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12-12-2023

TECH

• Apple has released iOS 17.2, featuring a new Journal app, spatial video capture, improved messaging, and more.

• Microsoft has reached an agreement with the AFL-CIO union to remain neutral in unionization efforts and collaborate on AI and the workforce.

• Nokia has lowered its 2026 profit margin target to at least 13% due to challenging market conditions and the loss of a US telecom contract.

• Chinese chip designers, such as Tencent Holdings, are promoting their AI chips as alternatives to Nvidia’s due to US export restrictions.

• The Biden administration will provide $35 million in federal funding to BAE Systems to increase chip production at a New Hampshire factory for military aircraft. This is the first allocation from the CHIPS and Science Act, aimed at strengthening national security and reducing reliance on foreign supply chains.

• BlackBerry appoints John Giamatteo as CEO, cancels IPO plans for IoT business, and creates standalone divisions for IoT and cybersecurity.

• The Beeper Mini app, which brings iMessage to Android, is back on the Google Play Store. Users now need an Apple ID to sign in.

• The European Union has reached a provisional deal on comprehensive AI rules, including transparency obligations and limits on biometric surveillance. The legislation is expected to be in effect early next year, with fines for violations.

• NVIDIA CEO Jensen Huang has declared Vietnam as the company’s “second homeland” and plans to open a design center and chip production base in the country. The move comes amid tensions between the US and China and aims to diversify NVIDIA’s supply chain.

• Apple has offered to allow competitors access to its tap-to-pay mobile wallet system in Europe, potentially settling an EU antitrust case and avoiding fines.

• Over 100 Silicon Valley CEOs discussed the firing of Sam Altman as OpenAI’s CEO in a secret WhatsApp group chat. Conflicting narratives about Altman’s character and actions have emerged.

• A judge in Texas has upheld the ban on TikTok on state employee devices, citing data privacy concerns.

MEDIA

• University of Pennsylvania President Liz Magill and Harvard President Claudine Gay face calls for resignation amid controversy over their handling of antisemitism on campus.

• Shohei Ohtani signs a 10-year, $700 million deal with the Los Angeles Dodgers, with a significant portion of the salary deferred.

• HBO’s ’Succession’ sets a new record with 9 Golden Globe nominations. Greta Gerwig’s ”Barbie” leads with 9 nominations, followed by ”Oppenheimer” with 8.

• Rudy Giuliani faces a defamation trial in which he could be ordered to pay up to $43 million in damages for false accusations against Georgia election workers.

• Tucker Carlson has launched his own subscription-based streaming service, The Tucker Carlson Network, offering interviews, commentary, and exclusive content.

• Paramount owner Shari Redstone is considering selling to Skydance, potentially reshaping the media landscape and impacting the entertainment industry.

• Apple is offering incentives to artists and record labels to produce music in Dolby Atmos technology, potentially leading to higher royalties.

• Netflix will livestream a tennis match between Rafael Nadal and Carlos Alcaraz on March 3, 2024, in Las Vegas, as part of its expanding live sports programming.

• Disney and Reliance Industries are expected to merge their Indian media operations, with Reliance owning at least 51% of the new entity.

• Netflix has resolved a widespread outage in the US that affected thousands of users, but some members may still be experiencing issues.

• Members RM and V of K-pop band BTS have begun their mandatory military service, with a planned group reunion in 2025.

• Tyler Anderson of Dover, New Hampshire, arrested for sending death threats to GOP presidential candidate Vivek Ramaswamy and supporters.

• Liberty Media intends to merge its majority stake in SiriusXM with the rest of the radio company to create a new publicly listed firm called New Sirius XM.

CONSUMER

• Zara has removed an ad campaign resembling images of the Israel-Gaza war after facing backlash and calls for boycotts.

• Unilever is under investigation by the UK’s competition watchdog for potentially misleading environmental claims on household products, known as greenwashing.

• JD.com founder Richard Liu urges employees to address company problems, acknowledging inefficiency and competition from Pinduoduo and Alibaba.

• Gildan Activewear’s shares dropped 14% after CEO Glenn Chamandy’s sudden departure, replaced by Vince Tyra effective February 12.

