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11-24-2023

TECH

• Black Friday and Cyber Monday 2023 will have deals on dishwashers, gaming monitors, MacBook laptops, iPhone SE, TVs, and more.

• OpenAI’s CEO, Sam Altman, was fired and rehired after concerns about a breakthrough AI model and a power struggle.

• Amazon faced strikes in over 30 countries on Black Friday as workers demanded better pay and working conditions.

• Apple’s iPhone sales declined by 4% during China’s Singles Day, while Huawei and Xiaomi saw strong growth.

• Investors speculate on Nvidia’s stock doubling by 2025, but delays in launching a new AI chip in China cause stock drops.

• India’s government warns social media platforms, including Facebook and YouTube, to enforce rules against deepfakes and harmful content, with penalties for uploaders and platforms.

• Casetify is facing a multi-million dollar lawsuit for allegedly stealing Dbrand’s “Teardown” designs for smartphone cases and device skins.

• Alibaba revamps cloud computing unit after canceling IPO, appoints new executives to revive growth and create value for shareholders.

• Bill Gates envisions a future where artificial intelligence (AI) enables a three-day work week, transforming the way we work and increasing productivity.

• Elon Musk reveals that X (formerly Twitter) will be reintroducing headlines to URL preview cards in an upcoming update.

MEDIA

• Geert Wilders and his far-right Party for Freedom (PVV) have won 37 seats in the Dutch election, making them the largest party.

• Olympian Oscar Pistorius, convicted of murdering his girlfriend, will be released on parole in January 2024 after serving half of his 15-year sentence.

• New York City Mayor Eric Adams denies allegations of sexual assault in a 1993 lawsuit filed by a woman seeking $5 million in damages.

• Tensions over Israel’s conflict with Hamas in Gaza are affecting Thanksgiving gatherings for some Jewish families in the US.

• Bruce Lehrmann denies sexually assaulting Brittany Higgins during his visit to Parliament House, according to his defamation trial testimony.

• The UK government is concerned about the sale of Telegraph Media Group to an Abu Dhabi-backed fund, raising issues of media ownership transparency and press freedom. The Culture Secretary may launch an investigation into the bid.

• Amazon Prime Video and Twitch will stream the first-ever NFL Black Friday game between the Miami Dolphins and New York Jets for free.

• Jamie Foxx is facing a lawsuit alleging sexual assault at a New York bar in 2015, with claims of severe emotional distress.

• Participants on Netflix’s ”Squid Game: The Challenge” are considering suing due to injuries like hypothermia and nerve damage during filming.

• Music royalty fund Hipgnosis Songs and its founder Merck Mercuriadis face legal proceedings over allegations of diverting business opportunities, which they deny.

• Shares of MFE-MediaForEurope rose 6.8% as the company expects a Q4 rebound in advertising. Nine-month net profit and revenue declined due to lower advertising revenue. MFE reported a marginal increase in operating profit as lower costs offset falling advertising sales.

CONSUMER

• Downtown Redding and Fayetteville small businesses prepare for Small Business Saturday, generating record sales of $17.9 billion in 2022. New Mexico small businesses offer Black Friday deals.

• Investors are cautious about investing in Sabio Holdings Inc. and Friedrich Vorwerk Group SE due to low price-to-sales ratios and uncertain revenue growth. Analysts have downgraded their outlook for both companies, slashing revenue estimates and expressing concerns about valuation. Similarly, analysts have revised down revenue and earnings per share forecasts for Sarine Technologies, expecting a significant drop in EPS.

• Alibaba’s Taobao and Tmall have replaced their annual 12.12 shopping festival with a new event called ‘year-end good price’, canceling the original December 12 event.

• Black Friday 2023 brings great deals on men’s clothing from Allbirds, Bonobos, and Everlane, with discounts up to 70%.

• Retail365 is tracking Black Friday and Cyber Monday deals on Garmin watches, while also monitoring Fitbit offers. Save Bubble is highlighting early Black Friday deals on Garmin watches.

• Major retailers like Costco and Walmart will be closed on Thanksgiving, while CVS and Whole Foods will be open.

• Black Friday brings major discounts on workout equipment like treadmills and exercise bikes from brands like Peloton and NordicTrack.

• Nectar is offering up to 40% off mattresses, bed frames, bedding, and furniture during their Black Friday sale. Popular pillow brands like Coop, Tempur-Pedic, and Brooklinen are also offering discounts. Black Friday brings significant discounts on popular mattress brands like Saatva, DreamCloud, and Helix, with savings of hundreds of dollars.

