Global Market:- Insurance players may have to pay over $4 billion due to the collapse of the Baltimore Bridge, while GameStop has laid off some staff due to declining revenues.
Global Market:- Chinese leader Xi Jinping meets American CEOs to revive foreign interest in China, Fisker reduces car prices, and former crypto boss Sam Bankman-Fried faces sentencing for defrauding FTX customers.
Sam Bankman return to court
Sam Bankman-Fried, a former FTX billionaire, is set to return to court in New York on March 28 for defrauding customers, with a proposed sentence of five to 6.5 years.
Fisker new move
Fisker, a cash-strapped EV startup, is set to reduce the price of its 2023 electric Ocean SUV model by 36%, from $38,999 per model to $24,999 per model, to boost demand and alleviate uncertainty.
President Xi Jinping
Chinese President Xi Jinping met with over 12 American CEOs to rekindle investor interest and repair strained US-China relations. FDI in China has declined due to slower growth, regulatory concerns, and legistlation, raising questions about the country’s long-term growth prospects.
GameStop Layoff
GameStop has laid off a portion of its workforce due to declining revenue and waning customer interest. The gaming firm reported $1.794 billion in sales in Q4 2023, down from $2.226 billion in the same period last year. Experts predict unsustainable sales if GameStop fails to regain customer attention.
Baltimore bridge issue
The collapse of the Baltimore bridge could result in a record shipping insurance loss of $4 billion, with total insured losses potentially ranging from $2-4 billion, depending on the length of the bridge.
UnitedHealth Group
UnitedHealth Group has paid more than $3.3 billion to care providers impacted by a recent hack, with 40% going to safety net hospitals and health centers that serve high-risk patients and communities.
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