headlines...by halloapp

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12-21-2023

TECH

• Regulators deny Apple’s request to delay the sales ban on Apple Watch Series 9 and Ultra 2, set to begin on December 24. Apple’s last hope is President Joe Biden’s intervention, but experts doubt it will happen. The ban is due to a patent infringement claim by Masimo, and Apple could face $300-400 million in lost sales.

• Apple plans to launch its Vision Pro mixed-reality headset in February 2024, with production increasing in China.

• Adobe’s $20 billion acquisition of Figma has been canceled due to regulatory concerns, impacting Figma’s valuation and future prospects.

• Elon Musk’s X/Twitter experienced a global outage for nearly an hour, causing disruptions for users worldwide. The cause is unknown.

• The European Union is regulating major porn sites like Pornhub, Stripchat, and XVideos, requiring age verification and removal of illegal content.

• AI startup Anthropic is in talks to raise $750 million in a funding round led by Menlo Ventures, potentially valuing the company at up to $18.4 billion.

MEDIA

• New York Attorney General Letitia James is suing SiriusXM over its difficult cancellation process, seeking financial penalties and compensation for customers.

• Activision Blizzard CEO Bobby Kotick is leaving the company after its acquisition by Microsoft, with no new CEO named yet.

• Sony’s PlayStation 5 has sold over 50 million units since its November 2020 launch, with strong sales during the holiday season.

CONSUMER

• Alibaba is considering spin-offs to drive growth, announces management shakeup, replaces e-commerce head with CEO Eddie Wu.

• Frasers Group, owned by Mike Ashley, acquires luxury clothing retailer Matches Fashion for £52 million ($66 million) from Apax Partners.

• Gildan Activewear’s board rejects shareholder calls to reinstate CEO Glenn Chamandy due to concerns over his leadership and acquisition proposals. Several investment firms support Chamandy’s reinstatement.

REAL ESTATE

• China South City Holdings, a state-backed property developer, avoided default on a bond by extending maturity and lowering coupon. It awaits creditor vote on bond relief.

• Private renting costs in the UK are increasing at the fastest rate since 2006, despite falling inflation and lower house prices. London saw the sharpest jump in rents at 6.9%.

ECONOMIC

• Employees at a Wells Fargo bank in Albuquerque, New Mexico, have voted 5-3 in favor of joining a union, making it the first major US bank to have unionized workers. This comes amidst a broader unionization push in various industries, with workers expressing concerns about company policies, pay, and benefits.

• US Q3 GDP growth revised lower to 4.9%, while jobless claims rose slightly to 205,000, indicating a resilient labor market and a strong economy.

• The IRS will waive $1 billion in penalties for taxpayers who owe less than $100,000 per year for tax years 2020 and 2021 due to pandemic-related disruptions.

• Japan’s trade deficit in November 2023 narrowed to JPY 776.94 billion as exports fell 0.2% due to weak demand from China. Imports also decreased 11.9%.

CRYPTO

• A court in the British Virgin Islands has frozen $1 billion in assets belonging to the founders of bankrupt crypto hedge fund Three Arrows Capital. The freeze is part of the liquidation process to repay creditors.

• Bitcoin price surges 3% to over $43,950 as bullish traders double down, while US regulators discuss crypto and predict ETF approval.

• Marathon Digital’s stock surges 55% in a 7-day win streak, the longest in 2.5 years, and announces acquisition of two Bitcoin mining sites.

• Worldcoin’s Orb-verification service has been discontinued in India, Brazil, and France after a limited time launch and expansion.