Business and Tech News - 4.30.24

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Skool Projekt Staff
April 30, 2024

Blackstone Ups Bid to $1.57 Billion in Battle for Hipgnosis Songs Fund

  • Blackstone raised its bid for Hipgnosis Songs Fund to $1.30 per share.

  • Concord previously offered $1.25 per share for Hipgnosis.

  • Blackstone's new offer values Hipgnosis at about $1.572 billion.

  • The offer includes catalogs by Neil Young, Shakira, and Red Hot Chili Peppers.

  • Blackstone likely to secure shareholder majority for takeover in June vote.

  • Hipgnosis Songs Fund's stock price dropped to $1.26 after the news.

  • Blackstone is the majority owner of Hipgnosis Songs Fund's investment adviser.

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Bob Bakish Steps Down as Paramount Global CEO; New Leadership Trio Forms Amid Merger Talks

  • Bob Bakish steps down as CEO of Paramount Global after nearly three decades.

  • Bakish will remain with the company as a senior adviser until October 31, 2024.

  • Three divisional heads form the new "Office of the CEO."

  • Paramount Global's new leadership trio aims to accelerate growth and streamline operations.

  • Redstone expresses confidence in the new leadership team's strategic abilities.

  • Bakish's departure occurs amidst ongoing merger negotiations with Skydance Media.

  • Bakish's pay package in 2023 was worth $31.26 million, down 2.5% from the previous year.

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NHTSA Probes Ford's BlueCruise After Fatal Crashes in San Antonio and Philadelphia

  • National Highway Traffic Safety Administration (NHTSA) investigates Ford's BlueCruise after multiple fatalities.

  • Incidents occurred in San Antonio and Philadelphia in 2024.

  • Crashes involved Ford vehicles hitting stationary objects.

  • BlueCruise allows hands-free driving on pre-mapped highways.

  • System uses cameras for lane keeping and driver monitoring.

  • Ford cooperates with NHTSA, examining driver engagement.

  • BlueCruise was introduced in 2021, used in Mustang Mach-E.

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Philips Reaches $1.1 Billion Settlement for Sleep Apnea Device Injuries, Shares Surge

  • Philips agreed to a $1.1 billion U.S. settlement for sleep apnea device injuries.

  • Philips shares hit a two-year high, soaring over 29%.

  • The company made a provision of 982 million euros for the settlement.

  • Philips did not admit fault or liability related to Respironics devices.

  • Millions of devices were recalled in 2021 over potential cancer risks.

  • Settlement resolves most legal cases linked to the device recall.

  • Philips still faces some European cases, but most U.S. cases settled.

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Japanese Yen Hits 160 Against Dollar; Speculation Rises on Intervention Amid Weakness

  • Japanese yen weakens to 160 against US dollar in Asian trading.

  • Yen's weakness against the dollar persists since the Bank of Japan's policy change in March.

  • Authorities issue warnings against excessive yen moves but refrain from official intervention announcements.

  • Commonwealth Bank of Australia expects market intervention statistics release.

  • Yen's volatility attributed to thin market liquidity amid Japanese holiday.

  • Bank of Japan Governor Ueda suggests exchange rate volatility may impact monetary policy.

  • Speculation on potential yen intervention amid further weakening.

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