Some OpenAI Employees Are About to Become Millionaires

New Zealand's economy plunged into recession in the third quarter, with GDP dropping 1.0% from the prior quarter, leading to increased expectations of more aggressive rate cuts by the Reserve Bank of New Zealand. The sharp decline in economic activity, particularly in manufacturing, utilities, and construction, was exacerbated by high inflation and reduced spending. Despite hopes for a recovery, analysts are cautiously optimistic as the central bank continues to lower borrowing costs, with signs of...

Pensions have been a major focus in 2024 with changes like the triple lock, inheritance tax on pensions, and the Winter Fuel Payment. In 2025, state pensions will increase, the deadline to top up state pensions approaches, pensions dashboards will provide better access, and more information on inheritance tax on pensions is expected. The FCA is proposing more support for pension decisions, faster pension transfers, and increased awareness of pension scams. Full Article

Roula Khalaf, Editor of the FT, selects her favorite stories in this weekly newsletter, discussing the surprises and challenges of the past 25 years, including the rise of populism in various economies despite economic growth. The lack of a faithful correlation between economic circumstances and political choices, as well as the impact of immigration and hedonic adjustment on voter behavior, challenges the notion that politics is downstream of economics. The breakdown of the causal link...

UniCredit has increased its potential stake in Commerzbank to 28% through derivatives, signaling a possible buyout of the German lender. The Italian bank's move is seen as a strategic investment to unlock value within Commerzbank, amid CEO Andrea Orcel's pursuit of a bid for Banco BPM in Italy. UniCredit's interest in Commerzbank comes as the German government faces political turmoil and uncertainty, with the potential merger offering synergies in various financial activities. Full Article

Nissan and Honda are in early talks about a potential merger to create a $52bn Japanese carmaker. The move is aimed at improving competitiveness in the face of growing Chinese EV manufacturers and sluggish consumer demand for EVs. Concerns about job cuts and political backlash in Japan have been raised. The combined company would be the third-largest carmaker globally, behind Toyota and Volkswagen. Nissan has faced financial difficulties and job losses, while Honda has a...

Opinions expressed by Entrepreneur contributors are their own, emphasizing the importance of making tough decisions to ensure long-term profitability and growth, as exemplified by Steve Jobs' overhaul of Apple's product line. Assessing a product's profitability, market need, and customer feedback are key considerations in determining its viability, with tools such as profit margin calculations, market research, and customer surveys providing valuable insights for decision-making in sustaining and growing a successful business. Full Article