- Adidas AG (OTC: ADDYY) ADDDF initiated a probe against Kanye West into allegations of inappropriate behavior after receiving an anonymous letter making several allegations.
- The investigation follows a report by Rolling Stone magazine that detailed alleged incidents of inappropriate behavior by Ye toward staff and prospective employees.
- Microsoft Corp MSFT will likely face an E.U. antitrust investigation as regulators intensify their scrutiny of its practices in a case triggered by Salesforce.com Inc’s CRM workspace messaging app Slack.
- In 2021, Slack alleged to the European Commission that Microsoft had unfairly integrated its workplace chat and video app Teams into its Office product.
- Slack urged the E.U. competition enforcer to order the U.S. software giant to separate Teams from the Office Suit and sell it separately at fair commercial prices.
- The Commission reportedly prepared the ground for an investigation.
- More than 20,000 employees, most new hires, have reportedly left a key Apple Inc AAPL supplier’s main iPhone-making plant in Zhengzhou, China, after violent protests broke out at the facility earlier this week over unpaid dues.
- The slew of departures from the Foxconn HNHPF factory would hinder the company’s previous target of resuming full production by the end of November.
Wall Street Journal
- Volkswagen AG VWAGY VWAPY said that despite some sales gains in recent months, it expects its market share in China to be around 16% this year, down from 20% since 2019.
- The German giant is also facing soaring energy costs, supply-chain issues, and delays in delivering in-house software resulting in a disrupted model-release schedule.
- China has been Volkswagen’s cash cow for years, making the market-share erosion a particular concern.
- Amazon.com AMZN is reportedly planning to expand its latest streaming content to a more traditional setting by investing $1 billion each year toward running its new Prime Video releases in movie theaters.
- The company hopes to release 12 – 15 films annually through this new investment allocation, Bloomberg reported citing people familiar with the matter.
- Mercedes-Benz Group AG DMLRY plans to charge owners of its upcoming line of expensive electric cars a subscription fee of $1,200 a year to boost their ability to accelerate quickly.
- The subscription package, designed for Mercedes’ upcoming EQ all-electric models, resembles Tesla Inc’s TSLA “Ludacris mode” introduced in 2016, which gives drivers an acceleration boost for a one-time fee of $10,000.
- Bayerische Motoren Werke AG BMWYY faced so much backlash in July for trying to charge $18 a month for heated seats that the company released a public statement defending the decision.
- Amazon.Com, Inc AMZN will shut down Amazon Academy, an online learning platform it launched in India for high-school students last year.
- Amazon will wind down the edtech service in the country in a phased manner starting August 2023.
- Those who signed up for the current academic batch will receive a full refund.
- Netflix Inc NFLX has put up more than a dozen job listings on its website for Netflix Games Studio’s Los Angeles office.
- Netflix is hiring a game director to work on “a brand-new AAA PC game.”
- Netflix sought a candidate with “experience with FPS and third-person shooter games” and “extensive experience working on live service games.”
- Ardana, a DeFi and stablecoin ecosystem building on Cardano (ADA/USD), halted development on Thursday, citing “funding and project timeline uncertainty.”
- Ardana Labs said it would keep the project open-source for builders while “treasury balances and remaining funds will be held until another competent community dev(eloper) team takes over our work.
- Tesla Inc TSLA has filed for a voluntary recall of 80,561 cars in China, according to a notice filed with China State Administration for Market Regulation. This comes when the company is struggling in the country amid slowing demand.
- Vehicles covered under the recall include 67,698 units of imported Model S and Model X vehicles with a production date between Sept. 25, 2013, and Nov. 21, 2020, and 2,736 units of imported Model 3 vehicles, produced between Jan. 12, 2019, and Nov. 22, 2019, as well as 10,127 Made-in-China Model 3 cars.
- Ford Motor Company F has urged the owners of 2020-2023 MY Bronco Sport and Escapes with 3-cylinder, 1.5L engines to visit their dealership to inspect for a potentially cracked fuel injector.
- The automaker said a cracked fuel injector while the engine is operated could cause fuel and/or fuel vapor to accumulate near hot surfaces, resulting in a potential under-hood fire.
- The cryptocurrency community is not pleased with MetaMask’s decision to collect users’ IP addresses and Ethereum (ETH/USD) wallet addresses during on-chain transactions.
- Stellantis N.V. STLA said it would reorganize its European dealer networks in July 2023 to cut costs and support its investment in electrification.
- Starting next summer, the parent company to brands like Jeep, Dodge, Fiat, Maserati, and Peugeot said it would end all current sales and services contracts with dealers in Austria, Belgium, Luxembourg, and the Netherlands, with the rest of Europe to follow, for all 14 brands.
- British energy company SSE Plc SSEZY said it plans to sell a 25% minority stake in its electricity transmission network business, SSEN Transmission – to Ontario Teachers’ Pension Plan Board for £1.456 billion.
- The transaction is expected to fuel growth in the Transmission business and the wider SSE Group.
- The stake sale process for SSE’s electricity distribution business is expected to commence in early 2023.
- The FDA classified Baxter International Inc’s BAX recall of hospital bed systems as the most serious type of concern that it could lead to life-threatening injuries or death.
- Baxter initiated the recall of its WatchCare Incontinence Management System.
- Baxter warned users about the potential for WatchCare’s radio frequencies to interfere with other medical devices.
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