headlines...by halloapp

To provide feedback, please reply to this email.

Forwarded this email? Subscribe here for more.

11-29-2023

TECH

• Amazon has launched Q, an AI-powered chatbot designed to assist businesses with tasks such as summarizing documents and answering customer queries. The chatbot is part of Amazon’s efforts to compete with rivals in the market and protect businesses from copyright claims. Additionally, Amazon has announced new AI capabilities, including updated versions of its in-house chips and an expanded partnership with Nvidia to enhance its AI infrastructure.

• Amazon is projected to become the top delivery company in the US, with 4.8 billion packages shipped in 2023. Amazon’s Black Friday and Cyber Monday sales were its biggest ever, with over one billion items purchased. Buy now, pay later services saw a surge in popularity, contributing to a record $940 million spent on Cyber Monday. US Thanksgiving weekend sales reached a record high of $38 billion online, with over 200 million consumers shopping during this period.

• Adobe will defend its proposed $20 billion acquisition of Figma at an EU hearing on Dec. 8, countering antitrust charges. The UK’s competition watchdog, CMA, has halted the bid, stating it would harm the product design software market. The regulator warns that the acquisition could harm innovation and reduce competition in the digital design software sector.

• Meta Platforms, the parent company of Facebook, plans to appeal a privacy dispute ruling and outlines strategies for managing elections in 2024.

• OpenAI’s new board, including Larry Summers and Bret Taylor, will not offer board seats to outside investors like Microsoft.

• Open Text Corp. is selling its AMC business unit to Rocket Software Inc. for $2.28 billion in cash, allowing Open Text to focus on cloud and AI.

• Symphony and Google Cloud are collaborating to improve voice analytics in the financial services industry, focusing on risk management, compliance, and customer service.

MEDIA

• Mark Cuban is selling his majority stake in the Dallas Mavericks to the Adelson family for around $3.5 billion. He is also leaving ABC’s ”Shark Tank” after season 16.

• Disney CEO Bob Iger admits his second stint as CEO has been challenging, denies major asset sales, and emphasizes quality and modernization.

• Sports Illustrated is under scrutiny for publishing articles written by AI-generated authors, leading to the removal of content and employee backlash.

• Rupert Murdoch, former chairman of Fox Corp, will be deposed in Smartmatic’s $2.7 billion defamation lawsuit over false election claims.

• Republican congressman George Santos faces expulsion vote in the House of Representatives over fraud charges and campaign finance violations.

• Taylor Swift and Morgan Wallen dominated the streaming platforms in 2023, with Wallen’s “Last Night” and Swift’s albums topping the charts.

• Robert De Niro accuses Apple of censoring his anti-Trump speech at the Gotham Awards, which he read anyway.

• Forbes releases its 13th annual 30 Under 30 list, recognizing young experts in various fields, but admits to “big misses” like Sam Bankman-Fried and Martin Shkreli.

• Pope Francis revokes Vatican apartment and salary of Cardinal Raymond Burke, citing his criticism of LGBTQ+ rights and church reform.

• Tiger Woods frustrated over secretive negotiations between PGA Tour and Saudi Arabia’s Public Investment Fund in controversial agreement.

• Gavin Newsom and Ron DeSantis will debate on Fox News, moderated by Sean Hannity, discussing Covid, taxes, school choice, and climate.

CONSUMER

• Chinese fast-fashion retailer Shein plans to go public in 2024, but faces scrutiny over allegations of forced labor in its supply chain.

• Amazon’s pre-owned goods business in the UK and Europe is now worth $1.3B, with over 4 million used items sold in the UK in 2022. Sales of second-hand goods in the UK increased by over 15% in the first nine months of 2023, reaching a billion-pound business. Online marketplaces like Amazon and eBay are seeing a surge in secondhand sales as customers seek affordable and sustainable shopping options.

REAL ESTATE

• US home prices continue to rise, reaching record highs in September, driven by low inventory and rising demand.

• Amazon is searching for 50,000 square feet of office space in Miami, coinciding with Jeff Bezos’ move to the city.

• Economist Mark Zandi predicts that rising rental supply and decreasing rent prices will weaken home prices. Mortgage rates expected to settle between 5% and 6%.

ECONOMIC

• Gold holds steady at a six-month high as Federal Reserve officials hint at potential interest rate cuts next year. Treasury yields fall.

• Charlie Munger, the vice chairman of Berkshire Hathaway and long-time business partner of Warren Buffett, has died at the age of 99.

• Apple is terminating its credit card partnership with Goldman Sachs within the next 12 to 15 months, including the savings account program.

• Investors should expect higher interest rates and persistent inflation in the next decade. Opportunities lie in international equities, infrastructure stocks, and healthcare companies. Valuations of US stocks are high, and returns for the S&P 500 may be lackluster. Diversification, dollar-cost averaging, and taking advantage of 401(k) matching are recommended strategies. Uncertainty surrounds the future funding of programs like Social Security. The S&P 500’s bull market may be on borrowed time in 2024 due to uncertainties such as a global recession, interest rates, and the U.S. Presidential Election. Earnings estimates and valuations suggest potential disappointment and lower returns for the stock market.

• Former U.S. Ambassador to the UN Nikki Haley receives a significant endorsement from the Koch political network, boosting her candidacy as a potential 2024 Republican presidential candidate.

• UK Chancellor Rishi Sunak cancels meeting with Greek Prime Minister Kyriakos Mitsotakis over Parthenon Marbles dispute, causing diplomatic row.

• Australia’s October inflation slowed more than expected to 4.9%, reducing the likelihood of interest rate hikes. German and Spanish inflation also eased due to falling energy and food prices.

• US consumer confidence rose to 102.0 in November, ending three months of decline, driven by optimism about the job market and big-ticket purchase plans.

CRYPTO

• Bitcoin surges to a 19-month high of over $38,100 on expectations of a Federal Reserve interest rate cut and potential Bitcoin ETF approval.

• IOTA has launched a $100 million foundation in Abu Dhabi to accelerate the growth of its distributed ledger technology (DLT) in the Middle East, converting real-world assets into digital ones. It is the first blockchain-focused organization approved by ADGM regulators.

• The IMF, World Bank, BIS, and Switzerland’s central bank are partnering to tokenize financial instruments, streamline processes, and enhance transparency.

• The Philippines’ SEC is blocking access to Binance, the world’s largest crypto exchange, due to regulatory violations and lack of necessary licenses.