1. FACEBOOK: – Singapore on Thursday ordered Facebook (NASDAQ:FB) and Twitter to carry a correction notice to users of the social media platforms in the country over what it says is a false statement about a new virus variant originating in Singapore.
The ministry of health said it was aware of the statement circulating online on media outlets and social media platforms, which implied that a new, previously unknown variant of COVID-19 originated in Singapore and risked spreading to India from the city-state.
The move came after Delhi Chief Minister Arvind Kejriwal said in a Twitter post this week that a new form of the virus that was particularly harmful to children had come to Singapore, and urged for a ban on flights.
2. FORD: – Ford Motor Co and South Korean battery maker SK Innovation are set to launch a battery joint venture in the United States to support the ramp-up of the No. 2 U.S. automaker’s electric vehicle rollout, two people familiar with the matter said.
A memorandum of understanding about the joint venture will be announced on Thursday, the sources, who asked not to be identified, told Reuters. The deal may eventually include a jointly owned plant to make battery cells for use in rechargeable EV batteries, the sources said.
Ford declined to comment other than to say SK is a valued supplier, but scheduled a conference call for 9 a.m. ET on Thursday to provide “an update on Ford batteries.” SK Innovation said in a statement it does not comment on specific projects for reasons of client confidentiality.
3. AMAZON: – Amazon.com Inc (NASDAQ:AMZN) was hit on Wednesday with five new lawsuits by women who worked in corporate or warehouse management roles, and accused the online retailer of gender bias, racial bias or both.
The women, ages 23 to 64, accused Amazon of favoring men over women in career growth, allowing supervisors to denigrate them, and retaliating after they complained.
Two plaintiffs are Black, one is Latina, one is Asian-American and one is white. They filed their lawsuits in federal courts in Arizona, California, Delaware and Amazon’s hometown of Seattle.
An Amazon spokesman said the company has found no evidence supporting the accusations. He also said Amazon does not tolerate discrimination or harassment, and supports a “diverse, equitable and inclusive culture.”
4. INTEL: – Chipmaker Intel Corp (NASDAQ:INTC)’s shareholders did not approve an executive compensation plan of its listed officers, according to a regulatory filing on Wednesday.
The decision, on a nonbinding advisory basis, was taken at the company’s annual stockholder meeting on May 13.
In a statement, Intel said it “has a long-standing commitment to pay-for-performance, which holds executive officers accountable for business results and rewards them for consistently strong corporate performance and the creation of stockholder value … The board also finds it incredibly important to ensure that it has a meaningful dialogue with our investors throughout the year so it can get their feedback on important matters affecting Intel.”
5. CISCO: – Cisco (NASDAQ:CSCO) reported Wednesday third-quarter results that beat analysts’ forecasts, but profit outlook that fell short of expectations weighed.
Cisco shares lost 5% in after-hours trade following the report.
Cisco announced earnings per share of 83 cents on revenue of $12.80 billion. Analysts polled by Investing.com anticipated EPS of 82 cents on revenue of $12.57 billion.
Cisco shares are up 17% from the beginning of the year, still down 3.12% from its 52-week high of $54.14 set on May 10. They are outperforming the Nasdaq which is up 3.19% from the start of the year.
Product revenue, which accounts for the bulk of overall revenue, rose 6% in the quarter year on year, while services added 8%.