Latest news for Pan African Resources (OTC:PAFRF) Stock

Pan African Resources PLC is a precious metals producer based in the United Kingdom. It operates metal mines in South Africa and derives revenue principally through the mining, extraction, and sale of gold. The company conducts its business through the operation of mining projects in various parts of South Africa, such as Barberton Mines, Evander Mines, and Elikhulu.

PAN AFRICAN RES PLC ORD by Pan African Resources PLC

Pan African Resources PLC

The Maine Public Utilities Commission approved Avangrid&#39;s request for an exemption from approval requirements for a change in ownership

News

IBDRY

Reported Earlier, Avangrid Secures Merger Exemption From Maine PUC, Paving Way For Iberdrola's Full 100% Ownership

Labcorp Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LH#NYSE">LH</a>) (Labcorp) announced today that its wholly owned subsidiary, Laboratory Corporation of America Holdings (LCAH), has priced its offering of&nbsp;$2,000,000,000&nbsp;in senior notes (the Offering). The Offering consists of three tranches:&nbsp;$650,000,000&nbsp;aggregate principal amount of&nbsp;4.350%&nbsp;Senior Notes due 2030 (the 2030 Notes),&nbsp;$500,000,000&nbsp;aggregate principal amount of&nbsp;4.550%&nbsp;Senior Notes due 2032 (the 2032 Notes) and&nbsp;$850,000,000&nbsp;aggregate principal amount of&nbsp;4.800%&nbsp;Senior Notes due 2034 (the 2034 Notes and, together with the 2030 Notes and the 2032 Notes, the Notes).

Laboratory Corporation Of America Holdings

Reported Earlier, Labcorp Prices $2B Senior Notes Offering Across Three Tranches With Maturities In 2030, 2032, And 2034

The Company intends to use a portion of the net proceeds of the offering to redeem its outstanding&nbsp;6.15%&nbsp;Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A, and use any remaining proceeds for general corporate purposes, which may include, among other things, the purchase of commercial aircraft and the repayment of existing indebtedness.

Reported Earlier, Air Lease Prices $300M Offering Of 6.00% Fixed-Rate Reset Preferred Stock, Series D

Sen. Cynthia Lummis (R-Wyo.) on Tuesday slammed President Joe Biden for permitting delays in deploying EV charging infrastructure in the state of California where <a href="https://www.benzinga.com/startups/24/08/40597630/while-california-leads-in-evs-these-two-states-are-way-behind-with-the-fewest-per-100-000-people">EV adoption is highest</a>.
What Happened: &#8220;Tell me, President Biden, how do you expect to power America's electric vehicles by 2030 if California, the state with the most EV's, is taking up to 9 years to power theirs?&#8221; Lummis wrote on social media platform X, formerly Twitter.
&#8220;This unrealistic mandate puts CA years behind your schedule,&#8221; the Republican from Wyoming added.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Tell me, <a href="https://twitter.com/POTUS?ref_src=twsrc%5Etfw">@POTUS</a>, how do you expect to power America's electric vehicles by 2030 if California, the state with the most EV's, is taking up to 9 years to power theirs? This unrealistic mandate puts CA years behind your schedule.<a href="https://t.co/C9bNADDyDd">https://t.co/C9bNADDyDd</a>
&mdash; Senator Cynthia Lummis (@SenLummis) <a href="https://twitter.com/SenLummis/status/1836178325934375274?ref_src=twsrc%5Etfw">September 17, 2024</a></blockquote>
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Lummis is referring to the California Public Utilities Commission&#8217;s decision last week to allow Pacific Gas and Electric Company, San Diego Gas &amp; Electric Company, and Southern California Edison Company 3,242 calendar days, or nearly nine years, to put up a new substation.
Why It Matters: California is the fastest adopter of EVs compared to the rest of the U.S. In the second quarter, 118,181 electric vehicles were sold in California and 390,036 across the country, meaning California accounts for about 30% of the country&#8217;s overall EV sales.
Last month, California Governor Gavin Newsom said that the number of EV chargers in the state has surpassed 150,000 including <a href="https://www.benzinga.com/government/24/08/40596240/us-says-public-ev-chargers-doubled-after-biden-took-over-white-house-from-trump-but-data-shows-that">public and shared private chargers</a>. Besides the public network, there are over 500,000 private home chargers in the state.
California is aiming to make all new car sales zero emission by 2035. The Biden government, meanwhile, is looking to make half of all new vehicles sold in the country by 2030 <a href="https://www.benzinga.com/news/24/08/40482862/former-tesla-exec-says-harris-not-trump-will-be-far-better-for-ev-giants-long-term-success-still-tru">zero-emission vehicles </a>and to build a charging network of 500,000 chargers. 
According to the Department of Energy&#8217;s data center, there are currently over 196,000 public EV charging ports available across the U.S. at over 72,000 station locations. Of these, nearly 2000 ports have received permits or are under construction and nearly 11,000 are temporarily out of service or offline. 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/09/40897703/former-tesla-exec-says-elon-musks-endorsement-of-trump-might-not-sway-upcoming-presidential-election">Former Tesla Exec Says Elon Musk&#8217;s Endorsement Of Trump Might Not Sway Upcoming Presidential Elections: &#8216;Last Time Around He Endorsed Andrew Yang&#8217;</a></li>
</ul>
Photo courtesy: Unsplash

