal materializes, it will be the biggest ever for Oracle, which has a market
value of more than $280 billion, the WSJ report said, adding that the Oracle-Cerner
deal could become one of the largest takeovers of 2021.
Cerner is the biggest seller of electronic health record software in the United States
after Epic Systems Corp. In 2019, it had named Amazon Web Services as its
preferred cloud provider and said the two companies were collaborating on AI
services for health companies.
62. Reddit Files For U.S. IPO, Recently Wanted $15 Billion
Valuation New Delhi:
Social media platform Reddit said on Wednesday it had confidentially
filed for a proposed initial public offering (IPO) with the U.S. Securities and
Exchange Commission.
Reddit, known for its message boards that became the go-to destination for day
traders during this year's meme stock frenzy, was looking at a valuation of more
than $15 billion, Reuters had reported in September.
The company was valued at $10 billion in a private fundraising round earlier this
year.
The San Francisco-based firm had retail investors flocking to its message boards
for tips on trading GameStop Corp and other meme stocks.
Reddit had roughly 52 million daily active users and over 100,000 communities, or
"sub-reddits," as of October last year.
63. Italy's Antitrust Fines Amazon $1.28 Billion For Alleged Abuse
Of Market Dominance
Milan: Italy's antitrust said on Thursday it had fined e-commerce giant Amazon
1.13 billion euros ($1.28 billion) for alleged abuse of market dominance.
In a statement the watchdog said Amazon had harmed competing operators in the
e-commerce logistics service.
"Amazon holds a dominant position in the Italian market for intermediation
services on marketplaces, which Amazon leveraged to favour the adoption of its
own logistics service - Fulfilment by Amazon (FBA) - by sellers active on
Amazon.it to the detriment of the logistics services offered by competing operators,
as well as to strengthen its own dominant position," it added.
The antitrust said it would impose on Amazon corrective steps that will be subject
to review by a monitoring trustee.
64. How Stock Markets Could React In 2022 As Omicron Variant
Raises Fear New Delhi:
A year ago, the average stock strategist may not have seen that thE world's best-performing index in
2021 would be Mongolia, or that a movie theatre chain would rise 13-fold.
And while many were bullish, few predicted the sheer ferocity of the rally that
pushed European and U.S. stocks to successive records, or the dip after the
emergence of the omicron variant of Covid-19. Even fewer had forecast the slump
in China or the liquidity crisis affecting the nation's developers.
In short, it was a year of surprises -- that was the least surprising thing about it.
Getting the details right in 2022 will be no easier -- but a few broad themes are
likely to persist.
Pandemic developments have been the market's main driver for almost two years,
causing a crash in 2020 and then a sustained rally on the back of vaccination
programs that allowed an economic reopening. And now worries over the omicron
variant have sent ripples through world stock indexes.
Most strategists expect the virus to become a sidenote next year, as the advent of
anti-viral pills from Pfizer Inc. and Merck & Co. add to humanity's arsenal against
the deadly infection. This majority view hasn't changed in the face of warnings that
the new strain may not respond to existing treatments.
Still, if there's one thing the pandemic has taught us it's that equity strategy is one
thing, and epidemiology is another. And even if the virus becomes an endemic
nuisance, the roller-coaster of restrictions to isolate those infected “is turning into a
more persistent drag on growth,” said Romain Boscher, global chief investment
officer for equities at Fidelity International.
65. Google Proposes New Commitments On Browser Cookies:
UK Regulator Britain's competition regulator said on Friday it had secured improved

