headlines...by halloapp

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12-08-2023

TECH

• The UK’s Competition and Markets Authority (CMA) is investigating Microsoft’s partnership with OpenAI to determine if it constitutes a merger situation and impacts competition. Microsoft has invested over $10 billion in OpenAI.

• Russian state spies, linked to the FSB, have targeted UK MPs, civil servants, and journalists with cyber attacks for eight years.

• Negotiations on the EU’s AI Act continue, with a focus on biometric surveillance and open-source AI models. Discussions have been contentious.

• Meta, the parent company of Facebook, has introduced end-to-end encryption as the default setting on its Messenger platform, sparking debate around online privacy and concerns about hindering law enforcement efforts to combat child sexual abuse.

• Apple is shifting iPad development to Vietnam and plans to manufacture 25% of iPhones in India within 2-3 years. Tata Group plans to build a large iPhone assembly plant in India.

• Amazon is discontinuing the use of Venmo as a payment option starting January 10th, 2024, citing “recent changes.”

• UK telecom companies Vodafone, EE, Three UK, and O2 are facing a £3 billion ($3.78 billion) class action lawsuit for overcharging customers at the end of contracts.

• Generative AI is crucial for companies to stay competitive, with a three-step process recommended. Only 10% of organizations have launched generative AI solutions. Retailers must invest in AI expertise while addressing risks. Concerns arise regarding mental health guidance and potential harm. Gen AI has great potential but also poses challenges like hallucinations and privacy concerns.

• Investors of Darktrace remove Mike Lynch, facing fraud trial, from board; UK mobile companies face £3.3bn class action lawsuit; Somerset Capital Management to be wound down.

• Apple highlights the need for internet security and encryption as it reports a 20% increase in US data breaches in 2023, with 2.6 billion personal records stolen.

• Toshiba and Rohm are investing $2.69 billion to increase power device production capacity in Japan’s chip industry, specifically for electric vehicles and factories.

• Microsoft researchers discovered that videos of Elijah Wood, Mike Tyson, and Priscilla Presley were manipulated for a Russian disinformation campaign against Ukraine. Russian trolls used the Cameo app to spread anti-Ukraine propaganda.

MEDIA

• University of Pennsylvania President Liz Magill faces backlash and potential resignation calls after controversial testimony on antisemitism. A donor withdraws a $100 million gift.

• Renowned British poet and activist Benjamin Zephaniah dies at 65 after battling a brain tumor, leaving behind a powerful legacy.

• The Game Awards 2023 will be livestreamed on platforms like YouTube, Twitch, and TikTok, featuring Baldur’s Gate 3 as the Game of the Year winner.

• Rights groups Amnesty International and Human Rights Watch condemn Israeli strikes that killed a Reuters journalist in Lebanon as a deliberate war crime.

• A 67-year-old college professor named Anthony Polito, who was denied jobs at various Nevada colleges, killed three faculty members at UNLV before being shot by police.

• Elon Musk demands the firing of Disney CEO Bob Iger for joining an ad boycott against Musk’s X platform.

• Spotify’s CFO, Paul Vogel, is leaving the company on March 31, 2024, after selling $9.4 million worth of stock.

• DNC chair criticizes chaotic Republican debate, new poll shows Nikki Haley in second place, Republicans block funding bill. Nikki Haley backed by billionaires.

• Lego Fortnite, a new permanent game mode within Fortnite, combines Lego, Fortnite, and Minecraft elements, offering over 1,200 Lego skins.

• Washington Post journalists stage 24-hour strike, protesting job cuts, contract negotiations, and alleged bad faith bargaining by management.

• The New York Yankees have acquired All-Star outfielder Juan Soto from the San Diego Padres, creating defensive challenges and weakening their pitching depth.

• The FCC has approved the merger between Dish Network and EchoStar, leading to a rise in shares and enabling expansion plans.

• Tesla’s annual software update will add Apple Podcasts to its cars’ entertainment system, but drivers must pay an extra $10/month.

• Elon Musk accuses Grimes of evading Texas courts in their custody battle by moving to California, citing social media posts as evidence.

CONSUMER

• Dollar General’s stock has surged since rehiring former CEO Todd Vasos, but the company needs restructuring and has ongoing weak financial results. Q3 earnings showed negative same-store sales and a decline in gross margin, with only the consumables segment growing. The company plans to focus on improving customer service, inventory management, and supply chain efficiency. They also announced plans to open new stores, remodel existing stores, and relocate some stores in 2024. Despite challenges, Dollar General aims to expand and improve its performance.

• Levi Strauss CEO Chip Bergh will retire in April 2024, with President Michelle Gass taking over in January.

• Shares of Chewy and Petco Health & Wellness have dropped significantly due to lower pet adoption rates and financial concerns. Chewy’s stock has plummeted by 50% due to disappointing revenue growth and a challenging pet retail environment. Chewy, the largest e-commerce pet care retailer in the U.S., generated $10.1 billion in sales in 2022 and reported $2.74 billion in net sales for Q3 2023, with a strong performance in the Autoship subscription service.

• The National Retail Federation retracts claim that organized retail crime accounted for nearly half of inventory loss in 2021 due to flawed data.

REAL ESTATE

• US mortgage rates have fallen for the sixth consecutive week, reaching their lowest level since August at an average rate of 7.03%.

• Fajarbaru Builder Group’s CEO may not receive a pay increase due to declining EPS and shareholder return. Similarly, Seremban Engineering and CardioComm Solutions’ CEOs face resistance from shareholders for modest performance and negative share price returns.

• The Bank of Canada is calling for policy changes to address the lack of housing construction and high shelter inflation caused by immigration.

ECONOMIC

• Russian President Vladimir Putin has announced his candidacy for the 2024 presidential election, potentially extending his rule until 2030. The election will be held on March 17, 2024.

• Hunter Biden, son of President Joe Biden, has been indicted on nine tax charges in California for allegedly evading $1.4 million in federal taxes.

• Senate Republicans block funding for Ukraine, Israel, and Taiwan, citing concerns about border security and potentially jeopardizing aid and defense against Russia.

• Rishi Sunak faces internal opposition over his immigration policy, including a proposed deal with Rwanda to deport asylum-seekers.

• Societe Generale Research warns that the bond rally could lose momentum as central banks delay rate cuts due to high inflation.

• The U.S. and Mexico have signed an agreement to strengthen security screening of foreign investments, particularly to address national security threats.

• BlackRock CEO Larry Fink defends the firm against Republican criticism during the presidential debate, clarifying its investment and ESG policies.

CRYPTO

• Binance founder Changpeng Zhao (CZ) has been ordered to stay in the United States until his sentencing in February 2024 for violating anti-money laundering laws.

• Trading firm Robinhood has expanded its cryptocurrency services to customers in the European Union, offering zero trading fees on over 25 cryptocurrencies.

• The US SEC is discussing technical details with asset managers, suggesting potential approval for Bitcoin exchange-traded funds (ETFs) soon.

• Block, led by Jack Dorsey, has launched Bitkey, a self-custody Bitcoin wallet available for pre-order in 95 countries, shipping in early 2024.