MW Recalls 1.3 Million Chinese Vehicles Over Takata Airbag Issue

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🌎 World & Economics

BMW Recalls 1.3 Million Chinese Vehicles Over Takata Airbag Issue

BMW is recalling over 1.3 million vehicles in China due to concerns about Takata airbag inflators, following a similar recall in the U.S. last month. The recall includes approximately 600,000 domestically manufactured vehicles from 2005 to 2017 and more than 750,000 imported vehicles produced between 2003 and 2018, covering a variety of models such as the series 1 to 6 and several SUV models. The potential risk arises from vehicles where the original steering wheel might have been replaced, allowing for the possibility of an inflator explosion that could injure occupants. Takata airbag inflators have been linked to at least 35 fatalities worldwide since 2009. BMW owners can get their driver's side airbag replaced for free and are encouraged to verify their vehicles' status either through dealers or by submitting information online.

Prince Harry Criticizes AI and Social Media for Spreading Disinformation

During a four-day visit to Colombia, the Duke of Sussex emphasized the dangers of online disinformation at a digital responsibility summit in Bogotá, highlighting that misinformation can quickly seep into real-world actions. In his speech, he criticized the spread of falsehoods through artificial intelligence and social media, stating that the lack of accountability for influential figures contributes to societal breakdown. The couple, invited by Colombia's vice-president, Francia Márquez, participated in various activities, including a cultural showcase and a school session focused on online safety. Harry and Meghan’s presence in Colombia follows their previous visits to Nigeria and Jamaica within the same year, with their itinerary including events such as the Petronio Álvarez festival celebrating Afro-Colombian culture. Their visit is reportedly supported by a full security detail, as they no longer receive royal protection in the UK after stepping back from royal duties.

📈 Stocks / Finance

Klarna Aims for $20B Valuation in Upcoming IPO

Klarna is in discussions with Goldman Sachs to facilitate its anticipated initial public offering (IPO) next year, aiming for a valuation of approximately $20 billion. Recent investor talks indicate a growing interest in a share sale preceding the public offering. The surge in popularity of buy now, pay later (BNPL) services, especially among younger consumers, has contributed to this IPO effort, with BNPL transactions reaching $17 billion during the peak shopping season of November to December, a 14% increase year-over-year. While the convenience of BNPL is widely appreciated, users seek improvements such as lower fees and streamlined application processes. Additionally, statistics reveal that a significant portion of individuals living paycheck to paycheck is more likely to adopt BNPL, signaling a shift in consumer financing preferences amidst economic uncertainty.

H&R Block Stock Surges on Positive Financial News

Shares of H&R Block surged 18.2% after the company reported a revenue increase of 3% to $1.062 billion, surpassing analyst expectations. Despite rising marketing costs and higher wages leading to a decrease in earnings per share from $2.05 to $1.89, the result still exceeded predictions of $1.74. H&R Block announced a 17% dividend hike to $0.375 per share and a new share repurchase authorization of $1.5 billion, indicating a strong commitment to returning value to shareholders. The company forecasts a revenue increase for the upcoming year, estimating between $3.69 billion and $3.75 billion, along with an adjusted EPS of $5.15-$5.35. Although competitive challenges remain from online tax services, the company appears to be well-positioned for growth.

🪙Crypto

Trump Earns Over $7 Million from NFT Sales, New Report Reveals

Recent financial disclosures reveal that Donald Trump, a candidate for the U.S. presidency, holds between $1 million and $5 million in Ethereum-based cryptocurrency and has earned over $7 million from non-fungible tokens (NFTs). His NFT collections include the notable "Mugshot" project and two series of trading cards, with plans for a fourth series hinted at for release in July. Additionally, a limited run of "official crypto-sneakers" recently sold out, showcasing his growing involvement in digital assets. In the past, Trump’s crypto holdings reached as high as $18 million during a rally of a memecoin associated with his name, although it is not officially endorsed by him. His financial disclosures also indicate substantial earnings from his real estate ventures, totaling over $216 million from the Mar-a-Lago resort and his Doral golf course.