GOOD FRIDAY

Happy Friday! 😄 

The weekend is almost here, and it's time to feel good. Whether you're finishing work strong or getting ready for a relaxing weekend, enjoy the positive vibes of Friday. Have a fantastic day and a great weekend ahead!

ECONOMY

Iraq's Bold Financial Move: Ending All Dollar Cash Withdrawals by January 1, 2024

Starting from January 1, 2024, Iraq will stop allowing people to withdraw or use U.S. dollars in cash. This decision aims to prevent misuse of their money and avoid breaking U.S. sanctions on Iran.

Starting from January 1, 2024, Iraq will enforce a ban on cash withdrawals and transactions in U.S. dollars. This measure is intended to combat the misuse of hard currency reserves and circumvent U.S. sanctions on Iran. Deposits made prior to 2024 can still be withdrawn in dollars, but those made in 2024 can only be accessed in local currency at the official exchange rate.

This move is part of Iraq's broader strategy to reduce its dependence on the U.S. dollar and address a shortage of cash dollars in the country. To prevent fraudulent transactions and ensure transparency, Iraq has implemented a platform to regulate wire transfers.

BUSINESS

Tesla Spreads Joy: Lower Prices for Model 3 and Model Y in the US

_{Tesla has decided to lower the prices of its popular Model 3 compact sedan and Model Y SUV in the United States. These price reductions range from approximately 2.7% to 4.2%. The objective behind this move is to boost the demand for Tesla's electric vehicles. This decision comes shortly after Tesla missed its third-quarter delivery estimates.}

- Tesla (TSLA.O) has reduced prices for its Model 3 compact sedan and Model Y SUV in the U.S. by approximately 2.7% to 4.2%.

- This move is aimed at increasing demand for Tesla's electric vehicles, following a recent shortfall in third-quarter delivery estimates.

- Tesla's stock price dropped 1.5% in pre-market trading due to concerns that these price cuts might further impact already low margins.

- Data firm Visible Alpha predicts that Tesla's automotive gross margins for the third quarter will be around 19.1%. This is a decline from the record-high margin of 32.9% achieved in the first quarter of 2022.

- The price reductions include a $1,250 decrease for the Model 3 sedan, bringing its price to $38,990, and a $2,000 reduction for the Model Y long-range variant, which is now priced at $48,490.

- Prices for the standard Model 3 have fallen by approximately 17% since the beginning of the year, while the Model Y long-range variant has seen a reduction of over 26%.

- These price adjustments coincide with the expected launch of the refreshed and higher-priced standard version of the Model 3 in the fourth quarter.

- Tesla faced challenges meeting market delivery expectations for the third quarter due to factory upgrades required to roll out the new version of the Model 3.

- Tesla has also lowered prices for its higher-priced variants of the Model Y and Model 3.

- The base Model Y rear-wheel drive price remains unchanged at $43,990.

- Prices for the premium Model S and Model X models remained the same in this pricing adjustment.

BUSINESS

Nestle Shares Hit a Two-Year Low as Investors Digest Wegovy Rollout, Stirring Concerns

_{Nestle Shares Face Significant Pressure as Investors Assess the Potential Impact of Novo Nordisk's Weight-Loss Drug Wegovy on Consumer Spending on Food}

- Nestle (NESN.S) shares faced downward pressure as investors considered the potential impact of Novo Nordisk's (NOVOb.CO) weight-loss drug Wegovy on consumer spending on food.

- The shares of Nestle, known for brands like KitKat and Nescafe coffee, declined by 2% and approached their lowest level in over two years. The pan-European food, beverage, and tobacco index (.S600FOP) fell by 1.7%.

- Nestle chose not to comment on the stock performance, while peers Danone (DANO.PA) and Unilever (ULVR.L) also experienced declines of 1.5% and 2%, respectively.

- Analyst Jon Cox from Kepler Cheuvreux noted the connection to Walmart's comments regarding the potential impact of weight loss drugs like Wegovy on food consumption. Walmart's U.S. branch CEO mentioned a slight reduction in food consumption among people using appetite-suppressing drugs.

- Despite these concerns, some experts believe that the long-term risks to Nestle and the broader food industry might not be substantial. Bruno Monteyne from Bernstein questioned the logic behind the sell-off, particularly for companies selling products like water, baby milk powder, and yogurt.

- Vontobel analysts also indicated that the risks for Nestle's products are limited, with potential concerns in categories such as frozen food in the U.S. and confectionery, but less so in other key areas like coffee, pet food, infant nutrition, culinary, water, and Nestlé Health Science.

FUN FACTS

Did you know that in the challenging world of small businesses, about 50% of them will tough it out for a solid five years or more? But here's the real cliffhanger – only a gritty 30% will make it to the impressive 10-year mark! 🚀 These stats are like the superheroes of the business world, and they're doing it without even considering the curveball thrown by a global pandemic! 💼💪

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