Meta's Threads Hits 100M Users In Five Days, Foxconn Pulls Out From $19.5B Semiconductor India JV, Novo Nordisk's Weight-Loss Medications Under European Investigation Over Suicidal Risks: Today's Top Stories
Benzinga
Meta's Threads Hits 100M Users In Just 5 Days, Becomes Fastest Growing App In History
Meta Platforms Inc's (NASDAQ: META) Threads app has hit the milestone of 100 million users in the first five days of its launch, making it the fastest-growing consumer application in history.
Threads beat ChatGPT's record by a wide margin, which achieved the milestone in two months.
According to a tracker, Meta's newly-launched Threads app now has over 100 million users. The text-only app, launched as a rival to Twitter, also beat ChatGPT's record to become the fastest app to cross the 1 million users mark.
Johnson & Johnson Bolsters Its Oncology Pipeline With Nanobiotix Radiotherapy Pact
Nanobiotix (NASDAQ: NBTX) shares are trading higher after the company announced a global licensing, co-development, and commercialization agreement with Janssen Pharmaceutica NV, a unit of Johnson & Johnson (NYSE: JNJ), for the investigational radioenhancer NBTXR3.
Janssen will pay $60 million in upfront fees and funding for an exclusive worldwide license.
NBTXR3 has been approved in Europe as Hensify as a treatment for locally-advanced soft tissue sarcomas.
GSK's RSV Vaccine Scores Approval In UK For Older Adults
The U.K. Medicines and Healthcare Products Regulatory Agency (MHRA) has approved GSK Plc's (NYSE: GSK) Arexvy (respiratory syncytial virus vaccine) for active immunization for the prevention of lower respiratory tract disease caused by respiratory syncytial virus (RSV) in adults 60 years of age and older.
Recent studies indicate that the burden of RSV disease may be even greater than that of influenza in hospitalized older adults.
BT Group's CEO Leaving In Next 12 Months, Successor To Be Disclosed This Summer
BT Group PLC (OTC: BTGOF) CEO Philip Jansen has informed the Board of stepping down from the position at 'an appropriate moment' over the next 12 months. The Board has started the formal search for a new CEO.
The Board has started the formal search for a new CEO.
Reuters
Hon Hai Precision Industry Co Ltd (OTC: HNHPF) Foxconn has announced its withdrawal from a $19.5 billion semiconductor joint venture with Indian conglomerate Vedanta, dealing a setback to chipmaking plans for India.
The Apple Inc (NASDAQ: AAPL) supplier and Vedanta forged a deal in 2022 to establish semiconductor and display production plants in Prime Minister Modi's home state of Gujarat.
Foxconn said it would not proceed with the joint venture with Vedanta.
General Motors Slashes Lyriq EV Price In China By 14%
General Motors Co (NYSE: GM) has slashed the starting price for the Cadillac Lyriq by 14% in China.
Lyriq, constructed on GM's Ultium EV architecture, is now priced at ¥379,700 ($52,466), down from the previous ¥439,700 ($60,784).
The move comes after Volkswagen AG (OTC: VWAGY) reduced its electric vehicle prices in China, where major automakers are scrambling to capture market share.
The report noted that Volkswagen's joint venture with Chinese state-owned automaker FAW announced discounts of 8% to about 27% in its ID-series of electric vehicles.
SVB Financial Sues US Regulator To Recover Seized $1.93B
SVB Financial Group (OTC: SIVBQ) filed a lawsuit against the regulator U.S. Federal Deposit Insurance Corporation (FDIC) for retrieving $1.93 billion.
The regulator seized the amount during the takeover of the Silicon Valley Bank in March.
Notably, the FDIC assessed that SIVBQ's failure reduced its insurance fund by $16 billion and stated that it could legally hold the seized funds while ascertaining SIVBQ's share of the rescue expenses.
Credit Suisse Shareholder Stopped By FINMA For Increasing Stake
Saudi National Bank's plan to increase its stake in UBS Group's (NYSE: UBS) Credit Suisse reportedly saw a red flag from Swiss regulator FINMA.
Saudi National Bank, already the largest Credit Suisse shareholder, intended to raise interest to 40% from 9.88%.
As per the regulation, a foreign investor willing to have an interest of over 10% in a major Swiss bank needs approval from FINMA.
Godrej Aerospace Plans To Pitch For Manufacturing General Electric's GE414 Engines In India
India's Godrej Aerospace is reportedly eyeing a share in General Electric Company's (NYSE: GE) aerospace unit's GE414 engine manufacturing operations.
Godrej Aerospace plans to pitch to manufacture modules of GE Aerospace's GE414 engines, play a role in the supply chain, and boost the production of next-generation indigenous fighter jets.
Godrej Aerospace is planning to invest 2.50 billion Indian rupees ($30.26 million) to build a facility in Khalapur in Maharashtra for advanced manufacturing and assembly and integration facilities, the report added.
Wall Street Journal
Breather For Carl Icahn: Revised Loan Agreements and Recovery Strategy Post Short-Seller Attack
Activist investor Carl Icahn has been struggling to recover after a short-seller attack led to a 40% drop in his investment company's shares, Icahn Enterprises L.P (NASDAQ: IEP), alarming major banks that had loaned him money as their collateral value fell.
Icahn and these banks have finalized amended loan agreements, disconnecting his personal loans from the trading price of his company's shares, increasing his collateral, and establishing a plan to repay the loans within three years.
Fast-fashion Giant Shein Shifts Strategy, Takes on Amazon with Marketplace Expansion
Online fashion retailer Shein is shifting from selling its own branded apparel to becoming a marketplace platform.
The marketplace allows third-party sellers to directly sell various products to consumers, expanding beyond fashion, beauty, and lifestyle categories.
The company aims to incentivize 100,000 sellers to achieve annual sales of $100,000 and 10,000 sellers to reach $1 million in annual sales within three years.
Bloomberg
The European Medicines Agency is reportedly investigating Novo Nordisk A/S's (NYSE: NVO) weight-loss medications amid reports of suicidal risks associated with these drugs.
The investigation follows referrals from the Icelandic Medicines Agency, which reported two cases of suicidal thoughts linked to the drugs Saxenda and Ozempic.
An additional case of self-injury ideation associated with Saxenda was also reported.
The series "My Chinese Chip" is set to air on Alibaba Group Holding Limited's (NYSE: BABA) Youku platform and focuses on the semiconductor leadership and self-sufficiency theme, an essential priority for the Chinese government.
The storyline revolves around a state-supported startup that successfully develops lasers for deep ultraviolet lithography machines.
The show highlights the challenges the domestic company faces in overcoming trade sanctions and technological restrictions that prevent the acquisition of advanced chipmaking technology from multinational suppliers.
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