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Limited Rafah Crossing Reopens as Russia Strikes Ukraine, Musk Merges AI Firm, Walmart Hits $1 Trillion Value, and PepsiCo Cuts Prices
A small number of sick and wounded Palestinians were permitted to cross into Egypt through the Rafah border crossing on Monday, marking a limited reopening after more than 20 months of closure by Israeli forces, according to The Guardian. The reopening coincided with other significant global business and geopolitical developments, including a record number of Russian missile strikes on Ukraine's energy sector, Elon Musk's SpaceX acquiring xAI, Walmart achieving a $1 trillion market valuation, and PepsiCo reducing prices on some snack products in the US.
The Rafah crossing, a vital gateway for Palestinians, saw only 12 people re-enter the territory by nightfall, Reuters reported, despite Egyptian officials anticipating 150 people to leave and 50 to enter on Monday. The Guardian noted that the limited reopening followed fragile diplomatic efforts aimed at stabilizing the conflict.
Meanwhile, in Ukraine, Russia launched what President Volodymyr Zelensky called a "record number of ballistic missiles" targeting the country's energy infrastructure. BBC World reported that the strikes, which hit power plants and infrastructure in Kyiv and multiple locations, were described by private energy company DTEK as "the most powerful blow" so far this year. The attacks left thousands without heating in temperatures as low as -20C (-4F), with over 1,000 tower blocks in Kyiv affected and a power plant in Kharkiv damaged beyond repair.
In the business world, Elon Musk's SpaceX acquired his artificial intelligence start-up, xAI, in a merger that aims to create an "innovation engine" combining AI, rockets, space-based internet, and media, according to a memo from Musk posted on SpaceX's website, reported by BBC Technology. While the terms of the deal were not disclosed, a source familiar with the matter told BBC Technology that it valued xAI at $125 billion and SpaceX at $1 trillion, potentially making it the most valuable private company ever.
Walmart became the first traditional retailer to reach a $1 trillion market valuation, joining an elite group of mostly tech firms, BBC Business reported. The milestone reflects the US retail giant's booming e-commerce business and success in attracting price-conscious shoppers. Wall Street has also responded positively to Walmart's investments in artificial intelligence. Walmart's decision to move its stock from the New York Stock Exchange to the tech-heavy Nasdaq reinforced the retailer's push to be seen as a digital company, according to BBC Business.
Facing backlash over previous price increases and pressure from the growing popularity of GLP-1 weight loss drugs, PepsiCo announced it would cut prices on some of its snack products in the US, BBC Business reported. Products including Doritos, Lays, and Cheetos will see price reductions of just under 15%, with the company stating it was "listening closely to customers" who are "feeling the strain" of the rising cost of living, according to BBC Business. The price of Doritos in the US will drop by just under 15%.
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