Bitcoin ETF Approval in Doubt After Fake Announcement; Global Unemployment Rate to Rise; Tesla Unveils Restyled Model 3: World Street News
In the world of business and economy, several key developments have come to light that may impact various sectors. Here’s a roundup of the latest news:
Crypto Confusion:
The US Securities and Exchange Commission’s (SEC) expected approval for spot bitcoin exchange-traded funds (ETFs) is facing uncertainty following a fake announcement. A post on the SEC’s social media account caused confusion, but asset managers are still hopeful for the trading of spot bitcoin ETFs. Numerous applications, including those from BlackRock, Fidelity, and VanEck, are pending with the agency.
Gotham’s Batman:
Spanish pharma company Grifols has announced plans to take legal action against the short-seller fund Gotham City Research. A negative report released by Gotham City Research caused significant damage to Grifols’ market value. The company seeks compensation for financial and reputational losses, as well as concern among its customers and blood donors.
Jobs Crisis:
The International Labor Organization (ILO) predicts a slight rise in the global unemployment rate to 5.2 percent in 2024. This increase is primarily due to a rise in joblessness in advanced economies. The ILO’s World Employment and Social Outlook report forecasts a rise of 2 million unemployed people, pushing the global unemployment rate up from 5.1 percent in 2023.
Growth Pangs:
European Central Bank (ECB) Vice President Luis de Guindos suggests that the euro zone may have experienced a recession in the last quarter. Despite some optimism, prospects for euro zone growth remain weak. Inflation, which has exceeded the ECB’s target for several years, is expected to stabilize after a recent rapid slowdown.
New Year, New Style:
Tesla, led by Elon Musk, has unveiled a restyled version of its Model 3 sedan in North America. The company has kept prices unchanged and removed the performance variant from its North American websites. The restyled Model 3 is now available in rear-wheel drive and the long-range variants.
Motown Showdown:
Japanese automaker Honda plans to launch a new electric vehicle series from 2026 to catch up with global rivals in the shift to battery-powered cars. Honda has been slower than competitors in the European and American markets, such as Volkswagen and General Motors, while also facing competition from China’s BYD.
Amazon’s Snip Flicks:
Amazon is undergoing workforce reductions in its Prime Video and MGM Studios sectors, with layoffs affecting several employees. The company states that these downsizings are part of a strategic move to prioritize long-term business success. Additionally, Amazon’s Twitch livestreaming unit plans to cut 500 jobs.
Bot Bazaar:
OpenAI has introduced two new offerings: the GPT Store and ChatGPT Team. The GPT Store allows users to list personalized chatbots, known as GPTs, that they have built for others to download. Meanwhile, ChatGPT Team is a business-focused option that provides a shared workspace for teams to develop their GPTs.
Diminishing Dragon:
Chinese stocks have lost their appeal in global portfolios due to persistent losses. Major funds are distancing themselves from the risk-laden Chinese market, as evidenced by a reduction in Chinese stock holdings by several US pension funds. Prominent investors, including the California Public Employees’ Retirement System and New York State Common Retirement Fund, have been trimming their exposure to Chinese stocks for the third consecutive year.
Lobbying Lights Out:
Chinese wireless equipment manufacturer Huawei Technologies has closed its in-house lobbying operations in Washington. This move comes after heavy lobbying efforts to influence US policymakers before being blacklisted. The closure follows the departure of the company’s last two registered lobbyists.
In conclusion, these developments have significant implications for various sectors across the global business and economic landscape. The uncertain fate of bitcoin ETF approval, legal action against short-sellers, global unemployment concerns, growth challenges in the euro zone, the restyled Model 3, Honda’s plans for an electric vehicle series, workforce reductions at Amazon, OpenAI’s new offerings, diminishing appeal of Chinese stocks, and Huawei’s withdrawal from lobbying operations in Washington are just a few examples of the complex dynamics shaping our world. Stay tuned for more updates in the world of business and economy.
