the wall street journal
Sam Bankman-Fried’s FTX, Binance Reportedly Leading to Buy Voyager Digital Assets
- The assets of the deceased cryptocurrency lender Voyager Digital Ltd VYGVQ attracted the highest bids from cryptocurrency exchanges FTX and Binance.
- Binance’s current bid is around $50 million, which is only slightly higher than the rival bid from FTX, led by Sam Bankman Fried. However, none of the offers have been accepted so far.
More regulatory scrutiny for Amazon, proposed $1.7 billion purchase of iRobot draws attention
- Federal antitrust authorities have been investigated Amazon.com Inc. AMZN purchase proposal Roomba maker iRobot Corp IRBT.
- Roomba dominates the smart vacuum market with a 75% market share by revenue in the United States
- The FTC officially requested documents from the two companies explaining the project Purpose and rationale for the $1.7 billion deal.
Boeing to cut 150 finance jobs in US following flight debacles
- Boeing Company BA shared plans to cut 150 finance jobs in the United States in 2022 to streamline its corporate structure and focus on manufacturing and product development.
- Boeing increased its workforce by 10,000 people earlier this year and its engineering and manufacturing departments.
- Following two 737 MAX crashes in 2018 and 2019, the Federal Aviation Administration (FAA) pledged to monitor Boeing.
CVS Health and Walmart settle West Virginia opioid lawsuit, Walgreens to go to trial next year
- CVS Health Corp (NYSE: CVS) and Walmart Inc. WMT will pay $147.5 million to settle lawsuits over the West Virginia opioid crisis, with CVS paying $82.5 million and Walmart about $65 million.
- Walgreens Boots Alliance Inc. has not been settled and a trial has been postponed to June 2023, with Kroger Co. KR also being charged in the postponed trial.
General Electric hires Mavi Zingoni as head of electrical business
- General electric company GE appointed Mavi Zingoni as General Manager of its Motor Units.
- Zingoni will report to Scott Strazik, who leads the company’s energy business portfolio.
- Zingoni will be based in the United States and will begin work on January 1, 2023.
Pressure is mounting on the United States to blacklist this major Chinese chipmaker
- Top US lawmakers have urged the Biden administration to blacklist the Chinese semiconductor company Yangtze Memory Technologies Co. for allegedly violating export controls by providing Huawei Technologies Co,Ltd.
- According to lawmakers, YMTC provided Nand memory chips for Huawei’s new flagship foldable phone, Mate Xs 2.
- In 2019, the United States blacklisted Huawei citing national security risks.
Schneider Electric to buy British software developer Aveva at 40% premium
- French industrial conglomerate Schneider Electric SE SBGSF agreed to purchase the rest of Aveva Group Plc AVEV in a deal that values the UK software developer’s equity at £9.5 billion.
- The purchase price implies a 40% premium to before Schneider confirmed exploring a potential takeover in late August. Shares in Aveva closed at £30.38 on September 20.
- Schneider would snatch the remaining 40% of Aveva he did not own for £31 a share.
Twitter and Microsoft to invest in online anti-hate project Christchurch Call, says New Zealand PM
- New Zealand Prime Minister Jacinda Ardern announced on Wednesday a joint research initiative under the Christchurch call anti-hate project in line with the United States, Twitter Inc. TWTRand Microsoft Corporation MSFT. The online anti-hate project was launched following mass shootings at two Christchurch mosques in 2019.
- Ardern said New Zealand, the United States, Twitter and Microsoft Corporation would invest an undisclosed sum in the development of new technologies. Together they will work to uncover how algorithms drive people to violent and terrorist content online.
Juul sues the FDA, accusing it of deliberately withholding scientific documents related to the sales ban
- Manufacturer of electronic cigarettes Juul Labs Inc.supported by Altria Group Inc. MOfiled a lawsuit alleging the FDA’s refusal to release documents supporting its order banning the company’s products.
- In June, the agency ordered Juul to stop selling and distributing all of its products marketed in the United States, saying the company’s products were playing a disproportionate role in increasing youth vaping.
FDA finds oversight gaps after internal infant formula review
- The FDA has concluded an internal review of the agency’s actions related to the supply of infant formula in the United States.
- The agency released a 10-page report, which is the result of information gathered from more than 40 interviews with more than 60 FDA employees and officials directly involved in the events that occurred.
- The review found that numerous shortcomings have hampered the agency’s response to infant formula supply issues in the United States this year.
Beyond Meat Suspends COO Following Arrest Over Nose Biting Incident
- Beyond Meat Inc BYND immediately suspended its chief operating officer, Doug Ramsey.
- Additionally, the company’s operations will be overseen on an interim basis by Jonathan Nelson, Senior Vice President, Manufacturing Operations.
- The plant-based meat substitute producer’s chief operating officer was reportedly arrested over the weekend after biting a man’s nose after a college football game.
Chinese electric vehicle battery maker Volkswagen plans $3.6 billion factory in Michigan that could create up to 2,000 jobs
- Chinese battery manufacturer Guoxuan High Tech Co plans to create a Michigan that is expected to create 2,000 new jobs.
- Gotion Inc.the battery maker’s US subsidiary, would produce battery components in the factory that could attract up to $3.6 billion in investment.
- The report added that the new facility would initially create about 500 jobs and up to 2,000 jobs over the next decade.
Tesla Megapack battery fire in California that shut down a major highway is now ‘fully under control’
- A Tesla Inc. TSLA Megapack battery installed in utility PG&E Corporation PCG A storage facility in California caught fire early Tuesday. At the time of this writing, the fire had been “fully contained”.
- PG&E said around 1:30 a.m. it became aware of a fire in a Tesla Megapack at Elkhorn Battery Storage in Moss Landing, Monterey County, California. Following the incident, the facility was disconnected from the grid to stop the spread of fire and provide a safe area for emergency response personnel.
YouTube is doing a TikTok: short film creators will now get a share of ad revenue
- Alphabet Inc. GOOGL GOOG video streaming platform Youtube on Tuesday announced “new ways” for its Shorts creators to earn money.
- The Sundar Pichaisaid in a blog post that starting in early 2023, creators focused on short films can apply for its YouTube Partner Program (YPP) as long as they reach a threshold of 1,000 subscribers and 10 million views of short films over 90 days.
Germany to nationalize gas giant Uniper in €8bn deal to avert energy supply crisis
- Germany will nationalize Uniper SE (OTC: UNPRF) in a bid to rescue the country’s biggest gas importer, which has been hit hard by Russian cuts of natural gas to Europe.
- The German government would take a 99% stake in the energy giant and inject 8 billion euros.
- The Federal Government will buy back the Uniper shares currently held by Fortum Oyj FOJCY FOJCF for €1.70 per share.
Novartis to Ask U.S. Supreme Court to Uphold Patent for Multiple Sclerosis Drug Gilenya
- Swiss drug major Novartis AG NVS is considering asking the United States Supreme Court to uphold the validity of the patent on the Gilenya (fingolimod) dosing regimen.
- With the latest decision, HEC and other generic filers with FDA approval will potentially be able to launch a 0.5mg generic version of Gilenya imminently.
French billionaire Xavier Niel takes a 2.5% stake in Vodafone
- The investment vehicle backed by French billionaire Xavier Niel, Atlas Investissement, has acquired a 2.5% stake in the British telecoms giant Vodafone Plc Group VOD.
- Atlas Investissement saw opportunities to accelerate the rationalization of Vodafone’s footprint and the separation of its infrastructure assets, further reduce costs, improve profitability and accelerate the development of broadband in Germany and in other geographical areas.
- The stake is £752 million.
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