Pfizer Pulls Plug On One Weight Loss Candidate, 23 Banks Expected To Show Resilience In Fed Stress Test, HSBC To Exit Iconic Canary Wharf HQ: Today's Top Stories

Reuters

Fed To Reveal Stress Test Results: 23 Banks Expected To Show Resilience After Sector Turmoil Earlier This Year

• The U.S. central bank will release stress test results assessing banks' capital resilience in severe economic downturn scenarios on Wednesday. Big U.S. banks are reportedly expected to demonstrate sufficient capital to withstand banking sector turmoil in Federal Reserve stress tests.
• The tests influence banks' capital planning, determining cash return to shareholders through dividends and share buybacks.
• Despite the challenging nature of the tests, analysts and executives anticipate that the 23 banks being tested will show capital levels above regulatory requirements.

Deutsche Bank Raises Concerns About Client's Missing Russian Shares

• Deutsche Bank AG DB disclosed that it could no longer guarantee full access to clients' Russian stocks, emphasizing global investors' challenges in recovering trapped investments in the country's companies.
• DB stated identifying a shortfall in the shares backing the bank's depositary receipts (DRs) allocated before the Ukraine invasion, which has been held in Russia by a different depositary bank.
• As per the bank, the shortfall is due to Moscow's decision to allow investors to convert some DRs into local stock.

 

Benzinga

Elon Musk Says SpaceX Does Not 'Really Think About' Competition, Reaffirms Bold 2023 Payload Goal

• SpaceX CEO Elon Musk expressed his perspective on competition in the sector during a discussion on Twitter Spaces with journalist and author Ashlee Vance. 
• Musk said he doesn't really think about competition but focuses on improving Starlink and its rockets. In response to Vance's question about the competitive landscape against SpaceX in 10 years, Musk emphasized that SpaceX has even launched competitor satellites without charging them extra, stating, "If competitors succeed, that's great."
• Despite his nonchalant approach to the competition, Musk expects SpaceX to deliver 80% of Earth's payload to orbit this year, a goal he first announced in March.

Amazon To Boost Investment In India After India PM Concludes US Visit

• Amazon.Com Inc AMZN shared plans to ramp up investments in India to $26 billion by 2030, adding $6.5 billion in new planned assets after CEO Andy Jassy met Prime Minister Narendra Modi in the U.S.In May, Amazon Web Services (AWS) voiced plans to invest ₹1.06 trillion ($12.9 billion) in the country by the end of 2030.
• Earlier, Amazon disclosed a $6.5 billion investment plan to boost its e-commerce business.

EV Maker Lucid Rides into EV Partnership With British Car Producer Aston Martin

• Electric vehicle maker Lucid Group Inc LCID has entered into a definitive agreement to establish a long-term strategic technology partnership with the British car manufacturer Aston Martin.
• The agreement is to integrate and supply Lucid's electric vehicle powertrain and battery systems in contracts worth more than $450 million.
• It marks the first such relationship for Lucid Group's technology arm. It will provide Aston Martin access to electric powertrain technology, engineered and manufactured by Lucid, to power future Aston Martin battery electric vehicles. 

Virgin Galactic Announces Crew Onboard For First Commercial Spaceflight

• Virgin Galactic Holdings Inc (NYSE: SPCE) has announced the crew of its first commercial spaceflight, 'Galactic 01,' with a target flight date of June 29, 2023. 
• The three-person crew from the Italian Air Force and National Research Council of Italy will board VSS Unity for a 90-minute flight to conduct a series of suborbital science experiments.
• Virgin Galactic will share a global live stream of the spaceflight on VirginGalactic.com starting at 9:00 AM MT / 11:00 AM ET on the day of the flight.

Pfizer Pulls Plug On One Weight Loss Candidate As It Prepares To Take On Novo Nordisk's Ozempic

• Pfizer Inc PFE has decided to continue the clinical development of the oral late-stage glucagon-like peptide-1 receptor agonist (GLP-1-RA) candidate, danuglipron (PF-06882961), for adults with obesity and Type 2 diabetes mellitus.
• The company plans to discontinue the clinical development of another GLP-1-RA candidate, lotiglipron (PF-07081532), due to pharmacokinetic data from Phase 1 studies and laboratory measurements of elevated transaminases (liver enzymes).

XPeng Plans To Unveil G6 Ultra Smart Coupe SUV On June 29

• Chinese electric vehicle maker XPeng Inc XPEV plans to launch the XPENG G6 Ultra Smart Coupe SUV on June 29, the company's fifth smart electric vehicle model.
• XPENG G6 is the first production model based on the company's next-generation smart electric platform architecture SEPA2.0. 
• The Guangzhou-headquartered EV maker commenced pre-sales of XPENG G6 on June 9 at RMB225,000 ($31,506). 
• In 72 hours, the vehicle received more than 25,000 orders for it, the company said in a tweet. 

 

Financial Times

HSBC Will Exit Canary Wharf, Set Up New HQ To Reduce Real Estate Costs

• HSBC Holdings, Plc HSBC looks to migrate its global headquarters to a smaller office in central London after its lease expires, joining the bandwagon of companies looking to pare retail estate presence. HSBC has had its headquarters in Canary Wharf since 2002.
• The bank looks to relocate to its new office in late 2026, zeroing in on Panorama St Paul's in the City of London.
• HSBC said the move to a smaller, more central office would help it meet its net zero commitments and allow for flexible working.

 

Bloomberg

Goldman Sachs Plans To Lay Off 125 Managing Directors Worldwide

• Goldman Sachs Group Inc GS reportedly has begun laying off managing directors globally.
• Goldman has started cutting managing directors across the globe as the firm reduces its headcount amid deals slump.
• Around 125 MDs, including some in investment banking, will lose their jobs.

Apollo Backs Wolfspeed with $2B for Expansion, Boosting US Silicon Carbide Supply

• A group of lenders led by Apollo Global Management Inc APO provides up to $2 billion to Wolfspeed Inc WOLF to support the latter's expansion in the U.S.
• The financing makes $1.25 billion of cash immediately available to the company, with another $750 million for future drawing.
• Apollo structured the financing as seven-year secured notes with a coupon of 9.875% for redemption after three years. 

JD.com to Create Autonomous Division, Blending 7Fresh Supermarkets with Digital Services

• JD.Com Inc JD plans to establish an autonomous division by integrating its 7Fresh supermarket chain with various online services.
• The Chinese e-commerce firm reportedly focuses on an "Innovative Retail" initiative that combines the 7Fresh supermarkets, the group-buying platform Pinpin, and on-demand services.
• Starting Monday, Yan Xiaobing, former chief of JD.com's international business, will helm the new unit and report directly to group CEO Sandy Xu.

 

Wall Street Journal

Tech Startup Anduril Buys Adranos To Deliver Rocket Motors For Missiles

• One of the first California-based tech startups, Anduril Industries, is buying a rocket-engine business Adranos for unspecified terms to supply rocket motors used in missiles.
• Anduril, the first tech startup company to bag attractive large-scale weapons contracts from Pentagon, already has drones deployed in Ukraine.
• The acquisition will boost the company's presence in the military market as Pentagon contractors focus on enhancing production to cater to demand following Russia's last year invasion. 

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