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In a significant strategic move, Toyota Motor Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) has announced plans to repurchase ¥806.8 billion ($5.2 billion) of its shares from key Japanese banks and insurers. The move is part of a broader strategy to untangle its shareholdings with financial partners.
What Happened: The shares will be bought back from Mitsubishi UFJ Financial Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MUFG#NYSE">MUFG</a>), Sumitomo Mitsui Financial Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMFG#NYSE">SMFG</a>), Tokio Marine Holdings Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TKOMY#OTC">TKOMY</a>), and MS&amp;AD Insurance Group Holdings Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MSADY#OTC">MSADY</a>) at ¥2,781 each, an 11% discount to their closing price on Tuesday, Bloomberg <a href="https://www.benzinga.com/markets/equities/24/06/39228602/japanese-mega-banks-plan-8-5b-toyota-stake-sale-report">reported</a> on Tuesday.
This move is part of a ¥1 trillion ($6.4 billion) repurchase plan announced by Toyota in May, aimed at satisfying the Japanese government&#8217;s push for large corporations to unwind cross-held shareholdings. The deal could potentially trigger a broader wave of looser equity ties in Japan.
Why It Matters: This strategic move is a response to the<a href="https://www.benzinga.com/markets/equities/24/06/39228602/japanese-mega-banks-plan-8-5b-toyota-stake-sale-report"> Japanese government&#8217;s push</a> for corporations to dismantle their extensive network of cross-held shares. Toyota&#8217;s share buyback initiative, announced in May, is a significant increase from previous repurchases.
Toyota&#8217;s shares have climbed 26% this year, following a 43% rally in 2023. The banks and insurers plan to divest their Toyota shareholdings over a few years, significantly reducing their stakes or divesting them entirely.
See Also: <a href="https://www.benzinga.com/markets/equities/24/07/39871513/trump-pours-cold-water-on-industry-tesla-falls-ahead-of-earnings-week-fords-step-back-in-ev-plan?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Pours Cold Water On Industry, Tesla Falls Ahead Of Earnings Week, Ford&#8217;s Step-back In EV Plans And More: Biggest EV Stories Of The Week</a>
Recently, Toyota has announced that its internal investigation into car model certification applications has not uncovered any further <a href="https://www.benzinga.com/news/24/07/39640788/toyota-says-it-has-not-found-any-further-wrongdoing-in-certification-applications-beyond-those-repor">instances of misconduct</a>, beyond those previously reported. This investigation was initiated in response to an industry-wide directive from the Japanese transport ministry, following a safety test scandal at Toyota's Daihatsu compact car unit.
Furthermore, Toyota&#8217;s electric vehicle (EV) sales <a href="https://www.benzinga.com/markets/penny-stocks/24/07/39671005/toyota-has-finally-hit-the-accelerator-on-its-ev-journey">quadrupled in the second quarter,</a> with the company selling almost 250,000 hybrid and electric models. This represents a year-over-year rise of 63%, representing almost 40% of the group&#8217;s total volume. EVs and PHEVs are undoubtedly Toyota's fastest-growing segment.
Price Action: Toyota Motor stock closed at $200.14 on Monday, according to<a href="https://pro.benzinga.com"> Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/07/39878361/tesla-ceo-elon-musk-clarifies-he-has-literally-zero-business-interests-in-russia-slams-podcast-host?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla CEO Elon Musk Clarifies He Has &#8216;Literally Zero&#8217; Business Interests In Russia, Slams Podcast Host Sam Harris: &#8216;Pompous Hypocrite…&#8217;</a></li>
</ul>
Photo by josefkubes on Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Asia

News

Buybacks

Global

Markets

General

MSADY

MUFG

SMFG

TKOMY

Toyota Announces $5.2B Share Buyback From Japanese Banks And Insurers

Baird analyst Matthew Krueger initiates coverage on AZZ (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AZZ#NYSE">AZZ</a>) with a Neutral rating and announces Price Target of $90.

Price Target

Initiation

Analyst Ratings

Baird Initiates Coverage On AZZ with Neutral Rating, Announces Price Target of $90

Baird analyst Rob Oliver initiates coverage on Vertex (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VERX#NASDAQ">VERX</a>) with a Outperform rating and announces Price Target of $43.

VERX

Baird Initiates Coverage On Vertex with Outperform Rating, Announces Price Target of $43

