headlines...by halloapp

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01-03-2024

TECH

• Fidelity’s stake in X (formerly Twitter) has fallen 72% since Elon Musk bought the company for $44 billion in 2022, according to Fidelity.

• Samsung is set to launch the Galaxy S24 series on January 17th, with a focus on AI capabilities and pre-order incentives.

• Chinese exchange student in Utah found alive after falling victim to a ”cyber kidnapping” scam, with $80,000 ransom paid.

• Founder and former CEO of Tingo Group, Odogwu Banye Mmobuosi, charged with securities fraud and making false filings, lying to investors.

• Twitter, formerly known as X, has reintroduced headlines on article links, but they now appear smaller and replace the website name.

• Countdown Capital, an early-stage VC firm, is shutting down, causing closures or acquisitions of creator economy and hard tech startups.

MEDIA

• Harvard President Claudine Gay has resigned after six months amid plagiarism allegations, campus antisemitism backlash, and pressure from donors.

• Disney’s stock rises as it enters a deal with activist investor ValueAct Capital Management to share information and consult on strategy. Blackwells Capital plans to nominate three directors at Disney.

• Tencent and NetEase stocks rise as China removes gaming official responsible for controversial rules causing market turmoil.

CONSUMER

• UK tax authorities are implementing new rules requiring sellers on platforms like eBay, Vinted, and Depop to pay taxes on their sales, aiming to detect tax evasion and create a level playing field. Sellers making over £1,000 a year must declare their earnings and register as self-employed.

• New York City has implemented a ban on souvenir vendors on the Brooklyn Bridge to alleviate overcrowding and enhance public safety.

REAL ESTATE

• US construction spending in November rose 0.4%, falling short of expectations, but October’s data was revised higher, indicating sector strength.

• Rene Benko, founder of Signa Group, may lose his luxury alpine villa worth €12m as tax authorities claim it as security against unpaid taxes.

ECONOMIC

• South Korean shares fall due to weak Chinese factory data and subdued local exports, while Singapore’s economy beats expectations.

• US Senator Bob Menendez is facing revised charges of accepting bribes from a businessman to help Qatar while also representing Egypt. He is accused of introducing a member of the Qatari royal family to a businessman before the company invested in the businessman’s real estate project.

• IMF’s Georgieva optimistic about US economy as inflation subsides and job market remains strong, while Richmond Fed President Barkin sees a soft landing as increasingly possible.

• The US national debt has surpassed $34 trillion for the first time, raising concerns about fiscal sustainability and potential government shutdown. Moody’s recently cut its credit outlook on the US to negative.

CRYPTO

• Indonesian police seize Bitcoin mining equipment and shut down 10 operations due to electricity theft valued at $1 million.