Everything you need to know this April 5, 2022




8 minutes of reading

Next, we show a summary of all the financial and economic information that you should know this Tuesday, April 5, 2022.

BENZINGA SPAIN

US NEWS

CNBC

Former DeepMind Executives Meet to Develop Artificial Intelligence (AI) for Stock and Cryptocurrency Picking

  • Martin Schmid, Rudolf Kadlec and Matej Moravcik left DeepMind owned by alphabet inc (NASDAQ:GOOG) (NASDAQ:GOOGL) January to found EquiLibre Technologies.
  • The trio seeks to develop AI for stock and cryptocurrency picking.
  • They seek to use reinforcement learning to train an AI system to buy and sell stocks for profit.

Reuters

Investors call 17 European companies to account on climate goals

  • Thirty-four investors managing more than $7 trillion in assets have warned 17 of Europe’s most prominent companies that they could impeach board executives over their accounting for climate risks.
  • The move is the latest push by investors to put pressure on companies and their auditors, accusing them of not moving fast enough to adapt to the transition to a low-carbon economy or being clear enough about the potential impacts.

KKR’s acquisition of Telecom Italia hits a hurdle in the deal process

  • The probability that the US fund KKR & Co Inc. (NYSE:KKR) went ahead with a firm offer for Telecom Italia S.p.A. (OTC:TIIAY) has become more somber as they have reached an impasse over access to the company’s accounting books.
  • KKR refused to confirm an offer unless Telecom Italia provided access to its books under a due diligence process.
  • KKR needed more information as the war in Ukraine had changed market conditions.

USA and Europe study new sanctions against Russia

  • The United States and Europe are studying new sanctions against Russia after receiving reports of mass killings of civilians in Ukraine, according to information provided by Reuters.
  • What has happened: All this comes after disturbing images emerged of the massacre that took place in Bucha, a Ukrainian city near kyiv. Russian forces withdrew from the capital kyiv last week to begin attacking southern and eastern Ukraine.
  • Ukrainian President Volodymyr Zelenskyy has warned that more deaths are likely to be discovered in areas seized from Russian invaders.

WSJ

Biden will propose changing Obamacare to extend subsidies to families

  • The Biden administration is expected to propose a change to the Affordable Care Act (ACA) subsidies to allow some people to afford health insurance for their families.
  • The proposed change, to be announced Tuesday, would recalculate what’s considered affordable for a family with employer-sponsored health insurance.
  • Currently, workers can’t get ACA subsidies to lower their premiums if they get affordable health insurance coverage from an employer.

Bloomberg

Manhattan home bidding wars gain steam with economic recovery

  • Manhattan co-op and condo purchases totaled 3,585, the most in a first quarter in more than three decades of records.
  • Business soared 46% year-on-year as white-collar workers looked to rejoin as the economy gradually recovered from the pandemic.
  • Competition was intense in the luxury market, which posted the second-highest rate of bidding wars in the five years tracked.

Porsche Q1 deliveries in the US plunge 24.9% due to supply and transit problems

  • The luxury car manufacturer Porsche Cars North America Inc (PCNA), owned by Volkswagen AG (OTC:VWAGY), reported a 24.9% decline in US retail deliveries in the first quarter of fiscal 2022.
  • A combination of factors, including supply chain shortages, war and the sinking of a cargo ship carrying millions of dollars worth of goods across the Atlantic, has caused the drop.
  • The company delivered 13,042 units in the first quarter compared to 17,368 units last year.

The most popular NFT market is mostly made up of users who sell themselves

  • The LooksRare platform, which has briefly become the main marketplace for NFTs through buying and selling, shows that many of the tasks are, in fact, clients promoting records each other to help earn rewards like extra cash.
  • Around $18 billion in buying and selling on the LooksRare platform, or about 95% of the total deal, can also be attributed to what is commonly known as gross wash sales, according to data collected through the NFT tracker. CryptoSlam.
  • Gross sales are made to earn new records instead of increasing NFT costs to attract unsuspecting customers.

financial times

CEOs of mRNA vaccine makers pocketed $100 million in pandemic payouts

  • The CEOs of pfizer inc (New York Stock Exchange: PFE), BioNTech SE (NASDAQ:BNTX) and Modern Inc. (NASDAQ:MRNA) have collectively received more than $100 million in salaries during the pandemic, reflecting the success of the mRNA-based COVID-19 vaccines developed by their companies.
  • Pfizers’ Albert Bourla, BioNTech’s Ugur Sahin and Moderna’s Stéphane Bancel have also seen their paper wealth rise thanks to a rise in share price fueled by investor enthusiasm.
  • Total compensation for the three mRNA vaccine developers increased to $107.2 million in 2020-2021, compared to $103.7 million received in the previous two years.

Photo via Wikimedia Commons.

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