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10-16-2023
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10-16-2023
TECH
Australia’s eSafety regulator has fined X (formerly Twitter) $386,000 for failing to provide information about its efforts to combat child abuse content. The regulator had issued legal notices to several tech companies, including Google, TikTok, Twitch, Discord, and X, asking them to answer questions about tackling child sexual abuse material (CSAM). X was criticized for leaving sections of its responses blank.
The Biden administration plans to tighten restrictions on China’s access to advanced semiconductors and chipmaking tools, including graphics chips for AI applications. The new rules aim to close loopholes and prevent bypassing of government restrictions. Chinese chip design firms will be added to a trade restriction list, and additional checks will be imposed on Chinese companies. The U.S. government aims to protect sensitive technologies and prevent
Shares of Atos surged over 17% after Chairman Bertrand Meunier resigned due to shareholder uproar and the planned sale of parts of the company to Czech tycoon Daniel Kretinsky. Jean-Pierre Mustier, former CEO of UniCredit, will take over as chairman to restore investor trust and secure the deal. The sale of Atos’ loss-making legacy IT operations is being contested
Microsoft has received approval from the UK’s Competition and Markets Authority (CMA) for its $69 billion acquisition of Activision Blizzard. The deal faced regulatory scrutiny in multiple countries. Microsoft made concessions to address concerns about reduced competition. The acquisition is Microsoft’s largest M&A deal. Microsoft’s extensive law and lobbying machine played a significant role in overcoming obstacles. The U.S. Federal Trade Commission opposes the
Major social media platforms, including Meta and TikTok, are responding to pressure from the EU by increasing efforts to moderate and remove harmful and illegal content. TikTok has allocated additional resources, removed over 500,000 videos, and shut down 8,000. The company has launched a command center, enhanced automated detection systems, added more moderators, and implemented restrictions on its live broadcast feature.
Apple is working on a cheaper version of its Vision Pro headset, expected to be priced between $1,500 and $2,500. The affordable model will have fewer features like EyeSight and an M-series chip, potentially using an iPhone chip instead. Apple is prioritizing the development of the cheaper headset over other projects like AR glasses.
Apple is rumored to announce updates for three iPad models this week, including the base model, iPad Air, and iPad Mini. The updates will include new chip versions. However, the release of these devices may not happen this month. The iPad Pro lineup will remain unchanged.
If Google loses the antitrust trial, it could lead to changes in the search engine market, opening up opportunities for startups and third-party competitors. One possible remedy could be requiring smartphones and web browsers to display different search engines.
Dropbox CEO Drew Houston advocates for a ”virtual first” work culture with 90% remote work and 10% employee off-sites. The company transitioned to this model in 2020 and believes in treating employees like adults.
Apple is reportedly set to launch four new MacBook models in 2024, including 14- and 16-inch MacBook Pro models with M3 Pro and M3 Max chips. The MacBook Pro models are nearing mass production and may launch between early 2024. The M3 MacBook Air is expected to follow a few months later, with a release between spring and summer next year.
Shares of cybersecurity company CrowdStrike Holdings (NASDAQ: CRWD) have seen a significant revaluation since December 2022, with strong top-line growth and customer acquisition momentum. However, the stock is now considered overvalued based on revenues, and the risk profile has deteriorated due to increasing competition in the sector. Institutional owners are pleased with a 5.1% increase in stock price over
Nvidia is allowing employees to work from home while other tech firms enforce return-to-office mandates. CEO Jensen Huang supports remote work and believes it helps attract and retain staff. However, some customers like Meta and OpenAI have different policies.
OpenAI has updated its core values on its careers page, replacing attributes like “audacious” and “thoughtful” with values such as “AGI focus,” “intense and scrappy,” and “team spirit.” The change reflects a shift towards a stronger emphasis on artificial general intelligence (AGI).
GoTo, Indonesia’s largest tech firm, saw a 19% decrease in stock price after co-founder William Tanuwijaya sold 332 million shares, raising concerns about the company’s prospects in the Southeast Asian market. GoTo has been struggling in its ride-hailing and e-commerce businesses due to weak consumption and competition.
Apple’s iPhone 15 lineup is facing weak sales in China compared to the iPhone 14, with a decline of 4.5% in the first 17 days. The decline is attributed to lack of demand and competition from domestic rivals like Huawei’s Mate 60 Pro. Apple shares and suppliers also saw a decline.
