Joe Biden Plans On Running For Re-Election In 2024, Apple Clocks Highest Decline In Q1 PC Shipments, Fox News Confidential Defamation Lawsuit Settlement: Today's Top Stories

Author: Vandana Singh | April 10, 2023 10:42am

Benzinga

Biden's 2024 Ambition: President Announces Intent to Pursue Second Term

• On Monday, U.S. President Joe Biden said he plans to run for president in 2024 but was not prepared to announce it yet.
• "I plan on running ... but we're not prepared to announce it yet," Biden said in an interview with NBC's "Today" show before the White House Easter Egg Roll.
• According to a national Monmouth University poll, around half of Democrats prefer President Joe Biden not seek re-election in 2024 and allow someone else. However, democratic power brokers have indicated they are all in for Biden's re-election bid even before officially declaring his intention to seek it.

Apple's Q1 Struggle: Leading the PC Market's Downturn in Shipment Numbers

• International Data Corporation's preliminary results suggest that the global shipment of traditional PCs declined 29% year-on-year to 56.9 million in the first quarter of 2023 due to weak demand, excess inventory, and a worsening macroeconomic climate.
• The PC makers can expect elevated inventory to persist into the middle of the year and potentially into the third quarter despite heavy discounting.
• Apple Inc shipments clocked the highest decline of 40.5%, followed by Dell Technologies Inc (NYSE: DELL).

Elon Musk's Starship 'Fully Stacked' At Starbase As SpaceX Teases Possible Test Launch Next Week

• SpaceX and its CEO Elon Musk have been teasing Starship's first launch attempt, likely next week.
• "Starship is ready for launch. Awaiting regulatory approval," Musk said on Twitter on Sunday, days after SpaceX flagged that the team is working towards a launch "rehearsal" this week.
• If regulators approve, SpaceX said Starship's first integrated flight test could be the week after.

Foxconn's Electric Vision: $820M Investment Set to Energize Taiwan

• Apple Inc supplier Hon Hai Precision Industry Co Ltd (OTC:HNHPF), operating as Foxconn, proposes to invest T$25 billion ($820 million) in the next three years in new manufacturing facilities in southern Taiwan to realize its EV ambitions.
• Foxconn said the investments in Kaohsiung will include plants for making electric buses and EV batteries.
• Foxconn has big ambitions in the EV market to diversify its revenue base.

Merck, Eisai Shelve Keytruda Plus Lenvima Combo Trial In Skin Cancer Setting, Disappoints In Certain Type Of Colorectal Cancer

• Merck & Co Inc (NYSE:MRK) and Eisai Co Ltd ESALY are discontinuing the Phase 3 LEAP-003 trial evaluating Keytruda plus Lenvima for the first-line treatment of adults with unresectable or metastatic melanoma.
• The decision is based on the recommendation of an independent Data Monitoring Committee, which determined that Keytruda plus Lenvima did not demonstrate an improvement in overall survival (OS) versus Keytruda alone. 
• The companies also announced that the Phase 3 LEAP-017 trial evaluating Keytruda plus Lenvima did not meet its primary endpoint of OS for unresectable and metastatic colorectal cancer.

Trouble Persists For Philips: Most Serious FDA Recall Label Hits Reworked Respiratory Devices

• Koninklijke Philips NV (NYSE:PHG) has recalled certain reworked DreamStations respiratory devices because some devices were assigned incorrect or duplicate serial numbers during initial programming. 
• This duplication can cause therapy to be delivered using the wrong prescription or factory default settings. Additionally, it may fail to deliver any therapy at all.

Dollar General's Safety Setback: Federal Regulators Crack Down On Workplace Standard Violations

• Dollar General Corp (NYSE: DG) was penalized $245,544 by the Occupational Safety and Health Administration (OSHA), a federal regulator under the Department of Labor, for violating workplace safety regulations and exposing workers to dangerous safety hazards, including blocked emergency exit routes and electrical panels.
• The company was reportedly in settlement talks with federal regulators after being accused of violating workplace safety rules.

 

Reuters

Baidu Sues Apple And 'Relevant' Developers Over Fake' Ernie Bot' Apps

• Baidu Inc (NASDAQ:BIDU), the Chinese search engine giant, has filed a lawsuit against Apple Inc (NASDAQ:AAPL) and app developers over fake "Ernie Bot" apps. 
• Baidu has taken legal action against Apple and "relevant" app developers for distributing counterfeit versions of its Ernie Bot app on the App Store.
• The company has filed lawsuits against Apple and the creators of the fraudulent versions in Beijing's Haidian People's Court. 

Virgin Orbit's Legal Showdown: Bankruptcy Triggers Threat of Action Against Prospective Investor

• Virgin Orbit Holdings Inc (NASDAQ:VORB) issued a legal notice to a little-known investor, Matthew Brown, who appeared to offer a $200 million rescue for the bankrupt satellite firm.
• The potential deal with Brown unraveled in less than a week, with Virgin Orbit walking away and threatening to take legal action against him if he revealed confidential details about the potential investment.

Administration's Abortion Drug Battle: White House to Contest Texas Ruling on Approval Suspension

• On Friday, U.S. District Judge Matthew Kacsmaryk in Amarillo, Texas, suspended the approval of mifepristone, making the sale of the abortion pill illegal in the U.S.
• The White House is planning to start new discussions with abortion pill manufacturers and U.S. pharmacy chains in efforts to push back against the ban on mifepristone as it appeals a Texas court ruling suspending the drug's approval.

Cruise Control: GM Recalls 300 Vehicles in Wake of Bus Collision Incident

• General Motors Co (NYSE:GM) robotaxi unit Cruise LLC is recalling the automated driving software in 300 vehicles after one of its driverless vehicles crashed into the back of a San Francisco bus.
• The March 23 collision was due to a software error in a Cruise automated vehicle (AV) that inaccurately predicted the movement of an articulated San Francisco Municipal Transit Authority bus.

 

Wall Street Journal

Amazon's Whole Foods Market Plans Off-Site Kitchens

• Supermarket chain Whole Foods Market, a subsidiary of Amazon.com Inc AMZN, reportedly plans to construct commercial kitchens.
• Operation of self-owned kitchens will likely help Whole Foods with better quality control in its prepared-foods business.
• It is to be noted that Whole Foods Market outsourced its food production to cut costs.

 

Bloomberg

Fox News Legal Hurdles: Confidential Settlement in Defamation Case Precedes Upcoming Dominion Trial

• Fox News, a unit of Fox Corporation (NASDAQ:FOXA), and one of its former hosts disclosed the settlement of a defamation lawsuit with Venezuelan businessman Majed Khalil.
• Khalil had filed a defamation case against the network for falsely accusing him of playing a key role in rigging the 2020 U.S. presidential election against Donald Trump.
• On Saturday, both parties filed a letter to the U.S. District Judge Louis Stanton in Manhattan, revealing a confidential settlement without disclosing the terms. On Sunday, Fox News said, "This matter has been resolved amicably by both sides. We have no further comment." 

Photo via Wikimedia Commons

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