commitments from Alphabet's Google on changes to user-tracking cookies in its
browser, including the U.S. tech giant extending the time any pledges would last to
six years.
The Competition and Markets Authority (CMA) has been investigating Google's
plan to cut support for some cookies in Chrome because it is concerned the move
could impede competition in digital advertising.
Google proposed making changes to its plan, which is called "privacy sandbox", in
June, including allowing the CMA an oversight role.
Google has said the commitments, if accepted, will apply globally.
The CMA said Google had made new pledges to address some remaining
concerns, including offering commitments around reducing access to IP addresses
and clarifying internal limits on the data that it could use.
CMA Chief Executive Andrea Coscelli said: "We have always been clear that
Google's efforts to protect users' privacy cannot come at the cost of reduced
competition."
He added: "If accepted, the commitments we have obtained from Google
become legally binding, promoting competition in digital markets, helping to
protect the ability of online publishers to raise money through advertising and
safeguarding users' privacy."
Google said in a blog that is was "determined to ensure that the Privacy
Sandbox is developed in a way that works for the entire ecosystem".
66. Amazon, Apple Handed $225 Million Italian Fine For Alleged
Collusion
Milan: Italy's antitrust authority has fined U.S. tech giants Amazon.com and Apple
Inc a total of more than 200 million euros ($225 million) for alleged
anti-competitive cooperation in the sale of Apple and Beats products.
Contractual provisions of a 2018 agreement between the companies meant only
selected resellers were allowed to sell Apple and Beats products on Amazon.it, the
competition watchdog said, adding that this was in violation of European Union
rules.
The authority imposed a fine of 68.7 million euros on Amazon and 134.5 million
euros on Apple, ordering the companies to end the restrictions to give retailers of
genuine Apple and Beats products access to Amazon.it in a non-discriminatory
manner.
Apple denied any wrongdoing and said it plans to appeal against the fine.
"To ensure our customers purchase genuine products, we work closely with our
reseller partners and have dedicated teams of experts around the world who work
with law enforcement, customs and merchants to ensure only genuine Apple
products are being sold," it said.
An Amazon representative could not be reached for immediate comment.
67. JPMorgan Sues Tesla For $162 Million Over Warrants, Elon
Musk Tweets
New York: JPMorgan Chase & Co on Monday sued Tesla Inc for $162.2 million,
accusing Elon Musk's electric car company of "flagrantly" breaching a contract
related to stock warrants after its share price soared.
According to the complaint filed in Manhattan federal court, Tesla in 2014 sold
warrants to JP Morgan that woul d pay off i f their " strike price" were bel ow Tesla's
share price upon the warrants' expiration in June and July 2021.
JPMorgan, which said it had authority to adjust the strike price, said it substantially
reduced the strike price after Musk's August 7, 2018 tweet that he might take Tesla
private at $420 per share and had "funding secured," and reversed some of the
reduction when Musk abandoned the idea 17 days later.
But Tesla's share price rose approximately 10 -fold by the time the warrants
expi red, and JPMorgan said thi s requi red Tesl a under its contract to deliver s hares
of its stock or cash. The bank said Tesla' s failure to do that amounted to a default.
" Though JPM organ's adj ustm ent s were appropri at e and cont ractuall y requi red," t he
complaint said, "Tesla has flagrantly ignored its clear contractual obligation to pay
J P M o r g a n i n f u l l . "
Tesla did not immediately respond to requests for comment after market hours.
According to the complaint, Tesla sold the warrants to reduce potential stock
dilution from a separate convertible bond sale and to lower its federal income
t a x e s .
JPMorgan said it had been contractually entitled to adjust the warrants' terms
following "significant corporate transactions involving Tesla."
The aut om ak er i n F ebrua ry 2019 com pl ai ned t hat t h e bank' s adj ust m ent s we re " an
opport u ni s t i c at t em pt t o t ak e adv ant a g e o f ch ange s i n vol at i l i t y i n T esl a' s st ock,"
but did not challenge the underlying calculations, JPMorgan said.
M us k 's t w eet s l e d t o U.S . S e cu ri t i e s a nd Ex c ha ng e C om m i ssi o n c i vi l ch a rg es and
$ 2 0 m i l l i o n f i n e s a g a i n s t b o t h h i m a n d T e s l a .
68. Apple's Tim Cook signed $275 billion deal with Chinese officials
to placate China: Report
Apple Inc Chief Executive Tim Cook signed an agreement with Chinese officials, estimated to be worth
about $275 billion, to placate threats that would have hobbled its devices and services in the country, The
Information reported on Tuesday, citing interviews and internal Apple documents.
Apple did not immediately respond to a Reuters request for comment.
69. China audits Evergrande, chairman Hui Ka Yan's assets, no fire

sale for now:
Chinese authorities are scrutinising the assets of China Evergrande Group and its wealthy chairman Hui
Ka Yan but expect no fire sale for now at the world's most indebted property developer, two sources with
direct knowledge of the matter said.
The audit, previously unreported, highlights how Beijing is taking charge at Evergrande after the real
estate giant missed payments on two overseas bonds, triggering a restructuring to address Evergrande's
more than $300 billion in liabilities.
Beijing has repeatedly sought to reassure investors, but it has not yet indicated how it plans to stabilise
Evergrande in particular, which last week was deemed to be in "restricted default" by Fitch Ratings after
it missed coupon payments worth $82.5 million.
70. Japan admits overstating some government economic data for

years
The Japanese government overstated construction orders data received from builders for years, Prime
Minister Fumio Kishida said on Wednesday, an admission that could dent credibility of official statistics
widely used by investors and economists.
It was not clear why the government started the practice of rewriting the data. It is also unclear how gross
domestic product (GDP) figures may have been affected, though analysts expected any impact to be
minimal, particularly as the builders ..
While the impact on past GDP numbers may be small, the revelation is likely to raise questions about the
reliability of data that is a cornerstone for economists and investors looking to understand and forecast
trends in the world's third-largest economy.
It is also not the first time that issues have been raised about government data, including a flaw in health
ministry data in 2018.
to provide a stage for a subscription on-demand video service
vehicle to bring the former president's venture to the stock market, documents showed last week.
72. China's factory output speeds up but retailers struggle on new

COVID hit
China's factory output grew faster than expected in November, supported by stronger energy production
and a moderation in raw materials prices, but retail sales slowed as new COVID-19 outbreaks hit the
world's second-largest economy.
The data, along with a slowdown in investment growth, underlined persistent headwinds facing the
world's second-largest, promoting policymakers to ratchet up support.
Factory output rose 3.8% in November from a year earlier, official data showed on Wednesday, beating
expectations for a 3.6% rise and accelerating from a 3.5% increase in October.
Retail sales in November rose 3.9% from a year earlier, however, below the 4.6% growth expected in the
poll and October's 4.9% rise.
Fixed asset investment rose 5.2% in the first 11 months from the same period a year earlier, slower than
the 5.4% increase tipped by a Reuters poll and the 6.1% in Jan ..
73. EU lawmakers okay online content rules for tech giants

