TOP BUSINESS NEWS THIS WEEK!

If you are looking for the latest updates in the world of business, you have come to the right place. In this blog post, we will summarize some of the most important and interesting stories that have been making headlines in the past week. Here are our top picks:

Bitcoin's ETF Approval Rumor: Bitcoin, the most popular cryptocurrency, saw a surge in its price on Monday, October 16, after unconfirmed reports of the approval of an iShares Bitcoin ETF by the US Securities and Exchange Commission (SEC). However, BlackRock, the owner of iShares, denied the rumor and said that its Bitcoin ETF application was still under review by the SEC. The news caused a lot of excitement and speculation among investors and traders, who are eagerly waiting for the first Bitcoin ETF to be launched in the US market. A Bitcoin ETF would make it easier and cheaper for retail and institutional investors to access the cryptocurrency without having to deal with the technical and regulatory challenges of buying and storing it directly. However, the SEC has been reluctant to approve any Bitcoin ETF so far, citing concerns over market manipulation, fraud, and investor protection. The SEC has until November 14 to make a decision on the iShares Bitcoin ETF application.

Pfizer Slashes Annual Outlook: Pfizer, one of the world's largest pharmaceutical companies and the maker of one of the most widely used COVID-19 vaccines, lowered its revenue and earnings guidance for 2023 on Tuesday, October 17. The company cited several factors for the revision, including lower-than-expected demand for its COVID-19 vaccine, increased competition from other vaccine makers, supply chain disruptions, currency fluctuations, and higher costs. Pfizer now expects to generate between $78 billion and $80 billion in revenue for 2023, down from its previous forecast of $81 billion to $82 billion. It also expects to earn between $3.54 and $3.64 per share, down from its previous range of $3.65 to $3.75. Despite the lower outlook, Pfizer still reported strong results for the third quarter of 2023, beating analysts' expectations on both revenue and earnings.

Activist Shareholder Shakes Up News Corp.'s Status Quo: News Corp., the media conglomerate owned by billionaire Rupert Murdoch and his family, faced a challenge from an activist shareholder group on Wednesday, October 18. The group, led by Australian fund manager L1 Capital, proposed a resolution at News Corp's annual meeting to end the dual-class share structure that gives the Murdoch family disproportionate voting power and control over the company. The group argued that the dual-class share structure was unfair to minority shareholders and hindered News Corp's performance and governance. The resolution received support from several influential proxy advisory firms and institutional investors but was ultimately rejected by a majority of shareholders who voted with the Murdoch family. However, the resolution still sent a strong message to News Corp.'s board and management that they needed to address the concerns of their shareholders and improve their corporate strategy.

These are some of the top business news stories that caught our attention this week. We hope you find them informative and interesting. Stay tuned for more updates on the world of business in our next blog post.