• Fortune Brands Innovations Inc. and Mohawk Industries Inc. both experienced stock declines, underperforming the market, with lower trading volume. Mohawk Industries attributed the decline to muted consumer demand.

• Shein, a Singapore-based fast fashion company, is in discussions with the London Stock Exchange for a potential public listing in the UK.

• Leaders can support their teams during the holiday season with personalized gestures, while retailers should prioritize employee mental health.

• Experts caution against wasting money on impractical gadgets, novelty gifts, clothes without clues, and generic gift baskets for the holidays. They recommend thoughtful and personalized gifts. Financial experts also advise against purchasing trendy tech gadgets, designer clothing, exercise equipment, niche kitchen appliances, subscription boxes, knockoff brands, indulgent items, high-end pet products, beauty advent calendars, and expensive baby items.

• The global consumer electronics market is expected to surpass $1,239.40 billion by 2030 due to the growing popularity of remote work. The global consumer battery market is predicted to reach $37.07 billion by 2029, with a 6.6% CAGR from 2022-2029, fueled by the demand for household electronic devices.

REAL ESTATE

• Choice Hotels is making a hostile takeover bid for Wyndham Hotels & Resorts valued at $8 billion after failed negotiations.

• Mortgage rates have dropped to the lowest levels since July, but rates need to decline further to stimulate buyer demand.

• Investors have agreed to postpone the repayment of over $4.2 billion by the end of the year to China’s Wanda, a major shopping-mall operator. Billionaire Wang Jianlin is giving up control of Dalian Wanda Group Co.’s mall operator to avoid repaying pre-IPO investors.

• WeWork has resolved objections from landlords by agreeing to reserve future loans for rent payments in its bankruptcy financing.

• Hudson Global’s stock fell 17% in 3 months, but its 3.3% ROE indicates decent fundamentals. Investors Title’s stock dropped 3.9%, but shows potential growth based on financial indicators.

ECONOMIC

• Javier Milei, a libertarian economist, has been elected as Argentina’s new president, promising economic and monetary reforms.

• Hillenbrand Inc. stock remains unchanged, underperforming the market, closing $12.94 short of its 52-week high. Harley-Davidson Inc. stock rose 0.84% to $32.37, outperforming the market, closing $19.40 below its 52-week high. Hasbro plans to lay off 1,100 employees, about 20% of its workforce, due to weak toy sales.

• UK Chancellor Rishi Sunak apologizes during the Covid inquiry, faces opposition over the Rwanda deportation bill, and the “Eat Out to Help Out” scheme.

• Poland’s former prime minister, Donald Tusk, is expected to become the new prime minister and improve relations with the EU.

• Alexei Navalny’s allies plan to use the 100-day campaign leading up to Russia’s presidential election to expose Putin’s vulnerabilities on Ukraine and the economy.

• The Supreme Court is considering whether former President Donald Trump has immunity from criminal charges related to overturning the 2020 election.

• The EU is pressuring Hungary to support a 50 billion euro aid facility for Ukraine, as Hungary threatens to block aid and accession talks.

• Pantech Group, BP Plastics, Matrix Concepts, Pintaras Jaya, Alliance Bank, and Bintulu Port will pay dividends ranging from MYR0.015 to MYR0.1085.

• German investor expectations rose unexpectedly for the fifth consecutive month in December, driven by higher expectations of ECB rate cuts and declining inflation.

• Berkshire Hathaway, led by Warren Buffett, reduced its stake in HP by nearly 50% to 51.5 million shares. Carl Icahn also gave up his board seat in FirstEnergy.

CRYPTO

• Bitcoin and other cryptocurrencies have experienced a recent selloff, with Bitcoin down less than 1% to $41,850, but remain near peak levels. The market is optimistic about regulatory approval of a Bitcoin ETF and is closely monitoring central bank interest rates.

• The articles cover topics such as trademarks and data ownership, usage rights of S&P Index data, and the impact on the financial market.

• Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act gains support from 5 new co-sponsors, including 3 banking committee members, to regulate Bitcoin and cryptocurrencies due to illicit activity concerns.

• Investment management firm VanEck predicts Bitcoin will reach a new all-time high in Q4 2024 due to volatility and favorable regulations.

• Apex Fintech, a custody and clearing firm, has filed confidentially for an IPO after canceling its SPAC deal in 2021.