Global Market developments include Reddit’s first quarterly earnings since IPO, TikTok’s owner Bytedance filing a lawsuit against US legislation, and other significant developments worldwide.
AstraZeneca discontinues COVID-19 vaccine globally, TikTok and Bytedance flee US court suit against Biden administration’s legislation, Amazon announces Singapore investment plans, and Reddit reports first quarterly earnings.
AstraZeneca will discontinue COVID-19 vaccine
AstraZeneca will discontinue its Vaxzevria COVID-19 vaccine due to an abundance of updated alternatives worldwide. The company will withdraw marketing authorizations across Europe and acknowledges potential adverse effects like blood clots and reduced platelet counts. The vaccine is no longer produced or distributed.
TikTok lawsuit
TikTok and its parent company, ByteDance, have filed a lawsuit in the US Federal Court to halt a law signed by President Joe Biden, which mandates the divestiture of the popular short video app, TikTok, or face a ban.
Huawei Technologies licenses revoked
The US has revoked licenses for companies exporting goods to Chinese telecommunications equipment manufacturer Huawei Technologies, following the launch of its AI-enabled laptop, MateBook X Pro. This action prevents Intel and Qualcomm from selling chips to Huawei for use in its products.
Reddit rally
Reddit’s shares rose 14% after quarterly results showed a 48 percent increase in revenue to $163.7 million, with a 39% increase in ad revenue to $222.7 million, surpassing rivals’ growth rates.
Steward Health bankruptcy
Steward Health Care, undergoing bankruptcy, plans to sell all 31 US hospitals by the end of summer to address $9 billion in liabilities, while ensuring long-term hospital operation.
AWS investment
Amazon Web Services (AWS) plans to invest an additional 12 billion Singapore dollars ($8.87 billion) over five years to expand its cloud infrastructure and services in Singapore, focusing on the construction and enhancement of data center capabilities in the Asia-Pacific region.
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