Cyberattack Sends Derivatives Trading Back to the 1980s

Derivatives shops, used to clearing hundreds of billions of dollars in trades every day, found themselves in a dramatically different era this week: the old days of manually processing deals.

ECB Hikes By Half-Point And Vows More Before Reassessing

(Bloomberg) — The European Central Bank lifted interest rates by a half-point and pledged another such move before officials then take stock of where borrowing costs must go to tame inflation. Policymakers, as expected, raised the deposit rate to 2.5%, the highest since 2008. They warned that the most aggressive bout of monetary tightening in … Read more

Beware ChatGPT Trying to Teach Your Kids Math … or Anything

Will it get more accurate? Yes, but it’s hard to say by how much. The large language model underpinning ChatGPT is made up of 175 billion parameters, which are settings that are used to make the model’s predictions, versus the 1.5 billion that its predecessor GPT-2 had. It’s become accepted wisdom in AI that the more … Read more

Why People Wait Years for $100,000 Watches That Look Like Spaceships

(Bloomberg Businessweek) — Let’s get one thing straight: Maximilian Büsser, the creative force behind the red-hot MB&F brand, isn’t making watches he thinks you’ll like. He already did that. For about seven years, the son of a Swiss diplomat and a mother from Mumbai was head of the watch division at luxury jeweler Harry Winston … Read more

Bigger Is Better in India’s Nascent Electric Car Market

Demand for smaller SUVs has been surging in India. They’re suited for the country’s driving conditions, which can vary vastly from smooth multi-lane freeways to rutted streets crowded with rickshaws, dogs and cows. They also offer aspirational buyers an important, yet affordable, status symbol, perching drivers above the masses. And while larger electric SUVs tend … Read more

How I Learned to Stop Hating and Respect Chicken Tikka Masala

(Bloomberg) — Asma Khan has a vivid memory of the first time she encountered chicken tikka masala, the bastard child of Indian cooking and British taste. It was in 1992, and she was newly arrived in the great English university town of Cambridge, where her husband was studying law. A professor invited the young couple … Read more

Growth in China Slows Significantly

(Bloomberg) — Economic growth in China slowed significantly in 2022 from a year earlier as Covid-19 and the government’s response led to the second-weakest performance since the 1970s. While economists expect activity to pick up steam this year, China is contending with near record-low consumer confidence, a property market in the doldrums and a shrinking … Read more

Poland Wants Allies to Send Up To 100 Tanks to Support Ukraine

Germany “should now feel more responsible to support Ukraine,” Morawiecki told Bloomberg Television at the World Economic Forum in Davos, Switzerland. The government in Warsaw wants to “inspire others” to send as many as 100 tanks so “we can make a difference in the battlefield in Ukraine.”