?? Boeing strike ends with workers approving new contract, Netflix under tax fraud investigation following raids in France and Netherlands and more.
Hello, dear readers! ??We hope you had a great week.? Here's your weekly update on the latest news from finance and markets.
Apple will invest up to $1.5 billion in Globalstar to expand iPhone satellite communication services, according to a Friday regulatory filing. Boeing's West Coast factory workers ended a seven-week strike after accepting a new contract with a 59% vote in favor, the union reported. At an all-hands meeting, Amazon CEO Andy Jassy addressed employee concerns about the upcoming five-day in-office mandate, set to begin in January. French and Dutch authorities raided Netflix offices in Paris and Amsterdam on Tuesday as part of a tax fraud investigation launched by France’s financial crime unit in November 2022. Nvidia shares surged to a record high on Thursday, becoming the first company ever to surpass a $3.6 trillion market value after Donald Trump’s return to the White House fueled Wall Street optimism.
Stay tuned for more updates in the dynamic world of finance and markets! ??
Apple to invest $1.5 billion in Globalstar for satellite coverage expansion
Apple will invest up to $1.5 billion in Globalstar to expand iPhone satellite communication services, according to a Friday regulatory filing. Globalstar’s stock rose over 30%, while Apple’s fell about 1.4% after it projected modest revenue growth. Under the agreement, Apple will provide $1.1 billion in cash and acquire a 20% stake in Globalstar for $400 million. Globalstar plans to use some of the funds to reduce debt. The deal, which closes Tuesday, will allocate 85% of Globalstar’s network capacity to Apple. Apple initially partnered with Globalstar in 2022 to enable emergency messaging from remote areas.
Boeing strike ends with workers approving new contract
Boeing's West Coast factory workers ended a seven-week strike after accepting a new contract with a 59% vote in favor, the union reported. The contract, which includes a 38% pay increase over four years, will allow jet production to resume after significant financial strain on the company. Boeing CEO Kelly Ortberg, facing pressure after two prior contract rejections, sees this agreement as a needed reset with machinists, who have long expressed frustration over stagnant wages amid Seattle's rising cost of living. Workers return by Nov. 12, although some will need retraining due to the extended work stoppage.
Amazon CEO denies that full in-office mandate is a "hidden layoff"
At an all-hands meeting, Amazon CEO Andy Jassy addressed employee concerns about the upcoming five-day in-office mandate, set to begin in January. He clarified that the policy isn’t a hidden layoff tactic or intended to satisfy city leaders, but rather aims to strengthen Amazon’s culture. Employees who don’t comply could face "voluntary resignation" and be locked out of systems. Last month, AWS CEO Matt Garman suggested that employees uncomfortable with the policy might consider other companies, prompting a letter from over 500 workers requesting flexibility. Amazon has added commuter benefits and subsidized parking to support the transition.
Netflix under tax fraud investigation following raids in France and Netherlands
French and Dutch authorities raided Netflix offices in Paris and Amsterdam on Tuesday as part of a tax fraud investigation launched by France’s financial crime unit in November 2022. Netflix says it is cooperating and complies with tax laws in all countries where it operates. The inquiry follows concerns about Netflix’s past revenue reporting practices, with reports suggesting its French revenues were routed through the Netherlands, leading to low local tax payments. No criminal charges have been filed yet. Netflix previously settled a tax dispute in Italy in 2022 with a €55.8 million payment.
Nvidia hits $3.6 trillion market value following Trump win
Nvidia shares surged to a record high on Thursday, becoming the first company ever to surpass a $3.6 trillion market value after Donald Trump’s return to the White House fueled Wall Street optimism. The AI chipmaker’s stock rose 2.2%, driven by hopes for tax cuts and deregulation under the new administration. Nvidia ended the day with a $3.65 trillion valuation, surpassing Apple’s previous high of $3.57 trillion. Since Trump’s win, the S&P 500 tech index has jumped over 4%, with Nvidia’s stock climbing 12% in November and tripling in value for 2024. The company has outpaced rivals in the AI space, and analysts expect an 80% increase in quarterly revenue to $32.9 billion on Nov. 20.
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