headlines...by halloapp

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12-22-2023

TECH

• Alphabet and Microsoft are both investing heavily in AI, with Alphabet having potential for monetization and Microsoft developing ChatGPT.

• China has banned the export of technology for extracting and separating rare-earth metals to protect its dominance and ensure national security, causing trade tensions with the US and Europe.

• Microsoft has discontinued its ”mixed reality” feature for Windows, which allowed users to access augmented and virtual reality technologies. However, the enterprise-focused HoloLens 2 will continue to be supported.

• Apple is set to release its Vision Pro mixed-reality headset in February, with production taking place in China.

• Google has updated Chrome with a background Safety Check feature that alerts users about compromised passwords and malware extensions. Additionally, users can now sync Tab Groups across devices.

• Italy’s tax claim against Meta Platforms, the parent company of Facebook, Instagram, WhatsApp, and Oculus, is being evaluated by the EU Commission’s VAT committee. The potential fine is €870 million.

MEDIA

• Chinese gaming stocks, including Tencent and NetEase, plummeted as China announced new regulations limiting spending and rewards in the online gaming industry. Tencent’s stock fell by 16%, resulting in an $80 billion selloff in Chinese online companies.

• Shari Redstone may sell her stake in Paramount; Warner Bros Discovery and Paramount are discussing a potential merger to compete with streaming giants.

• Hamas rejects talks on releasing Israeli hostages until Israel stops military onslaught; UN declares ‘catastrophic’ hunger in Gaza. Ceasefire negotiations in Gaza face an impasse as Hamas insists on a complete end to Israel’s offensive in the Palestinian territory.

• Pornhub’s parent company, Aylo Holdings, will pay a $1.8 million fine for profiting from sex trafficking and appoint an independent monitor.

CONSUMER

• MercadoLibre, Latin America’s e-commerce leader, has experienced strong growth and earnings, but there are concerns about its valuation and debt levels.

REAL ESTATE

• US mortgage rates have dropped to the lowest level since June, potentially stimulating home sales and benefiting homebuyers and builders.

• Barclays has extended its lease at its Canary Wharf headquarters until 2039 but will exit another office building, reducing its office space in the area.

• The Canadian government will give Toronto C$471 million to build 12,000 new housing units and tackle the city’s shelter crisis.

ECONOMIC

• Former NYC Mayor Rudy Giuliani files for Chapter 11 bankruptcy with debts up to $500 million, including $148 million defamation judgment.

• Paychex Inc. reported Q2 sales growth of 6% to $1.26 billion, slightly missing estimates, causing its stock to drop by 5.70%.

• The US Treasury plans to auction a total of $418 billion in bills, notes, and FRNs with various settlement and maturity dates.

• Argentine President Javier Milei plans to privatize state-run companies, deregulate the economy, and implement labor and rent reforms. Protests and opposition in Congress are expected.

• Social Security trustees warn of trust fund depletion by 2033, potential benefit reductions. Retirees face tax pitfalls and potential benefit reductions in 2024. 12 states may tax Social Security benefits.

CRYPTO

• Teneo has frozen $1.4B worth of assets belonging to the founders of failed crypto hedge fund Three Arrows Capital.

• Worldcoin has abruptly ended its Orb-verification service in France, India, and Brazil after expanding internationally, reasons undisclosed.

• Circle and Coinbase have both received approval from the French Financial Markets Authority to operate in France.