November, 2022

• 19 November

  Masayoshi Son owes $4.7b to SoftBank after tech rout

  

  Bloomberg Masayoshi Son is now personally on the hook for about $4.7 billion on side deals he set up at SoftBank Group Corp. to boost his compensation, after mounting losses in the company’s tech portfolio wiped out the value of his interest in the second Vision Fund. Over the years, the Japanese billionaire’s controversial personal stakes in SoftBank’s investments drew ...

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• 19 November

  Indonesia’s internet firm GoTo to cut 1,300 jobs

  

    Bloomberg Indonesia’s largest internet company GoTo Group will cut 1,300 jobs as it seeks to curtail expenses and assuage investor concerns over mounting losses. The cuts amount to about 12% of the workforce, the company said in a statement Friday. The ride-hailing, e-commerce and fintech company will begin notifying affected employees right away. GoTo joins tech giants from Apple ...

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• 19 November

  India to ease data storage rules in relief for Google, Facebook

  

    Bloomberg India plans to allow transfer and storing personal data in some countries overseas, in a reprieve for global companies including Alphabet Inc.’s Google, Amazon.com Inc. and Meta Platforms Inc.’s Facebook. The government will “notify such countries or territories outside India to which a data fiduciary may transfer personal data,” according to the draft Digital Personal Data Protection Bill ...

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• 19 November

  Hong Kong growth forecasts slashed

    Bloomberg Hong Kong’s economy will grow next year at a slower pace than previously expected, according to economists, as the city struggles to dig itself out of what’s likely to be a deep contraction in 2022. Gross domestic product is projected to grow 2.7% in 2023 from this year, according to the median forecast in a the latest Bloomberg ...

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• 19 November

  China developers finally get liquidity but where’s the demand

  

    Bloomberg The long-awaited policy rescue for Chinese developers finally landed this month to ease a severe liquidity crunch. The hurdle of collapsing home demand may prove just as steep a challenge. Assets linked to the nation’s fragile real-estate sector have rallied over the past two weeks after regulators introduced directives that addressed everything from companies’ liquidity problems to the ...

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• 19 November

  North Korea fires suspected ICBM after warning US on exercises

  

  Bloomberg North Korea test-fired a suspected intercontinental ballistic missile with an estimated range long enough to carry a warhead to the American mainland, prompting the US to condemn what it said was an unlawful action. The North Korean missile was launched Friday, a day after Pyongyang warned the US to halt allied military drills in the region or face retribution. ...

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• 19 November

  Kamala Harris seeks to coax Asia towards US as China gains

  

  Bloomberg Vice President Kamala Harris tried to persuade Asian nations that the US is their most valuable economic partner in a speech in Bangkok on Friday, with the Biden administration wary of China’s inroads in the region. Harris sought to allay doubts about the US commitment to the region among its leaders, after a turbulent period that saw former President ...

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• 19 November

  China, Japan leaders open door to mend ties in first meeting

  

  Bloomberg Chinese President Xi Jinping and Japanese Prime Minister Fumio Kishida asserted their desire to improve relations and agreed to reopen lines of communication in the first meeting of the leaders of Asia’s two largest economies in three years. Xi expressed a willingness to work with Japan to maintain a stable relationship at their summit Thursday on the sidelines of ...

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• 19 November

  Ukrainian blackouts grow dire after Russian blitz

  

    Bloomberg Ukraine is approaching the winter months with blackouts spreading across the country, as Russia’s missile campaign pummels power stations, grid networks and other civilian facilities. More than 10 million Ukrainians —about a quarter of the pre-war population — are without electricity, President Volodymyr Zelenskiy said in his overnight address Thursday, as the first snow fell in the capital ...

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• 19 November

  House Republicans plan to ax Democrats’ climate crisis committee

    Bloomberg Republicans plan to kill a special committee focused on climate change when they take control of the House next year, the top GOP member of the panel said. “The climate crisis committee will not exist,” Louisiana Representative Garret Graves, the top GOP member of the House Select Committee on the Climate Crisis, said in an interview. “I don’t ...

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