• Stocks of FW Thorpe and Thai Beverage have both declined in the past three months, but their strong fundamentals, including high ROE, indicate potential for good performance.

• ATRenew Inc. surpasses expectations in Q3 2023 with RMB3.26 billion in revenue, a 28.4% YoY increase, driven by new product sales and second-hand industry growth.

REAL ESTATE

• China’s real estate crisis has caused a $37 billion shortfall for Zhongzhi Enterprise Group, a major shadow bank. Beijing is considering allowing banks to offer unsecured short-term loans to qualified developers to address the property crisis. Zhongzhi Enterprise Group has declared insolvency with liabilities of $64 billion, raising concerns about the broader financial sector.

• The Duchy of Lancaster, owned by King Charles III, collects funds from deceased individuals’ estates, sparking criticism for diverting money from charities and using it for property renovations.

• Mortgage interest rates have recently declined, with 30-year rates averaging around 7%, and refinance rates dropping to 7.77%.

• Shares of China’s top real estate company, Country Garden, surged after it was included on a draft list of 50 companies eligible for government support to address the property crisis. Chinese property stocks in Hong Kong also surged as investors anticipate more companies becoming eligible for financing.

TRAVEL

• Wales offers winter adventures like stargazing, hiking, and glamping, cultural attractions, and delicious food from its natural larder.

• The article reveals the least-welcoming countries globally, considering factors like cultural openness, political stability, and visa policies.

• Carnival’s stock has seen a 1.9% increase, surpassing the Consumer Discretionary sector’s gain of 7.79% in the past month.

ECONOMIC

• Private-sector activity surveys in the euro area show a persistent economic downturn, increasing the likelihood of a recession. US retailers are offering significant discounts on holiday shopping items, making it the cheapest holiday gift season in years. Black Friday is seen as a key recession indicator, providing insight into US household finances and consumer spending. The dollar weakened, while the yen strengthened, as investors believe US interest rates have peaked. US stock futures are mostly flat in a shortened trading session on Black Friday. The UK and European economies show signs of improvement, with business activity increasing in November. Oil prices decline as the OPEC+ meeting is delayed, causing uncertainty. Japanese stocks rise, while Hong Kong stocks drop. The Indian rupee remains unchanged against the US dollar. Gold prices rise due to a weaker US dollar and lower US Treasury yields.

• The Democratic Progressive Party leads in Taiwan’s polls, raising concerns of increased Chinese military aggression. Terry Gou withdraws from the presidential race. Opposition parties fail to form a coalition.

• New Zealand’s National Party forms a coalition government with ACT New Zealand and New Zealand First, focusing on tax cuts and reducing red tape. Winston Peters is the foreign minister.

• X Financial and LexinFintech Holdings reported strong Q3 2023 results, with significant increases in revenue, net income, and loan volume.

• Germany is facing a budget crisis after a court ruling wiped billions from the budget, leading to austerity measures and uncertainty. The government plans to make savings through welfare state reforms and lift borrowing limits. The crisis could have long-term effects on the economy, with reduced investment and potential recession fears.

• Barclays plans to cut up to 2,000 jobs, primarily in back-office roles, as part of a £1 billion cost-cutting initiative.

• Decisive Dividend, TWC Enterprises, Stingray Group, BioSyent, Whitecap Resources, Chartwell Retirement Residences, and Chesswood Group will go ex-dividend soon.

• South African rand strengthens as central bank maintains interest rate, while inflation remains high.

CRYPTO

• Bitcoin’s price surge to $38,000 has positively impacted other cryptocurrencies, and the approval of a Bitcoin ETF could attract significant new capital.

• Argentina is considering adopting the US dollar to combat hyperinflation, but lessons from Zimbabwe and Ecuador caution against limitations on monetary policy.

• Montenegro court approves extradition of Terraform Labs co-founder Do Kwon, wanted by South Korea and the US for fraud charges.

HEALTH

• China is experiencing a surge in respiratory illnesses among children, but the World Health Organization (WHO) has found no unusual or novel pathogens. The WHO has requested more information from China to better understand the situation.

• Novo Nordisk will invest $2.3 billion in its French production site to meet the high demand for its weight-loss and diabetes drugs, creating 500 jobs. The company will also launch its weight-loss drug Wegovy in Japan on February 22, 2024. French President Emmanuel Macron will unveil the investment.