PSG Asset Management has taken a position in Nampak and now owns 6.2% of the diversified packaging manufacturer.
US markets are down, with the S&P 500 closing 1.4% lower and the Nasdaq declining by 2%.
The Nikkei 225 is down in early morning trade, decreasing by 0.6%, while the Hang Seng index increased by 0.3%.
Apple has confirmed that the company will buy US-made chips from TSMC.
Meanwhile, layoffs across US companies continue, with Morgan Stanley cutting 2% of its workforce and BlackRock instituting a hiring freeze.
Here is the biggest news of the day.
- PSG Asset Management has taken a position in Nampak. Nampak received formal notification on 5 December that PSG has acquired an interest in the company, such that the total interest held by PSG now amounts to 6.23% of the total issued ordinary shares.
- Apple CEO Tim Cook confirmed that the company would buy US-made chips from TSMC. Speaking at an event in Arizona yesterday alongside president Joe Biden, Cook confirmed that Apple would buy US-made microchips. The factories will be owned and operated by Taiwan Semiconductor Manufacturing Company (TSMC), the biggest foundry company with over half of the global market share. TSMC produces the most advanced processors, including the chips in the latest iPhones, iPads, and Macs. “Apple had to buy all the advanced chips from overseas. Now they’re going to bring more of their supply chain home,” president Joe Biden said. “It could be a game-changer.”
- Morgan Stanley cut roughly 2% of its global staff yesterday. According to an unnamed source cited by CNBC, the move impacted about 1 600 of the company’s 81 567 employees across nearly every geographic region the bank operates in. At the firm’s New York office, known for its massive wealth management division and top-tier trading and advisory operations, financial advisors are one of the few categories of workers exempt from the cuts.
- BlackRock is putting a freeze on hiring and cutting costs. Chief Financial Officer Gary Shedlin said his firm is freezing most hiring and reducing expenses. “We’re trying to be a little more prudent,” he said during a financial conference hosted by Goldman Sachs, adding that these measures will put BlackRock in a better position next year. BlackRock also said there were some short-term performance challenges, and it needed to think about resetting expenses relative to revenues. Earlier in October, BlackRock reported that its assets under management dropped 16% year-on-year to $7.96 billion.