June 29 – Daily Brief of World Finance & GCC News

WORLD FINANCE NEWS BRIEF

Amazon Spends a Billion on Zoox to Enter the Self-Driving Car Battle by media.thinknum.com

Zoox is from California, it was founded in 2014 “with the vision of purpose-built, zero-emissions vehicles”,

Imagining the goal for Amazon long term is easy: they want to be able to ship anything to anyone anywhere, and having AI drivers on 18-wheelers or smart cars darting through the streets of New York City to deliver a package is what gets them to that lofty dream.

Chesapeake Pushed Into Bankruptcy by Plunging Energy Prices by bloomberg.com

About a decade ago, Chesapeake was a $37.5 billion giant at the forefront of the fracking revolution that transformed the U.S. oil and gas industry.

“The recent and dramatic drop in commodity prices and the resulting tightening of the credit markets have frustrated the Debtors’ ability to further deleverage absent a chapter 11 proceeding,” Chief Financial Officer Domenic J. Dell’Osso said in a declaration in support of the bankruptcy filings.

The bankruptcy follows that of another highflier in the U.S. oil patch, Whiting Petroleum Corp., which filed for Chapter 11 at the start of April

Facebook’s Growing Ad Exodus Means More Risks to Revenue Growth

Starbucks Corp., Levi Strauss & Co., PepsiCo Inc. and Diageo Plc were among the most recent companies to say they’re curtailing ad spending, part of an exodus aimed at pushing Facebook and its peers to suppress posts that glorify violence, divide and disinform the public, and promote racism and discrimination.

No single company can significantly dent growth at Facebook, which generated $17.7 billion in revenue last quarter alone.

The stock tumbled 8.3% Friday after Unilever, one of the world’s largest advertisers, said it would halt spending on Facebook properties

Zuckerberg responded Friday to the growing criticism, saying that Facebook would label all voting-related posts with a link encouraging users to look at its new voter information hub.

GCC NEWS BRIEF

Hit by COVID-19, UAE Restaurants Seek Revenue-Sharing Deal With Landlords by zawya.com

Although most mall managements are now willing to offer turnover rent rates to support tenants, retailers claim that the fine print states that the turnover rent only replaces the base rent.

Industry sources said 40 percent of F&B businesses in Dubai have already shut down, while 20 percent have switched to shared kitchens. At least another 20 percent of restaurants will shut down, warned Anmol Mehta, Managing Director, Little Italy LLC.

UAE-based Fincasa Ventures Invests $50m in Healthcare Tech Start-Up by arabianbusiness.com

MediSponsor delivers services into three segments – cognitive, care and cure through its proprietary XAAS platform. Through the investment, the company aims to introduce innovative solutions, such as it TraCovid IT solution – a contact tracing application; hospital management information system; and augmented glasses with an inbuilt thermal and facial recognition system that will not only enhance the healthcare industry in the country, but also serve as a key essential for government organisations and retail sector.

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