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China’s Colossal Hidden-Debt Problem Is Coming to a Head
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Tag: WSJ-PRO-WSJ.com
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The Surprise Bill Coming to Those Who Underpay Their Taxes
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Failing to keep up with tax payments now could lead to an expensive surprise come next spring.
As of Oct. 1, the Internal Revenue Service is charging 8% interest on estimated tax underpayments, up from 3% two years ago. The increase is one of the many effects of rising interest rates.
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The Cost of Doing Business With China? A $40,000 Dinner With Xi Jinping Might Be Just the Start
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Updated Nov. 28, 2023 12:54 am ET
Broadcom Chief Executive Hock Tan shelled out $40,000 to sit at Xi Jinping’s table for the Chinese leader’s recent dinner in San Francisco with the heads of American businesses. Tan had a lot more at stake—a $69 billion deal he was waiting on China to approve.
For months, Chinese regulators wouldn’t clear the U.S. chipmaker’s bid to buy enterprise software developer VMware, leading Broadcom to put off its date for completion of the deal—first announced in May 2022—three times. Beijing had held up previous mergers involving U.S. companies. Intel’s planned acquisition of Israeli firm Tower Semiconductor, for more than $5 billion, was scuttled in August after Chinese regulators failed to approve it.
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Bayer CEO Says Breakup Wouldn’t Fix All of the Company’s Ills
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BERLIN—Bayer Chief Executive Bill Anderson said the company would bounce back quickly from a recent spate of bad news, and warned that a breakup of the pharmaceutical and agricultural company was no universal cure for its ailments.
A stream of negative news has rekindled calls from investors for Bayer to unlock value by spinning off its units into separate businesses. But in an interview with The Wall Street Journal this week, Anderson said the company couldn’t be distracted from the tough restructuring to fix the businesses.
Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Sam Altman to Join Microsoft Following OpenAI Ouster
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Updated Nov. 20, 2023 6:34 am ET
SAN FRANCISCO—Microsoft said it is hiring Sam Altman to helm a new advanced artificial-intelligence research team, after his bid to return to OpenAI fell apart Sunday with the board that fired him declining to agree to the proposed terms of his reinstatement.
Microsoft Chief Executive Satya Nadella posted on X (formerly Twitter) late Sunday that Altman and Greg Brockman, OpenAI’s president and co-founder who resigned Friday in protest over Altman’s ouster, will lead its team alongside unspecified colleagues. Nadella said Microsoft was committed to its partnership with OpenAI and that it would move quickly to provide Altman and Brockman with “the resources needed for their success.”
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How Starbucks Lost the Top Spot in China’s Coffee Race
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Starbucks is losing its prime spot among chains racing to meet China’s growing thirst for coffee.
Luckin Coffee has surpassed Starbucks as China’s biggest coffee chain by sales and units, company reports show, a comeback for the Chinese company after an accounting scandal that stalled its growth.
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Orsted Books $4 Bln Impairments, Walks Away From Two US Offshore Projects
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Updated Nov. 1, 2023 3:33 am ET
Orsted booked a 28.4 billion Danish kroner ($4.02 billion) impairment charge in the third quarter related to its U.S. offshore wind portfolio and said it will stop development of two wind farm projects off the coast of New Jersey amid spiraling costs and supplier delays.
The Danish renewable-energy company had previously warned of up to DKK16 billion of impairments after flagging increasing supply-chain risks at U.S. projects, while a lack of favorable progress on U.S. tax credits and higher interest rates were also sending project costs higher.
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BP Profit Rose on Higher Refining Margins, Strong Oil Trading
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Updated Oct. 31, 2023 4:24 am ET
BP said its third-quarter profit rose, benefiting from higher realized refining margins and oil and gas production, although it missed expectations.
The British oil-and-gas major said Tuesday that it made an underlying replacement cost profit—a metric similar to net income that U.S. oil companies report—of $3.29 billion in the three months to the end of September, up from $2.59 billion in the preceding quarter. This missed an averaged analysts’ forecast compiled by the company of $4.01 billion.
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Detroit Is Paying Up to End the UAW Strike. Now Carmakers Will Live With the Costs.
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Updated Oct. 30, 2023 12:50 pm ET
The United Auto Workers campaign against Detroit’s three automakers can be described as one thing for the union: a win.
The strike, now in its seventh week, is nearing its conclusion with General Motors on Monday reaching a tentative labor deal with the UAW following similar pacts with Ford Motor and Chrysler-parent Stellantis.
Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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WSJ News Exclusive | Hedge Fund Two Sigma Is Hit by Trading Scandal
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A researcher at Two Sigma Investments adjusted the hedge fund’s investing models without authorization, the firm has told clients, leading to losses in some funds, big gains in others and fresh regulatory scrutiny.
The researcher, Jian Wu, a senior vice president at New York-based Two Sigma, was trying to boost his compensation, Two Sigma has told clients, without identifying Wu. He made changes over the past year that resulted in a total of $620 million in unexpected gains and losses, according to people close to the matter and investor letters. Two Sigma has placed Wu on administrative leave.
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WSJ News Exclusive | UAW Expands Strike With GM After Reaching Tentative Agreement With Stellantis
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Updated Oct. 28, 2023 10:03 pm ET
The United Auto Workers called a fresh strike at a General Motors factory in Tennessee, a surprise walkout after negotiators had been working nearly around the clock to finalize a new contract this weekend.
Workers at GM’s factory in Spring Hill, Tenn., were ordered to go on strike Saturday evening, according to people with knowledge of the union’s plans. The strike came just as the UAW confirmed that it reached a tentative agreement with Chrysler parent Stellantis on a new labor contract.
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WSJ News Exclusive | Xi Jinping Is Looking for Someone to Blame for China’s Property Bust
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Updated Oct. 26, 2023 12:05 am ET
With China’s property bust threatening to sink the country’s economic recovery, Xi Jinping is looking for someone to blame.
After putting the billionaire founder of Evergrande, a heavily indebted property firm, under investigation for possible crimes, Beijing is expanding its probes to include bankers and financial institutions that facilitated developers’ risky behavior, people familiar with the matter say.
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Chevron to Buy Hess for $53 Billion
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Updated Oct. 23, 2023 5:58 am ET
Chevron said it would buy Hess in an all-stock deal worth $53 billion, in the latest sign of consolidation in an oil-and-gas industry flush with cash.
The U.S. energy giant said buying Hess would upgrade and diversify its portfolio, adding a large oil asset in Guyana and bolstering its U.S. shale operations. Chevron also highlighted the attraction of Hess’s assets in the Gulf of Mexico and its natural-gas business in Southeast Asia.
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ASML Holding Sees Flat 2024 Revenue on Demand Uncertainty
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ASML Holding said it expects revenue next year to be similar to 2023 given uncertainty around demand recovery in the semiconductor industry but posted better-than-expected net income for the third quarter.
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Ford Executive Chairman Calls for End to UAW Strike
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Updated Oct. 16, 2023 2:28 pm ET
Ford Motor Executive Chair Bill Ford called for a resolution to an “acrimonious” round of talks with the United Auto Workers and warned that a continuing strike could hurt the company’s ability to keep factory jobs in the U.S.
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