BREAKING: OpenAI’s board has hired Emmett Shear, formerly of Twitch, as CEO. That move defies calls by investors to reinstate the ousted Sam Altman. https://trib.al/7451LVA

What led to Altman's shock departure in the first place? Insiders say it started with a group of scientists who worried that the company’s expansion was out of control — maybe even dangerous. https://trib.al/EJP1V2b

Exclusive: China's regulators are drafting a list of 50 developers, including Vanke and Longfor, to be eligible for a range of financing aid. https://tinyurl.com/mrx3nvv3

Altman latest: Microsoft said that Sam Altman will lead the software developer's new in-house artificial intelligence team after his ousting from OpenAI last week. https://tinyurl.com/5ayjzfv9

World cup victory: Australia's cricket team will take home $4 million after defeating India to win the World Cup. https://tinyurl.com/4d3zwmzv

Another postponement: Nigeria’s central bank postponed a meeting of its monetary policy committee for a second time since Governor Olayemi Cardoso was nominated to the post in September. https://bloom.bg/47mIJaE

No bond deal: Zambia’s official creditors co-led by China and France rejected a revised agreement in principle that the government reached with bondholders. https://bloom.bg/47JNMC1

Elevated rates: In what will be a marathon month for interest-rate decisions in Africa, its biggest economies are set to keep interest rates higher for longer. https://bloom.bg/40KbvQe

Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz

US-China chip war: A new front is opening up in the US-China conflict over chips for technological supremacy — and China is already moving to capitalize on it. https://trib.al/Uhed4cK

Watch: In the Bloomberg Originals mini-documentary When Huawei Shocked America With a Smartphone, we explore how the company’s new phone may mean a US effort to keep China’s tech in check is falling short. https://trib.al/KJu4bGd

Big Take: High borrowing costs are destroying dreams of homeownership around the world. https://trib.al/gaqtsp0

Big copper deal: China’s MMG has clinched one of the biggest copper deals of the year, agreeing to pay $1.9 billion for a mine in southern Africa as major commodities groups vie to add supply of the metal. https://bloom.bg/3uidJtO

Energy security vs climate goals: South Africa is likely to prioritize energy security over its decarbonization aspirations to avoid further damage to its economy. https://bloom.bg/47kBkZB

Telkom towers sale: Telkom is in advanced talks to sell its tower assets to a private equity firm. https://bloom.bg/47or6Hz

Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz

BREAKING: OpenAI will bring back Sam Altman and appoint new board members, after nearly all of its employees threatened to leave the startup over his surprise ouster.

Altman is returning to his role as CEO, and the new board will be chaired by Bret Taylor and include Larry Summers and Adam D’Angelo, the company said in a post on X. It is working “to figure out the details,” the message added. https://bloom.bg/3Rbmu20

📷: Win McNamee/Getty Images

Inflation soars: South African annual inflation quickened to a five month high in October, a reading that’s unlikely to persuade the central bank to hike rates as the acceleration is likely to be temporary. https://bloom.bg/3RcZpvT

LNG exports: Egypt is set to resume exports of liquefied natural gas following a months-long hiatus after supplies of the fuel from Israel increased. https://bloom.bg/46rkgj6

Ships pile up: A maritime gridlock at South African ports has kept nearly 100 vessels waiting to dock as Transnet, the state-owned logistics firm, struggles with breakdowns and bad weather. https://bloom.bg/3QIn5Xq

Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz

While the fortunes of real estate tycoons across the globe plummet, Kushal Pal “KP” Singh — a billionaire who helped reshape the suburbs of India’s capital New Delhi — is bucking the trend.

The wealth of the 92-year-old businessman, whose family controls India’s largest publicly traded real estate company, DLF, has increased by $5.5 billion this year, the most among the world’s real estate billionaires tracked by the Bloomberg Billionaires Index. https://trib.al/s30RJHy

Builder support: China may allow banks to offer unsecured short-term loans to qualified developers for the first time to ease the property crisis. https://trib.al/ksfZ32y

Turnaround story: How Huawei’s chipmaker turned a decade of US sanctions into a China success. https://trib.al/HiIlGZ7

Movie Mogul: Newly minted billionaire Manoj Punjabi is building a Hollywood-style empire in Southeast Asia. https://trib.al/Tb5WdRy

India Edition: The OpenAI drama reveals a new dynamic between regulation and innovation, minister Rajeev Chandrasekhar says. Menaka Doshi speaks with him AI governance and regulation. https://trib.al/zNNbrek

Looking for insightful commentary and in-depth analyses on India? Sign up here for our weekly newsletter to stay updated with the latest reportage on billionaires and businesses behind its rise.

