Amid Uncertainty Over FTX Collapse BlockFi Suspends Withdrawals, Juul Shelves Bankruptcy Preparations, Berkshire Hathaway Trims Holdings In Tesla Competitor: Top Stories Friday, Nov. 11


US Government Watchdog To Review FAA's Oversight Of Two Safety Features On Boeing 737 MAX

  • The Transportation Department's Office of Inspector General (OIG) will audit the Federal Aviation Administration's oversight of including MCAS in Boeing Co's BA 737 MAX.
  • The watchdog will also review FAA oversight of the inoperability of Angle of Attack (AOA) disagree alerts on most of the MAX fleet in 2019.
  • Boeing, in 2017 identified that not all 737 MAX 8 aircraft were equipped with AOA disagreement alerts but did not directly notify the FAA of the issue.

Apple Supplier Foxconn Seeks 4x Rise In India Workforce Amid China's Zero-COVID Disruptions

  • After recent chaos at the Zhengzhou plant, Apple Inc supplier Foxconn is now looking for a huge boost in its workforce at its iPhone factory in India.
  • Foxconn is planning a four-fold jump in the workforce at the India plant, two government officials with knowledge of the matter told Reuters, pointing towards the company's recent disruption due to China's zero-COVID policies.

Warren Buffett's Berkshire Hathaway Trimmed Holdings In This Tesla Competitor Again

  • Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 5.78 million Hong Kong-listed shares of electric vehicle maker BYD Co, Ltd BYDDF BYDDY for HK$1.14 billion ($145.38 million).
  • The sale lowered Berkshire's holdings in BYD's total issued H-shares to 16.62% on November 8, down from 17.15%. Last week Berkshire Hathaway sold H-shares worth HK$560 million.
  • During August, Berkshire sold 1.33 million shares of BYD at an average price of HK$277.1 (about $47 million), cutting its stake to 19.92% from 20.04%.

Wall Street Journal

Juul Shelves Bankruptcy Preparations With New Cash Infusion, Cuts Third Of Its Workforce

  • Some investors have invested in Altria Group Inc MO- backed Juul Labs Inc to stave off the proposed bankruptcy it had been preparing amid a dispute with the FDA over whether its products can remain on the U.S. market.
  • With the capital injection, Juul said it has stopped its bankruptcy preparations and is working on a cost-cutting program. Juul plans to lay off about 400 people and reduce its operating budget by 30% to 40%.

WeWork Looks To Close 40 US Locations To Cut Costs

  • WeWork Inc WE prepared to close about 40 underperforming locations in the U.S. as the office-sharing company cuts costs and seeks to turn a profit.
  • WeWork reported a wider-than-expected loss for the third quarter and slowing sales growth as many companies called their employees back to centralized offices after the pandemic.

Toyota, Sony Partner To Create Advanced Chip Business In Japan

  • Toyota Motor Corp TM and Sony Group Corp SONY, along with six other Japanese companies, are planning to launch a new semiconductor business.
  • Named Rapidus, the chip business move comes in a time when major economies are vying to boost their semiconductor availability to support artificial intelligence and quantum computing.


SoftBank Might Write Off $100M Loss On Stake Held In Beleaguered FTX Crypto Exchange

  • SoftBank Group Corp SFTBY did not provide details on how much money it put into FTX (FTT/USD) or where it valued the stake in recent quarters.
  • SoftBank Group Corp invested around $100 million in the crypto exchange and anticipated writing down the entire value of the stake, citing a person familiar with the matter.

Alibaba's Lazada Finds Cautious Shoppers As Its Shopping Extravaganza Kicks Off

  • Alibaba Group Holding Ltd's BABA Southeast Asia e-commerce unit Lazada Group saw a slight pullback in higher-ticket items, including electronics, as Singles' Day's annual mega-sales event kicked off.
  • Consumers are being more cautious when spending on high-ticket items like costly electronics, Lazada Chief Business Officer James Chang said in an interview.


BlockFi Suspends Withdrawals, Citing Uncertainty Over FTX Collapse

  • BlockFi, a cryptocurrency lender, said that it could no longer operate its business "as usual" and is limiting withdrawals on the platform, citing a lack of clarity on the status of Sam Bankman-Fried's beleaguered crypto exchange FTX.
  • The company said it was shocked by the news regarding FTX (FTT) and Alameda, which sent shockwaves through the cryptocurrency market and pulled down prices of coins such as Bitcoin (BTC/USD), Ethereum (ETH/USD), and Dogecoin (DOGE/USD).

Facebook, TikTok and Twitter Failed To Control Perpetration Of False Information In Kenya's Elections

  • Social media platforms Meta Platforms Inc META Facebook, TikTok, and Tesla Inc TSLA CEO Elon Musk-owned Twitter failed to live up to their election integrity pledges during Kenya's August elections, a new study found.
  • The Mozilla Foundation report said content labeling failed to stop misinformation, as political advertising served to amplify propaganda.

Repeat COVID-19 Infection Increases Risk Of Acute Outcomes, Long COVID Symptoms, Study Shows

  • According to a report published in Nature Medicine, COVID-19-reinfected patients had a more than doubled risk of death and a more than tripled risk of hospitalization compared with those who were infected with COVID just once.
  • The study also showed that people with repeat infection were more than three times more likely to develop lung problems, three times more likely to suffer heart conditions, and 60% more likely to experience neurological disorders than patients who had been infected only once.
  • Researchers found that the higher risks were most pronounced in the first month after reinfection but were still evident six months later.

Dr. Pepper Soda Maker's CEO Resigns Over' Code Of Conduct Violations'

  • Keurig Dr. Pepper Inc KDP said its CEO Ozan Dokmecioglu is quitting and will no longer be a board member.
  • In a statement, the maker of Dr. Pepper Soda in the United States said, "Dokmecioglu agreed to resign due to violations of the Company's Code of Conduct that were unrelated to strategy, operations or financial reporting."
  • Bob Gamort, Keurig Dr. Pepper's Chairman and former CEO was reappointed to the role of CEO. He will continue as Chairman.
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