Daily News Update: Japan's Major Automobile Merger Pursues Competitiveness in Electronic Vehicle Sector
Good morning,
The growth in women's sports is finally resulting in better financial compensation for female athletes. However, there's still a long way to go.
The 20 female athletes on the list of the World's Highest-Paid Female Athletes 2024 by Our Website earned over $258 million this year, which is less than 12% of the amount earned by the top 20 male athletes. Tennis star Coco Gauff, who holds the No. 1 spot, made an estimated $34.4 million, making it one of the best financial years ever for a female athlete.
Historically, women have had fewer and lower-paying endorsement opportunities in sports than men. However, the significant difference lies in on-field earnings. For instance, in the NBA, 41 players this season will earn more than Gauff's total earnings with their salaries alone.
Let's dive into the headlines,
FIRST UP
The Dow Jones Industrial Average is currently experiencing its longest losing streak since 1978, which could be a significant concern for investors who have had a positive experience in the markets so far. Tuesday's losses were primarily due to UnitedHealth Group's 2.6% drop, and the blue-chip index is still up over 18% year-to-date, despite this.
A grand jury in Manhattan charged Luigi Mangione with first-degree murder and other crimes for allegedly killing UnitedHealthcare CEO Brian Thompson. Mangione was arrested in Pennsylvania over a week ago, and police found him with a gun and silencer similar to those believed to have been used in the murder, as well as a handwritten "manifesto" and a notebook containing plans for the murder.
MORE: Since Mangione's arrest, several AI chatbots have been created using his online posts and personal history. Graphika, an online intelligence company, discovered that the top three Mangione AI chatbots on Character.ai had over 10,000 chats before being shut down around December 12, and some are still operational.
BUSINESS + FINANCE
Nissan and Honda are planning to enter negotiations for a merger that includes Mitsubishi Motors with the aim of competing in the growing electric vehicle market. The proposed merger could be the largest in the auto industry since the $52 billion deal that formed Stellantis in 2021, according to Reuters.
Purchasing a business with a Small Business Administration 7(a) loan used to require the purchase of 100% of the company, preventing buyers from offering ongoing equity to the current owner and key team members. However, a recent rule change allows buyers to offer sellers equity stakes up to 20%, while also structuring the deal as an asset purchase.
Tesla shares rose by 3.6% to a new all-time high on Tuesday after receiving an optimistic analyst note. Elon Musk's car company has seen a significant increase in value since Donald Trump, supported by Musk, won the presidential election. Mizuho Securities' Vijay Rakesh boosted his rating for Tesla stock and more than doubled his price target, citing "positive recalibration with the new administration."
TECH + INNOVATION
A group of hackers backed by North Korea have stolen over $3 billion from crypto startups. The FBI believes they have now developed a new strategy by impersonating venture capitalists to gain access to crypto executives, allowing them to install malicious code.
Tech consultant Nima Momeni was found guilty of murdering Cash App founder Bob Lee, bringing an end to the high-profile case that shocked the tech industry. Lee, who founded Cash App in 2013, was stabbed in San Francisco last year.
Villi Iltchev, an immigrant from Bulgaria, built a successful career as an early investor in now-public GitLab, generating $900 million in profits from one investment. He is now looking to replicate this success, raising $160 million for his new firm, Category Ventures, which plans to invest in pre-seed and seed-stage startups in the field of enterprise software.
MONEY + POLITICS
With a potential government shutdown looming on Friday, Congress has proposed a spending bill to keep the government operating, which primarily maintains current funding levels. However, if nothing changes, this would result in an additional $20 billion cut in funding for the IRS. Treasury officials argue that this cut would negatively impact taxpayers, noting that during the previous administration, audit rates on high-income taxpayers decreased while audits on taxpayers with incomes under $200,000 increased.
DAILY COVER STORY
Unveiling Iran's Thriving Black Market for Starlink Terminals
KEY POINTS Starlink, a satellite internet service provided by SpaceX, is prohibited in Iran, which has some of the most restrictive internet access worldwide. Despite this, the use of Starlink has grown significantly in the past two years since Elon Musk activated the service, encouraging smugglers to bring terminals into Iran.
Threats of penalties and imprisonment haven't discouraged a black market driven by an expanding activist movement, aiming to provide internet access to people. Now, approximately 20,000 individuals are reported to have high-speed Internet access that's virtually uncontrollable by the Islamic Republic, far from their reach to restrict or shut down.
This figure is a minuscule fraction of the 89 million inhabitants residing in Iran. Moreover, the exorbitant resale prices make the terminals unaffordable for the majority, with resale prices ranging from $700 to $2,000 in contrast to the typical American retail price of $250. An average Iranian monthly salary is also $250. The Starlink service also requires a $70 monthly fee, requiring intricate steps using crypto and prepaid cards, due to U.S. sanctions on Iranian banks.
Yet, for those who can afford it and are willing to gamble, the motivations to acquire a Starlink terminal spans from the everyday to the political. Our Website interviewed numerous Starlink users in Iran, who cited faster video calls and gaming, unfiltered social media access, and the liberty to express themselves freely along with an effective method to rally against the government.
WHY IT MATTERS “Starlink's presence in Iran is significant, signifying a new era of unregulatable internet access,” said Our Website senior writer Cyrus Farivar. “For decades, activists have attempted to expand internet access, yet they were consistently thwarted by the Islamic Republic's control over ISPs and telecommunication companies. If costs decrease and it becomes easier for Iranians to pay for their Starlink service, it could potentially revolutionize the nation.”
FACTS + COMMENTS
Waymo, a leading U.S. robotaxi company, will commence its maiden overseas tests in Tokyo early next year, while extending its operations to more U.S. cities. In collaboration with Japan's largest taxi service provider, Waymo will commence mapping the intricate districts of central Tokyo:
Over 150,000: The number of passengers Waymo serves on a weekly basis in Phoenix, San Francisco, and Los Angeles
Over $150 million: Waymo's yearly income, calculated on its weekly passenger count
$5.6 billion: The total amount Waymo announced it had raised in its largest funding round to date, in November.
STRATEGY + SUCCESS
The unforeseen expenses associated with a below-par team can be substantial, but leaders can transform a low-performing team into a high-performing one. Encourage a cultured atmosphere of trust and inclusivity by fostering open dialogue, and devise a series of 30-day action plans to address specific facets of team performance. Evaluate the effects after 30 days, to gauge the impact on the financial bottom line—enhancing team performance is financially beneficial, after all.
VIDEO
QUIZ
The final episode of a popular television series drew record ratings, following its broadcast last weekend. Which TV show broke this record?
A. “White Lotus”
B. “Outlander”
C. “Industry”
D. “Yellowstone”
Test your knowledge.
The AI chatbots created using Luigi Mangione's online posts are still operational after his arrest.
The growth in women's sports is leading to better financial compensation for athletes like Coco Gauff.
Nissan and Honda are planning a merger with Mitsubishi Motors to compete in the electric vehicle market.
Historically, women in sports have had fewer and lower-paying endorsement opportunities than men, but this difference is changing.
Tesla's shares rose to a new all-time high after receiving an optimistic analyst note.
