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GCash Said to Weigh Record Philippine IPO of Up to $1.5 Billion

(Bloomberg) -- GCash, the biggest fintech platform in the Philippines, has invited banks to pitch for an initial public offering in Manila to potentially raise $1 billion to $1.5 billion, according to people familiar with the matter.Most Read from BloombergIn Traffic-Weary Toronto, a Battle Breaks Out Over Bike LanesIn Italy’s Motor City, Car-Free Options Are GrowingNew York City’s ‘Living Breakwaters’ Brace for Stormier SeasIn Kansas City, a First-Ever Stadium Designed for Women’s Sports Takes

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US Preps China Chip Curbs That Stop Short of Early Proposals

(Bloomberg) -- The Biden administration is weighing additional curbs on sales of semiconductor equipment and AI memory chips to China that would escalate the US crackdown on Beijing’s tech ambitions but stop short of some stricter measures previously considered, according to people familiar with the matter.Most Read from BloombergIn Traffic-Weary Toronto, a Battle Breaks Out Over Bike LanesIn Italy’s Motor City, Car-Free Options Are GrowingNew York City’s ‘Living Breakwaters’ Brace for Stormier

Self-Driving Firm Pony AI Looks Outside US to Avoid Tensions

(Bloomberg) -- Pony AI Inc. is diversifying its supply chain and looking at international markets other than the US to avoid geopolitics risk as tensions between Beijing and Washington remain volatile, according to Chief Executive Officer James Peng.Most Read from BloombergIn Traffic-Weary Toronto, a Battle Breaks Out Over Bike LanesIn Italy’s Motor City, Car-Free Options Are GrowingNew York City’s ‘Living Breakwaters’ Brace for Stormier SeasIn Kansas City, a First-Ever Stadium Designed for Wome

Oil slips on buildup in US gasoline stocks; eyes on weekend OPEC+ meeting

SINGAPORE (Reuters) -Oil prices drifted lower on Thursday after a surprise jump in U.S. gasoline inventories, with investors focusing on the OPEC+ meeting this weekend to discuss oil output policy. Brent crude futures fell by 14 cents, or 0.2%, to $72.69 per barrel by 0401 GMT, while U.S. West Texas Intermediate crude futures were also down 14 cents, or 0.2%, at $68.58 a barrel. Oil is likely to hold to its near-term bearish momentum as the risks of supply disruption fade in the Middle East and stemming from the higher-than-expected U.S. gasoline inventories, said Yeap Jun Rong, a market strategist at IG.

Trump Has Dinner With Mark Zuckerberg at Mar-a-Lago

(Bloomberg) -- Donald Trump had dinner with Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg at the president-elect’s Mar-a-Lago estate in Florida on Wednesday.Most Read from BloombergIn Traffic-Weary Toronto, a Battle Breaks Out Over Bike LanesIn Italy’s Motor City, Car-Free Options Are GrowingNew York City’s ‘Living Breakwaters’ Brace for Stormier SeasIn Kansas City, a First-Ever Stadium Designed for Women’s Sports Takes the FieldZuckerberg met with Trump and members of his team, ac

Analysis-Adani allegations shine spotlight on India's clean energy conundrum

Bribery allegations against Adani Group founder Gautam Adani have highlighted the growing problem India's renewable energy developers face in finding buyers for the power they generate. While India's central government wants to shift away from polluting coal-fired generation towards solar and wind, officials say state government-owned power distribution companies responsible for keeping the lights on have dragged their heels over striking renewable purchase deals. U.S. authorities allege that Indian billionaire Adani conspired to devise a $265 million scheme to bribe Indian state government officials to secure solar power supply deals, after one of his companies was unable to secure buyers for a $6 billion project for several years.

Trump's proposed tariffs on Canada would drive up pump prices, analysts warn

U.S. President-elect Donald Trump's pledge to impose tariffs on Canada would drive up fuel prices for Americans as it would upend decades-old oil trade from its top crude supplier, analysts said on Wednesday. Trump, who takes office on Jan. 20, said this week he would impose a 25% tariff on all imports from Canada and Mexico until they clamp down on drugs and migrants crossing the border. Canadian oil imports would not be exempt under a free-trade deal from the levies, Reuters reported.

Uber Faces FTC Consumer Protection Probe Over Subscriptions

(Bloomberg) -- The US Federal Trade Commission is looking into whether Uber Technologies Inc. violated consumer protection laws with its flagship subscription service. Most Read from BloombergIn Traffic-Weary Toronto, a Battle Breaks Out Over Bike LanesIn Italy’s Motor City, Car-Free Options Are GrowingNew York City’s ‘Living Breakwaters’ Brace for Stormier SeasIn Kansas City, a First-Ever Stadium Designed for Women’s Sports Takes the FieldThe FTC is investigating Uber over enrollment and cancel

Krishnan to Leave Andreessen, Talks With Musk on Future Role

(Bloomberg) -- Andreessen Horowitz general partner Sriram Krishnan is leaving the venture capital firm, and has had discussions with Elon Musk about joining his efforts to improve government efficiency.Most Read from BloombergIn Traffic-Weary Toronto, a Battle Breaks Out Over Bike LanesIn Italy’s Motor City, Car-Free Options Are GrowingNew York City’s ‘Living Breakwaters’ Brace for Stormier SeasIn Kansas City, a First-Ever Stadium Designed for Women’s Sports Takes the FieldKrishnan’s departure w

Bitcoin last up 5.05% at $96,286

Bitcoin rose 5.05% to $96,286 at 2130 GMT on Wednesday, adding $4,633 to its previous close. Bitcoin, the world's biggest and best-known cryptocurrency, is up 150.3% from the year's low of $38,505 on Jan. 23.

US labor board judge rules Exxon's Texas refinery union lockout was legal

A U.S. National Labor Relations Board administrative law judge has ruled Exxon Mobil's 10-month-long lockout of some 600 union workers at a Texas oil refinery during a contract dispute was legal. The judge sided with Exxon in his decision on Nov. 21, finding the 2021 and 2022 lockout was to pressure the United Steelworkers union workers toward a deal, not to oust the union from the 369,024 barrel-per-day (bpd) Beaumont, Texas, refinery complex. The USW had faced a decertification campaign and filed an unfair labor practice complaint during the lockout, alleging an improper effort to break the plant's union.