BUSINESS Archives - Page 58 of 68

Citigroup: More Cuts Expected as Part of Global Reorganization 2024.03.28 [AlphaEconomy=(Chicago) Paul Lee Correspondent] Citigroup's major restructuring is nearing completion...

Moderna Secures $750 Million in Funding to Develop a Flu Vaccine, Backed by Blackstone Life Sciences 2024.03.28 Moderna is developing a flu vaccine with an investment from Blackstone Life Sciences, a Blackstone life science investment platform. On the 27th (local time), Moderna announced that it had signed a $750 million financing agreement with Blackstone Life Sciences to develop an mRNA flu vaccine. Moderna stated that Blackstone Life Sciences will receive commercial milestone […]

Valkyrie CIO Predicts Ripple ETF Approval Ahead of Ethereum 2024.03.28 [Dugguru=Sung-Hwan Hong] It has been observed that a Ripple (XRP) spot exchange traded fund (ETF) is likely to be approved before an Ethereum (ETH) spot ETF. It will be interesting to see if global managers will start to launch Ripple spot ETFs. "I don't think an Ethereum spot ETF will be approved in May because I believe that Ethereum can be a security," said Stephen McClurg, co-founder and chief investment officer of Valkyrie Investments, in a conversation with a reporter from U.S. financial media Fox Business, according to industry sources. "I think it's more likely that Ripple or Litecoin (LTC) will be approved before Ethereum." However, no manager has yet formalized the launch of a Ripple or Litecoin spot ETF. Seven asset managers, including BlackRock, Fidelity, Ark Investments, and Grayscale, have filed to list an Ethereum spot ETF. The U.S. Securities and Exchange Commission (SEC) is expected to make a decision on May 23 on whether to approve ETH spot ETFs. The market is betting that an ETH spot ETF is unlikely to be approved. This is because unlike Bitcoin, which is proof-of-mining (POW), Ethereum is proof-of-stake (POS), which raises ongoing securities issues. Eric Balchunas, an ETF analyst at Bloomberg, previously put the likelihood of an ETH spot ETF approval at 70% in January, but recently downgraded it to 30%. "The approval process for an ETH spot ETF is different from that for a bitcoin spot ETF," he explained, "and we've lowered our odds of approval given the lack of progress with more than 70 days to go before the deadline."

Visa Adds New AI Tools to Improve Payment Security 2024.03.28 [AlphaEconomy=(Chicago) Paul Lee Correspondent] Visa is adding three new AI-powered fraud prevention tools to improve security...

U.S. Urges Allies to Limit Services to China 2024.03.28 The U.S. Commerce Department is asking allies to stop providing service for certain semiconductor manufacturing equipment sold to Chinese customers. This follows similar requests to the Netherlands and Japan after the US restricted exports of equipment for advanced semiconductor manufacturing...

Kia EV9 Wins the World Car of the Year 2024, Making It a Two-time Winner 2024.03.28 Kia’s flagship electric sports utility vehicle (SUV), model EV9, has won the World Car of the Year, the highest honor at the World Cars Awards 2024. It also clinched the title of World Electric Vehicle, making it a two-time winner. Hyundai’s Ioniq 5 N also won in the performance car category. According to the WCA, […]

Nvidia Accelerates New Product Releases, Solidifies AI Dominance 2024.03.28 Nvidia, the global AI leader, is expected to strengthen its dominance in the AI market as the launch cycle of its new products is being shortened. Moon Jun Ho, a researcher at Samsung Securities, believes that “The anticipation of Nvidia’s dominance in the AI market is continuously strengthening due to the shortened new product launch […]

Colin Huang Becomes China's Second Richest Thanks to 'Temu Effect' 2024.03.27 Colin Huang, the founder of the Chinese e-commerce company Pinduoduo, has surpassed Tencent chairman Ma Huateng to become the second wealthiest person in China. This is mainly due to the rapid rise of Pinduoduo’s ultra-low-cost online shopping mall, Temu, in global markets, including the United States, which has driven up Pinduoduo’s stock price. According to […]

Chinese Railroad Company Pulls Out of Bulgaria as EU Probes Into Unfair Subsidy Begins 2024.03.27 A Chinese state-owned company, which had won a public tender project in Bulgaria, a member of the European Union (EU), has abandoned the contract after initiating an EU investigation into unfair subsidies. The EU Commission announced on the 26th (local time) that CRRC Qingdao Sifang, a subsidiary of CRRC, withdrew from the tender contract for […]

