Business

TO A CASUAL visitor, the basement of the William Eckhardt Research Centre, at the University of Chicago, might appear nothing special. Whereas the upper floors of the building are a postmodern tower of angled glass, underground the walls are bare-white MDF.

The Federal Reserve decided to leave its key interest rate unchanged at a range of 5% to 5.25%. It was the first time that America’s central bank left the rate on hold following ten consecutive increases, which started in March 2022. However, it indicated that it would probably lift the rate twice again this year.

Elon Musk appointed Linda Yaccarino as chief executive of Twitter, five months after he said he would relinquish the role. Mr Musk took over the company last October. Ms Yaccarino comes from NBCUniversal, where she was in charge of advertising.

In an attempt to stave off more banking turmoil, regulators in California took control of First Republic Bank, a regional lender based in San Francisco, and placed it into federal receivership. Much of the bank was then sold to JPMorgan Chase following a bidding auction.

Elon Musk said he would launch a new artificial-intelligence platform called TruthGPT as a rival to ChatGPT and other generative-AI bots, somewhat contradicting his recent call for a moratorium on developing such technology.

Oil prices rose sharply after OPEC+ announced a surprise cut to production. The cartel said it wanted to support stability in the market, which is another way of saying it didn’t like the dip in oil prices in mid-March. It also wanted to deter speculators who have been betting on softer oil prices.

EGYPTIANS OFTEN complain that their country produces little of value. Juhayna, the country’s largest dairy and juice maker, has been a notable exception. Its red and blue cartons are a staple in Egyptian homes. Its milk and yogurt are sold across the Middle East and Africa.

TAKE AN EVENING walk on 17th Cross Road in Bengaluru’s HSR Layout district, and you bump into tech types stepping out of their startup’s office and into one of the local microbreweries.

WHEN THE devastating war ended, the country resembled a wasteland. Its industrial infrastructure had been flattened by air raids and its great cities bombed out with terrible loss of life. Russian-led forces occupied the east, with millions fleeing their brutality.

IN MOST COUNTRIES the state has no business in most commercial secrets. The Chinese authorities have long taken a different view, considering the review by foreign regulators of accounting documents drawn up in China for Chinese companies listed outside the mainland as an infringement on sovereignty, potentially punishable by death.

SHARP ATTIRE and a purposeful stride. The left-hand turn on the plane away from the cheap seats. Skipping the in-flight film to refine a presentation. Over the past two pandemic years these obvious giveaways of the globetrotting executive became a rare sight.

IN THE EARLY 1970s a handful of former employees at IBM, then the world’s biggest computer-maker, spent weeks pulling double shifts.

TO SAUDI ARABIA, Qatar is little more than a sore thumb sticking out into the Persian Gulf. For decades the kingdom has looked down on its neighbour as an irritating pipsqueak, with which it has little in common except the desert.