headlines...by halloapp

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01-11-2024

TECH

• OpenAI has launched the GPT Store, an app store for custom AI-powered chatbots, where developers can create and share their own versions of ChatGPT. Users can access and browse these chatbots through OpenAI’s paid tiers, and creators have the opportunity to earn revenue through a revenue program based on user engagement.

• Hewlett Packard Enterprise (HPE) is acquiring Juniper Networks for $14 billion in an all-cash deal, aiming to challenge market leader Cisco and expand its networking business.

• Amazon.com has failed to submit remedies to the European Commission for its proposed acquisition of iRobot, raising concerns about competition.

• Apple’s stock has been downgraded multiple times due to concerns over weaker iPhone demand, competition, and regulatory risks.

• Firework has introduced AVA, an AI-powered virtual shopping assistant that utilizes a digital human avatar and machine learning to provide personalized guidance to customers. The assistant improves over time by gathering information from customer interactions and sales data. Firework has collaborated with Google Cloud to enhance AVA’s capabilities.

• Microsoft expands its data localization offering in the EU, allowing customers to store and process personal data within the region.

• UK government to reverse convictions of over 900 Post Office managers wrongly accused of theft or fraud due to faulty software, and provide compensation. Concerns raised about breaching separation of powers. Fujitsu facing scrutiny and may have to repay money spent on scandal. Pressure on government to review contracts awarded to Fujitsu.

• Elliott Investment Management has acquired a $1 billion stake in Match Group and plans to make changes to boost the company’s stock price. Match Group has high debt but expects to generate significant free cash flow and return half of it to shareholders. The company has seen a decline in paying customers but has increased revenue per paying user on platforms like Tinder and Hinge. Reducing outstanding shares and rewarding shareholders could lead to success.

• Microsoft’s stock rose 1.86% and is closing in on overtaking Apple as the most valuable U.S. company. Combined tech market cap surpasses $12 trillion.

• The Sage Group plc provides technology solutions and services, including cloud accounting software and HR management solutions, for small and medium businesses worldwide.

MEDIA

• South Africa accuses Israel of committing genocide in Gaza, presenting evidence at the ICJ. Israel denies the allegations.

• Skydance Media, led by CEO David Ellison and backed by other investors including his father Larry Ellison, is considering an all-cash bid to acquire National Amusements, the parent company of Paramount Global.

• OpenAI is in talks with CNN, Fox Corp, and Time to license their content amid ongoing legal disputes and copyright infringement allegations.

• TechTarget’s shares surged 13% in premarket trading after announcing a merger deal with Informa. Informa will contribute $350 million for a 57% stake in the combined company.

CONSUMER

• Marks & Spencer experiences strong Christmas sales growth, leading to bumper bonuses for over 9,200 employees. Tesco also reports strong sales and raises profit outlook.

• H&M is opening a store in London’s King’s Road with curated products and a creative design to attract higher-end customers.

• The NRA is being sued in New York for corruption and mismanagement, with the lawsuit aiming to dissolve the organization.

• Italian influencer Chiara Ferragni, known for her 30 million Instagram followers, faces investigation and a $1.1 million fine for misleading charity cake sales.

REAL ESTATE

• RLJ Lodging Trust (NYSE: RLJ) raised its dividend by 25% in 2023, but faces challenges with low dividend yield and competition from Airbnb.

• Shares of Office Properties Income Trust dropped 12% after the company slashed its dividend by 96% to 1 cent per share, citing weaker market conditions and the need for increased liquidity. This is the second dividend cut in less than a year.

• Choice Hotels is disputing antitrust claims made by Wyndham Hotels regarding its takeover offer, calling it “pro-competitive” and making progress in the regulatory process.

ECONOMIC

• Citigroup is setting aside $1.3 billion in reserves due to transfer risk in Argentina and economic instability in Russia.

• Federal Reserve Bank of New York President John Williams believes current monetary policy will bring inflation back to the 2% target.

• Argentina and the IMF have reached a deal unlocking $4.7 billion in funding for the country’s debt program. President Milei faces challenges in implementing reforms and stabilizing the economy.

• Taiwan’s election is influenced by economic factors and Beijing’s threats, with China attempting to interfere through influence campaigns. The US warns against outside interference. Dozens of US lawmakers support Taiwan’s democracy, prompting China to call for the US to stop official contact. China warns of the “extreme danger” of Taiwan’s ruling party candidate triggering conflict.

• JPMorgan’s WePay has ceased payment services for numerous business customers, signaling a retreat in its competition with Stripe.

CRYPTO

• The SEC’s Twitter account was hacked, leading to a false report of Bitcoin ETF approvals, causing market volatility and embarrassment for SEC Chairman Gary Gensler.

• Ripple Labs is repurchasing $285M worth of shares, valuing the company at $11.3B, to provide liquidity to early investors and employees.