US Supreme Court examines Nvidia bid to avoid securities fraud suit
The justices heard arguments in Nvidia’s appeal of a lower court’s decision allowing a 2018 class action-litigation led by the Stockholm, Sweden-based investment management firm E. Ohman J: or Fonder AB – to proceed. It is one of two cases heard by the Supreme Court this month that could lead to rulings making it harder for private litigants to hold companies to account for alleged securities fraud. The other one, involving Meta’s Facebook, was argued on Nov. 6.
Bidding race for 7-Eleven owner touches $58 billion as founding family enters fray
The offer for Ito-Kogyo, a company linked to Vice President Junro Ito and a top shareholder in 7-Eleven owner, is non-binding and under review by the same special committee set up to assess Couche-Tard’s takeover bid.
Nokia buys world’s largest API hub from Rapid to cash in on 5G
Nokia acquired Rapid, the world’s largest API hub and marketplace. The Finnish company aims to increase revenue from its 4G and 5G networks. Nokia seeks to capitalize on the growth of artificial intelligence. The deal grants Nokia ownership of Rapid’s technology and research unit. This allows clients to integrate networks, manage API usage, and collaborate with developers.
Study says global luxury goods market will shrink in 2025; Trump tariffs could make it worse
Global luxury goods sales are projected to decline in 2025 for the first time since the 2008 recession, according to a Bain consultancy study. Factors contributing to the downturn include significant price hikes by brands, global instability, and a decline in consumer confidence.
China announces tax policies to boost property market: state media
China announced new tax policies on Wednesday to bolster its struggling property market. The measures include enhancing deed tax incentives for homebuyers and reducing the minimum prepayment rate of land value-added tax for real estate companies. These actions aim to stimulate housing demand and ease financial pressures within the sector.
US inflation may have picked up in October after months of easing
U.S. annual inflation likely rose to 2.6% in October after seven months of decline, potentially impacting the Federal Reserve’s interest rate decisions. Despite this uptick, economists predict inflation will continue to slow, with consumer prices expected to rise 2.9% in the coming year. The impact of President Trump’s economic policies on inflation remains uncertain.
Japan’s rising wholesale inflation heightens uncertainty on BOJ’s rate hike timing
Japan’s wholesale inflation increased to 3.4% in October, driven by a weaker yen and rising import costs. The rise in prices for rice, nonferrous metals, food, and oil contributed to the overall inflation. The Bank of Japan is monitoring the situation to determine if further interest rate hikes are necessary.
Qatar picks QIA’s Americas boss to run $510 billion fund
Al Suwaidi, who joined the fund in 2010, was most recently chief investment officer for QIA in the Americas region and helped establish a US office. He replaces Mansoor Al Mahmoud, who’s led the entity since 2018 – longer than a typical four-year term.
China plans to slash homebuying taxes in fiscal stimulus
China is considering significant tax cuts on home purchases to revitalize its struggling housing market. The proposed plan would allow major cities like Beijing and Shanghai to slash deed taxes to as low as 1%, potentially eliminating the distinction between ordinary and luxury homes.
Nestle, P&G investigate palm oil sourced from illegally cleared Indonesian wildlife reserve
Environmental group Rainforest Action Network (RAN) alleges that palm oil sourced from illegally cleared land within a protected Indonesian wildlife reserve is present in the supply chains of major brands like Nestle and Procter & Gamble.
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China’s largest air show takes off with fighter jets, attack drones
China’s largest air show kicked off in Zhuhai, putting a spotlight on the country’s advancing military capabilities, including the debut of the J-35A stealth fighter jet. The event also features a dedicated drone zone, showcasing advancements in unmanned aerial vehicles, and a model of China’s domestically developed reusable space cargo shuttle, Haoloong.
Boeing reaches settlement to avert civil trial in MAX crash
Boeing, facing a civil trial for the 2019 Ethiopian Airlines 737 MAX crash that killed 157 people, reached a last-minute settlement with the family of the last remaining plaintiff. The settlement, details of which are undisclosed, awaits court approval.
Singles’ Day shopping festival loses its shine under China’s lagging economy
China’s Singles’ Day shopping festival experiences waning consumer enthusiasm amidst economic concerns, prompting e-commerce giants like Alibaba to seek growth in overseas markets. Consumers, wary of promotional tactics and facing financial constraints, are spending less, leading businesses to question the event’s profitability despite efforts to attract buyers with discounts and global shipping offers.
Engines on 1.4 million Honda vehicles might fail, so US regulators open an investigation
The National Highway Traffic Safety Administration (NHTSA) is investigating engine failures in 1.4 million Honda and Acura vehicles. The issue, involving connecting rod bearings in 3.5-liter V6 engines, can lead to complete engine failure. While Honda recalled 250,000 vehicles in 2023, the NHTSA received 173 complaints from owners whose vehicles were not included in the recall, prompting this investigation.
In South America, Trump already losing a trade battle with China
China’s influence in South America, particularly in Peru, is growing rapidly, fueled by its demand for natural resources and investments in infrastructure projects like the Chancay megaport. This trend challenges the United States’ traditional dominance in the region, as China becomes a preferred trade partner for countries like Peru and Brazil.
Singles’ Day shopping festival loses its shine under China’s lagging economy
China’s Singles’ Day shopping festival, once a frenzy of consumerism, is losing its luster. A slowing economy and skeptical shoppers are dampening sales, forcing e-commerce giants like Alibaba and JD.com to seek growth abroad. Merchants are also feeling the pinch, citing high advertising costs and declining returns, leading some to abandon the event altogether.
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