Politics

Tech

Senator Cynthia Lummis Slams President Biden For Slow Deployment Of EV Charging Infrastructure In California

The CNN Money Fear and Greed index showed some improvement in the overall market sentiment, but the index remained in the &#8220;Neutral&#8221; zone on Tuesday.
U.S. stocks settled mixed on Tuesday, with the S&amp;P 500 closing the session near the flatline after surging to a record high. Major indices recorded gains last week, with the S&amp;P 500 gaining 4% and the Nasdaq adding 5.9%. The Dow also climbed 2.6% last week.
The Federal Reserve is scheduled to announce its policy decision on Wednesday and is widely expected to cut interest rates.
Compass Minerals International, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMP#NYSE">CMP</a>) shares jumped 21% on Tuesday after the company announced preliminary third-quarter revenue above estimates. Intel Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) shares gained 2.7% after the company announced a strategic collaboration with AWS to help advance US-based chip manufacturing.
On the economic data front, U.S. retail sales rose 0.1% month-over-month in August compared to a revised 1.1% gain in July, topping market estimates of a 0.2% decline. The NAHB/Wells Fargo Housing Market Index climbed to 41 in September versus 39 in the prior month. Total business inventories rose by 0.4% month-over-month in July compared to a 0.3% gain in June, topping market expectations of a 0.3% increase.
Most sectors on the S&amp;P 500 closed on a positive note, with consumer discretionary, energy, and industrials stocks recording the biggest gains on Tuesday. However, healthcare and consumer staples stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed lower by around 16 points to 41,606.18 on Tuesday. The S&amp;P 500 rose 0.03% to 5,634.58, while the Nasdaq Composite rose 0.20% at 17,628.06 during Tuesday's session.
Investors are awaiting earnings results from General Mills, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GIS#NYSE">GIS</a>), Steelcase Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCS#NYSE">SCS</a>), and Sangoma Technologies Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SANG#NASDAQ">SANG</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 54.9, the index remained in the &#8220;Neutral&#8221; zone on Tuesday, versus a prior reading of 54.1.
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
Read Next:<a href="Cramer: Hewlett Packard Is A 'Very Inexpensive' Stock, Likes This Big Tech Stock"> </a>
<ul>
<li><a href="https://www.benzinga.com/24/09/40898216/cramer-hewlett-packard-is-a-very-inexpensive-stock-likes-this-big-tech-stock">Cramer: Hewlett Packard Is A &#8216;Very Inexpensive&#8217; Stock, Likes This Big Tech Stock</a></li>
</ul>