The lead committee in the European Parliament passed measures Monday that could set major restrictions
on the way giant technology companies handle content.
The rules, according to a person familiar and copies of the votes that were viewed by Bloomberg, would
curtail targeting ads to minors and completely ban so-called "dark patterns," where platforms push people
to consent to being tracked online
The proposals would add restrictions to the Digital Services Act, a measure advanced by the European
Commission last year to regulate online content by requiring illegal posts to be taken down and make
information about algorithms available to researchers.
Facebook whistleblower Frances Haugen told the European Parliament in November that the Digital
Services Act has the potential to become the "global gold standard" to hold giant internet companies
accountable.
Monday's proposal still needs to get sign-off from the full European Parliament in January, when it will
likely face a push for a complete ban on targeted advertising.
74. ADB trims Asia growth forecasts as Omicron threatens economy
The Asian Development Bank warned Tuesday that the highly mutated Omicron coronavirus variant
could have a "substantial" economic impact, as it trimmed its 2021 and 2022 growth forecasts for
developing Asia.
Despite a sharp drop in infections and increased vaccination across the region stretching from the Cook
Islands in the Pacific to Kazakhstan in Central Asia, the global surge in Covid-19 cases suggested "the
pandemic will take time to play out", it said.
Recent developments in Europe show that extensive virus outbreaks can occur even in highly vaccinated
countries and force governments to retighten mobility restrictions," it said.
"As it (Omicron) appears to be significantly more transmissible than earlier variants, its economic impact
could be substantial."
75. What could possibly go wrong? These are the biggest economic
risks for 2022
The Covid years are littered with predictions that didn’t work out. For anyone looking ahead into 2022,
that should be enough to give pause.
Most forecasters, including Bloomberg Economics, have as their base case a robust recovery with cooling
prices and a shift away from emergency monetary-policy settings. What could go wrong? Plenty.
It’s early for a definite verdict on the omicron variant of Covid-19. Apparently more contagious than its
predecessors, it may prove less deadly too. That would help the world get back to something like pre-
pandemic normal -- which means spending more money on services. Lockdowns and Covid caution have
kept people out of gyms or restaurants, for example, and encouraged them to buy more stuff instead. A
rebalancing of spending could boost global growth to 5.1% from the the Bloomberg Economics base
forecast of 4.7%.
76. China to ease energy use curbs to relieve economic pressures
China will loosen blanket restrictions on energy consumption in order to ensure environmental and
climate targets do not erode future economic growth, according to a policy document issued after an
agenda-setting meeting of the country's top leaders.
The statement said China's economic tasks in 2022 would "prioritise stability", while "all regions and
departments should shoulder the responsibility of stabilising the macroeconomy."
To help guarantee energy supplies, newly added renewable capacity and "feedstock energy" would now
be exempt from any energy consumption cap, it said.
The document did not specify what would be included in "feedstock energy", but analysts from CITIC
Futures said the move could signal a relaxation of restrictions on heavy industries like coal-chemicals and
petrochemicals.
The new approach reflected a "rethinking" in China's campaign to curb carbon emissions over the past
few months, Nomura economists Ting Lu and Jing Wang said in a note.
The new policy document said China aims to transition as soon as possible from energy consumption
targets to the "dual control" of both total carbon emissions and carbon intensity.
"This reignites hopes that China would put out a target on a total carbon emission cap, though there is no
timeframe," said Li Shuo, senior climate adviser with environment group Greenpeace.
expired ingredients
US coffee chain Starbucks said on Monday it had shut two outlets in China and was conducting an
investigation after a state-backed newspaper reported that they used expired ingredients to make drinks,
violating food safety rules.
The Beijing News newspaper, in what it described as an undercover investigation, said the incidents
occurred at two stores in the eastern Chinese city of Wuxi.
The incident became a trending topic on China's Twitter-like Weibo social media site after the report was
published.
Chinese consumers and media have become more aggressive about protecting customer rights and
monitoring the behaviour of big brands, especially from overseas.
Some targets, such as Canadian winterwear brand Canada Goose which drew complaints over its refund
policies, have been subjected to government reprimands, while Chinese brands such as milk tea chain
Nayuk ..
China is the largest market for Starbucks outside the United States with 5,360 stores as of Oct. 3, the
firm's latest earnings report showed.
The Beijing News report said one of the Starbucks stores used expired matcha liquid to make lattes, while
another had put pastries up for sale that were meant to be thrown away.As of Monday afternoon, the topic
of Starbucks' response to the Beijing News report had received more than 50 million views on Weibo.
Commenters expressed both
makers
Makers of Irish whiskey, Belgian chocolate and European coffee brands are scrambling to comply with
new Chinese food and beverage regulations, with many fearful their goods will be unable to enter the
giant market as a Jan. 1 deadline looms.
Chinese market.
rules,
GACC did not reply to a fax seeking comment on the rollout of the rules and why it has not given food
producers more time to prepare.
The European Union has sent four letters to Customs this year requesting more clarity and more time for
implementation, said Damien Plan, agriculture counsellor.
Some U.S. spirits companies have registered but are still unclear on labelling requirements, said Robert
Maron, VP International Trade at the Distilled Spirits Council of the United States."There is not a lot of
time to understand what the requirements are and I think that is the main concern from our membership,"
he said.No Irish whiskey makers assisted by CIRS Ireland have been able to register so far, said Li
Submitted By,
Aurobinda Sahoo
FMS-MBA-20-22-066
79. American businesses to face significant monetary fallout owning