EV giant Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) has started rolling out <a href="https://www.benzinga.com/news/24/07/39855931/elon-musk-says-tesla-will-deploy-fsd-in-cybertrucks-with-version-12-5-stays-mum-on-fresh-timeline-af">version 12.5 of its full self-driving (FSD)</a> driver assistance software to select drivers but it doesn&#8217;t allow drivers to wear sunglasses still.
What Happened: While the newly rolled-out version is yet to allow users to wear sunglasses or enable complete hands-off driving on highways, those features will be deployed in future versions of the software, a senior Tesla executive confirmed on X. 
&#8220;End-to-end on the highway is coming in follow-up 12.5.x releases. So is driver monitoring support for sun glasses,&#8221; Ashok Elluswamy wrote. Elluswamy is Tesla's Director of Autopilot software. 
FSD currently does not work well with sunglasses as its attention monitoring system tracks eye movements to ensure users are paying attention to the road and are ready to take over as required.
However, the issue should be solved with version 12.5 of the software, <a href="https://www.benzinga.com/news/24/07/39877043/tesla-fsd-to-allow-users-to-wear-sunglasses-starting-with-version-12-5-elon-musk-tells-quake-video-g">Musk told video game developer</a> John Carmack on Saturday.
Tesla did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga&#8217;s</a> request for comment.
Why It Matters:&nbsp;Tesla is attempting to improve its FSD software to enable vehicles to operate without human intervention. However, it presently requires active driver supervision.
In May, Musk said that&nbsp;<a href="https://www.benzinga.com/news/24/07/39855931/elon-musk-says-tesla-will-deploy-fsd-in-cybertrucks-with-version-12-5-stays-mum-on-fresh-timeline-af" target="_blank" rel="noreferrer noopener">version 12.5 of FSD</a> will start rolling out in late June. However, there seems to have been a delay with the software rolling out to select Tesla drivers only on Monday. 
While many Tesla customers are on version 12.4 of the software, some are on further older versions.
Musk has previously also said that the company will start deploying FSD on its&nbsp;<a href="https://www.benzinga.com/news/24/07/39808526/cybertruck-curiosity-grips-tesla-shareholders-as-elon-musk-led-ev-giant-starts-taking-questions-for" target="_blank" rel="noreferrer noopener">Cybertruck vehicles&nbsp;</a>with version 12.5. It is unclear if any Cybertruck drivers have gotten access as of today. 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
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<li><a href="https://www.benzinga.com/news/24/07/39899497/spacex-bags-113m-nasa-contract-to-launch-satellite-system-for-monitoring-earths-environment">SpaceX Bags $113M NASA Contract To Launch Satellite System For Monitoring Earth&#8217;s Environment</a></li>
</ul>
Photo courtesy: Shutterstock

Tech

TSLA

Tesla's FSD Version 12.5 Doesn't Support Sunglasses Yet, Contrary To Elon Musk's Word

Piper Sandler analyst Arvind Ramnani maintains Globant (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLOB#NYSE">GLOB</a>) with a Overweight and maintains $238 price target.

GLOB

Piper Sandler Maintains Overweight on Globant, Maintains $238 Price Target

In a recent development, Warner Bros Discovery&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) sports network, TNT Sports, has declared its intention to match one of the three bids for the broadcast rights of National Basketball Association games. 
What Happened: The decision is aimed at maintaining TNT Sports&#8217; long-standing four-decade relationship with the NBA. While the network has not disclosed which NBA programming package it plans to match, a source close to the matter has revealed that TNT Sports is considering matching Amazon Prime Video&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) $1.9 billion per season bid for an 11-year contract, Reuters reported on Tuesday. 
Upon being informed about the finalized deals by the league, Warner&#8217;s sports unit was given a five-day window to decide whether to match one of the bids. 
See Also: <a href="https://www.benzinga.com/markets/24/07/39877083/elon-musk-may-have-endorsed-trump-but-tesla-would-have-done-even-worse-without-bidens-7-5k-ev-tax-cr?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk May Have Endorsed Trump, But Tesla Would Have Done &#8216;Even Worse&#8217; Without Biden&#8217;s $7.5K EV Tax Credit, Says Fund Manager</a>
&#8220;We have reviewed the offers and matched one of them,&#8221; TNT stated. 
&#8220;This will allow fans to keep enjoying our unparalleled coverage.&#8221;
Why It Matters: This move comes on the heels of the <a href="https://www.benzinga.com/general/entertainment/24/07/39733479/nba-fans-rejoice-new-76b-deal-from-espn-amazon-nbc-will-bring-games-seven-days-a-week">NBA finalizing agreements</a> with Walt Disney&#8217;s (DIS.N) ESPN, Comcast&#8217;s (CMCSA.O) NBCUniversal, and Amazon. These deals, collectively valued at $76 billion, are set to commence post the 2024-25 season. 
However, this decision might lead to legal complications if the <a href="https://www.benzinga.com/news/24/05/38768312/warner-bros-discovery-eyes-turnaround-with-upcoming-disney-bundle-and-nba-deal-analysts-say">NBA rejects the matching bid</a>. It could also potentially harm WBD&#8217;s standing among other sports leagues, as per Emarketer senior analyst Ross Benes. This comes at a time when Warner Bros. Discovery is eyeing a turnaround with its upcoming Disney+ Bundle and NBA deal.
Price Action: During Tuesday&#8217;s pre-market, Warner Bros. Discovery was trading 1.38% lower than its Monday close of $8.480 while Amazon was trading 0.32% lower than its previous close of $182.90, according to <a href="https://pro.benzinga.com">Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39877645/mohamed-el-erian-on-bidens-withdrawal-from-presidential-race-there-is-genuine-uncer?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mohamed El-Erian On Biden&#8217;s Withdrawal From Presidential Race: &#8216;There Is Genuine Uncertainty On How Markets Will &#8211; And Should- React To The News&#8217;</a></li>
</ul>
NBA by Shaheerrr via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Sports

AMZN

Warner Bros Discovery's TNT Sports Counters Amazon With $1.9B NBA Broadcast Rights Bid: Report

Piper Sandler analyst Brent Bracelin reiterates Microsoft (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) with a Overweight and raises the price target from $465 to $485.

