The U.K. and the EU signed a new Northern Ireland trade agreement to remedy some of the issues created by the earlier Northern Ireland Protocol deal. The new agreement, dubbed the Windsor Framework, has three main components: safeguarding trade flows within the U.K., protecting Northern Ireland’s place within the U.K., and giving the region’s assembly in Stormont a say over new EU rules. More: - The Northern Ireland Protocol, one of the early Brexit deals, mandated checks on some goods that travel to Northern Ireland from the rest of the U.K.
- The U.K. left the EU on Jan. 31, 2020, in a move popularly called Brexit.
- The agreement sparked sectarian violence in Northern Ireland between Protestant pro-British unionist groups and Catholic Irish republicans.
- The protocol was blamed for jeopardizing the Good Friday Agreement, a 1998 peace deal that ended 30 years of violent unrest in Northern Ireland.
- New British Prime Minister Rishi Sunak sought to amend the protocol signed under former Prime Minister Boris Johnson.
- At a press conference following the agreement, Sunak referred to the agreement as the beginning of a new chapter in the U.K. and EU relationship.
- Following news of the new agreement, the Pound rose as high as $1.204, and the Euro hit a session high of $1.061.
| |
Zoom shares jumped more than 7% in extended trading on Monday after the video communications company reported better-than-expected Q4 FY2023 earnings. Zoom earned $1.12B in revenue, up 4% YoY. The company reported a non-GAAP net income of $366.6M, or $1.22 a year, down from a net income of $393.6M reported in Q4 FY22. More: - Full-year 2023 revenue came in at $4.39B, up 7% YoY.
- At the end of Q4 FY23, Zoom had about 213,000 Enterprise customers, up 12% YoY.
- Enterprise revenue was $636.1M for Q4, up 18% YoY, and $2.41B for the full year, up 24% YoY.
- Zoom expects Q1 FY2024 revenue to be between $1.080B and $1.085B, and for the full year, the company expects total revenue between $4.435B and $4.455B.
- Earlier this month, the company cut 15% of its workforce, or about 1,300 workers, as part of a restructuring strategy.
| |
 A message from CONSTANT CONTACT Communicate Seamlessly with your Customers. In today’s complex world, email marketing alone isn’t enough. You need to develop a rich customer engagement strategy to get a leg up on the competition and improve customer relations. One of the best ways to do this is to marry SMS and email marketing, using both platforms in a strategic way to communicate seamlessly with your customers. When you combine SMS and email marketing, you walk away with a simple yet robust marketing strategy. With plans starting at $9.99, you can deliver the right messages to your audience at the right times, leading to a huge return on your investment. Save 20% On 3 Months
| |
Meta Platforms announced a new product group that would focus on generative AI. The move comes as big tech companies race to incorporate artificial intelligence models and machine learning techniques into their products. More: - In a Facebook post, Meta CEO Mark Zuckerberg said the new group would combine several teams across Meta and be organized under current Chief Product Officer Chris Cox.
- Zuckerberg said the team would build creative and expressive tools that would be used inside Meta’s products.
- Meta plans to explore experiences with text, images, video, and multi-modal experiences.
In related news: - Snapchat parent Snap Inc. also unveiled a new AI chatbot powered by OpenAI’s technology.
- Snapchat’s chatbot, dubbed My AI, is available to Snapchat+ users, the company’s $3.99 a month subscription service.
| |
Altria is in talks to buy e-cigarette startup NJOY Holdings for at least $2.75B. According to sources, the Marlboro cigarette maker also plans to divest its stake in embattled e-cigarette maker Juul Labs. The deal could be announced as soon as this week. More: - The agreement includes an additional $500M earnout if certain regulatory milestones are met.
- NJOY is one of the few e-cigarette companies whose products have clearance from federal regulators.
- In 2018, Altria acquired a 35% stake in Juul Labs for $12.8B as it sought to establish an e-cigarette line as the use of traditional cigarettes declined.
- Juul has been embroiled in disputes with federal regulators and several lawsuits alleging the company targeted minors.
- Altria currently values the firm at $714M.
| |
On Tuesday, Canada banned TikTok on government-issued devices, citing privacy and security risks. The country joins a growing list of western nations, including the U.S., the U.K., and the EU, to ban the China-based social media platform on the devices of government officials and staff. More: - Some western lawmakers and officials have expressed concerns that the Chinese government could force TikTok to hand over data on its users or influence the videos they see.
- According to Apptopia, TikTok was the most downloaded app in 2022 in the U.S. and worldwide.
- Canadian Prime Minister Justin Trudeau said the government’s decision to ban TikTok could prompt businesses and individuals to reflect on the security of their data and perhaps make similar decisions.
- A TikTok spokesperson said Canada banned the app without citing any specific security concern or contacting the company with questions.
| |
According to sources, Pfizer is in early talks to buy biotech firm Seagen for more than $30B. The move, if successful, would help Pfizer make up the estimated $17B in sales the company is expected to lose when some of its patents expire by 2030. Seagen makes cancer immunotherapy treatments. The firm has a market cap of about $33B and made nearly $2B in sales last year. More: - Pfizer is valued at over $225B and generated about $100B in sales last year, thanks partly to its COVID-19 vaccine.
- The company has about $22.7B in cash.
- Last year, Pfizer acquired sickle cell drug maker Global Blood Therapeutics for more than $5B.
- The pharmaceutical giant also bought the rest of Biohaven Pharmaceutical Holdings for over $10B.
- Last year, Merck was in advanced talks to buy Seagen in a deal that valued the company at more than $40B.
- On news of the talks with Pfizer, Seagen shares closed at $178.16, up more than 10% for the day.
- Pfizer shares closed at $40.78, down more than 2%.
| |
Quick Hits - Get Gusto, the #1 payroll software according to PCMag. Set up your free account and get 25% off for the first 6 months when you run payroll by May 31, 2023. Terms apply.*
- According to a classified intelligence report, the U.S. Energy Department concluded that the COVID-19 pandemic most likely originated from a laboratory leak in China.
- Florida Gov. Ron DeSantis signed a bill on Monday that gives him control over Disney’s Reedy Creek Improvement District.
- Portfolio, the business imprint of Penguin Random House, has cut ties with Scott Adams after the “Dilbert” creator went on a racist rant against Black Americans.
- Twitter laid off more workers over the weekend, including the company’s director of product management, Esther Crawford.
- Congress plans to examine the role of U.S. private equity, venture capital, and Wall Street firms in China.
- Don’t waste weeks or months on the typical hiring process. Hire carefully vetted talent on demand with Toptal. Start your no-risk trial today.*
* This is a sponsored post.
| |
Upcoming Events - February 27 - Inside Marketing Coffee Break (Register Here)
- February 28 - Inside Startups Coffee Break (Register Here)
- March 09 - Webinar on how Jiminny leverages AI for conversation intelligence (Register Here) *
- April 18 - Human Resources Summit'23 (Register Here)
*This is a sponsored listing.
| |
 |  | Vanessa Omeokachie writes the daily Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, traveling, and exploring. 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. | |
| |