to extreme weather conditions; $50 billion economic drag expected in
2022
American businesses stand to lose more than 3 million days of operations from flooding in 2022 and will
face worsening economic fallout in the coming decades as climate change fuels ever more extreme
weather events, researchers said on Monday.
Next year's expected damage, based on estimated trends, translates to a nearly $50 billion annual hit for
local economies in cities from Miami to Pittsburgh, according to First Street Foundation, a non-profit
group that maps climate risk.
Researchers found that roughly 730,000 retail, office and multi-unit residential properties - with
commercial properties as well as homes - are at risk of projected flood damage today in the contiguous
United States.
High-risk metropolitan areas included Miami and New York - coastal spots where heightened threats are
to be expected - but also inland cities like Pittsburgh, which sits at the confluence of three rivers.
80. G7 is concerned about China's 'coercive' economic policies:

British Foreign Secretary Liz Truss
The Group of Seven major industrialized countries are concerned about the "coercive" economic policies
of China, British Foreign Secretary Liz Truss said on Sunday.
"We have been clear at this meeting this weekend that we are concerned about the coercive economic
policies of China," Truss said at a G7 news conference in Liverpool.
"And what we want to do is build the investment reach, the economic trade reach, of like-minded,
freedom-loving democracies."
81. UAE shut down China facility under US pressure, top official
confirms
The United Arab Emirates recently ordered to stop work on a Chinese facility in the country after
American officials stated that Beijing intended to use the site for military purposes, according to a top
UAE official.
Last month, reports had emerged that the Biden administration managed to halt the construction of a secret
development inside of a Chinese shipping port in the UAE, one of the US's closest Mideast allies, after
intense pressure from the US.
Emirates ordered work stopped at the site at Washington's behest, said Anwar Gargash, a diplomatic
adviser to the UAE's leadership. The UAE, he said, didn't believe the facility was intended for military or
security uses, The Wall Street Journal (WSJ) reported.
After the intelligence agencies in Washington learned that Beijing was secretly building what they
suspected was a military facility at a port, the Biden administration warned the Emirati government that
a Chinese military presence in its country could threaten ties between the two countries.
Although the project was portrayed as purely commercial, US intelligence has observed ships disguised
as commercial vessels that officials recognized as a type typically used by the Chinese military
After her apprenticeship at Volkswagen, Michelle Gabriel was a master at welding, cutting, bending and
stretching metal, but just a few years later it's not chassis but software frameworks she's piecing together
after a speedy change of career.
The 24-year-old's professional journey reflects the transformation the auto sector is undergoing, moving
away from its traditional focus on building combustion engines to developing software.
Managers are now confronted with the challenge of preparing their workforce to build the car of
tomorrow.
- Cognitive faculties - Despite thinking the welding work during her apprenticeship was "super", Michelle
Gabriel could not imagine entering a profession that "could disappear in five years", she told AFP.
But "construction mechanic was a job already in the process of disappearing when I finished my training,"
said Gabriel, who like all apprentices began work on the fact
Swedish manufacturer Volvo Cars said Friday that hackers had stolen research and development data
from its systems in a cyberattack.
The company, owned by China's Geely, "has become aware that one of its file repositories has been
illegally accessed by a third party," it said.
"Investigations so far confirm that a limited amount of the company's R&D property has been stolen
during the intrusion," Volvo added.
But the company added there was likely no "impact on the safety or security of its customers' cars or their
personal data".
Goteborg-based Volvo is currently pumping cash into electrifying its entire range by 2030.A spokesman
told AFP that the company had not been hit by ransomware and remained in full control of its data.He
added that a "third party" had contacted Volvo "recently" about the information theft, without giving any
details about the exchange.
84. Why US inflation is so high, and when it may ease
Inflation is starting to look like that unexpected - and unwanted - houseguest who just won't leave. For
months, many economists had sounded a reassuring message that a spike in consumer prices, something
that had been missing in action in the U.S. for a generation, wouldn't stay long. It would prove "transitory,''
in the soothing words of Federal Reserve Chair Jerome Powell and White House officials, as the economy
shifted from virus-related chaos to something closer to normalcy.
Yet as any American who has bought a carton of milk, a gallon of gas or a used car could tell you, inflation
has settled in. And economists are now voicing a more discouraging message: Higher prices will likely
last well into next year, if not beyond
On Friday, the government reinforced that message with its report that the consumer price index soared
6.8% last month from a year earlier - the biggest 12-month jump since 1982.
And though pay is up sharply for many workers, it isn't nearly enough to keep up with prices. Last month,
average hourly wages in the United States, after accounting for inflation, actually fell 2.4% compared
with November 2020.
Economists at Wells Fargo have joked grimly that the Labor Department's CPI - the Consumer Price
Index - should stand for "Consumer Pain Index.'' Unfortunately for consumers, especially lower-wage
households, it's all coinciding with their higher spending need ..
85. US consumer prices soared 6.8% in past year, most since 1982
Prices for U.S. consumers jumped 6.8% in November compared with a year earlier as surging costs for
food, energy, housing and other items left Americans enduring their highest annual inflation rate since
1982.
The Labor Department also reported Friday that from October to November, prices jumped 0.8%.
Inflation has been intensifying pressure on consumers, especially lower-income households and
particularly for everyday necessities. It has also negated the higher wages many workers have received,
complicated the Federal Reserve's plans to reduce its aid for the economy and coincided with flagging
public support for President Joe Biden.
Employers, struggling with worker shortages, have also been raising pay, and many of them have boosted
prices to offset their higher labor costs, thereby adding to inflation.
The result has been price spikes for goods ranging from food and used vehicles to electronics, household
furnishings and rental cars. The acceleration of prices, which began after the pandemic hit as Americans
stuck at homes flooded factories with orders for goods, has spread to services, from apartment rents.
86. Tesla's Elon Musk says he is 'thinking of' quitting his jobs
Tesla Inc Chief Executive Officer Elon Musk is "thinking of" leaving his jobs and becoming an influencer,
the world's richest man tweeted on Thursday. "thinking of quitting my jobs & becoming an influencer
full-time wdyt," Musk said in the tweet, without elaborating.
It was not immediately clear if Musk, a prolific user of the social media platform, was being serious about
quitting his roles.
It would be nice to have a bit more free time on my hands as opposed to just working day and night, from
when I wake up to when I go to sleep 7 days a week. Pretty intense."
Last month, he asked his followers on Twitter whether he should sell 10% of his stake in the electric-car
maker, to which the majority agreed. He has sold shares worth nearly $12 billion since.
87. US 'best place' to hide, launder illicit funds: Treasury Secretary

