Newsletter Mar 23, 2023

Quick Six

TikTok CEO grilled by lawmakers who seek to ban app in US
TikTok CEO Shou Zi Chew faced tough questions Thursday from U.S. lawmakers, who are considering passing legislation to ban the popular, Chinese-owned app. Chew denied charges that the video-sharing app provides data to the Chinese government but faced a tough audience in he House Energy and Commerce Committee. Both Republicans and Democrats took aim at TikTok on a variety of fronts, primarily over national security concerns.
WILL CHEW'S WORDS INFLUENCE A POTENTIAL US BAN?

Ford projects it will lose $3B on electric vehicles this year
Ford Motor Co expects its electric vehicle business unit to lose $3 billion this year, but remains on track to achieve a pretax margin of 8% by late 2026, the company said Thursday. Ford projects Model e's cumulative three-year loss from 2021-2023 at $6 billion, including a pro-forma loss last year of $2.1 billion, but expects the unit to be profitable on a pretax basis before the end of 2026.
SEE FORD'S NEW FORMAT FOR REPORTING EARNINGS

Toshiba accepts buyout offer, looks to shake troubled past
Toshiba Corp's board on Thursday accepted a buyout offer from a group led by private equity firm Japan Industrial Partners, ending months of speculation over whether the investors would be able to take it private.The deal would potentially draw a line under the Japanese conglomerate's recent troubled history since 2015.
SEE TOSHIBA'S PROBLEMS OVER THE PAST EIGHT YEARS

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Markets

DJIA	32,495.05	1.45%
S&P 500	4,005.22	1.73%
Nasdaq Composite	11,952.45	2.42%
Japan: Nikkei 225	27,419.61	-0.17%
UK: FTSE 100	7,520.98	-0.61%
Crude Oil Futures	71.39	0.69%
Gold Futures	1,980.60	1.59%
Yen	131.25	-0.14%
Euro	1.09	0.39%
* As of market close

Manhattan DA responds to Trump, Congress

The Manhattan district attorney's office on Thursday said Donald Trump created a false expectation of his arrest and led Republicans in Congress to interfere with the office's probe of the former president. Manhattan DA Alvin Bragg said "Trump created a false expectation that he would be arrested" and accused GOP lawmakers of making "an unprecedented inquiry into a pending local prosecution" involving hush money payments to porn star Stormy Daniels before the 2016 election.

SEE THE MANHATTAN DA'S STATEMENT ABOUT TRUMP CASE

FAA boosts air traffic control after mishaps

The Federal Aviation Administration said on Thursday it was taking steps to improve its air traffic control operations after a series of near-miss incidents raised questions about U.S. aviation safety. On Wednesday, the FAA issued a separate safety alert to airlines, pilots and others citing the "need for continued vigilance and attention to mitigation of safety risks." Six serious runway incursions since January, prompted the agency to convene a safety summit last week.

SEE THE RECENT CLOSE CALLS THAT FORCED THE FAA TO ACT

First 3D-printed rocket fails to reach orbit

Relativity Space's first 3D-printed rocket failed to reach orbit but hit some milestones during its debut launch. Relativity Space launched Terran 1, which is the largest 3D-printed object ever created and to attempt orbital flight. The 110-foot tall and 7.5-foot wide rocket did not reach orbit but exceeded expectations by passing the Max Q point, which is the point of maximum atmospheric pressure during an orbital launch, proving the viability of rockets manufactured via 3D printing.

WATCH VIDEO OF RELATIVELY SPACE'S LAUNCH OF TERRAN 1

Fit to print

Who is credited as the inventor of 3D printing? In what year and nation?

Thursday's answer: Competitive eater Matt Stonie set the world record for speed-eating IHOP pancakes, downing 113 hot cakes in 8 minutes.

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