Earnings

Long Ideas

Pre-Market Outlook

Markets

Trading Ideas

INTC

SANG

US Stocks Settle Mixed Ahead Of Fed's Rate Decision: Investor Sentiment Improves, But Fear & Greed Index Remains In 'Neutral' Zone

Reported Earlier, XCharge, Asia Green Fund Portfolio, Goes Public On Nasdaq

The official Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) account on X has announced that tomorrow at noon EDT, the highly anticipated liquid staking platform, K9 Finance, will launch on the Shibarium network. 
What Happened: This new platform will allow users to engage in liquid staking for Bone&nbsp;ShibaSwap (CRYPTO:&nbsp;BONE), a key token in the Shiba Inu ecosystem.
The introduction of liquid staking is expected to significantly benefit SHIB by increasing both the total value locked on Shibarium and the transaction volume on the network, according to the post. These factors are crucial for accelerating SHIB token burns, which reduce the circulating supply and potentially enhance the token&#8217;s value over time.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Tomorrow at Noon EDT the <a href="https://twitter.com/K9finance?ref_src=twsrc%5Etfw">@K9finance</a> liquid staking platform will be launching on <a href="https://twitter.com/ShibariumNet?ref_src=twsrc%5Etfw">@ShibariumNet</a>! Liquid staking for <a href="https://twitter.com/search?q=%24BONE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BONE</a> will help <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIB</a> by &#x27a1;&#xFE0F; increasing the total value locked (TVL) on Shibarium &#x27a1;&#xFE0F; increasing the transaction volume on Shibarium Both of these will help the…
&mdash; Shib (@Shibtoken) <a href="https://twitter.com/Shibtoken/status/1836143134809735635?ref_src=twsrc%5Etfw">September 17, 2024</a></blockquote>
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Liquid staking is a mechanism that allows <a href="https://www.benzinga.com/money/what-is-liquid-staking-on-ethereum">users to earn ETH staking rewards</a> while keeping their assets liquid. Traditionally, when participating in proof of stake networks, users would lock up their assets for the opportunity to contribute to network security and earn staking rewards. However, the process of traditional staking results in illiquid assets and missed opportunities for investors.
See Also: <a href="https://www.benzinga.com/news/24/09/40890069/donald-trump-jr-doesnt-mince-words-democrat-donor-with-a-kamala-harris-bumper-sticker-on-his-car-tri?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump Jr. Doesn&#8217;t Mince Words: &#8216;Democrat Donor With A Kamala Harris Bumper Sticker On His Car Tried To Assassinate My Dad&#8217;</a>
Why It Matters: The launch of Shibarium's liquid staking platform comes at a <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40912006/bitcoin-and-cryptocurrency-market-set-for-biggest-bull-run-ever-says-trader-as-federal-res">crucial time for the cryptocurrency market</a>. Prominent trader Michaël van de Poppe recently predicted a significant bull run in the cryptocurrency market, coinciding with the Federal Reserve's upcoming interest rate decision. 
Additionally, the <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40909731/bitcoin-ethereum-dogecoin-in-green-ahead-of-fomc-meeting-market-gearing-up-for-sell-the-ne">broader cryptocurrency market</a>, including Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), and Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>), has been trading higher ahead of the Federal Open Market Committee meeting. 
In another notable development, former President Donald Trump has entered the DeFi space with the launch of World Liberty Financial (WLFI). This new platform aims to <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40905315/donald-trumps-new-crypto-project-world-liberty-financial-everything-you-need-to-know">capitalize on the growing interest in decentralized finance</a> and blockchain technology.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/09/40869493/trump-thanks-loomer-for-declaring-shes-single-because-of-her-admiration-for-him?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Thanks Loomer For Declaring She&#8217;s Single Because Of Her Admiration for Him</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

$BTC

$DOGE

$ETH

$SHIB

Shiba Inu Team Says Launching K9 Finance Liquid Staking On Shibarium Tomorrow: Are SHIB Burns Set To Accelerate From Here On Now?

