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Big News in Green Hydrogen
Daimler Truck [DTGHF] and the Abu Dhabi Future Energy Company, known as Masdar, have signed a deal which will see the Gulf state supply green hydrogen to power fuel-cell rigs. “Our initiative marks an initial step for us to enable the supply of liquid green hydrogen in Europe,” Daimler Truck CEO Martin Daum said in a statement seen by Bloomberg. Shipments could start by 2030, by which time Daimler plans to be selling 10,000 hydrogen-powered rigs every year.
Has Tesla Lost Its Edge?
Tesla’s [TSLA] share price plummeted 8% in early trading Thursday, following an underwhelming earnings report. The automaker missed estimates, with extensive price cuts in 2023 depleting profits, and warned of a “notably lower” rate of expansion this year. CEO Elon Musk insisted this was a temporary dip, with a new, cheaper model in the pipeline for 2025. Tesla, unusually, did not offer targets for the coming year.
A Very Welcome Rally for Alibaba
Alibaba [BABA] rallied on news that founders Jack Ma and Joe Tsai bought a total of around $200m of stock in the past quarter. The move sends “a positive signal to the market that they are confident on the company’s outlook and share price,” Tam Tsz-Wang, Equity Research Analyst at DBS Bank, told the Wall Street Journal. The company’s Hong Kong shares [9988.HK] closed Wednesday 7.3% higher, although they are still down nearly 38% over the past 12 months.
Nokia: “Challenging Environment” Will Continue
Nokia [NOK] on Thursday said its disappointing performance in 2023 was partly the result of telecommunications operators cutting back on spending. The Finnish giant reported Q4 net sales of €5.7bn, down 23% year-on-year, while operating profit fell 27% to €846m. CEO Pekka Lundmark said 2023’s “challenging environment” will continue into 2024. Nevertheless, Nokia shares climbed 7% on news it will buy back €600m worth of shares this quarter.
Hypoglycaemia Linked to Fake Ozempic
Three people in the US have been treated for low blood sugar, after taking what are suspected to be pirate versions of Novo Nordisk’s [NVO] diabetes drug Ozempic, widely used to treat obesity, Reuters reported. Meanwhile, supplies of Eli Lilly’s [LLY] diabetes drug Mounjaro, similarly used to combat obesity, will be limited until February 2024 due to high demand, according to the US Food and Drug Administration.
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