Reiteration

MSFT

Piper Sandler Reiterates Overweight on Microsoft, Raises Price Target to $485

Tesla Inc. CEO Elon Musk refuted claims of <a href="https://www.benzinga.com/news/24/07/39784950/elon-musk-to-pour-45m-monthly-in-pro-trump-super-pac-joined-by-palantirs-joe-lonsdale-winklevoss-twi">donating $45 million monthly</a> to former President Donald Trump&#8216;s campaign. The billionaire revealed the true purpose of his political action committee (PAC.)
What Happened: In an interview with psychologist and conservative commentator Dr. Jordan Peterson, Musk clarified that the media&#8217;s reports were inaccurate. He stated that he was not donating $45 million monthly to Trump. Instead, he has established a PAC, &#8220;The America PAC.&#8221;
Musk explained that a PAC is a legal entity that can receive funding and use it to support political campaigns. This differs from direct donations to candidates, which have specific limits. The PAC system allows for more money to flow into the political system than would otherwise be possible.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">My conversation with <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a>. Live today at 3pm ET. <a href="https://t.co/RyaZFmvC8i">https://t.co/RyaZFmvC8i</a>
&mdash; Dr Jordan B Peterson (@jordanbpeterson) <a href="https://twitter.com/jordanbpeterson/status/1815427698703090085?ref_src=twsrc%5Etfw">July 22, 2024</a></blockquote>
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He added that these PACs and Super PACs are used on both the Democratic and Republican sides, creating an open playing field.
&#8220;The intent is to promote the principles that made America great in the first place, so I wouldn&#8217;t say that I&#8217;m, say, for example, &#8216;MAGA&#8217; of &#8216;Make America Great Again.&#8217; I think America is great; I&#8217;m more &#8216;MAG&#8217;—Make America Greater,&#8221; Musk said.
See Also: <a href="https://www.benzinga.com/news/24/07/39880470/elon-musk-pushes-back-optimus-timeline-says-teslas-humanoid-robot-will-hopefully-be-available-for-ot?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Pushes Back Optimus Timeline, Says Tesla&#8217;s Humanoid Robot Will &#8216;Hopefully&#8217; Be Available For Other Companies By 2026</a>
Key principles include promoting a meritocracy, where success is based on hard work and skill, rather than nepotism or dynasties, according to Musk. Another principle is promoting freedom and minimizing government intervention.
Why It Matters: The controversy began when <a href="https://www.benzinga.com/news/24/07/39784950/elon-musk-to-pour-45m-monthly-in-pro-trump-super-pac-joined-by-palantirs-joe-lonsdale-winklevoss-twi">reports surfaced last week</a> claiming that Musk was committing $45 million monthly to a pro-Trump Super PAC. This report was met with skepticism and led Musk to respond with a &#8220;Fake Gnus&#8221; post on social media, indicating his disapproval of the misinformation.
Adding to the complexity, Musk had previously revealed that <a href="https://www.benzinga.com/news/24/06/39325921/elon-musk-reveals-donald-trumps-surprising-stance-on-evs-says-former-president-is-huge-fan-of-the-te">Trump was a fan</a> of Tesla&#8217;s Cybertruck, despite his public criticism of the electric vehicle industry. This revelation came during Tesla's annual meeting, where Musk mentioned that Trump frequently called him, though the reasons for these calls were unclear.
The situation took another turn when it was reported that Musk had pledged a significant <a href="https://www.benzinga.com/news/24/07/39872015/teslas-elon-musk-recently-pledged-a-huge-donation-to-donald-trump-and-the-ex-president-returned-the">$180 million donation</a> to Trump's campaign. However, Trump's speech at the Republican National Convention criticized the EV industry, leading to accusations of betrayal.
Further complicating matters, Gov.&nbsp;Gavin Newsom&nbsp;(D-Calif.) took a jab at Musk referencing a 2022 post by Trump that suggested Musk had sought his <a href="https://www.benzinga.com/markets/equities/24/07/39815808/elon-musk-claps-back-after-gavin-newsom-shares-donald-trumps-drop-to-your-knees-and-beg-post-abo">assistance for subsidized projects</a>. Newsom's post came after Musk relocated the headquarters of two of his companies from California to Texas.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39846836/california-ev-subsidies-made-tesla-what-it-is-but-elon-musk-is-ready-to-cut-them-off-remove-subsidie?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">California EV Subsidies Made Tesla What It Is, But Elon Musk Is Ready To Cut Them Off: &#8216;Remove Subsidies From All Industries&#8217;</a></li>
</ul>
Image Via Flickr 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Politics

Elon Musk Denies $45M Monthly Donation To Trump, Clarifies True Purpose Of 'The America PAC' In Interview With Jordan Peterson

<a href="https://www.bloomberg.com/news/articles/2024-07-23/apple-and-micron-leaders-visit-china-as-us-ramps-up-chip-curbs" title="https://www.bloomberg.com/news/articles/2024-07-23/apple-and-micron-leaders-visit-china-as-us-ramps-up-chip-curbs">https://www.bloomberg.com/news/articles/2024-07-23/apple-and-micron-leaders-visit-china-as-us-ramps-up-chip-curbs</a>

