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Where on Earth is big oil spending its $200bn profit bonanza?

Business | The energy majors’ new mapBP, Chevron, ExxonMobil, Shell and TotalEnergies are increasingly looking to their backyards Feb 6th 2023 | New YorkTOWARDS THE end of the second world war Franklin D. Roosevelt attended a fateful gathering of world leaders that helped determine the course of geopolitics for decades. No, not the Yalta summit. Immediately...

Things are looking up for Meta

Business | Mark to marketIs the worst over for Mark Zuckerberg’s social-media empire? Feb 2nd 2023FOR MARK ZUCKERBERG, the first three quarters of last year were rough. In July 2022 his social-media empire, Meta, announced its first ever year-on-year decline in quarterly revenues. Three months later it reported another. Investors sneered at his expensive...

An alliance between Renault and Nissan gets a reboot

Business | Entente cordialeBoth sides should be happier now Feb 2nd 2023Relationships do not always live up to the hopes of yesteryear. In 2018 Carlos Ghosn, then boss of the Renault-Nissan-Mitsubishi alliance, predicted combined sales of 14m vehicles in 2022. In fact sales may not have hit half that number. Pandemic-era supply-chain snarl-ups are only...

China’s BYD is overtaking Tesla as the carmaker extraordinaire

Business | SchumpeterIt’s the Toyota of EVs Feb 2nd 2023To get a sense of why Toyoda Akio announced on January 26th that he would hand over the keys to the world’s biggest carmaker to Sato Koji, his number two, watch the surreal video from 2021 of the two of them driving Toyota’s first Lexus electric vehicle (EV). Mr Toyoda is at the wheel. At first,...

Hindenburg Research, attacker of the Adani empire

Business | Fireworks artistsMeet the small short-selling firm that picked a fight with a giant Feb 2nd 2023Naming a hedge fund is easy. Anodyne references to the natural world (peaks, stones, rivers or points) will usually do. Failing that, invoke ancient Greece. Christening a shock-and-awe short-selling outfit requires more creativity. Hindenburg Research,...

The relationship between AI and humans

Business | BartlebyWhat questions do technologies like ChatGPT raise for employees and customers? Feb 2nd 2023If you ask something of ChatGPT, an artificial-intelligence (AI) tool that is all the rage, the responses you get back are almost instantaneous, utterly certain and often wrong. It is a bit like talking to an economist. The questions raised...

What next for Gautam Adani’s embattled empire?

Business | Adani under fireA scrapped $2.5bn share offering is the first victim of a short-seller’s attack Feb 1st 2023 | MumbaiGAUTAM ADANI is no stranger to ambush. In 1998 the Indian tycoon was kidnapped and reportedly released for a multimillion-dollar ransom. In 2008 he was at the Taj Mahal Palace Hotel in Mumbai during a terrorist attack, and...

The race of the AI labs heats up

Business | Battle of the boffinsChatGPT is not the only game in town Jan 30th 2023Every so often a new technology captures the world’s imagination. The latest example, judging by the chatter in Silicon Valley, as well as on Wall Street and in corporate corner offices, newsrooms and classrooms around the world, is ChatGPT. In just five days after its...

A short-seller rattles Gautam Adani’s empire

Business | Indian capitalismWhat is at stake as Hindenburg Research picks a fight with India’s mightiest tycoon? Jan 27th 2023 | MumbaiFrom meagre beginnings in the 1980s, Gautam Adani has emerged as India’s richest citizen. Now, in just a few days, the foundations of his sprawling empire have been shaken. On January 24th a small New York investment...

Elliott and fellow activist investors take on big tech

Business | Gadfly seasonLanguishing Silicon Valley stocks attract Wall Street’s mischief-makers Jan 26th 2023FOR BOSSES and boards, dealing with the odd activist shareholder is par for the course. Contending with a swarm of such gadflies is unusual. Last October Starboard Value, an activist hedge fund, took a “significant” stake in Salesforce, a maker...

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