With U.S. stock futures trading higher this morning on Wednesday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects General Mills, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GIS#NYSE">GIS</a>) to report quarterly earnings at $1.06 per share on revenue of $4.80 billion before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. General Mills shares rose 0.4% to $74.83 in after-hours trading.</li>
<li>23andMe Holding Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ME#NASDAQ">ME</a>) disclosed that the independent directors resigned from the Board. 23andMe shares dipped 15% to $0.29 in the after-hours trading session.</li>
<li>Analysts are expecting Steelcase Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCS#NYSE">SCS</a>) to post quarterly earnings at 37 cents per share on revenue of $864.10 million for the recent quarter. Steelcase shares gained 0.8% to $14.12 in the after-hours trading session.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>Intuitive Machines, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LUNR#NASDAQ">LUNR</a>) said it was awarded a NASA Near Space Network contract for communication and navigation services, with a maximum potential value of $4.82 billion. Intuitive Machines shares jumped 55.6% to $8.40 in the after-hours trading session.</li>
<li>Analysts expect Sangoma Technologies Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SANG#NASDAQ">SANG</a>) to post a quarterly loss at 3 cents per share on revenue of $61.03 million after the closing bell. Sangoma Technologies shares 6% to $6.37 in after-hours trading.</li>
</ul>
Check This Out: 
<ul>
<li><a href="Cramer: Hewlett Packard Is A 'Very Inexpensive' Stock, Likes This Big Tech Stock">Cramer: </a><a href="https://www.benzinga.com/24/09/40898216/cramer-hewlett-packard-is-a-very-inexpensive-stock-likes-this-big-tech-stock">Hewlett </a><a href="Cramer: Hewlett Packard Is A 'Very Inexpensive' Stock, Likes This Big Tech Stock">Packard Is A &#8216;Very Inexpensive&#8217; Stock, Likes This Big Tech Stock</a></li>
</ul>
Image generated using AI tools

LUNR

General Mills, Steelcase And 3 Stocks To Watch Heading Into Wednesday

Macro Economic Events

Econ #s

Economics

U.K. Producer Price Index (PPI) Input (MoM) For August -0.5% Vs. -0.3% Est.; -0.3% (Revised) Prior

U.K. Consumer Price Index (MoM) For August 0.3% Vs. 0.3% Est.; -0.2% Prior

U.K. Consumer Price Index (YoY) For August 2.2% Vs. 2.2% Est.; 2.2% Prior

Reported Earlier, Tupperware Files For Chapter 11 Bankruptcy, Explores Strategic Alternatives

Box estimates that the net proceeds from the offering will be approximately&nbsp;$389.2 million&nbsp;(or&nbsp;$447.8 million&nbsp;if the initial purchasers exercise their option to purchase additional notes in full), after deducting the initial purchasers&#39; discounts and estimated offering expenses payable by Box. Box expects to use approximately&nbsp;$45.6 million&nbsp;of the net proceeds from the offering to pay the cost of the capped call transactions described below. Box also intends to use approximately&nbsp;$191.7 million&nbsp;of the net proceeds from this offering for the repurchase of&nbsp;$140.0 million&nbsp;principal amount of its outstanding&nbsp;0%&nbsp;Convertible Senior Notes due 2026 (the &quot;2026 Notes&quot;). Box intends to use the remainder of the proceeds from this offering for working capital and other general corporate purposes, such as the repurchase or repayment of debt, repurchases of its capital stock and potential acquisitions.

Box Prices $400M Offering Of Convertible Notes, Featuring 1.50% Interest And 30% Conversion Premium

&nbsp;&nbsp;To potentially include adolescents and antibody persistence up to two years.
In addition to ramping up sales, Valneva is focused on expanding the vaccine&#39;s label and access. The Company expects a marketing authorization in Brazil in the second half of 2024 and recently expanded its partnership with The Coalition for Epidemic Preparedness Innovations (CEPI)4&nbsp;to support broader access to the vaccine in Low Middle-Income Countries (LMICs), post-marketing trials and potential label extensions in children, adolescents and pregnant women.&nbsp;