AAPL

Bloomberg Reported Apple COO Jeff Williams And Micron President Sanjay Mehrotra Visit Beijing Amid US Tech Curbs

Popular workplace messaging app Slack, owned by Salesforce Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) has introduced a new set of widgets for its iPhone app.
What Happened: The new widgets, three for the iPhone&#8217;s home screen and one for the lock screen, are designed to improve the accessibility of the Slack app. The lock screen widget enables users to access the Slack app directly after unlocking their devices.
The home screen widgets include &#8220;Catch Up,&#8221; which offers a quick summary of unread messages and mentions without the need to open the app. It directs users straight&nbsp;to that section of the&nbsp;Slack app, allowing them to quickly navigate through missed conversations.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/07/39872729/nvidias-potential-50-trillion-valuation-tesla-and-xais-ai-expansion-plans-and-microsofts-trillion-do?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia&#8217;s Potential $50 Trillion Valuation, Tesla And xAI&#8217;s AI Expansion Plans, And Microsoft&#8217;s Trillion-Dollar Tech: This Week In Artificial Intelligence</a>
The other two homescreen widgets&nbsp;streamline Slack status updates. The smaller &#8220;Status&#8221; widget guides users&nbsp;to that section of the&nbsp;Slack iOS app, while a&nbsp;larger version provides the same functionality with three preset status options: one-hour &#8220;Focus&#8221; and &#8220;Lunch&#8221; statuses, and a half-hour &#8220;Take a break&#8221; status. 
However, these preset options are not customizable right now.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Three &#x33;&#x20e3;new Slack iOS widgets are here to make your workday a whole lot easier. &#x1f44f; Add the Catch Up widget, Status widget, and Slack Launcher widget to your device and stay in the know on the go. <a href="https://t.co/bEak0coGZK">pic.twitter.com/bEak0coGZK</a>
&mdash; Slack (@SlackHQ) <a href="https://twitter.com/SlackHQ/status/1815379785058533774?ref_src=twsrc%5Etfw">July 22, 2024</a></blockquote>
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Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Earlier this year, it was reported that some companies use artificial intelligence to <a href="https://www.benzinga.com/news/24/02/37053808/from-slack-to-surveillance-heres-how-companies-monitor-your-communications-with-ai">monitor employee communications on platforms</a> like Slack. The idea behind this is to have a digital eye on employee interactions.
In May, Salesforce, the parent company of Slack, reported its <a href="https://www.benzinga.com/news/earnings/24/05/39073628/salesforce-stock-dives-on-q1-earnings-revenue-miss-eps-beat-weak-guidance-and-more">reported first-quarter revenue</a> of $9.13 billion, falling short of the consensus estimate of $9.147 billion. This represented an 11% increase compared to the same period last year, according to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/24/07/39830453/days-after-elon-musk-deemed-university-of-tokyos-idea-pointless-scientists-develop-smiling-robot-wit?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Days After Elon Musk Deemed University Of Tokyo&#8217;s Idea &#8216;Pointless,&#8217; Scientists Develop Smiling Robot With Living Skin</a>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo courtesy: Unsplash

Slack Introduces New iPhone Widgets To Improve Accessibility And Make Workday Easier

