Google Now Shuts Down Translate App In China, Moderna-China COVID-19 Sales Talk Collapse, Disney-Dish Temporary Accord Ends Weekend Blackout: Top Stories Monday, Oct. 03

Google Now Shuts Down Translate App In China, Moderna-China COVID-19 Sales Talk Collapse, Disney-Dish Temporary Accord Ends Weekend Blackout: Top Stories Monday, Oct. 03

Wall Street Journal

Disney Reaches Temporary Truce With Dish Network Post Weekend Blackout

  • TV channels owned by Walt Disney Co DIS are back on DISH Network Corp DISH satellite broadcasting, and streaming platforms after the two companies tentatively reached a "handshake agreement." The accord ended a weekend blackout that saw millions of Dish customers lose access to several popular Disney networks, including ESPN and ABC.
  • Disney reportedly charged high fees for several of its networks, including ESPN, which cost distributors nearly $9 a month.
  • Both companies will work to finalize the deal in the coming days.

Walgreens Turns To Robots To Help Ease Manpower Shortage

  • Walgreens Boots Alliance Inc WBA is planning to seek the help of automation for its drugstores to ease the pressure of the lack of manpower.
  • The company, faced with a shortage of pharmacists and pharmacist technicians, is setting up a network of automated, centralized drug-filling centers.
  • Walgreens' plan would cut the pharmacist workloads by at least 25%, in addition to saving more than $1 billion a year in costs.

Financial Times

TikTok Eyes Live Shopping in U.S. While Taking Care Of National Security Concerns

  • ByteDance Ltd's TikTok launched live shopping in North America and aimed to outsource its operation after its U.K. e-commerce trials struggled to take off.
  • TalkShopLive will provide TikTok underlying technology and support for live streams hosted by influencers, brands, and retailers as TikTok faces heightened scrutiny in the U.S. over national security threats from China.
  • Social media rivals Meta Platforms Inc META, which owns Instagram and Facebook, and Alphabet Inc GOOG GOOGL-owned YouTube found limited success with live shopping features.

Moderna Says No To China's Request To Handover COVID-19 Vaccine Technology

  • Moderna Inc MRNA refused to hand over to China the core intellectual property related to the development of its COVID-19 vaccine.
  • Moderna refused to transfer the technology for its COVID-19 vaccine because of commercial and safety concerns.
  • The company is still "eager" to sell the product to China.

Bloomberg

Sony Bets Big On VR Sector, Ramps Up VR2 Headset Production

  • Sony Group Corp SONY plans to produce about 2 million units of PlayStation VR2 headsets by March 2023.
  • The virtual reality goggles production began in September 2022 and has cruised through without being affected by the supply chain problems.
  • The company expects the demand for PSVR2 to be robust compared to its initial offering, VR goggles for PlayStation 4.

Benzinga

Google Now Shuts Down Translate App In China As It Looks Past The Country

  • Alphabet Inc's Google has reportedly shut down its Translate app for China, winding up one of the few remaining services it operates in the Asian country.
  • According to a South China Morning Post report, the app has been inaccessible to mainland Chinese users since Saturday. The service's web page in China currently shows a photo of a generic search bar that redirects to Google's Hong Kong translation site. 

Why Prominent Tesla Analyst Sees The EV Stock Falling Today

  • Tesla Inc. TSLA shares are expected to react to a few catalysts in the unfolding week, and an analyst is not too optimistic about their performance on Monday.
  • Future Fund's Gary Black, a Tesla bull, said in a tweet that he expects the stock to fall on Monday as it remains on track to react to a few catalysts.
  • The fund manager noted that Q3 deliveries came in below Wall Street expectations, suggesting the Street will likely overlook the management's explanation of smoothing out quarter-end deliveries to reduce transit costs.

Tesla Said To Offer 3x Pay At Giga Shanghai During Weeklong Holiday As It Scrambles To Meet Full-Year Deliveries Target

  • Tesla Inc has a tall order before it if it has to meet the full-year delivery growth target of 50%.
  • From the first quarter through the third, the electric vehicle maker delivered 908,573 cars. It needs to sell 495,685 more cars in the fourth quarter to meet the target.
  • Tesla is reportedly going all out in China, which houses the Giga Shanghai and generates roughly half of the company's global output.

Shell Makes Second Investment In Malaysian Oil & Gas Within Month

  • Shell PLC SHEL announced an investment decision in Malaysia's oil and gas sector. Deal terms were not disclosed.
  • Sabah Shell Petroleum Co, a Malaysian unit of Shell, said it would invest in Phase 4 of the Gumusut-Kakap-Geronggong-Jagus East (GKGJE) deepwater offshore development project along with its partners. 
  • The GKGJE phase 4 development is a subsea tie-back project expected to achieve the first oil in late 2024.

Amazon Claims UK Merchant Momentum Exceeding Rivals

  • The number of small and medium-sized British businesses selling over Amazon.com Inc's AMZN marketplace soared by over 25% in 2021, faster than in Germany, France, or Italy.
  • Some 85,000 smaller U.K. enterprises now sell on Amazon, responsible for over 950 million product sales or 1,750 per minute. 
  • More than 700 merchants generate more than £1 million in sales.

Con Edison Divests Clean Energy Businesses To RWE For $6.8B

  • Consolidated Edison Inc ED has entered into a purchase and sale agreement to sell its clean energy business and its subsidiaries to RWE Renewables Americas LLC, a subsidiary of RWE AG RWEOY.
  • The transaction is valued at $6.8 billion.
  • The transaction is expected to close in the first half of 2023.
  • Con Edison will forego its plan to issue up to $850 million of common equity in 2022 and withdraw its equity guidance for 2023 and 2024.
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