- Stellantis Chief Executive Officer Carlos Tavares said that more auto plant closures will happen if high prices for electric vehicles cause vehicle markets to shrink from pre-pandemic levels. Meanwhile, Tesla cut electric car prices in China for the second time in less than three months, stoking expectations for a wider price war.
- Samsung Electronics flagged that its quarterly profit tumbled by two-thirds to an eight-year low as a weakening global economy hammered memory chip prices and curbed demand for electronic devices.
- Hackers stole the email addresses of more than 200 million Twitter users and posted them on an online hacking forum, a security researcher said. The breach “will unfortunately lead to a lot of hacking, targeted phishing and doxxing,” Alon Gal, co-founder of Israeli cybersecurity-monitoring firm Hudson Rock, wrote on LinkedIn.
- The U.S. economy likely maintained a solid pace of job and wage growth in December, but rising borrowing costs as the Federal Reserve fights inflation could slow labor market momentum significantly by mid-year.
- Euro zone economic sentiment improved in December for the first time since the start of the war in Ukraine, European Commission data showed, with more optimism across all sectors of the economy and a sharp drop in inflation expectations.
- British house prices slid in December, capping the largest quarterly drop since the financial crisis more than 10 years ago, data from mortgage lender Halifax showed. Other gauges of the housing market have also shown a sharp slowdown, reflecting rising interest rates and a worsening economy.
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