Overview of TOP weekly news 1.6.2022

01 / 06 / 2022
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Meta Platforms will change their ticker

Meta Platforms Inc said on Tuesday that its Class A common stock would begin trading on the Nasdaq under the ticker code META, replacing its existing ticker symbol ‘FB,’ prior to market open on 9th of June. In October of last year, the firm rebranded from Facebook Inc to Meta Platform Inc, focusing on the creation of the “metaverse,” a shared virtual world that it believes will be the successor to the mobile internet. Since the company’s first public offering in 2012, the ticker FB has been in use. To change the ticker, the company does not need shareholders approval.

Mercedes-Benz started building battery cell campus

On Tuesday, Mercedes-Benz lay the foundation stone for a new research and development centre in Untertuerkheim, Germany, that will focus on battery cell research, design, and small-series production starting in 2023. By 2025, a battery safety lab will be operational on the site, with Mercedes-Benz investing a three-digit million euro sum to examine the safety, lifespan, and environmental effect of batteries. The battery, according to Kaellenius, is a critical component of electromobility. At this location, Mercedes-Benz will cover the whole field of battery technology.

Movement of Daimler’s stocks in the last five years. (Source: Trading Economics) *

Gazprom cut the gas supply

Gas producer in Russia Gazprom announced that it has cut off gas supplies to Denmark’s Orsted and Shell Energy as part of a deal to sell gas to Germany, citing the businesses’ refusal to pay in roubles. Following their reluctance to pay for gas in Russian roubles, as required by Moscow in reaction to Western sanctions over the Russia-Ukraine crisis, Gazprom has already cut deliveries to Dutch gas trader GasTerra, as well as Bulgaria, Poland, and Finland. However, German, Italian, and French corporations said they will follow the payment instructions from Moscow.

Stellantis and Toyota are expanding partnership

Stellantis said that it will expand its relationship with Toyota Motor Europe by developing a new big commercial van, which would include an electric variant. TME, a subsidiary of Toyota Motor Corp. of Japan, will get the new car for sale in Europe under the Toyota brand, according to Stellantis. Stellantis factories in Gliwice, Poland, and Atessa, Italy will produce the van. The agreement strengthens the two firms’ relationship and allows Stellantis to better optimize its Atessa factory, which presently produces big vans for the Peugeot, Citroen, and Fiat brands.

Pfizer will exit the GSK arm after spin-off

Pfizer intends to sell its 32 percent investment in Haleon, its consumer health joint venture with GSK, once the firm is spun off as an independent publicly traded company in July, according to GSK. Pfizer had previously indicated that it wanted to sell its investment in Haleon, which makes Sensodyne toothpaste and Advil painkillers, but GSK declared in February that it would keep it. GSK and Pfizer will get dividends from the consumer health holding firm before the separation. GSK now has a 68 percent controlling stake in Haleon, which will continue to focus on drugs and vaccines.

What to watch this week:

  • On Thursday, there will be Bank Holidays in China, Great Britain, and Italy
  • On Friday we can expect the important update on unemployment rate in USA

*Past performance is no guarantee of future results.

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