 United Arab Emirates President Sheikh Mohamed bin Zayed Al-Nahyan meets with German Chancellor Olaf Scholz in Abu Dhabi, United Arab Emirates, Sept. 25, 2022. UAE Presidential Court/Handout via REUTERS The United Arab Emirates (UAE) has agreed to supply Germany with liquefied natural gas (LNG) following a visit from German Chancellor Olaf Scholz. Scholz has been touring the region seeking alternatives to Russian energy. More: - The Abu Dhabi National Oil Company will supply German utility RWE with 137,000 cubic meters of liquefied natural gas as part of the deal.
- Germany has also signed a provisional LNG supply agreement with Qatar, the world’s largest exporter of LNG.
- Scholz also met with Saudi crown prince Mohammed bin Salman.
- The amount of LNG Scholz has secured so far during his trip is still well below the amount Germany needs to replace the LNG Russia provided through its pipeline.
- Earlier this month, Russia shut down its Nord Stream 1 gas pipeline to Germany, citing that western sanctions made it unable to get the necessary equipment to service the pipeline.
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SpaceX’s Starlink has activated its satellite broadband internet service in Iran following the U.S. granting permission to private companies to offer uncensored internet access to the country. Iranian citizens across the nation have been protesting following the death of a 22-year-old woman, Mahsa Amini, on Sept. 16, who was in the custody of the morality police. More: - Amini was arrested for allegedly violating the hijab mandate by not wearing one.
- Women are required to wear hijabs in Iran.
- The protests have resulted in more than 40 deaths and Iranian authorities cutting off the internet, Instagram, and WhatsApp.
- Starlink’s low-Earth orbit satellite network can bypass a country’s terrestrial communications networks, preventing them from being censored.
- SpaceX CEO Elon Musk confirmed on Sunday that Starlink has been activated in Iran; however, users would need to get the terminals into the country to access the broadband service.
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Apple started manufacturing its iPhone 14 in India on Monday, marking the first time the tech giant is producing its newest model iPhone in the country. Apple has been making iPhones in India since 2017, but they have usually been older models. Apple has been trying to diversify its production away from China recently. More: - Apple’s primary iPhone producer, Foxconn, is manufacturing the iPhone 14 at its Sriperumbudur factory outside Chennai, India.
- Apple plans to sell the devices produced in India locally and export them to other markets worldwide.
- According to JPMorgan analysts, Apple will move 5% of its global iPhone 14 production to India by the end of 2022.
- Apple could make about 25% of all its iPhones in India by 2025.
- India is the world’s second-largest smartphone market. Apple has about 3.8% of India’s smartphone market.
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Three men were charged with securities fraud in a scheme involving a New Jersey deli – Hometown Deli – which was valued at $100M. The men are James Patten, 63, from Winston-Salem, North Carolina; Peter Coker Sr., 80, from Chapel Hill, North Carolina; and Peter Coker Jr., 53, from Hong Kong. More: - The men are facing 12 counts of securities fraud and other crimes, including conspiracy to commit securities fraud, conspiracy to manipulate securities prices, and defrauding investors.
- Patten and Coker Sr. were arrested and appeared before a court in North Carolina on Monday.
- Coker Jr. is still at large.
- The men are expected to appear in New Jersey federal court later.
- Hometown Deli was operated under an umbrella company called Hometown International.
- According to federal authorities, Hometown International was worth $100M in the stock market even though it only operated a single deli in Paulsboro, New Jersey, population 6,196. The deli brought in under $40,000 in annual revenue and closed earlier this year.
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The Dow fell into a bear market, and the S&P 500 closed at a new 2022 low on Monday. The Dow lost 329.60 points, or 1.11%, to 29,260.81 as recession fears continue to grow; the 30-stock index is down ~20.4% YTD. The S&P 500 dropped 1.03% to 3,655.04 and the tech-heavy Nasdaq fell 0.6% to 10,802.92. More: - The VIX, often referred to as the Wall Street fear gauge, rose ~3 points to 32.88, its highest level since mid-June.
- The 10-year Treasury yield reached nearly 4%, its highest level since 2010.
- The 2-year Treasury yield topped 4.3%, its highest level since 2007.
- S&P 500 futures and Nasdaq 100 futures were flat. Those tied to the Dow Jones Industrial Average rose 10 points or less than 0.1%.
- The British Pound dropped to a record low against the U.S. Dollar, down 4% to $1.0382.
- The Bank of England signaled plans for more interest rate hikes as the country battles record-high inflation.
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Unilever CEO Alan Jope is retiring at the end of 2023. The announcement comes less than a year after the company’s failed attempt to acquire GSK’s consumer healthcare business and two months after activist investor Nelson Peltz joined the board. Jope is a Unilever veteran and took over the reins as CEO in January 2019. More: - Unilever said its board would start a formal search for Jope’s successor and would consider both internal and external candidates.
- Following news of Jope’s retirement, Unilever’s shares jumped nearly 4%, hitting their highest level since August 2021.
- Earlier this year, Unilever unveiled plans to cut about 1,500 management jobs and reshape its business to focus on five main product areas.
- The company is currently facing a lawsuit from one of its companies, Ben and Jerry’s, over its decision to sell its Israel business.
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- GM will invest $760M to transform its Toledo, Ohio, factory to build EVs.
- The U.S. 2022 midterm election is gearing up to be the most expensive one yet. According to a Financial Times analysis, total spending by all House and Senate candidates will surpass 2018's record $3B by at least $50M.
- Russian President Vladimir Putin has granted Edward Snowden, the former U.S. intelligence contractor who leaked files regarding U.S. surveillance programs, Russian citizenship.
- Spotify has launched an audiobook service on its streaming platform.
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 |  | Vanessa Omeokachie is a Freelance Writer for Inside.com. She writes the Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, exploring cities, and traveling. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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