Janet Yellen
While small countries are often perceived as major havens for hiding or laundering money, "enormous
amounts of illicit funds" end up in the US financial system, Treasury Secretary Janet Yellen said
Thursday.
"There's a good argument that, right now, the best place to hide and launder ill-gotten gains is actually
the United States," Yellen said in a speech to the Summit on Democracy.
Switzerland or the Cayman Islands have long been the focuses of regulators looking to find hidden cash.
Yellen highlighted the anti-corruption strategy President Joe Biden's administration rolled out this week,
including proposed rules to uncover the owners of shell companies and real estate.
"There are far too many financial shadows in America that give corruption cover. We need to throw a
spotlight on them," she said. PARAM SHARMA FMS-MBA-2020-22-063 PARAM SHARMA FMS-
MBA-2020-22-063
She noted that some US states allow for the creation of shell companies without disclosing who really
owns them.
88. China's November export growth slows but imports accelerate
China's exports growth lost steam in November, pressured by a strong yuan, weakening demand and
higher costs, but imports accelerated and came in well above expectations as the country scrambled to
restock key commodities like coal. PARAM SHARMA FMS-MBA-2020-22-063 PARAM SHARMA
FMS-MBA-2020-22-063
Exports rose 22% on-the-year and imports jumped 31.7% in November, customs data showed on Tuesday.
Analysts in a Reuters poll had forecast November exports would increase 19.0% after jumping 27.1% the
previous month.
Imports were forecast to have risen 19.8%, according to the poll, versus 20.6% gain in October. China's
coal imports in November hit their highest level in 2021, as the world's biggest consumer of dirty fuel
scrambled during the onset of winter to feed its power system, which had been experiencing shortages.
Higher imports were likely more driven by the scramble for coal and restocking of iron ore and crude oil
than a broader uplift in domestic demand, said Ting Lu, Chief China Economist at Nomura.
China posted a trade surplus of $71.72 billion last month, compared with the poll's forecast for a $82.75
billion surplus. China reported an $84.54 billion surplus in October.
89. Gig workers hail European Commission's landmark push to