VALN

Valneva Expands Chikungunya Vaccine Access, Submits Label Extensions For IXCHIQ To EMA And Health Canada

Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) has introduced a new <a href="https://www.benzinga.com/top-stories/24/09/40887347/amazon-to-cut-management-layers-end-work-from-home">return-to-office mandate for its corporate staff</a>, requiring them to be in the office five days a week starting in January. However, its subsidiary One Medical has been given a different directive.
What Happened: One Medical informed its employees earlier in September that they must start coming into the office three times a week beginning in October. This timeline allows over a year for employees to adjust and relocate if necessary, <a href="https://www.businessinsider.com/amazon-rto-rule-one-medical-2024-9">reported</a> Business Insider on Tuesday, citing people familiar with the matter.
Most One Medical employees will need to be based in one of four &#8220;hub&#8221; cities: Seattle, Austin, San Francisco, or Boston. Currently, nearly 40% of One Medical employees work outside these locations, one source noted.
While One Medical&#8217;s new policy is a significant shift, it is less stringent than Amazon&#8217;s RTO mandate. On Monday, CEO Andy Jassy announced that Amazon&#8217;s corporate employees must work in an <a href="https://www.benzinga.com/top-stories/24/09/40887347/amazon-to-cut-management-layers-end-work-from-home">office five days a week starting in January</a>. 
This announcement has faced criticism from many Amazon employees in internal communications, according to the report.
One Medical employees have been allowed to work remotely full-time since Amazon acquired the company for $3.9 billion last year. CEO Trent Green had even promoted remote work as a major benefit during layoffs and reorganization earlier this year.
Despite the more lenient approach at One Medical, the new 3-day rule is still causing uncertainty and frustration among its employees. Amazon has been closely integrating with One Medical, implementing its HR and benefits policies and scrutinizing financial performance to control losses.
People at Amazon have also expressed frustration with One Medical&#8217;s slower adaptation to Amazon&#8217;s fast-paced work environment and rigid culture. Conversely, One Medical staff feel that Amazon is disrupting a previously well-performing and fast-growing business, according to the report.
Amazon and One Medical did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
See Also: <a href="https://www.benzinga.com/markets/equities/24/09/40874566/apple-shares-slide-in-monday-premarket-whats-souring-sentiment?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Shares Slide In Monday Premarket: What&#8217;s Souring Sentiment?</a>
Why It Matters: The new RTO mandates at Amazon and One Medical come amid a broader trend of companies reevaluating remote work policies. In September, Amazon announced plans to <a href="https://www.benzinga.com/top-stories/24/09/40887347/amazon-to-cut-management-layers-end-work-from-home">cut management layers and end work-from-home</a> arrangements, aiming to streamline operations and reduce bureaucracy. 
CEO Jassy emphasized the need for employees to return to the office to address inefficiencies and improve productivity.
This shift is part of a larger debate about the future of work. Earlier this year, BlackRock&#8216;s Rick Rieder acknowledged that <a href="https://www.benzinga.com/markets/equities/24/03/37574722/remote-work-is-boosting-labor-market-participation-economic-growth-acknowledges-blackrocks-rick-">remote work has boosted labor market participation</a> and economic growth, particularly among prime-age female workers. 
However, not everyone agrees. NYU Stern School of Business&nbsp;Professor&nbsp;Suzy Welch Professor Suzy Welch warned that a <a href="https://www.benzinga.com/news/23/11/35611877/remote-work-lifestyle-hinders-careers-says-nyu-professor-young-people-who-choose-that-life-are-proba">remote work lifestyle might hinder career advancement</a> for younger generations, potentially limiting their chances of reaching executive positions.
Other companies are also taking a hard stance on RTO. In January, Bank of America warned employees of <a href="https://www.benzinga.com/news/24/01/36772704/bank-of-america-warns-employees-of-disciplinary-action-if-they-dont-return-to-office-report">potential disciplinary action</a> if they failed to comply with office attendance policies, highlighting the growing tension between corporate mandates and employee preferences.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/09/40892040/starbucks-north-america-ceo-michael-conway-quits-after-just-6-months-in-the-position?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Starbucks North America CEO Michael Conway Quits After Just 6 Months In The Position</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Equities

