Reuters
US-China Chip War: KLA Relaxes Chip Supply To China
- U.S. chipmaker KLA Corp's (NASDAQ: KLAC) legal department emailed China informing that it shall stop sales and service to "advanced fabs" in China for the technology of NAND chips with 128 layers or more, DRAM chips 18nm and below, and advanced logic chips.
- The Biden administration launched a sweeping set of export controls to restrict China's progress in advanced chip manufacturing.
Tesla, Nio Battery-Supplier CATL Expects Q3 Net Profit To Triple
- Contemporary Amperex Technology Co Ltd (CATL), a battery supplier to Tesla Inc (NASDAQ: TSLA) and Nio Inc (NYSE: NIO), has estimated its net profit during the July-September quarter to nearly triple from a year earlier, supported by significant expansion in production.
- The world's biggest battery maker, which accounts for more than a third of global EV sales, said it expects third-quarter net income to rise to between 8.8 billion yuan ($1.23 billion) and 9.9 billion yuan, up from 3.3 billion yuan last year.
- The company expects net profit for the first nine months of 2022 to more than double from a year-ago period.
Volkswagen Receives $8.8B Via Selling Preferred Porsche Shares
- Volkswagen AG (OTC: VWAGY) has received €9.1 billion ($8.8 billion) through the sale of preferred shares in sportscar maker Porsche automobile Holding SE (OTC: POAHY).
- The amount collected was less than the maximum due to the partial execution of a greenshoe option.
- In the case of a fully drawn greenshoe option, Volkswagen would have received €9.4 billion in total.
India To Urge Apple and Samsung For Faster 5G Upgrades
- India's government will push Apple Inc, Samsung Electronics Co, Ltd (OTC: SSNLF), and other mobile phone manufacturers to prioritize rolling out software upgrades to support 5G in the country.
- Apple's iPhone models, including the latest iPhone 14, and many of Samsung's premier phones do not have software compatible with supporting 5G in India.
Bloomberg
- Tesla Inc CEO Elon Musk reportedly accused Twitter Inc of asking whistleblower Peiter "Mudge" Zatko to destroy evidence just before he reinstated his offer to purchase the social media platform.
- Zatko, a former head of security at Twitter, said he burned 10 handwritten notebooks and deleted 100 computer files at the urging of managers as a part of his separation deal, court filings reveal.
Exxon Mobil Shows Initial Interest In Denbury Takeover
- Exxon Mobil Corp (NYSE: XOM0 has expressed preliminary interest in Denbury Inc (NYSE: DEN). No final decision has been made, and Exxon could opt against proceeding with a potential deal.
- If it goes through, it would be the biggest carbon-management investment since the Inflation Reduction Act was passed in August, providing significant tax incentives for burying carbon dioxide.
Wall Street Journal
Delta Partners With Flying Taxi Maker For Rides To Airports
- Delta Air Lines, Inc (NYSE: DAL)forged a multi-year, multi-market commercial and operational partnership with Joby Aviation, Inc (NYSE: JOBY), to deliver transformational, sustainable home-to-airport transportation service to Delta customers, beginning in New York and Los Angeles.
- Delta has made an upfront equity investment of $60 million in Joby for a 2% stake in Joby, with the opportunity to expand the total investment up to $200 million.
- United Airlines Holdings, Inc (NASDAQ: UAL) expects pricing for its electric flying-taxi service to be comparable to a ride in an Uber Technologies, Inc (NYSE: UBER) Black car.
Bio-Rad Laboratories, Qiagen Mull Merger Of Equals
- Bio-Rad Laboratories Inc (NYSE: BIO) is reportedly in talks to merge with Qiagen NV (NYSE: QGEN), but any agreement isn't likely for another few weeks or more, or it may not happen at all.
- A deal between Qiagen and Bio-Rad would be the latest tie-up in the medical-diagnostic market. The sector has grown as the pandemic helped increase demand for testing.
Benzinga
Coinbase Gets Singapore Nod To Provide Crypto Sevices As It Boosts APAC Presence
- Coinbase Inc (NASDAQ:COIN) obtained "in-principle approval" to provide cryptocurrency services in Singapore from the Monetary Authority of Singapore. "This license will allow us to offer regulated Digital Payment Token products and services in the island state," Coinbase said.
- The exchange said it has been "quietly increasing" its presence in the country, after announcing Singapore as a tech hub for Coinbase in 2021. "We have since continued to hire and train product managers and engineers on Web3 technologies," it said.
Twitter May Do Away With Clickable Hashtags, Apparently, In Bid To Make More Money
- Twitter Inc (NASDAQ:TWTR) is working on an experiment to limit the usage of clickable hashtags — that lets users discover trends and find tweets related to specific topics.
- Security researcher Jane Manchun Wong tweeted that the social media app was "working on an experiment where #hashtags are no longer clickable links" and added, "Unless the Tweet contains Branded Hashtags like #OneTeam and #Periscope that brands pay to add an icon next to hashtags for a while to promote stuff."
Apple Supplier TSMC And Other Chip Suppliers' Stocks Plunge After US Curbs On China
- Chip-related stocks, including Apple Inc (NASDAQ: AAPL)-supplier Taiwan Semiconductor Mfg. Co. Ltd (NYSE: TSM) and Samsung Electronics Co Ltd (OTC: SSNLF) tanked on Tuesday morning as traders and investors returning from holiday digested the Biden administration's new curbs on China's access to U.S. semiconductor technology.
- In addition to restricting U.S. sales of semiconductor technology to China, the new rules also require foreign companies to license American tools used to produce high-end chips sold to China.
Elon Musk's Starlink Makes Asia Debut With Japan Launch
- SpaceX's Starlink announced that it had launched its services in Japan, making it the first Asian nation to get Elon Musk's high-speed internet service.
- Tesla CEO Musk's Starlink, which became a 'crucial support' system for Ukraine after Russia invaded the country, is now expanding its reach in Asia. Starlink, on its Twitter, posted that the services are now available in Japan too.
AstraZeneca-Oxford University Partnered Nasal COVID-19 Vaccine Flunks Human Trial
- AstraZeneca Plc (NASDAQ: AZN) and Oxford University scientists said that the initial testing of its nasal COVID-19 vaccine did not yield the desired protection.
- In a statement, the University of Oxford said that an antibody response in the respiratory mucous membranes was seen in only a minority of participants in the trial.
Nissan Sells Russian Assets To State
- Nissan Motor Co Ltd's (OTC: NSANY) Russia assets would be transferred to state ownership. The sale will transfer all Nissan operations in Russia under the Nissan Manufacturing Russia LLC legal entity to NAMI for future passenger vehicle projects.
- The transfer covers Nissan's manufacturing and R&D facilities in St. Petersburg and Sales & Marketing center in Moscow, which will operate under a new name.
- Alibaba Group Holding Limited (NYSE: BABA) cloud computing unit opened a new campus covering an area of 198,200 square meters (2.1 million sq ft) in its home city of Hangzhou.
- Alibaba Cloud's new 10-building campus has a total floor area of 450,000 square meters.
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