make them employees
Millions of platform workers in Europe could be on their way to being designated as employees, a move
that labour groups say could transform their status.
The European Commission on Thursday set out new rules that would mean people working for food-
delivery and ride-hailing apps can presume that they are an employee regardless of what they are called
in their contract.
"This directive is a landmark for raising standards of employment in the platform economy," Stephen
Cotton, general secretary of the International Transport Workers' Federation, said in a statement.
"Platform companies like Uber, Bolt, Deliveroo, Glovo and others for too long have been able to use
loopholes in legislation to exploit workers."
90. Cruise to start autonomous taxi service next year
General Motors' Cruise autonomous vehicle subsidiary plans to start running a fully autonomous taxi
service in San Francisco next year. PARAM SHARMA FMS-MBA-2020-22-063 PARAM SHARMA
FMS-MBA-2020-22-063
Doug Parks, GM's product development and purchasing chief, told analysts Thursday that he has ridden
in a Cruise vehicle with no driver and the company is very close to deploying the service.
"The technology is really coming," Parks said at the Deutsche Bank AutoTech Conference. "We're on our
way, targeting commercial deployment next year."
He also said that GM's fully electric Chevrolet Silverado pickup truck will go on sale in 2023 as GM
accelerates plans to roll out 30 new electric models globally through 2025.
The company will unveil the Silverado E and other models at the CES gadget show in January, Parks
said. Two other new electric vehicles will go on sale in 2023 as well, he said. "We'll be off to the races at
that point," he said.
91. U.S. FDA authorizes Pfizer/BioNTech booster for 16- and 17-
year-olds
The U.S. Food and Drug Administration on Thursday authorized booster shots of the COVID-19 vaccine
from Pfizer Inc and BioNTech SE those aged 16 and 17, as public health officials have urged Americans
to get the additional shots on concerns about the new Omicron variant of the virus.
Regulators from the U.S. Centers for Disease Control and Prevention (CDC) likely need to sign off on
the shots before the teenagers can begin receiving the doses. Around 4.7 million 16- and 17-year-olds in
the United States are fully vaccinated and more than 2.5 million of them are six months past their second
dose.
The FDA's authorization comes a day after Pfizer NSE -4.14 % and BioNTech released data suggesting
that booster shots could be key to protection against infection from the newly identified Omicron variant
of the coronavirus.
The CDC has identified fewer than 100 cases of Omicron in the United States, but they are expected to
increase in the coming weeks and months. PARAM SHARMA FMS-MBA-2020-22-063 PARAM
SHARMA FMS-MBA-2020-22-063
92. Italy fines Amazon $1.3 billion, alleging harm to outside sellers
Italy's anti-trust authority on Thursday fined Amazon 1.13 billion euros (USD 1.3 billion), accusing the
company of exploiting its dominant position against independent sellers on its website in violation of
European Union competition rules.
The fine is one of the largest leveraged in Europe against the online retail giant, which expanded in
particular in Italy during a coronavirus lockdown that prevented residents from going to stores to buy
items considered nonessential.
“The investigation showed that such benefits are crucial to gain visibility, to boost sales and, in turn, to
the success of the sellers' offers on Amazon.it,'' the regulator said.
The authority has ordered Amazon to grant sales benefits and visibility on Amazon.it to all third-party
sellers able to meet the standards of its Prime service, which it must publish
93. The rise and demise of Chinese property giant Evergrande
Chinese real estate behemoth Evergrande on Thursday defaulted on its debt, said the Fitch Ratings agency,
which cited the crisis-hit developer's failure to pay more than $1.2 billion in bond repayments.
The default is the property empire's first since it became mired in a debt crisis that has rattled investors
who fear a wider contagion.
Another much smaller Chinese property firm, Kaisa, also defaulted on $400 million of bonds on Thursday,
Fitch said.
Steel-factory worker Xu Jiayin starts Evergrande, targeting millions of middle-class Chinese climbing
onto the property ladder across the rapidly urbanising country.
After going public in 2009, Evergrande takes control of Chinese Super League club Guangzhou, renaming
it Guangzhou Evergrande, and spends billions of dollars on foreign players, helping it to win a succession
of titles.
94. Zuckerberg, Chan to invest up to $3.4 billion for science

advances
The company that runs the philanthropy of Facebook CEO Mark Zuckerberg and his wife, Priscilla Chan,
is investing up to $3.4 billion to advance human health over 10 to 15 years, according to a spokesperson
for the organization.
The Chan Zuckerberg Initiative, or CZI, announced Tuesday its new effort is aiming to "observe, measure,
and analyze any biological process throughout the human body - across spatial scales and in real time."
MacGregor said $600 to 900 million will go towards a new biomedical imaging institute at CZI. Another
$1 billion will be given to the Chan Zuckerberg Biohub Network, a new initiative that seeks to bring
together scientific institutions to pursue "grand scientific challenges."
A separate $800 million to $1 billion will be given over 10 years to the Chan Zuckerberg Biohub, which
aims to develop technologies that treat disease.
95. China's Evergrande: How will a 'controlled demolition' impact

