Eight months of US-Iran war turns China petrochemical glut into a crunch
US-Iran war cut oil and naphtha flows, shrinking China's petrochemical glut. Inventories near bottom, prices and inflation rising, but oversupply risk remains.
Business
Germany’s SAP hits $14.3 billion quarterly revenue milestone, lifts 2026 view
SAP hit a record €10 billion quarterly revenue, lifted 2026 outlook, as AI drove 26% cloud growth.
Meta offers Zuckerberg new shares to keep him in California
Meta gives Zuckerberg non-voting shares so he stays in California for eight years, helping him cover a potential wealth tax bill from Proposition 40.
Anthropic, music publishers square off on ‘fair use’ defence in AI copyright case
Anthropic argued fair use for training Claude on song lyrics; publishers claimed harm to songwriters. Judge did not rule, leaving key AI copyright question open.
Meta beats expectations but legal penalties hit profit amid AI race
Meta beat Q3 revenue expectations but profit fell 50% due to an $18B settlement and $25B New Mexico ruling; shares rose 7% amid heavy AI spending.
Commentary: 'Made in Europe' label is wearing thin while Asia does the stitching
Europe's "Made in" labels lose credibility as luxury production increasingly shifts to Asian factories, undermining origin claims.
GIC, Temasek deny allegations of pressuring MSCI to downgrade Indonesia
GIC and Temasek denied allegations they pressured MSCI to downgrade Indonesia, after a former Indonesian minister accused them; MSCI’s warning sparked a market sell-off.
MTR bets US$5 billion on a Hong Kong city that doesn’t exist yet
MTR is funding Hong Kong’s Northern Link upfront, betting billions that land rights around the new Northern Metropolis will repay costs despite property and interest-rate risks.
Getty Images says commenced proceedings in US bankruptcy court
Getty Images filed voluntary Chapter 11 in Delaware to complete a pre-packaged restructuring backed by up to $533m from the Getty family and Koch, expecting to go private by year-end.
Chinese automaker reports set to shine before challenges mount
Chinese automakers' third-quarter earnings should get an export boost, but EU hybrid-vehicle import caps and China's VAT rebate cut cloud the outlook, prompting a localisation push.
Ambani’s Jio seeks historic IPO a decade after disrupting India telecom
Jio Platforms launches India’s largest IPO, seeking a lower valuation than Bharti Airtel as growth slows and investors prize higher ARPU over subscriber scale.
TSMC says four construction workers killed at Taiwan site, halting work
TSMC says four construction workers were killed at its Kaohsiung factory site during steel structure work, prompting suspension of related and similar construction across Taiwan pending investigation.