1.TSMC : Chipmaker TSMC is fully committed to complying with new export control rules, the company said on Friday, after Taiwan’s government said it would join international sanctions on Russia for invading Ukraine.
“TSMC complies with all applicable laws and regulations and is fully committed to complying with the new export control rules announced,” it said in a statement.
“The company also has a rigorous export control system in place, including a robust assessment and review process to ensure export control restrictions are followed.”
2.ALI BABA: Chinese e-commerce giant Alibaba Group Holding Ltd reported on Thursday its slowest quarterly revenue growth since going public in 2014, hit by a drop in sales at its core business segment and intensifying competition.
The slowing Chinese economy has also taken a toll on the company as consumers cut back discretionary spending.
Alibaba said group revenue rose about 10% in October-December 2021 to 242.6 billion yuan ($38.37 billion), marking the first time quarterly sales growth has fallen below 20%.
Analysts on average had expected revenue of 246.37 billion yuan, according to Refinitiv data.
Customer management revenue, a key metric which tracks how much money merchants spend on ads and promotions on Alibaba’s sites, fell 1% year-on-year.
That marks the first time revenue for the segment, which made up 41% of Alibaba’s total revenue, has decreased since the company’s IPO.
Speaking on an investor call, deputy CFO Toby Xu said the drop was caused in part by lowering merchant fees amid the slowing economy.
During China’s annual Singles’ Day promotional event last November, the company recorded gross merchandise value growth of 8.5%, a record low.
Alibaba’s shares were down about 3% in New York before the opening bell. They fell about 7% after the results were announced, tracking losses in global shares after Russia launched an all-out invasion of Ukraine.
Alibaba is also facing intensifying pressure from rivals like ByteDance-owned Douyin and Kuaishou, which have capitalized on the booming trend of livestreaming e-commerce.
3.TESLA:- The U.S. Securities and Exchange Commission is investigating whether recent stock sales by Tesla Inc Chief Executive Elon Musk and his brother Kimbal Musk “violated insider trading rules”, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
According to the report, the investigation began last year after Kimbal sold shares of the electric carmaker valued at $108 million, a day before Musk polled Twitter users asking whether he should offload 10% of his stake in Tesla.
Kimbal Musk did not know about the Twitter poll ahead of it, Elon Musk told the Financial Times in an email, adding that his lawyers were “aware” of the poll.
An earlier settlement with the SEC required his public statements about the company’s finances and other topics to be vetted by its legal counsel.
The SEC issued a subpoena on Nov. 16, ten days after Musk’s poll, seeking information related to some financial data.
The potential probe would escalate Musk’s battle with regulators as they scrutinize his social media posts and Tesla’s treatment of workers, including accusations of discrimination.
Last week, Musk accused the SEC of harassing him and Tesla with an “endless” and “unrelenting” investigation to punish him for being an outspoken critic of the government.
Elon Musk’s share sales in November were automatically executed according to a trading plan he had created on Sept. 14, showed a filing disclosing share sales, including stock options that were supposed to expire in 2022.
4.GENERAL MOTORS:-General Motors aims to turbocharge its non-vehicle revenue by introducing dozens of new fee-based digital features by 2026, including one enabling a car to predict when it will need maintenance, a top executive said on Thursday.
“We have 50-some value-added products and services that we’ll be rolling out over the next 36 to 48 months,” Steve Carlisle, president of GM North America, said at an investor conference.
Carlysle said GM’s OnStar unit, which now offers insurance in addition to concierge services to drivers, generates about $32 a month per customer, and its enhanced Super Cruise driver assist feature will further bolster that.
The new digital products, including in-vehicle subscriptions, will be supported by GM’s Ultifi software and connectivity platform. Ultifi also will enable over-the-air software updates, and help drivers and passengers with tasks such as online shopping.
Carlysle said some of the digital features are designed to take advantage of larger displays that GM is installing on the GMC Hummer EV, Chevrolet Silverado EV, Cadillac Lyriq and other future electric vehicles.
“The bigger screens on our EVs will enable us to bring more of the data-oriented software products to the customers,” he said.
He also said GM is considering flexible pricing options for a number of those digital features, including monthly, annual and lifetime subscriptions.
The introduction of more data-driven services and products is part of CEO Mary Barra’s plan, announced last October, to double GM’s annual revenue to around $280 billion by 2030.
5.AMAZON :-A group of Amazon.com Inc workers seeking to form a union in New York filed a charge with U.S. labor regulators on Thursday after a high-profile organizer and a pair of employees were arrested outside a company warehouse, according to documents obtained by Reuters.
Amazon organizer Christian Smalls told Reuters on Wednesday he was arrested when he delivered warehouse workers food as part of the union campaign he is leading.
His quest to make Amazon’s JFK8 Staten Island warehouse a unionized facility will come to a head when workers vote starting March 25. The unfair labor practice charge filed on Thursday by a group of workers known as the Amazon Labor Union claims Amazon violated a settlement reached with the National Labor Relations Board (NLRB) in December.
As part of the settlement, Amazon pledged not to limit workers’ ability to engage with their colleagues in non-work areas during non-work time.
“Amazon.com Services has violated the National Settlement agreement,” the Amazon Labor Union stated in the charge. “Accordingly, we request an expedited investigation and immediate … relief in light of the upcoming election.”
In the charge, Amazon Labor Union alleges Amazon had employees Brett Daniels and Jason Anthony arrested on Wednesday in retaliation for their involvement with the union. Smalls previously worked at the warehouse and was fired in 2020 for allegedly violating company safety policies.
Amazon spokesperson Kelly Nantel said “the settlement pertains to the rights of employees to solicit on (the company’s) property, and we did nothing to stop employees from soliciting.” Amazon called the police on Smalls, and not the other two workers, Nantel said.
“Mr. Smalls – who is not employed by Amazon – has repeatedly trespassed despite multiple warnings. Yesterday, when police officers asked Mr. Smalls to leave, he instead chose to escalate the situation and the police made their own decision on how to respond,” Nantel said.