Every day, we handpick the 5 Top Stories stock market investors need to know. In 5 minutes, you’ll learn the stocks, CEOs, and money managers moving markets.
EU Disinformation Ultimatum
Thierry Breton, the European Commissioner for the Internal Market, sent ultimatums to the CEOs of X and Meta [META] to remind them that, under the EU’s new Digital Services Act, they are obliged to curb disinformation around the Israel/Hamas conflict on their respective social media platforms. On Thursday the CEO of X Linda Yaccarino claimed that the platform had removed hundreds of accounts affiliated with Hamas. Meanwhile, a Malaysian government minister said that TikTok has not done enough to curb misleading content in the country.
Movement on EV Batteries in Japan
The Economy Minister of Chile — which has the world’s largest lithium reserves — is in Japan to court investors who want preferential access to the metal. On Thursday, Toyota [7203.T] announced it will partner with oil refiner Idemitsu Kosan [5019.T] to produce all-solid-state batteries. Another partnership announced on Thursday is between Honda Motor [7267.T] and trading house Mitsubishi [8058.T], who will together explore new businesses focused on electric vehicle (EV) batteries.
Arm Workers Jump Ship to China Start-up
Only weeks after its $5bn IPO, it has emerged that several employees of the China division of Arm [ARM] joined a chip design lab called Borui Jingxin, which is backed by local government. Bloomberg reported that the employees include the head of R+D and a government relations employee, who is now the CEO of Borui Jingxin. Several investors told Bloomberg they were concerned that Borui could end up siphoning revenue from Arm’s China-based operation.
New Strategy Could Net Amazon $100bn
The expansion of Amazon [AMZN] into shipping and distribution could be worth $100bn, according to a report from Truist Securities. Supply Chain by Amazon is part of the retail giant’s efforts to become a leading global logistics provider, with a unified service delivering ocean freight, Customs, ground transport and storage, among other services. Analysts believe the company could follow the model of Amazon Web Services, which it created for internal purposes before expanding to third parties.
Manila Electric Buys Stake in Solar Power Firm
The renewable energy arm of Manila Electric [MER] will buy $280m in shares of SP New Energy [SPNEC]. The acquisition will help fund SPNEC’s plans to develop 3,500 MW of solar panels and 4,000 MWh of battery energy storage systems. Meanwhile, global solar project developer Emeren [SOL] announced that it completed the grid connection of its inaugural solar storage project, in Zhejiang Province, China.