WeWork's Journey From $47B Valuation To Possible Bankruptcy, Mastercard and Visa Reassess Ties with Binance Card, Hawaiian Electric Accused Of Jeopardizing Investigation Of Maui Wildfires: Today's Top Stories

Wall Street Journal

Struggling Office Landlord's Journey From $47B Valuation To Possible Bankruptcy: WeWork On Brink Of Collapse

• Wall Street firms, including BlackRock Inc BLK, King Street Capital, and Brigade Capital, who previously lent hundreds of millions to WeWork Inc WE, are considering the possibility of a bankruptcy filing for the company.
• The decision emerged after WeWork expressed uncertainty about its ability to continue operations.
• While the creditors have supported WeWork's filing for Chapter 11 bankruptcy, no formal proposal has been presented to the company's board.

 

Reuters

Doors Open For Elon Musk's Tesla? India Mulls Massive Cut To EV Import Taxes

• India is reportedly exploring a new electric vehicle (EV) policy that could significantly reduce import taxes for automakers willing to invest in local manufacturing after a proposal from Tesla Inc TSLA eyeing the Indian market.
• The proposed policy might permit automakers to import fully assembled EVs into India with a reduced tax rate, potentially as low as 15%.
• Currently, cars that cost over $40,000 (₹33 lakhs) incur a 100% tax, while other cars attract a tax of 70%. For example, Tesla's popular Model Y starts at $47,740 (around ₹40 lakhs) in the U.S. before tax credits.

Endangered Horseshoe Crabs Vital In Medical Research, Charles River Lab Commits To Enhanced Protection

• Charles River Laboratories International Inc CRL has joined hands with four significant entities in a pioneering move to amplify protections for the horseshoe crabs and the red knots bird species in South Carolina. 
• The agreement lays down a roadmap for five years.
• Horseshoe crabs are globally recognized for their unique milky-blue blood that plays a pivotal role in detecting bacterial contamination in intravenous drugs and medical implants. 

 

Washington Post

Power Company Hawaiian Electric Accused Of Jeopardizing Investigation Of Deadly Maui Wildfires That Killed Hundreds

• Hawaiian Electric Industries Inc HE, the power utility allegedly responsible for the catastrophic Lahaina fire, stands accused of removing key evidence from the primary fire scene, potentially hampering the official investigation.
• Citing documents notes that the company removed fallen poles, transformers, power lines, and other equipment near the Lahaina substation shortly after the fire on August 8, actions preceding the arrival of federal investigators. 

 

New York Times

Parents Beware! Tech Giants Including Google Bypass Kid Privacy Norms

• Reports flagged Google parent Alphabet Inc GOOG GOOGL for YouTube's advertising practices, alleging its potential to bypass the privacy of children watching children's videos, despite the company's assurances.
• The federal privacy law mandates parental consent before collecting personal information from users under 13 to target them with ads — a commitment YouTube complied with.

 

Benzinga

Apple Could Supercharge Data Transfer Speeds To 40Gbps With This Thunderbolt Cable For iPhone 15 Pro

• Apple Inc AAPL could supercharge data transfer speeds on the upcoming iPhone 15 Pro with a separate Thunderbolt cable.
• The iPhone 15 Pro is expected to support "at least" USB 3.2 technology. A new rumor says that Apple could offer a USB 4.0 or Thunderbolt cable capable of achieving data transfer speeds of up to 40Gbps.

Hollywood Strike Impact - Warner Bros. 'Dune: Part Two' Among Major Delays

• The Hollywood actors' strike has led Warner Bros. Discovery, Inc WBD to postpone the release of the highly anticipated "Dune: Part Two" from November to March 15, 2024. 
• The rescheduling poses challenges for cinema chains like AMC Entertainment Holdings Inc AMC, Cineplex, and Cinemark Holdings Inc CNK, who were banking on the film's release to boost their post-pandemic recovery. 

Viasat Faces Another Satellite Malfunction Within A Month: What's Going On?

