Bob Iger Returns To Disney, Tesla To Face Safety Trial In Seoul, FTX Owes 50 Biggest Creditors $3B: Top Stories Monday, Nov. 21

Reuters

Tesla To Face Safety Trial In Seoul For 2020 Crash That Killed South Korean President's Friend

  • Even as Tesla Inc TSLA faces an investigation into a Model Y crash in China, another criminal trial connected to an accident in Seoul in December 2020 is about to start in a South Korean court.
  • In late 2020, a white Tesla Model X smashed into a parking lot wall in Seoul, killing a lawyer who was a close friend of the South Korean president.
  • While the driver was charged with involuntary manslaughter, he blames Tesla for the crash.

Warren Buffett's Berkshire Boosts Stake In Five Japanese Trading Houses

  • Warren Buffett-led Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B) has raised its stakes in Japan's five biggest trading houses, regulatory filings showed.
  • The move is in line with Berkshire's statement in 2020 that its investments in the Japanese trading houses were for the long term and the stakes could rise to 9.9%.

Apple Supplier TSMC Confirms Plan To Make Cutting-Edge Chips At Arizona Plant

  • Apple Inc AAPL supplier Taiwan Semiconductor Manufacturing Company Limited TSM has confirmed weeklong rumors that it will manufacture its most advanced chips at its U.S. plant that is under construction.
  • TSMC's founder Morris Chang said the company plans to build 3-nanometer chips at its proposed Arizona plant, although the plan has not been completely finalized.

Wall Street Journal

Carvana Faces Heat Of Slowing Demand, Higher Interest Rates

  • On Friday, Carvana Co CVNA cuts its workforce by about 1,500 people in its second round of lay-offs to match its size with the current environment.
  • According to analysts, its weakening finances mean raising funds would be difficult and costly, and it could run out of cash in a year.
  • Carvana thrived when interest rates were low.

TikTok Keeps Hiring At Measured Pace While Competitors Meta, Twitter Downsize

  • Amid a reduction in Silicon Valley, ByteDance Ltd's TikTok is amid a three-year hiring push, having committed to adding about 3,000 engineers worldwide, including in the U.S.
  • TikTok also hired at its primary hub in Singapore.
  • ByteDance also recruited people in China to work on its TikTok platform.

Bloomberg

FTX Owes 50 Biggest Unsecured Creditors $3B, Over 1M Creditors May Be Involved

  • Sam Bankman-Fried's now-defunct cryptocurrency exchange FTX (FTT/USD) owes its 50 biggest unsecured creditors over $3.1 billion, with a pair of clients being owed over $200 million each, a recent court filing has revealed.
  • FTX-linked entities owe their single largest unsecured creditor more than $226 million. The documents show that all of them are listed as customers, and 10 have more than $100 million in claims.

JPMorgan Poaches Walmart's Health And Fitness Official For Its Health Venture

  • Walmart Inc WMT healthcare executive Cheryl Pegus will join JP Morgan Chase & Co's JPM Morgan Health venture as a managing director, aiming to improve employer-sponsored health care.
  • Pegus, a cardiologist with a master's in public health, joined Walmart less than two years ago as executive vice president of health and wellness.
  • Dan Mendelson, Morgan Health's CEO, said that Pegus would bring clinical expertise to the bank's effort to improve care in mental health, diabetes, and other chronic diseases.

Benzinga

Elon Musk Welcomes Trump Back To Twitter: Will The Former President Accept? What Will It Mean For DWAC?

  • After a nearly two-year suspension, Trump could finally return to Twitter, a platform where he once garnered about 89 million followers.
  • A poll run by Elon Musk, the new owner of Twitter, on whether Trump should be reinstated on the platform returned results in favor of the former president, although by a slender margin.
  • About 51.8% of the over 15 million who responded to the poll favor Trump's return, while 48.2% voted against it.

Trump Inks $4B Deal With Saudi Developer To Build Villas, Hotel And Golf Course In Oman

  • Former U.S. President Donald Trump's organization inked a deal with a Saudi Arabian real estate developer for a $4 billion project in Oman.
  • The Dar Al Arkan Global Company deal includes building "Trump residential villas, a hotel, and a golf course," according to a stock market filing released on Sunday.
  • The filing said it would be "developed over ten years on an area of 3.5 million square meters."

Bob Iger Returns As Disney CEO, After Reports Of Growing Rift With Bob Chapek

  • Robert A. Iger is returning to lead The Walt Disney Company DIS as Chief Executive Officer, effective immediately, the company said in a statement.
  • Iger, who spent over four decades at the company, including 15 years as its CEO, has agreed to serve as Disney's CEO for two years. He succeeds Bob Chapek, who has stepped down from his position.
  • The position of board chair remains unchanged, with Susan Arnold serving in that capacity, the company said.

Nestle's Nespresso Launches Paper-Based Compostable Coffee Capsules

  • Nestle ADR NSRGY Nespresso coffee business is planning to introduce a new range of paper-based home compostable capsules.
  • The capsule features proprietary technology, including the biopolymer lining inside that protects the coffee against oxidization.
  • Nespresso's coffee masters have also created four new blends, including an organic coffee sourced through the Nespresso AAA Sustainable Quality Program that is compatible with the paper capsules.

Tim Hortons's China Coffee Operator Bonds With Alibaba To Tap Country's Beverage Market

  • TH International Limited THCH, the exclusive operator of Tim Hortons coffee shops in China, forged a two-year partnership with Freshippo, Alibaba Group Holding Limited's BABA omnichannel retail chain for groceries and fresh goods.
  • The partners will introduce co-branded coffee products exclusively through Freshippo's online channels and physical stores.
  • The initial co-branded coffee products, Velvet Cocoa Coffee and Chestnut Latte, will be available for sale in December.

Photo: Courtesy of Loren Javier on flickr

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