Apple has reportedly ended its decade-long speculation about developing electric vehicles (EVs), a project that involved thousands of employees but was never publicly acknowledged. Many of these employees will now transition to the company's artificial intelligence (AI) division. This strategic move reflects Apple's pivot towards AI amid sluggish demand for EVs. While exploring new ventures like the Vision Pro virtual reality headset, industry analysts highlight the growing market for AI in consumer electronics. Apple's decision aligns with a broader trend among tech firms reallocating resources to high-growth areas. (Source: BBC Business)
BlackRock's iShares Bitcoin Trust has reached a significant milestone by surpassing $1 billion in daily trading volume, placing it among the top 25 stocks overall and 11th among all ETFs. As one of the 10 approved U.S. spot Bitcoin ETFs, it has attracted $7.1 billion in inflows since approval. On Monday, it accounted for 41% of the total volume across similar ETFs. This surge in Bitcoin ETF activity coincides with increasing investor interest ahead of Bitcoin's halving event in April, expected to reduce new Bitcoin supply and enhance its attractiveness. Total spot Bitcoin ETF volume has recently exceeded $3.24 billion, setting a new industry record. (Source: DLNews)
Starbucks and the union representing its U.S. workers have agreed to commence talks aimed at securing labor agreements, marking a significant breakthrough. This joint statement signals a departure from previous tensions since Workers United organized baristas in late 2021. Although over 370 stores have been unionized, no labor deals have been reached, leading to contentious legal disputes. However, recent discussions indicate a potential constructive path forward, including the resolution of ongoing litigation between the two parties. (Source: The Guardian)
Goldman Sachs CEO David Solomon has expressed skepticism regarding the U.S. economy's ability to avoid a recession despite its apparent strength. Despite robust GDP growth, a thriving job market, and soaring stock markets, concerns persist. Solomon cited softer consumer spending, geopolitical tensions, and potential delays in Federal Reserve rate cuts as factors contributing to uncertainty. With expectations for the Fed easing cycle pushed back and rapidly evolving market conditions, economic uncertainty prevails. (Source: Business Insider)
China has expanded its state secrets law to include a new category known as "work secrets," aimed at strengthening national security by safeguarding confidential information, including unclassified data. President Xi Jinping approved revisions to the law amidst heightened global scrutiny of China's security practices. Critics raise concerns about potential abuse and reduced transparency, impacting foreign business operations and adding complexity to China's economic environment. (Source: CNBC)
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