Angola stays in OPEC+: Africa’s second biggest crude producer has no plans to leave OPEC+, an official said, following a broader dispute over output quotas that delayed the group’s meeting. https://bloom.bg/46rAKIm

Rates Freeze: South Africa’s central bank kept its benchmark interest rate unchanged, while warning that inflationary risks persist and that it stands ready to act if they materialize. https://bloom.bg/49O18yK

Wealth changes, Africa expansion: Nedbank will weigh reshuffling its wealth management business and is looking for ways to grow its market share across Africa under newly-named CEO Jason Quinn. https://bloom.bg/3sENEF5

Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz

Changpeng “CZ” Zhao has become the latest in a long line of crypto founders facing potentially significant legal consequences.

The swelling ranks of fallen titans facing civil and criminal penalties around the world suggest governments are increasingly empowered to clamp down on bad behavior by digital-asset influencers. These are the fallen kings of crypto as regulators chase the rule-breaking founders. https://trib.al/D1bGt3B

Live Updates: The Israel-Hamas cease-fire starts in Gaza, and the release of hostages and prisoners is expected to follow.

Follow our coverage (free to read). https://trib.al/e6EHHkt

Property slump: China is ramping up pressure on banks to support struggling real estate developers, signaling President Xi Jinping’s tolerance for property sector pain is nearing its limit. https://trib.al/uVSdBa1

Hard choices: A stalled reform agenda has meant Malaysia's Anwar Ibrahim has been unable to boost the nation’s revenues and pare debt during his first year in office. https://trib.al/UXHuhfZ

Explained: China’s health care system is once again in the spotlight after a pneumonia outbreak in children. Here’s what we know so far. https://trib.al/Dh6h2AH

Big take: With the war in Gaza, Ukraine's struggle for attention and arms is growing and momentum is shifting in Vladimir Putin's favor. https://trib.al/NFDyoCS

NBA CEO steps down: The National Basketball Association’s inaugural chief executive officer for its African business is leaving, the latest in a series of departures by senior leaders. https://bloom.bg/49T6ngA

Blackout Friday: Eskom implemented a severe level of power cuts to prevent a total collapse of South Africa’s electricity grid on Friday. https://bloom.bg/3QTkSbR

Power plant greenlit: Karpowership, the provider of ship-mounted power plants, says it won environmental authorization for the second of three projects it wants to connect to the South African grid. https://bloom.bg/3QPSmaZ

Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz

80-hour weeks. Multi-billion dollar deals. Huge bonuses. Until recently, life as an investment banker in Hong Kong was both intense and lucrative. These days, it’s anything but.

The big China deals that lined rainmakers’ pockets for decades have evaporated. Banks and law firms alike are cutting jobs. Those advisers that remain are chasing smaller deals and taking extended vacations. https://trib.al/AFO3T67

Carbon capture technology has long been the industry’s favored solution. But Big Oil’s investment in it has been slow and largely aimed at helping produce more fossil fuels.

In the mini-documentary Carbon Capture’s Reality Check, Bloomberg Originals explores the technology’s potential, its shortcomings and why fossil fuel giants have championed it. https://trib.al/k41PBCB

A spree of costly ethics scandals and an uncertain global economy have left the $860 billion consulting sector slashing budgets and jobs. From McKinsey to PwC, management consultants are facing the roughest headwinds in years.

Some companies and government departments are rethinking their reliance on the sector. But even as firms clamp down on costs, some senior partners are still enjoying glamorous events and seven-figure salaries. Read the Big Take here. https://trib.al/dsqQDAn

Hello, here’s what we are reading:

Financial damage: Investors stand to lose about $56 billion as China's Zhongzhi faces a criminal probe, one local law firm estimates. https://trib.al/d7yOxXF

Retreat from gaming: Tiktok owner ByteDance plans to cut hundreds of jobs in gaming and wind down its showpiece brand Nuverse in a major withdrawal from the sector. https://trib.al/y0LJg8F

Big Take: “It’s mind-blowing.” China's remote deserts are hiding an energy revolution, adding more solar and wind than entire continents. https://trib.al/vTMf1uU