- Luxury sports car maker Ferrari NV RACE is set to recall 2,222 cars in China due to faulty braking systems, Reuters reported.
- The brake risk may result in reduced braking performance or failure.
- The company will recall cars imported between March 2010 and March 2019, starting from May 30.
- Honeywell International Inc HON intends to invest ~$200 million in petrochemicals and the production of green fuels for aircraft in Egypt, according to Honeywell’s country president for Egypt, as cited by the Ministry of Petroleum.
- More than 36 of Germany’s industrial kingpins, including auto suppliers Continental AG CTTAY and Bosch, industrial firms Basf SE BFFAF, and Siemens AG SIEGY, have agreed to conform to redundancies at one firm and vacancies at another, training workers to move directly from job to job.
- The companies looked to fill a growing skills gap and avoid layoffs among workers of all ages as the economy shifts to clean energy and online shopping.
- Overseas companies like Tesla Inc TSLA decided to build its European electric vehicle and battery plant in Brandenburg, looking to create 12,000 new jobs.
- The U.S. Centers for Disease Control and Prevention is working with public-health officials in Alabama to probe the cause of nine cases of hepatitis in children ages 1 to 6 years old reported in the state since October.
- The children in the U.K. tested negative for known hepatitis viruses. One possible cause, according to the U.K. Health Security Agency is an infection by a type of adenovirus. The U.S. CDC said all nine cases in Alabama tested positive for adenovirus.
- Serum Institute of India Ltd, the world’s largest vaccine manufacturer, has stopped making new batches of COVID-19 shots after its stockpile grew to 200 million doses amid a global supply glut, reports Bloomberg.
- Serum’s CEO, Adar Poonawala said that Serum, a core supplier for the WHO-backed Covax program, is drafting a “global pandemic treaty” to bring about free flow and coordination of essential resources like raw materials for vaccine production in the next crisis.
- At a posh financial-industry gathering, this year’s main attraction was a face-off between a crypto billionaire and a futures-exchange kingpin.
- At the event in Florida, Sam Bankman-Fried, whose FTX platform has rapidly become a major venue for investment in virtual coins, squared up against Terry Duffy, the longtime CEO of CME Group Inc CME.
- Despite China’s strict lockdown, global investment banks are pushing ahead with ambitious expansion plans in Shanghai.
- The lockdown entering its fourth week forced banks like Goldman Sachs Group Inc GS, JPMorgan Chase & Co JPM and others to make emergency food deliveries to some staff and leave others camped out on trading floors.
- The government has laid out plans to make China’s most populated city a global financial hub by 2035 and transform Shanghai’s stock exchange into the world’s largest.
- Anheuser Busch Inbev SA BUD plans to sell its non-controlling interest in the AB InBev Efes joint venture.
- The company is in talks with its partner, Turkish Brewer Anadolu Efes, to acquire the interest.
- AB InBev’s request regarding the suspension of the license for the production and sale of Bud in Russia will also be part of a potential transaction.
- Oscar-nominated director Ridley Scott will produce a movie adaption of “The Infinite Machine,” an account of Ethereum’s ETH/USD creation and rise by cryptocurrency journalist Camila Russo.
- According to a report from The Deadline, Scott under his ‘Scott Free Productions’ banner will produce the movie alongside Tom Moran, Vera Meyer, and Alejandro Miranda. The film will be written and directed by Shyam Madiraju.
- Tesla Inc TSLA CEO Elon Musk-owned SpaceX on Thursday successfully launched 53 more Starlink satellites to earth’s low orbit from NASA’s Kennedy Space Center in Florida.
- SpaceX’s partially reusable Falcon 9 rocket that can transport payloads as well as humans into earth and beyond, launched the satellites at 1:51 p.m. ET.
- Minutes after the liftoff, the Falcon 9 successfully landed back on the “Just Read the Instructions” droneship, completing this booster’s 12th launch and landing.
- Analyst Will Clemente noted the remarkable conviction of Bitcoin BTC/USD HODLers as 64% of Bitcoin supply hasn’t moved in a year despite the tech-heavy Nasdaq plunging 18% from its peak.
- Clemente tweeted, “Beneath the surface, there is a group of convicted HODLers viewing BTC as their store of value amidst unprecedented uncertainty in markets. Pretty remarkable.”
- On Thursday, OANDA analyst Craig Erlam said that Nasdaq had a more “turbulent week” which Bitcoin shrugged off.
- Former President Barack Obama said “people are dying” due to disinformation on social media services in a speech at Stanford University, the Washington Post reported on Thursday,
- What Happened: Obama in his speech said social media firms were not transparent about their algorithms and the workings of their software, as per the report.
- Obama said social media algorithms have evolved such that “no one on the outside of these companies can accurately predict what they’ll do … and sometimes the people who built them aren’t sure … That’s a problem.”
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