Amazon has grown into the third-largest seller of web ad space, sneaking up on Google and Facebook in the race for market share. Alexandra Bruell reports for the WSJ: Amazon. com Inc.’s share of the U.S. digital ad market grew to 10.3% last year from 7.8% in 2019, according to a new report from research firm eMarketer. The report predicts that Amazon will continue to inch up on market leaders Google, part of Alphabet Inc., and Facebook Inc., a sign brands are increasingly turning to the e-commerce giant to help them reach an expanding base of online shoppers. Amazon’s U.S. ad revenue … [Read more...]
Businesses Optimistic As States Ease COVID-19 Restrictions
Businesses in both services and manufacturing industries are growing more optimistic as states remove restrictions meant to help fight the spread of COVID-19. Many of those restrictions made it difficult for businesses to operate. Jeffrey Bartash reports in MarketWatch: The numbers: The large service side of the U.S. economy surged in March as governments lifted businesses restrictions and rising vaccinations gave Americans more confidence to go out and shop, travel or take a vacation. A survey of business leaders at service-oriented firms such as banks, retailers and restaurants jumped to … [Read more...]
Germany Finds AstraZeneca Too Risky for People Under 60
Germany will only recommend people over 60 years old get the AstraZeneca vaccine for COVID-19. Bloomberg's Daniel Schaefer reports: Germany will change its recommendation on AstraZeneca Plc’s Covid-19 vaccine and say it should only be used for women and men older than 60, after new data emerged on potential side effects. The country’s vaccination commission has drafted a recommendation that the shots only be used for older people but leaves open the possibility to administer it to younger people at a doctor’s discretion, according to a person familiar with the document. Chancellor … [Read more...]
Intel Says It’s “Back With a Vengeance”
Intel's CEO Pat Gelsinger explains the company's plans to address the worldwide chip shortage, and its own recent failures, to The Wall Street Journal. Aaron Tilley reports: Intel Corp.’s INTC +0.38% chief executive is fast-tracking efforts to revive the semiconductor giant with a broad plan that mixes increased outsourcing with a commitment to spend $20 billion on new factories that could help address a chip shortage. New CEO Pat Gelsinger said Tuesday that Intel would rely more heavily on third-party chip-making partners, including for some of its most cutting-edge processors, starting … [Read more...]
JNJ’s “One Shot, Shot”
The FDA has approved the use of Johnson & Johnson's COVID-19 vaccine, which unlike its competitors from Pfizer and Moderna can be stored at room temperature and needs only one dose. The WSJ reports: The first single-dose Covid-19 vaccine, a shot from Johnson & Johnson, JNJ +1.55% was authorized for use, a big boost for a mass-vaccination campaign rushing to end the deadliest pandemic in more than a century. The vaccine’s authorization on Saturday, the third issued by the U.S. Food and Drug Administration, will give health authorities a desperately needed new source of doses as they … [Read more...]
Jaguar to Sell Only Electric Vehicles
Jaguar has announced that it will transition to producing only electric vehicles. Nathan Bomey reports in USA Today The Jaguar luxury brand will transition to selling only electric vehicles in another step for the automotive industry away from gasoline. Jaguar Land Rover, a British-based manufacturer owned by Indian automaker Tata Motors, announced Monday that the brand will make the shift beginning in 2025. The company said it also expects 60% of Land Rover sales to be electric vehicles by 2030. The move comes amid gradual advancements in battery technology that are making electric … [Read more...]
China’s Coal War with Australia
China is locked in a diplomatic brawl with Australia over an independent global inquiry into the origins of Covid-19, writes Chuin-Wei Yap of The Wall Street Journal. He writes (abridged): China’s ban on Australian coal imports is intensifying a crisis in its coal market, which is battling surging prices, supply shortages, conflicting policy goals and a cold winter. Locked in a diplomatic brawl over Canberra’s call for an independent global inquiry into the origins of Covid-19, Beijing imposed an informal ban around September that forced boatloads of Australian coal to languish at sea. … [Read more...]
Massive Cryptocurrency Hedge Fund Fraud
Joel Rosenblatt and Chris Dolmetsch report for Bloomberg on the case of Stefan He Qin, a cryptocurrency hedge fund founder who has admitted to $100 million in fraud. They write: The 24-year-old founder of Virgil Capital, which ran two cryptocurrency hedge funds, admitted to duping investors out of almost $100 million and using the money to support a lavish lifestyle. Stefan He Qin pleaded guilty Thursday in federal court in New York and faces as much as 20 years in prison at his sentencing in May. Prosecutors said the Australian national stole investor money from Virgil Sigma Fund LP, a … [Read more...]
Could Chevron and Exxon Merge?
Apparently, there was a discussion last year between the CEOs of Chevon and Exxon about merging the two massive oil companies. The WSJ reports: The chief executives of Exxon Mobil Corp. XOM +1.57% and Chevron Corp. CVX +0.76% spoke about combining the oil giants after the pandemic shook the world last year, according to people familiar with the talks, testing the waters for what could be one of the largest corporate mergers ever. Chevron Chief Executive Mike Wirth and Exxon CEO Darren Woods discussed a merger following the outbreak of the new coronavirus, which decimated oil and gas demand … [Read more...]
3M Happily Watching America Get Back to Work
Austen Hufford reports in The Wall Street Journal about 3M's growing success as America reopens. He writes: 3M Co. MMM +4.14% said it expects sales across its product lines to grow this year as vaccinations against Covid-19 allow people to start using more of its products at dental offices, workplaces and schools. Demand for the St. Paul, Minn.-based manufacturer’s products varied widely last year. The pandemic created enormous pressure on demand for the N95 face masks that medical workers wear to guard against the virus. But sales of other products such as Post-it Notes used by office … [Read more...]
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