Business and Tech News - 3.20.24

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Skool Projekt Staff
March 20, 2024

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Unilever To Cut 7,500 Jobs and Spin Off Ben & Jerry's

Unilever announced the spinoff of its ice cream division, including brands like Magnum and Ben & Jerry's, alongside a plan to cut 7,500 jobs as part of a cost-saving strategy. The decision aims to boost investor confidence and streamline operations, reflecting a strategic shift under CEO Hein Schumacher. The ice cream unit's separation is set to complete by end-2025, with potential for a separate listing. The move has received positive responses from investors and significant shareholders, driving shares up nearly 6%.

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Missed out on Ring and Nest? Don’t let RYSE slip away!

Ring 一 Acquired by Amazon for $1.2B

Nest 一 Acquired by Google for $3.2B

If you missed out on these spectacular early investments in the Smart Home space, here’s your chance to grab hold of the next one.

RYSE is a tech firm poised to dominate the Smart Shades market (growing at an astonishing 55% annually), and their public offering of shares priced at just $1.50 has opened. 

They have generated over 20X growth in share price for early shareholders, with significant upside remaining as they just launched in over 100 Best Buy stores.

Retail distribution was the main driver behind the acquisitions of both Ring and Nest, and their exclusive deal with Best Buy puts them in pole position to dominate this burgeoning industry.

 

MicroStrategy Owns About 1% of All Bitcoin

MicroStrategy has expanded its Bitcoin holdings by acquiring an additional 9,245 bitcoins for $623 million, leveraging funds from a convertible debt offering and excess cash. This purchase increases its total Bitcoin inventory to over 1% of the finite 21 million supply, marking a significant investment by the software firm in the cryptocurrency. The company's aggressive accumulation strategy comes amid a dip in Bitcoin value, coinciding with a sharp decline in its stock price in pre-market trading.

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Biden and Congress Reach Budget Deal, Deadline To Pass It Approaches

President Joe Biden and congressional leaders have reached an agreement on the final spending bills for this fiscal year, aiming to prevent a partial government shutdown. With a deadline looming as funding expires at midnight Friday, the urgency to finalize and pass the bills intensifies. The package, which includes significant funding for the Pentagon among other departments, reflects a compromise to maintain defense spending increases while keeping nondefense spending stable. Efforts are now focused on completing the bill text and navigating the legislative process within tight time constraints.

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Japan Ends Negative Rates Era

The Bank of Japan has increased interest rates for the first time since 2007, moving away from the world's sole negative interest rate policy. This significant policy shift ends decades-long unconventional monetary easing aimed at combating deflation. The adjustment, which raises short-term interest rates to around 0% to 0.1% from -0.1%, also includes ending the radical yield curve control and scaling back asset purchases. Despite this change, the BOJ signaled caution against aggressive rate hikes, considering Japan's fragile economic growth and maintaining an accommodative financial stance for the foreseeable future.

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ESPN Extends CFP Media Rights for $7.8 Billion

ESPN has secured a six-year extension worth $7.8 billion for the College Football Playoff rights, maintaining its status as the event's broadcaster through 2031-32. The deal includes expanding the playoff from four to twelve teams, with a potential increase to sixteen teams by 2026. Additionally, starting in 2026, the national championship will also air on ABC, complementing ESPN's "MegaCast" format. The agreement extends simulcast rights across Walt Disney Company platforms, enhancing accessibility for viewers. ESPN chairman Jimmy Pitaro highlighted the deal's mutual benefits and the strategic importance of expanding sports content access and addressing market fragmentation.

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Here’s how the markets closed yesterday:

 

 

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Disclaimer: This content is not intended as financial guidance. The purpose of this newsletter is purely educational, and it should not be interpreted as an encouragement to engage in buying, selling, or making any financial decisions regarding assets. Exercise caution and conduct your own research before making any investment choices.