Possible consolidation of News Corp and Fox Corp, faster delivery times for iPhone 14 models, Kanye West buys conservative social media platform, Twitter prepares to fight the spread of misinformation: Top Stories Monday 17 October – Apple (NASDAQ:AAPL), Albertsons Companies (NYSE:ACI)
the wall street journal
Rupert Murdoch explores News Corp and Fox Corp Consolidation
- Rupert Murdoch was planning to merge his media empire, press company NWSA and Fox Corporation FOXnearly a decade after the companies split.
- People familiar with Murdoch’s proposal said the combined company would have a stronger balance sheet to pursue acquisitions. Companies could join forces in sports betting, they added.
- Lachlan Murdoch, co-chairman of News Corp and executive chairman and CEO of Fox, would likely see a significant expansion in his responsibilities.
Activist investor Starboard has a 5% stake in Splunk and will likely discuss its outlook at Tuesday’s meeting
- Activist Investor Starboard LP value holding a significant stake in Splunk Inc. SPLKplans to push the software maker to take action to boost its stock price.
- Starboard’s stake is just under 5%.
- Starboard founder and CEO Jeff Smith will speak at an activist investing conference on Oct. 18 and likely detail the fund’s thesis.
- Earlier this year, when Splunk lacked a CEO and its shares tumbled following a series of disappointing earnings reports, it attracted interest from at least Cisco Systems, Inc. CSCO.
Goldman plans to combine investment banking and trading in major organizational overhaul
- Goldman Sachs Group Inc. GS is planning a major reorganization to consolidate its largest businesses into three divisions.
- Goldman will combine its investment banking and trading businesses into one unit while merging asset and wealth management into another.
Renault’s electric and hybrid vehicle reaches 40% of its total sales in Europe
- French car manufacturer Renault ADR RNLSY sales of electric and hybrid vehicles in 2022 have almost doubled as a percentage of the brand’s European sales.
- The automaker has assured that it is well equipped to switch to electric vehicles (EVs) by 2030.
- In 2021, Renault’s electric vehicles accounted for 25% of its European sales and around a third in the first half of 2022.
The $25 billion merger between Kroger and Albertsons could face an antitrust challenge
- Kroger Co. KR agreed to acquire Albertsons Companies Inc AIT for $34.10 per share.
- However, the US Federal Trade Commission (FTC) could challenge the deal under intensified antitrust scrutiny under the Biden administration.
- “There is significant risk of litigation,” said Andre Barlow of law firm Doyle Barlow and Mazard PLLC. “This is the type of deal the FTC wants to discourage.”
Hyundai to Open $5.5 Billion Plant in Georgia in October
- Hyundai Motor Company GDR (OTC: HYMTF) plans to inaugurate a $5.5 billion electric vehicle and battery factory in the United States on October 25.
- The automaker should begin commercial production in the 1st half of 2025 with an annual capacity of 300,000 units.
- The meta-factory in Savannah, Georgia, is part of Hyundai’s $10 billion commitment by 2025 to foster future mobility in the United States, including the production of electric vehicles.
Mercedes-Benz bets big on wind power amid European energy crisis
- Mercedes-Benz ADR Group MBGYY partners with an energy company to harness wind power off the Baltic Sea from 2027.
- The move is believed to ease the automaker’s energy needs amid the European crisis.
- Last month, Mercedes revealed plans to build a wind farm at its Papenburg test track in northern Germany.
Apple Buyers Get iPhone 14 Models Faster Than Previous Lineup: Here Are New Delays
- Apple Inc. AAPL iPhone 14 models are experiencing a drop in delivery times compared to previous iPhone 13 models.
- Shipments of iPhone 14 Pro models moderated in week six of Apple’s Product Availability Tracker JP Morgan compared to the fifth week.
- Delivery times for the iPhone 14 Pro Max are on par with the Pro.
Kanye West to buy conservative social media platform Parler – after fallout with Instagram, Twitter
- Rapper Kanye West agreed to buy Parler, a conservative-leaning microblogging and social networking app that bills itself as a platform promoting free speech.
- In announcing the deal, Parler’s parent company Parliament Technologies said the parties intended to enter into a definitive purchase agreement soon, with closing expected in the fourth quarter.
Twitter prepares to tackle misinformation with Birdwatch ahead of US midterms – but is it missing a beat globally?
- Jane Manchun Wonga security researcher, pointed out how false narratives spread on Twitter Inc. TWTRsaying the social media platform “is still a great place to spread misinformation” and target audiences outside of the United States
- Wong tweeted about the geographical boundaries of Bird watchingTwitter’s community program which was launched to reduce the spread of misinformation on the platform.
- This feature allows users to identify information in tweets that they believe is misleading and write notes that provide additional context.
Apple curbs advanced, cheaper Chinese chips for iPhones amid US tech crackdown
- Apple Inc. plans to use memory chips from China Yangtze Memory Technologies Co. (YMTC) on hold after completing an intensive, months-long process to certify the company’s 128-layer 3D NAND flash memory for use in iPhones.
- Amid tighter export controls imposed by the United States against China’s tech sector earlier this month, Apple decided not to go ahead with YMTC’s memory chips for its products.
Trump Media fires whistleblower after sharing SEC complaint detailing securities violation, internal disputes
- Trump Media and Technology Group (TMTG), owner of the Truth Social platform, was quick to lay off Will Wilkerson after sharing with the Washington Post a whistleblower complaint he filed with the SEC in August.
- In the whistleblower’s complaint, the executive allegedly alleged that TMTG relied on fraudulent misrepresentation to raise funds through a special purpose acquisition company, in violation of federal antitrust laws. securities.
Nikola founder Trevor Milton found guilty of fraud
- Nikola Corp. NKLA founder Trevor Milton was convicted of fraud following allegations that he lied to his investors about the company’s technical achievements.
- A federal jury found Milton guilty of one count of securities fraud and two counts of wire fraud. He now faces a maximum prison sentence of 20 years.
Vodafone, Altice Forge €7 billion German fiber collaboration
- Vodafone Plc Group VOD and Altice created a joint venture (FibreCo) to roll out fiber to the home (FTTH) to 7 million homes over six years.
- FibreCo plans to invest up to 7 billion euros, which will probably be 70% financed by debt.
- Patrick Drahi’s 50-50 fiber optic venture with French billionaire Altice will build fiber optic lines to up to 7 million homes in Germany.
There will be an increase in business jet deliveries over the next 10 years, according to Honeywell forecasts
- Honeywell International Inc. HON raised its outlook for business jet deliveries to 8,500 new business jet deliveries worth $274 billion from 2023 to 2032, up 15% from its outlook last year, while usage in 2022 is expected to increase by 9%.
- “The business aviation industry is benefiting greatly from a wave of new users and buyers, in part due to changing habits brought about by the COVID-19 pandemic,” said Heath Patrick, President of Honeywell Aerospace, Americas Aftermarket.
Credit Suisse settles legacy case related to residential mortgage-backed securities
- Credit Suisse Group AG CS will pay $495 million as a final settlement with the New Jersey Attorney General (NJAG) over its residential mortgage-backed securities (RMBS) business, with transactions dating back to before 2008.
- The attorney general alleged more than $3 billion in damages in a lawsuit filed in 2013.
Comcast shuts down its gaming-focused TV and online network after massive job cuts
- Comcast Corporation CMCSA The viewers division is seeking to shut down its video game-centric TV and online network G4 after massive layoffs less than a year after its return.
- The G4 has failed to gain ground despite attempts in recent months.
- The closure will affect a few dozen employees and contract workers. Comcast said it would help them with reclassification and consider some for internal opportunities.