Alibaba Group Holding Limited’s logistics arm, Cainiao Smart Logistics Network Ltd, has filed for its Hong Kong initial public offering (IPO), with the first-time share sale expected to fetch a minimum of $1 billion. Cainiao was co-founded by Alibaba in 2013 as the delivery backbone for its Chinese online marketplaces.
Qualcomm Gears Up for Innovation with Snapdragon 8 Gen 3
Qualcomm Inc is preparing to launch its Snapdragon 8 Gen 3 chip, which will be manufactured under Taiwan Semiconductor Manufacturing Company Ltd’s 4nm and 3nm processes. The chip will feature the latest CPU cores from Arm Holdings, including the Cortex X4, Cortex A720, and Cortex A520. The leaked email conversations between Qualcomm and its smartphone partners suggest that the Snapdragon 8 Gen 3 will rival Apple’s 3nm chip technology.
European Medicines Agency to Investigate Anesthesia Complications Linked to Weight Loss Drugs
The European Medicines Agency (EMA) is set to investigate concerns of anesthesia complications associated with weight loss drugs such as Wegovy and Ozempic. There have been reports of patients experiencing complications during anesthesia, which could lead to pneumonia. The investigation will also cover other GLP-1 drugs, including Mounjaro and Trulicity.
Target Shuts Nine Stores Amid Rising Retail Crime
Retail giant Target has announced the closure of nine stores in response to increasing concerns about theft and structured retail crime. This decision aims to prioritize employee and customer safety and protect against rising retail crime rates.
Paychex Reports Q1 Results
Payroll services company Paychex has reported a 7% year-on-year growth in sales for the first quarter of FY24. The company’s adjusted earnings per share (EPS) of $1.14 beat analyst estimates. Paychex has revised its adjusted EPS growth outlook for FY24.
Hollywood Writers Secure Credit in New Labor Agreement
A tentative labor agreement between Hollywood studios and the Writers Guild of America (WGA) will allow studios to continue using writers’ works to train artificial intelligence (AI) models. However, writers will gain greater recognition and compensation for their contributions, even when AI tools are employed.
JPMorgan Settles Epstein Lawsuit
JPMorgan Chase has reached a $75 million settlement with the U.S. Virgin Islands to resolve allegations that the bank aided Jeffrey Epstein’s sex trafficking activities. This settlement comes ahead of the scheduled trial in Manhattan.
Thomson Reuters Faces Lawsuit from Ross Intelligence
Thomson Reuters will face a lawsuit from Ross Intelligence, as a Delaware federal judge ruled that a jury should decide the outcome of the case. Thomson Reuters accuses Ross Intelligence of unlawfully copying content from its legal research platform to develop a competing AI-based platform.
Pfizer’s Oral COVID-19 Antiviral Pill Faces Uncertainty
Pfizer CEO Albert Bourla provided an update on the company’s oral antiviral COVID-19 treatment, Paxlovid, stating that approximately 250,000 courses are being administered each week. However, doubts over its commercial approval and effectiveness loom amid a surge in COVID-19 cases.
McKinsey Settles Opioid Lawsuits
Consulting firm McKinsey & Company has reached a $230 million settlement to resolve lawsuits filed by U.S. local governments and school districts. The lawsuits accused McKinsey of contributing to the opioid addiction crisis through its consulting work with pharmaceutical companies.
Eli Lilly Prevails in Patent Infringement Case
A federal judge in Massachusetts has overturned a $176.5 million jury verdict against Eli Lilly in a patent infringement case. The verdict had favored Teva Pharmaceutical, claiming that Lilly’s migraine drug, Emgality, infringed upon three patents related to Teva’s rival drug, Ajovy.
Apple Defends Google Search Deal Amid Privacy Concerns
Apple executive Eddy Cue defended the company’s $19 billion deal with Google, stating that Google Search was the best option available and that there were no alternatives. Cue’s remarks came during the ongoing antitrust case against Google.
Code Conference 2023 Highlights Tech Vision
The Code Conference 2023 is currently underway, featuring interviews with leaders in the tech and business sectors. Warner Music Group CEO Robert Kyncl shared his perspective on the integration of AI technologies in music creation and distribution.
Amazon Addresses Return-to-Office Concerns
Amazon’s Senior Vice President of Utility Computing, Peter DeSantis, addressed concerns regarding the company’s return-to-office policy during an internal meeting. DeSantis acknowledged the challenges and pledged to improve communication with employees.
China’s Chip Fund Faces Headwinds
China’s efforts to boost its semiconductor industry through a $41 billion funding round face challenges due to economic hardships. The funding is part of the China Integrated Circuit Industry Investment Fund’s third round, known as the Big Fund.
Moderna in Talks for Enhanced Vaccine Availability in Europe
European countries are negotiating a new COVID-19 vaccine procurement agreement with Moderna as concerns grow within EU health authorities. The talks aim to increase the availability of COVID-19 vaccines in Europe.