Tesla Jumps 12% on China Green Light

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Tesla Jumps 12% on China Green Light

Elon Musk’s surprise visit to China seems to have paid off. The Tesla [TSLA] CEO obtained provisional approval from government officials to deploy its driver-assistance system in the market, having reached a mapping and navigation deal with leading Chinese search company Baidu [BIDU] and hammered out privacy requirements. The Tesla share price rose up to 12% Monday morning on the news, while Baidu was up 2.4% in Hong Kong.

47% Settlement Boost for Philips

“Patient safety and quality is our highest priority, and we have taken important steps in further resolving the consequences of the Respironics recall,” Philips [PHIA:AS] CEO Roy Jakobs said in a statement announcing that the firm had agreed to a $1.1bn settlement in the US for personal injury cases related to the recall of its sleep apnoea devices. The Dutch giant’s share price popped by as much as 47% in Amsterdam on the news.

Oracle Expands AI Capacity

Cloud infrastructure stock Oracle [ORCL] is expanding its artificial intelligence (AI) offering as competition in the space intensifies. The firm has been augmenting ‘traditional’ AI by introducing generative AI into its cloud infrastructure. Rondy Ng, Executive Vice President of Applications Development at Oracle, told CNBC that Oracle had combined AI's predictive numbering capacity with its verbal ability

Ek Cashes Out

Spotify [SPOT] Co-founder and CEO Daniel Ek has sold 650,000 shares of the company through two separate transactions in recent months, as the audio streaming giant’s share price enjoys a rebound. Ek still controls some 7% stake of the company, which accounts for most of his $4.4bn fortune, according to the Bloomberg Billionaires Index. Spotify’s share price has jumped some 267% since the end of 2022.

Bob Bakish: On the Way Out?

Paramount [PARA] is set to fire its CEO as merger discussions with Skydance Media continue, the Financial Times reported. Controlled by Shari Redstone, the firm is expected to receive a counterbid from Sony [SONY] and Apollo Global Management [APO] as soon as this week. Paramount veteran Bakish had clashed with Redstone over the Skydance offer, which has also been opposed by common shareholders.