Morning Brief: Top Stories Dominating Financial Media on Monday, March 28

CNBC

President Biden's Job Approval Falls To Lowest Point Amid Russia, Inflation

• According to a new NBC News survey, just 40% of Americans approve of President Joe Biden's job, the lowest rating Biden has seen in his presidency from January 2021.
• The poll found that Biden's 3-percentage-point drop in job approval since January comes as most Americans say the U.S. is headed in the wrong direction.
• 71% of respondents to the poll said they believe the country is "off on the wrong track." That is a single percentage point less than the portion of respondents who gave that answer in the same poll taken in mid-January.

Reuters

AMC Entertainment CEO Vouches For More Deals

• AMC Entertainment Holdings Inc AMC Chief Executive Officer Adam Aron said the company would execute more deals.
• Recently, AMC revealed a $27.9 million investment in Hycroft Mining Holding Corp.
• "I'd like to think there will be more third-party external M&A announcements going forward where AMC can reach for the stars and intriguing investments that have potentially attractive returns," the report quoted Aron.

Here's Why NHTSA's Latest Move Is a Massive Victory For Tesla

• The U.S. National Highway Traffic Safety Administration reinstated a sharp increase in penalties for automakers not fulfilling fuel efficiency norms for model years 2019 and beyond, Reuters reports.
• NHTSA hiked the penalty to $14, up from $5.50, for every 0.1 miles per gallon new vehicles fall short of required fuel-economy standards, multiplied by the number of noncomplying cars sold for the 2019 to 2021 model years. NHTSA has raised the penalty to $15 for the 2022 model year.
• NHTSA's move was a big win for Tesla Inc TSLA as it could cost other automakers hundreds of millions of dollars or more in penalties.

Beer Maker Heineken Decides To Exit Russia

• Brewing Giant Heineken NV HEINY has decided to exit its Russian business. The company expects an impairment and other non-cash exceptional charges of €0.4 billion (~$439 million) in total.
• The company has previously said it would halt only new investments and exports to the country.
• "Following the previously announced strategic review of our operations, we have concluded that HEINEKEN's ownership of the business in Russia is no longer sustainable nor viable in the current environment," the company said in a statement.

WSJ

Pfizer, Moderna and J&J Face Shareholder Pressure To Make COVID-19 Shots More Available To Poorer Countries

• Socially conscious investors and global-health activists are asking shareholders of Pfizer Inc PFE, Moderna Inc MRNA, and Johnson & Johnson JNJ to press companies to make more of their COVID-19 shots available in poorer countries.
• Groups including the antipoverty organization Oxfam have placed proposals on shareholder proxy ballots that ask drugmakers to do more to widen access to the COVID-19 vaccines.
• The COVID-19 vaccine makers are asking shareholders to reject the ballot measures, which the companies say could lead to low-quality shots manufacturing.

Bloomberg

Tesla Chief Contracts COVID-19 Again After Germany Plant Inaugural

• Tesla Inc TSLA chief Elon Musk admitted contracting Covid-19 again, and an asymptomatic one.
• Musk traveled to Germany last week to inaugurate Tesla's first European car factory, which saw Chancellor Olaf Scholz and Economy Minister Robert Habeck.
• Musk shared his first tryst with the virus in November 2020, Bloomberg reports. He had missed out on attending SpaceX's debut launch of astronauts to the International Space Station in November 2020.

Tesla Said To Be Suspending Giga Shanghai Production Again As China Tightens Pandemic Curbs

• Tesla Inc TSLA is planning to halt production for a second time this month at Giga Shanghai amid intensifying COVID-19 restrictions.
• Tesla will suspend production for at least one day beginning Monday at the Shanghai factory.
• Tesla did not respond to Benzinga's request for comment outside of business hours.