General Catalyst has formed partnerships with European venture capital firms La Famiglia and HV Capital to invest in European startups. The alliances will provide General Catalyst with access to local expertise and networks in seed investing and early-stage technology startups in Europe and Germany, respectively. General Catalyst plans to invest up to €100 million ($112 million) in German startups over the next few years.
Apple is rumored to be releasing the Apple Pencil 3 instead of new iPads. The new pencil may feature replaceable magnetic tips for different user needs.
iOS 17.1 update to be released soon, iPhone 16 Pro and Pro Max to have Snapdragon X75 modem for faster 5G, standard models to have Snapdragon X70.
The Asus ProArt Display PA278CV is recommended as the best 27-inch monitor with QHD resolution, good color accuracy, USB-C ports, and an affordable price. The Asus ZenScreen MB16ACV is recommended as the best portable monitor with a sharp 1080p display and affordability.
Bank of America analyst Michael Hartnett identifies Microsoft, Apple, Alphabet, Amazon, Tesla, Meta Platforms, and Nvidia as the ”Magnificent Seven” stocks in the S&P 500. Meta Platforms and Microsoft are favored for their AI monetization potential.
MEDIA
Qatari banker Sheikh Jassim has withdrawn his bid to buy Manchester United, leaving British billionaire Jim Ratcliffe as the potential buyer. Ratcliffe is offering to acquire a 25% stake in the club for over $1.5 billion, valuing the club at around $6.5 billion. The Glazer family, the current owners, are considering the bids. Manchester United’s stock
Taylor Swift’s concert film, “The Eras Tour,” had a record-breaking opening weekend, earning between $95 million and $97 million in North America. It surpassed Justin Bieber’s previous record and tied with ”Joker” for the strongest October debut. The film received critical praise and was shown in over 8,500 theaters globally.
Actress Suzanne Somers, known for her role in “Three’s Company,” has died at 76 after battling breast cancer for over 23 years. She passed away at home in Palm Springs surrounded by family. Somers was also a successful fitness entrepreneur and faced criticism for her alternative cancer treatment approach.
England secured a spot in the World Cup semi-finals with a 30-24 victory over Fiji. Owen Farrell played a crucial role, scoring 20 points and making key kicks in the final minutes. Ben Earl stood out as an outstanding player, and coach Steve Borthwick dismissed criticism of the team. England’s defense was solid, but Fiji made a comeback with two quick tries. England will face
Madonna successfully started her ”Celebration” tour in London after recovering from a serious bacterial infection. The concert showcased over 40 hits from her four-decade-long career and featured elaborate costumes and stage designs. Madonna addressed her recent health scare and expressed gratitude to her fans for their support. Despite some technical difficulties, the performance was praised by fans.
The season premiere of Saturday Night Live featured sketches about Travis Kelce’s relationship with Taylor Swift, a parody of NFL coverage, and a monologue addressing the Israel-Hamas conflict by host Pete Davidson. Taylor Swift made a surprise appearance and her concert film had a successful opening.
England captain Jos Buttler calls for resilience after a stunning defeat to Afghanistan in the Cricket World Cup. Afghanistan’s coach believes the victory will boost their confidence. Afghanistan secured their second World Cup win, posting a total of 284 runs.
Auston Matthews of the Toronto Maple Leafs scored consecutive hat tricks in the team’s victories against the Minnesota Wild. William Nylander also had a strong performance with two goals and an assist.
Israel protests Pope Francis’ statement on Gaza, calling for humanitarian corridors and release of civilian hostages. Cardinal Pizzaballa offers to exchange himself for child hostages held by Hamas. Pope Francis calls for humanitarian corridors and release of hostages in Gaza.
Scotland has qualified for Euro 2024 after securing a top-two finish in Group A with two games remaining. Their automatic qualification was confirmed after Spain’s 1-0 win over Norway. This will be Scotland’s second consecutive appearance in the European Championship finals. Manager Steve Clarke praised the players for their efforts and thanked the backroom team and fans for their support.
The San Francisco 49ers suffered their first loss of the season to the Cleveland Browns, with injuries to Deebo Samuel and Christian McCaffrey. The Browns won with a late field goal.
