Tesla Boosts Discounts, SEC Tightens Check On Auditors' Report On Crypto, Netflix Plans New Jersey Production Hub: Today's Top Stories

Bloomberg

Tesla Boosts Discounts To Tap More US Buyers

  • Tesla Inc TSLA offered U.S. consumers $7,500 to take delivery of its two cheapest models before year-end.
  • The discount Tesla on new Model 3 sedans and Model Y sport utility vehicles is double what it offered earlier this month.
  • The discount is likely due to the changes to U.S. tax credits effective 2023.
  • The credit could boost Tesla buyers' morale when Elon Musk enforced a no-discount policy for years and customers canceling their orders and holding off their purchases until the new tax credits kick in, weighing on Tesla demand.

Intel Restructures Graphics Chip Division To Win Market Share From Nvidia, AMD

  • Intel Corp INTC split its graphics-chip organization to grab market share from Nvidia Corp NVDA and Advanced Micro Devices Inc AMD.
  • Raja Koduri, who led the Accelerated Computing Systems and Graphics unit, will return to Intel's Chief Architect position. Those who reported to him will move to either Intel's PC or server chip business units. 
  • Koduri's career includes spells at Apple Inc AAPL and AMD.

 

Wall Street Journal

SEC Intensifies Check On Auditors' Report On Crypto After FTX Collapse

  • The SEC ramped up scrutiny of audit firms' service to cryptocurrency companies, fearing unscrupulous audit reports misleading investors.
  • The SEC is particularly worried about so-called proof-of-reserves reports from exchanges, including Binance and Crypto.com, which aim to show that the crypto company has sufficient assets to cover customers' funds.
  • Audit firm Mazars paused doing proof-of-reserves crypto work. Other firms, including Marcum LLP and BDO, also reevaluated their work for crypto companies.
  • The high-profile scrutiny of FTX's external auditors after the crypto exchange filed for bankruptcy disclosed the risks of signing off on unreliable numbers.

 

Reuters

Alphabet Makes CEO Sundar Pichai's Pay More Performance Oriented

  • Google-parent Alphabet Inc GOOG GOOGL approved a new equity award for CEO Sundar Pichai that tied more of his pay to performance.
  • Alphabet said that the vesting of a significant portion of the award would depend on Alphabet's total shareholder return relative to other S&P 100 companies.
  • Alphabet tweaked the award to increase the performance stock units (PSUs) to 60% from 43% in 2019 while increasing the performance requirement for the payout.

Investment Bankers Brace For Lower Compensation Amid Lower Deal-Making Activity

  • Recruiters expect year-end bonuses for bankers in New York and London to be 30% to 50% lower, while some may receive none.
  • This year, the pace of mergers and acquisitions and stock offerings slowed significantly as debt financing markets collapsed and stock market volatility hurt valuations. 

Nokia And Ericsson's Russia Exit To Impact Telecom Operations

  • The slated departure of telecom gear makers Nokia Oyj NOK and Ericsson ERIC from Russia is likely to impede the country's mobile network.
  • When the telecom majors leave the county, Russia's telecon setup might be shaken up in the long run.
  • It could lead to disruption in communication for the Russian people.

Bombardier CEO Shows Concern Over Boeing Securing Canada's Defense Contract 

  • Bombardier Inc's BDRBF Chief Executive Eric Martel raised his concerns over Canada's potential plan to buy reconnaissance jets directly from Boeing Co BA instead of considering the homegrown aerospace industry.
  • Martel's comments come after a recent media report that Canada was considering the proposal to buy between eight and 12 units of P-8 Poseidon aircraft from Boeing.

 

Benzinga

Netflix Earmarked $850M In New Jersey Production Hub

  • Netflix Inc NFLX showcased its plans for one of the most extensive fully-integrated production facilities in Fort Monmouth, New Jersey.
  • In line with the appraised value, Netflix bid $55 million for the 293-acre parcel at the former military base, Rajiv Dalal, Netflix's director of content and studio affairs, said. 
  • Netflix looked to invest $850 million in the production hub, with plans to build 12 sound stages, ancillary production support, and a backlot.

UK's Independent Regulatory Fines Deloitte Over Auditing Breach Of SIG

  • Britain's Financial Reporting Council (FRC) imposed a penalty of £906,250 on Deloitte LLP over its audits of building materials supplier SIG plc for the 2015 and 2016 financial years.
  • The penalty was reduced from £1.25 million after the auditing firm admitted breaches over its work on SIG's financial statements.

Self-Driving Truck Company TuSimple Axed Close To 350 Employees As Macro Uncertainties Weigh

  • Autonomous driving technology company TuSimple Holdings Inc TSP disclosed a restructuring plan to consolidate its position as a leader in the autonomous trucking industry.
  • The restructuring plan involves a 25% reduction of TuSimple's total workforce, equivalent to 350 employees.
  • About 80% of the remaining 1,100 staff are in research and development.

Photo via Wikimedia Commons

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