Financial Times

US, Australia Boost Space and Cyber Co-Operation To Counter China: FT

• The U.S. and Australia are boosting safety cooperation in space and the cyber area because the Indo-Pacific allies strengthen efforts to counter China, which is investing closely in space and weapons akin to hypersonic missiles.
• The three flag officers have been talking forward of conferences with the Australian army and intelligence officers at Pine Gap, a top-secret joint US-Australia intelligence facility. US companies buy back shares in record volumes.

US Companies See Record Stock Buy Back In 2022 with $319B Authorized YTD

• U.S. companies are rushing to repurchase large volumes of shares to take advantage of recent stock market volatility and reassure investors as growth slows.
• According to Goldman Sachs data, a record $319 billion of new share buybacks have been authorized so far this year, with rising numbers of companies using "accelerated" deals to buy large volumes as quickly as possible while their share prices are depressed.

Nikkei Asia

Apple Looks To Slash iPhone, AirPods Production

• Apple Inc AAPL is looking to slash iPhone SE production by 20% next quarter than initial guidance, Nikkei Asia reports. Apple's move reflected the Ukraine war and looming inflation that have hindered consumer electronics demand.
• The war has affected spending in the European markets, admitted an executive as the consumers would save money for food and heating.

Benzinga

iPhone 14 Pro Could Be Coming With Larger Rear Camera Bump: Apple Analyst Explains Why

• According to a prominent analyst, the larger rear-camera bump of Apple Inc's AAPL iPhone 14 Pro model design is primarily due to the upgrade to a new 48 megapixel (MP) wide camera system Ming-Chi Kuo.
• Responding to leaked schematics of the devices shared on social media, Kuo said that the diagonal length of the iPhone 14 Pro's contact image sensor (CIS) would increase by 25% to 35% due to the upgrade to 48MP.
• The height of the camera's 7-piece (7P) lens system will increase by 5% to 10%, the analyst noted.

Apple Beats Netflix To Win Best Picture Oscar As Online Streaming Takes The Limelight

• The growing popularity of subscription video-on-demand (SVOD) platforms was highlighted at Sunday's Oscar awards ceremony after Apple Inc's APPL "CODA" won the best picture prize.
• "CODA," released by Apple TV+, became the first film produced by a streaming service to win the prestigious prize at the 94th annual Academy Awards ceremony in Los Angeles. The movie — with a predominantly deaf cast — won three awards overall.
• "CODA" beat streaming giant Netflix Inc's NFLX "The Power of the Dog" and "Don't Look Up" as well as contenders from traditional Hollywood studios to win the coveted prize.

Janet Yellen Talks' Benefits' From Crypto And Its Significant Role' In Americans' Investment Decisions

• United States Treasury Secretary Janet Yellen has acknowledged that the cryptocurrency industry has grown by "leaps and bounds."
• In a recent interview with CNBC's Squawk Box, Yellen noted that cryptocurrencies are now playing a "significant role" in the investment decisions of lots of Americans.
• "It's now playing a significant role, not really so much in transactions, but in investment decisions of lots of Americans," she said.

Coinbase Said To Be In Talks To Buy Brazil's Biggest Crypto Exchange

• Major cryptocurrency exchange Coinbase Global Inc COIN is reportedly in talks to acquire 2TM, the parent company of Brazil's largest crypto exchange Mercado Bitcoin.
• According to a report from local publication Estadão, Coinbase is expected to close the deal sometime in April.
• Mercado Bitcoin has a trading volume of over $7 billion and a user base of 3.2 million customers, reported CoinDesk.

'The Slap:' Did Will Smith Really Just Smack Chris Rock's Face At Oscars?

• There was no shortage of drama at the 94th Academy Awards on Sunday night as actor Will Smith smacked Chris Rock across the face.
• The tense event took place after Rock, who was on stage to present the Oscar for Best Documentary, cracked a joke about Will's wife, Jada Pinkett-Smith's shaved head.
• Rock could be heard saying, "Oh Wow!" after he was hit. He said, "Will Smith just smacked the shit out of me."

Photo via Wikimedia Commons