In Game 1 of the ALCS, the Texas Rangers defeated the Houston Astros 2-0, with Jordan Montgomery delivering an outstanding pitching performance. The Astros are still confident heading into Game 2, with left-hander Framber Valdez starting. The Rangers have a 1-0 lead in the series and are looking to win their first World Series.
Journalist Alexander Heffner’s series ”Breaking Bread” aims to find common ground in a divided America. In an episode, Heffner interviews Democratic Senator Martin Heinrich in Albuquerque, discussing the lack of bipartisanship since the January 6 insurrection and income inequality. Heinrich emphasizes the importance of cheap and clean energy for America’s future. The series fosters empathy and compromise among
Prominent Iranian filmmaker Dariush Mehrjui and his wife, Vahideh Mohammadifar, were found stabbed to death in their home near Tehran. Mehrjui was a pioneer of Iranian cinema and his films inspired a generation of filmmakers. The police found no signs of forced entry and some gold items appeared to have been stolen. The motive is under investigation.
The Anaheim Ducks ended their 14-game losing streak with a 6-3 victory over the Carolina Hurricanes in their home opener, led by Frank Vatrano’s hat trick. It was the first NHL win for their new coach, Greg Cronin. The Ducks also received goals from Cam Fowler, Sam Carrick, and Pavel Mintyukov. In their previous game, the Ducks lost
CONSUMER
The first article uses a Discounted Cash Flow (DCF) model to determine the intrinsic value of The TJX Companies, Inc. The second article applies the DCF model to estimate the intrinsic value of Western Forest Products Inc. The third article discusses the potential undervaluation of Dürr Aktiengesellschaft using the DCF model.
French supermarket chain Casino and its subsidiary Grupo Pao de Acucar have agreed to sell their stakes in Latin American retailer Almacenes Exito to Grupo Calleja for $556 million in cash. Casino will receive $400 million from the sale, while GPA will receive $156 million.
Investors in Ceconomy AG have seen a 58% decrease in share price over the past five years, with a 31% drop in the last quarter. The decline cannot be explained by the company’s steady dividend despite becoming profitable. CEIBA Investments has experienced a 63% loss in share price over the past five years, with a 65% drop overall. The company’s lack
German footwear company Birkenstock experienced a poor performance following its $1.5 billion IPO, with shares plummeting by 21%. The IPO underwriting banks, such as Goldman Sachs and JPMorgan, are expected to make more money than anticipated due to the way IPOs are stabilized. The company’s debut on Wall Street saw a 12.6% decline on its first day of trading
Institutional investors in JD.com saw an 8.6% drop in their holdings value last week, adding to a one-year loss of 35%. If the share price continues to weaken, these investors may sell, potentially impacting individual investors. JD.com’s shares hit a record low after banks and brokers lowered price targets and growth forecasts due to a weaker-than-expected recovery in consumer spending.
Frasers Group, led by CEO Michael Murray, has raised its stake in Boohoo Group to over 15%. The share price of Boohoo is currently below 30p, significantly lower than its peak of over £4 during the pandemic. Frasers Group previously became the largest shareholder in Boohoo with a stake of 13.43%.
Italian fashion group Aeffe has appointed Davide Renne as the new creative director of its Moschino brand, replacing Jeremy Scott. Renne, a former Gucci designer, will oversee the women’s and men’s lines as well as accessories. He will officially start on November 1, 2023, and present his debut collection in February 2024.
Goodwill is expanding into eCommerce with its new online site, GoodwillFinds, offering secondhand items categorized by brand, size, and color. The revenue generated supports job training and essential services. Goodwill faces competition from online platforms like ThredUp and Poshmark.
This article lists 10 stores that offer affordable Halloween costumes, including Target, Walmart, Party City, Amazon, and more.
Churchill China has maintained a 17% ROCE in the past five years, allowing for consistent reinvestment, but shareholders have only received a 1.8% return.
British tech company THG is considering listing its Myprotein nutrition arm in the US following pressure from activist investors. However, IPO plans may be delayed due to market volatility. THG also owns beauty brands Lookfantastic and Gloss.
Meta Bright Group Berhad has experienced a 14% increase in share value, with insiders owning 81% of the company. Lack of institutional ownership may be due to the company’s small size or underwhelming performance.
