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Adani's market losses top $100 billion, Shell's profit more than doubles to a record $40 billion, and Microsoft rolls out a ChatGPT-powered Teams Premium

by Linda Noakes

Business & Markets

A man walks past a screen on the facade of the Bombay Stock Exchange building in Mumbai, India, February 1, 2023. REUTERS/Niharika Kulkarni

India's Adani group shares sank after market turmoil forced the conglomerate to axe a crucial $2.5 billion stock offer, deepening its market losses to more than $100 billion. As tycoon Gautam Adani's woes mount, foreign investors and Indian regulators are abandoning any pretence that the conglomerate's troubles are contained and domestic markets will be spared contagion.
The Federal Reserve said it had turned a key corner in the fight against high inflation, but that "victory" would still require its benchmark overnight interest rate to be increased further and remain elevated at least through 2023.
The European Central Bank is all but certain to raise interest rates again today and pencil in more hikes for the next few months. The Bank of England is poised to raise rates for the tenth time in a row to keep up its fight against rampant inflation.
Shell delivered a record $40 billion profit in 2022, capping a tumultuous year in which a surge in energy prices after Russia's invasion of Ukraine allowed it to hand shareholders unprecedented returns.
Microsoft rolled out a premium Teams messaging offering powered by ChatGPT to simplify meetings using the AI chatbot that has taken Silicon Valley by storm. ChatGPT is estimated to have reached 100 million monthly active users in January, just two months after launch, making it the fastest-growing consumer application in history.
Volvo Cars is gearing up for an electric blitz to convert all its mainstay models - three SUVs and two sedans - into electric vehicles and to introduce a luxury electric van aimed at boosting sales in Asia, two people with knowledge of the plans said.

World News

A residential building destroyed by a Russian missile strike in Kramatorsk, Ukraine, February 2, 2023. REUTERS/Vyacheslav Madiyevskyy

A Russian missile destroyed an apartment building in the eastern Ukrainian city of Kramatorsk as top European Union officials arrived in Kyiv for talks seen as key to Ukraine's pivot towards the West. A former commander of Russia's Wagner mercenary group who fled to Norway told Reuters he wanted to apologize for fighting in Ukraine and was speaking out to bring the perpetrators of atrocities in the conflict to justice.
The Philippines has granted the United States expanded access to its military bases, their defense chiefs said, amid mounting concern over China's increasing assertiveness in the disputed South China Sea and tensions over self-ruled Taiwan.
North Korea's Foreign Ministry said that drills by the United States and its allies have pushed the situation to an "extreme red-line" and threaten to turn the peninsula into a "huge war arsenal and a more critical war zone."
The suicide bomber who killed more than 100 people at a mosque in a police compound in the Pakistan city of Peshawar this week wore a police uniform and entered the high security area on a motorbike, a provincial police chief said.
Mourners and protesters faced off in Sydney at the funeral service for Australian Cardinal George Pell, a former top Vatican official who was acquitted in 2020 of sexual abuse accusations.

U.S. News

Private security guards the perimeter of a beach house owned by President Joe Biden in Rehoboth Beach, Delaware, February 1, 2023. REUTERS/Mark Makela

The U.S. Justice Department did not find documents with classified markings during a three-and-a-half hour search of President Joe Biden's beach house in Rehoboth, Delaware, but did take some materials for further review, Biden's attorney said. The search by FBI agents appeared to represent an expansion of the probe into Biden's handling of classified documents.
Biden and Republican House Speaker Kevin McCarthy held initial talks about raising government borrowing limits in a first test of how the two will work together, with both sides agreeing to talk more. We outline House Republicans' many proposals for spending cuts.
A group of Republicans in the House of Representatives said they would seek to impeach Biden's top border official, a sign of coming political battles over record numbers of illegal crossings.
Former South Carolina Governor Nikki Haley will kick off her campaign for the 2024 Republican presidential nomination this month, squaring off against her one-time boss, Donald Trump, two sources familiar with her plans said.
The relatives of Black people killed by police in cities across the United States attended Tyre Nichols' funeral in a Memphis church to offer comfort to the family of the 29-year-old, who was fatally beaten by officers last month. Speaking over a flower-bedecked casket, preachers recalled a young man who loved photography and skateboarding, and demanded justice.

And Finally

An illustration shows the binary star system CPD-29 2176, located about 11,000 light years from Earth

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