headlines... by halloapp

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01-31-2024

TECH

• Mark Zuckerberg and other tech CEOs will testify before Congress on child safety and age verification measures on social media platforms.

• China's Ministry of Industry and Information Technology plans to develop brain-computer products similar to Neuralink by 2025.

• Apple's stock fell 2% as analyst Ming-Chi Kuo predicts a 15% decline in iPhone shipments in 2024, citing competition and market trends.

• AI companies face criticism and pressure to address deepfake porn, like explicit images of Taylor Swift. US lawmakers propose the DEFIANCE Act to allow individuals to sue over non-consensual deepfakes. Taylor Swift fans took action to bury the explicit AI-generated images.

• Samsung Electronics reported a 34% decline in operating profit for Q4 2023, but expects chip demand to improve in 2024.

• Commvault Systems reported strong Q3 fiscal year 2024 earnings, with revenue increasing 11% YoY to $217 million, driven by a 31% increase in subscription revenue.

• Vodafone rejects Iliad Group's €10.5bn merger bid to combine Italian operations, causing Vodafone's shares to fall.

• Leal, a Colombian retail tech company, secures $5m in funding to expand its AI-powered customer engagement platform for Latin American merchants.

• Nile, a startup co-founded by former Confluent executives, raised $11.6 million in seed funding to build a Postgres-powered data layer for SaaS applications. The funding was led by Benchmark's Eric Vishria. Nile aims to address data management challenges faced by SaaS companies with built-in multi-tenancy support and plans to leverage Postgres as the core technology.

• Meta, the parent company of Instagram, joins Snapchat, Discord, and TikTok in introducing parental controls for its platform.

MEDIA

• Universal Music Group (UMG) will no longer license its music to TikTok due to failed negotiations over compensation and concerns about AI-generated music.

• Paramount Global's stock surges 20% as media mogul Byron Allen offers $14.3 billion to acquire the company, potentially sparking a bidding war.

• Electronic Arts (EA) reported strong Q3 earnings of $2.37 billion, driven by sports games and live services. They plan to expand player base and focus on subscription gaming.

• David Rubenstein, co-founder of Carlyle Group, is set to purchase the Baltimore Orioles for $1.725 billion, becoming the team's controlling owner.

CONSUMER

• Malibu Boats Inc. experienced a challenging Q2 2024 with a 38% decrease in net sales and a 62% decrease in net income. The company expects channel inventories to decrease and plans to introduce new boat models at lower prices to attract customers. Shares of Malibu Boats fell by 18.1% and 16.4% after missing revenue expectations and providing disappointing guidance. Other boatmakers' shares also dropped following Malibu Boats' sales outlook cut.

• iRobot faces financial pressure and plans layoffs after Amazon's failed acquisition, struggling to repay a $200 million loan from Carlyle Group.

• Amazon initially refused to refund a customer whose TV never arrived due to a high number of missing orders, but later apologized and issued a full refund.

• Skincare for teens is emphasized due to the increasing demand for acne treatment products, with a list of the top 15 in 2024.

REAL ESTATE

• Billionaire Barry Sternlicht warns of an "existential crisis" in the office market, predicting over $1 trillion in losses due to the pandemic and remote work. Office values have already dropped significantly.

• Blend Labs, Inc. (BLND) experienced a 13% increase in stock price, benefiting retail and institutional investors who own 45% of shares.

• 56% of Laiqon AG (ETR:LQAG) stock is owned by individual investors, granting them substantial control over management decisions, while private equity firms hold 19%.

ECONOMIC

• Swedish steelmaker SSAB reports Q4 net profit of SEK1.9 billion, while SKF reports lower-than-expected net profit of SEK623 million. H&M's CEO steps down as the company reports disappointing earnings and a drop in sales.

• BBVA, a Spanish bank, reported its Q4 2023 earnings. Santander Brasil's Q4 net income decreased by 19.2%. DNB Bank ASA reported Q4 earnings. Norway's sovereign wealth fund, Norges Bank Investment Management, reported a record profit. Deutsche Bank is expected to report Q4 revenue and net profit. Norway's Government Pension Fund Global reported its highest annual return.

• US consumer confidence is at a two-year high, while worker paycheck growth and labor costs are slowing. Japan's consumer sentiment and stock market are both performing well. Inflation in France has dropped to a two-year low.

• US financial giants PayPal, Citigroup, Nasdaq, and BlackRock are cutting jobs to streamline operations and adjust to competition and tighter monetary policies. PayPal plans to cut 2,500 jobs, Citigroup plans to cut 20,000 jobs, and BlackRock plans to cut about 3% of its workforce.

• French President Macron urges EU to halt trade deal with Mercosur due to concerns over standards for farmers and industries.

CRYPTO

• The launch of US bitcoin ETFs raises concerns about potential risks to the financial system, while also opening opportunities for investors.

• Former UK Chancellor George Osborne has joined cryptocurrency exchange Coinbase as an advisor as the company faces legal challenges and considers a move to the UK.

• Coinbase Global experienced a significant 131.7% increase in Q4, as reported in Patient Capital Management's Q4 2023 investor letter.

• JPMorgan Chase and Coinbase benefit from the new Bitcoin ETFs as authorized participants and custodians, respectively.