• Viasat Inc VSAT reports the malfunctioning of its Inmarsat-6 F2 (I6 F2) satellite, launched on February 18, 2023.
• The company reported that the satellite suffered a power subsystem anomaly during its orbit-raising phase.
• Airbus SE EADSY termed this anomaly as an unprecedented event and said that none of its geostationary telecommunication satellites have ever suffered a failure in orbit.

Lockheed Martin's Sikorsky Hits Jackpot With $2.7B US Navy Deal: Largest Order Ever For CH-53K Helicopters

• The U.S. Navy awarded Sikorsky, a Lockheed Martin Corp LMT company, a $2.7 billion contract to build and deliver 35 additional CH-53K helicopters.
• The order is the largest procurement to date for this multi-mission aircraft.
• Sikorsky will begin delivering these aircraft in 2026.

Cheers To No Cheers: Heineken Closes Russian Operations, Takes €300M Loss

• Heineken NV HEINY closed the sale of its Russian operations to Arnest Group. The company initiated the deal to exit Russia in March 2022, halting new investments and exports to the country.
• The company sold the Russian business for €1 and will transfer all remaining assets, including seven breweries, to the new owners.

Novo Nordisk's Weight Loss Treatment Shows Benefit In Patients With Most Common Type Of Heart Failure

• Novo Nordisk A/S NVO announced results from the phase 3 STEP HFpEF trial of once-weekly semaglutide 2.4 mg in adults with heart failure with preserved ejection fraction (HFpEF).
• The mean change in body weight was 13.3% reduction with semaglutide 2.4 mg vs. 2.6% reduction with placebo, leading to an estimated treatment difference of 10.7% weight reduction.

General Motors' Ultium Cells Agrees To Boost Wages At Its Ohio Battery Plant

• General Motors Company GM JV-owned Ultium Cells has agreed to immediately raise wages by $3 to $4 an hour at its battery plant in Ohio.
• Ultium Cells is a joint venture between General Motors and LG Energy Solution.
• Ultium workers will vote on whether to ratify the interim deal in the coming days. 

Burned By Delay: Whirlpool Settles For Millions Over Hazardous Cooktops

• Whirlpool Corporation WHR has agreed to pay $11.5 million in civil penalty to settle U.S. Consumer Product Safety Commission (CPSC) charges.
• The company was accused of failing to immediately report to CPSC about the defect of its glass cooktops, posing burn and fire hazards.

 

Bloomberg

Binance Card Holders Brace for Impact as Mastercard and Visa Reassess Ties

• Mastercard Inc MA and Visa Inc V are reevaluating their ties with Binance Holdings as the latter navigates regulatory headwinds across multiple jurisdictions.
• Previously enthusiastic about collaborating with Binance, a renowned cryptocurrency platform, these payment behemoths have begun adopting a more cautious approach.

 

TechCrunch

No App For Low-End Android Devices - Meta Pulls the Plug on Messenger Lite

• Meta Platforms Inc META has officially discontinued the stripped-back version of its messaging app, Messenger Lite. By September 18, the app will become completely inaccessible to its existing users.
• The transition began on August 21, with Android users of Messenger Lite being redirected to the full-fledged Messenger or FB Lite to continue their chats.

 

Earnings

The Declining Trend: Gap Forecasts Gloomy Sales, Despite Beating Q2 EPS Estimates

• Gap Inc GPS reported a second-quarter FY23 sales decline of 8% year-on-year to $3.55 billion, missing the analyst consensus of $3.57 billion.
• Adjusted EPS of $0.34 beat the analyst consensus of $0.09. 
• Outlook: Gap expects Q3 net sales to decrease in the low-double-digit range compared to last year's net sales of $4.04 billion.

Why Athletic-Inspired Fashion Retailer Hibbett's Shares Are Gaining Today

• Hibbett Inc HIBB reported a second-quarter FY23 sales decline of 4.6% year-on-year to $374.88 million, missing the analyst consensus of $376.11 million.
• EPS of $0.85 beat the analyst consensus of $0.73.
• Outlook: Hibbett continues to expect FY24 sales to be flat to up 2%, with EPS of $7.00 - $7.75 versus the consensus of $7.18.