Today's press review will be done in handwritten form and not in video form. Thank you for your understanding.

Richemont, Twitter, Apple, Amazon, Walmart, Bed Bath & Beyond, Meta Platforms, Moderna, Lyft, make the headlines in this press review!

 

In Europe,

Swiss luxury group Richemont has delivered on its promise to sell the majority of its unprofitable Yoox Net-a-Porter e-commerce business to online rival Farfetch and an Emirati investor. The sale will require Richemont to take a non-cash impairment charge of €2.7 billion.(FT)

The gas price crisis continues in the UK. One of Britain's largest energy groups has told ministers that a rescue plan to protect households from rising bills would require more than £100 billion in funding over two years.(FT)

 

In the US,

A former Twitter security chief has claimed that the social network misled US regulators about its cybersecurity defenses and fake accounts. Allegations that threaten to hamper the company's legal efforts to prevent Elon Musk from reversing a $44 billion buyout.(FT)

Apple continues to struggle to get these workers back in the office two and a half years after the pandemic began. It took only a few days for Apple employees to take exception to the tech giant's demand that staff return three days a week starting in September.(FT)

Amazon is continuing its expansion into healthcare after its recent purchase of One Medical. The e-commerce giant is considering a bid against pharmacy chain CVS for Signify Health, a home health provider worth $6 billion.(FT)

U.S. retailers such as Walmart, Macy 's and Nordstrom are preparing for a customermore price-sensitive customers as runaway inflation dims their hopes that supply and demand will return to more normal levels than those seen in the first two years of the coronavirus pandemic.(FT)

Intel enters into a $30 billion partnership with Brookfield to fund chip factories in Arizona. The chipmaker is working to finance large facilities following the approval of landmark legislation supporting the industry in the U.S.(FT)

Bed Bath & Beyond says it has found a source of financing led by J.P. Morgan to shore up cash and pay down existing debt as it tries to overcome recent setbacks. The deal would give vendors the assurance that they can continue to ship goods to the company.(WSJ)

The Federal Trade Commission announced that it is dropping its lawsuit against Mark Zuckerberg in a lawsuit filed last month to stop Meta Platforms from buying virtual reality startup Within Unlimited and its fitness app called Supernatural.(WSJ)

Moderna, along with rivals Pfizer and Biontech, has asked U.S. regulators to approve a new version of its Covid-19 vaccine that targets the latest strains of coronavirus.(WSJ)

Airline disruptions continue due to bad weather. Airlines have had nearly 1,500 U.S. flights canceled (5.7% of what was scheduled) and are under increasing pressure from regulators to improve operations.(WSJ)

Lyft becomes the latest company to shrink its real estate footprint to accommodate more employees working from home after announcing Tuesday that it will sublet a significant portion of some of its largest U.S. offices.(WSJ)

NASA announces a turning point for the commercial space industry. If the giant Space Launch System rocket lifts off, it will become the first vehicle in 50 years capable of carrying humans to the moon(FT)

 

In Asia,

Under pressure from politicians, Philippine TV networks pause an investment deal to allow ABS-CBN to expand (Asia Nikkei)

Investors are estimating losses on dollar-denominated debt of Chinese property developers at nearly $130 billion, amid growing fears that the country's real estate market will face a prolonged crisis if Beijing does not step in for a full-scale bailout.(FT)