GM Seeks $1.9B Refund From LG Electronics Over Bolt Recall Costs
(WSJ) General Motors Company has said that it will recover from LG Electronics Inc. about $2 billion it incurred in the recall of Chevrolet Bolt electric models due to battery…
Facebook Suffers a Blow as Digital Currency Engineers Leave for Andreessen Horowitz
(CNBC) Facebook’s top digital currency engineers Riyaz Faizullabhoy and Nassim Eddequiouaq have left to join Andreessen Horowitz, a leading crypto venture firm. Faizullabhoy is joining the venture capital firm as…
Beijing Targets State Banks Over Ties With Big Private Firms in Latest Crackdown
(WSJ) Chinese President Xi Jinping is scrutinizing the relationships that China state banks and financial institutions have established with large private sector firms in the latest crackdown. China will target…
Shift from Tech to Bank Stocks, O’Rourke Advises as Rate Hike Looms
(Bloomberg) Investor Michael O’Rourke is advising investors to ditch growth tech stocks for banks since the expected interest rate increase will benefit the latter. O’Rourke says although tech stocks had…
Charlie Munger Boosted Alibaba Holdings by 83% as Other Investors Sold Stock
(SEC Filing) Charlie Munger’s Daily Journal increased its stake in Alibaba by 83% to more than 300,000 in the third quarter as other investors sold the stock. The investment by…
US Cyber Capabilities No Match to China – Former US Software Chief Alleges
(FT) Nicolas Chaillan, the first Pentagon chief software officer, says China has won the artificial intelligence war against the US and is heading for global dominance. Chaillan, who describes the…
NIU Posts 58.3% YoY Surge in E-Scooters Sales in Q3 Amid Global Slump
(NIU) Global sales of NIU Technologies e-scooters were 397,079 in the third quarter, up 58.3% from the comparable quarter of 2020. Sales rose by a lower 56.9% in the second…
China’s Regulator Imposes $533 Million Fine on Meituan After Anti-Monopoly Probe
(Bloomberg) China State Administration for Market Regulation has fined Meituan 3.44 billion yuan or $533 million over anti-monopoly violations after a two-month probe. Meituan has been ordered to return a…
Samsung Upgrades Third-Quarter Guidance on Chip Price Strengths
(Samsung) Samsung Electronics projects a third-quarter profit of between 15.7 and 15.9 trillion Korean Won, the highest in three years. The world’s largest memory chip and smartphone company projects the revenue…
MRVL Upgraded After Raising Long-Term Growth Target to 15-20%
(Marvell) Several analysts have upgraded Marvell Technology Inc. stock after the company raised its growth target to 15-20% from the initial 10-15%. Marvell also upgraded its gross margin target to between…
Global Electronic Sector Improves in September Despite a Record-High Inflation
(IHS Markit) The global electronic sector improved in September with a PMI of 58.6, compared to 58.1 in August on strong global demand. Manufacturers recorded the sharpest rise in new…
Moderna Suffers Another Blow as Finland Suspends Its Covid Jab in Younger Males
(Reuters) Finland has joined Sweden and Denmark as countries pausing the use of Moderna’s Covid-19 vaccine for younger males due to risks of a rare cardiovascular side effect. The move…
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