In today's top stories, Chinese gaming firm Tencent rejoins the top 10 most valuable companies in the world, agriculture giant John Deere bets on satellite tech, and Coinbase reaches a $100m anti-money laundering settlement. Amazon looks set to cut 18,000 staff and Cathie Wood buys the dip in Tesla.
Chinese gamer Tencent returns to top 10
Investor confidence surrounding China’s reopening has returned Tencent [0700.HK] to the 10 most valuable companies in the world for the first time in six months. The Chinese online gaming company dislodged ExxonMobil [XOM] from the list, following 80% gains since 28 October. Beijing’s approval of Ant Group’s $1.5bn fund raise has further boosted sentiment around Chinese tech stocks.
John Deere’s final frontier
John Deere [DE], the world’s largest agricultural equipment provider, is finalising a satellite partner. Chief technology officer Jahmy Hindman told CNBC the firm aims “to solve connectivity, globally” by creating a geospatial map enabling farmers to monitor crop productivity. Hindman added that he expects China’s reopening to increase demand for Deere’s products and help plug its supply chain gaps.
Coinbase in $100m anti-laundering settlement
The New York State Department of Financial Services has reached a $100m settlement with Coinbase [COIN] over allegations the crypto trading exchange avoided anti money-laundering rules. $50m will settle the allegations, while another $50m will be spent on improving Coinbase’s compliance processes. The announcement on Wednesday coincided with news that Federal authorities are seizing assets linked to bankrupt crypto exchange FTX.
Tech layoffs rising as Amazon cuts 18,000
Amazon’s [AMZN] layoffs, previously thought to affect 10,000 employees, now look set to cut 18,000 from its workforce. Devices and books operations will bear the brunt of the cuts, which are the largest of any tech company in the recent wave. Salesforce [CRM], meanwhile, is cutting 10% of its headcount as customers scale back on spending.
Wood buys dip as Tesla sales plummet
Tesla’s [TSLA] delivery of Chinese-made cars fell 44% from November to December to reach its lowest level for five months. The 55,796 figure marked a 21% year-over-year decrease, with prices slashed as demand weakens. Despite a rapid selloff of Tesla stock, Ark Invest’s Cathie Wood bought $19m worth of Tesla shares in 2023’s first session.
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