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11-21-2023

TECH

- OpenAI's CEO Sam Altman has been fired by the company's board, leading to employee threats to quit unless he is reinstated. Microsoft has hired Altman and OpenAI's president Greg Brockman to lead its advanced AI research unit.

- Shares of Keysight Technologies (KEYS) have declined by 20% over the past year, despite solid Q4 results and record revenue. Agilent Technologies (A) reported better-than-expected Q4 results, but cautious guidance for Q1 and FY2024. Jacobs Solutions projects a 9-10% increase in adjusted earnings for FY2024.

- Zoom's revenue growth has slowed down, but the company remains profitable with strong cash position. Analysts are divided on its future prospects.

- Baidu, China's largest search engine, surpasses Q3 revenue estimates with increased ad sales and signs of economic recovery, while focusing on AI investments.

- The Senate Judiciary Committee has subpoenaed the CEOs of Discord, Snap, and X to testify on children's online safety. Meta and TikTok CEOs will testify voluntarily next year.

- Broadcom's $69 billion acquisition of VMware will be completed on November 22 after receiving conditional approval from Chinese regulators.

- Amazon's "AI Ready" initiative aims to train 2 million people in AI skills by 2025 through free courses and scholarships.

- This article offers troubleshooting tips for network connectivity issues, such as removing and re-adding programs and checking proxy settings.

- Symbotic Inc. reports strong Q4 2023 revenue of $392 million, exceeding expectations and leading to projected revenue growth. Shares surge 20%. Sypris Solutions sees a 33% YoY increase in Q3 2023 revenue, with gross profit increasing by 105%. Semrush Holdings reports strong 3Q23 results, with total revenues rising by 19.6% and gross margins expanding to 83.5%.

- During the Epic v. Google trial, Epic Games CEO Tim Sweeney accused Google of being a "crooked" bully and engaging in illegal price-gouging. Sweeney also referred to Android as a "fake open platform."

- The White House and President Biden have joined the social media platform Threads, a rival to Elon Musk's X platform.

- Ukraine fires top cybersecurity officials amid corruption probe involving embezzlement of software purchases, totaling $1.72 million.

- Apple CEO Tim Cook has announced that the company has multiple potential successors in its detailed succession plan. Cook does not see himself as competing with Steve Jobs and believes Jobs would still be CEO if alive.

- The UK's antitrust regulator, the Competition and Markets Authority (CMA), is planning to overhaul its merger assessment regime in response to criticism over the Microsoft-Activision Blizzard deal. The proposed changes include improving interaction with parties, allowing remedies to be proposed earlier, and publishing an interim report earlier in the process. The CMA aims to provide clearer objections and allow merging parties to discuss remedies at an early stage.

- Apple is being sued for antitrust violations related to its restrictions on cryptocurrency integration in iOS payment apps, limiting competition.

- North Korean IT workers are using fake names, counterfeit documents, and mock interview scripts to land remote jobs in Western tech companies to earn hard currency for the country.

- Retail Fuse and Retail Egg are both tracking early Black Friday deals for unlocked phones, including Google Pixel, Samsung Galaxy, Apple iPhone, and iPhone SE (2022). Amazon has significant discounts.

MEDIA

- Elon Musk denies being antisemitic after tweets led to more advertisers leaving X; X sues Media Matters over ad suspensions.

- A federal appeals court ruled that only the federal government can bring lawsuits against racially discriminatory voting rules, impacting the 2024 election.

- Shakira reaches last-minute deal in Spanish tax evasion case, avoiding prison sentence and paying €7.3 million fine for tax fraud.

- Warner Bros. Discovery's Max streaming service is offering a 70% discount, reducing the monthly cost to $2.99 for new subscribers.

- Rapper A$AP Rocky, partner of Rihanna, is ordered to stand trial in LA for assault charges involving a firearm.

- David Letterman returned to the CBS 'Late Show' after 8 years as a guest, receiving a standing ovation from the audience.

- CBS has confirmed that the crime drama series "Blue Bloods" will conclude with its upcoming 14th season, consisting of 18 episodes split into two parts. Tom Selleck will return as the lead actor.

- GM will not advertise in the 2024 Super Bowl to align media strategies with business priorities and cut costs.

- The British Library experienced a ransomware attack by the Rhysida group, leading to leaked employee data and a demand for £600,000 in Bitcoin.

CONSUMER

- MercadoLibre, the largest e-commerce marketplace in Latin America, saw a 70% growth in advertising services revenue and reported strong Q3 earnings.

