Tesla Slashes China EV Prices, TSMC Joins Embargo After NVIDIA and AMD, Schlumberger Rebrands As SLB: Top Stories Monday, Oct. 24

Benzinga

Tesla Inc TSLA is cutting prices for its Giga Shanghai-made cars by about 5%, reversing the price hikes announced earlier this year.
Made-in-China basic Model 3 price is now listed at 265,900 yuan ($36,663) on Tesla's Chinese website, effective Monday. This marks a decrease from the previously-listed price of 279,900 yuan.
The starting price of the Model Y SUV is reduced from 316,900 yuan to 288,900 yuan.

Last year, Rolls-Royce RYCEY announced plans to replace its entire lineup of automobiles with EVs by 2030. To make good on this promise, the luxury auto manufacturer unveiled its first EV called Spectre on Oct. 18.
According to CEO, Torsten Muller-Otvos, 300+ customers had put deposits down for the car even before the unveiling last Tuesday. Many interested buyers visited the headquarters of Rolls-Royce in Goodwood, England, to get a sneak peek at the EV Coupe before its official unveiling.

Myovant Sciences Inc MYOV to be acquired by Japanese pharmaceutical company Sumitomo Pharma Co Ltd's (OTC: DNPUF) unit Sumitovant Biopharma for $27 per share in cash, or $1.7 billion in total.
The per-share value represents a 50% premium to Myovant's closing price on Sept. 30, the last trading before the Japanese company's non-binding proposal. Sumitovant currently beneficially owns 52% of Myovant shares.

Koninklijke Philips N.V. PHG reported a third-quarter FY22 comparable sales decline of 5% year-on-year to €4.3 billion.
Continued supply shortages, inflationary pressures, the COVID situation in China, and the Russia-Ukraine war led to the decline.
The comparable order intake decreased by 6%.
Due to lower sales and supply chain headwinds, the adjusted EBITA margin contracted 750 bps to 4.8%.

The Securities and Exchange Commission said Mattel Inc MAT has agreed to pay $3.5 million to settle charges relating to misstatements in its third and fourth-quarter 2017 financial statements.
According to the SEC's order, the toymaker understated the tax-related valuation allowance for Q3 FY17 by $109 million and overstated the tax expense for Q4 FY17 by the same amount.

Credit Suisse Group AG CS has reached a settlement with the Parquet National Financier to resolve a legacy matter concerning an investigation into historical cross-border private-banking services.
The settlement provides for a public interest fine comprising a profit disgorgement of €65.6 million and the payment of an additional amount of €57.4 million.
Further, Credit Suisse will pay €115 million to the French State as damages.

The world's largest oilfield services provider, Schlumberger NV SLB, is rebranding itself with a new name, color scheme, and logo that underscores its ambitions for a lower-carbon future.
The nearly 100-year-old firm was initially named after its founding family.

Bloomberg

Taiwan Semiconductor Manufacturing Company Ltd TSM suspended the production of advanced silicon for Chinese startup Biren Technology to ensure compliance with U.S. regulations.
The decision related to the reports that Biren's products outperformed Nvidia Corp's NVDA A100 chips, which the U.S. had banned from the Chinese market.
Biren had concluded that its artificial intelligence chips produced by TSMC did not fall under the U.S. export restrictions because the product specs do not meet the criteria for curbs.

Reuters

Saudi Arabia is reportedly negotiating with Airbus SE EADSF to order almost 40 A350 jets.
According to industry sources, the country is planning to launch a new airline and challenge heavyweight carriers in the Gulf.
The new airline will be based in Riyadh, while state airline Saudia will be based out of the Red Sea city of Jeddah under a transportation strategy.

Wall Street Journal

Meta Platforms Inc META backed Meesho won more new shoppers in India than Amazon.com Inc AMZN and Walmart Inc's WMT Flipkart.
Meesho posed a challenge to the U.S. retailing titans, which have plowed billions of dollars into the biggest untapped digital market.
Meesho allowed users to sell items by sharing product listings with friends via Meta's popular WhatsApp messaging service, Facebook and Instagram.

Financial Times

Chinese chipmaker Yangtze Memory Technologies Corp ousted American employees in core tech positions following the U.S. embargo on China.
Some Americans reportedly were key to YMTC's Nand memory chip production breakthroughs.
YMTC's longstanding CEO, Simon Yang, a U.S. passport holder, stepped down ahead of the sanctions.
Yang transitioned from the Chief role in late September to Deputy Chair. His current role in the company remained undecided.

CNBC

Walmart Inc WMT revamped a popular top intimates and sleepwear brand Joyspun replacing its billion-dollar Secret Treasures sleepwear and intimates private brand.
Intimates dollar sales during the first nine months were 15% higher than in 2019, CNBC reports citing NPD. Sleepwear dollar sales are up 52% over that time frame.