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Foxconn in Space
Taiwan’s Hon Hai Precision Industry Co. [HNHPF], which trades internationally as Foxconn [FXCOF], has launched two of its prototype low-Earth orbit satellites into space on a SpaceX rocket. Developed in partnership with Taiwan’s National Central University, the satellites are designed to complete a full orbit of Earth in 96 minutes. The Apple [AAPL] supplier is aiming to capitalise on growing demand for space-based communications technology.
Xiaomi Smartphone Success
Following on the heels of Huawei’s Mate 60 Pro, and as Apple’s China revenues drop, Xiaomi [XIACY] has received more than 1 million orders for its 14 series handset since it launched in late October. Xiaomi’s Hong Kong listing [1820:HK] has become the best performer on the Hang Seng Tech Index, gaining some $20bn in market value since June, Bloomberg reported.
Vocus/TPG Deal is Off; Optus Offers Excuses
Australian data service company Vocus Group [VOC:ASX] is no longer to acquire TPG Telecom’s [TPGTF] fibre network in a deal that would have been worth A$6.3bn. TPG said it had “ceased discussions” following due diligence; its Sydney shares [TPG:ASX] fell by up to 11% on the news. Elsewhere, Singtel-owned [Z74:SI] telecoms provider Optus blamed its recent 12-hour network blackout on a “routine software upgrade”.
New Hyundai Plant
A ground-breaking ceremony was held on Monday at the site of the new Hyundai electric vehicle (EV) plant in Ulsan, South Korea. The firm has said it will invest ₩2trn in the facility; work is set to begin later this year, and production is to start in the first quarter of 2026. Elsewhere in the EV space, British petrol station operator EG Group has said it will be buying Tesla [TSLA] ultra-fast charging units for its European charging network. The purchase will bring its network to over 20,000 EV chargers, reported Reuters.
Weight Loss Drug Gains
Novo Nordisk [NOVO-B:CO] shares jumped 3% on news that the heart-protective effects of its blockbusting obesity drug Wegovy were not solely due to weight loss. In August, the stock gained 17% in a day when the company revealed the drug reduced incidence of heart attack, stroke or death from heart disease by 20%. According to data analytics firm GlobalData, sales from Eli Lilly’s [LLY] Zepbound could hit $4.1bn by 2031 in the US.
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