- Consumers plan to spend $567 on Black Friday and Cyber Monday, focusing on necessities. Holiday spending in 2023 is expected to increase by 3-4%. Holiday sales are exceeding expectations.

- A shooting at a Walmart store in Beavercreek, Ohio resulted in one fatality and three injuries by an assailant with an assault rifle.

- Marks & Spencer's chairman blames self-checkout counters for middle-class shoplifting due to faulty scanners and reduced service. UK sees surge in retail theft.

REAL ESTATE

- Wyndham Hotels rejects Choice Hotels' offer as not in the best interests of shareholders, citing undervaluation and a step backwards.

- Airbnb has hired Ron Klain, former White House Chief of Staff, as its Chief Legal Officer, starting January 1. Klain is a confidant of President Biden.

- China is creating a list of 50 property developers eligible for financing to address the country's property crisis and boost confidence in the sector.

- Refinance rates have increased, with the average rate for a 30-year fixed mortgage dropping to 7.86% from 8.17%. Interest rates have also dropped below 7% due to slowing inflation and a cooling labor market.

- The European Central Bank cautions that the euro zone's commercial property market could face prolonged challenges, endangering lenders and investors.

TRAVEL

- Las Vegas hotel workers have approved a new 5-year contract with Caesars, including a 32% pay raise and other concessions.

- Chinese travel company Trip.com Group has experienced a 99% increase in revenue in Q3, surpassing 2019 levels. Outbound hotel and air ticket reservations are at 80% of 2019 levels.

ECONOMIC

- Argentina's newly elected President, Javier Milei, plans to address the country's economic crisis by adopting the US dollar as the national currency and privatizing state-owned companies. His victory has led to speculation about the potential adoption of bitcoin as legal tender. However, concerns have been raised about potential setbacks to women's rights and LGBTQ+ rights under Milei's leadership. Investors are optimistic about the radical change promised by Milei but warn of challenges such as high inflation and stalled growth. The Global X MSCI Argentina ETF surged after Milei's win, and shares of Argentine companies, including YPF, saw significant gains. Milei's victory has been celebrated by far-right leaders and compared to the rise of populism in other countries.

- Citigroup initiates layoffs and organizational restructuring under CEO Jane Fraser's plan, aiming to streamline operations and boost profitability.

- UK Finance Minister Jeremy Hunt is expected to announce tax cuts and tighter spending plans in the Autumn budget, as the UK government has borrowed £17bn less than expected this year.

- Workers at two Wells Fargo branches in Albuquerque, NM and Bethel, Alaska are planning to unionize, a rare move in the banking industry.

- Germany has frozen new spending commitments due to a budget crisis caused by a court ruling blocking the transfer of unused funds. The freeze applies to all ministries and a €200 billion fund. The ruling has strained Chancellor Scholz's coalition and could impact Germany's ability to support its industry.

- The Reserve Bank of Australia raised rates to tackle inflation, while the Bank of England considers an end to rate hikes.

- ECB officials reject expectations of early rate cuts, stating rates will remain unchanged for a few quarters and dismissing talk of rate cuts as premature.

- Canada's inflation rate in October dropped to 3.1%, the lowest since June, largely due to lower gas prices.

- Personal loan interest rates are around 6%, but rates for student loans and debt consolidation loans may be higher.

- Italy has successfully sold a 25% stake in Banca Monte dei Paschi di Siena for €920 million, reducing its stake to 39%.

CRYPTO

- The SEC has sued Kraken, a cryptocurrency exchange, for operating as an unregistered securities exchange and commingling customer funds.

- Bitcoin's price is surging due to optimism about the approval of a Bitcoin ETF and increasing international adoption.

- The US Justice Department is seeking over $4 billion from Binance Holdings to settle a criminal investigation involving money laundering and sanctions violations.

- Regulated digital assets exchange Bullish has acquired CoinDesk, a leading crypto news outlet, to expand its presence in the industry.

- BSV Blockchain's annual survey finds majority of Americans lack trust in blockchain, while UK has low knowledge and trust in emerging technologies.

- A Ukrainian lawmaker allegedly tried to bribe a government agency head with $50,000 in bitcoin for infrastructure funding.

HEALTH

- Premature babies from Gaza's Al Shifa hospital were transferred to Egypt for urgent treatment due to their serious condition.

- Bayer shares plummeted 17% after a failed trial for a blood-thinning drug and a $1.56 billion Roundup lawsuit.