Top Stories Tuesday, June 20: Spotify to Launch New Expensive Subscription Plan, Chinese Vendors Bypass US Embargo to Supply Nvidia AI Chips, Eddie Wu To Succeed Daniel Zhang As Alibaba's CEO - Apple (NASDAQ:AAPL), Adobe (NASDAQ:ADBE)

Bloomberg

Spotify Technology S.A. SPOT is eying a more expensive subscription option likely to include high-fidelity audio to drive more revenue and appease investors.
Dubbed "Supremium," the new tier will be Spotify's most expensive plan and likely offer a HiFi feature it first announced it was working on in 2021.
To augment its current "Premium" tier, Spotify will offer subscribers expanded access to audiobooks through a specific number of hours free per month or a particular number of titles. There will be an option to purchase more.

Grab Holdings Inc GRAB is reportedly planning its biggest round of job cuts since the pandemic.
The company cites the economic impact of the pandemic for headcount cut and plans to reduce the workforce by 5% (or around 360 staff).
The company can disclose layoffs news as soon as this week.

Deutsche Bank AG DB has reportedly submitted a regulatory application to operate a custody service for digital assets, including cryptocurrencies.
David Lynne, the head of the bank's commercial banking unit, shared this information during a conference.
"We're building out our digital assets and custody business," David Lynne, who runs the lender's commercial banking unit, said at a conference Tuesday. "We just put our application into the Bafin for the digital asset license," he said, referring to Germany's securities regulator.

Alphabet Inc GOOG GOOGL Google is pursuing suppliers in India to assemble its Pixel smartphones, borrowing a leaf from Apple Inc's AAPL strategy.
The company has initiated early conversations with homegrown Lava International Ltd, Dixon Technologies India Ltd, and Hon Hai Precision Industry Co Ltd HNHPF Foxconn Technology Group's Indian unit Bharat FIH.
Google's potential partners have won India's production-linked financial incentives, which have boosted local manufacturing.

Reuters

China's famed Huaqiangbei electronics area in the southern Chinese city of Shenzhen shows startling revelations regarding the availability of Nvidia Corp NVDA AI chips.
The U.S. embargo has led to an underground market with vendors dodging scrutiny from either U.S. or Chinese authorities.
The SEG Plaza skyscraper's first ten floors are crammed with shops selling everything from camera parts to drones.

Danish pharmaceutical company Novo Nordisk A/S NVO announced that introducing its obesity drug Wegovy in most European countries will experience delays, and the drug is not expected to be available in developing nations for an extended period.
Jorgensen highlighted the significant challenges posed by infrastructure limitations, such as inadequate cold chain technology, in many developing countries, making it unlikely for Wegovy to become available there for a considerable period.

Benzinga

Eddie Wu To Succeed Daniel Zhang As Alibaba's CEO

A lot has been brewing at Alibaba Group Holding Limited BABA lately. The stock has been trading lower Tuesday following reports of Alibaba naming Eddie Wu, one of the company's co-founders and current Chair of Taobao and Tmall Group, succeeding Daniel Zhang as CEO, effective September 10.
Post-transition, Zhang will continue leading the Alibaba Cloud Intelligence Group as its Chair and CEO.
Alibaba co-founder Jack Ma held a small group meeting with executives from the company's e-commerce platforms, Taobao and Tmal.

Sanofi SA SNY announced that the tribunal dismissed Boehringer Ingelheim's indemnification claim against Sanofi in an International Chamber of Commerce dispute in cancer lawsuits linked to heartburn drug Zantac (ranitidine) in the U.S.
The tribunal also confirmed that Sanofi shall not be liable to indemnify Boehringer Ingelheim for any potential losses concerning the ongoing Zantac litigation in the U.S.
The company noted that, in December 2022, a U.S. federal court ruled that plaintiffs had no reliable scientific evidence that ranitidine could cause any of the plaintiffs' alleged injuries.

Hyundai Motor HYMTF unveiled a plan to invest 109.6 trillion won ($85.4 billion) over the next ten years to transform into a "smart mobility solution provider."
A significant portion of this investment, 35.8 trillion won, will be dedicated to electrification efforts to achieve annual electric vehicle sales of 2 million units by 2030.
The South Korean automaker revealed its intention to develop a second-generation dedicated EV platform for 13 models until 2030.

Airbus SE EADSY confirms the order for 500 A320 Family aircraft by Indian airline IndiGo, marking the largest single purchase deal in commercial aviation history. The financial terms were not disclosed.
This order takes the total number of Airbus aircraft on order by IndiGo to 1,330.
In early June, Reuters reported that Airbus is nearing a potentially record contract to sell 500 narrow-body A320-family jets to IndiGo.

Financial Times

European drugmaker AstraZeneca plc AZN is reportedly drafting a plan to spin off its China business, and listing a separate unit in Hong Kong is considered an option amid mounting geopolitical tensions.
The spin-off could protect AstraZeneca from tensions between China and other global powers while the company retained business control.
AstraZeneca will retain control of the business if it proceeds with the plans, though a separation might not ultimately take place.

Adobe Inc ADBE will likely face a lengthy antitrust investigation in the EU for its $20 billion deal to acquire rival Figma.
The European antitrust regulators are preparing to launch a formal investigation to analyze concerns concerning less innovation and higher prices.
The U.K. launched an initial probe into the deal in May while the U.S. Department of Justice prepares a lawsuit to block the transaction.

UBS Group AG UBS might face significant penalties for Credit Suisse's mishandling of Archegos Capital following the completion of the acquisition last week.
UBS faces hundreds of millions of dollars in penalties over Credit Suisse's mishandling of Archegos Capital after Swiss, U.S., and U.K. regulators completed their investigations into the affair.
The bank urged Switzerland's Finma, the U.S. Federal Reserve, and the U.K.'s Prudential Regulation Authority to publish their conclusions and announce any fines together at the end of July, mentioned the sources.

Photo via Wikimedia Commons

Spotify to Launch New Expensive Subscription Plan, Chinese Vendors Bypass US Embargo to Supply Nvidia AI Chips, Eddie Wu To Succeed Daniel Zhang As Alibaba's CEO: Today's Top Stories