US calls for global agreement to end anti-satellite missile testing
- The US government is seeking to end the practice of anti-satellite missile testing, Vice President Kamala Harris has announced, urging other nations to follow.
- An Anti-Satellite Weapons Test (ASAT) is a military demonstration in which an orbiting spacecraft is destroyed using a missile system. Historically, countries performing ASAT testing have targeted their assets in space.
- The plans for the move were drawn up late last year after the Russian military destroyed an old satellite with an ASAT on November 15.
Stellantis suspends production in Russia
- Stellantis SA (NYSE: STLA) announced it was halting production in Russia due to economic sanctions and logistical difficulties.
- The carmaker holds 1% of the Russian car market, producing the Peugeot, Citroën, Opel, Jeep and Fiat brands.
- “Given the rapid daily increase in cross-sanctions and logistical difficulties, Stellantis has suspended its manufacturing operations in Kaluga to ensure full compliance with all cross-sanctions and to protect its employees,” the company said in a statement. .
Gogoro confident in its chip supply
- Taiwanese electric scooter manufacturer Gogoro Inc. (NASDAQ: GGR) CEO Horace Luke said the company has enough chips to meet its needs, Reuters reported.
- The report quotes Luke as saying the company uses far fewer chips than electric car makers and has a healthy supply of chips.
- Meanwhile, CEO Luke has warned of a tighter chip supply scenario by the end of the year as it plans to expand into China, India and Southeast Asia. .
Here’s why demand for electric vehicles continues to soar
- Global EV sales in the first quarter jumped nearly 120%, even as sticker prices soared amid soaring battery prices.
- Supply chain disruptions, sanctions on Russian metals, investor speculation and environmental concerns have driven battery prices higher.
- Gasoline and diesel fuel costs for internal combustion vehicles have also skyrocketed since Russia invaded Ukraine.
- Experts have seen automakers shift the burden of higher costs onto consumers due to the battery industry’s razor-thin margins.
Small Rolls-Royce nuclear reactor set to get UK approval
- A Rolls Royce (OTC:RYCEY) (OTC:RYCEF) the design of a small modular nuclear reactor (SMR) is likely to gain UK regulatory approval by mid-2024 and produce electricity by 2029, Reuters reports.
- In the meantime, Rolls-Royce will start manufacturing parts of the design that are least likely to change.
- Each 470 MW SMR unit costs 1.8 billion pounds ($2.34 billion). Rolls-Royce will build each SMR on a 10-acre site equivalent to 10 football pitches.
Blockchain.Com plans IPO as early as this year
- According to people familiar with the matter, cryptocurrency firm Blockchain.com is interviewing banks for an initial public offering that could take place as early as this year, Bloomberg reported.
- An IPO may not happen until next year and the company’s intentions could change, people familiar with the matter said.
Tesla faces federal ‘open investigation’ into racism allegations: What you need to know
- Tesla Inc. (NASDAQ: TSLA) is facing an “open investigation” by a US federal agency, Bloomberg News reported Monday, citing the electric vehicle maker’s state court filing in Oakland.
- Tesla, led by Elon Musk, has linked the US Equal Employment Opportunity Commission (EEOC) investigation to a ‘turf war’ with the Department of Fair Employment and Housing (DFEH) ) of the State of California.
- Tesla, based in Austin, Texas, in its filing accused DFEH of seeking a ‘quick publicity grab’ and asked a judge to stay a lawsuit filed in February by the agency for ignoring the ‘ rampant racism’ at its Fremont plant.
This small rival to Spotify is looking to go public via a 1.05 billion euro SPAC merger
- Spotify Technology AG (NYSE: SPOT) France’s smaller rival Deezer is seeking to go public via a SPAC merger backed by billionaire investment group Francois Pinault and investment banker Matthieu Pigasse, reports the Financial Times.
- Deezer has merged with I2PO, an ad hoc acquisition company listed in Paris.
- SPAC raised 135 million euros in the form of Private Investment in Public Equity (PIPE) financing.
UK-based start-up is working on next COVID-19 vaccine using animal faeces
- DIOSynVax, a British start-up, hopes genetic sequences of viruses discovered in animal faeces will provide vital clues to create a vaccine to help prevent future pandemics.
- The Cambridge University spin-out is working on two vaccines it says will outlast currently available Covid-19 vaccines, including one created by researchers at rival Oxford University.
- Jonathan Heeney first became interested in coronaviruses when he diagnosed them in cats and cheetahs during his studies.
Johnson & Johnson Suspends COVID-19 Vaccine Sales Guidance, Cuts FY22 Profit Outlook
- Johnson & Johnson (NYSE: JNJ) reported adjusted earnings of $2.67 per share for the first quarter of FY22, up 3.1% year-on-year and ahead of consensus of $2.61.
- Net sales increased 5% year-over-year (7.9% on an operating basis) to $23.43 billion, missing the consensus of $23.67 billion.
- Pharmaceuticals contributed $12.87 billion in sales, up 9.3%, driven by Darzalex (daratumumab), Stelara (ustekinumab), Tremfya (guselkumab), Erleada (apalutamide), and paliperidone palmitate and COVID-19 vaccine.
Amazon bows to shareholder pressure and conducts racial equity audit: What you need to know
- e-commerce giant Amazon, Inc. (NASDAQ:AMZN) said it was conducting a racial equity audit as part of its efforts to support and increase diversity in the workplace, a definitive proxy statement filed with the SEC in the form of the DEF 14A form.
- Amazon said the purpose of the racial equity audit would be to assess any “disparate racial impact of its policies, programs and practices” on its nearly one million hourly employees. The audit team will be led by Loretta Lynch, a former US Attorney General.
Why Alibaba, Bilibili and JD are trading lower today
- Chinese tech stocks extend their losses Tuesday in the pre-market session, seeing further erosion of their already weakened valuations.
- Some things are running through the minds of investors before the market opens in the United States. Signals from Hong Kong, which opened after Monday’s bank holiday, are not very encouraging. Alibaba Holdings, Inc. (NYSE: BABA) lost more than 4% in Hong Kong and Tencent Holdings Limited (OTC:TCEHY) ended down 2.78%.
- The weakness seen in premarket trading is attributable to regulatory risk that has continued to pressure these stocks since the start of 2021.
$30 an Hour and Up: What Apple NYC Store Staff Seeking to Union Demand
- Apple Inc. (NASDAQ: AAPL) Store workers at New York’s Grand Central Terminal working to organize have made concrete demands.
- Store workers are urging Apple to pay a minimum hourly wage of $30, among other things, according to updated information posted on their website.
- Calling itself Fruit Stand Workers United, the union is demanding benefits such as increased tuition reimbursement, faster accrual and more vacation time, among others.
Apollo Global says it is considering an offer for Twitter, ready to team up with Elon Musk
- Private equity firm Global Apollo Management (NYSE: APO) is open to teaming up with Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk or any other bidder to fund a Twitter Inc. (NYSE: TWTR) takeover, The Wall Street Journal reported on Monday, citing people familiar with the matter.
- Apollo is the latest private equity firm after Thoma Bravo LP reportedly reached out to Twitter last week to express interest in mounting an acquisition bid that would rival Musk’s $43 billion offer.
- Apollo’s involvement in financing a deal would be through its credit investment platform and not its private equity business, according to the report.
Photo via wikimedia Commons
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.