REAL ESTATE
GFM Services Berhad’s returns on capital employed (ROCE) have declined from 17% to 11% over the past five years, but it is still higher than the industry average of 7.8%. Gadang Holdings Berhad’s ROCE is 0.06%, lower than the industry average of 5.8%, and has decreased from 11% over the past
Illinois Governor J.B. Pritzker, a billionaire, receives expensive gifts from fans and friends but cannot keep or use them due to the state’s Gift Ban Act. The gifts, totaling 561 and valued at $16,890.14, are stored by his staff.
The Mortgage Bankers Association predicts that mortgage rates will decline to 6.1% by the end of 2024 and 5.5% by the end of 2025 due to a slowing economy, recession forecasted in 2024, rising unemployment, and slowing inflation. Mortgage affordability is expected to improve as inflation slows down and the Federal Reserve is predicted to stop raising rates this year
UK house prices are increasing at the slowest rate for October since the 2008 financial crash, with a 0.5% rise in asking prices. Compared to the previous year, prices have dropped by 0.8% and the number of agreed house sales has decreased.
Fresh Kills Landfill in Staten Island, New York, has been transformed into Freshkills Park, a green oasis opening in stages by 2036. The 2,200-acre former landfill is now a grassland and ecological habitat, attracting rare animal species such as endangered birds.
The return to the office is slower than expected, with occupancy rates at 50% of pre-pandemic levels. Hybrid work arrangements and the flexibility of working from home are contributing factors. Employers are setting limits on remote work and expecting employees to return to the office.
TRAVEL
Trip.com Group Limited has strong institutional backing, with institutions owning 64% of the company. The top 21 shareholders collectively own 50%.
Airlines are enhancing the passenger experience: United is opening new clubs in Newark and Denver with premium amenities, and upgrading their Polaris business class. JetBlue is also making improvements.
New Yorkers share their experiences including spotting a hawk in Prospect Park, touring the Brooklyn Navy Yard, attending the annual orchid show at Rockefeller Center, and going on a whale-watching trip.
Vermont’s travel industry is launching a campaign to attract tourists after devastating floods caused damage and a drop in tourism.
ECONOMIC
Poland’s ruling Law and Justice (PiS) party has lost its parliamentary majority in the recent election, with the opposition Civic Coalition leading in exit polls. The outcome raises the possibility of a governing coalition led by the liberal opposition. The future of the PiS party and its leader, Jaroslaw Kaczynski, is uncertain.
Daniel Noboa, the 35-year-old heir to a banana business, has won Ecuador’s presidential election. He plans to focus on rebuilding the struggling economy and addressing rising crime rates, promising to attract foreign investors and create jobs while tackling drug trafficking and violence.
New Zealand’s National Party, along with its preferred coalition partner ACT, is waiting for the final vote count to determine if it can govern without the support of New Zealand First. Approximately 20% of special votes still need to be counted. The incumbent Labour Party suffered a significant defeat in the recent election, dropping from 50% to 27% of the vote. Christopher Luxon of the National
In Q3 2023, ClearBridge Global Infrastructure Income Strategy faced challenges as inflation remained high and energy prices rose. ClearBridge Mid Cap Strategy struggled due to potential higher interest rates. ClearBridge Appreciation ESG Strategy saw negative returns, except in energy and communication services sectors. ClearBridge Large Cap Value ESG Strategy outperformed with stock picking in various sectors. ClearBridge Sustainability Leaders Strategy under
Efforts are underway to find a bipartisan solution to the leadership crisis in the US House of Representatives. Jim Jordan is facing opposition from over 50 Republicans in his bid to become House Speaker. Moderate Republicans are in talks with Democrats for a bipartisan alternative. The House has been without a speaker for 12 days, hindering legislative action.
China’s central bank, the People’s Bank of China (PBOC), has injected CNY 789 billion ($108 billion) through a one-year medium-term lending facility (MLF) to support the economy. The interest rate remains unchanged at 2.50%. The move aims to address fund shortages, stabilize the yuan, and increase liquidity in the banking system.
