OpenAI Nears $1 Billion of Annual Sales as ChatGPT Takes Off
OpenAI is on track for $1 billion of annual revenue as businesses adopt the technology behind ChatGPT, the generative AI bot that ignited a wave of artificial intelligence investment.
Bloomberg Business
Country Garden to Issue $34 Million of Shares to Pay Loans
Country Garden Holdings Co., the Chinese property developer at risk of defaulting, is planning to issue HK$270 million ($34.4 million) of new shares to pay off loans as it faces a cash crunch.
Super Typhoon Slams Philippines, Threatens Taiwan and Hong Kong
Taiwan shut offices and canceled flights across parts of the south on Wednesday as Super Typhoon Saola sweeps past the island’s southern tip, heading toward the Chinese coast after battering northern Philippines.
Sayona CEO Resignation Won’t Impact Flagship Mine, Partner Says
The abrupt departure of Sayona Mining Ltd.’s top executive won’t impact its flagship lithium mine in Canada, according to top shareholder and operation co-owner Piedmont Lithium Inc.
DBS, OCBC Are Creditors to Alleged Launderers’ Singapore Firms
Two of the biggest local banks in Singapore are creditors to suspects in a major money laundering scandal involving over S$1 billion ($741 million) of assets.
New Zealand Opposition Would Ease Ban on Foreign Home Buyers
Foreigners will be able to purchase property in New Zealand worth more than NZ$2 million ($1.2 million) if the country’s main opposition National Party wins the October election.
Biggest China ETF Sees Record Inflow on Market Turnaround Bets
China’s largest exchange-traded fund focused on stocks is poised to see its biggest monthly inflow on record, a sign that some investors are buying the dip and betting on a turnaround amid enhanced policy support. Huatai-Pinebridge CSI 300 ETF has attracted 32 billion yuan ($4.4 billion) of funds so far in August, the most since the product was launched in 2012.
Campaigner Targets Fossil Fuel Bank Lending to Japan’s Jera
Investor activist group Market Forces called on eight major banks to reconsider providing loans to Jera Co., over concerns that Japan’s top power producer would use the money to expand its fossil fuel business.
Crypto Bank SEBA Gets Nod to Advise on Virtual Assets in HK
SEBA Bank AG, a crypto bank backed by Julius Baer Group Ltd., has received in-principle approval from Hong Kong’s regulator to conduct licensed crypto related services.
China Banks to Cut Mortgage, Deposit Rates in Stimulus Bid
China’s largest banks are preparing to cut interest rates on existing mortgages and deposits, the latest state-directed measures to shore up growth in the world’s second-largest economy.