An unconditional monthly $1,000 cash payment to low-income groups increased their ability to meet basic needs and support others, according to the final results from the Universal Basic Income study sponsored by the<a href="https://www.benzinga.com/markets/equities/24/07/39856365/openai-in-talks-with-broadcom-to-develop-new-ai-chip-aims-to-reduce-reliance-on-nvidia-report"> Sam Altman-led OpenAI project</a>, OpenResearch, published on Sunday.
The three-year study delved into the impact on a series of employment outcomes in a group of 1,000 low-income individuals, who were paid $1,000 per month unconditionally. A control group of 2,000 participants received $50 per month. The experiment was carried out in the states of Texas and Illinois.
Impact On Employment: By the end of the three-year period, it was <a href="https://www.openresearchlab.org/findings">found </a>that employment rates rose from 58% at the start to 72% among recipients. The transfer, however, caused total individual income to fall by about $1,500 per year relative to the control group, excluding the transfers. 
The labor market participation fell by 2% points for participants and labor hours were reduced by 1.3-1.4 hours per week. Participants' partners reduced their hours worked by a comparable amount.
The study found that the transfer led to the largest increase in time spent on leisure but smaller increases in time spent on other activities such as transportation and finances. &#8220;Overall, our results suggest a moderate labor supply effect that does not appear offset by other productive activities,&#8221; study authors, who include OpenResearch personnel, and academicians, said.
&#8220;Cash can increase people's agency to make employment decisions that align with their individual circumstances, goals, and values. Recipients were more likely to be searching for a job, but they were more selective,&#8221; they said.&#8217;
A testimonial statement by a study participant named Jessie said, &#8220;Because of the [cash transfer] and being able to build up my savings, I&#8217;m in a position for once to be picky…I don&#8217;t have to take a crappy job just because I need income right now. I have the opportunity to hold out and try and find the right fit.&#8221;
See Also: <a href="https://www.benzinga.com/money/best-artificial-intelligence-stocks">Best Artificial Intelligence Stocks</a>
Health: The study found that unconditional cash transfers increased recipients&#8217; use of hospital and emergency department care and some types of office-based medical care, particularly dental and specialist care. Notable improvements were observed in stress, mental distress, and food security in the first year of the year study but the positive impact faded out during the later years of the study. 
Study participants reported decreased problematic alcohol use and some types of illicit drug abuse. &#8220;Although we find no significant effects on measures of physical health, self-reported access to health care, or on health-promoting behaviors such as exercise or sleep, the increased utilization of medical care may lead to long-term health benefits,&#8221; the researchers said.
Spending: Recipients were found increasing their spending by $310 per month. On average, recipients increased their monthly spending on food by $67, rent by $52 and transportation by $50. Cash provided the flexibility to meet diverse needs, and to support others.
Why It&#8217;s Important: Altman pledged financial support to the project in 2016 just after OpenAI was set up. The OpenAI co-founder, who was running Y Combinator, explained the logic of the study in a blog on the startup incubator&#8217;s website at that time. 
&#8220;I'm fairly confident that at some point in the future, as <a href="https://www.benzinga.com/general/24/05/39044740/probably-none-of-us-will-have-a-job-elon-musk-predicts-massive-job-losses-due-to-ai">technology continues to eliminate traditional jobs and massive new wealth gets created</a>, we're going to see some version of this at a national scale,&#8221; he said. The entrepreneur said the study would answer several questions, including &#8220;Do people sit around and play video games, or do they create new things? Are people happy and fulfilled? Do people, without the fear of not being able to eat, accomplish far more and benefit society far more? And do recipients, on the whole, create more economic value than they receive?&#8221;
Other tech leaders such as Tesla&#8217;s Elon Musk, Block Inc.&#8217;s Jack Dorsey and Salesforce&#8217;s Marc Benioff, have also backed &#8220;cash payments with no strings attached as a potential antidote to the negative effects of technology automating people's occupations,&#8221; Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-07-22/ubi-study-backed-by-openai-s-sam-altman-bolsters-support-for-basic-income">said</a> in a report. The report also noted a sharp increase in local basic-income pilots in 2020 that aimed to &#8220;use cash as a tool for economic and racial justice, and test its potential to bolster the social safety net.&#8221;
However, detractors and opponents fear that recipients will take the money and drop out of the labor force or use the money on vices. it added.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/05/27339602/cathie-wood-has-cure-for-sagging-gdp-growth-sees-this-technology-accelerating-annua">Cathie Wood Sees This Technology Accelerating GDP Growth To 50% Per Year</a></li>
</ul>
Photo via Shutterstock

Government

Education

Health Care

Sam Altman Stands Vindicated? OpenAI-Sponsored 'No-Strings Payment' Study Quells Fears About Misuse Of Money, Making Strong Case For Universal Basic Income When AI Makes Jobs Obsolete

