Business and Tech News - 4.17.24

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Skool Projekt Staff
April 17, 2024

Microsoft Invest $1.5 Billion in Abu Dhabi AI Company

Microsoft is investing $1.5 billion in G42, an AI firm based in the UAE, and Microsoft President Brad Smith will join its board as part of a deal that includes Microsoft taking a minority stake. The agreement, which has significant involvement from both U.S. and UAE governments, comes amid scrutiny of G42's connections to China. Under the deal, G42 will utilize Microsoft Azure to run its AI applications, including the Arabic AI model "Jais," and both companies commit to adhering to U.S. and international regulations, enhancing the UAE's position as a tech hub.

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IMF Raises Global Growth Outlook, Cites Resilience

The International Monetary Fund has increased its global growth forecast for 2024 to 3.2% and expects this steady rate to continue through 2025, despite economic challenges. Notable risks affecting the forecast include China's economic downturn and broader global geopolitical tensions, with global inflation anticipated to decrease from 6.8% in 2023 to 4.5% by 2025. In response, central banks are projected to adjust interest rates to ensure inflation control and promote fiscal sustainability.

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Big Banks Report Earnings

Morgan Stanley, Goldman Sachs, and Bank of America surpassed first-quarter earnings estimates, with Bank of America facing an 18% profit drop due to higher credit loss provisions. Morgan Stanley's revenue growth was bolstered by wealth management and equities trading, while Goldman Sachs saw a 28% profit increase from robust investment banking activities. All three banks navigated significant regulatory scrutiny and strategic adjustments during the quarter.

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UnitedHealth Outperforms Revenue Expectations Despite Cyberattack

UnitedHealth Group reported a first-quarter revenue of $99.8 billion, surpassing expectations even amid a cyberattack on its subsidiary. The company faced a net loss of $1.41 billion due to the cyberattack and the sale of its Brazilian operations, and it anticipates a cyberattack impact of $1.15 to $1.35 per share for the full year. Despite a general decline over the year, UnitedHealth shares rose more than 5% after the earnings announcement, driven by growth in its Optum and UnitedHealthcare units and positive investor response.

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China's March Quarter Economic Growth Exceeds Expectations

China's GDP exceeded forecasts in Q1 with a 5.3% year-on-year increase, boosted by a 14% rise in export volume. Industrial output and retail sales in March grew less than expected at 4.5% and 3.1% respectively, while the real estate sector struggled, with property investments and new commercial building sales plummeting by 9.5% and 19.4%. Despite these challenges, the Chinese government has set an optimistic growth target of 5% for 2024.

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