Business

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Driven by the current rise of US and Chinese tech mega-firms, Japanese telecom corporation Softbank announced a merger between their Yahoo! Japan unit and South Korea's Naver Corp's messaging app operator Line Corp, a venture worth a total of 30 billion USD. Softbank Corp, also known as Z Holdings, will remain a subsidiary of Softbank Group Corp while retaining Mizuho Securities as a financial advisor.

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In a joint statement issued by Germany's BDI industry association and the DGB trade union, the German government has been called on to revise its budget to include larger boosts in public investment. DGB leader Reiner Hoffman stated that a better long-term public investment program may be the only way for Germany to ensure high-paying jobs and growth. KfW estimates that municipalities across Germany require a public investment of EUR 138 billion.

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Investors from several institutions, science, and climate change advocacy groups as well as private asset owners renewed efforts to pressure the International Energy Agency to re-evaluate the way it produces its influential publication World Energy Outlook. The publication spans hundreds of pages and has proven to have a significant impact on global financial expectations regarding the feasibility of different sustainable energy sources and projects.

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Nissan has announced that it will be recalling around 40,000 cars in the US due to a defect in the braking system. Regulators fear that the defect could cause the braking fluid to leak, which could lead to a fire. It is currently unknown if there have been any injuries due to the defect.

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In a press statement released on Sunday morning, Saudi oil giant Aramco announced that the company could be valued at around $1.7 trillion, below the target of $2 trillion by Crown Prince Mohammad Bin Salman. The company further added that it’s hoping to sell 3 billion shares which equates to about 1.5% stake of the company. The indicative price range for shares would be 30-32 Saudi Riyals.

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Media plays a significant role in financial asset pricing. Investors need to understand how mainstream media and social media impacts different financial assets. A research conducted by Joel Peress, Professor of Finance at INSEAD, shows that media influences investors’ trading behavior. Positive media coverage can have a positive impact on asset pricing, while negative coverage impacts the asset negatively.

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NBC has announced its plans to launch its streaming service and is already looking for investors. They have said that the service will include commercials and that investors will be given space on the platform for their ads. The service will be called 'Peacock' and will air between 3 and 5 minutes of ads per hour.

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Fundstrat’s co-founder Tom Lee believes that the price of Bitcoin should surpass $150,000 for an exchange-traded fund for the cryptocurrency to work. He also praised the role of the Securities and Exchange Commission and their efforts to regulate cryptocurrencies. He also added that "institutions aren't going to touch crypto" until the SEC endorses products like ETFs and other funds.

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Just hours after Disney+ launched, hackers descended on the service and hijacked thousands of user accounts. They then sold these accounts on the black market for somewhere between $3-11. The platform experienced a large number of technical problems immediately after launch, with many people unable to stream some movies and shows.

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Amazon acquired the Internet pharmacy PillPack in 2018 in a deal worth $753 million, and now Amazon is adding “Amazon Pharmacy” branding to the acquired company. PillPack has pharmacy licenses in all 50 US states, which gives Amazon Pharmacy a massive reach across the country. Amazon Pharmacy will be competing with in-store pharmacies of Walmart, Costco, and Target.

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Bill Gates has reclaimed the title of the richest man in the world after Microsoft's share price went up 48% this year. He is now worth $110 billion and has surpassed Amazon CEO Jeff Bezos, who recently paid a large amount in his divorce settlement. This is the first time Gates has reached the number one spot in two years.

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US stocks closed at a record high on Friday, on US-China trade deal hopes. The Dow Jones Industrial Average closed above 28000 for the first time posting a fourth straight weekly gain. S&P 500 gained 0.77% to reach 3120, Nasdaq Composite Index was up 0.73% to 8540. Year-to-date all three major indices are up more than 20%. US-China trade deal talks have become the latest driving force for the markets.

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Black Friday is only two weeks away and Walmart just released its Black Friday ad with some of the best discount offers. The retailer will be slashing prices on various technology products to increase sales.

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Amazon has announced that it will challenge Microsofts $10 billion deal with the Pentagon. They are claiming that the deal was only given to Microsoft for political reasons and that the fair contracting process was not followed. US President Donald Trump has publicly criticized Amazon CEO Jeff Bezos on numerous occasions.

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The Office of National Statistics reported that despite major discounting, retail sales in the UK in all main retail sectors except food fell by 0.1 percent in October, and by 0.3 percent if fuel sales are ignored. Chief Economic Advisor to the EY Item Club Howard Archer stated that this was probably due to uncertainties caused by the upcoming Brexit deadline, a stagnating domestic economy, and a volatile global economic environment.

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Former CIA Chief, David Petraeus told CNBC in an interview that Saudi Arabia is gradually running out of money as they desperately want a successful IPO of state-owned oil company Aramco. He further added that Foreign Investment is crucial for the success of Crown Prince Mohammed bin Salman’s “Vision 2030”. Kingdom expects a budget deficit of $50 billion in 2020.

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Mark Zuckerberg has been on a tirade against TikTok over the last few months, even going so far as to call it a threat to democracy. He made these statements even though he tried to buy Musical.ly, the app that became TikTok, in 2016. According to an insider, Zuckerberg attempted the purchase to break into the Chinese market.

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Galaxy will become the first major milk chocolate brand to launch vegan chocolate bars next week. The chocolate will come in three different flavors: caramelized hazelnut, smooth orange and caramel, and sea salt. The wrapping of the chocolate will be made up of compostable film, which is very easy to recycle.

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President Donald Trump spoke at the Economic Club of New York, where he discussed the current economic situation of the US. The most interesting comments came through when he discussed the ongoing trade war with China. He said that China cheated America on trade, he further mentioned that “Since China’s entrance into the World Trade Organization in 2001, no one has manipulated better or taken advantage of the United States more”

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Microsoft has said that it will abide by the new California privacy law that would require them to get people's consent before their data is collected and sold. The law is expected to harm the profits of technology companies that rely on the sale of data for revenue. The law is supposed to go into effect by January 1st.

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Boeing announced on Monday that it expects US regulators to allow the 737 MAX jet to fly again. The company said that it has dealt with the software problems that caused the two fatal crashes in 2018. Although airlines have said that it could take some months for them to train their pilots to use the new software.

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Chinese e-commerce giant Alibaba sets a colossal record for Singles Day with more than $30 billion in sales. Singles Day is a Chinese shopping holiday popular among young Chinese people. GMV, a figure that shows sales across various platforms of Alibaba, surpassed the mark of $38 billion on Monday. Alibaba offered huge discounts with massive promotions. Huawei’s Mate 30 Pro smartphone and Apple’s iPhone 11 Pro were among the top-selling products

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Companies such as Microsoft and Shakeshack experimented by implementing a 4 day work week for their employees and many have said that this made it easier for employees to focus on important tasks. The four-day workweek seems to be growing in popularity but some did criticize it and said that working fewer days made it harder to keep up a solid work ethic.

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Alibaba, a Chinese online retail website, has announced that its annual singles' day sales hit $22.63 billion within the first nine hours. This may become the world's largest online shopping event as the numbers outpace the competition. The company opened the event with performances from international stars such as Taylor Swift and Jackson Yee.

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According to a prospectus released on Saturday by the biggest oil company in the world, individual investors can buy nothing more than 0.5% shares of Aramco. The oil giant didn’t reveal the exact size of its planned share offering but this could be the biggest Initial Public Offering in history as analysts' valuations of the company vary from $1.2 trillion to $2.3 trillion. The public listing of Aramco has been an integral part of Saudi Vision 2030.

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