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk has once again stirred controversy <a href="https://www.benzinga.com/news/24/07/39876926/elon-musk-says-its-high-time-for-an-ai-fashion-show-shares-video-of-mark-zuckerberg-in-a-reptile-sui">with his social media activity</a>, and this time it could have implications for his company&#8217;s business in China.
What Happened: On Monday, Musk posted a video on X that featured a parody of an AI fashion show. The video included Musk, Bill Gates, and other prominent figures, as well as a brief appearance by Chinese leader Xi Jinping.
In the video, Xi is seen wearing a robe with a cartoon bear that resembles Winnie the Pooh, a character that has been used to mock the Chinese leader for over a decade. In 2013, Xi was the subject of memes comparing him to Pooh after a photo surfaced of him walking next to then-President Barack Obama, whom people likened to Tigger.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">High time for an AI fashion show <a href="https://t.co/ra6cHQ4AAu">pic.twitter.com/ra6cHQ4AAu</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1815187468691316946?ref_src=twsrc%5Etfw">July 22, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The use of this character is a sensitive issue in China and has previously led to international incidents, such as the blocking of HBO after an episode of John Oliver&#8216;s show made fun of Xi&#8217;s alleged sensitivity to the character, <a href="https://www.businessinsider.com/elon-musk-xi-jinping-red-line-winnie-pooh-video-tweet-2024-7?_gl=1&#x2A;1topllz&#x2A;_ga&#x2A;NTg5OTA1MDc2LjE3MTI4ODMyNTA.&#x2A;_ga_E21CV80ZCZ&#x2A;MTcyMTcxMTc5OC4yMDEuMS4xNzIxNzExODA1LjUzLjAuM">reported</a> Business Insider.
China is a crucial market for Musk&#8217;s company, accounting for 22% of its total revenue in 2023. Musk has been actively expanding Tesla&#8217;s operations in China, including a deal to roll out autonomous driving software in the country.
However, Musk, who is outspoken on <a href="https://www.benzinga.com/news/24/04/38135953/elon-musk-hit-with-obstruction-of-justice-inquiry-after-he-calls-for-impeachment-of-brazils-top-judg">free speech issues</a>, often takes public risks. For example, he swore at advertisers during a conference, accusing them of <a href="https://www.benzinga.com/news/24/01/36483004/elon-musk-wages-war-gets-no-push-back-iger-cant-be-throwing-f-bombs-back">trying to blackmail him</a>.
See Also: <a href="https://www.benzinga.com/news/24/07/39880470/elon-musk-pushes-back-optimus-timeline-says-teslas-humanoid-robot-will-hopefully-be-available-for-ot?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Pushes Back Optimus Timeline, Says Tesla&#8217;s Humanoid Robot Will &#8216;Hopefully&#8217; Be Available For Other Companies By 2026</a>
Despite the potential risks, Musk has a history of taking public stands on issues such as free speech, and it remains to be seen how this latest incident will affect Tesla&#8217;s business in China.
Tesla did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
Why It Matters: Musk&#8217;s recent post is not an isolated incident. Over the weekend, Musk shared an AI-generated video featuring global figures like Mark Zuckerberg in a reptilian skin suit, <a href="https://www.benzinga.com/news/24/07/39876926/elon-musk-says-its-high-time-for-an-ai-fashion-show-shares-video-of-mark-zuckerberg-in-a-reptile-sui">poking fun at conspiracy theories</a>. This video was part of an AI fashion show created by the YouTube channel "Interdimensional TV." 
Moreover, Tesla&#8217;s future in China is already under scrutiny. Analysts have <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39805672/will-tesla-robotaxis-be-allowed-in-china-analyst-says-highly-unlikely-investors-sho">raised concerns about the feasibility</a> of Tesla&#8217;s robotaxi technology in China due to national security risks. Morgan Stanley analyst Adam Jonas recently reiterated an Overweight rating on Tesla but noted significant uncertainties regarding its operations in China.
Tesla is also facing internal challenges in China. The company has been cutting jobs in the country amid increasing <a href="https://www.benzinga.com/news/large-cap/24/05/38733432/tesla-cuts-more-jobs-in-china-as-competition-heats-up">competition in the electric vehicle market</a>. Recent layoffs have affected various departments at Tesla&#8217;s Shanghai plant, which is responsible for over half of the company&#8217;s global production.
Meanwhile, Tesla is preparing to report its <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39892255/tesla-q2-earnings-preview-analyst-estimates-key-items-to-watch-can-major-turning-po">second-quarter financial results</a>. Analysts expect Tesla to report second-quarter revenue of $24.93 billion, according to data&nbsp;<a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent072224&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">from Benzinga Pro.</a>
Price Action: Tesla stock closed at $251.51, up 5.15% on Monday. In after-hours trading, the stock increased slightly 0.04%. Year to date, Tesla&#8217;s stock has risen 1.24%, according to data <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent072224&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">from Benzinga Pro.</a>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39870321/tesla-ceo-elon-musk-blasts-satya-nadella-after-microsoft-crowdstrike-issue-takes-down-millions-of-co?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla CEO Elon Musk Blasts Satya Nadella After Microsoft-CrowdStrike Issue Takes Down Millions Of Computers Globally: &#8216;This Gave A Seizure To The Automotive Supply Chain&#8217;</a></li>
</ul>
Photo courtesy: Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Equities

Elon Musk Posts AI Video Featuring Xi Jinping With Controversial Winnie The Pooh Reference: Will it Harm Tesla's Business In China?

Pfizer/GSK Owned ViiV Healthcare Announces Data For Dovato Which Is As Effective As 3-Drug Regimen Of Gilead's Biktarvy For Maintenance Therapy Of HIV-1

Earnings

KB Financial Q2 Profit Attributable To Controlling Interests WON1,710.8B (+65.1% QoQ); Net Interest Income WON3,206.2B (+1.7% QoQ)

