Overview of TOP weekly news 18.5.2022

18 / 05 / 2022
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Argo is testing autonomous cars in Miami and Austin

Argo AI, a self-driving firm, announced on Tuesday that it is testing autonomous vehicles on the streets of Miami, Florida, and Austin, Texas, with commercial applications to follow after an undefined period. Argo, which is financed by Ford Motor Company and Volkswagen, has been testing its robotaxis on public roads in both cities for several years, but has previously had safety drivers. With only a handful restricted completely autonomous programs accessible across the United States, self-driving start-ups have continually pushed back timeframes to deliver genuinely driverless rides at scale.

Allianz will have to pay 6 billion dollars fine

Over the collapse of a group of investment funds early in the COVID-19 epidemic, Germany’s Allianz agreed to pay more than $6 billion and its U.S. asset management subsidiary pled guilty to criminal securities fraud. The settlements reached by Allianz with the US Department of Justice and the US Securities and Exchange Commission are among the biggest in corporate history, dwarfing previous settlements reached by President Joe Biden’s administration. Investors were promised that the funds used options such as hedges to guard against market collapses, which was neglected.

Performance of Allianz in last five years. (Source: Trading Economics) *

BioNTech and Pfizer got green light from U.S. FDA

The US Food and Drug Administration approved the use of a booster dose of Pfizer’s and BioNTech’s COVID-19 vaccine for children aged 5 to 11, allowing everyone above the age of 5 to get a third shot. In the United States, children under the age of five are not yet eligible for the COVID-19 vaccination. In the face of studies showing that vaccination protection wanes with time, the US government has been pushing for eligible Americans to obtain boosters, and it just allowed a second shot for adults 50 and older. A first booster dosage was given to about 102.3 million individuals.

Twitter deal on hold

Elon Musk tweeted on Tuesday that the transaction with Twitter will not move forward until the social media firm shows that spambots account for less than 5% of its overall users. Elon said that his offer was based on the accuracy of Twitter’s SEC filings. Twitter’s CEO openly declined to present proof of a less than 5% of spam accounts. Musk placed his $44 billion takeover attempt on hold last week while he requested details regarding Twitter’s spambot accounts, claiming that spambots account for at least 20% of total users, opposed to Twitter’s forecasts of 5%.

Shanghai allows financial companies to continue with work

Shanghai officials have given permission for 864 of the city’s financial institutions to reopen, according to three individuals with first-hand knowledge of the situation, as the city’s seven-week-old lockdown is progressively lifted. The action is part of the financial hub’s aim to reopen wider and enable regular life to resume after a lockdown was imposed to stem China’s largest epidemic since the coronavirus was discovered in Wuhan in late 2019. Since late March, more than 20,000 bankers, traders, and other personnel have slept in their office buildings to keep China’s massive financial hub operating.

What to watch this week:

  • On Thursday, G7 meetings and unemployment rate data from Australia
  • On Friday, we can watch retail sales data from Great Britain

* Past performance is no guarantee for future results.

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