- Big Banks Attract Billions in Deposits After Collapse of Smaller Banks. Following the recent back-to-back collapse of three smaller banks, leading US banks are experiencing a surge in deposits. JPMorgan Chase & Co. received billions of dollars in recent days, and Bank of America Corp., Citigroup Inc., and Wells Fargo & Co. are also seeing higher-than-usual volumes of deposits.*
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- Inflation Decreases to 6%, But Monthly Prices Increase. Although inflation has decreased compared to last year, the consumer prices index shows an overall increase of 0.4% in February for all goods and services. This increase is primarily driven by rising shelter costs as consumers continue to struggle with housing expenses.
- Boeing Sells 78 Dreamliner Planes to Saudi Arabian Airlines. Boeing has announced the sale of 78 of its 787 Dreamliner planes to two Saudi Arabian airlines. The demand for wide-body planes has increased in recent months, and Crown Prince Mohammad bin Salman's announcement of a new airline, Riyadh Air, has contributed to this growth.
- Uber and Lyft Shares Rise After California Court Victory. Ride-sharing apps, Uber and Lyft, can continue to classify their drivers as independent contractors after a California appeals court overturned a previous decision barring them from doing so. The decision was met with approval from drivers and couriers in the state, who will now enjoy new benefits while retaining the flexibility of app-based work.
- Novo Nordisk Cuts Insulin Prices by Up to 75%. Novo Nordisk, one of the biggest sellers of insulin globally, has announced that it will reduce the list price of its NovoLog insulin by 75% and the prices for Novolin and Levemir by 65% starting in January 2024.* The company also plans to reduce prices for its unbranded insulin products.
WHAT TO WATCH
- Amazon to Test Satellite Internet Service from 2024. Amazon plans to launch its first Project Kuiper production satellites in 2024* and start beta-testing its internet-from-space service with customers the same year. The company also showcased various prototype user terminals that future customers will use to tap into the satellite constellation.
- Blackstone to Buy Cvent in Deal Valued at $4.6 Billion. Under terms of the agreement, Cvent shareholders will receive $8.50 a share in cash, a premium of 52% to the weighted average share price over 90 days prior to Jan. 30, when media reports of a potential transaction were published. A subsidiary of the Abu Dhabi Investment Authority* will be a significant minority investor in the deal.
- Volkswagen to Invest Nearly $200 Billion in EV Development. Volkswagen has announced its intention to invest almost $200 billion over the next five years. The company will focus 68% of the investment*, or approximately $131 billion, on the development of electric vehicles and new digital technology. The focus will be on expansion in China and the U.S.
- Apollo Global to Purchase Univar for $8.1 Billion. Apollo Global, alongside the Abu Dhabi Investment Authority*, has agreed to purchase Univar for $8.1 billion, including debt. The deal includes a financing package of more than $4 billion from nine banks and values Univar at $36.15 a share.
- Meta to Cut Additional 10,000 Jobs to Improve Corporate Efficiency. Meta Platforms has announced plans to cut 10,000 more jobs as CEO Mark Zuckerberg seeks to improve corporate efficiency* in light of slower revenue growth. This comes less than six months after the social media giant announced 11,000 layoffs in November.
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