MAIA Biotechnology, Inc., (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAIA#NYSE">MAIA</a>)&nbsp;(&quot;MAIA&quot;, the &quot;Company&quot;), a clinical-stage biopharmaceutical company developing targeted immunotherapies for cancer, today announces positive treatment updates from its Phase 2 clinical trial, THIO-101, evaluating THIO sequenced with the immune checkpoint inhibitor (CPI) cemiplimab (Libtayo&reg;) in patients with advanced non-small cell lung cancer (NSCLC) who failed two or more standard-of-care therapy regimens.
The trial&#39;s therapeutic regimen is cycled every 3 weeks, with THIO 180mg administered in 60mg incremental doses on days 1, 2 and 3, followed by immune activation on day 4 (no dosing), and cemiplimab 350mg administered on day 5. As of the latest clinical cutoff date, June 12, 2024:
<ul>
<li>6 patients remain on treatment following at least 12 months of therapy.</li>
<li>Treatment with THIO followed by cemiplimab has been well tolerated throughout the trial, with much lower toxicity compared to standard-of care treatments.</li>
<li>Continuing treatment past 12 months demonstrates safety, efficacy and ongoing benefit from MAIA&#39;s novel telomere targeting NSCLC therapy.</li>
</ul>
&quot;Our longest treated patient so far has completed 21 cycles of THIO sequenced with a CPI, and 6 patients who have crossed the 12-month survival follow-up are continuing the treatment,&quot; said Vlad Vitoc, M.D., Chairman and Chief Executive Officer of MAIA. &quot;With current therapies, second-line patients&#39; treatment duration is usually around 3-4 months1&nbsp;and third-line is even lower than that. It is very encouraging to see that our patients can remain on treatment for much longer. The ongoing benefits of THIO in longer-term patients are particularly notable, signifying THIO&#39;s potential as a durable and efficacious treatment for advanced NSCLC patients faced with limited options.&quot;
<ol>
<li><a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.sciencedirect.com%2Fscience%2Farticle%2Fpii%2FS0169500217304373&amp;esheet=54097974&amp;newsitemid=20240723808500&amp;lan=en-US&amp;anchor=https%3A%2F%2Fwww.sciencedirect.com%2Fscience%2Farticle%2Fpii%2FS0169500217304373&amp;index=1&amp;md5=b49864acdcc39be65cbb0686e24c0b97">https://www.sciencedirect.com/science/article/pii/S0169500217304373</a></li>
</ol>
About THIO
THIO (6-thio-dG or 6-thio-2&#39;-deoxyguanosine) is a first-in-class investigational telomere-targeting agent currently in clinical development to evaluate its activity in Non-Small Cell Lung Cancer (NSCLC). Telomeres, along with the enzyme telomerase, play a fundamental role in the survival of cancer cells and their resistance to current therapies. The modified nucleotide 6-thio-2&#39;-deoxyguanosine (THIO) induces telomerase-dependent telomeric DNA modification, DNA damage responses, and selective cancer cell death. THIO-damaged telomeric fragments accumulate in cytosolic micronuclei and activates both innate (cGAS/STING) and adaptive (T-cell) immune responses. The sequential treatment with THIO followed by PD-(L)1 inhibitors resulted in profound and persistent tumor regression in advanced, in vivo cancer models by induction of cancer type&ndash;specific immune memory. THIO is presently developed as a second or later line of treatment for NSCLC for patients that have progressed beyond the standard-of-care regimen of existing checkpoint inhibitors.
About THIO-101, a Phase 2 Clinical Trial
THIO-101 is a multicenter, open-label, dose finding Phase 2 clinical trial. It is the first trial designed to evaluate THIO&#39;s anti-tumor activity when followed by PD-(L)1 inhibition. The trial is testing the hypothesis that low doses of THIO administered prior to cemiplimab (Libtayo&reg;) will enhance and prolong immune response in patients with advanced NSCLC who previously did not respond or developed resistance and progressed after first-line treatment regimen containing another checkpoint inhibitor. The trial design has two primary objectives: (1) to evaluate the safety and tolerability of THIO administered as an anticancer compound and a priming immune activator (2) to assess the clinical efficacy of THIO using Overall Response Rate (ORR) as the primary clinical endpoint. Treatment with cemiplimab (Libtayo&reg;) followed by THIO has been generally well-tolerated to date in a heavily pre-treated population. For more information on this Phase II trial, please visit ClinicalTrials.gov using the identifier NCT05208944.

MAIA

MAIA Biotechnology Reports Phase 2 Results for Lung Cancer Treatment THIO

The EU has put&nbsp;Meta Platforms Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) on <a href="https://www.benzinga.com/news/24/07/39569000/metas-pay-or-consent-model-to-draw-charges-from-eu-report">notice over its &#8220;pay or consent&#8221;&nbsp;model</a> for Facebook and Instagram, citing potential violations of consumer protection laws.
What Happened: The EU&#8217;s Consumer Protection Cooperation or CPC Network has given Meta until Sept. 1, 2024, to propose changes to its <a href="https://www.benzinga.com/news/24/02/37390643/consumer-watchdogs-target-metas-pay-or-give-up-privacy-tactic-in-eu-smokescreen-to-obscure-illegal-d">&#8220;pay or consent&#8221; model</a>, according to a blog post on Tuesday.
The EU has labeled the model as &#8220;misleading&#8221; and &#8220;confusing&#8221; for users, and non-compliance could lead to fines.
&#8220;Consumer protection authorities assessed several elements that could constitute misleading or aggressive practices, in particular, whether Meta provided consumers upfront with true, clear, and sufficient information,&#8221; the union stated.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/07/39881748/elon-musks-xai-flips-the-switch-on-100k-nvidia-h100-gpus-worth-up-to-4b-in-memphis-supercluster-most?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s xAI Flips The Switch On 100K Nvidia H100 GPUs Worth Up To $4B In Memphis Supercluster: &#8216;Most Powerful AI Training Cluster In The World&#8217;</a>
Meta&#8217;s &#8220;pay or consent&#8221; model, rolled out last year, presents users with two choices: pay up to €12.99 (approximately $14.13) per month for ad-free usage of Facebook and Instagram or agree to the collection and use of personal data for personalized ads.
The CPC initiated its investigation in response to complaints from consumer watchdog groups. These groups alleged that Meta employs confusing language to describe the paid and &#8220;free&#8221; versions of its platforms.
Meta did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga&#8217;s</a> request for comments.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: This development follows <a href="https://www.benzinga.com/government/24/03/37828545/meta-bows-down-to-eu-regulations-after-apple-and-google-cut-subscription-prices-for-ad-free-facebook">Meta&#8217;s decision to reduce the subscription</a> fee for its ad-free Facebook and Instagram services in Europe to €5.99 ($6.5) from the initial €9.99 ($10.9).
This move was aimed at addressing growing concerns of privacy and antitrust regulators.
Last month, Meta faced a&nbsp;<a href="https://www.benzinga.com/news/24/06/39307741/meta-platforms-under-fire-in-norway-for-using-private-user-data-from-facebook-instagram-for-ai-train">complaint&nbsp;in Norway for using user images</a> and posts from Facebook and Instagram to train AI models. 
The Norwegian Consumer Council argued that the opt-out process violates strict EU data protection laws and that Meta uses deceptive design patterns and vague language to make opting out difficult.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39873131/apple-skips-tsmcs-2nm-chip-for-iphone-17-unveils-first-ios-18-public-beta-and-more-this-week-in-appl?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Skips TSMC&#8217;s 2nm Chip For iPhone 17, Unveils First iOS 18 Public Beta And More: This Week In Appleverse</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Social Media

