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| Here are today's top Business stories; - 🚢 MSC, the world's largest shipping company, stopped shipping via the Red Sea due to danger from militant attacks.
- 📱 China keeps banning iPhones in the workplace.
- 🖊 DocuSign could be acquired soon.
Thank you. Arbër
p/Arber | |
| 1 | | MSC, the world's largest shipping company, has stopped its shipments to the Suez Canal due to high risk. Two other shipping companies, Hapag-Lloyd and Maersk, had previously stopped their activity there. More: - Houthi militants stated last week that they would attack all ships that have any ties to Israel. Since then, there have been multiple reports of ships being attacked.
- MSC stated that it made the decision because its ship, MSC PALATIUM III, was attacked yesterday while transiting in the Red Sea.
- The company has rerouted and will now travel through the Cape of Good Hope.
- Approximately 12% of the world's trade, which includes 30% of all global containers, moves through the Suez Canal.
- The new routes that shipping companies have chosen will add an extra two weeks of travel, resulting in huge economic costs for them and a loss for Egypt, which controls the Suez Canal.
Zoom Out: - Hapag-Lloyd and Maersk have stopped transiting the Red Sea due to attacks by Iranian-backed Houthi militants from Yemen.
- Denmark-based Maersk is the world's second-largest container shipping company and moves 14.8% of the world's shipments.
- Germany-based Hapag-Lloyd moves 7% of the global fleet.
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Chinese state agencies are banning iPhones, asking their employees not to take them to work. The policy is being implemented in multiple provinces across China. More: - The policy was first implemented in 2022 after tensions between the U.S. and China had built over using each others' devices and apps.
- Former president Donald Trump had pushed for TikTok to be acquired by a U.S. company for security reasons, which ultimately failed to succeed.
- In December, this policy began being implemented in Zhejiang, Shandong, Liaoning, and central Hebei.
- Central Hebei is also the location of the world's largest iPhone manufacturing plant.
- The policy is the latest step in China's efforts to replace foreign technology with its domestic solutions, whether in software or hardware.
- The country is estimated to have spent $191B replacing foreign technology after the U.S. announced export limits.
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| 3 | | DocuSign could be potentially acquired soon, according to reports. The company's share price rose 15% following the reports. More: - Following a boost in user growth during the COVID-19 pandemic, DocuSign managed to beat revenue estimates, reporting a 9% quarterly revenue increase for the period ending on Oct. 31.
- While the company that could acquire DocuSign has not been made public, reports claim that private investment firms and large technology companies are the main suitors.
- The California-based digital signature company has a market capitalization of $11B and employs over 7,000 people.
- On Friday, the company's share price reached $64.53, a 15% increase.
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| 4 | | Delta Airlines is adding more Austin flights as demand continues to increase. The city has led the U.S. in passenger growth since 2019. More: - Delta's decision to add Austin flights comes only weeks after American Airlines announced that it would cut 21 Austin routes.
- The new flight will include routes from Texas, North Carolina, Nashville, and Cincinnati.
- The airline company aims to create 11 nonstop flights from Austin by April, meaning there will be close to 50 flights per day in peak season.
- Austin's population has grown rapidly in recent years, increasing investments from major companies such as Tesla, which made the city its new headquarters.
Zoom Out: - Austin's airport had more than 7.1 million passengers in 2022, an 11% increase from 2019.
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| 5 | | Darden Restaurants, the parent company of Olive Garden, has reported a 9.7% increase in revenue. The company also beat earnings-per-share estimates. More: - Darden Restaurants reported $1.84 in earnings per share compared to the $1.74 estimate, while its revenue stood at $2.73B.
- The company stated that the acquisition of Ruth's Chris Steakhouse helped boost its revenue and that consumer spending was robust.
- People with household incomes above $200,000 dined out more than last year, but still less than pre-COVID-19 levels.
- Following the positive results, the company has raised its outlook for the rest of the year.
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| 6 | | Activision is likely to settle a $50M+ workplace harassment lawsuit with the state of California. The settlement would be the second-largest ever for California's Civil Rights Department (CCRD). More: - In 2021, California's Civil Rights Department sued Activision over claims that the company's executives had ignored complaints of sexual harassment and discrimination.
- Out of the reported $55M settlement fee, $46.75M will be shared between the claimants, while $9.1M will be used to pay legal fees.
- By agreeing to the settlement, the CCRD has decided to withdraw the original complaint and will publically acknowledge that its investigation has not concluded any proof that there was systemic or widespread sexual harassment at Activision Blizzard.
- The CCRD will also dismiss the claim that "Activision Blizzard senior executives ignored, condoned, or tolerated a culture of systemic, harassment, retaliation, or discrimination."
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| 7 | | Quick Hits: - The Kubernetes Cookbook is your comprehensive companion equipping you with the knowledge and techniques to harness the full potential of Kubernetes.*
- Apple has settled a $25M lawsuit over the Family Sharing feature, with users being eligible for a $30 payment depending on their subscription.
- Alibaba will reduce its equity in Chinese EV maker XPeng. The company, which used to own 10%, will now own 7%.
- Frasers Group is set to acquire Matchesfashion, a British e-commerce clothing retailer.
- Savvy billionaires are hedging their portfolios with farmland. New REIT goes public, and stock price increases 12.20% in its first quarter opening.*
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 | Writer | | Arbër is an Inside analyst who has previously incubated his startup at the largest incubator in Southeastern Europe. He has collaborated with multiple major publications and holds a business degree from XAMK University in Finland. | | This newsletter was edited by Vibha Chapparike | |
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