Gjelina, a Los Angeles Favorite, Opens in NoHo

Prenetics Global Stock Jumps 30%

Shares of Prenetics Global Limited (PRE) are gaining over 30% on Tuesday morning after the company-owned ACT Genomics received FDA clearance for ACTOnco.

PRE is currently trading at $2.4999, up $0.5999 or 31.5737%, on the Nasdaq, on a huge volume of 37 million shares, above average volume of 69 thousand. The stock opened its trading at $3.0600 after closing Monday’s trading at $1.9000. The stock has traded between $1.2400 and $8.7500 in the past 52-week period.

Prenetics Global announced that ACT Genomics, a company which Prenetics recently acquired a majority stake in, has received clearance from the U.S. Food and Drug Administration for ACTOnco, the company’s comprehensive genomic profiling test for solid tumors.

ACTOnco is intended for use by healthcare professionals to help them inform clinical management decisions in accordance with professional guidelines for cancer patients with solid tumors. This is the first and only Asia-based company to receive FDA clearance for a comprehensive genomic profiling test.

Foxconn's IPhone Plant In China Reaches 90% Production Capacity: Reports

Foxconn’s major plant in China, which was hit hard by worker unrest following Covid-19 spread and related restrictions, has reportedly reached nearly 90% production.

The world’s biggest iPhone factory in the Zhengzhou city, called iPhone City, was running at 90% of planned production capacity at the end of December, the Henan Daily newspaper reported Tuesday.

Last year, production at the facility was heavily impacted after issues with workers following strict Covid-19 restrictions. Foxconn is said to have employed as many as 300,000 workers at the factory, which produces the majority of Apple’s premium models including iPhone 14 Pro.

Many workers fled in October after food shortages and to avoid strict Covid-19 restrictions. The issues had disrupted the production of Apple products ahead of the crucial Christmas and New Year holidays.

Foxconn offered bonuses to attract new workers and convince those still there to stay on.

“At the moment, the order books look good, and the orders will peak from now until a few months after Chinese New Year,” said Wang Xue, deputy general manager of the facility, according to Henan Daily. The Lunar New Year will begin on January 22.

CureVac Stock Jumps 16%

Shares of CureVac N.V. (CVAC) are gaining over 16% on Tuesday morning. The biopharmaceutical company announced that Dr. Alexander Zehnder will succeed Dr. Haas as new CEO on April 1, 2023.

CVAC is currently trading at $12.02, up $1.66 or 16.02%, on the Nasdaq. The stock opened its trading at $11.89 after closing previous day at $10.36. The stock has traded between $5.63 and $30.48 in the 52-week period.

Zehnder joins CureVac from Sanofi.

“The recent clinical validation of the power of CureVac’s proprietary mRNA-technology platform represents an important inflection point to start turning the company into a relevant commercial player. We are therefore excited to welcome Alexander Zehnder at CureVac who brings extensive senior leadership experience from global companies such as Sanofi and Roche to the table. Over the course of his international career Alexander has significantly contributed to the commercial launch of practice-changing medicines. I am convinced that Alexander is ideally positioned to take CureVac to the next level as a relevant commercial player,” said Jean Stéphenne, Chairman of the CureVac Supervisory Board.

Why Stone-Ground Grits Are the Best Grits

For unparalleled flavor, look to the slower cooking, especially delicious sibling of instant and quick-cooking grits.

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By Vallery Lomas

Tesla Makes China Head Tom Zhu Highest-profile Executive After Elon Musk: Reuters

Tom Zhu, Tesla’s China head, has been promoted to take over responsibilities of the electric carmaker’s U.S. assembly plants as well as sales operations in North America and Europe, according to Reuters.

Last month, the wire had reported a rumor that Zhu, president of Tesla China, would replace Musk as CEO of Tesla.

The report says that Tesla posting showed that Zhu’s title of vice president for Greater China had not changed and that he also retained his responsibilities as Tesla’s most senior executive for sales in the rest of Asia as of Tuesday.

Zhu has now become the highest-profile executive at Tesla after Musk, with direct oversight for deliveries in all of its major markets and operations of its key production hubs.

Several investors in Tesla had called for Musk to resign after the company’s market capitalization plummeted by over $700 billion last year. The company’s market cap more than halved last year after Musk agreed a $44 billion takeover of Twitter as well as due to concerns about deliveries as China’s struggle to contain COVID-19 cases led to a slump in production.

Gjelina, a Los Angeles Favorite, Opens in NoHo

Sichuan in Hell’s Kitchen, seasonal fare in the West Village, and more restaurant news.

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By Florence Fabricant