FTX Contagion Spreads To Hong Kong Exchange, Microsoft Outlines New Harassment Policies, Netflix Subscribers Can Terminate Freeloading Account Access: Top Stories Wednesday, Nov. 16
Benzinga · 11/16/2022 08:14
- Hong Kong-based global exchange AAX (AAB/USD) halted user withdrawals on Tuesday, saying it was at risk of a capital deficit and needed more investments to resume normal operations.
- AAX said that it suspended withdrawals in the wake of Sam Bankman-Fried's FTX (FTT/USD) saga.
- "Some of our investors indicated their desire to withdraw their capital from AAX, putting us at risk of capital deficit," the platform said in a blog post.
- Microsoft Corp (NASDAQ:MSFT) is reportedly set to adopt new policies in the wake of sexual harassment allegations at the tech giant — including those against its co-founder Bill Gates.
- The company will go ahead with the adoption after recommendations were made by a law firm Microsoft hired to review its practices.
- ArentFox Schiff LLP made 11 recommendations in a 50-page report reportedly released Tuesday, according to a Microsoft blog post.
- You can now remotely remove freeloaders from your Netflix Inc (NASDAQ:NFLX) account without having to reset your password, thanks to a new feature introduced by the streaming giant.
- Netflix launched the "Managing Access and Devices feature." It's available in 'Account Settings' and allows users to check recently-streamed devices and easily log out of a particular device.
- Uber Technologies Inc (NYSE:UBER) and Lyft Inc (NASDAQ:LYFT) will have to increase the minimum pay rates for drivers in New York City by the end of the year, Engadget reported.
- The fare increase comes amid a driver shortage post-pandemic, primarily due to rising operational costs.
- New York City's Taxi and Limousine Commission (TLC) voted to increase the per-minute rates of ride-hail drivers by 7.42% and per-mile rates by 23.93%. Yellow and green cab rates will also increase by 23% by the end of this year.
- A federal jury in Texas said Intel Corp (NASDAQ: INTC) must pay VLSI Technology LLC $948.8 million for violating a VLSI patent for computer chips.
- VLSI, a patent-holding company, is affiliated with the Softbank Group Corp (OTC: SFTBF) (OTC: SFTBY)-owned private equity firm Fortress Investment Group.
- VLSI argued during the six-day trial that Intel's Cascade Lake and Skylake microprocessors infringed its patent covering improvements to data processing.
- Target Corp (NYSE:TGT) reported third-quarter FY22 sales growth of 3.4% year-on-year to $26.52 billion, beating the consensus of $26.38 billion.
- Comparable sales increased 2.7% on top of 12.7% growth last year.
- The operating margin was 3.9%, and operating income for the quarter declined 49.2% to $1 billion.
- National Institute for Health and Care Excellence (NICE) has recommended stopping using five COVID-19 treatments, including Merck & Co Inc's (NYSE:MRK) antiviral pill for high-risk patients, citing cost-effectiveness concerns.
- NICE acknowledged that there is evidence that Merck's molnupiravir and Gilead Sciences Inc's (NASDAQ: GILD) hospital-administered antiviral remdesivir are effective at treating COVID-19, not found to be cost-effective.
- FDA has granted Emergency Use Authorization for Roche Holdings AG's RHHBY cobas MPXV for use on the cobas 6800/8800 Systems.
- The test is a real-time PCR test for the qualitative detection of DNA from the monkeypox virus (MPXV) in lesion swabs collected from individuals suspected of monkeypox infection by their healthcare provider.
- Restaurant Brands International Inc (NYSE: QSR) has appointed former Domino's Pizza Inc (NYSE:DPZ) Chief Executive Officer Patrick Doyle as its Executive Chairman.
- The appointment follows significant progress and investments at Tim Hortons Canada and Burger King U.S.
- As the former CEO of Domino's Pizza from 2010 to 2018, Doyle oversaw the pizza chain's transformation into a digital powerhouse. During his tenure, he delivered 29 consecutive quarters of same-store sales increases and system-wide sales growth of $5.6 billion to $13 billion.
- Lowe's Companies Inc (NYSE:LOW) reported third-quarter FY22 sales growth of 2.5% year-on-year to $23.48 billion, beating the analyst consensus estimate of $23.13 billion.
- Comparable sales increased 2.2%, while comparable sales for the U.S. home improvement business rose 3%.
- Adjusted EPS of $3.27 beat the analyst consensus of $3.10.
- Lowe's now expects FY22 comparable sales to be flat to down -1%.
Wall Street Journal
- London-based activist hedge fund TCI Fund Management has called out Google parent Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) to cut costs substantially, claiming the company would be more efficient with fewer employees.
- Mr. Hohn said Alphabet should make the suggested changes as soon as possible, pointing to recent decisions by other big technology companies.
- In a conference in Detroit, Ford Motor Company (NYSE: F) Chief Executive Jim Farley said the company would need 40% fewer workers to make electric vehicles than building cars and trucks powered by petrol.
- "It takes 40 percent less labor to make an electric car, so . . . we have to insource so that everyone has a role in this growth," Farley said.
- "We have a whole new supply chain to roll out in batteries and motors and electronics, and diversity has to play an even greater role in that," Farley said.
- Meta Platform Inc's (NASDAQ:META) former policy head for India will assume a similar role at Samsung Electronics Co, Ltd's (OTC:SSNLF) local unit.
- From December, Rajiv Aggarwal will take up the position, which entails liaising with and lobbying government officials on domestic policy matters.
- Aggarwal was among several key executives to depart Meta's local operations this year, as U.S. internet giants, including Alphabet Inc's (NASDAQ: GOOG) (NASDAQ: GOOG) Google, battled increasingly stringent oversight of content.
- Tesla Inc (NASDAQ:TSLA) battery supplier Panasonic Holdings Corp (OTC:PCRFF) would plan a second EV battery plant in the U.S.
- The company aims to accelerate its EV battery capacity by three to four times by the end of FY2029.
- Panasonic recently broke new ground for its $4 billion factory in De Soto, Kansas.
- Tencent Holdings Ltd (OTC:TCEHY) pledged to distribute the majority of its shares in meal delivery giant Meituan (OTC:MPNGF) (OTC:MPNGY) to investors as China's social media leader ramps up plans to reduce its extensive holdings across the world's largest internet industry.
- Tencent reported a revenue decline for the second quarter, highlighting the impact of China's worsening economy and regulatory headwinds.
- The stock to be paid out, valued at about HK$155 billion ($19.9 billion), marks about 91% of Tencent's Class B stake.
- Apart from JD and Meituan, Tencent also owns part of Kuaishou Technology (OTC:KSHTY), DiDi Global Inc (OTC:DIDIY), and Bilibili Inc (NASDAQ:BILI).
- Toyota Motor Corp (NYSE: TM) has unveiled its latest iteration of the Prius, the hybrid vehicle.
- Prius was first launched in 1997 as the world's first mass-produced hybrid car, leading the expansion of HEVs over the 25 years since it was first launched as a new-generation eco-car.
- The latest is the fifth generation Prius which comes with Toyota's first 2.0-liter Plug-in Hybrid System.