China Challenges U.S. at WTO Over Inflation Reduction Act 2024.03.27 China “not environmental protection, but ‘discriminatory law'” China has filed a lawsuit at the World Trade Organization (WTO) against the United States’ Inflation Reduction Act (IRA). According to reports from Yonhap News and the WTO on the 27th, the dispute resolution process began at the WTO following China’s request to rectify the discriminatory subsidy execution […]

Apple's iPhone Shipments to China Drop 33% in February 2024.03.27 In February, shipments of Apple’s iPhone to China fell by more than 30% compared to last year. This marked a struggle for Apple in the Chinese market as shipments decreased for two consecutive months. Bloomberg quoted statistics from the China Academy of Information and Communications Technology (CAICT) on the 26th that iPhone shipments to China […]

Callaway: 'There Have Been No Discussions of Acquisition' 2024.03.27 “Korean company’s acquisition rumor is out of the question. There will be no response in the future.”Callaway’s sales are strong, revenue increased 7% year-over-year Callaway has officially stated that there were “no discussions” about the acquisition from a Korean company. This comes as a rare official denial in response to reports that a Korean Strategic […]

Krispy Kreme Shares Soar After Partnering With McDonald's 2024.03.27 Krispy Kreme’s stock price has soared following a partnership with McDonald’s. Krispy Kreme shares rose by up to 23% in pre-market trading on September 26th after McDonald’s announced plans to supply Krispy Kreme doughnuts to all U.S. stores by the end of 2026. The two companies have announced that the partnership will begin in the […]

General Electric (GE) Prepares to Become a Pure-Play Aerospace Company 2024.03.27 General Electric (GE) is set to become a pure space and aviation company following its spin-off. General Electric (GE) has undergone a significant restructuring of its business since 2018, which has involved asset sales and other means of realignment. As a result, it has split its operations into three divisions: aviation (GE Aerospace), energy (GE […]

Elon Musk Offers Free Test Drive of Tesla's Full Self-Driving System to Boost Sales 2024.03.27 Tesla, an electric vehicle company, is offering its Full Self-Driving (FSD) system free for a month to customers in the United States. This move is seen as a response to a slowdown in sales despite the growing popularity of electric vehicles. According to Reuters and other sources, on the 26th, CEO Elon Musk wrote on […]

Tesla Cracks Down on Cybertruck Resellers: Warning of Cancellations and Permanent Bans 2024.03.27 Despite Tesla’s prohibition on reselling, it appears that Cybertrucks continue to be resold. Tesla has blocked Cybertruck purchasers on used car sales platforms. Yet, the listings for Cybertrucks have not disappeared, and their resale prices seem to be decreasing. Due to its popularity, the Cybertruck has a long waiting list, leading to significantly higher prices […]

What do Nike, Tesla, Apple, and Intel Have in Common? 2024.03.27 Apple, Tesla, Nike, and Intel experienced over a 10% decline in stock prices since the beginning of the yearInvestors, sensing the difficulties faced in China, have begun selling off“It won’t be long before the Chinese economy recovers, and stock prices begin to rebound” American companies with high dependency on the Chinese market see their stock […]

EU Pressures Big U.S. Tech Companies: Apple, Google, Meta Under Scrutiny 2024.03.27 The European Union (EU) has launched an investigation into big tech corporations just 18 days after initiating the Digital Markets Act (DMA). The companies under scrutiny are Apple, Google (Alphabet), and Meta, with the EU examining whether these corporations have violated the DMA regarding allowing external payments, search exposure, and personal data collection. The companies […]

Boeing CEO Dave Calhoun to Step Down Amid Safety Crisis and Management Shakeup 2024.03.26 Boeing’s CEO, Dave Calhoun, is resigning and taking responsibility for several incidents. On the 25th, Boeing announced that, as part of a broad management overhaul due to the safety crisis caused by the in-flight panel crash of the 737 Max model last January, CEO Dave Calhoun will take responsibility and plans to resign by the […]

Nike Beats Expectations in Q3, Plans Strategic Shift Towards New Product Launches 2024.03.26 Nike (NKE), the world’s largest sportswear and sneaker retailer, exceeded market expectations with its quarterly performance. Nike’s Q3 fiscal year 2024 (December-February) revenues were $12.43 billion (up 0.3% from the previous year), total sales profit was $5.56 billion (a 3.6% increase), and net income attributable to the controlling shareholder was $1.17 billion (a 5.5% decrease). […]

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