headlines...by halloapp

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01-12-2024

TECH

• CES 2024 in Las Vegas featured standout innovations like transparent TVs, AI catflaps, hidden speakers, and sideways-driving cars.

• Google has laid off hundreds of employees across various divisions, including engineering, hardware, and voice assistance teams. Fitbit founders have also left.

• PC and microchip companies are incorporating AI features into their latest chip designs to boost sales of higher-end laptops and compete with Apple. The rise of AI PCs is expected to drive increased demand for PCs in the coming years. AMD is introducing new desktop chips to unlock AI capabilities and improve productivity, competing with Intel and Qualcomm. Canalys predicts that around 20% of Windows PCs launched this year will have their own equivalent of Apple’s Neural Engine chips for on-device AI processing.

• Al Gore and James Bell retire from Apple’s board of directors, while Dr. Wanda Austin joins. Tim Cook’s pay dropped 36% in 2023.

• OpenAI has launched the GPT Store, a marketplace for customized AI chatbots, to compete with rivals like Google and Meta.

• Starting January 26, Google is removing 17 underutilized features from Google Assistant, including voice-controlled email and messaging, to prioritize quality and user experience.

• Chile partners with Google to build a 14,800km undersea fiber-optic cable connecting South America and the Asia-Pacific region with a capacity of 144 terabytes.

• Google endorses right to repair legislation in Oregon, emphasizing user safety and the need for standardized regulations on a country-level.

• Sovos acquires Aatrix Software to improve eFiling capabilities for small- to medium-sized businesses and help users navigate changing tax mandates.

MEDIA

• Discord is laying off 170 employees, about 17% of its workforce, to improve efficiency and focus on profitability and growth.

• Director Bong Joon-ho and other South Korean artists demand an investigation into the death of actor Lee Sun-kyun after a drug abuse case.

• Former AMC Networks COO Ed Carroll and ex-IFC Films boss Lisa Schwartz have joined Kino Lorber in C-suite roles, shaping content and distribution. Carroll is promoted to President, overseeing digital expansion.

• Marvel’s ”Echo” on Disney+ faces challenges in blending action-thriller aspects with cultural significance, resulting in a disjointed narrative and lackluster script.

CONSUMER

• eBay has been ordered to pay a $3 million criminal penalty for a cyberstalking campaign against bloggers, involving live animals.

• Burberry’s share price dropped 10% after the luxury brand warned of lower profits due to a slowdown in luxury demand during the crucial Christmas period. The company’s retail revenue fell 7% in the 13 weeks to December 30, with comparable store sales down in America, Europe, and the Middle East. This is the second profit warning for Burberry in three months.

• Small and medium-sized businesses (SMBs) with an online presence, especially those following an omnichannel strategy, are optimistic about revenue growth in 2023.

• Dada Nexus shares plummet after audit reveals $70 million overstatement in revenue from online advertising and marketing services. JD.com and Alibaba stocks also suffer due to disappointing results, competition, and regulatory crackdowns.

REAL ESTATE

• RLJ Lodging Trust (NYSE: RLJ) increased its dividend by 25%, but faces challenges with low yield and competition from Airbnb.

ECONOMIC

• Former President Donald Trump’s civil fraud trial in New York has concluded, and a judge is now considering potential punishments, including a $370 million payment to the state. Trump defied a judge’s order and delivered a speech during closing arguments, claiming persecution and political motivations. A bomb threat was also reported at the judge’s home.

• Taiwanese voters prioritize economy over China concerns in upcoming election; China’s interference in Taiwan’s election raises global concerns.

• Euro zone government bond yields fall as markets bet on ECB rate cuts after lower than expected US inflation data.

CRYPTO

• Galaxy Digital Holdings and Invesco have launched the first spot bitcoin exchange-traded funds (ETFs) in the US after receiving approval from the Securities and Exchange Commission (SEC). The ETFs will allow investors to gain exposure to bitcoin without owning the cryptocurrency directly. The approval of spot bitcoin ETFs is seen as a significant milestone for the cryptocurrency industry and could lead to increased mainstream adoption.

• The use of Coinbase as a custodian for Bitcoin ETFs raises concerns about cybersecurity and the risk of hacks and theft.

• FTX Trading’s bankrupt repayment plan, which pays customers in USD instead of returning their digital assets, leaves them feeling cheated as crypto prices surge.