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12-11-2023

TECH

• Elon Musk has reinstated conspiracy theorist Alex Jones’ account on his social media platform X following a user poll.

• TikTok plans to invest $1.5 billion in a joint venture with GoTo Group to revive its e-commerce service in Indonesia.

• Apple has shut down the Beeper Mini app, which allowed Android users to send iMessages to iPhones, citing security and privacy risks. Senator Elizabeth Warren has criticized Apple for this move, accusing them of protecting profits and squashing competitors.

• Chinese chip designers, including Tencent, are promoting their AI chips as alternatives to Nvidia’s, hoping US export restrictions will prompt clients to switch. Meanwhile, Nvidia plans to invest in chip production in Vietnam and expand its partnership with Vietnamese tech firms.

• Former OpenAI CEO Sam Altman compared his firing to the grief of losing his father, but was later reinstated. Conflicting narratives about his character emerged.

• BlackBerry appoints John Giamatteo as CEO and separates IoT and cybersecurity businesses into standalone divisions, abandoning IPO plans.

• Apple releases upgraded MacBook Pro with M3 chips, longer battery life, brighter screen, and new black color option starting at £1,699. Rumored M3 MacBook Air to launch in March alongside new iPad Pro and iPad Air models. Simplified iPad lineup in 2024 with M2 chip in next iPad Air and discontinuation of 9th-gen model. Updated M3 MacBook Air models expected in March 2024, while M3 versions of Mac Studio and Mac Pro may arrive in 2024 or 2025. Apple plans to revamp iPad lineup in 2024 for increased sales, along with new MacBook Airs and upcoming products.

• Huawei’s Mate 60 Pro smartphone highlights China’s progress in developing radio-frequency chips and plans to release disruptive products in 2024.

• Paris-based AI startup Mistral AI has raised €385 million ($414.41 million) in its second funding round, valuing the company at around $2 billion. The company aims to achieve frontier-level AI capacities.

MEDIA

• Japanese baseball player Shohei Ohtani has signed a record-breaking 10-year, $700 million contract with the Los Angeles Dodgers. The deal includes significant deferred payments and is expected to boost the team’s roster and sponsors’ stock prices.

• Harvard, MIT, and UPenn face scrutiny over their response to antisemitism, with one president resigning and others facing pressure.

• Rudy Giuliani is facing a defamation trial for falsely accusing Georgia election workers of fraud, with potential damages of $15-43 million.

• Australia’s longest-serving female premier, Annastacia Palaszczuk, surprises everyone with her retirement announcement due to media frenzy and concerns about facing the media during her holiday.

• Paramount’s stock rises 65% on rumors of a potential sale to Skydance Media, potentially impacting the entertainment industry.

• LeBron James’ son, Bronny, made his college debut for USC after recovering from cardiac arrest, drawing excitement from fans.

• Tucker Carlson, formerly of Fox News, is launching the Tucker Carlson Network, a subscription streaming service offering exclusive content for $72/year or $9/month.

• Hayao Miyazaki’s final film, ”The Boy and the Heron,” debuts at No. 1, earning $12.8 million in its North American opening weekend.

• The 2024 Golden Globe nominations are dominated by ”Barbie” and ”Oppenheimer” with nine and eight nominations respectively. The awards will air on January 7.

CONSUMER

• Insiders at Sern Kou Resources, Kinergy Advancement, and Magni-Tech Industries hold significant ownership stakes, indicating strong alignment with shareholders.

• Jack Ma’s praise for rival e-commerce company PDD led to PDD surpassing Alibaba as China’s most valuable e-commerce company. PDD offers game-like shopping experiences and rock-bottom prices.

• A missing $800K diamond ring was found in a vacuum cleaner bag at the Ritz Paris hotel, dispelling theft theories.

• Doman Building Materials Group’s stock rose 13% in a month, with strong net income growth, but future earnings growth may slow. M.D.C. Holdings’ stock rose 17%, but its ROE and earnings growth lag behind the industry average.

• Li Ning’s stock dropped 14-16% as investors expressed concerns over the company’s plan to acquire a Hong Kong office building for $282-283 million.

• Gildan Activewear co-founder Glenn Chamandy was terminated as CEO due to differing vision, and Vince Tyra has been appointed as the new CEO.

REAL ESTATE

• Mortgage rates have dropped, with the average rate at 7%, making it a potentially good time to buy a home.

• Australian Treasurer Jim Chalmers plans to triple fees for foreign home buyers and double penalties for leaving properties vacant in an effort to address the housing crisis. The government aims to encourage foreign buyers to invest in new housing developments and make unused properties available to renters.

• Starwood Property Trust (STWD) is a well-positioned REIT with a high-yielding dividend of 9.52% and a strong management team. However, rising foreclosures in the commercial real estate sector and concerns about exposure to office properties are being closely watched. Despite these concerns, the company plans to maintain its quarterly cash dividend distribution at $0.48 per share.

• UK house prices experienced a significant decline in December, with the average price falling by 1.9% to £355,177, the largest drop in over 20 years.

ECONOMIC

• Asian currencies may strengthen against the USD due to softer-than-expected U.S. economic data. China is facing deflation as consumer prices dropped 0.5% in November, the biggest fall since November 2020. The Bank of Japan is unlikely to end its negative interest rate policy in December. Macy’s has received a $5.8 billion buyout offer to go private. Investors are awaiting U.S. inflation data and central bank meetings this week.

• Conservative MPs are divided on Rishi Sunak’s Rwanda deportation bill, with concerns about its effectiveness and human rights.

• Ukraine President Zelenskiy seeks more U.S. aid for the war against Russia as Congress links funding to immigration controls. Hungarian Prime Minister Orbán threatens to block EU membership talks and aid for Ukraine.

• Argentina’s new President, Javier Milei, plans to implement economic shock therapy, including a large devaluation of the peso. He aims to tackle high inflation and revive the economy through drastic spending cuts.

• Egypt’s presidential election is overshadowed by the Israel-Hamas war and economic crisis, with President Sisi expected to win a third term.

• Berjaya Land Berhad’s return on capital employed (ROCE) and capital base have declined, suggesting potential decline. Tenaga Nasional Berhad has a low Return on Equity (ROE) of 4.8%, indicating lower profitability than the industry average. Toyo Ventures Holdings Berhad’s weak financial performance, including a low ROE, raises doubts about future growth potential. Coca-Cola HBC’s ROCE has remained stable at 15% over the past five years, indicating consistent performance. Excel Force MSC Berhad’s ROCE has remained stable at 11%, despite a significant increase in capital employed. Green Ocean Corporation Berhad’s shareholders expect continued growth in ROCE after recent profitability. Atmos Energy’s ROCE has decreased by 30% over the past five years, underperforming the industry average. Avista’s ROCE has decreased by 39% over the last five years, suggesting a lack of growth potential.

CRYPTO

• Crypto investors are closely monitoring central bank interest rates and the potential approval of a bitcoin ETF by the SEC in 2024, which could fuel a crypto rally.

• VanEck forecasts Bitcoin’s new all-time high in Q4 2024, citing volatility and opposition to anti-growth initiatives as driving factors.