Asian central banks, excluding China, have sold over $30 billion of reserves in the past two months to stabilize currencies against a strong US dollar. Rising interest rates and a stronger dollar are causing concerns about debt distress in developing countries. Developed economies, including the United States, Italy, and Britain, are facing record debts, high interest rates, and increasing spending needs, raising fears of a financial market crisis
1. Ascential plc’s intrinsic value could potentially be 94% higher than its current share price, estimated using the Discounted Cash Flow (DCF) model.
2. Harbour Energy plc’s intrinsic value is potentially 99% above its current share price, estimated using the DCF model with conservative growth rates.
3. The intrinsic value of Headlam Group plc is discussed using the DCF
Germany is expected to face a double-dip recession due to the impact of the COVID-19 pandemic. China’s economy is predicted to slow in the third quarter, with factors such as weakened demand, a property downturn, and high debt contributing to the slowdown. Asian markets are cautious ahead of the release of Chinese economic data, with economists predicting a rebound in growth on a quarterly basis but a slowdown on
The Federal Reserve is facing challenges in navigating economic uncertainties and messaging regarding interest rates. With a majority of rate-setting officials believing in one more rate hike, investors are closely watching the upcoming Fed meeting. Chairman Jerome Powell must address issues such as bond yields, geopolitical tensions, and inflation while avoiding signaling an end to rate hikes.
Major U.S. banks, including JPMorgan Chase, Wells Fargo, and Citigroup, reported stronger-than-expected Q3 profits. Concerns arise as consumers with weaker credit histories reduce spending, and geopolitical environment worsens. Banks are considering offering higher rates to depositors, potentially impacting profits. Despite increased earnings, some borrowers are struggling, leading to increased loan write-offs. Overall, banks and
The Reserve Bank of India’s maturity of a $5 billion dollar/rupee swap transaction is causing concerns about a potential shortage of dollars in the banking system. The Indian rupee closed at a record low against the US dollar due to rising geopolitical worries and a jump in crude oil prices. The Reserve Bank of India is taking measures to prevent further depreciation of the rupee. The rupee remained stable
CRYPTO
Bitcoin and other cryptocurrencies are experiencing a surge in value as optimism grows about the approval of the first spot Bitcoin exchange-traded fund (ETF) by the SEC. Wall Street giants, including BlackRock, have reportedly been given the green light to revolutionize finance with bitcoin and cryptocurrency. The SEC will not appeal a recent court ruling in favor of Grayscale’s application for a spot bitcoin exchange-traded fund
Sam Bankman-Fried, founder of FTX, is requesting more Adderall to help him concentrate during his criminal trial. His lawyers argue that his lack of access to the medication has affected his ability to focus and participate in the trial effectively.
The trial against cryptocurrency mogul Sam Bankman-Fried continues, with damaging evidence presented by prosecutors. Bankman-Fried is accused of fraud, conspiracy, and stealing billions from FTX customers. The prosecution’s star witness, Caroline Ellison, testified about bribery, blaming her for losses, and lying to investors.
The Australian Treasury plans to introduce a draft bill by 2024, requiring cryptocurrency service providers to obtain a financial services license if clients hold at least AU$1,500 or the platform’s assets exceed AU$5 million. The government aims to regulate digital currencies for consumer protection.
HEALTH
Rite Aid, a drugstore chain, has filed for Chapter 11 bankruptcy protection due to significant debt and opioid-related liabilities. The company has secured $3.45 billion in new financing and plans to close underperforming stores. Rite Aid aims to resolve litigation claims and reduce its debt through the bankruptcy process.
Stocks of Pfizer, BioNTech, Moderna, and Novavax dropped in premarket trading after Pfizer announced slashed revenue forecasts due to decreased demand for COVID-19 products. BioNTech expects a charge of up to $947 million in Q3 due to Pfizer’s write-offs. BioNTech also wrote down €900 million on its vaccine production due to pandemic uncertainties.
Novo Nordisk plans to acquire the hypertension drug Ocedurenone from KBP Biosciences for up to $1.3 billion. The drug is in Phase 3 trials and aims to treat uncontrolled hypertension, cardiovascular, and kidney disease. The acquisition aligns with Novo Nordisk’s expansion strategy.
Pharmaceutical company Eli Lilly’s drug Mounjaro (tirzepatide) led to significant weight loss in a phase 3 trial with 806 participants. The drug, combined with diet and exercise, helped participants lose an average of 60 pounds.
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