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12-19-2023

TECH

- Figma CEO Dylan Field expresses frustration and sadness over failed $20 billion deal with Adobe due to regulatory opposition.

- Apple will temporarily halt sales of the Apple Watch Series 9 and Ultra 2 in the US due to a patent dispute with Masimo. The ban will take effect on December 25.

- Google has agreed to pay $700 million to settle an antitrust lawsuit over alleged anticompetitive practices in its Play app store. The settlement includes compensating US consumers and making changes to the Play Store.

- IBM plans to acquire Software AG's StreamSets and webMethods platforms for $2.3 billion to enhance its AI and hybrid cloud offerings.

- French telecoms company Iliad has proposed a €10.45 billion merger with Vodafone Italia, offering a cash payment and shareholder loan. Vodafone shares rose.

- Lawmakers are urging the DOJ to investigate Apple for potentially violating antitrust laws by shutting down iMessage apps for Android.

- Hackers exploited a Citrix server vulnerability to access sensitive information of 35,879,455 Xfinity customers, including usernames, passwords, and social security numbers.

- Accenture's Q2 revenue forecast falls short of estimates due to cautious IT spending, leading to a decrease in revenue from tech and media companies.

- Japanese chip equipment companies Tokyo Electron and Kokusai Electric are expanding sales and staff in China to meet the rising demand for low-end chipmaking machinery. Tokyo Electron generated 43% of its sales from China last quarter, while Kokusai expects 50% of its revenue to come from China. This growth is driven by China's efforts to localize chip production amid US export controls.

MEDIA

- Disney has fired actor Jonathan Majors from his role as Kang in the MCU after his conviction for assault and harassment.

- Games Workshop has partnered with Amazon to produce films and TV shows based on its Warhammer fantasy games, specifically the Warhammer 40,000 universe.

- Amazon is in talks to invest in bankrupt Diamond Sports Group for a multiyear streaming partnership, potentially streaming MLB, NBA, and NHL games on Prime Video.

- Hong Kong media tycoon Jimmy Lai's unfair trial for charges of sedition and colluding with foreign forces begins, facing potential life imprisonment.

CONSUMER

- South Korean e-commerce giant Coupang has acquired struggling luxury retailer Farfetch, injecting $500 million to save it from bankruptcy.

- VF Corp, the owner of brands like Vans and The North Face, is facing disruptions in order fulfillment due to a cyberattack, impacting holiday sales.

- UK fashion retailer Superdry has warned of lower profits due to a drop in sales caused by mild autumn weather. Retail sales fell 13% and wholesale sales declined 41%. The company has taken cost-cutting measures and secured a £25m loan.

- Unilever has sold its Elida Beauty unit, including Q-Tips and other personal care brands, to Yellow Wood Partners.

REAL ESTATE

- US single-family housing starts surged by 18.0% in November due to declining mortgage rates and increased buyer confidence.

- Wyndham Hotels & Resorts is urging shareholders to reject Choice Hotels' takeover bid, citing regulatory review and lower valuation.

ECONOMIC

- Egypt's President Abdel Fattah al-Sisi wins a third term with 89.6% of the vote in an election criticized for lack of serious challengers and alleged electoral rule violations. The faltering economy and conflict in Gaza initially affected his popularity, but support returned.

- Germany's economy is at risk of entering a recession as business sentiment worsens, with the country's economy expected to shrink slightly in Q4 2023. The decline is attributed to weak performances in industry and construction, as well as external factors such as high energy prices and global economic weakness. The Ifo business-climate index dropped to 86.4 in December, below economists' expectations. Manufacturing was the main contributor to the decline.

- Ebix Inc., an insurance software firm, has filed for bankruptcy and plans to sell its North American life insurance and annuity assets to repay its debt. However, equity holders are not expected to be wiped out.

- The White House warns that the US has funding for only one more aid package to Ukraine this year, pending Congress approval.

- Personal loan rates decreased, with an average fixed rate of 15.41% for borrowers with a credit score of 720 or higher. Mortgage refinance rates increased, ranging from 6.36% to 7.29% for 30-year, 15-year, and 20-year fixed mortgages. Today's average mortgage rate for a 30-year fixed mortgage is 7.29%, down 0.27 percentage points from last week. The average mortgage rate is now 7.26%, a decrease from previous rates. Current mortgage rates are around 7%, not the highest ever, compared to 18% in the 1980s. National refinance rates for 30-year, 15-year, and 20-year fixed-rate mortgages have slightly decreased compared to last week.

CRYPTO

- Bitwise Asset Management has enlisted actor Jonathan Goldsmith for an ad campaign promoting its Bitcoin ETF while awaiting SEC approval.

- Cryptocurrency exchange FTX has submitted a proposal to exit bankruptcy, aiming to distribute cash to creditors and customers. However, the plan may face opposition and important details are still unclear.

- Coinbase appeals SEC's denial of rulemaking petition for regulatory guidelines on cryptocurrencies, files petition in federal appeals court.