headlines...by halloapp

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12-18-2023

TECH

- Elon Musk's social media platform X (formerly Twitter) is under investigation by the EU for potential breaches of the Digital Services Act, including the spread of illegal content and disinformation. The probe will examine risk management, content moderation, advertising transparency, and user interface design.

- IBM is acquiring Software AG's StreamSets and webMethods platforms for $2.3 billion to strengthen its AI and hybrid cloud offerings.

- Adobe and Figma have mutually decided to cancel their $20 billion acquisition deal due to regulatory concerns from the European Commission and UK authorities.

- Vodafone shares surged 7% after Iliad Group proposed a €10.45 billion merger with Vodafone Italia, offering cash and a loan.

- SenseTime, a Chinese AI firm, experienced a significant drop in stock price after the unexpected death of co-founder Tang Xiao'ou.

MEDIA

- Hong Kong media mogul Jimmy Lai's national security trial begins, facing possible life imprisonment for colluding with foreign forces and publishing seditious material. The trial is expected to last 80 days and is seen as a test for press freedom and judicial independence. Former UK Prime Minister David Cameron has called for Lai's release, criticizing the charges as politically motivated.

- Amazon Content Services has signed an exclusive deal with Games Workshop Group to develop movies and TV series based on the Warhammer 40,000 game, giving Amazon exclusive rights to the universe. Games Workshop's shares rose after the announcement.

- "Wonka," starring Timothée Chalamet, debuted at No. 1 with $39 million in box office sales, boosting hopes for a strong year-end in the film industry.

CONSUMER

- Shares of VF Corp, owner of brands like Vans and The North Face, dropped 7-7.7% after a cyberattack disrupted operations and order fulfillment.

- Luxury retailers in Hong Kong are facing a decline in high-spending Chinese tourists, prompting them to adjust their strategies. Retail sales are down 20% from 2018 levels, leading to store closures and a focus on experiential tourism and food and beverage outlets. Chinese tourists are now seeking authentic experiences instead of luxury shopping.

- Unilever is selling its Elida Beauty division, including 20 brands like Timotei and Q-Tips, to Yellow Wood Partners.

- Masonite is set to acquire PGT Innovations for $3 billion in a cash and stock deal, with PGTI shareholders receiving $41 per share.

REAL ESTATE

- Climate change is leading to population shifts in the US, with 16 million people living in flood-prone "climate abandonment areas."

- Latvia's revocation of residency rights and screening process for Russian speakers sparks fear and distress among affected individuals.

ECONOMIC

- Mitsubishi UFJ Trust and Banking Corp, a unit of Mitsubishi UFJ Financial Group, will acquire Australian company Link Administration for $744 million in a deal valued at A$2.1 billion. Shareholders will receive A$2.26 per share.

- Germany's economy is expected to contract in Q4 as weak performances in industry and construction persist. Business confidence has unexpectedly declined, indicating a worsening recession. The Ifo business-climate index dropped to 86.4 in December.

- Serbia's ruling Serbian Progressive Party claims victory with 47% of the vote, despite allegations of vote-rigging and irregularities.

CRYPTO

- FTX Trading Ltd. files bankruptcy exit plan to repay billions to customers and creditors, pending creditor vote next year. Some questions remain.

- Blockchain-based private credit in the crypto sector has surged by 55% in 2023, amounting to $408 million, but still below the peak of $1.5 billion in June 2022. Companies are turning to this alternative financing option for lower borrowing costs.