Management

AMZN

Amazon Told Its Staff They Must Come To Office Five Days A Week, But Its Primary Healthcare Subsidiary Workers Reportedly Have It Easier

BBJP

WisdomTree Trust Japan Total Dividend Fund

Reported Earlier, Japan Trade Balance For August -695.3B Vs. -1,380.0B Est.; -628.7B Prior

Reported Earlier, Japan Exports (YoY) For August 5.6% Vs. 10.0% Est.; 10.2% Prior

Reported Earlier, Japan Adjusted Trade Balance -0.60T Vs. -0.96T Est.; -0.68T (Revised) Prior

Microsoft Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) has called for more transparency on U.S. export controls that have delayed the delivery of AI chips to the Middle East.
What Happened: Microsoft has been seeking &#8220;clarity and consistency&#8221; in U.S. export controls that have impeded the shipment of advanced&nbsp;AI chips to the&nbsp;Middle East, <a href="https://www.ft.com/content/bb9ed20e-8e95-4808-a37c-7a540ca4b056">reported</a> the Financial Times.
The company had earlier invested $1.5 billion in G42, the largest AI company in the United Arab Emirates, to use it&nbsp;as a gateway to markets&nbsp;in Africa and Asia.
See Also:&nbsp;<a href="https://www.benzinga.com/24/09/40868730/openais-o1-model-nvidias-ai-demand-googles-missed-opportunity-and-more-this-week-in-ai?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">OpenAI&#8217;s &#8216;O1&#8217; Model, Nvidia&#8217;s AI Demand, Google&#8217;s Missed Opportunity, And More: This Week In AI</a>
However, U.S. restrictions on AI-specialized chip exports to the Middle East, due to concerns over technology leakage to China, have put a damper on some of Microsoft&#8217;s plans with G42.
Despite these setbacks,&nbsp;Microsoft and G42 announced on&nbsp;Tuesday the establishment of two new research institutes in Abu Dhabi.
These institutes will focus on developing AI systems for the non-Western world, including&nbsp;languages such as Arabic and&nbsp;Hindi.
Why It Matters: In May 2024, it was reported that the U.S. and Saudi Arabia were in talks for a historic pact that could potentially lead to diplomatic ties with Israel. This development was believed to be driven by <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38577767/semiconductors-are-the-new-oil-wealth-manager-says-saudi-arabias-need-for-data-cent">Saudi Arabia&#8217;s need for data centers</a> and semiconductors.
The U.S. has faced criticism from China for adding several Chinese entities to its export control list. This move is seen as an attempt to <a href="https://www.benzinga.com/news/24/08/40546725/china-slams-us-for-including-chinese-firms-in-export-control-list-undermines-the-international-trade">restrict Russia's access</a> to advanced U.S. technology.
Earlier this year, China also <a href="https://www.benzinga.com/news/24/05/39104542/china-cites-national-security-as-it-tightens-export-controls-on-aviation-and-aerospace-equipment-ami">tightened export controls on certain</a> aviation and aerospace technologies and components, citing national security.
However, China was pivoting towards a more export-driven growth model, which experts have warned could lead to a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37528052/chinas-export-ambitions-could-land-us-in-global-trade-war-territory-warns-economist">potential global trade war</a>.
Image via Shutterstock
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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Tesla Inc. and SpaceX CEO Elon Musk has publicly criticized the Federal Aviation Administration for <a href="https://www.benzinga.com/news/24/09/40899599/elon-musk-said-spacex-competitors-only-take-up-less-than-we-do-and-they-take-nothing-down-and-they-g">imposing a $633,009 fine</a> on SpaceX for regulatory violations, hinting at the <a href="https://www.benzinga.com/news/24/09/40899599/elon-musk-said-spacex-competitors-only-take-up-less-than-we-do-and-they-take-nothing-down-and-they-g">agency&#8217;s favoritism towards</a> Boeing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>).