the economy?
As Chinese real estate behemoth Evergrande reportedly prepares for a government-backed mega-
restructure, here is an explainer on what Beijing's bid to limit a contagion could mean for the wider
economy:
The Chinese government sparked a crisis in the property industry when it launched a drive last year to
curb excessive debt among real estate firms as well as rampant consumer speculation.
Evergrande, a real estate giant with a presence in over 280 Chinese cities, was the most prominent
developer to pay the price for Beijing's clampdown.
But according to Bloomberg it has now missed a 30-day grace period on overdue coupon payments worth
$82.5 million, while agency S&P Global Ratings has said a default now "looks inevitable".
After Evergrande warned last week it may not be able to meet its financial obligations, the local
government in Guangdong -- where the firm is headquartered -- summoned billionaire chairman Hui Ka
Yan, and said they will send a "working group" to the company.
96. Pakistan acquires USD 15.3 billion loans in FY21:
Cash-strapped Pakistan contracted USD 15.32 billion worth of new foreign loans
from multilateral institutions and commercial banks during the previous fiscal year
(2020-21) - almost 47 per cent higher than USD 10.45 billion a year earlier,
according to a media report on Tuesday.
With these additional loan agreements, the incumbent government contracted a
total of about USD 34.17 billion in its first three years in power, while total foreign
loan disbursements stood relatively higher at USD 35.1 billion during the three
years.
The data showed that Pakistan contracted USD 8.41 billion in the fiscal year
2018-19, followed by USD 10.45 billion in 2019-20 (up 24 per cent), and USD
15.32 billion in 2020-21 (up 47 per cent), the Dawn newspaper reported, quoting
'Annual Report on Foreign Economic Assistance 2020-21' by the Ministry of
Economic Affairs.
With this, Pakistan's external public debt stood at USD 85.6 billion as of June 30,
2021, showing a net increase of about USD 7.7 billion (10 pc) compared to USD
77.9 billion as of June 30, 2020. By the end of June 2019, the external public debt
amounted to USD 73.4 billion, it said.
The report explained that a higher commitment during the last fiscal year was
made "to mitigate the pressure on the current account deficit, strengthen foreign
exchange reserves, enhance external debt servicing capacity and provide requisite
financing to water sector development".
The report noted that out of USD 15.32 billion new agreements during the previous
fiscal year, USD 6.97 billion worth of financing agreements were signed with
multilateral development partners, USD 4.66 billion with foreign commercial
banks, and USD 187 million with bilateral development partners.
expired ingredients
US coffee chain Starbucks said on Monday it had shut two outlets in China and was
conducting an investigation after a state-backed newspaper reported that they used
expired ingredients to make drinks, violating food safety rules.
The Beijing News newspaper, in what it described as an undercover investigation, said
the incidents occurred at two stores in the eastern Chinese city of Wuxi.
"We take what was reported by local media very seriously, and have immediately closed
the two stores in question to conduct a thorough investigation," a Starbucks spokesperson
said.
The company did not comment on the specifics of the report.
The incident became a trending topic on China's Twitter-like Weibo social media site
after the report was published.
Chinese consumers and media have become more aggressive about protecting customer
rights and monitoring the behaviour of big brands, especially from overseas.
Some targets, such as Canadian winterwear brand Canada Goose which drew complaints
over its refund policies, have been subjected to government reprimands, while Chinese
brands such as milk tea chain Nayuki have also drawn public attention.
China is the largest market for Starbucks outside the United States with 5,360 stores as of
Oct. 3, the firm's latest earnings report showed.
The Beijing News report said one of the Starbucks stores used expired matcha liquid to
make lattes, while another had put pastries up for sale that were meant to be thrown away.
As of Monday afternoon, the topic of Starbucks' response to the Beijing News report had
received more than 50 million views on Weibo. Commenters expressed both
disappointment and worries over more widespread problems.
"If Starbucks is like this, the other shops really worry me," said one Weibo user named
Revario. "They suffer the scrutiny because it is a foreign brand.
98. American businesses to face significant monetary fallout owni to

extreme weather conditions; $50 billion economic drag expected in
2022
American businesses stand to lose more than 3 million days of operations from
flooding in 2022 and will face worsening economic fallout in the coming decades
as climate change fuels ever more extreme weather events, researchers said on
Monday.
Next year's expected damage, based on estimated trends, translates to a nearly $50
billion annual hit for local economies in cities from Miami to Pittsburgh, according
to First Street Foundation, a non-profit group that maps climate risk.
In a new study, researchers there took a rare comprehensive look at the expected
flood risk to businesses and local economies in the United States - a threat often
underestimated amid a focus on flooded homes and family losses.
In total, local businesses in the United States could lose the equivalent of 3.1
million days of operations in 2022 from floods - a number estimated to hit 4
million by 2052 as flood threats grow, the report said.
Researchers found that roughly 730,000 retail, office and multi-unit residential
properties - with commercial properties as well as homes - are at risk of projected
flood damage today in the contiguous United States.
High-risk metropolitan areas included Miami and New York - coastal spots where
heightened threats are to be expected - but also inland cities like Pittsburgh, which
sits at the confluence of three rivers.
Nashville in Tennessee and Cincinnati and Columbus in Ohio are other
moderately-sized, inland cities that are nevertheless at significant risk of flooding
from nearby river overflows and extreme rainfall, according to Porter.
"You tend to think about the coasts, but it's very important that we don't ignore
rivers and streams," said Steven Rothstein of Ceres, a U.S.-based nonprofit
working to reshape economic systems to address climate and other risks.
After her apprenticeship at Volkswagen, Michelle Gabriel was a master at welding,

