Business

Berkshire Hathaway is acquiring Occidental Petroleum’s OxyChem division for $9.7 billion, a major deal potentially preceding Warren Buffett’s retirement as CEO, with Greg Abel assuming leadership. This acquisition helps Occidental significantly reduce debt and strategically expands Berkshire’s chemical portfolio, complementing its existing Lubrizol subsidiary. The transaction is set to conclude in the fourth quarter.

Chennai-born Aravind Srinivas, 31, has emerged as India’s youngest billionaire, debuting on the M3M Hurun India Rich List 2025 with a net worth of Rs 21,190 crore from his AI startup Perplexity. His entry highlights a significant shift in India’s wealth landscape, driven by young tech entrepreneurs in AI and digital platforms.

Cybersecurity experts warn about a new AI era threat called vibe hacking. Criminals use AI tools like FraudGPT for sophisticated cyberattacks. These ‘Evil LLMs’ bypass safety measures and steal data. AI can now complete ransomware attacks 100 times faster. Experts urge AI developers to implement stronger safeguards against misuse. This marks a turning point in…

India is considering a Rs 20,000 crore risk guarantee fund to encourage private sector participation in infrastructure projects. Managed by NCGTC, this fund aims to share project risks, protect against policy changes, and boost bank lending. This initiative addresses the country’s $4.51 trillion infrastructure requirement and seeks to reduce economic inefficiencies.

OpenAI’s valuation has surged to $500 billion after employees and former staff cashed out $6.6 billion in a secondary share sale to investors including SoftBank and Thrive Capital. This significant increase from $300 billion highlights the AI giant’s rapid growth, with revenue reaching $4.3 billion in the first half of 2025. OpenAI now surpasses SpaceX…

The EU is preparing to unveil a permanent plan next week to significantly increase tariffs on steel imports and nearly halve existing quotas. This aims to protect European producers from cheap Asian steel and US trade barriers, with imports exceeding reduced quotas facing higher duties. The move is vital for bolstering defense capabilities.

The State Bank of India forecasts inflation for FY26 and FY27 to be significantly lower than the Reserve Bank of India’s estimates, citing a strong monsoon, higher crop sowing, and GST rate rationalization. This comes as RBI already lowered its FY26 CPI forecast and maintained policy rates.

South Korea and the US have reached a preliminary security agreement, with Seoul increasing its defense budget by 8.2% next year to address US demands for greater cost-sharing. Concurrently, trade talks on a $350 billion investment package and a currency swap deal are progressing slowly, with optimism low for the latter’s approval.

The Reserve Bank of India introduced major reforms, allowing banks to finance mergers, acquisitions, and IPOs more freely. It raised limits on loans against shares and debt securities, easing borrowing rules for large companies. These changes, effective October 2025, aim to expand credit access, improve liquidity, and deepen capital market participation, complementing government reforms.