Japan released newly designed ¥10,000 banknotes. Tesla shares surged after beating production expectations. Steve Ballmer surpassed Bill Gates in net worth with $157.2 billion. Skydance Media and National Amusements agreed on a $2.4 billion Paramount merger. Google’s emissions rose 50% due to AI demands. All this and more on this edition of World Street.
Yen Refresh
Japan issued newly designed banknotes for the first time since 2004 in a move that may provide a small boost to the economy while potentially nudging some cash hoarders to invest money instead of stashing it.
The Bank of Japan shipped the first bundle of newly designed ¥10,000 bills ($62) on Wednesday. The new notes feature a portrait of Eiichi Shibusawa, seen as the father of Japanese capitalism.
Tesla Triumphs
Tesla shares jumped 10 percent after the company posted second-quarter vehicle production and deliveries numbers that beat analyst expectations.
Analysts expected Tesla deliveries to hit 4.4 lakh in the three months ending June 30. The total number of deliveries in the second quarter fell 4.8 percent from 4.66 lakh a year earlier but rose 14.8 percent from the first quarter.
Fortune Flip
Former Microsoft chief executive Steve Ballmer is now wealthier than Bill Gates. Ballmer, who began his career at Microsoft as Gates' assistant, surpassed the Microsoft co-founder on the Bloomberg Billionaires Index for the first time with a net worth of $157.2 billion, topping Gates' $156.7 billion.
Paramount Play
David Ellison’s Skydance Media and Shari Redstone’s National Amusements (NAI) reached a preliminary agreement on a Paramount Global merger. Under the agreement, Skydance would pay $1.75 billion in cash to acquire NAI before merging with the Hollywood studio.
The deal, which would reportedly have an enterprise value of about $2.4 billion, also includes a 45-day go-shop provision that gives other bidders the opportunity to make a better offer.
Net-Zero Nosedive
Google’s emissions surged nearly 50 percent compared to 2019, the company said in its 2024 environmental report, marking a notable setback in its goal to achieve net-zero emissions by 2030.
The company attributed the emissions spike to an increase in data center energy consumption and supply chain emissions driven by rapid advancements in and demand for artificial intelligence (AI).
Profit Paradox
US-based short seller Hindenburg Research admitted it made a measly $4 million after making severe allegations against Adani Group that wiped $150 billion of value from the conglomerate belonging to one of the world’s richest men.
The disclosure came as Hindenburg denied allegations by market regulator SEBI that it colluded with a US asset manager to use non-public information to set up a short bet against Adani Group last year, which if proven would breach the country’s rules.
Visitor Void
Air France expects a loss of up to €180 million ($193 million U.S.) during the current financial quarter as tourists avoid Paris during the Olympics, held between July 26 and August 11, 2024.
Fearing crowds and sky-high prices, tourists are not flooding the Parisian capital for the Olympics. “International markets show a significant avoidance of Paris,” the carrier said in a statement.
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