The most important news from previous week
Tesla increased price of Model S and X in China
Tesla has increased prices of its Model S and Model X vehicles in China, following similar hikes on its other vehicles three days prior. The prices of both models and their various versions have been raised by 2,749 USD. The automaker is maintaining a higher price point for these models in China, targeting the premium segment of the country’s electric car market. However, it faces increasing competition from established players like BYD and upstarts such as Nio.
Joe Biden met with CEOs of Google and Microsoft
On Thursday, President Joe Biden held a meeting with CEOs from top artificial intelligence companies, including Microsoft and Alphabet's Google, where he emphasized the importance of ensuring that AI products are safe before they are launched. The rise of generative artificial intelligence has led to a proliferation of apps such as ChatGPT, and companies are rushing to launch similar products with the potential to revolutionize various industries.
Heineken will invest 300 million USD in Brazil
Heineken, the world's second-largest brewer, has announced that it will invest 300.8 million USD in Brazil to expand its portfolio of premium and single malt beers. Brazil is one of the largest consumers of Heineken beer globally. The investment aims to increase the company's production capacity for its Amstel, Devassa, and Heineken brands, located in two plants in northeast Brazil. The Igarassu plant's spending will triple the capacity of making and will increase its returnable packaging lines by 45%.
KLM is in talks with Apollo for cash aid
Air France-KLM announced that it is in talks with private equity firm Apollo Global Management for a 500-million-euro capital injection for one of its engineering and maintenance units. The airline clarified that the proceeds of the transaction would be utilized for general corporate purposes, with no impact on the operation or workforce. If the new financing arrangement is completed, it will help strengthen the balance sheet of Air France-KLM and Air France, the group said.
Alibaba’s digital shopping arm thinking about IPO
The digital shopping arm of Alibaba Group, which is responsible for AliExpress and Lazada brands, is considering going public in the US as a potential method of boosting growth. The company is in discussions with banks about a possible IPO in 2023, but the size of the offering has yet to be determined, and the discussions are still at an early stage. This online shopping unit is one of six separate parts of Alibaba, and the company plans to break it up as part of a restructuring effort.
Movement of Alibaba stocks in the last five years. (Source: Trading Economics) *
Sources: Reuters, Investing, CNBC, Trading Economics
* Past performance is no guarantee of future results.
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