What Happened: According to a post by Musk on X, he questioned why Boeing was not fined despite NASA deeming their spacecraft unsafe for returning astronauts. Musk&#8217;s comments were in response to a post by Mario Nawfal, who criticized the FAA's actions against SpaceX.
&#8220;Amazingly, no Starliner fines for Boeing! The FAA space division is harassing SpaceX about nonsense that doesn't affect safety while giving a free pass to Boeing even after NASA concluded that their spacecraft was not safe enough to bring back the astronauts,&#8221; Musk wrote. 
Musk also stated that resignations from FAA leadership are necessary.
Nawfal highlighted that the FAA had to go back a year to find violations against SpaceX, while Boeing faced no penalties for safety issues that left two American astronauts stranded at the ISS. Meanwhile, SpaceX plans to sue the FAA for regulatory overreach.
The FAA has proposed a fine against SpaceX for alleged violations during two launches in 2023, accusing the company of not adhering to license requirements. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Amazingly, no Starliner fines for Boeing! The FAA space division is harassing SpaceX about nonsense that doesn't affect safety while giving a free pass to Boeing even after NASA concluded that their spacecraft was not safe enough to bring back the astronauts. There need to be…
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1836151356668940762?ref_src=twsrc%5Etfw">September 17, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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This comes amid ongoing scrutiny of Boeing&#8217;s safety and quality control issues, with FAA Administrator Mike Whitaker set to testify before Congress on Sept. 24 and 25 regarding the agency&#8217;s oversight of Boeing.
See Also: <a href="https://www.benzinga.com/news/24/09/40897703/former-tesla-exec-says-elon-musks-endorsement-of-trump-might-not-sway-upcoming-presidential-election?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Former Tesla Exec Says Elon Musk&#8217;s Endorsement Of Trump Might Not Sway Upcoming Presidential Elections: &#8216;Last Time Around He Endorsed Andrew Yang&#8217;</a>
Why It Matters: The tension between SpaceX and the FAA is not new. Recently, Musk highlighted that SpaceX&#8217;s competitors &#8220;take up less than we do, and they take nothing down, and they get paid twice as much,&#8221; referring to the <a href="https://www.benzinga.com/news/24/09/40899599/elon-musk-said-spacex-competitors-only-take-up-less-than-we-do-and-they-take-nothing-down-and-they-g">disparity in treatment between SpaceX and Boeing</a>. 
This statement <a href="https://www.benzinga.com/news/24/09/40899599/elon-musk-said-spacex-competitors-only-take-up-less-than-we-do-and-they-take-nothing-down-and-they-g">came amid Boeing&#8217;s decision</a> to freeze hiring and consider furloughs due to a strike by over 30,000 workers.
Adding to the context, former President Donald Trump recently praised Musk for his contributions to U.S. space development, stating that the <a href="https://www.benzinga.com/news/24/09/40890535/spacex-ceo-elon-musk-is-doing-an-amazing-job-says-trump-because-before-the-us-was-getting-lapped-in">U.S. was previously lagging behind China and Russia</a> in space but is now a leader, thanks to Musk&#8217;s efforts. 
Moreover, SpaceX has achieved significant milestones, including the recent return of the Polaris Dawn crew after a 5-day mission that featured the <a href="https://www.benzinga.com/news/24/09/40872104/polaris-dawn-returns-home-after-5-day-mission-including-first-commercial-spacewalk">first commercial spacewalk</a>. 
Musk&#8217;s dominance in space is further illustrated by SpaceX controlling nearly <a href="https://www.benzinga.com/news/24/09/40869627/elon-musk-now-controls-two-thirds-of-the-planets-satellites-and-spacex-is-just-getting-started-with">two-thirds of the planet&#8217;s satellites</a>, with plans to launch almost 40,000 more. This rapid expansion of the Starlink satellite network has positioned SpaceX as a formidable player in the global space industry. 
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Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

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