Meta Says Facebook Is 'Free' — EU Threatens To Fine Mark Zuckerberg-Led Social Media Giant

<ul>
<li>Divestiture Advances Johnson Controls&#39; Transformation into a&nbsp;Pure-Play Provider of Comprehensive Solutions for Commercial Buildings</li>
<li>Transaction Valued At&nbsp;$8.1 Billion; JCI Consideration of&nbsp;$6.7 Billion</li>
<li>Company Provides Preliminary 2024 Third Fiscal Quarter Earnings Update</li>
<li>The transaction includes the North America Ducted business and global Residential joint venture with Hitachi, Ltd. (&quot;Hitachi&quot;), of which Johnson Controls owns&nbsp;60%&nbsp;and Hitachi owns&nbsp;40%. The total transaction is valued at&nbsp;$8.1 billion, and the Company&#39;s portion of the consideration is approximately&nbsp;$6.7 billion. As part of the transaction, Hitachi will retain certain ductless HVAC assets located in Shimizu,&nbsp;Japan</li>
</ul>

Johnson Controls To Divest Residential And Light Commercial HVAC Businesses In $8.1B Deal With Bosch

&nbsp;Cognizant (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CTSH#NASDAQ">CTSH</a>) and Whitbread have expanded their digital transformation relationship which will see the professional services provider support the hospitality company&#39;s ongoing digital transformation with product design, product management and engineering as Whitbread expands its operations in the UK and&nbsp;Germany.

CTSH

Cognizant And Whitbread Expand Partnership To Enhance Digital Customer Experiences Across UK And Germany

Kronos Worldwide, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRO#NYSE">KRO</a>) (the &quot;Company&quot;) announced today that it is seeking to raise debt capital through a private offering of &euro;75 million aggregate principal amount of additional&nbsp;9.50%&nbsp;Senior Secured Notes due 2029 (the &quot;Notes&quot;) by its wholly-owned subsidiary, Kronos International, Inc. (&quot;KII&quot;). The Notes are being offered as additional notes to the existing &euro;276,174,000 aggregate principal amount of&nbsp;9.50%&nbsp;Senior Secured Notes due 2029 that KII issued on February 12, 2024 (the &quot;Existing Notes&quot;). Other than with respect to the date of issuance and issue price, the Notes will have the same terms as the Existing Notes. The Notes will be maintained under the same ISIN and Common Code numbers as the Existing Notes, except that the Notes issued pursuant to Regulation&nbsp;S under the U.S. Securities Act of 1933, as amended (the &quot;Securities Act&quot;), will trade separately under different ISIN and Common Code numbers until 40 days after the issue date of the Notes, but thereafter, the Notes issued pursuant to Regulation&nbsp;S will be maintained under the same ISIN and Common Code numbers as the Existing Notes issued pursuant to Regulation S.

Offerings

Kronos Worldwide Seeks to Raise €75M Through Additional Senior Secured Notes

<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.telenor.dk%2F&amp;esheet=54095585&amp;newsitemid=20240722892898&amp;lan=en-US&amp;anchor=Telenor+Denmark&amp;index=1&amp;md5=fb087a42752aaaf15afadc6fc7e486b9">Telenor Denmark</a>, the second-largest mobile operator in the Danish market, is a trailblazer for customer-first innovation. To reinforce its position at the forefront of digital telecommunications commerce and continue to provide excellent customer experiences, Telenor Denmark chose&nbsp;<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.csgi.com%2F%3Futm_source%3DPress%2BRelease%26utm_medium%3DPR&amp;esheet=54095585&amp;newsitemid=20240722892898&amp;lan=en-US&amp;anchor=CSG%26%23174%3B&amp;index=2&amp;md5=2917b9037dd1cabd109ea72845392e85">CSG&reg;</a>&lsquo;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSGS#NASDAQ">CSGS</a>) cloud-native, software-as-a-service (SaaS) platforms to drive its evolution into the future. This transformation turbocharges Telenor Denmark&#39;s omnichannel monetisation, improves business efficiency and future-proofs the B2C and B2B customer experience.

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