cutting, bending and stretching metal, but just a few years later it's not chassis but
software frameworks she's piecing together after a speedy change of career.
The 24-year-old's professional journey reflects the transformation the auto sector is
undergoing, moving away from its traditional focus on building combustion engines to
developing software.
Germany's new government led by Olaf Scholz, which took office on Wednesday, wants
to speed up this pivot with the aim of having 15 million electric vehicles on its roads by
2030 from just over 500,000 today.
Managers are now confronted with the challenge of preparing their workforce to build the
car of tomorrow.
- Cognitive faculties - Despite thinking the welding work during her apprenticeship was
"super", Michelle Gabriel could not imagine entering a profession that "could disappear
in five years", she told AFP.
But "construction mechanic was a job already in the process of disappearing when I
finished my training," said Gabriel, who like all apprentices began work on the factory
line.
When the auto giant presented her with the opportunity to join its "Faculty 73"
programme, intended to train software developers, Gabriel signed up.
Open to Volkswagen employees as well as outside applicants -- who must sit a series of
tests but do not need a degree -- the new kind of apprenticeship is the storied carmaker's
response to the need for new skills.
Electric cars require fewer employees to assemble units on the factory line and more IT
technicians and electrochemists to develop the batteries that power them.
With around 100 students a year, the Faculty 73 programme launched in 2019 at
Volkswagen's flagship plant in Wolfsburg in the north of Germany. Yet the initiative still
will not cover the manufacturer's needs for new skilled workers.
Swedish manufacturer Volvo Cars said Friday that hackers had stolen research and
development data from its systems in a cyberattack.
The company, owned by China's Geely, "has become aware that one of its file
repositories has been illegally accessed by a third party," it said.
It warned that "there may be an impact on the company's operation" from the hack,
sending its stock falling 3.5 percent in Stockholm, to 72.44 kronor ($8.00, 7.06
euros).
But the company added there was likely no "impact on the safety or security of its
customers' cars or their personal data".
Goteborg-based Volvo is currently pumping cash into electrifying its entire range
by 2030.
A spokesman told AFP that the company had not been hit by ransomware and
remained in full control of its data.
He added that a "third party" had contacted Volvo "recently" about the information
theft, without giving any details about the exchange.
Volvo Cars separated from truck manufacturer Volvo Group in 1999, before being
bought by Geely in 2010.
Submitted By,
Aurobinda Sahoo
FMS-MBA-20-22-066

Aurobinda BD 100 Articles

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Aurobinda BD 100 Articles

Uploaded by

Copyright:

Available Formats

BUSINESS DEVELOPMENT

100 INTERNATIONAL BUSINESS NEWS ARTICLES

2. Trump media group plans subscription video service

4. Milk Mantra secures $10mn from US International DFC

5. Acerlor Mittal to invest $263mn in Odisha

7. Warren Buffet enters $100 billion rich club

8. India should use oil it purchased last year at cheaper rates

20. German carmakers race to retrain workforce for electric age

21. Hackers steal research data from Sweden's Volvo Cars

26. US 'best place' to hide, launder illicit funds: Treasury Secretary

27. China Evergrande defaults on its debt. Now what?

28. China's November export growth slows but imports accelerate

29. Gig workers hail European Commission's landmark push to

30. GM exec: Cruise to start autonomous taxi service next year

33. New US jobless claims again drop to 1969 levels

34. The rise and demise of Chinese property giant Evergrande

35. Zuckerberg, Chan to invest up to $3.4 billion for science

36. China's Evergrande: How will a 'controlled demolition' impact

38. China audits Evergrande, chairman Hui Ka Yan's assets, no

39. Japan admits overstating some government economic data for

40. Trump media group plans subscription video service

41. China's factory output speeds up but retailers struggle on new

42. EU lawmakers okay online content rules for tech giants

43. ADB trims Asia growth forecasts as Omicron threatens

45. China to ease energy use curbs to relieve economic pressures

48. Google workers plan to unionise against pay disparity

54. Apple beats Covid blues, revenue up 11% in June quarter

UK Regulator Britain's competition regulator said on Friday it had secured improved

69. China audits Evergrande, chairman Hui Ka Yan's assets, no fire

70. Japan admits overstating some government economic data for

71. Trump media group plans subscription video service

72. China's factory output speeds up but retailers struggle on new

73. EU lawmakers okay online content rules for tech giants

74. ADB trims Asia growth forecasts as Omicron threatens economy

76. China to ease energy use curbs to relieve economic pressures

79. American businesses to face significant monetary fallout owning

80. G7 is concerned about China's 'coercive' economic policies:

82. German carmakers race to retrain workforce for electric age

83. Hackers steal research data from Sweden's Volvo Cars

84. Why US inflation is so high, and when it may ease

87. US 'best place' to hide, launder illicit funds: Treasury Secretary

88. China's November export growth slows but imports accelerate

89. Gig workers hail European Commission's landmark push to

90. Cruise to start autonomous taxi service next year

93. The rise and demise of Chinese property giant Evergrande

94. Zuckerberg, Chan to invest up to $3.4 billion for science

95. China's Evergrande: How will a 'controlled demolition' impact

98. American businesses to face significant monetary fallout owni to

99. German carmakers race to retrain workforce for electric age

After her apprenticeship at Volkswagen, Michelle Gabriel was a master at welding,

100. Hackers steal research data from Sweden's Volvo Cars

You might also like