Overview of TOP weekly news 8.6.2022

08 / 06 / 2022
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Wizz Air gave the update on chaos at airports

Wizz Air said that it was incurring considerable expenditures as a result of airport cancellations and operational problems, particularly in the United Kingdom, as the sector grapples with a lack of air traffic controllers and security personnel. Owing to the interruptions, the European budget airline anticipated an operational loss for its fiscal first quarter. Airports around Europe have struggled to deal with a recovery in demand in the last week, with British airports in particular suffering turmoil as a school half-term break combined with the Platinum Jubilee holiday weekend.

Australia accused Airbnb of misleading

The Australian Competition and Consumer Commission have launched a complaint against Airbnb Inc, accusing the accommodation-sharing website of deceiving consumers into paying more than advertised for their stays, broadening its investigation of global digital platforms. The Australian Competition and Consumer Commission (ACCC) stated in a court statement on Wednesday that from 2018 to 2021, the San Francisco-based internet giant marketed and charged accommodation prices in US dollars without explaining that the price is not in Australian dollars.

Novavax got green light from FDA

Novavax, Inc. said that the FDA’s Vaccines and Related Biological Products Advisory Committee (VRBPAC) has recommended that the FDA issued Emergency Use Authorization (EUA) for its COVID-19 vaccine (NVX-CoV2373) for persons aged 18 and above. The Novavax COVID-19 vaccine is not yet approved for use in the United States. If authorized, it will join vaccinations from Pfizer/BioNTech SE, Moderna Inc., Johnson and Johnson, and others that have been on the market for over a year and a half.

Shopify grows on positive speculation

Shopify shares rose more than 4% on Tuesday after preliminary data revealed that shareholders supported the company’s 10-for-1 stock split and special Founder share proposal.* For the stock split, owners of the record on 22nd of June 2022 will get nine extra-Class A subordinate voting shares or Class B multiple voting shares for every one share held on June 28, 2022. Tobi Lutke’s 40 percent voting power would be preserved with the founding share. Shopify shares are down 73% year to date but are up 219% from the IPO price of $17 in 2015.*

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

Elon Musk threats on Twitter deal

Elon Musk told Twitter Inc on Monday that if it fails to give the data he needs on spam and fake accounts, he may walk away from his 44 billion USD plan to purchase the social media giant. This was not the first time Musk has publicly stated that his acquisition of Twitter might not take place. The threat, however, was sent in a letter from Musk’s attorneys to Twitter. It accused Twitter of material violation of its contract responsibilities. Musk’s attorneys restated their desire for information on bot accounts in the letter to Twitter and stated that he reserved all rights to terminate the deal.

What to watch this week:

  • On Thursday there will be ECB press conference
  • On Friday we can follow CPI data from USA and unemployment rate from Canada

*Past performance is no guarantee of future results.

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