Chinese leader Xi Jinping met American CEOs to revive foreign interest in China once again. Troubled EV startup Fisker slashed car prices to boost the demand, while former crypto boss Sam Bankman-Fried will face sentencing for defrauding FTX customers. All this and more on the March 28 edition of World Street.
Sam in Soup
Sam Bankman-Fried will return to court to face sentencing in New York on March 28. The ex-crypto billionaire will be sentenced for his crimes, for defrauding customers of his former crypto exchange FTX. His legal team proposed that his sentence should be between five to 6.5 years for a first-time, non-violent offender.
Revving Demand
Cash-strapped EV startup Fisker will slash the prices of its 2023 electric Ocean SUV model in an bid to revive demand. The move will also aim to ease concerns about the startup's uncertain future. The entry-level vehicle, Ocean Sport, will see its price cut by 36 percent, from $38,999 per model to $24,999 apiece.
Chinese Whispers
Chinese President Xi Jinping interacted with more than 12 American CEOs in an attempt to woo investors back to China. The meeting also aimed to repair the country's strained relations with the US. Over the past few months, FDI in China has fallen to lows, as slower growth, regulatory concerns and legistlation have driven investors away, while raising questions regarding the country's long-term growth prospects.
Game Over?
GameStop laid off a portion of its workforce on declining revenue and waning customer interest. The gaming firm saw $1.794 billion in sales for its fourth quarter ended December 2023, compared to $2.226 billion reported for the same period last year. There is concern over digital media taking over a large chunk of the industry. Experts predicted that sales may decline to unsustainable levels if GameStop is unable to regain customer attention.
Baltimore's Billions
The collapse of the Baltimore bridge could possibly cost insurers as much as $4 billion, making it a record shipping insurance loss. Analysts said that depending on the length of the bridge and the nature of the businesses that have been paused, the total insured losses could be $2-4 billion.
Health Cover Pays Off
Insurance player UnitedHealth Group said it has paid over $3.3 billion so far to care providers that were impacted by a cyberattack last month. UnitedHealth stated it doled out over 40 percent of that to 'safety net hospitals and health centers that serve high-risk patients and communities.
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